[Sorry about the format - it's straight from Yahoo!)
Company Press Release
Outdoor Systems Inc. Reports Record 1998 Third
Quarter Operating Results
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PHOENIX--(BUSINESS WIRE)--Oct. 20, 1998-- Third Quarter 1998
NET REVENUES UP 46.9 percent
EBITDA UP 59.4 percent
Outdoor Systems Inc. (NYSE:OSI - news) Tuesday reported record net
revenues of $193.9 million for the third quarter of 1998 vs.
$132.0 million for the third quarter of 1997.
EBITDA for the third quarter of 1998 was $96.6 million vs.
$60.6 million for the third quarter of 1997. Net income was
$13.4 million for the third quarter of 1998 vs. $7.7 million for the
third quarter of 1997.
Net revenues for the nine months ended Sept. 30, 1998 were
$514.4 million vs. $311.6 million for the nine months ended Sept. 30,
1997. EBITDA for the nine months ended Sept. 30, 1998 was
$243.9 million vs. $129.8 million for the nine months ended Sept. 30,
1997. Net income was $28.2 million for the nine months ended Sept. 30,
1998 vs. $8.0 million for the nine months ended Sept. 30, 1997.
"We are very excited about our third quarter results and our
position in preparing our company for 1999 and beyond," said Arte
Moreno, president and chief executive officer of Outdoor Systems Inc.
Outdoor Systems Inc. is the largest out-of-home media company in
the United States, Canada and Mexico, operating approximately 231,000
bulletins, posters, transit shelters, subway, mall displays and sports
marketing in North America.
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Outdoor Systems Inc.
Condensed Consolidated Statements of Operations
(Unaudited) (In thousands except share and per share amounts)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1998 1997 1998 1997
Revenues:
Outdoor advertising $216,639 $148,200 $574,379 $348,433
Less agency
commissions
and discounts 27,877 20,353 74,715 48,321
________ _______ ________ _______
188,762 127,847 499,664 300,112
Other income 5,090 4,144 14,739 11,523
Net revenues 193,852 131,991 514,403 311,635
Operating Expenses:
Direct advertising 87,824 64,279 243,867 161,795
General and
administrative 9,438 7,143 26,596 20,027
Depreciation and
amortization 33,658 23,041 88,506 48,205
_______ _______ ________ _______
130,920 94,463 358,969 230,027
Operating income 62,932 37,528 155,434 81,608
Other:
Foreign currency
translation loss (gain) 1,646 (18) 3,490 318
Interest expense 37,089 23,497 101,349 55,190
Income before items
set forth below 24,197 14,049 50,595 26,100
Income tax provision 10,748 6,306 22,363 11,307
Income before
extraordinary loss 13,449 7,743 28,232 14,793
Extraordinary loss - - - (6,773)
Net income $13,449 $7,743 $28,232 $8,020
Basic and diluted
income per share:
Basic:
Income before
extraordinary loss $.07 $.04 $.15 $.09
Extraordinary loss - - - (.04)
Net income $.07 $.04 $.15 $.05
Weighted average
number of shares 184,350,275 181,683,150 183,012,217 157,564,803
Diluted:
Income before
extraordinary loss $.07 $.04 $.14 $.08
Extraordinary loss - - - (.04)
Net income $.07 $.04 $.14 $.04
Weighted average
number of shares 205,048,130 201,551,791 203,603,825 177,781,987
Contact:
Outdoor Systems Inc., Phoenix
Tom Wisz, 602/246-9569 (Investors)
or
Mullen Public Relations, Phoenix
Tom Frey, 602/222-4343 (Media) |
