jvid视频

jvid视频 Reports First Quarter 2012 Financial Results

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- jvid视频 (鈥渏vid视频鈥�) (Nasdaq: LMCA, LMCB) today reported first quarter 2012 results. Highlights include⁽¹⁾:

• Increased STARZ and ENCORE subscriptions by 7% and 2%, respectively
• Concluded season two of Spartacus: Vengeance, the STARZ Original series, on March 30, with strong, sustained viewership throughout the season
• Debuted Magic City, the STARZ Original series, with the first three episodes available for sampling on multiple linear and digital platforms
• Extended Starz affiliation agreements with DIRECTV and Cox Communications
• Barnes & Noble announced a strategic investment by Microsoft in its digital and college businesses
• Entered into a forward purchase contract for 302 million shares of SiriusXM, with a forward price of $2.15 per share for a total notional amount of $650 million. If physically settled, will increase Liberty鈥檚 ownership to 45.2% on an as-converted basis
• Repurchased $120 million of jvid视频 stock from February 1 through April 30, 2012

鈥淪tarz again posted impressive subscriber gains and accelerated its slate of STARZ Original content with the debut of its new series, Magic City,鈥� stated Greg Maffei, jvid视频 President and CEO. 鈥淲e are very pleased that Microsoft announced an investment in Barnes & Noble鈥檚 digital and college businesses. This is validation of their strategy and provides a strong partner to help grow the eBook business both domestically and internationally on multiple platforms. We also entered into a forward purchase contract covering 302 million shares of SiriusXM, which is scheduled to close early in the third quarter. These shares will increase Liberty鈥檚 ownership to 45.2% on an as-converted basis.鈥�

jvid视频鈥檚 revenue decreased 55% to $440 million in the first quarter, adjusted OIBDA decreased 77% to $110 million and operating income decreased 81% to $89 million. The decrease in revenue, adjusted OIBDA and operating income was a direct result of a significant recognition of deferred revenue and costs in the previous year at our subsidiary TruePosition, Inc.

Starz, LLC

鈥淭he first quarter of 2012 continued the solid performance of the Starz businesses, highlighted by the flagship STARZ channel hitting an all-time high of 20.1 million subscribers and ENCORE at 33.6 million,鈥� said Chris Albrecht, Starz, LLC, CEO. 鈥淲e were very pleased to renew distribution agreements with DIRECTV and Cox Communications, with both deals including TV Everywhere rights for multiplatform access to premium subscribers of our channels and services. Starz continues to build on its original programming strategy to create cinematic, spectacle television that works well for both domestic and international audiences. Our franchise series, Spartacus, concluded its second season with strong viewership, and Magic City is performing well both domestically and abroad. Starz is working with visionary filmmakers for its future original programming series, including David Goyer for Da Vinci's Demons and Michael Bay for the recently announced Black Sails.鈥�

Starz鈥檚 revenue increased 4% to $405 million for the first quarter. The increase in revenue for the first quarter was primarily a result of increases in revenue for the Starz Channels and Starz Distribution businesses which were partially offset by a decrease in revenue for the Starz Animation business.

Starz鈥檚 adjusted OIBDA decreased 3% to $127 million for the first quarter. The decrease was primarily as a result of a decrease in the Starz Distribution business which more than offset improved results by the Starz Channels business. Adjusted OIBDA for the Starz Distribution business was negatively impacted by higher production and acquisition costs associated with films distributed for The Weinstein Company which is a lower margin product as compared to the Overture titles previously distributed.

Share Repurchases

From February 1, 2012 through April 30, 2012, 1.4 million shares of Series A Liberty Capital common stock (Nasdaq: LMCA) were purchased at an average cost per share of $86.53 for total cash consideration of $120.1 million. Since the reclassification of the original Liberty Capital tracking stock on March 4, 2008 through April 30, 2012, 56.4 million shares have been repurchased at an average cost per share of $30.26 for total cash consideration of $1.7 billion. These repurchases represent 43.7% of the shares outstanding at the time of the introduction of the original Liberty Capital stock. jvid视频 has approximately $1.0 billion remaining under its current stock repurchase authorization.

jvid视频 owns interests in a broad range of media, communications and entertainment businesses. Those interests include its subsidiaries Starz, LLC, Atlanta National League Baseball Club, Inc., and TruePosition, Inc., interests in SiriusXM and Live Nation and minority equity investments in Barnes & Noble, Time Warner Inc. and Viacom.

