Astral Media Incorporated
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Corus and Astral: Two Shining Media Companies (at Seeking Alpha)
seekingalpha.com | Nov 28, 2008
In his comparison of Corus Entertainment Inc. (CJR) and Astral Media Inc. (AAIAF.PK), Mr. Cuthbertson notes that the two companies have become even more similar since Astral bought Standard Radio and won the Toronto Street Furniture advertising contract.
http://seekingalpha.com/article/108345-corus-and-astral-two-shining-media-companies?source=yahoo
Winning Networks and Companies
www.multichannel.com | Nov 17, 2008
Distributors Bigelow Advertising for Time Warner Cable Bright House Networks Cablevision Systems Corp. Charter Communications Comcast – CT/West Region Comcast Cable Comcast North Central Division Cox Business Cox Business – Northern Virginia Cox Communications Cox Communications – New England Cox
Astral Media revenue up 43%
www.variety.com | Oct 29, 2008
In spite of the tough economic times, Canuck pay TV owner Astral Media posted boffo financial results for the fourth quarter and year-end, powered by strong performances from its TV and radio divisions..Web Exclusive, news from the entertainment source: Variety.Astral Media revenue up 43%.
The Wait Is Over... HBO Canada Is Here (CNW Group)
biz.yahoo.com | Sep 22, 2008
The Wait Is Over... HBO Canada Is Here. - > TORONTO, Sept. 22 /CNW/ - Astral Media's (ACM.
http://biz.yahoo.com/cnw/080922/hbo_canada_available.html?.v=3
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Astral Media Incorporated
SAN DIEGO, Calif. - - ICON Group International Ltd., today released studies on labor productivity and financial benchmarks for Astral Media Incorporated (MON, TOR: ACM A).
http://www.icongrouponline.com/pr/Astral_Media_Incorporated_CA/PR.html
Astral Media Outdoor has selected Datex Field Service and Inventory Management System
www.datexcorp.com
Astral Media Outdoor has selected Datex Field Service and Inventory Management System as their enterprise solution.
Astral Media Inc. | Montreal, Canada | Company Profile, Research, News, Information, Contacts
Includes Executive Profiles - Get the names, titles, board memberships, education, and employment history for key professionals at thousands of companies.
http://goliath.ecnext.com/coms2/product-compint-0001349059-page.html
Where the Truth Lies - 2005 - Kevin Bacon, Atom Egoyan - Variety Profiles
www.variety.com
Breaking entertainment news, movie reviews, Celebrity photos, Pictures, entertainment industry events, Film festivals, festival news and festival reviews, Oscars, Emmys, Sundance festival, and Hollywood awards. Featuring box office charts, entertainment news archives and more.
http://www.variety.com/profiles/Film/main/165101/Where+the+Truth+Lies.html?dataSet=1
News from Zibb.com
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Statement from Ian Greenberg, President and Chief Executive Officer of Astral Media on the passing
MONTREAL, Dec. 2, 2008 (Canada NewsWire via COMTEX) --
"I am deeply saddened by the passing of my long-time friend and business hero Ted Rogers. He has always been and will remain an important source of inspiration, determination and leadership. Today, we mourn the loss of one of our industry and country's greatest visionaries. Ted will be remembered as the founder and builder of one of the most important and respected companies in Canada, as well as one of the most ardent promoters of our culture and identity. I wish to express my deepest sympathy to his wife Loretta, as well as to the members of the family and to all of his colleagues."
SOURCE: ASTRAL MEDIA INC.
SOURCE: News - Media
Alain Bergeron, Vice-President, Brand Management and Corporate Communications, Astral Media Inc., (514) 939-5000
Tags: business canada ceo media president promoters
Companies: Astral Media, Inc. (AAIBF)
Astral Media Publishes its Interactive 2008 Annual Report - Zibb.com
MONTREAL, QUEBEC, Nov 13, 2008 (MARKET WIRE via COMTEX) --
Editors Note: Photos are included with this press release.
Astral Media Inc. (TSX: ACM.A)(TSX: ACM.B) launched the 2008astralmedia.com website today to host its Fiscal 2008 Annual Report. Offering a dynamic content-rich and fully-interactive perspective on the Company's core businesses, this online annual report delivers an in-depth review of the 2008 fiscal year.
In order to reflect the Company's commitment to reducing its environmental footprint, for a second consecutive year, the printed version of Astral Media's Annual Report features only the essentials, with only the minimum quantity printed.
"Once again this year, only 400 copies of our Annual Report were printed. This compares very favourably to the nearly 15,000 copies that we used to print," said Alain Bergeron, Vice-President, Brand Management and Corporate Communications. "In privileging an interactive report we are able to innovate in many ways. This year, our online report features a video Message to Shareholders, a Build your own Report feature in the financial section and the ability to access over 100 websites connected to our television, radio and outdoor advertising properties. It also allows us to feature all our properties with over 100 images integrated into the site."
The design and creation of the multimedia annual report and its print version were entrusted to Interactive media company, Revolver 3.
To access the 2008 Astral Media annual report, go to 2008astralmedia.com.
Astral Media is a leading Canadian media company, active in specialty and pay television, radio, outdoor advertising and interactive media. Astral Media's solid and dynamic presence in the country's major markets rests on its commitment to offer a unique combination of high-quality, targeted media for all its audiences.
To view the French version of this release, please visit the following link: http://media3.marketwire.com/docs/astralfrench.doc.
To view a screen shot of the English Web Page, please visit the following link: http://astralmedia2008.com/en/.
To view a screen shot of the French Web Page, please visit the following link: http://astralmedia2008.com/fr/.
Contacts: Astral Media Inc. Rachel Yates Director, Corporate and Institutional Communications (514) 939-5000 x 3077 Website: www.astralmedia.com
SOURCE: Astral Media Inc.
http://www.astralmedia.com
Tags: advertising annual report canada communications corporate editors media note online radio television video web
Companies: Astral Media, Inc. (AAIBF)
Newell Rubbermaid Reports Third Quarter 2008 Results - Zibb.com
ATLANTA, Oct 31, 2008 (BUSINESS WIRE) --
Newell Rubbermaid (NYSE: NWL) today announced its third quarter 2008 financial results.
Net sales grew 4.3 percent to $1.76 billion in the third quarter, compared to $1.69 billion in the prior year. The acquisitions of Technical Concepts and Aprica contributed 3.9 percent. Internal sales growth, which excludes the effect of significant acquisitions, was 0.4 percent. Double-digit internal sales growth in the Home & Family segment and high single-digit growth in the Rubbermaid Food business were offset by softness in North American Tools & Hardware, Office Products and Decor. Foreign currency contributed 1.3 percent.
"I am pleased that we were able to deliver earnings and cash flow ahead of guidance in the face of significant economic headwinds," said Mark Ketchum, president and chief executive officer of Newell Rubbermaid. "As we manage through this very challenging environment, we are focused on maintaining our solid cash and liquidity position, strengthening our business portfolio and achieving best cost in our operations. We remain committed to our long term strategy of investing in consumer driven innovation and strategic brand building, so we will be well positioned for profitable growth when the economy recovers."
