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Outdoor Channel Holdings Reports Fourth Quarter And Full Year 2012 Results

Our Production Services unit generated revenues (before intercompany eliminations) for the quarter of $2.4 million, a 3% decrease compared to $2.5 million for the fourth quarter of 2011 resulting primarily from lower third party business, net of increased programming for TOC. Production Services' EBITDA (including intercompany eliminations), adjusted for share-based compensation expense, was $155,000 compared to adjusted EBITDA of $226,000, with the decline principally driven by lower third-party revenue and related margin contributions.

Our Aerial Cameras unit generated revenues for the quarter of $6.5 million, a 36% increase compared to $4.7 million in revenue for the fourth quarter of 2011 driven by a record number of football events and the ongoing U.S. government project initiated in the second quarter of 2012. The Aerial Camera unit's EBITDA, adjusted for share-based compensation expense, increased 56% to $1.8 million primarily on improved revenues and related margin contributions.

Consolidated net income for the fourth quarter of 2012 was $1.3 million, or $.05 per diluted share, compared to consolidated net income for the fourth quarter of 2011 of $1.5 million, or $.06 per diluted share.

"We delivered steady revenue growth at our core TOC unit during the fourth quarter and for the full year as we continued to capitalize on our category leadership position," said Tom Hornish, President and Chief Executive Officer. "We also made significant gains in our total household distribution, adding another one million homes in the final quarter of 2012. Our Aerial Cameras unit also enjoyed a record quarter with expanded events and contributions from our government project. Obviously, we are in the midst of some exciting ownership changes for the Company and despite the inevitable distractions that can occur in such an environment, we're proud of our team for their continued execution of our plans to more aggressively market and program the network, our core business."

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