1. CreditRiskMonitor Report for Ascent Media Corporation Page 1 of 23
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Ascent Media Corporation
12300 Liberty Boulevard
Phone: (720) 875-5622 Englewood, CO 80112 United States Ticker: ASCMA
Latest Financial Statements as of 3/31/2009
Business Summary
Ascent Media Corporation (Ascent Media) is a holding company and owns 100% of its operating subsidiary, Ascent
Media Group, LLC (AMG). AMG is primarily engaged in the business of providing content and creative services to the
media and entertainment industries in the United States, the United Kingdom and Singapore. AMG provides solutions
for the creation, management and distribution of content to motion picture studios, independent producers,
broadcast networks, programming networks, advertising agencies and other companies that produce, own and/or
distribute entertainment, news, sports, corporate, educational, industrial and advertising content. The Company
operates in two business segments: Content Services group and Creative Services group. On September 4, 2008,
Ascent Media consummated the sale of Ascent Media CANS, LLC (AccentHealth). On September 8, 2008, the
Company sold 100% of the outstanding membership interests in Ascent Media Systems & Technology Services, LLC.
(Source: 10-K)
Federal Tax Id: 262735737
Credit Scores Auditor Information
FRISK Score 10 6/23/2009 Last Audit: 12/31/2008
Auditors: KPMG LLP
Probability of default range: 0% - 0.3%
Opinion: Unqualified
Z" Score 4.76 (Financially sound) 3/31/2009
Net Sales (millions) Working Capital (millions) Days Sales Outstanding
163 163 402 399 401 92.11 94.18 89.41
146 84.80
128 119 276
3/08 6/08 9/08 12/08 3/09 6/08 9/08 12/08 3/09 6/08 9/08 12/08 3/09
First Quarter Results
Sales for the 3 months ended 3/31/2009 decreased 26.85% to $119.27 million from last year's comparable period
amount of $163.04 million.
Gross profit margin decreased 14.14% for the period to $34.95 million (29.30% of revenues) from $40.70 million
(24.97% of revenues) for the same period last year.
Selling, general and administrative expenses for the period increased 1.05% to $29.49 million compared with $29.18
million for the same period last year.
Operating income for the period decreased 100.46% to ($9.57) million compared with operating income of ($4.78)
million for the same period last year.
Net loss for the period increased 42.81% to ($6.45) million compared with net loss of ($4.52) million for the same
period last year.
Net cash from operating activities was $3.48 million for the 3 month period, compared to net cash from operating
activities of $1.85 million for last year's comparable period.
Management
Title Start
# Name Age Title Date Date
1. William R Fitzgerald 51 Chairman of the Board, Chief Executive Officer 9/1/2008
2. Jose A Royo 43 President, Chief Operating Officer, Director 9/1/2008 9/1/2008
3. George C Platisa 52 Chief Financial Officer, Executive Vice President 9/1/2008 9/1/2008
4. William E Niles 45 Executive Vice President, General Counsel 9/1/2008 9/1/2008
5. John A Orr 46 Senior Vice President - Corporate Development 9/1/2008 9/1/2008
6. Michael J Pohl 57 Director 9/1/2008 9/1/2008
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7. Philip J Holthouse 50 Director 9/1/2008 9/1/2008
8. Brian C Mulligan 49 Director 9/1/2008 9/1/2008
Industries
Type Code Description
Sector SERVIC Services
Industry BRDCST Broadcasting & Cable TV
SIC 4841 Cable And Other Pay Television Services
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Credit Ratings
Z" Score
4.76
4.23 4.33
LEGEND:
Financially sound: 2.60 or higher
Neutral: 1.10 to 2.60
Fiscal danger: less than 1.10
2.19
6/08 9/08 12/08 3/09
Altman's Z"-Score The Z"-Score was developed by Dr. Edward I. Altman of New York University in the early-1990's. This
model is applicable to firms in the manufacturing, merchandising and service sectors. The Z"-Score calculates and combines 4
financial ratios, assigning each a different weighting.
Although the numbers that go into calculating the Z"-Score (and a company's financial soundness) are sometimes influenced by
external factors, it provides a good tool for analyzing the ups and downs of a company's financial stability over time. The score is
computed as follows:
Total Working Retained
EBIT Equity Capital Earnings
Z" = -------- * 6.72 + ------------- * 1.05 + --------- * 6.56 + ---------- * 3.26
Total Total Total Total
Assets Liabilities Assets Assets
Likelihood of failure
Financially sound: 2.6 or higher
Neutral: 1.1 to 2.6
Fiscal danger: less than 1.1
Note that the Z"-Score is different than the original Z-score, developed by Altman in the 1960's. The original Z-Score has as one
of its variables the asset turnover ratio. As this variable is industry sensitive, the Z"-model, which omitted this variable, was
developed.
CreditRiskMonitor computes the Z"-score on a quarterly basis, provided the variables required by the scoring model are reported.
Previously, we used the company's quarterly EBIT in this calculation. Now we use the company's EBIT for the twelve trailing
months, as this provides a result that is less seasonal and less volatile.
One of the 4 variables used to compute Altman's Z"-Score is the ratio of working capital to total assets. As many of the
companies in the energy sector are highly leveraged, they generally have low working capital. Thus, we have found that their Z"-
Scores are adversely impacted and an abnormally high percentage of companies in this sector are in the neutral and fiscal danger
ranges.
Calculation of most recent Z"-Scores
(Financial data in thousands)
Component/Date 6/30/2008 9/30/2008 12/31/2008 3/31/2009
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FRISK Score - A score indicating the probability of default for a company over a 12 month horizon, based on new daily
information in the CRMZ database, as calculated by a proprietary statistical model created by Dr. Camilo Gomez, and
back-tested on 10,000 companies. (see Financial Risk (FRISK) Score). Historical FRISK scores shown above may
have been updated, based on new information or improvements to the model, more recently than the dates shown.
The FRISK score is reported on a 1 to 10 scale:
Probability of default within 12 months
FRISK
From To
Best 10 0% 0.3%
9 0.3% 0.4%
8 0.4% 0.9%
7 0.9% 1.9%
6 1.9% 3.7%
5 3.7% 7.4%
4 7.4% 10.1%
3 10.1% 14.1%
2 14.1% 21.0%
Worst 1 21.0% 50.0%
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Annual Financial Statements
Performance Ratios - Annual
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005
Net Sales $ $600,613 $589,395 $571,123 $612,774
% change 1.90% 3.20% -6.80% n/a
Gross Margin $ $159,144 $172,388 $179,670 $215,990
% change -7.68% -4.05% -16.82% n/a
% of sales 26.50% 29.25% 31.46% 35.25%
change as % of incremental sales -118.06% -39.85% n/m n/a
SG&A $ $120,939 $114,422 $127,801 $138,734
% change 5.70% -10.47% -7.88% n/a
% of sales 20.14% 19.41% 22.38% 22.64%
change as % of incremental sales 58.09% -73.22% n/m n/a
Operating margin $ ($116,393) ($170,547) ($112,453) $6,103
% change 31.75% -51.66% -1,942.59% n/a
% of sales -19.38% -28.94% -19.69% 1.00%
change as % of incremental sales 482.74% -317.94% n/m n/a
EBITDA $ ($55,623) ($109,492) ($50,718) $77,583
% change 49.20% -115.88% -165.37% n/a
% of sales -9.26% -18.58% -8.88% 12.66%
change as % of incremental sales 480.20% -321.66% n/m n/a
Pre-tax income $ ($108,810) ($161,294) ($102,638) $9,822
% change 32.54% -57.15% -1,144.98% n/a
% of sales -18.12% -27.37% -17.97% 1.60%
change as % of incremental sales 467.86% -321.02% n/m n/a
Net income (loss) $ ($64,619) ($132,331) ($83,007) $8,970
% change 51.17% -59.42% -1,025.38% n/a
% of sales -10.76% -22.45% -14.53% 1.46%
change as % of incremental sales 603.60% -269.94% n/m n/a
Tax expense $ $2,371 ($13,737) ($14,774) $852
Effective tax rate -2.18% 8.52% 14.39% 8.67%
Depreciation expense $ $59,622 $62,437 $61,664 $70,995
% of sales 9.93% 10.59% 10.80% 11.59%
% of capital expenses 152.60% 145.55% 85.77% 80.84%
% of PP&E, net (annualized) 25.17% n/a n/a n/a
Capital expenditures $ $39,072 $42,898 $71,896 $87,821
% change -8.92% -40.33% -18.13% n/a
% of PP&E, net (annualized) 16.49% n/a n/a n/a
% of working capital (annualized) 10.88% n/a n/a n/a
Free cash flow $ ($18,031) $18,278 $8,404 $341
% change -198.65% 117.49% 2,364.52% n/a
10-K 10-K 10-K PROSPECTUS
Source:
3/31/2009 3/31/2009 3/31/2009 9/17/2008
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Liquidity Ratios - Annual
