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Liberty Media Reports Third Quarter 2012 Financial Results

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 September 30, 2011, December 31, 2011, March 31, 2012, June 30, 2012 and September 30, 2012, respectively.

QUARTERLY SUMMARY

                             
(amounts in millions) 3Q11 4Q11 1Q12 2Q12 3Q12
Starz, LLC
Adjusted OIBDA $ 107 93 127 108 108
Depreciation and amortization (4 ) (5 ) (4 ) (5 ) (5 )
Stock compensation expense   (2 ) (1 ) (3 ) (3 ) (4 )
Operating Income $ 101   87   120   100   99  
 
 
LIBERTY MEDIA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET (unaudited)
 
      12/31/2011         9/30/2012
amounts in millions
ASSETS
Current assets:
Cash and cash equivalents $ 2,070 1,169
Trade and other receivables, net 288 308
Program rights 442 459
Short term marketable securities 299 10
Restricted cash 709 17
Financial instruments 51
Deferred income tax assets 61 50
Other current assets 45     64    
Total current assets 3,914     2,128    
 
Investments in available-for-sale securities and other cost investments 1,859 1,774
Investments in affiliates, accounted for using the equity method 567 3,221
 
Property and equipment, at cost 504 506
Accumulated depreciation (289 )   (307

)

 

215     199    
Intangible assets not subject to amortization 475 475
Intangible assets subject to amortization, net 135 122
Program rights 320 285
Other assets, at cost, net of accumulated amortization 238     221    
Total assets $ 7,723     8,425    
 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 15 12
Accrued liabilities 313 293
Current portion of debt 754 4
Deferred revenue 63 71
Other current liabilities 85     91    
Total current liabilities 1,230     471    
 
Long-term debt 541 537
Deferred income tax liabilities 411 866
Other liabilities 290     157    
Total liabilities 2,472     2,031    
 
Equity:
Total stockholders' equity 5,261 6,398
Noncontrolling interests in equity of subsidiaries (10 )   (4 )  
Total equity 5,251     6,394    
Commitments and contingencies      
Total liabilities and equity $ 7,723     8,425    
 
 
LIBERTY MEDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
 
      Three months ended       Nine months ended
9/30/2011      

9/30/2012

9/30/2011      

9/30/2012

amounts in millions
REVENUE:
Communications and programming services $ 540 555 2,501 1,532
 
OPERATING COSTS AND EXPENSES:
Operating 323 333 1,048 902
Selling, general and administrative, including stock-based compensation 91 95 290 285
Legal settlement -- -- (7 ) --
Depreciation and amortization 15   16   56   44  
429   444   1,387   1,231  
Operating income 111 111 664 301
 
OTHER INCOME (EXPENSE):
Interest expense (3 ) (11 ) (13 ) (25 )
Dividend and interest income 9 22 56 67
Share of earnings (losses) of affiliates, net 53 1,281 3 1,294
Realized and unrealized gains (losses) on financial instruments, net (257 ) 135 (81 ) 175
Gains (losses) on dispositions, net 1 21 (1 ) 21
Other, net 1   49   5   59  
(196 ) 1,497   (31 ) 1,591  
Earnings (loss) before income taxes (85 ) 1,608 633 1,892
Income tax (expense) benefit 42   (602 ) (256 ) (591 )
Net earnings (loss) (43 ) 1,006 377 1,301
Less net earnings (loss) attributable to the noncontrolling interests (1 ) (1 ) (1 ) 1  
Net earnings (loss) attributable to Liberty stockholders $ (42 ) 1,007   378   1,300  
Net earnings (loss) attributable to Liberty stockholders:
Liberty Capital common stock $ (103 ) 1,007 198 1,300
Liberty Starz common stock 61   NA   180   NA
$ (42 ) 1,007   378   1,300  
 
 
LIBERTY MEDIA CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited)
 
        Nine months ended
9/30/2011         9/30/2012
amounts in millions
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 377 1,301
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization 56 44
Amortization of program rights 523 560
Cash payments for program rights (599 ) (561 )
Stock-based compensation 24 28
Cash payments for stock-based compensation (10 ) (50 )
Share of (earnings) losses of affiliates, net (3 ) (1,294 )
Realized and unrealized (gains) losses on financial instruments, net 81 (175 )
Losses (gains) on disposition of assets, net 1 (21 )
Change in tax accounts from Liberty Interactive, net 53 --
Deferred income tax expense 125 484
Other noncash charges (credits), net (287 ) (43 )
Changes in operating assets and liabilities
Current and other assets (200 ) (17 )
Payables and other liabilities 175   (28 )
Net cash provided (used) by operating activities 316   228  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash proceeds from dispositions of securities 17 360
Proceeds (payments) on financial instruments, net -- (68 )
Investments in and loans to cost and equity investees (297 ) (1,423 )
Repayment of loans by cost and equity investees 189 35
Capital expended for property and equipment (9 ) (12 )
Net sales (purchases) of short term investments 302 289
Net (increase) decrease in restricted cash (139 ) 692
Reattribution of cash to Liberty Interactive (264 ) --
Other investing activities, net (4 ) (6 )
Net cash provided (used) by investing activities (205 ) (133 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of debt 1 500
Repayments of debt (58 ) (1,253 )
Repurchases of Liberty common stock (213 ) (242 )
Other financing activities, net 6   (1 )
Net cash provided (used) by financing activities (264 ) (996 )
 
Net increase (decrease) in cash and cash equivalents (153 ) (901 )
Cash and cash equivalents at beginning of period 2,090 2,070
       
Cash and cash equivalents at end of period $ 1,937   1,169  




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