This Day On The Street
Continue to site
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

Hemisphere Media Announces Second Quarter 2013 Financial Results

Hemisphere Media Group, Inc. (NASDAQ: HMTV) (“Hemisphere”), the only publicly traded pure-play U.S. media company targeting the high growth Hispanic TV/cable networks business, today announced financial results for the quarter ended June 30, 2013.

On April 4, 2013, Hemisphere completed a series of mergers pursuant to which InterMedia Español Holdings, LLC, (“WAPA”), which includes WAPA America and WAPA TV, Cine Latino, Inc. (“Cinelatino”) and Azteca Acquisition Corporation (“Azteca”), a special purpose acquisition company, each became indirect, wholly owned subsidiaries of Hemisphere (the “Transaction”). WAPA is the accounting acquirer and predecessor, whose historical results have become the historical results of Hemisphere. The operating results presented for the current quarter reflect the operating results of all the businesses acquired in the Transaction.

Net revenue for the three months ended June 30, 2013 was $22.9 million, an increase of 33%, compared to net revenue of $17.2 million for the same period in 2012. Net revenue for the six months ended June 30, 2013 was $36.4 million, an increase of 19%, compared to net revenue of $30.7 million for the same period in 2012. This increase is primarily a result of the inclusion of the net revenue of Cinelatino since the date of the Transaction. Excluding the acquisition in the 2013 periods and political advertising revenue in the 2012 periods, for the three and six months ended June 30, 2013, net revenue decreased by $0.4 million, or 3%, and $0.2 million, or 1%, primarily due to the cancellation of WAPA’s television program SuperXclusivo, offset by growth in retransmission and subscriber fees.

Operating expenses were $22.6 million for the three months ended June 30, 2013, an increase of 92% from operating expenses of $11.8 million in the year ago quarter. Operating expenses were $36.2 million for the six months ended June 30, 2013, an increase of 61% from operating expenses of $22.5 million in the year ago period. This increase is due primarily to the inclusion in the current quarter of Cinelatino in the operating results since the date of the Transaction, and the incurrence of stock-based compensation and corporate overhead, along with one-time fees and expenses related to the Transaction, including a charge of $3.8 million in connection with the termination of a services agreement.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
TSLA $214.89 1.60%
YHOO $37.27 0.89%
AAPL $92.75 -0.53%
FB $119.06 1.10%
GOOG $709.80 1.20%


Chart of I:DJI
DOW 17,729.57 +68.86 0.39%
S&P 500 2,057.15 +6.52 0.32%
NASDAQ 4,731.2290 +14.1350 0.30%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs