- Q3 2016 Net Revenues Increased 5% Year-over-Year -
- Q3 2016 Net Income Increased 49% Year-over-Year -
- Q3 2016 Adjusted EBITDA Increased 10% Year-over-Year -
-
- Continued Strong Subscriber Growth -
- On-Track to Achieve Full-Year Adjusted EBITDA Guidance -
"We are also excited to announce our new partnership with Lionsgate and
Univision to launch the leading Spanish-language premium movie
subscription video-on-demand (SVOD) service. The service is the first
major SVOD movie service designed specifically for the tens of millions
of Spanish-speaking and bilingual movie lovers in the
Net revenues were
Operating expenses were
Net income was
Adjusted EBITDA was
The Company affirms its forecast of a low double-digit percentage increase in Adjusted EBITDA for 2016.
As of
|
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Comparison of Consolidated Operating Results for the
Three and Nine Months Ended |
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(amounts in thousands) | ||||||||
Three Months Ended |
Nine Months Ended |
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2016 | 2015 | 2016 | 2015 | |||||
(Unaudited) | (Unaudited) | |||||||
Net revenues |
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|
|
|
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Operating Expenses: | ||||||||
Cost of revenues | 9,826 | 10,249 | 30,647 | 29,609 | ||||
Selling, general and administrative | 8,999 | 8,907 | 27,775 | 26,816 | ||||
Depreciation and amortization | 4,083 | 4,283 | 12,500 | 12,929 | ||||
Other expenses | 638 | 75 | 770 | 381 | ||||
(Gain) loss on disposition of assets | (9) | - | 6 | 31 | ||||
Total operating expenses | 23,537 | 23,514 | 71,698 | 69,766 | ||||
Operating income | 9,579 | 7,951 | 27,420 | 23,788 | ||||
Other Expenses: | ||||||||
Interest expense, net | (2,954) | (3,080) | (8,779) | (9,071) | ||||
Income before income taxes | 6,625 | 4,871 | 18,641 | 14,717 | ||||
Income tax expense | (2,276) | (1,961) | (6,563) | (5,912) | ||||
Net income |
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Reconciliation of net income to Adjusted EBITDA: | ||||||||
Net income |
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Add (deduct): | ||||||||
Income tax expense | 2,276 | 1,961 | 6,563 | 5,912 | ||||
Interest expense, net | 2,954 | 3,080 | 8,779 | 9,071 | ||||
(Gain) loss on disposition of assets | (9) | - | 6 | 31 | ||||
Depreciation and amortization | 4,083 | 4,283 | 12,500 | 12,929 | ||||
Stock-based compensation | 533 | 1,436 | 2,522 | 4,123 | ||||
Transaction & non-recurring expenses | 913 | 75 | 1,435 | 381 | ||||
Adjusted EBITDA |
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Selected Balance Sheet Data: |
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As of | As of | |||
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(Unaudited) | (Audited) | |||
Cash |
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Debt |
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Leverage ratio (a): | 3.5x | 3.8x | ||
Net leverage ratio (b): | 1.0x | 0.7x | ||
(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 (unaudited): |
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Subscribers (a) (amounts in thousands) |
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WAPA America (b) | 5,204 | 5,158 | |||||
Cinelatino | 4,581 | 4,443 | |||||
Pasiones | 4,530 | 4,374 | |||||
Centroamerica TV | 4,055 | 3,967 | |||||
Television Dominicana | 3,159 | 2,991 | |||||
Total | 21,529 | 20,933 | |||||
Latin America Cable Networks: |
|||||||
Cinelatino | 13,003 | 11,891 | |||||
Pasiones | 11,126 | 10,198 | |||||
Total | 24,129 | 22,089 |
(a) Amounts presented are based on most recent remittances received from the Company's distributors as of the respective dates shown above. |
(b) Excluding digital basic subscribers, subscribers to WAPA America
on Hispanic programming tiers increased by 2.7% from |
Non-GAAP Reconciliations
Within Hemisphere's third quarter 2016 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 measure provides useful information to investors regarding Hemisphere's financial condition, results of its 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 second quarter
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
About
-
Cinelatino, the leading Spanish-language movie channel with over 17.5
million subscribers across the
U.S. ,Latin America andCanada , including 4.6 million subscribers in theU.S. and 13.0 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 in
Puerto Rico . Founded in 1954, WAPA produces more than 75 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 theU.S. to 5.2 million subscribers. -
Pasiones, dedicated to showcasing the most popular telenovelas and
drama series, distributed in the
U.S. andLatin America . Pasiones has 4.5 million subscribers in theU.S. and 11.1 million subscribers inLatin America . -
Centroamerica TV, the leading network targeting Central Americans
living in the
U.S. , the third-largestU.S. Hispanic group, featuring the most popular news, entertainment and soccer programming fromCentral America . Centroamerica TV is distributed in theU.S. to 4.1 million subscribers. -
Television Dominicana, the leading network targeting Dominicans living
in the
U.S. , featuring the most popular news, and entertainment programming from theDominican Republic . Television Dominicana is distributed in theU.S. to 3.2 million subscribers.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161104005480/en/
ebartsch@sloanepr.com
Source:
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