Company Website:
http://newmediainv.com
NEW YORK -- (Business Wire)
New Media Investment Group Inc. (NYSE:NEWM; “New Media” or the
“Company”) today reported its financial results for the second quarter
ended June 29, 2014.
Financial Summary:
-
New Media declares a cash dividend of $0.27 per share of common stock
for the second quarter of 2014
-
Total revenues of $158.4 million, an increase of 32.5% to prior year,
or a decline of 0.5% on a same store basis*
-
GAAP net (loss) of ($3.3) million; however, when adjusting for the
expenses related to the refinancing completed in the quarter, as
adjusted net income was $7.6 million, or $0.25 per share*
-
As Adjusted EBITDA of $24.3 million, an increase of 35.8% to prior
year, or 2.5% on a same store basis*
-
Free cash flow of $19.6 million, or $0.65 per share, a 7.9% increase
to prior year on a same store basis*
-
Operating income of $7.4 million, an increase of $5.0 million to prior
year
-
Digital revenue of $14.5 million, an increase of 4.4% on a same store
basis; Propel Marketing (“Propel”) contributed $4.5 million to Digital
revenue*
-
Liquidity, consisting of cash on the balance sheet and undrawn
revolver, was $56.3 million as of June 29, 2014
Business Highlights:
-
Refinanced credit facility on June 4, 2014, resulting in lower
interest and amortization costs
-
Closed on two acquisitions on June 30, 2014 with a total purchase
price of $15.3 million
-
Announced the signing of an asset purchase agreement to acquire The
Providence Journal from A. H. Belo Corporation for $46.0 million.
The transaction is expected to close in the third quarter of 2014
subject to customary closing conditions
|
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|
|
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|
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| Summary of Second Quarter 2014 Results |
| | | | | | | | | | ($ in millions except per share data) |
|
|
|
| |
| | | | | | | | | | GAAP Reporting | | | | | 2Q 2014 |
| | | | | | | | | |
Revenues
| | | | |
$158.4
|
| | | | | | | | | |
Operating income
| | | | |
$7.4
|
| | | | | | | | | |
Net (loss)
| | | | |
($3.3)
|
| | | | | | | | | | | | | | |
|
| | | | | | | | | | Non-GAAP Reporting* | | | | | 2Q 2014 |
| | | | | | | | | |
As Adjusted net income
| | | | |
$7.6
|
| | | | | | | | | |
As Adjusted EBITDA
| | | | |
$24.3
|
| | | | | | | | | |
Free cash flow
| | | | |
$19.6
|
| | | | | | | | | |
Free cash flow per share
| | | | |
$0.65
|
| | | | | | | | | |
*For definitions and reconciliations of Non-GAAP Reporting
measures, please refer to the Non-GAAP Financial
Measures Note and reconciliations below. |
Michael E. Reed, New Media President and Chief Executive Officer
commented, “Our strong second quarter results mark New Media’s sixth
consecutive quarter of improving revenue trends, driven by more than 60%
of total revenues coming from stable to growing segments of our
business. The Company experienced strong cash flow performance in the
quarter with As Adjusted EBITDA of $24.3 million and free cash flow per
share of $0.65, both up over prior year by 2.5% and 7.9%, respectively,
on a same store basis. We are also very pleased to announce our first
quarterly dividend of $0.27 per share of common stock for the second
quarter of 2014.
“Since Q1 2014, New Media has continued to execute on its acquisition
strategy with three announced deals for a total purchase price of $61.3
million. The Company also successfully completed a refinancing of our
credit facilities lowering our interest and amortization costs, while
also improving our operating flexibility and liquidity position. We
closed the quarter with investable liquidity of more than $56 million
and our pipeline for potential acquisitions is strong and growing. As we
look forward to the second half of 2014, we believe we are well
positioned to create substantial value for our shareholders.”
Second Quarter 2014 Financial Results
New Media recorded revenues of $158.4 million for the quarter, which
represents an increase of 32.5% when compared to the prior year, and a
decline of 0.5% on a same store basis. This represents the Company’s
lowest quarterly decline in the past six quarters.
Total Print Advertising declined 4.0% on a same store basis driven by
Local Display and Classified Print revenue, which declined 9.2% and
0.7%, respectively, on a same store basis. Classified Print showed
significant improvement over prior quarters driven by obituaries revenue
growth and more stable employment, automotive and real estate
advertising. The Company experienced strong revenue performance from
Commercial Printing and Other, and Digital, which increased 14.8% and
4.4%, respectively, from the prior year on a same store basis. Propel
contributed $4.5 million to the second quarter Digital revenue, an
increase of $2.9 million from the prior year on a same store basis.