Gross margin for the third quarter was 32.6 percent, down 300 basis points from last year, as favorable pricing and savings from Project Acceleration were more than offset by significant increases in cost inflation, particularly resin and sourced finished goods, lower manufacturing volume and unfavorable mix.
Excluding Project Acceleration restructuring costs of $13.5 million in 2008 and $22.7 million in 2007, operating income was $180.4 million, compared to $236.5 million in the prior year, reflecting the impact of higher cost inflation and the company's continued investment in strategic brand building activities and corporate initiatives. "One-time events" in the third quarter 2008 include the net of tax impact of the company's purchase of a call option with respect to its $250 million of 6.35% Reset notes due 2028 for approximately $52 million, or approximately $0.13 per diluted share, as well as a tax benefit of $3.5 million, or $0.01 per diluted share. "One-time events" in the third quarter 2007 consisted of a tax benefit of $39.4 million, or $0.14 per diluted share.
Normalized earnings, which exclude Project Acceleration restructuring costs and one-time events, were $0.36 per diluted share, above the high end of the company's guidance and down 31 percent to last year's normalized earnings per share of $0.52. (A reconciliation of the results "as reported" to results "normalized" is included below.)
Income from continuing operations, as reported, was $55.0 million, or $0.20 per diluted share, compared to $169.9 million, or $0.61 per diluted share, in the prior year. Operating cash flow was $364.3 million, compared to $283.4 million for the prior year. Capital expenditures were $43.9 million in the third quarter, compared to $41.0 million for the prior year.
A reconciliation of the third quarter 2008 and last year's results is as follows:
Q3 2008 Q3 2007 Diluted earnings per share from continuing operations (as reported): $ 0.20 $ 0.61 Project Acceleration restructuring costs $ 0.03 $ 0.05 Diluted earnings per share from continuing operations (excluding $ 0.23 $ 0.66 charges): One-time events $ 0.12 ($0.14 ) "Normalized" EPS: $ 0.36 $ 0.52
Nine Months Results
Net sales for the nine months ended September 30, 2008 grew 5.3 percent to $5.02 billion, compared to $4.76 billion in the prior year. The acquisitions of Technical Concepts and Aprica together contributed 3.0 percent of sales growth. Internal sales growth, which excludes the effect of significant acquisitions, was 2.3 percent. High single-digit internal sales growth in the Home & Family segment and low single-digit growth in the Cleaning, Organization & Decor and Office Products segments were partially offset by a low single-digit decline in the Tools & Hardware segment. Foreign currency contributed 2.4 percent.
Gross margin was 33.6 percent, a 170 basis point decline versus prior year results, primarily as a result of dramatically higher cost inflation, partially offset by positive pricing and savings from Project Acceleration.
Normalized earnings, which exclude Project Acceleration restructuring costs and one-time events, were $1.11 per diluted share, as compared with the prior year's result of $1.35 per diluted share. "One time events" for the first nine months 2008 are the same as those described above for the third quarter 2008. "One time events" for the first nine months 2007 include those described above for the third quarter 2007, as well as a $1.9 million tax benefit in the first quarter 2007. (A reconciliation of the results "as reported" to results "normalized" is included below.)
Income from continuing operations, as reported, was $204.9 million, or $0.74 per diluted share, compared to $378.2 million, or $1.36 per diluted share, in the prior year.
Net cash from operating activities was $243.0 million, compared to $456.2 million in the prior year. Capital expenditures were $122.1 million, compared to $110.0 million in the prior year.
A reconciliation of the first nine months 2008 and last year's results is as follows:
YTD Q3 2008 YTD Q3 2007
Diluted earnings per share from
continuing operations (as reported) $ 0.74 $ 1.36
Project Acceleration restructuring costs $ 0.25 $ 0.14
Diluted earnings per share from
continuing operations (excluding charges) $ 0.99 $ 1.50
One-time events $ 0.12 ($0.15 )
"Normalized" EPS: $ 1.11 $ 1.35
2008 Full Year Guidance
The company is adjusting its guidance for net sales growth to a range of 3 1/2 to 4 percent for the full year, including the impact of the Technical Concepts and Aprica acquisitions. Internal sales growth, which excludes the effect of significant acquisitions, is now projected to be essentially flat to last year, as continued growth in the Rubbermaid Commercial and Rubbermaid Food businesses and Home & Family segment is expected to be largely offset by less favorable foreign currency benefit and core sales declines in North American Tools & Hardware, Office Products and Decor.
The company now expects gross margin contraction of 120 to 160 basis points to last year as lower expected input cost inflation, particularly in resin, will be offset by unfavorable mix and lower manufacturing volume related to the lower core sales and reduction of inventories.
As a result of these adjustments to the outlook, the company now expects normalized earnings of $1.40 to $1.45 per diluted share.
The company is narrowing its guidance for operating cash flow to a range of $375 million to $400 million for the full year, including approximately $80 million in restructuring cash payments. The company expects capital expenditures of $160 to $170 million.
2008 Fourth Quarter Guidance
For the fourth quarter, the company anticipates net sales to be flat to negative 2 percent. Internal sales are now expected to decline 4 to 6 percent as growth in the Rubbermaid Commercial and Rubbermaid Food businesses and the Home & Family segment is more than offset by an unfavorable foreign currency impact of 4 percent and core sales declines in other businesses, especially the housing-related businesses.
The company expects to generate normalized earnings of $0.29 to $0.34 per diluted share, compared with $0.47 last year. The expected decline is primarily a result of core sales softness, unfavorable foreign currency, higher cost inflation in raw materials and sourced products, and unfavorable mix.
A reconciliation of the fourth quarter and full year 2008 earnings outlook is as follows:
Q4 2008 FY 2008 Diluted earnings per share from continuing operations (as reported): $0.08 to $0.13 $0.82 to $0.91 Project Acceleration restructuring costs $0.15 to $0.28 $0.40 to $0.53 Diluted earnings per share from continuing operations (excluding $0.29 to $0.34 $1.28 to $1.33 charges): One-time events - $0.12 "Normalized" EPS: $0.29 to $0.34 $1.40 to $1.45
Conference Call
The company's third quarter 2008 earnings conference call is scheduled for today, October 30, 2008, at 10:00 a.m. ET. To listen to the webcast, use the link provided under Events & Presentations in the Investor Relations section of Newell Rubbermaid's Web site at www.newellrubbermaid.com. The webcast will be available for replay for two weeks. A brief supporting slide presentation will be available prior to the call under Quarterly Earnings in the Investor Relations section on the company's Web site.