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005
Current assets $ $490,618 $363,076 $316,504 n/a
% change 35.13% 14.71% n/a n/a
Current liabilities $ $91,202 $119,600 $114,201 n/a
% change -23.74% 4.73% n/a n/a
Working capital $ $399,416 $243,476 $202,303 n/a
% change 64.05% 20.35% n/a n/a
% of sales (annualized) 66.50% 41.31% 35.42% n/a
Cash $ $341,517 $201,633 $154,455 n/a
% change 69.38% 30.54% n/a n/a
Cash ratio 3.74 1.69 1.35 n/a
% change 122.11% 24.65% n/a n/a
Quick assets $ $455,671 $323,712 $289,500 n/a
% change 40.76% 11.82% n/a n/a
Quick ratio 5.00 2.71 2.54 n/a
% change 84.60% 6.77% n/a n/a
Current ratio 5.38 3.04 2.77 n/a
% change 77.20% 9.54% n/a n/a
10-K 10-K 10-K PROSPECTUS
Source:
3/31/2009 3/31/2009 3/31/2009 9/17/2008
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Efficiency Ratios - Annual
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005
Accounts receivable $ $114,154 $122,079 $135,045 n/a
% change -6.49% -9.60% n/a n/a
% of sales 19.01% 20.71% 23.65% n/a
change as % of incremental sales -70.65% -70.96% n/a n/a
Accounts receivable turnover (annualized) 4.33 n/a n/a n/a
Days sales outstanding 84.24 n/a n/a n/a
Accounts payable $ $22,633 $24,768 $42,644 n/a
% change -8.62% -41.92% n/a n/a
% of sales 3.77% 4.20% 7.47% n/a
change as % of incremental sales -19.03% -97.83% n/a n/a
Accounts payable turnover (annualized) 14.06 n/a n/a n/a
10-K 10-K 10-K PROSPECTUS
Source:
3/31/2009 3/31/2009 3/31/2009 9/17/2008
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Leverage Ratios - Annual
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005
Stockholders' equity $ $625,310 $686,896 $814,696 n/a
% change -8.97% -15.69% n/a n/a
Tangible net worth $ $625,310 $591,827 $522,437 n/a
% change 5.66% 13.28% n/a n/a
Total assets $ $745,304 $830,986 $952,919 n/a
% change -10.31% -12.80% n/a n/a
Net tangible assets $ $745,304 $735,917 $660,660 n/a
% change 1.28% 11.39% n/a n/a
Total liabilities $ $119,994 $144,090 $138,223 n/a
% change -16.72% 4.24% n/a n/a
Total liabilities to equity ratio 0.19 0.21 0.17 n/a
% change -8.53% 23.63% n/a n/a
Total liabilities to tangible net worth ratio 0.19 0.24 0.26 n/a
% change -21.19% -7.97% n/a n/a
10-K 10-K 10-K PROSPECTUS
Source:
3/31/2009 3/31/2009 3/31/2009 9/17/2008
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Long Term Obligations - Annual
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005
Capital lease obligations:
Maturing within 1 year 2,392 n/a n/a n/a
% of free cash flow n/m n/a n/a n/a
Maturing within 3 year 4,769 n/a n/a n/a
% of free cash flow n/m n/a n/a n/a
Maturing within 5 year 2,867 n/a n/a n/a
Total Capital Leases 10,028 n/a n/a n/a
Operating Lease Obligations:
Maturing within 1 year 25,063 n/a n/a n/a
% of free cash flow n/m n/a n/a n/a
Maturing within 2 years 24,263 n/a n/a n/a
% of free cash flow n/m n/a n/a n/a
Maturing within 3 years 20,104 n/a n/a n/a
% of free cash flow n/m n/a n/a n/a
Maturing within 4 years 15,633 n/a n/a n/a
Maturing within 5 years 11,135 n/a n/a n/a
Remaining Operating Leases 47,577 n/a n/a n/a
Total Operating Leases 143,775 n/a n/a n/a
Cumulative Obligations due within 3 years:
Total Obligations Maturing within 3 years 76,591 n/a n/a n/a
% of free cash flow n/m n/a n/a n/a
10-K 10-K 10-K PROSPECTUS
Source:
3/31/2009 3/31/2009 3/31/2009 9/17/2008
NOTE: Long-term obligations information is extracted from the Management Discussion and Analysis (MD&A) section of a
company's annual SEC filing. This information is only disclosed on an annual basis. For more information, see 'What are
"Obligations?"' in our FAQ.