Total expenses in the quarter of $134.1 million were down $1.5 million,
or 1.1% compared to the prior year on a same store basis after adjusting
for non-recurring and non-cash items.
Net (loss) for the quarter was ($3.3) million, compared to ($14.1)
million in the prior year, representing an improvement of $10.9 million.
After adjusting for the expenses related to our refinancing completed in
the second quarter, our as adjusted net income was $7.6 million, or
$0.25 per share. The refinancing expenses include loss on extinguished
debt of $9.0 million plus fees for the period related to the debt
refinance of $1.9 million.
As Adjusted EBITDA for the quarter was $24.3 million, which increased
35.8% over the prior year, and 2.5% on a same store basis.
Free cash flow for the quarter was $19.6 million, or $0.65 per share,
which increased 7.9% versus the prior year on a same store basis.
Operating income of $7.4 million was an increase of $5.0 million to the
prior year.
Liquidity at the end of the quarter was approximately $56.3 million
comprised of $31.3 million of unrestricted cash on the balance sheet and
$25.0 million of revolver available.
Second Quarter 2014 Dividend
New Media’s Board of Directors declared a second quarter 2014 cash
dividend of $0.27 per share of common stock. The dividend is payable on
August 21, 2014 to shareholders of record as of the close of business on
August 12, 2014.
The declaration and payment of any dividends are at the sole discretion
of the Board of Directors, which may decide to change the Company’s
dividend policy at any time.
Additional Information
For additional information that management believes to be useful for
investors, please refer to the presentation posted on the Investor
Relations section of New Media’s website, www.newmediainv.com
and the Company’s Quarterly Report on Form 10-Q, which will
be available on the Company’s website. Nothing on our website is
included or incorporated by reference herein.
Earnings Conference Call
New Media’s management will host a conference call on Thursday, July 31,
2014 at 11:00 A.M. Eastern Time. A copy of the earnings release will be
posted to the Investor Relations section of New Media’s website, www.newmediainv.com.
All interested parties are welcome to participate on the live call. The
conference call may be accessed by dialing 1-877-601-8827 (from within
the U.S.) or 1-918-534-8645 (from outside of the U.S.) ten minutes prior
to the scheduled start of the call; please reference “New Media Second
Quarter Earnings Call.”
A simultaneous webcast of the conference call will be available to the
public on a listen-only basis at www.newmediainv.com.
Please allow extra time prior to the call to visit the website and
download any necessary software required to listen to the internet
broadcast.
A telephonic replay of the conference call will also be available
approximately two hours following the call’s completion through 11:59
P.M. Eastern Time on Thursday, August 14, 2014 by dialing 1-855-859-2056
(from within the U.S.) or 1-404-537-3406 (from outside of the U.S.);
please reference access code “75479849.”
Fortress Public Filings, Earnings Release and
Conference Call
Certain financial information and results for New Media may be disclosed
by Fortress Investment Group LLC (NYSE: FIG, “Fortress”) in annual and
quarterly reports and other public filings with the Securities and
Exchange Commission, as well as in earnings releases and conference
calls. These disclosures may occur prior to the release of this
information by New Media.
Management of Fortress will host a conference call on July 31, 2014 at
10:00 A.M. Eastern Time. All interested parties are welcome to
participate on the live call. The Fortress conference call may be
accessed by dialing 1-877-694-6694 (from within the U.S.) or
1-970-315-0985 (from outside of the U.S.) ten minutes prior to the
scheduled start of the call; please reference “Fortress Second Quarter
Earnings Call.” A simultaneous webcast of the Fortress conference call
will be available to the public on a listen-only basis at www.fortress.com
on the Investor Relations page. A copy of the Fortress earnings release
will be posted to the Investor Relations section of Fortress’ website, www.fortress.com.
Nothing on the Fortress website is included or incorporated by reference
herein.
About New Media Investment Group Inc.
