On
Net revenues for the three months ended
Operating expenses were
Net income was
Adjusted EBITDA was
The following tables set forth the Company's financial performance for
the three and six months ended
Three Months Ended |
Six Months Ended |
||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
Net revenues |
|
|
|
|
|||||||||
Operating Expenses: | |||||||||||||
Cost of revenues | 9,908 | 9,292 | 19,360 | 16,890 | |||||||||
Selling, general and administrative | 9,325 | 8,241 | 17,909 | 15,122 | |||||||||
Depreciation and amortization | 4,265 | 4,832 | 8,646 | 7,410 | |||||||||
Other expenses | 306 | 62 | 306 | 311 | |||||||||
Loss on disposition of assets | 34 | 16 | 31 | 14 | |||||||||
Total operating expenses | 23,838 | 22,443 | 46,252 | 39,747 | |||||||||
Operating income | 8,780 | 6,612 | 15,837 | 10,259 | |||||||||
Other Expenses: | |||||||||||||
Interest expense, net | (3,008) | (2,936) | (5,991) | (5,843) | |||||||||
Income before income taxes | 5,772 | 3,676 | 9,846 | 4,416 | |||||||||
Income tax (expense) benefit | (2,341) | 1,642 | (3,952) | 1,150 | |||||||||
Net income |
|
|
|
|
|||||||||
Reconciliation of net income to Adjusted EBITDA: | |||||||||||||
Net income |
|
|
|
|
|||||||||
Add (deduct): |
|
||||||||||||
Income tax expense (benefit) | 2,341 | (1,642) | 3,952 | (1,150) | |||||||||
Interest expense, net | 3,008 | 2,936 | 5,991 | 5,843 | |||||||||
Loss on disposition of assets | 34 | 16 | 31 | 14 | |||||||||
Depreciation and amortization | 4,265 | 4,832 | 8,646 | 7,410 | |||||||||
Stock-based compensation | 1,361 | 1,702 | 2,687 | 3,216 | |||||||||
Transaction expenses | 306 | 62 | 306 | 311 | |||||||||
Adjusted EBITDA |
|
|
|
|
|||||||||
Selected Balance Sheet Data | |||||||
As of | As of | ||||||
|
|
||||||
(Unaudited) | (Audited) | ||||||
Cash |
|
|
|||||
Debt | 220,857 | 221,791 | |||||
Leverage ratio (a): | 4.0x | ||||||
Net leverage ratio (b): | 1.1x | ||||||
(a) Represents the sum of gross debt and the unamortized balance of
original issue discount of
(b) Represents the sum of net debt and the unamortized balance of
original issue discount of
The following table presents estimated subscriber information:
|
Subscribers (a) |
||||||
|
|
||||||
U.S. Cable Networks: |
|||||||
WAPA America | 5,218 | 5,115 | |||||
Cinelatino | 4,367 | 4,297 | |||||
Pasiones | 4,298 | 4,004 | |||||
Centroamerica TV | 3,921 | 3,571 | |||||
Television Dominicana | 2,856 | 2,437 | |||||
Total | 20,660 | 19,424 | |||||
Latin America Cable Networks: |
|||||||
Cinelatino | 11,103 | 10,544 | |||||
Pasiones | 9,421 | 8,702 | |||||
Total | 20,524 | 19,246 | |||||
_________________ |
(a) Amounts presented are based on most recent remittances received from the Company's distributors as of the respective dates shown above. |
Non-GAAP Reconciliations
Within Hemisphere's second quarter 2015 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 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 include, but are not
limited to, statements relating to 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
-
Cinelatino, the leading Spanish-language movie channel with over 15
million subscribers across the U.S.,
Latin America andCanada , including 4.4 million subscribers in the U.S. and 11.1 million subscribers inLatin America , featuring the largest selection of contemporary Spanish-language blockbusters and critically-acclaimed titles fromMexico ,Latin America ,Spain and theCaribbean . -
WAPA,
Puerto Rico's leading broadcast television network with the highest primetime and full day ratings inPuerto Rico . Founded in 1954, WAPA 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. WAPA America is distributed in the U.S. to over 5 million subscribers.
-
Pasiones, dedicated to showcasing the most popular telenovelas and
drama series, distributed in the U.S. and
Latin America . Pasiones has 4.3 million subscribers in the U.S. and 9.4 million subscribers inLatin 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 . Centroamerica TV is distributed in the U.S. to 3.9 million subscribers. -
Television Dominicana, the leading network targeting Dominicans living
in the U.S., featuring the most popular news, entertainment and
baseball programming from the
Dominican Republic . Television Dominicana is distributed in the U.S. to over 2.8 million subscribers.
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