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Rates of Return - Annual
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005
Return on equity -9.41% -16.24% n/a n/a
% change 42.08% n/a n/a n/a
Return on net tangible equity -10.92% -25.33% n/a n/a
% change 56.89% n/a n/a n/a
Return on total assets -7.83% n/a n/a n/a
Return on net tangible assets -8.61% n/a n/a n/a
10-K 10-K 10-K PROSPECTUS
Source:
3/31/2009 3/31/2009 3/31/2009 9/17/2008
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Balance Sheet - Annual - Standardized
(Thousands of U.S. Dollars)
As of 12/31/2008 12/31/2007 12/31/2006 12/31/2005
Reclassified
12/31/2008
Current Assets:
Cash and short term investments $341,517 $201,633 $154,455 n/a
Accounts receivable (trade), net 114,154 122,079 135,045 n/a
Other receivables 9,122 0 n/a n/a
Prepaid expenses 12,223 13,084 10,334 n/a
Other current assets, total 13,602 26,280 16,670 n/a
Total current assets 490,618 363,076 316,504 n/a
Non-Current Assets:
Property/plant/equip., net 223,928 259,026 275,368 n/a
Goodwill, net 0 95,069 292,259 n/a
Long term investments 0 23,545 51,837 n/a
Other long term assets, total 30,758 90,270 16,951 n/a
Total assets $745,304 $830,986 $952,919 n/a
Current Liabilities:
Accounts payable $22,633 $24,768 $42,644 n/a
Accrued expenses 53,430 56,297 53,675 n/a
Other current liabilities, total 15,139 38,535 17,882 n/a
Total current liabilities 91,202 119,600 114,201 n/a
Non-Current Liabilities:
Other liabilities, total 28,792 24,490 24,022 n/a
Total liabilities 119,994 144,090 138,223 n/a
Shareholders' Equity:
Common stock 141 0 n/a n/a
Additional paid-in capital 1,459,078 0 n/a n/a
Retained earnings/accum. deficit (825,956) (761,337) (629,261) n/a
Other equity, total (7,953) 1,448,233 1,443,957 n/a
Total equity 625,310 686,896 814,696 n/a
Total liabilities & shareholders' equity $745,304 $830,986 $952,919 n/a
Supplemental Information:
Total common shares outstanding 14,070 14,063 14,063 n/a
KPMG LLP KPMG LLP KPMG LLP
Auditor/Opinion:
Unqualified Unqualified Unqualified
10-K 10-K PROSPECTUS
Source:
3/31/2009 3/31/2009 9/17/2008
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Income Statement - Annual - Standardized
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005
Restated Restated
12/31/2008 12/31/2008
Revenue:
Revenue $600,613 $589,395 $571,123 $612,774
Total revenue 600,613 589,395 571,123 612,774
Operating Expense:
Cost of revenue, total 441,469 417,007 391,453 396,784
SG&A expenses, total 120,939 114,422 127,801 138,734
Depreciation/amortization 59,766 62,868 62,095 72,134
Unusual income/expense 103,870 166,108 104,234 3,695
Other operating expenses, total (9,038) (463) (2,007) (4,676)
Total expense 717,006 759,942 683,576 606,671
Operating income (116,393) (170,547) (112,453) 6,103
Non-Operating Expense/Income:
Interest/investment income, non-operating 6,579 11,066 10,175 4,373
Other, net 1,004 (1,813) (360) (654)
Income before tax (108,810) (161,294) (102,638) 9,822
Income tax - total 2,371 (13,737) (14,774) 852
Extraordinary Items:
Total extraordinary items 46,562 15,226 4,857 n/a
Net income ($64,619) ($132,331) ($83,007) $8,970
Supplemental and Per Share Items:
Basic/primary EPS incl. extra. items ($4.60) ($9.41) ($5.90) $0.64
Diluted EPS incl. extra. items ($4.60) ($9.41) ($5.90) $0.64
Depreciation/amortization, supplemental $59,622 $62,437 $61,664 $70,995
KPMG LLP KPMG LLP KPMG LLP KPMG LLP
Auditor/Opinion:
Unqualified Unqualified Unqualified Unqualified
10-K 10-K 10-K PROSPECTUS
Source:
3/31/2009 3/31/2009 3/31/2009 9/17/2008
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Statement of Cash Flows - Annual - Standardized
(Thousands of U.S. Dollars)
12 mos 12 mos 12 mos 12 mos
Period Ended
12/31/2008 12/31/2007 12/31/2006 12/31/2005
Reclassified Reclassified
12/31/2008 12/31/2008
Cash Flows from Operating Activities:
Net income ($64,619) ($132,331) ($83,007) $8,970
Depreciation/depletion 59,766 62,868 62,095 72,134
Deferred taxes 6,059 (20,466) (19,805) 2,394
Non-cash Items 31,380 153,319 100,980 (2,432)
Changes in working capital (11,545) (2,214) 20,037 7,096
Total cash from operating activities 21,041 61,176 80,300 88,162
Cash Flows from Investing Activities:
Capital expenditures (39,072) (42,898) (71,896) (87,821)
Other investing cash flow items, total 160,402 27,347 (96,487) 13,708
Total cash from investing activities 121,330 (15,551) (168,383) (74,113)
Cash Flows from Financing Activities:
Financing cash flow items (1,735) 2,194 (7,182) 201,242
Issuance/retirement of debt, net (752) (641) (7) (5)
Total cash from financing activities (2,487) 1,553 (7,189) 201,237
Net change in cash 139,884 47,178 (95,272) 215,286
Net cash-beginning balance 201,633 154,455 249,727 34,441
Net cash-ending balance $341,517 $201,633 $154,455 $249,727
Supplemental Disclosures:
Cash taxes paid, supplemental $20,921 $1,321 $1,839 $1,172
KPMG LLP KPMG LLP KPMG LLP KPMG LLP
Auditor/Opinion:
Unqualified Unqualified Unqualified Unqualified
10-K 10-K 10-K PROSPECTUS
Source:
3/31/2009 3/31/2009 3/31/2009 9/17/2008
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Financial Statements - Sequential Quarters
Performance Ratios - Sequential Quarters
(Thousands of U.S. Dollars)
3 mos 3 mos 3 mos 3 mos 3 mos
Period Ended
3/31/2009 12/31/2008 9/30/2008 6/30/2008 3/31/2008
Net Sales $ $119,267 $128,011 $146,146 $163,421 $163,035
% change -6.83% -12.41% -10.57% 0.24% 9.47%
Gross Margin $ $34,949 $32,877 $39,616 $45,948 $40,703
% change 6.30% -17.01% -13.78% 12.89% -4.25%
% of sales 29.30% 25.68% 27.11% 28.12% 24.97%
change as % of incremental sales n/m n/m n/m 1,358.81% -12.81%
SG&A $ $29,489 $24,424 $34,821 $32,511 $29,183
% change 20.74% -29.86% 7.11% 11.40% 28.34%
% of sales 24.73% 19.08% 23.83% 19.89% 17.90%
change as % of incremental sales n/m n/m n/m 862.18% 45.69%
Operating margin $ ($9,574) ($104,813) ($4,412) ($2,392) ($4,776)
% change 90.87% -2,275.63% -84.45% 49.92% 97.05%
% of sales -8.03% -81.88% -3.02% -1.46% -2.93%
change as % of incremental sales n/m n/m n/m 617.62% 1,114.43%
EBITDA $ $4,641 ($89,794) $10,454 $13,774 $9,943
% change 105.17% -958.94% -24.10% 38.53% 106.80%
% of sales 3.89% -70.15% 7.15% 8.43% 6.10%
change as % of incremental sales n/m n/m n/m 992.49% 1,107.21%
Pre-tax income $ ($9,289) ($102,356) ($1,477) ($1,750) ($3,227)
% change 90.92% -6,829.99% 15.60% 45.77% 97.98%
% of sales -7.79% -79.96% -1.01% -1.07% -1.98%
change as % of incremental sales n/m n/m n/m 382.64% 1,109.88%
Net income (loss) $ ($6,448) ($97,888) $39,328 ($1,544) ($4,515)
% change 93.41% -348.90% 2,647.15% 65.80% 96.47%
% of sales -5.41% -76.47% 26.91% -0.94% -2.77%
change as % of incremental sales n/m n/m n/m 769.69% 875.39%
Tax expense $ ($2,841) ($2,141) ($27) $1,467 $3,072
Effective tax rate 30.58% 2.09% 1.83% -83.83% -95.20%
