On
Hemisphere includes:
-
Cinelatino, the #1 U.S. Spanish-language cable movie network, with
approximately 12 million subscribers across the U.S.,
Latin America andCanada ; - WAPA America, the leading U.S. Spanish-language cable network targeting Puerto Ricans and other Caribbean Hispanics living in the U.S, with over 5 million subscribers; and
-
WAPA TV, the #1 broadcast television network and content producer in
Puerto Rico , with state-of-the-art facilities that produce over 60 hours per week of top-rated news and entertainment programming.
Sokol continued, "Our first quarter numbers continue our strong performance and demonstrate our market-leading position. Now that our transition to a public company is complete, we are very excited about the synergy opportunities among our companies and driving shareholder value."
The following table sets forth the unaudited pro forma results of
operations for Hemisphere assuming the Transaction occurred on
Three Months Ended March | ||||||||||||||||||
31, 2013 | ||||||||||||||||||
WAPA | Cinelatino | Pro Forma | ||||||||||||||||
(historical | ||||||||||||||||||
predecessor) | ||||||||||||||||||
Net Revenues | $ | 13,495 | $ | 6,104 | $ | 19,599 | ||||||||||||
Operating Expenses: | ||||||||||||||||||
Cost of revenues | 5,856 | 1,053 | 6,909 | |||||||||||||||
Selling, general and administrative | 3,429 | 754 | 4,183 | |||||||||||||||
Depreciation and amortization | 1,011 | 964 | 1,975 | |||||||||||||||
Other expenses | 3,292 | 2,068 | 5,360 | |||||||||||||||
Loss on disposition of assets | 25 | - | 25 | |||||||||||||||
Total operating expenses | 13,612 | 4,839 | 18,451 | |||||||||||||||
Operating (loss) income | (117) | 1,265 | 1,148 | |||||||||||||||
Interest expense | (771) | (462) | (1,233) | |||||||||||||||
Income tax benefit (expense) | 363 | (821) | (458) | |||||||||||||||
Net loss | $ | (525) | $ | (18) | $ | (543) | ||||||||||||
Reconciliation of net loss to EBITDA: | ||||||||||||||||||
Net loss | $ | (525) | $ | (18) | $ | (543) | ||||||||||||
Add (deduct): | ||||||||||||||||||
Income tax (benefit) expense | (363) | 821 | 458 | |||||||||||||||
Interest expense | 771 | 462 | 1,233 | |||||||||||||||
Loss on disposition of assets | 25 | - | 25 | |||||||||||||||
Depreciation and amortization | 1,011 | 964 | 1,975 | |||||||||||||||
EBITDA | $ | 918 | $ | 2,229 | $ | 3,147 | ||||||||||||
Transaction related and other non-recurring expenses | 3,292 | 2,068 | 5,360 | |||||||||||||||
Adjusted EBITDA | $ | 4,210 | $ | 4,297 | $ | 8,507 | ||||||||||||
Non-GAAP Reconciliations
Within Hemisphere's first quarter 2013 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 first 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 registration statement on Form
S-4 (File No. 333-186210) (the "Registration Statement") and
post-effective amendment No. 1 on Form S-1 to the Registration
Statement, filed with the
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