On April 4, 2013, Hemisphere completed a series of mergers pursuant to
which InterMedia Español
Net revenues for the three months ended March 31, 2014 were
Operating expenses were
Net income was
Adjusted EBITDA increased
The following tables set forth the Company's financial performance for the three months ended March 31, 2014 and 2013 (in thousands):
Three Months Ended |
||||
2014 | 2013 | |||
Net revenues |
|
|
||
Operating Expenses: | ||||
Cost of revenues | 7,598 | 5,856 | ||
Selling, general and administrative | 6,881 | 3,429 | ||
Depreciation and amortization | 2,578 | 1,010 | ||
Other expenses | 249 | 3,292 | ||
(Gain) loss on disposition of assets | (2) | 25 | ||
Total operating expenses | 17,304 | 13,612 | ||
Operating income (loss) | 3,647 | (117) | ||
Other Expenses: | ||||
Interest expense, net | (2,907) | (759) | ||
Other expense, net | - | (12) | ||
(2,907) | (771) | |||
Income (loss) before income taxes | 740 | (888) | ||
Income tax (expense) benefit | (492) | 363 | ||
Net income (loss) |
|
|
||
Reconciliation of net income (loss) to Adjusted EBITDA: | ||||
Net income (loss) |
|
|
||
Income tax expense (benefit) | 492 | (363) | ||
Other expenses, net | 2,907 | 771 | ||
(Gain) loss on disposition of assets | (2) | 25 | ||
Depreciation and amortization | 2,578 | 1,010 | ||
Stock-based compensation | 1,514 | - | ||
EBITDA | 7,737 | 918 | ||
Transaction and other non-recurring expenses |
249 | 3,292 | ||
Adjusted EBITDA |
|
|
||
The below reconciliation gives pro forma effect to include Cinelatino in the first quarter of 2013 (in thousands):
Three Months Ended |
|||
2014 | 2013 | ||
Reconciliation of pro forma net income (loss) |
|||
Pro forma net income (loss) (1) |
|
|
|
Income tax expense | 492 | 458 | |
Other expenses, net | 2,907 | 1,775 | |
(Gain) loss on disposition of assets | (2) | 25 | |
Depreciation and amortization | 2,578 | 2,592 | |
Stock-based compensation | 1,514 | - | |
EBITDA | 7,737 | 3,148 | |
Transaction and other non-recurring expenses | 249 | 5,360 | |
Corporate overhead (2)
|
- | (1,046) | |
Pro forma adjusted EBITDA |
|
|
|
1 - Pro forma net income (loss) for 2013 reflects incremental amortization expense and write-off of deferred loan costs in connection with the final accounting for the Transaction. This adjustment did not impact pro forma adjusted EBITDA.
2 - Corporate overhead for the three months ended
Non-GAAP Reconciliations
Within Hemisphere's first quarter 2014 press release, Hemisphere makes reference to certain non-GAAP financial measures such as "EBITDA" and "Adjusted EBITDA." Whenever such information is presented, Hemisphere has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why Hemisphere's management believes that the presentation of these non-GAAP financial measures provides useful information to investors regarding Hemisphere's financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.
Conference Call
Hemisphere will conduct a conference call to discuss its third quarter
financial results at
A replay of the call will be available beginning at approximately
Forward-Looking Statements
This press release may contain certain statements about Hemisphere that
are "forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. These statements are based on
the current expectations of the management of Hemisphere and are subject
to uncertainty and changes in circumstance, which may cause actual
results to differ materially from those expressed or implied in such
forward-looking statements.. Without limitation, any statements preceded
or followed by or that include the words "targets," "plans," "believes,"
"expects," "intends," "will," "likely," "may," "anticipates,"
"estimates," "projects," "should," "would," "expect," "positioned,"
"strategy," "future," or words, phrases or terms of similar substance or
the negative thereof, are forward-looking statements. In addition, these
statements are based on a number of assumptions that are subject to
change. Factors that could cause actual results to differ materially
from those expressed or implied by the forward-looking statements are
discussed under the heading "Risk Factors" and "Forward-Looking
Statements" in Hemisphere's most recent Annual Report on Form 10-K,
filed with the
About
-
Cinelatino, the leading Spanish-language movie channel distributed in
the U.S.,
Latin America andCanada , featuring the largest selection of contemporary Spanish-language blockbusters and critically-acclaimed titles fromMexico ,Latin America , Spain and theCaribbean . -
WAPA PR, Puerto Rico's leading broadcast station with the highest
primetime and full day ratings in
Puerto Rico . Founded in 1954, WAPA PR produces more than 65 hours per week of top-rated news and entertainment programming. - WAPA America, the leading cable network targeting Puerto Ricans and other Caribbean Hispanics living in the U.S., featuring the highly-rated news and entertainment programming produced by WAPA PR.
-
Pasiones, dedicated to showcasing the most popular telenovelas and
drama series, distributed in the U.S. and
Latin America . -
Centroamerica TV, the leading network targeting Central Americans
living in the U.S., the third largest U.S. Hispanic group, featuring
the most popular news, entertainment and soccer programming from
Central America . -
TV Dominicana, the leading network targeting Dominicans living in the
U.S., featuring the most popular news, entertainment and baseball
programming from the
Dominican Republic .
Source:
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