Depreciation expense $ $14,482 $13,981 $15,103 $15,415 $15,267
% of sales 12.14% 10.92% 10.33% 9.43% 9.36%
% of capital expenses 203.77% 137.87% 134.43% 138.08% 233.73%
% of PP&E, net (annualized) 26.41% 24.38% 24.82% 24.47% n/a
Capital expenditures $ $7,107 $10,141 $11,235 $11,164 $6,532
% change -29.92% -9.74% 0.64% 70.91% -33.29%
% of PP&E, net (annualized) 12.96% 17.68% 18.46% 17.72% n/a
% of working capital (annualized) 7.10% 10.12% 13.26% 16.20% n/a
Free cash flow $ ($3,625) ($17,406) $1,275 $2,786 ($4,686)
% change 79.17% -1,465.18% -54.24% 159.45% -127.28%
10-Q 10-K 10-Q 10-Q 10-Q
Source:
5/14/2009 3/31/2009 11/12/2008 5/14/2009 5/14/2009
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Liquidity Ratios - Sequential Quarters
(Thousands of U.S. Dollars)
3 mos 3 mos 3 mos 3 mos 3 mos
Period Ended
3/31/2009 12/31/2008 9/30/2008 6/30/2008 3/31/2008
Current assets $ $481,457 $490,618 $525,700 $418,001 n/a
% change -1.87% -6.67% 25.77% n/a n/a
Current liabilities $ $80,397 $91,202 $123,693 $142,372 n/a
% change -11.85% -26.27% -13.12% n/a n/a
Working capital $ $401,060 $399,416 $402,007 $275,629 n/a
% change 0.41% -0.64% 45.85% n/a n/a
% of sales (annualized) 84.07% 78.00% 68.77% 42.17% n/a
Cash $ $337,188 $341,517 $356,078 $224,866 n/a
% change -1.27% -4.09% 58.35% n/a n/a
Cash ratio 4.19 3.74 2.88 1.58 n/a
% change 12.00% 30.08% 82.27% n/a n/a
Quick assets $ $444,704 $455,671 $492,796 $389,828 n/a
% change -2.41% -7.53% 26.41% n/a n/a
Quick ratio 5.53 5.00 3.98 2.74 n/a
% change 10.71% 25.41% 45.50% n/a n/a
Current ratio 5.99 5.38 4.25 2.94 n/a
% change 11.32% 26.58% 44.75% n/a n/a
10-Q 10-K 10-Q 10-Q 10-Q
Source:
5/14/2009 3/31/2009 11/12/2008 5/14/2009 5/14/2009
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Efficiency Ratios - Sequential Quarters
(Thousands of U.S. Dollars)
3 mos 3 mos 3 mos 3 mos 3 mos
Period Ended
3/31/2009 12/31/2008 9/30/2008 6/30/2008 3/31/2008
Accounts receivable $ $107,516 $114,154 $136,718 $164,962 n/a
% change -5.82% -16.50% -17.12% n/a n/a
% of sales 90.15% 89.18% 93.55% 100.94% n/a
change as % of incremental sales n/m n/m n/m n/a n/a
Accounts receivable turnover
4.30 4.08 3.88 3.96 n/a
(annualized)
% change 5.44% 5.33% -2.20% n/a n/a
Days sales outstanding 84.80 89.41 94.18 92.11 n/a
% change -5.16% -5.06% 2.25% n/a n/a
Accounts payable $ $21,047 $22,633 $29,815 $41,738 n/a
% change -7.01% -24.09% -28.57% n/a n/a
% of sales 17.65% 17.68% 20.40% 25.54% n/a
change as % of incremental sales n/m n/m n/m n/a n/a
Accounts payable turnover
15.44 14.51 11.91 11.26 n/a
(annualized)
% change 6.42% 21.83% 5.80% n/a n/a
10-Q 10-K 10-Q 10-Q 10-Q
Source:
5/14/2009 3/31/2009 11/12/2008 5/14/2009 5/14/2009
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Leverage Ratios - Sequential Quarters
(Thousands of U.S. Dollars)
3 mos 3 mos 3 mos 3 mos 3 mos
Period Ended
3/31/2009 12/31/2008 9/30/2008 6/30/2008 3/31/2008
Stockholders' equity $ $618,180 $625,310 $737,493 $681,551 n/a
% change -1.14% -15.21% 8.21% n/a n/a
Tangible net worth $ $618,180 $625,310 $642,424 $554,258 n/a
% change -1.14% -2.66% 15.91% n/a n/a
Total assets $ $726,736 $745,304 $885,003 $844,835 n/a
% change -2.49% -15.79% 4.75% n/a n/a
Net tangible assets $ $726,736 $745,304 $789,934 $717,542 n/a
% change -2.49% -5.65% 10.09% n/a n/a
Total liabilities $ $108,556 $119,994 $147,510 $163,284 n/a
% change -9.53% -18.65% -9.66% n/a n/a