Caution Concerning Forward-Looking Statements
The statements in this press release that are not historical in nature constitute forward-looking statements. These forward-looking statements relate to information or assumptions about the effects of Project Acceleration, sales, income/(loss), earnings per share, operating income or gross margin improvements or declines, capital and other expenditures, cash flow, dividends, restructuring costs, costs and cost savings, inflation, particularly with respect to commodities such as oil and resin, debt ratings, and management's plans, projections and objectives for future operations and performance. These statements are accompanied by words such as "anticipate," "expect," "project," "will," "believe," "estimate" and similar expressions. Actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, our dependence on the strength of retail economies in light of the global economic slowdown; competition with other manufacturers and distributors of consumer products; major retailers' strong bargaining power; changes in the prices of raw materials and sourced products and our ability to obtain raw materials and sourced products in a timely manner from suppliers; our ability to develop innovative new products and to develop, maintain and strengthen our end-user brands; our ability to expeditiously close facilities and move operations while managing foreign regulations and other impediments; our ability to implement successfully information technology solutions throughout our organization; our ability to improve productivity and streamline operations; our ability to refinance short term debt on terms acceptable to us, particularly given the recent turmoil and uncertainty in the global credit markets; significant increases in the funding obligations related to our pension plans due to declining asset values or otherwise; the risks inherent in our foreign operations and those factors listed in the company's most recent quarterly report on Form 10-Q, and Exhibit 99.1, filed with the Securities and Exchange Commission. Changes in such assumptions or factors could produce significantly different results. The information contained in this news release is as of the date indicated. The company assumes no obligation to update any forward-looking statements contained in this news release as a result of new information or future events or developments.
Non-GAAP Financial Measures
This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Included in this release is a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP.
About Newell Rubbermaid
Newell Rubbermaid Inc., an S&P 500 company, is a global marketer of consumer and commercial products with sales of over $6 billion and a strong portfolio of brands, including Rubbermaid(R), Sharpie(R), Graco(R), Calphalon(R), Irwin(R), Lenox(R), Levolor(R), Paper Mate(R), Dymo(R), Waterman(R), Parker(R), Goody(R), BernzOmatic(R) and Amerock(R). The company is headquartered in Atlanta, Ga., and has approximately 22,500 employees worldwide.
This press release and additional information about Newell Rubbermaid are available on the company's Web site, www.newellrubbermaid.com.
NWL-EA
Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)
Reconciliation of Results "As Reported" to Results "Excluding
Charges"
Three Months Ended September 30,
2008 2007 YOY
As Reported Charges (1) Excl. Charges As Reported Charges (2) Excl. Charges % Change
Net sales $ 1,760.3 $ - $ 1,760.3 $ 1,687.3 $ - $ 1,687.3 4.3 %
Cost of products sold 1,185.6 - 1,185.6 1,086.3 - 1,086.3
GROSS MARGIN 574.7 - 574.7 601.0 - 601.0 (4.4 )%
% of sales 32.6 % 32.6 % 35.6 % 35.6 %
Selling, general &
administrative expenses 394.3 - 394.3 364.5 - 364.5 8.2 %
% of sales 22.4 % 22.4 % 21.6 % 21.6 %
Restructuring costs 13.5 (13.5 ) - 22.7 (22.7 ) -
OPERATING INCOME 166.9 13.5 180.4 213.8 22.7 236.5 (23.7 )%
% of sales 9.5 % 10.2 % 12.7 % 14.0 %
Nonoperating expenses:
Interest expense, net 38.8 - 38.8 28.0 - 28.0
Other expense, net 55.4 - 55.4 2.1 - 2.1
94.2 - 94.2 30.1 - 30.1 213.0 %
INCOME BEFORE INCOME TAXES 72.7 13.5 86.2 183.7 22.7 206.4 (58.2 )%
% of sales 4.1 % 4.9 % 10.9 % 12.2 %
Income taxes 17.7 3.4 21.1 13.8 7.6 21.4 (1.4 )%
Effective rate 24.3 % 24.5 % 7.5 % 10.4 %
INCOME FROM CONTINUING OPERATIONS 55.0 10.1 65.1 169.9 15.1 185.0 (64.8 )%
% of sales 3.1 % 3.7 % 10.1 % 11.0 %
Discontinued operations, net of tax:
Net (loss) gain - - - 0.3 (0.3 ) -
NET INCOME $ 55.0 $ 10.1 $ 65.1 $ 170.2 $ 14.8 $ 185.0 (64.8 )%
% of sales 3.1 % 3.7 % 10.1 % 11.0 %
EARNINGS PER SHARE FROM
CONTINUING OPERATIONS:
Basic $ 0.20 $ 0.03 $ 0.23 $ 0.62 $ 0.05 $ 0.67
Diluted $ 0.20 $ 0.03 $ 0.23 $ 0.61 $ 0.05 $ 0.66
LOSS PER SHARE FROM
DISCONTINUED OPERATIONS:
Basic $ - $ - $ - $ 0.00 $ (0.00 ) $ -
Diluted $ - $ - $ - $ 0.00 $ (0.00 ) $ -
EARNINGS PER SHARE:
Basic $ 0.20 $ 0.03 $ 0.23 $ 0.62 $ 0.05 $ 0.67
Diluted $ 0.20 $ 0.03 $ 0.23 $ 0.61 $ 0.05 $ 0.66
AVERAGE SHARES OUTSTANDING:
Basic 277.1 277.1 276.0 276.0
Diluted 278.4 278.4 286.1 286.1
(1) Charges excluded from "as reported" results for 2008 consist of
$13.5 million of restructuring costs, including asset impairment
charges, and the associated tax effects.
(2) Charges excluded from "as reported" results for 2007 consist of
$22.7 million of restructuring costs, including asset impairment
charges, and the associated tax effects and a $.3 million net gain
related to discontinued operations.
Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in millions, except per share data)
Reconciliation of Results "As Reported" to Results "Excluding
Charges"
Nine Months Ended September 30,
2008 2007 YOY
As Reported Charges (1) Excl. Charges As Reported Charges (2) Excl. Charges % Change
Net sales $ 5,019.1 $ - $ 5,019.1 $ 4,764.8 $ - $ 4,764.8 5.3 %
Cost of products sold 3,330.7 - 3,330.7 3,083.5 - 3,083.5
GROSS MARGIN 1,688.4 - 1,688.4 1,681.3 - 1,681.3 0.4 %
% of sales 33.6 % 33.6 % 35.3 % 35.3 %
Selling, general &
administrative expenses 1,148.2 - 1,148.2 1,060.2 - 1,060.2 8.3 %
% of sales 22.9 % 22.9 % 22.3 % 22.3 %
Restructuring costs 101.3 (101.3 ) - 53.7 (53.7 ) -
OPERATING INCOME 438.9 101.3 540.2 567.4 53.7 621.1 (13.0 )%
% of sales 8.7 % 10.8 % 11.9 % 13.0 %
Nonoperating expenses:
Interest expense, net 103.3 - 103.3 82.9 - 82.9
Other expense, net 56.4 - 56.4 4.4 - 4.4
159.7 - 159.7 87.3 - 87.3 82.9 %
INCOME BEFORE INCOME TAXES 279.2 101.3 380.5 480.1 53.7 533.8 (28.7 )%
% of sales 5.6 % 7.6 % 10.1 % 11.2 %
Income taxes 74.3 30.7 105.0 101.9 14.3 116.2 (9.6 )%
Effective rate 26.6 % 27.6 % 21.2 % 21.8 %
INCOME FROM CONTINUING OPERATIONS 204.9 70.6 275.5 378.2 39.4 417.6 (34.0 )%
% of sales 4.1 % 5.5 % 7.9 % 8.8 %
Discontinued operations, net of tax:
Net loss (0.5 ) 0.5 - (16.5 ) 16.5 -
NET INCOME $ 204.4 $ 71.1 $ 275.5 $ 361.7 $ 55.9 $ 417.6 (34.0 )%
% of sales 4.1 % 5.5 % 7.6 % 8.8 %
EARNINGS PER SHARE FROM
CONTINUING OPERATIONS:
Basic $ 0.74 $ 0.25 $ 0.99 $ 1.37 $ 0.14 $ 1.51
Diluted $ 0.74 $ 0.25 $ 0.99 $ 1.36 $ 0.14 $ 1.50
LOSS PER SHARE FROM
DISCONTINUED OPERATIONS:
Basic $ (0.00 ) $ 0.00 $ - $ (0.06 ) $ 0.06 $ -
Diluted $ (0.00 ) $ 0.00 $ - $ (0.06 ) $ 0.06 $ -
EARNINGS PER SHARE:
Basic $ 0.74 $ 0.25 $ 0.99 $ 1.31 $ 0.20 $ 1.51
Diluted $ 0.73 $ 0.26 $ 0.99 $ 1.30 $ 0.20 $ 1.50
AVERAGE SHARES OUTSTANDING:
Basic 277.0 277.0 276.0 276.0
Diluted 278.2 278.2 286.1 286.1
(1) Charges excluded from "as reported" results for 2008 consist of
$101.3 million of restructuring costs, including asset impairment
charges, and the associated tax effects, and a $0.5 million net loss
related to discontinued operations.
(2) Charges excluded from "as reported" results for 2007 consist of
$53.7 million of restructuring costs, including asset impairment
charges, and the associated tax effects and a $16.5 million net loss
related to discontinued operations.
Newell Rubbermaid Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)
September 30, September 30,
Assets: 2008 2007
Cash and cash equivalents $ 220.6 $ 169.5
Accounts receivable, net 1,144.8 1,127.1
Inventories, net 1,060.7 1,000.1
Deferred income taxes 129.6 104.2
Prepaid expenses and other 122.3 169.1
Total Current Assets 2,678.0 2,570.0
Property, plant and equipment, net 656.0 697.4
Goodwill 3,034.8 2,585.8
Other intangible assets, net 656.8 499.4
Other assets 232.7 238.4
Total Assets $ 7,258.3 $ 6,591.0
Liabilities and Stockholders' Equity:
Accounts payable $ 608.1 $ 619.2
Accrued compensation 112.3 157.6
Other accrued liabilities 797.7 724.7
Income taxes payable 36.1 2.1
Notes payable 27.3 20.5
Current portion of long-term debt 542.4 775.2
Total Current Liabilities 2,123.9 2,299.3
Long-term debt 2,296.7 1,331.8
Deferred income taxes 38.7 30.9
Other non-current liabilities 566.9 765.4
Stockholders' Equity 2,232.1 2,163.6
Total Liabilities and Stockholders' Equity $ 7,258.3 $ 6,591.0
Newell Rubbermaid Inc.
CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)
(in millions)
Nine Months Ended September 30,
2008 2007
Operating Activities:
Net income $ 204.4 $ 361.7
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 137.5 134.4
Deferred income taxes 23.8 64.4
Non-cash restructuring costs 45.3 10.1
Gain on sale of assets - (0.8 )
Stock-based compensation expense 27.5 27.9
Loss on disposal of discontinued operations 0.5 16.3
Non-cash income tax benefits (3.5 ) (41.3 )
Other 53.9 (2.9 )
Changes in operating assets and liabilities, excluding the effects
of acquisitions:
Accounts receivable 36.9 23.9
Inventories (85.4 ) (119.1 )
Accounts payable (44.5 ) 59.0
Accrued liabilities and other (151.2 ) (77.4 )
Discontinued operations (2.2 ) -
Net cash provided by operating activities $ 243.0 $ 456.2
Investing Activities:
Acquisitions, net of cash acquired $ (660.4 ) $ (101.5 )
Capital expenditures (122.1 ) (110.0 )
Disposals of non-current assets and sales of businesses 6.4 (3.1 )
Net cash used in investing activities $ (776.1 ) $ (214.6 )
Financing Activities:
Proceeds from issuance of debt, net of debt issuance costs $ 1,317.6 $ 354.9
Payments on notes payable and debt (711.0 ) (474.3 )
Cash dividends (176.1 ) (176.0 )
Proceeds from exercised stock options and other (2.5 ) 18.0
Net cash provided by (used in) financing activities $ 428.0 $ (277.4 )
Currency rate effect on cash and cash equivalents $ (3.5 ) $ 4.3
Decrease in cash and cash equivalents $ (108.6 ) $ (31.5 )
Cash and cash equivalents at beginning of period 329.2 201.0
Cash and cash equivalents at end of period $ 220.6 $ 169.5
Newell Rubbermaid Inc.
Calculation of Free Cash Flow (1)
Three Months Ended September 30,
Free Cash Flow (in millions): 2008 2007
Net cash provided by operating activities $ 364.3 $ 283.4
Capital expenditures (43.9 ) (41.0 )
Free Cash Flow $ 320.4 $ 242.4
Nine Months Ended September 30,
Free Cash Flow (in millions): 2008 2007
Net cash provided by operating activities $ 243.0 $ 456.2
Capital expenditures (122.1 ) (110.0 )
Free Cash Flow $ 120.9 $ 346.2
(1) Free Cash Flow is defined as cash flow provided by operating
activities less capital expenditures.
Newell Rubbermaid Inc.
