This Day On The Street
Continue to site
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

Hemisphere Media Announces Second Quarter 2013 Financial Results

Net loss from continuing operations was $1.2 million for the three months ended June 30, 2013, a decrease of $3.8 million compared to net income of $2.7 million for the same period in 2012, and net loss was $1.7 million for the six months ended June 30, 2013, a decrease of $5.2 million compared to net income of $3.5 for the same period in 2012. The net losses were due primarily to increases in operating expenses.

Adjusted EBITDA increased $3.9 million, or 59%, to $10.5 million for the three months ended June 30, 2013, and increased $4.3 million, or 41%, to $14.7 million for the six months ended June 30, 2013.

The Company continues to expect to meet its previously provided guidance of approximately $41 million of adjusted EBITDA for the full year 2013.

Alan Sokol, CEO of Hemisphere, stated, “We achieved a quarter of solid results and meaningful EBITDA growth. All of our assets continue to perform at high levels and are leaders in their respective markets. WAPA-TV remains the most-watched network in Puerto Rico for the 5th consecutive year and WAPA America and Cinelatino are among the most popular and widely-distributed Hispanic cable networks in the U.S. Our recently executed term loan facility will provide the necessary funds for strategic acquisitions of complementary assets. We are confident that through our management expertise we can continue to find underperforming assets in our space that can become market leaders.”

On July 30, 2013, certain of the Company’s subsidiaries entered into a credit agreement providing for a $175 million senior term loan facility, which matures on July 30, 2020. After repayment of all outstanding debt obligations at the Company’s subsidiaries and payment of fees and expenses, net cash proceeds were approximately $85 million. The Company will use these proceeds for general corporate purposes, including potential acquisitions. The cash raised is in addition to the cash on the balance sheet as of June 30, 2013 of $81 million.

2 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
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,058.35 -469.68 -2.84%
S&P 500 1,913.85 -58.33 -2.96%
NASDAQ 4,636.1050 -140.4030 -2.94%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs