On
Net revenues for the three months ended
Operating expenses were
Net income was
Adjusted EBITDA increased
The following tables set forth Hemisphere's financial performance for
the three and nine months ended
Three Months Ended |
Nine Months Ended |
||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Net revenues | $ | 28,781 | $ | 23,705 | $ | 78,787 | $ | 60,129 | |||||||
Operating Expenses: | |||||||||||||||
Cost of revenues | 9,174 | 10,290 | 26,067 | 23,818 | |||||||||||
Selling, general and administrative | 8,353 | 6,597 | 23,473 | 22,571 | |||||||||||
Depreciation and amortization | 4,668 | 2,586 | 12,077 | 6,177 | |||||||||||
Other expenses | 972 | 122 | 1,282 | 4,794 | |||||||||||
Loss on disposition of assets | 55 | - | 70 | 68 | |||||||||||
Total Operating Expenses | 23,222 | 19,595 | 62,969 | 57,428 | |||||||||||
Operating Income | 5,559 | 4,110 | 15,818 | 2,701 | |||||||||||
Other Expenses: | |||||||||||||||
Interest expense, net | (3,029 | ) | (2,376 | ) | (8,871 | ) | (4,273 | ) | |||||||
Loss on extinguishment of debt | (1,116 | ) | (1,649 | ) | (1,116 | ) | (1,649 | ) | |||||||
Total Other Expenses | (4,145 | ) | (4,025 | ) | (9,987 | ) | (5,922 | ) | |||||||
Income (Loss) before Income Taxes | 1,414 | 85 | 5,831 | (3,221 | ) | ||||||||||
Income tax (expense) benefit | (751 | ) | (4,070 | ) | 399 | (3,715 | ) | ||||||||
Net Income (Loss) | $ | 663 | $ | (3,985 | ) | $ | 6,230 | $ | (6,936 | ) | |||||
Reconciliation of net income (loss) to Adjusted |
|||||||||||||||
Net Income (Loss) | $ | 663 | $ | (3,985 | ) | $ | 6,230 | $ | (6,936 | ) | |||||
Add (Deduct): | |||||||||||||||
Income tax expense (benefit) | 751 | 4,070 | (399 | ) | 3,715 | ||||||||||
Interest expense, net | 3,029 | 2,376 | 8,871 | 4,273 | |||||||||||
Loss on extinguishment of debt | 1,116 | 1,649 | 1,116 | 1,649 | |||||||||||
Loss on disposition of assets | 55 | - | 70 | 68 | |||||||||||
Depreciation and amortization | 4,668 | 2,586 | 12,077 | 6,177 | |||||||||||
Stock-based compensation | 1,390 | 1,611 | 4,606 | 5,618 | |||||||||||
Transaction expenses | 972 | 122 | 1,282 | 4,794 | |||||||||||
Non-recurring expenses | 173 | 332 | 173 | 4,132 | |||||||||||
Adjusted EBITDA | $ | 12,817 | $ | 8,761 | $ | 34,026 | $ | 23,490 | |||||||
Non-GAAP Reconciliations
Within Hemisphere's third quarter 2014 press release, Hemisphere makes reference to the non-GAAP financial measure - "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 this 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 include, but are not
limited to, statements relating to the synergies and the benefits that
Hemisphere expects to achieve in the acquisition of the Acquired Cable
Networks, Hemisphere's future financial and operating results (including
growth and earnings), plans, objectives, expectations and intentions and
other statements that are not historical facts. 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
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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 inPuerto 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.
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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 .
For
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