Financial Worksheet
(In Millions)
2008 2007
Excluding Charges Reconciliation (1) Excluding Charges Reconciliation (1) Year-over-year changes
Reported OI Excluded Charges Ex Charges OI Operating Margin Reported OI Excluded Charges Ex Charges OI Operating Margin Net Sales Operating Income (2)
Net Sales Net Sales $ % $ %
Q1:
Cleaning, Organization & Decor $ 464.7 $ 48.1 $ - $ 48.1 10.4 % $ 457.4 $ 57.2 $ - $ 57.2 12.5 % $ 7.3 1.6 % $ (9.1 ) (15.9 )%
Office Products 421.7 34.5 - 34.5 8.2 % 406.3 35.2 - 35.2 8.7 % 15.4 3.8 % (0.7 ) (2.0 )%
Tools & Hardware 290.3 35.1 - 35.1 12.1 % 293.9 34.2 - 34.2 11.6 % (3.6 ) (1.2 )% 0.9 2.6 %
Home & Family 257.0 30.6 - 30.6 11.9 % 226.8 30.4 - 30.4 13.4 % 30.2 13.3 % 0.2 0.7 %
Restructuring Costs (18.4 ) 18.4 - (15.5 ) 15.5 - - 0.0 %
Corporate (18.8 ) - (18.8 ) (20.7 ) - (20.7 ) 1.9 9.2 %
Total $ 1,433.7 $ 111.1 $ 18.4 $ 129.5 9.0 % $ 1,384.4 $ 120.8 $ 15.5 $ 136.3 9.8 % $ 49.3 3.6 % $ (6.8 ) (5.0 )%
2008 2007
Excluding Charges Reconciliation (1) Excluding Charges Reconciliation (1) Year-over-year changes
Reported OI Excluded Charges Ex Charges OI Operating Margin Reported OI Excluded Charges Ex Charges OI Operating Margin Net Sales Operating Income (2)
Net Sales Net Sales $ % $ %
Q2:
Cleaning, Organization & Decor $ 609.9 $ 74.5 $ - $ 74.5 12.2 % $ 544.4 $ 81.2 $ - $ 81.2 14.9 % $ 65.5 12.0 % $ (6.7 ) (8.3 )%
Office Products 612.9 102.6 - 102.6 16.7 % 587.5 109.0 - 109.0 18.6 % 25.4 4.3 % (6.4 ) (5.9 )%
Tools & Hardware 322.3 46.7 - 46.7 14.5 % 324.6 47.7 - 47.7 14.7 % (2.3 ) (0.7 )% (1.0 ) (2.1 )%
Home & Family 280.0 27.7 - 27.7 9.9 % 236.6 31.3 - 31.3 13.2 % 43.4 18.3 % (3.6 ) (11.5 )%
Restructuring Costs (69.4 ) 69.4 - (15.5 ) 15.5 - - 0.0 %
Corporate (21.2 ) - (21.2 ) (20.9 ) - (20.9 ) (0.3 ) (1.4 )%
Total $ 1,825.1 $ 160.9 $ 69.4 $ 230.3 12.6 % $ 1,693.1 $ 232.8 $ 15.5 $ 248.3 14.7 % $ 132.0 7.8 % $ (18.0 ) (7.2 )%
2008 2007
Excluding Charges Reconciliation (1) Excluding Charges Reconciliation (1) Year-over-year changes
Reported OI Excluded Charges Ex Charges OI Operating Margin Reported OI Excluded Charges Ex Charges OI Operating Margin Net Sales Operating Income (2)
Net Sales Net Sales $ % $ %
Q3:
Cleaning, Organization & Decor $ 570.0 $ 56.5 $ - $ 56.5 9.9 % $ 547.2 $ 83.7 $ - $ 83.7 15.3 % $ 22.8 4.2 % $ (27.2 ) (32.5 )%
Office Products 540.2 61.3 - 61.3 11.3 % 544.9 84.2 - 84.2 15.5 % (4.7 ) (0.9 )% (22.9 ) (27.2 )%
Tools & Hardware 331.0 47.0 - 47.0 14.2 % 335.9 51.3 - 51.3 15.3 % (4.9 ) (1.5 )% (4.3 ) (8.4 )%
Home & Family 319.1 37.2 - 37.2 11.7 % 259.3 37.2 - 37.2 14.3 % 59.8 23.1 % - 0.0 %
Restructuring Costs (13.5 ) 13.5 - (22.7 ) 22.7 - - 0.0 %
Corporate (21.6 ) (21.6 ) (19.9 ) - (19.9 ) (1.7 ) (8.5 )%
Total $ 1,760.3 $ 166.9 $ 13.5 $ 180.4 10.2 % $ 1,687.3 $ 213.8 $ 22.7 $ 236.5 14.0 % $ 73.0 4.3 % $ (56.1 ) (23.7 )%
2008 2007
Excluding Charges Reconciliation (1) Excluding Charges Reconciliation (1) Year-over-year changes
Reported OI Excluded Charges Ex Charges OI Operating Margin Reported OI Excluded Charges Ex Charges OI Operating Margin Net Sales Operating Income (2)
Net Sales Net Sales $ % $ %
YTD:
Cleaning, Organization & Decor $ 1,644.6 $ 179.1 $ - $ 179.1 10.9 % $ 1,549.0 $ 222.1 $ - $ 222.1 14.3 % $ 95.6 6.2 % $ (43.0 ) (19.4 )%
Office Products 1,574.8 198.4 - 198.4 12.6 % 1,538.7 228.4 - 228.4 14.8 % 36.1 2.3 % (30.0 ) (13.1 )%
Tools & Hardware 943.6 128.8 - 128.8 13.6 % 954.4 133.2 - 133.2 14.0 % (10.8 ) (1.1 )% (4.4 ) (3.3 )%
Home & Family 856.1 95.5 - 95.5 11.2 % 722.7 98.9 - 98.9 13.7 % 133.4 18.5 % (3.4 ) (3.4 )%
Restructuring Costs (101.3 ) 101.3 - (53.7 ) 53.7 - - 0.0 %
Corporate (61.6 ) - (61.6 ) (61.5 ) - (61.5 ) (0.1 ) (0.2 )%
Total $ 5,019.1 $ 438.9 $ 101.3 $ 540.2 10.8 % $ 4,764.8 $ 567.4 $ 53.7 $ 621.1 13.0 % $ 254.3 5.3 % $ (80.9 ) (13.0 )%
(1) Charges are related to restructuring.
(2) Excluding restructuring charges.
Newell Rubbermaid Inc.
Three Months Ended September 30, 2008
In Millions
Currency Analysis
By Segment 2008 2007 Year-over-year Increase (Decrease)
Sales as Currency Adjusted Sales as Excluding Including Currency
Reported Impact Sales Reported Currency Currency Impact
Cleaning, Organization & Decor $ 570.0 $ (2.4 ) $ 567.6 $ 547.2 3.7 % 4.2 % 0.4 %
Office Products 540.2 (11.4 ) 528.8 544.9 (3.0 )% (0.9 )% 2.1 %
Tools & Hardware 331.0 (6.7 ) 324.3 335.9 (3.5 )% (1.5 )% 2.0 %
Home & Family 319.1 (1.5 ) 317.6 259.3 22.5 % 23.1 % 0.6 %
Total Company $ 1,760.3 $ (22.0 ) $ 1,738.3 $ 1,687.3 3.0 % 4.3 % 1.3 %
By Geography
United States $ 1,224.3 $ - $ 1,224.3 $ 1,224.3 0.0 % 0.0 % 0.0 %
Canada 113.5 (1.8 ) 111.7 116.4 (4.0 )% (2.5 )% 1.5 %
North America 1,337.8 (1.8 ) 1,336.0 1,340.7 (0.4 )% (0.2 )% 0.1 %
Europe 254.1 (11.6 ) 242.5 221.2 9.6 % 14.9 % 5.2 %
Central & South America 77.7 (5.5 ) 72.2 66.7 8.2 % 16.5 % 8.2 %
All Other 90.7 (3.1 ) 87.6 58.7 49.2 % 54.5 % 5.3 %
Total Company $ 1,760.3 $ (22.0 ) $ 1,738.3 $ 1,687.3 3.0 % 4.3 % 1.3 %
Newell Rubbermaid Inc.