Total liabilities to equity ratio 0.18 0.19 0.20 0.24 n/a
% change -8.49% -4.05% -16.53% n/a n/a
Total liabilities to tangible net worth
0.18 0.19 0.23 0.29 n/a
ratio
% change -8.49% -16.42% -22.06% n/a n/a
10-Q 10-K 10-Q 10-Q 10-Q
Source:
5/14/2009 3/31/2009 11/12/2008 5/14/2009 5/14/2009
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Rates of Return - Sequential Quarters
(Thousands of U.S. Dollars)
3 mos 3 mos 3 mos 3 mos 3 mos
Period Ended
3/31/2009 12/31/2008 9/30/2008 6/30/2008 3/31/2008
Return on equity -1.03% -13.27% 5.77% n/a n/a
% change 92.23% -330.02% n/a n/a n/a
Return on net tangible equity -1.03% -15.24% 7.10% n/a n/a
% change 93.23% -314.74% n/a n/a n/a
Return on total assets -0.88% -12.01% 4.55% -0.18% n/a
% change 92.70% -364.10% 2,587.42% n/a n/a
Return on net tangible assets -0.88% -12.75% 5.22% -0.22% n/a
% change 93.13% -344.40% 2,524.58% n/a n/a
10-Q 10-K 10-Q 10-Q 10-Q
Source:
5/14/2009 3/31/2009 11/12/2008 5/14/2009 5/14/2009
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Balance Sheet - Sequential Quarters - Standardized
(Thousands of U.S. Dollars)
As of 3/31/2009 12/31/2008 9/30/2008 6/30/2008 3/31/2008
Current Assets:
Cash and short term investments $337,188 $341,517 $356,078 $224,866 n/a
Accounts receivable (trade), net 107,516 114,154 136,718 164,962 n/a
Other receivables 13,811 9,122 n/a n/a n/a
Prepaid expenses 11,619 12,223 13,703 13,248 n/a
Other current assets, total 11,323 13,602 19,201 14,925 n/a
Total current assets 481,457 490,618 525,700 418,001 n/a
Non-Current Assets:
Property/plant/equip., net 214,813 223,928 234,818 251,954 n/a
Goodwill, net n/a 0 95,069 127,293 n/a
Other long term assets, total 30,466 30,758 29,416 47,587 n/a
Total assets $726,736 $745,304 $885,003 $844,835 n/a
Current Liabilities:
Accounts payable $21,047 $22,633 $29,815 $41,738 n/a
Accrued expenses 46,148 53,430 59,019 61,294 n/a
Other current liabilities, total 13,202 15,139 34,859 39,340 n/a
Total current liabilities 80,397 91,202 123,693 142,372 n/a
Non-Current Liabilities:
Other liabilities, total 28,159 28,792 23,817 20,912 n/a
Total liabilities 108,556 119,994 147,510 163,284 n/a
Shareholders' Equity:
Common stock 141 141 141 n/a n/a
Additional paid-in capital 1,459,659 1,459,078 1,459,338 n/a n/a
Retained earnings/accum. deficit (832,404) (825,956) (728,068) (767,395) n/a
Other equity, total (9,216) (7,953) 6,082 1,448,946 n/a
Total equity 618,180 625,310 737,493 681,551 n/a
Total liabilities & shareholders' equity $726,736 $745,304 $885,003 $844,835 n/a
Supplemental Information:
Total common shares outstanding 14,075 14,070 14,059 14,063 n/a
10-Q 10-K 10-Q PROSPECTUS
Source:
5/14/2009 3/31/2009 11/12/2008 9/17/2008
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Income Statement - Sequential Quarters - Standardized
(Thousands of U.S. Dollars)
3 mos 3 mos 3 mos 3 mos 3 mos
Period Ended
3/31/2009 12/31/2008 9/30/2008 6/30/2008 3/31/2008
Restated
3/31/2009
Revenue:
Revenue $119,267 $128,011 $146,146 $163,421 $163,035
Total revenue 119,267 128,011 146,146 163,421 163,035
Operating Expense:
Cost of revenue, total 84,318 95,134 106,530 117,473 122,332
SG&A expenses, total 29,489 24,424 34,821 32,511 29,183
Depreciation/amortization 14,482 13,981 15,103 15,415 15,267
Unusual income/expense 398 101,171 1,436 156 1,107
Other operating expenses, total 154 (1,886) (7,332) 258 (78)
