Outdoor Channel Holdings Reports Fourth Quarter And Full Year 2012 Results
TEMECULA, Calif., March 18, 2013 (GLOBE NEWSWIRE) -- Outdoor Channel Holdings, Inc. (Nasdaq:OUTD) today reported its operating results for the fourth quarter and full year ended December 31, 2012.
Consolidated revenues for the quarter were $25.4 million, an 8% increase compared with $23.6 million in the fourth quarter of 2011, driven primarily by a 36% growth in revenues at our Aerial Cameras unit and a 5% growth in combined advertising and subscriber revenues, net of a continued decline of third-party revenues at Winnercomm as we continue to shift more of its focus to programs produced for The Outdoor Channel.
Total operating expenses for the fourth quarter were $22.3 million, a 26% increase compared to $17.6 million in operating expense for the fourth quarter of 2011, driven primarily by approximately $2.3 million in higher advertising expenses to promote both our new program slate which launched in late December and the Channel to new subscribers, as well as increased costs related to expanded revenues at our Aerial Cameras unit and $1.3 million in expenses relating to the merger that we announced during the fourth quarter.Resulting operating income for the fourth quarter 2012 was $3.1 million, a 48% decrease from the $6.0 million of operating income generated in the fourth quarter of 2011. Earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for the effects of share-based compensation expense and merger related expenses, was $6.1 million, a 19% decrease compared to $7.5 million for the fourth quarter of 2011. On a segment basis, our Outdoor Channel unit ("TOC") reported revenues of $17.5 million for the quarter, a 5% increase compared to $16.7 million of revenue for the fourth quarter of 2011 driven primarily by mid-single digit growth in ad revenues and subscription fees. TOC's EBITDA, adjusted for share-based compensation expense and merger related expenses, was $4.1 million, a 33% decline from the $6.1 million of adjusted EBITDA for the fourth quarter of 2011 driven primarily by the higher advertising expense previously noted.
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