New Media is focused primarily on investing in a high quality,
diversified portfolio of local media assets, and on growing existing
advertising and digital marketing businesses.The Company is one
of the largest publishers of locally based print and online media in the
United States as measured by number of daily publications.Including
the announced Providence Journal acquisition, the Company will operate
in 363 markets across 27 states. Including the announced Providence
Journal acquisition, New Media’s portfolio of products, which will
include 451 community publications, 367 related websites, and six yellow
page directories, will serve more than 130,000 business advertising
accounts and will reach over 12 million people on a weekly basis.
For more information regarding New Media and to be added to our email
distribution list, please visit www.newmediainv.com.
Non-GAAP Financial Measures
The Company strongly urges stockholders and other interested persons not
to rely on any single financial measure to evaluate its business. In
addition, because same store results, Adjusted EBITDA, As Adjusted
EBITDA, free cash flow and as adjusted net income, are not measures of
financial performance under GAAP and are susceptible to varying
calculations, these non-GAAP measures, as presented in this press
release, may differ from and may not be comparable to similarly titled
measures used by other companies.
Same Store Results
Same store results, a non-GAAP financial measure, take into account
material acquisitions and divestitures of the Company by adjusting prior
year performance to include or exclude financial results as if the
Company had owned or divested a business for the comparable period. The
Victorville acquisition is not considered material.
Adjusted EBITDA, As Adjusted EBITDA and Free
Cash Flow
The Company defines Adjusted EBITDA as net income (loss) from continuing
operations before income tax expense (benefit), interest/financing
expense, depreciation and amortization and non-cash impairments. The
Company defines As Adjusted EBITDA as Adjusted EBITDA before other
non-cash items such as non-cash compensation, non-recurring integration
and reorganization costs and Adjusted EBITDA from non-wholly owned
subsidiaries. The Company defines free cash flow as As Adjusted EBITDA
less capital expenditures, cash taxes, interest paid and pension
payments.
Management’s Use of Adjusted EBITDA, As
Adjusted EBITDA and Free Cash Flow
Adjusted EBITDA, As Adjusted EBITDA and free cash flow are not measures
of financial performance under GAAP and should not be considered in
isolation or as alternatives to income from operations, net income
(loss), cash flow from continuing operating activities or any other
measure of performance or liquidity derived in accordance with GAAP. New
Media’s management believes these non-GAAP measures, as defined above,
are useful to investors for the following reasons:
-
Evaluating performance and identifying trends in day-to-day
performance because the items excluded have little or no significance
on its day-to-day operations;
-
Providing assessments of controllable expenses that afford management
the ability to make decisions which are expected to facilitate meeting
current financial goals as well as achieving optimal financial
performance; and
-
Indicators for management to determine if adjustments to current
spending decisions are needed.
Adjusted EBITDA, As Adjusted EBITDA and free cash flow provide New Media
with measures of financial performance, independent of items that are
beyond the control of management in the short-term, such as depreciation
and amortization, taxation and interest expense associated with its
capital structure. These metrics measure New Media’s financial
performance based on operational factors that management can impact in
the short-term, namely the cost structure or expenses of the
organization. Adjusted EBITDA, As Adjusted EBITDA and free cash flow are
some of the metrics used by senior management and the Board of Directors
to review the financial performance of the business on a monthly basis.
In addition, New Media’s management utilizes these metrics to evaluate
the Company’s performance, along with other criteria, to determine the
funds available for paying the quarterly dividend.
Forward-Looking Statements
Certain items in this press release may constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding our intention to
stabilize our traditional print business, grow digital business and
revenues, expected timing, closing and benefits of The Providence
Journal acquisition and pursue and complete future acquisition
opportunities. These statements are based on management's current
expectations and beliefs and are subject to a number of risks and
uncertainties, such as a continued declines in advertising circulation,
economic conditions in the markets in which we operate, competition from
other media companies, the possibility of insufficient advertising
interest in our digital business, technological developments in the
media sector, an ability to source acquisition opportunities with an
attractive risk-adjusted return profile, inadequate diligence of
acquisition targets, and difficulties integrating newly acquired
businesses. These and other risks and uncertainties could cause actual
results to differ materially from those described in the forward-looking
statements, many of which are beyond our control. The Company can give
no assurance that its expectations will be attained. Accordingly, you
should not place undue reliance on any forward-looking statements
contained in this press release. For a discussion of some of the risks
and important factors that could cause actual results to differ from
such forward-looking statements, see the risks and other factors
detailed from time to time in the Company’s Annual Report on Form 10-K
and filings with the Securities and Exchange Commission. Furthermore,
new risks and uncertainties emerge from time to time, and it is not
possible for the Company to predict or assess the impact of every factor
that may cause its actual results to differ from those contained in any
forward-looking statements. Such forward-looking statements speak only
as of the date of this press release. The Company expressly disclaims
any obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the
Company's expectations with regard thereto or change in events,
conditions or circumstances on which any statement is based.
NEW MEDIA INVESTMENT GROUP INC. AND SUBSIDIARIES |
Condensed Consolidated Balance Sheets |
(In thousands, except share data) |
|
|
|
| |
|
| |
|
| |
| | | | | | | | | |
|
| | | | | | | June 29, 2014 | | | December 29, 2013 |
| | | | | | | (unaudited) | | | |
Assets | | | |
| | |
Current assets:
| | | | | | |
|
Cash and cash equivalents
| | |
$
|
31,347
| | |
$
|
31,811
|
|
Restricted cash
| | | |
6,477
| | | |
6,477
|
|
Accounts receivable, net of allowance for doubtful accounts of $889
| | | | | | |
| |
and $349 at June 29, 2014 and December 29, 2013, respectively
| | | |
65,322
| | | |
71,401
|
|
Inventory
| | | |
7,463
| | | |
7,697
|
|
Prepaid expenses
| | | |
7,974
| | | |
7,986
|
|
Other current assets
| | |
|
15,057
| | |
|
11,799
|
| | |
Total current assets
| | | |
133,640
| | | |
137,171
|
|
Property, plant, and equipment, net of accumulated depreciation of
$22,241
| | | | | | |
| |
and $5,539 at June 29, 2014 and December 29, 2013, respectively
| | | |
258,498
| | | |
270,187
|
|
Goodwill
| | | |
126,571
| | | |
125,911
|
|
Intangible assets, net of accumulated amortization of $4,265 and
$1,049
| | | | | | |
| |
at June 29, 2014 and December 29, 2013, respectively
| | | |
144,475
| | | |
145,401
|
|
Deferred financing costs, net
| | | |
3,543
| | | |
8,297
|
|
Other assets
| | |
|
3,816
| | |
|
2,986
|
| | |
Total assets
| | |
$
|
670,543
| | |
$
|
689,953
|
| | | | | | | | | |
|
Liabilities and Stockholders' Equity | | | | | | |
Current liabilities:
| | | | | | |
|
Current portion of long-term liabilities
| | |
$
|
646
| | |
$
|
699
|
|
Current portion of long-term debt
| | | |
1,500
| | | |
4,312
|
|
Accounts payable
| | | |
5,454
| | | |
10,973
|
|
Accrued expenses
| | | |
40,853
| | | |
55,818
|
|
Deferred revenue
| | |
|
31,746
| | |
|
30,620
|
| | |
Total current liabilities
| | | |
80,199
| | | |
102,422
|
Long-term liabilities:
| | | | | | |
|
Long-term debt
| | | |
190,898
| | | |
177,703
|
|
Long-term liabilities, less current portion
| | | |
4,616
| | | |
4,405
|
|
Pension and other postretirement benefit obligations
| | |
|
9,407
| | |
|
10,061
|
| | |
Total liabilities
| | |
|
285,120
| | |
|
294,591
|
Stockholders’ equity:
| | | | | | |
|
Common stock, $0.01 par value, 2,000,000,000 shares authorized at
| | | | | | |
| |
June 29, 2014 and December 29, 2013; 30,015,870 and 30,000,000
issued,
| | | | | | |
| |
and 30,015,870 and 30,000,000 outstanding at June 29, 2014 and
| | | | | | |
| |
December 29, 2013, respectively
| | | |
300
|
| | |
300
|
|
Additional paid-in capital
| | | |
387,419
| | | |
387,398
|
|
Accumulated other comprehensive income
| | | |
458
| | | |
458
|
|
Retained earnings (accumulated deficit)
| | |
|
(2,754)
| | |
|
7,206
|
| | |
Total stockholders' equity
| | |
|
385,423
| | |
|
395,362
|
| | | |
Total liabilities and stockholders' equity
| | |
$
|
670,543
| | |
$
|
689,953
|
| | | | | | | | | |
|
NEW MEDIA INVESTMENT GROUP INC. AND SUBSIDIARIES |
Unaudited Condensed Consolidated Statements of Operations |
and Comprehensive Loss |
(In thousands, except share and per share data) |
|
|
| |
|
| |
|
| |
|
| |
|
| |
| | | | | | Successor Company | | | Predecessor Company | | | Successor Company | | | Predecessor Company |