FOOTNOTES

NOTES

Unless otherwise noted, the foregoing discussion compares financial information for the three months ended March 31, 2012 to the same period in 2011.

The following financial information is intended to supplement Liberty Media鈥檚 condensed consolidated statements of operations to be included in its Form 10-Q.

Cash and Debt

The following presentation is provided to separately identify cash and liquid investments and debt information.

Total jvid视频 cash and liquid investments decreased $135 million, primarily as a result of stock repurchases made during the quarter and payments related to financial instruments. These outflows were partially offset by cash provided by operating activities. Total jvid视频 debt decreased by $751 million as a result of the debt repayment on the bank investment facility and capital lease payments.

Important Notice: jvid视频 (Nasdaq: LMCA, LMCB) President and CEO, Gregory B. Maffei will discuss jvid视频鈥檚 earnings release in a conference call which will begin at 11:45 a.m. (ET) on May 8, 2012. The call can be accessed by dialing (877) 723-9523 or (719) 325-4771 at least 10 minutes prior to the start time. Replays of the conference call can be accessed until 12:15 p.m. (ET) May 15, 2012, by dialing (888) 203-1112 or (719) 457-0820 plus the pass code 7075453#. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to . Links to this press release will also be available on the jvid视频 website.

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial prospects, new service and product launches including original content programming, new distribution platforms for our programming, the continuation of our stock repurchase plans, the potential physical settlement of our forward contract on SiriusXM stock and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, competitive issues, regulatory matters affecting our businesses, continued access to capital on terms acceptable to jvid视频, changes in law and market conditions conducive to stock repurchases. These forward-looking statements speak only as of the date of this press release, and jvid视频 expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in jvid视频鈥檚 expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of jvid视频, including the most recent Forms 10-Q and 10-K, for additional information about jvid视频 and about the risks and uncertainties related to jvid视频鈥檚 business which may affect the statements made in this press release.

SUPPLEMENTAL INFORMATION

As a supplement to jvid视频鈥檚 consolidated statements of operations, to be included in its Form 10-Q, the following is a presentation of quarterly financial information and operating metrics on a stand-alone basis for the largest privately held business (Starz, LLC) owned by jvid视频 at March 31, 2012, which jvid视频 has identified as a reportable segment.

Please see below for the definition of adjusted OIBDA and a discussion of why management believes the presentation of adjusted OIBDA provides useful information for investors. Schedule 2 to this press release provides a reconciliation of adjusted OIBDA for Starz, LLC to its operating income for the same period, as determined under GAAP.

NON-GAAP FINANCIAL MEASURES

This press release includes a presentation of adjusted OIBDA, which is a non-GAAP financial measure, for jvid视频 and Starz LLC, together with a reconciliation to that entity鈥檚 operating income, as determined under GAAP. jvid视频 defines adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses (excluding stock and other equity-based compensation) and excludes from that definition depreciation and amortization, restructuring and impairment charges and legal settlements that are included in the measurement of operating income pursuant to GAAP.

jvid视频 believes adjusted OIBDA is an important indicator of the operational strength and performance of its businesses, including each business鈥� ability to service debt and fund capital expenditures. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because adjusted OIBDA is used as a measure of operating performance, jvid视频 views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that jvid视频's management considers in assessing the results of operations and performance of its assets. Please see the attached schedules for applicable reconciliations.

SCHEDULE 1

The following table provides a reconciliation of adjusted OIBDA for jvid视频 to operating income calculated in accordance with GAAP for the three months ended March 31, 2011, June 30, 2011, September 30, 2011, December 31, 2011 and March 31, 2012, respectively.

SCHEDULE 2

The following table provides a reconciliation of adjusted OIBDA for Starz, LLC to its operating income calculated in accordance with GAAP for the three months ended March 31, 2011, June 30, 2011, September 30, 2011, December 31, 2011 and March 31, 2012, respectively.

jvid视频
Courtnee Ulrich, 720-875-5420

Source: jvid视频

Released May 8, 2012