Nine Months Ended September 30, 2008
In Millions
Currency Analysis
By Segment 2008 2007 Year-over-year Increase (Decrease)
Sales as Currency Adjusted Sales as Excluding Including Currency
Reported Impact Sales Reported Currency Currency Impact
Cleaning, Organization & Decor $ 1,644.6 $ (18.5 ) $ 1,626.1 $ 1,549.0 5.0 % 6.2 % 1.2 %
Office Products 1,574.8 (57.6 ) 1,517.2 1,538.7 (1.4 )% 2.3 % 3.7 %
Tools & Hardware 943.6 (29.0 ) 914.6 954.4 (4.2 )% (1.1 )% 3.0 %
Home & Family 856.1 (11.2 ) 844.9 722.7 16.9 % 18.5 % 1.5 %
Total Company $ 5,019.1 $ (116.3 ) $ 4,902.8 $ 4,764.8 2.9 % 5.3 % 2.4 %
By Geography
United States $ 3,470.3 $ - $ 3,470.3 $ 3,480.5 (0.3 )% (0.3 )% 0.0 %
Canada 319.2 (24.5 ) 294.7 308.2 (4.4 )% 3.6 % 7.9 %
North America 3,789.5 (24.5 ) 3,765.0 3,788.7 (0.6 )% 0.0 % 0.6 %
Europe 770.5 (62.6 ) 707.9 635.1 11.5 % 21.3 % 9.9 %
Central & South America 210.3 (15.0 ) 195.3 183.4 6.5 % 14.7 % 8.2 %
All Other 248.8 (14.2 ) 234.6 157.6 48.9 % 57.9 % 9.0 %
Total Company $ 5,019.1 $ (116.3 ) $ 4,902.8 $ 4,764.8 2.9 % 5.3 % 2.4 %
SOURCE: Newell Rubbermaid
For Newell Rubbermaid Nancy O'Donnell, +1 (770) 418-7723 Vice President, Investor Relations or David Doolittle, +1 (770) 418-7519 Vice President, Corporate Communications
Tags: acquisition business canada ceo commercial commodity conference consumer consumer products corporate currency debt dividends earnings environment eps equity europe family financial results food foreign operations gaap hardware inflation information technology investment manufacturing north america nyse oil plant president productivity products property resin restructuring retail S&P sales south america stock option tax taxes united states web
Companies: Newell Rubbermaid, Inc. (NWL)
Astral Media reports its 12th consecutive year of growth - Zibb.com
MONTREAL, Oct. 29, 2008 (Canada NewsWire via COMTEX) --
<<
Strong increases in EPS, Net Earnings, EBITDA(2),
Revenues and Cash Flow for the fourth quarter and Fiscal 2008
The following results include the operations of the assets acquired from
Standard Radio, effective October 29, 2007.
>>
Astral Media Inc. (TSX: ACM.A/ACM.B) today reported its financial results for the fourth quarter and year ended August 31, 2008, which concluded another year of strong financial performance.
<<
FINANCIAL HIGHLIGHTS
- 11% increase in basic EPS from continuing operations(1) for the year
(11% for the fourth quarter)(1)
- 19% increase in net earnings from continuing operations(1) for the year
(20% for the fourth quarter)(1)
- 40% increase in EBITDA(2) for the year (47% for the fourth quarter)(2)
- 35% increase in revenues for the year (43% for the fourth quarter)
- 35% increase in cash flow from continuing operations(3) for the year
(37% for the fourth quarter)(3)
"This marks a 12th consecutive year of profitable growth for Astral Media.
This unique track record in our industry speaks directly to our strong and
stable management team, disciplined financial and operational practices and to
the dedication of more than 2,800 employees", said Ian Greenberg, President
and Chief Executive Officer of Astral Media. He added: "I am very proud of
delivering such strong results in the context of a very busy year at Astral
Media, which included the integration of the Standard Radio acquisition, the
rollout of the Toronto Street Furniture program and the launches of Playhouse
Disney and TELETOON Retro".
Consolidated net earnings from continuing operations for Fiscal 2008
increased by 19%, rising to $150.5 million(1) ($2.67 basic EPS, $2.63 diluted
EPS)(1) from $126.6 million(1) ($2.40 basic EPS, $2.35 diluted EPS)(1) last
year. Consolidated net earnings from continuing operations for the fourth
quarter of Fiscal 2008 increased by 20% to $40.8 million(1) ($0.72 basic EPS,
$0.72 diluted EPS)(1), from $34.0 million(1) ($0.65 basic EPS, $0.63 diluted
EPS)(1) last year.
Consolidated revenues totalled $865.4 million for Fiscal 2008, an increase
of 35% over the $640.5 million recorded in Fiscal 2007. Consolidated revenues
were $229.9 million for the fourth quarter of Fiscal 2008, up 43% from the
$160.6 million for the same quarter last year.
EBITDA(2) for the year increased by 40% to $289.6 million from
$206.7 million for the same period last year. EBITDA(2) was up 47% to
$81.1 million in the fourth quarter of Fiscal 2008 compared to $55.1 million
for the same quarter last year. Cash flow from continuing operations(3) rose
35% year-over-year totalling $205.3 million for the year compared to
$152.0 million for Fiscal 2007. Cash flow from continuing operations(3) rose
by 37% to $60.1 million in the fourth quarter, compared to $43.9 million for
the same quarter last year.
OPERATIONAL HIGHLIGHTS FOR FISCAL 2008
Television
- Revenue growth of 5% to $497.0 million;
- Advertising revenue growth of 12% to $108.2 million;
- EBITDA(2) growth of 5% to $179.5 million;
- Launch of TELETOON Retro in English;
- Launch of Playhouse Disney;
- Announcement of the of launch of HBO Canada, a The Movie Network
multiplex channel (after year-end);
- Launch of TÉLÉTOON Rétro in French (after year-end);
- Rebranding and repositioning of MusiquePlus (after year-end).
Radio
- Revenue growth of 156% to $296.3 million;
- EBITDA(2) growth of 171% to $111.1 million;
- EBITDA(2) margin rose from 35.5% to 37.5%;
- Launch of a radio station in Regina;
- Granting by the CRTC of a radio licence in the Ottawa-Gatineau market;
- Launch of the first Virgin Radio station in North America, Virgin Radio
999 in Toronto.
