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News Corporation Reports Second Quarter Results For Fiscal 2014

Stocks in this article: NWS NWSA

Total Segment EBITDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment and restructuring charges, which are significant components in assessing the Company’s financial performance. The following table reconciles Total Segment EBITDA to net income.

       
For the three months ended December 31,
2013   2012 Change % Change

(in millions)

 
Revenues $ 2,238 $ 2,321 $ (83 ) (4 ) %
Operating expenses (1,274 ) (1,352 ) 78 (6 ) %
Selling, general and administrative   (637 )   (669 )   32   (5 ) %
Total Segment EBITDA 327 300 27 9 %
Depreciation and amortization (138 ) (129 ) (9 ) 7 %
Impairment and restructuring charges (36 ) (62 ) 26 (42 ) %
Equity earnings of affiliates 17 28 (11 ) (39 ) %
Interest, net 16 18 (2 ) (11 ) %
Other, net   (231 )   1,252     (1,483 ) **  
(Loss) income before income tax benefit (45 ) 1,407 (1,452 ) **
Income tax benefit   211     4     207   **  
Net income $ 166   $ 1,411   $ (1,245 ) (88 ) %
 
** - Not meaningful
 
For the six months ended December 31,
2013 2012 Change % Change

(in millions)

 
Revenues $ 4,310 $ 4,454 $ (144 ) (3 ) %
Operating expenses (2,569 ) (2,686 ) 117 (4 ) %
Selling, general and administrative   (1,273 )   (1,379 )   106   (8 ) %
Total Segment EBITDA 468 389 79 20 %
Depreciation and amortization (279 ) (254 ) (25 ) 10 %
Impairment and restructuring charges (63 ) (177 ) 114 (64 ) %
Equity earnings of affiliates 30 54 (24 ) (44 ) %
Interest, net 33 29 4 14 %
Other, net   (672 )   1,255     (1,927 ) **  
(Loss) income before income tax benefit (483 ) 1,296 (1,779 ) **
Income tax benefit   687     32     655   **  
Net income $ 204   $ 1,328   $ (1,124 ) (85 ) %
 
** - Not meaningful
 

NOTE 3 – ADJUSTED NET INCOME AVAILABLE TO NEWS CORPORATION STOCKHOLDERS AND ADJUSTED EPS

The Company uses net income available to News Corporation stockholders and diluted earnings per share (“EPS”) excluding expenses related to U.K. Newspaper Matters, Impairment and restructuring charges, and “Other, net”, net of tax (“adjusted net income available to News Corporation stockholders and adjusted EPS”) to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period. The calculation of adjusted net income available to News Corporation stockholders and adjusted EPS may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted net income available to News Corporation stockholders and adjusted EPS are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for consolidated or combined net income available to News Corporation stockholders and net income per share as determined under GAAP as a measure of performance.

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