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Hemisphere Media Announces Second Quarter 2013 Financial Results

The following tables set forth the Company’s financial performance for the three and six months ended June 30, 2013 and 2012:

   

Three Months

Ended

   

Six Months

Ended

(dollars in thousands) June 30, June 30,

2013

 

2012

2013

 

2012

Revenues $22,929 $17,228 $36,424 $30,733
 

Operating Expenses:

Cost of revenues 7,672 7,440 13,527 14,024
Selling, general and administrative 11,644 3,326 15,074 6,606
Depreciation and amortization 1,848 921 2,859 1,822
Other expenses 1,380 86 4,672 86
Loss (gain) on disposition of assets 43 (2) 68 (50)
Total operating expenses 22,588 11,771 36,200 22,488
Operating Income 341 5,457 224 8,245
 
Other Expenses:
Interest expense, net (1,155) (771) (1,913) (1,906)
Other (expense) income, net (13) (12) (25) 8
(1,167) (784) (1,938) (1,898)
(Loss) income before income taxes $(826) $4,673 $(1,714) $6,347
Income tax (expense) benefit (357) (2,022) 6 (2,823)
Net (loss) income $(1,183) $2,651 $(1,708) $3,524
 
Reconciliation of net (loss) income to EBITDA:
Net (loss) income $(1,183) $2,651 $(1,708) $3,524
Add (deduct):
Income tax expense (benefit) 357 2,022 (6) 2,823
Other expenses, net 1,167 784 1,938 1,898
Loss (gain) on disposition of assets 43 (2) 68 (50)
Depreciation and amortization 1,848 921 2,859 1,822
Stock-based compensation 3,107 - 3,107 -
 
EBITDA 5,339 6,377 6,257 10,018
Transaction expenses 1,380 86 4,672 86
Non-recurring expenses 3,800 - 3,800 313
Management fees - 156 - -
Adjusted EBITDA $10,520 $6,618 $14,730 $10,416
 

Non-GAAP Reconciliations

Within Hemisphere’s second quarter 2013 press release, Hemisphere makes reference to certain non-GAAP financial measures such as – “EBITDA” and “Adjusted EBITDA.” Whenever such information is presented, Hemisphere has complied with the provisions of the rules under Regulation G and Item 2.02 of Form 8-K. The specific reasons why Hemisphere’s management believes that the presentation of these non-GAAP financial measures provides useful information to investors regarding Hemisphere’s financial condition, results of operations and cash flows has been provided in the Form 8-K filed in connection with this press release.

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