| | | | | | Three months ended | | | Three months ended | | | Six months ended | | | Six months ended |
| | | | | | June 29, 2014 | | | June 30, 2013 | | | June 29, 2014 | | | June 30, 2013 |
| | | | | | | | | | | | | | |
|
Revenues:
| | | | | | | | | | | | |
|
Advertising
| | |
$
|
95,837
| | |
$
|
79,220
| | |
$
|
178,460
| | |
$
|
150,559
|
|
Circulation
| | | |
46,102
| | | |
33,047
| | | |
90,471
| | | |
65,513
|
|
Commercial printing and other
| | |
|
16,494
| | |
|
7,331
| | |
|
31,535
| | |
|
14,107
|
| |
Total revenues
| | | |
158,433
| | | |
119,598
| | | |
300,466
| | | |
230,179
|
Operating costs and expenses:
| | | | | | | | | | | | |
|
Operating costs
| | | |
87,615
| | | |
64,978
| | | |
172,470
| | | |
129,998
|
|
Selling, general, and administrative
| | | |
52,235
| | | |
41,156
| | | |
102,251
| | | |
78,722
|
|
Depreciation and amortization
| | | |
10,109
| | | |
9,791
| | | |
19,918
| | | |
19,636
|
|
Integration and reorganization costs
| | | |
412
| | | |
741
| | | |
837
| | | |
958
|
|
Loss on sale of assets
| | |
|
688
| | |
|
649
| | |
|
687
| | |
|
1,043
|
| |
Operating income (loss)
| | | |
7,374
| | | |
2,283
| | | |
4,303
| | | |
(178)
|
Interest expense
| | | |
3,827
| | | |
14,456
| | | |
7,632
| | | |
28,886
|
Amortization of deferred financing costs
| | | |
333
| | | |
261
| | | |
758
| | | |
522
|
Loss on early extinguishment of debt
| | | |
9,047
| | | |
-
| | | |
9,047
| | | |
-
|
Loss on derivative instruments
| | | |
76
| | | |
5
| | | |
51
| | | |
9
|
Other (income) expense
| | |
|
(159)
| | |
|
737
| | |
|
(158)
| | |
|
1,008
|
| |
Loss from continuing operations
| | | | | | | | | | | | |
| | |
before income taxes
| | | |
(5,750)
| | | |
(13,176)
| | | |
(13,027)
| | | |
(30,603)
|
Income tax benefit
| | |
|
(2,481)
| | |
|
-
| | |
|
(3,067)
| | |
|
-
|
| |
Loss from continuing operations
| | | |
(3,269)
| | | |
(13,176)
| | | |
(9,960)
| | | |
(30,603)
|
Loss from discontinued operations, net
| | | | | | | | | | | | |
|
of income taxes
| | |
|
-
| | |
|
(946)
| | |
|
-
| | |
|
(1,034)
|
| |
Net loss
| | |
|
(3,269)
| | |
|
(14,122)
| | |
|
(9,960)
| | |
|
(31,637)
|
| | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | |
|
Loss per share:
| | | | | | | | | | | | |
|
Basic and diluted:
| | | | | | | | | | | | |
|
Loss from continuing operations
| | |
$
|
(0.11)
| | |
$
|
(0.23)
| | |
$
|
(0.33)
| | |
$
|
(0.53)
|
|
Loss from discontinued operations, net of tax
| | |
|
-
| | |
|
(0.01)
| | |
|
-
| | |
|
(0.01)
|
|
Net loss
| | |
$
|
(0.11)
| | |
$
|
(0.24)
| | |
$
|
(0.33)
| | |
$
|
(0.54)
|
| | | | | | | | | | | | | | |
|
Basic weighted average shares outstanding
| | | |
30,000,000
| | | |
58,076,193
| | | |
30,000,000
| | | |
58,063,901
|
Diluted weighted average shares outstanding
| | | |
30,000,000
| | | |
58,076,193
| | | |
30,000,000
| | | |
58,063,901
|
| | | | | | | | | | | | | | |
|
Comprehensive loss
| | |
$
|
(3,269)
| | |
$
|
(7,126)
| | |
$
|
(9,960)
| | |
$
|
(16,923)
|
| | | | | | | | | | | |
|
NEW MEDIA INVESTMENT GROUP INC. AND SUBSIDIARIES |
Unaudited Condensed Consolidated Statements of Cash Flows |
(In thousands) |
|
|
|
| |
|
| |
|
| |
|
| |
| | | | | | | | | | Successor Company | | | Predecessor Company |
| | | | | | | | | | Six months ended | | | Six months ended |
| | | | | | | | | | June 29, 2014 | | | June 30, 2013 |
| | | | | | | | | | | | |
|
Cash flows from operating activities:
| | | | | | |
|
Net loss
| | | | | |
$
|
(9,960)
| | |
$
|
(31,637)
|
|
Adjustments to reconcile net loss to net cash
| | | | | | |
| |
provided by operating activities:
| | | | | | |
| | |
Depreciation and amortization
| | | |
19,918
| | | |
19,693
|
| | |
Amortization of deferred financing costs
| | | |
758
| | | |
522
|
| | |
Loss on derivative instruments, realized and unrealized
| | | |
(25)
| | | |
9
|
| | |
Non-cash compensation expense
| | | |
21
| | | |
25
|
| | |
Non-cash interest expense
| | | |
107
| | | |
-
|
| | |
Non-cash loss on early extinguishment of debt
| | | |
5,949
| | | |
-
|
| | |
Loss on sale of assets
| | | |
687
| | | |
2,198
|
| | |
Pension and other postretirement benefit obligations
| | | |
(669)
| | | |
(428)
|
| | |
Changes in assets and liabilities:
| | | | | | |
| | | | |
Accounts receivable, net
| | | |
6,783
| | | |
4,912
|
| | | | |
Inventory
| | | |
392
| | | |
710
|
| | | | |
Prepaid expenses
| | | |
234
| | | |
518
|
| | | | |
Other assets
| | | |
(4,046)
| | | |
194
|
| | | | |
Accounts payable
| | | |
(5,667)
| | | |
(293)
|
| | | | |
Accrued expenses
| | | |
(12,106)
| | | |
2,591
|
| | | | |
Deferred revenue
| | | |
594
| | | |
112
|
| | | | |
Other long-term liabilities
| | |
|
211
| | |
|
(215)
|
| | | | | |
Net cash provided by (used in) operating activities
| | |
|
3,181
| | |
|
(1,089)
|
Cash flows from investing activities:
| | | | | | |
|
Purchases of property, plant, and equipment
| | | |
(1,639)
| | | |
(2,018)
|
|
Proceeds from sale of publications and other assets
| | | |
311
| | | |
740
|
|
Acquisitions, net of cash acquired
| | |
|
(8,028)
| | |
|
-
|
| | | | | |
Net cash used in investing activities
| |
|
|
(9,356)
| | |
|
(1,278)
|
Cash flows from financing activities:
| | | | | | |
|
Payment of debt issuance costs
| | | |
(4,565)
| | | |
-
|
|
Borrowings under term loans
| | | |
193,275
| | | |
-
|
|
Borrowings under revolving credit facility
| | | |
7,068
| | | |
-
|
|
Repayments under long-term debt
| | | |
(157,999)
| | | |
(6,648)
|
|
Repayments under revolving credit facility
| | |
|
(32,068)
| | |
|
-
|
| | | | | |
Net cash provided by (used in) financing activities
| | |
|
5,711
| | |
|
(6,648)
|
| | | | | |
Net decrease in cash and cash equivalents
| | | |
(464)
| | | |
(9,015)
|
Cash and cash equivalents at beginning of period
| | |
|
31,811
| | |
|
34,527
|
Cash and cash equivalents at end of period
| | |
$
|
31,347
| | |
$
|
25,512
|
| | | | | |
|
NEW MEDIA INVESTMENT GROUP INC. AND SUBSIDIARIES |
As Adjusted EBITDA |
(In thousands, except share and per share data) |
|
| | |
| |
|
| |
|
| |
|
| |
| | | | | Successor Company
| | | Predecessor Company | | | Successor Company | | | Predecessor Company |
| | | | | Three months ended | | | Three months ended | | | Six months ended | | | Six months ended |
| | | | | June 29, 2014 | | | June 30, 2013 | | | June 29, 2014 | | | June 30, 2013 |
| | | | | | | | | | | | | |
|
Loss from continuing operations