Outdoor Advertising
- Revenue growth of 45% to 72.1 million;
- EBITDA(2) growth of 42% to $23.6 million;
- Rollout of TSF contract.
Astral Media is a leading Canadian media company, active in specialty and
pay television, radio, outdoor advertising and iMedia. Astral Media's solid
and dynamic presence in the country's major markets rests on its commitment to
offer a unique combination of high-quality, targeted media for all its
audiences.
The audited consolidated financial statements with related notes and
Management's Discussion and Analysis are available on the Company's website:
www.astralmedia.com.
There will be a conference call with analysts and media at 2:00 p.m. on
Wednesday, October 29, 2008. To access the conference call dial
1-800-732-0232. The conference call will also be broadcast live and archived
for a three-month period on the Astral Media website at www.astralmedia.com.
This press release contains certain forward-looking statements concerning
the future performance of the Company. These forward-looking statements are
based on current expectations. We caution that all forward-looking information
is inherently uncertain and actual results may differ materially from the
assumptions, estimates or expectations reflected or contained in the
forward-looking information, and that actual future performance will be
affected by a number of factors, including technological change, economic
conditions, regulatory change, competitive factors and changes in accounting
rules or standards, many of which are beyond the Company's control. We
disclaim any intention or obligation to update or revise any forward-looking
statements.
---------------
1. Excluding the impact of the future income tax recovery resulting from
future income tax rate changes in Fiscal 2008 and 2007. See
Appendix 1.
2. EBITDA is defined as earnings before interest, taxes, depreciation and
amortization. See Appendix 1.
3. See Appendix 1.
ASTRAL MEDIA INC.
Consolidated Statements of Earnings
for the periods ended August 31, 2008 and 2007
(in thousands of Canadian dollars except for per-share data)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
3 months 12 months
----------------------- -----------------------
2008 2007 2008 2007
-----------------------------------------------
(unaudited)
Revenues $ 229,872 $ 160,584 $ 865,370 $ 640,518
Operating expenses 148,818 105,483 575,792 433,824
-----------------------------------------------
EBITDA(1) 81,054 55,101 289,578 206,694
Depreciation 6,068 4,308 21,617 15,518
Amortization of
intangible assets 318 115 1,195 434
Interest expense
(income), net 11,101 (1,132) 37,465 (4,170)
-----------------------------------------------
Earnings from continuing
operations before income
taxes 63,567 51,810 229,301 194,912
-----------------------------------------------
Income tax provision
before undernoted 22,761 17,794 78,839 68,288
Future income tax
recovery resulting from
income tax rate changes - (4,069) (28,259) (4,069)
-----------------------------------------------
22,761 13,725 50,580 64,219
-----------------------------------------------
Net earnings from
continuing operations 40,806 38,085 178,721 130,693
Net earnings (net loss)
from discontinued
operations (1,868) (35) (1,711) 501
-----------------------------------------------
Net earnings $ 39,938 $ 38,050 $ 177,010 $ 131,194
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Earnings per share from
continuing operations
- Basic $ 0.72 $ 0.72 $ 3.18 $ 2.48
-----------------------------------------------
- Diluted $ 0.72 $ 0.71 $ 3.12 $ 2.42
Earnings per share
- Basic $ 0.69 $ 0.72 $ 3.15 $ 2.49
-----------------------------------------------
- Diluted $ 0.68 $ 0.71 $ 3.09 $ 2.43
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Weighted average number
of shares outstanding -
basic (in thousands) 56,362 52,713 56,257 52,763
-------------------------------------------------------------------------
-------------------------------------------------------------------------
---------------
(1) See Appendix 1
ASTRAL MEDIA INC.
Consolidated Statements of Cash Flows
for the periods ended August 31, 2008 and 2007
(in thousands of Canadian dollars)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
3 months 12 months
----------------------- -----------------------
2008 2007 2008 2007
-----------------------------------------------
(unaudited)
Cash and cash equivalents
provided by (used for):
OPERATING ACTIVITIES
Net earnings from
continuing operations $ 40,806 $ 38,085 $ 178,721 $ 130,693
Non-cash charges
(credits):
Depreciation and
amortization 6,386 4,423 22,812 15,952
Stock-based
compensation 1,415 1,571 6,270 6,063
Future income tax
expense before
undernoted 10,533 3,884 22,715 3,360
Future income tax
recovery resulting
from income tax rate
changes - (4,069) (28,259) (4,069)
Imputed interest on
other non-current
liabilities 743 - 2,507 -
Amortization of
deferred financing
costs 172 - 576 -
-----------------------------------------------
Cash flow from
continuing
operations(1) 60,055 43,894 205,342 151,999
Net change in non-cash
operating items (4,263) (7,297) (56,352) (21,596)
-----------------------------------------------
Cash flow from
continuing operating
activities 55,792 36,597 148,990 130,403
-----------------------------------------------
DISCONTINUED OPERATIONS (237) (487) (591) (621)
-----------------------------------------------
INVESTING ACTIVITIES
Short-term investments -
purchased (9,962) - (9,962) (51,128)
Short-term investments -
cashed - 19,913 51,128 44,774
Additions to property,
plant and equipment (18,036) (7,297) (35,995) (17,296)
Business acquisition,
net of cash acquired (3,040) (32,992) (907,156) (79,786)
Business pre-operating
costs (733) - (2,685) -
Outdoor advertising
licence fees - (28,898) - (28,898)
Deferred business
acquisition costs - (2,392) - (2,392)
-----------------------------------------------
(31,771) (51,666) (904,670) (134,726)
-----------------------------------------------
FINANCING ACTIVITIES
Deferred financing costs - (667) (2,835) (667)
Increase in long-term
debt - - 825,000 -
Repayment of long-term
debt (10,000) - (10,000) -
Shares repurchased (28,502) (7,499) (55,416) (24,054)
Stock options exercised 226 797 3,182 3,088
Dividends (14,144) (10,553) (28,541) (21,098)
-----------------------------------------------
(52,420) (17,922) 731,390 (42,731)
-----------------------------------------------
Net change in cash and
cash equivalents (28,636) (33,478) (24,881) (47,675)
Cash and cash
equivalents - beginning
of period 24,992 54,715 21,237 68,912
-----------------------------------------------
Cash and cash equivalents
(bank overdraft) - end
of period $ (3,644) $ 21,237 $ (3,644) $ 21,237
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(1) See Appendix 1
ASTRAL MEDIA INC.
Consolidated Balance Sheets as at August 31
(in thousands of Canadian dollars)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
2008 2007
---------------------------
ASSETS
Current
Cash and cash equivalents $ - $ 21,237
Short-term investments 9,962 51,128
Accounts receivable 155,841 96,995
Income taxes receivable 919 -
Program and film rights 79,305 72,791
Prepaid expenses and other current assets 28,954 18,331
---------------------------
274,981 260,482
Program and film rights 69,502 58,854
Other non-current assets 47,751 49,088
Property, plant and equipment 133,484 83,367
Broadcast licences 1,807,496 950,698
Goodwill 356,945 116,016
Future income tax assets 26,448 8,549
---------------------------
$ 2,716,607 $ 1,527,054
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LIABILITIES
Current
Bank overdraft $ 3,644 $ -
Accounts payable and accrued liabilities 129,906 83,160
Income taxes payable - 19,501
Program and film rights payable 64,060 70,325
Future income tax liabilities 5,951 3,246
---------------------------
203,561 176,232
---------------------------
Long-term debt 812,074 -
---------------------------
Future income tax liabilities 254,912 267,240
---------------------------
Other non-current liabilities 78,445 26,673
---------------------------
Derivative financial instruments 18,374 -
---------------------------
Liabilities of discontinued operations 2,748 2,183
---------------------------
SHAREHOLDERS' EQUITY
Capital stock 748,121 561,589
---------------------------
Contributed surplus 14,409 11,645
---------------------------
Retained earnings 597,188 481,492
Accumulated other comprehensive income (13,225) -
---------------------------
583,963 481,492
---------------------------
1,346,493 1,054,726
---------------------------
$ 2,716,607 $ 1,527,054
-------------------------------------------------------------------------
-------------------------------------------------------------------------
ASTRAL MEDIA INC.
Business Segments
for the periods ended August 31
(in thousands)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
3 months 12 months
----------------------- -----------------------
2008 2007 2008 2007
-----------------------------------------------
(unaudited)
REVENUES
Television $ 119,786 $ 116,860 $ 497,007 $ 475,042
Radio 88,720 28,875 296,302 115,701
Outdoor Advertising 21,366 14,849 72,061 49,775
-----------------------------------------------
$ 229,872 $ 160,584 $ 865,370 $ 640,518
-------------------------------------------------------------------------
EBITDA(1)
Television $ 41,815 $ 42,900 $ 179,513 $ 170,903
Radio 37,191 11,435 111,140 41,017
Outdoor Advertising 8,370 6,472 23,645 16,703
Corporate Costs (6,322) (5,706) (24,720) (21,929)
-----------------------------------------------
$ 81,054 $ 55,101 $ 289,578 $ 206,694
-------------------------------------------------------------------------
---------------
(1) See Appendix 1
ASTRAL MEDIA INC.
Appendix 1
Supplementary Measures
for the periods ended August 31
(unaudited)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
In addition to discussing earnings measures in accordance with Canadian
generally accepted accounting principles ("GAAP"), this Press Release provides
the following supplementary measures which are also factors used by management
in monitoring and evaluating the performance of the Company and its business
segments:
EBITDA (earnings before interest, taxes, depreciation and amortization) is
provided to assist investors in determining the ability of the Company to
generate cash from continuing operating activities and to cover financial
charges. It is also an indicator widely used for business valuation purposes.
EBITDA margin is defined as the ratio obtained by dividing EBITDA by revenues.
The following table reconciles GAAP measures disclosed in the consolidated
statements of earnings for the periods ended August 31, 2008 and 2007 to
EBITDA:
3 months 12 months
----------------------- -----------------------
(in thousands of $) 2008 2007 2008 2007
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Earnings from continuing
operations before income
taxes 63,567 51,810 229,301 194,912
Depreciation and
amortization 6,386 4,423 22,812 15,952
Interest expense (income),
net 11,101 (1,132) 37,465 (4,170)
-------------------------------------------------------------------------
EBITDA 81,054 55,101 289,578 206,694
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net earnings and earnings per share from continuing operations before the
impact of future income tax rate changes. These measures provide an indication
of the Company's ability to generate earnings and cash flows from its ongoing
operations, by excluding the impact of the non-cash future income tax
recoveries or expenses resulting from income tax rate changes over which the
Company has no control.
The following tables reconcile GAAP measures disclosed in the consolidated
statements of earnings for the periods ended August 31, 2008 and 2007 to net
earnings and earnings per share, before the impact of future income tax rate
changes.
3 months 12 months
----------------------- -----------------------
(in thousands of $) 2008 2007 2008 2007
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net earnings from
continuing operations 40,806 38,085 178,721 130,693
Future income tax
recovery resulting from
income tax rate changes - (4,069) (28,259) (4,069)
-------------------------------------------------------------------------
Net earnings from
continuing operations
before the impact of
future income tax rate
changes 40,806 34,016 150,462 126,624
-------------------------------------------------------------------------
-------------------------------------------------------------------------
3 months 12 months
----------------------- -----------------------
(in dollars) 2008 2007 2008 2007
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Basic earnings per share
from continuing
operations 0.72 0.72 3.18 2.48
Earnings per share -
impact of future income
tax rate changes - (0.07) (0.51) (0.08)
-------------------------------------------------------------------------
Basic earnings per share
from continuing
operations before the
impact of future income
tax rate changes 0.72 0.65 2.67 2.40
-------------------------------------------------------------------------
-------------------------------------------------------------------------
3 months 12 months
----------------------- -----------------------
(in dollars) 2008 2007 2008 2007
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Diluted earnings per
share from continuing
operations 0.72 0.71 3.12 2.42
Earnings per share -
impact of future income
tax rate changes - (0.08) (0.49) (0.07)
-------------------------------------------------------------------------
Diluted earnings per
share from continuing
operations before the
impact of future income
tax rate changes 0.72 0.63 2.63 2.35
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Cash flow from continuing operations is defined as cash flow from
continuing operating activities before the net change in non-cash operating
items. This measure provides an indication of the Company's ability to
generate cash flows without considering certain timing and other factors
causing variations in non-cash items.
The following table reconciles GAAP measures disclosed in the consolidated
statements of cash flows for the periods ended August 31, 2008 and 2007 to
cash flow from continuing operations:
3 months 12 months
----------------------- -----------------------
(in thousands of $) 2008 2007 2008 2007
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Cash flow from continuing
operating activities 55,792 36,597 148,990 130,403
Net change in non-cash
operating items 4,263 7,297 56,352 21,596
-------------------------------------------------------------------------
Cash flow from continuing
operations 60,055 43,894 205,342 151,999
-------------------------------------------------------------------------
-------------------------------------------------------------------------
The above supplementary measures do not have a standardized meaning
prescribed by GAAP and may not be comparable to similar measures presented by
other companies.
>>
SOURCE: ASTRAL MEDIA INC.
SOURCE: NEWS - MEDIA
Media: Alain Bergeron, Vice-President, Brand Management and Corporate Communications, Astral Media Inc., 514 939-5000; Analysts: Robert Fortier, Vice-President Finance and Corporate Controller, Astral Media Inc., 514 939-5000
Tags: accounting acquisition advertising bank business canada ceo conference contract corporate debt dividends earnings ebitda eps equity film financial results gaap market media north america plant president property radio revenue standards stock option tax taxes television toronto track
Companies: Astral Media, Inc. (AAIBF)
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