Total expense 128,841 232,824 150,558 165,813 167,811
Operating income (9,574) (104,813) (4,412) (2,392) (4,776)
Non-Operating Expense/Income:
Interest/investment income, non-
552 1,419 1,661 1,402 2,097
operating
Other, net (267) 1,038 1,274 (760) (548)
Income before tax (9,289) (102,356) (1,477) (1,750) (3,227)
Income tax - total (2,841) (2,141) (27) 1,467 3,072
Extraordinary Items:
Total extraordinary items 0 2,327 40,778 1,673 1,784
Net income ($6,448) ($97,888) $39,328 ($1,544) ($4,515)
Supplemental and Per Share Items:
Basic/primary EPS incl. extra. items ($0.46) ($6.96) $2.80 ($0.11) ($0.32)
Diluted EPS incl. extra. items ($0.46) ($6.96) $2.80 ($0.11) ($0.32)
Depreciation/amortization, supplemental $14,482 $13,981 $15,103 $15,415 $15,267
10-Q 10-K 10-Q 10-Q 10-Q
Source:
5/14/2009 3/31/2009 11/12/2008 5/14/2009 5/14/2009
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Peer Analysis
[Sector: Services] [Industry: Broadcasting & Cable TV] [Calendar Quarter: 2009.1]
Ranking Number
Within Of Peer Group Range
Businesses in Peer Group: 524 Peer Peers Company
Group Ranked Value Low Median High
Credit Ratings:
ZScore -- Current Quarter 29 148 4.76 (572.96) 0.76 60.75
Performance ratios:
Net Sales (Thousands of U.S. Dollars) 31 72 119,267.00 8.00 74,121.00 8,835,000.00
Gross margin % of Sales -- Current 128 167 29.30 (73.33) 44.68 98.44
Quarter
Gross margin % of Sales -- TTM 131 152 27.55 (48.43) 45.42 97.05
SG&A % of Sales -- Current Quarter 70 169 24.73 1.00 29.26 2,412.50
SG&A % of Sales -- TTM 46 154 21.77 0.77 28.13 1,578.57
Operating Margin % of Sales -- Current 138 185 (8.03) (2,437.50) 7.83 165.35
Quarter
Operating Margin % of Sales -- TTM 122 167 (21.76) (1,523.81) 2.86 63.18
EBITDA Margin % of Sales -- Current 126 184 3.89 (2,200.00) 14.78 187.40
Quarter
EBITDA Margin % of Sales -- TTM 111 153 (10.94) (1,507.14) 10.86 76.03
Net Profit Margin % of Sales -- Current 117 185 (5.41) (2,437.50) 1.06 449.40
Quarter
Net Profit Margin % of Sales -- TTM 107 167 (11.95) (1,877.42) (0.69) 165.13
Pre-tax Income % of Sales -- Current 124 185 (7.79) (2,437.50) 2.05 194.18
Quarter
Effective Tax Rate 120 184 30.58 (870.63) 21.72 302.43
Depreciation % Of 107 161 26.41 2.53 20.48 892.47
Prop/Plant/Equipment
CapitalExpense % Of 70 156 12.96 0.19 14.79 971.89
Prop/Plant/Equipment
Interest Coverage -- Current Quarter N/A 163 N/A (35,745.00) 2.64 23,607.20
Interest Coverage -- TTM N/A 125 N/A (90.21) 1.83 6,517.33
Liquidity ratios:
Cash Ratio 7 168 4.19 0.00 0.33 17.49
Quick Ratio 6 159 5.53 0.01 0.96 17.65
Current Ratio 7 168 5.99 0.01 1.22 29.55
Efficiency ratios:
Accounts Receivable Turnover 116 166 4.30 0.00 5.73 762.95
Days Sales Outstanding 116 165 84.80 0.48 63.68 430.68
% Inventory Financed by vendors -- N/A 64 N/A 2.50 259.27 38,288.83
Current Quarter
% Inventory Financed by vendors -- N/A 59 N/A 7.74 240.98 48,965.59
TTM
Inventory Turnover (annualized) -- N/A 85 N/A 0.38 19.44 7,396.01
Current Quarter
Inventory Turnover -- TTM N/A 74 N/A 1.05 19.31 1,620.18
Days Sales in Inventory N/A 85 N/A 0.05 18.77 962.06
Inventory to Working Capital N/A 88 N/A (1.92) 0.55 99.34
Accounts Payable Turnover 35 119 15.44 0.00 7.63 429.66
(annualized) -- Current Quarter
Accounts Payable Turnover -- TTM 31 110 14.00 0.09 6.96 269.21
Leverage & debt coverage:
Total Debt to Equity Ratio N/A 123 N/A 0.00 0.73 27.69
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