| | |
$
|
(3,269)
| | |
$
|
(13,176)
| | |
$
|
(9,960)
| | |
$
|
(30,603)
|
Income tax benefit
| | | |
(2,481)
| | | |
-
| | | |
(3,067)
| | | |
-
|
Loss on derivative instruments (1)
| | | |
76
| | | |
5
| | | |
51
| | | |
9
|
Loss on early extinguishment of debt
| | | |
9,047
| | | |
-
| | | |
9,047
| | | |
-
|
Amortization of deferred
| | | | | | | | | | | | |
|
financing costs
| | | |
333
| | | |
261
| | | |
758
| | | |
522
|
Interest expense
| | | |
3,827
| | | |
14,456
| | | |
7,632
| | | |
28,886
|
Depreciation and amortization
| | |
|
10,109
| | |
|
9,791
| | |
|
19,918
| | |
|
19,636
|
|
Adjusted EBITDA from
| | | | | | | | | | | | |
| |
continuing operations
| | | |
17,642
| | | |
11,337
| | | |
24,379
| | | |
18,450
|
Non-cash compensation and other expense
| | | |
5,547
| | | |
5,103
| | | |
7,486
| | | |
6,376
|
Integration and reorganization costs
| | | |
412
| | | |
741
| | | |
837
| | | |
958
|
Non-cash portion of postretirement
| | | | | | | | | | | | |
|
benefits expense
| | | |
-
| | | |
(213)
| | | |
-
| | | |
(428)
|
Loss on sale of assets
| | | |
688
| | | |
649
| | | |
687
| | | |
1,043
|
As Adjusted EBITDA from discontinued operations
| |
|
-
| | |
|
275
| | |
|
-
| | |
|
123
|
|
As Adjusted EBITDA
| | | |
24,289
| | | |
17,892
| | | |
33,389
| | | |
26,522
|
Adjustment for Local Media acquisition
| | |
|
-
| | |
|
5,810
| | |
|
-
| | |
|
7,831
|
|
Same store As Adjusted EBITDA
| | | |
24,289
| | | |
23,702
| | | |
33,389
| | | |
34,353
|
Interest paid
| | | |
(3,484)
| | | |
(3,735)
| | | |
(7,238)
| | | |
(7,403)
|
Net capital expenditures
| | | |
(861)
| | | |
(1,601)
| | | |
(1,639)
| | | |
(2,043)
|
Pension Payments
| | | |
(354)
| | | |
(213)
| | | |
(666)
| | | |
(428)
|
Cash taxes
| | |
|
-
| | |
|
-
| | |
|
-
| | |
|
-
|
Proforma Free Cash Flow
| | |
$
|
19,590
| | |
$
|
18,153
| | |
$
|
23,846
| | |
$
|
24,479
|
| |
Diluted weighted average shares outstanding
| | |
30,000,000
| | | | | | |
30,000,000
| | | |
| |
Proforma Free Cash Flow per share
| | |
$
|
0.65
| | | | | |
$
|
0.79
| | | |
| | | | | | | | | | | | | |
|
1) Non-cash loss on derivative instruments is related to interest
rate swap agreements which are financing related and are excluded
from Adjusted EBITDA.
|
| | | | | | | | | |
|
NEW MEDIA INVESTMENT GROUP INC. AND SUBSIDIARIES |
Same Store Revenues |
(In thousands) |
|
| |
| |
| |
| |
| |
| | | | Successor Company | | Predecessor Company | | Successor Company | | Predecessor Company |
| | | | Three months ended | | Three months ended | | Six months ended | | Six months ended |
| | | | June 29, 2014 | | June 30, 2013 | | June 29, 2014 | | June 30, 2013 |
| | | | | | | | | |
|
| | | | | | | | | |
|
Total revenues from continuing
| |
$
|
158,433
| |
$
|
119,598
| |
$
|
300,466
| |
$
|
230,179
|
|
operations
| | | | | | | | |
Revenues adjustment for Local
| | | | | | | | |
|
Media acquisition
| |
|
-
| |
|
39,708
| |
|
-
| |
|
75,214
|
|
Same Store Revenues
| |
$
|
158,433
| |
$
|
159,306
| |
$
|
300,466
| |
$
|
305,393
|
Contacts:
New Media Investment Group Inc.
Investor Relations
212-479-3160
ir@newmediainv.com
Source: New Media Investment Group
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