This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Liberty Media Reports First Quarter 2012 Financial Results

Stocks in this article: LMCA LMCB

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.

                   

QUARTERLY SUMMARY

(amounts in millions) 1Q11     2Q11     3Q11     4Q11     1Q12
Starz, LLC
Adjusted OIBDA $ 131 118 107 93 127
Depreciation and amortization (5 ) (4 ) (4 ) (5 ) (4 )
Stock compensation expense   (2 )     (2 )     (2 )     (1 )     (3 )
Operating Income $ 124       112       101       87       120  
 
       
LIBERTY MEDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET (unaudited)
3/31/2012 12/31/2011
amounts in millions
ASSETS
Current assets:
Cash and cash equivalents $ 1,915 2,070
Trade and other receivables, net 272 288
Program rights 524 442
Short term marketable securities 319 299
Restricted cash 29 709
Financial instruments 220
Deferred income tax assets 44 61
Other current assets 57       45    
Total current assets 3,380       3,914    
 
Investments in available-for-sale securities and other cost investments 1,831 1,859
Investments in affiliates, accounted for using the equity method 550 567
Property and equipment, at cost 506 504
Accumulated depreciation (297 )     (289

)

 

209       215    
Intangible assets not subject to amortization 475 475
Intangible assets subject to amortization, net 131 135
Program rights 323 320
Other assets, at cost, net of accumulated amortization 223       238    
Total assets $ 7,122       7,723    
 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 12 15
Accrued liabilities 322 313
Current portion of debt 4 754
Deferred revenue 133 63
Other current liabilities 76       85    
Total current liabilities 547       1,230    
 
Long-term debt 540 541
Deferred income tax liabilities 427 411
Other liabilities 287       290    
Total liabilities 1,801       2,472    
 
Equity:
Total stockholders' equity 5,327 5,261
Noncontrolling interests in equity of subsidiaries (6 )     (10 )  
Total equity 5,321       5,251    
Commitments and contingencies        
Total liabilities and equity $ 7,122       7,723    
 
 

LIBERTY MEDIA CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (unaudited)

 

      Quarter ended
3/31/2012    

3/31/2011

amounts in millions
REVENUE:    
Communications and programming services $ 440 973
 
OPERATING COSTS AND EXPENSES:
Operating 246 393
Selling, general and administrative, including stock-based compensation 92 107
Legal settlement --- (7 )
Depreciation and amortization     13       21  
    351       514  
Operating income 89 459
 
OTHER INCOME (EXPENSE):
Interest expense (7

)

 

(7 )
Share of earnings (losses) of affiliates, net (9

)

 

(28 )
Realized and unrealized gains (losses) on financial instruments, net 113 122
Other, net     26       23  
    123       110  
Earnings (loss) from continuing operations before income taxes 212 569
Income tax (expense) benefit     (74 )     (237 )
Net earnings (loss) 138 332
Less net earnings (loss) attributable to the noncontrolling interests     1       1  
Net earnings (loss) attributable to Liberty Media Corporation shareholders $   137       331  
Net earnings (loss) attributable to Liberty Media Corporation shareholders:
Liberty Capital common stock $ 137 279
Liberty Starz common stock     NA       52
$   137       331  
 
 
LIBERTY MEDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
    Quarter ended
3/31/2012       3/31/2011
amounts in millions
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 138 332
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 13 21
Amortization of program rights 179 155
Cash payments for program rights (216 ) (142 )
Stock-based compensation 8 11
Cash payments for stock-based compensation (27 ) (3 )
Share of (earnings) losses of affiliates, net 9 28
Realized and unrealized (gains) losses on financial instruments, net (113 ) (122 )
Losses (gains) on disposition of assets, net

---

2
Change in tax accounts from Liberty Interactive, net --- 36
Deferred income tax expense 35 177
Other noncash charges (credits), net --- (375 )
Changes in operating assets and liabilities
Current and other assets (29 ) (92 )
Payables and other liabilities 97         237  
Net cash provided (used) by operating activities 94         265  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash proceeds from dispositions 87 ---
Proceeds (payments) on financial instruments, net (183 ) ---
Investments in and loans to cost and equity investees (2 ) (19 )
Repayment of loans by cost and equity investees 21 134
Capital expended for property and equipment (2 ) (3 )
Net sales (purchases) of short term investments (20 ) 165
Net (increase) decrease in restricted cash 680 (79 )
Reattribution of cash to Liberty Interactive --- (264 )
Other investing activities, net ---         3  
Net cash provided (used) by investing activities 581         (63 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of debt --- 1
Repayments of debt (751 ) (19 )
Repurchases of Liberty common stock (79 ) (80 )
Other financing activities, net ---         4  
Net cash provided (used) by financing activities (830 )       (94 )
 
Net increase (decrease) in cash and cash equivalents (155 ) 108
Cash and cash equivalents at beginning of period 2,070 2,090
             
Cash and cash equivalents at end of period $ 1,915         2,198  
 




7 of 8

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs