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Share Name | Share Symbol | Market | Type |
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Boyds Collection Ltd | NYSE:FOB | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:9084R Forever Broadcasting PLC 11 November 2003 Year Ended 30 September 2003 Unaudited Preliminary Announcement of Results Highlights * Significant progress achieved towards profitability * Strategic review: Disposal of Juice Stations completed * Revenues from continuing operations increased by 48% to #3.7m (2002: #2.5m) * Operating loss reduced to #4.6m from #8.2m * Adjusted operating losses from continuing operations reduced to #0.4m, after deduction of central costs (2002: #1.2m) * Substantially improved financial position; net debt at the year end reduced to #0.5m * Advertising spend beginning to recover Commenting on the results John Josephs said: "Despite difficult market conditions we have made significant progress towards profitability, and implementing the conclusions of our strategic review." Enquiries: John Josephs (Forever Broadcasting) - 07718 752 056 (until 13.00) Matt Davis (Robert W. Baird) - 0207 488 1212 Chairman's Statement Overview During the year to 30 September we have made significant progress along the path to profitability and in implementing the conclusions of the strategic review through the disposal of the two loss making Juice stations and the 35% stake in Splash FM. The Juice stations showed substantially improved performance, which allowed the Group to realize net proceeds of #3.5m, which have been utilised to reduce the Group's indebtedness. The continuing operations at Tower, Wolf and Peak have also shown significantly improved results, were in aggregate profitable, and contributed to central costs during the year. Results for the Year The Juice disposals were completed at the end of September 2003 and therefore the published results for the group for the year to 30 September include all five stations. Turnover for the year was #5.4m (2002: #3.8m), an increase of 42%. The resultant loss for the year was #4.8m (2002: #8.4m loss), which includes a full year's goodwill amortisation charge. The adjusted net loss (excluding goodwill amortisation and exceptionals) substantially reduced to #0.7m (2002: #2.1m loss). Turnover from continuing operations rose 48% to #3.7m (2002: #2.5m) and the adjusted operating loss from continuing operations reduced to #0.4m (2002: #1.2m loss). The basic loss per share was 22.2p per share (2002: 38.9p per share) and the adjusted loss per share was 4.5p per share (2002: 10.6p per share). No dividend is being recommended by the Board (2002: nil). Operational Review In the Interim Report published in May we stated we had made "significant progress since the beginning of the financial year towards profitability". This progress was maintained throughout the second half and resulted in the Group trading profitably, before amortisation and interest, in August and September for the first time since its listing in August 2000. At this level the results of the continuing operations encompassing Tower, Wolf and Peak showed an aggregate profit (prior to central costs) for the year of over #0.2m (2002: #0.4m loss). This encouraging improvement has been achieved despite a highly competitive trading environment driven by the continuing constraints on advertising expenditure. Overall the Radio Advertising Bureau recorded industry growth of 3.3% for the year ended 30 June. In the year ended 30 September we achieved growth of 48% in revenues at the three continuing stations. In the second half of the year we saw the first signs of an improvement in the climate for national advertising. Underpinning the revenue growth has been another year of growth in our listening audience. Overall we achieved a 9% increase in the continuing stations with audiences currently of 86,000 at Tower, 66,000 at Wolf and 126,000 at Peak. We now utilise the same format in all 3 stations, the "50/50 music mix", creating considerable synergy enabling us to produce better quality programmes more efficiently. We applied constant pressure to reduce central costs and continue to do so. During the year we were successful in reducing the overhead cost base by approximately #0.6m. The net proceeds from the disposals have been applied to repay the Directors' Loans of #0.9m, as required by the terms of the Syndicated Loan Agreement, and to reduce the bank debt at the year end to approximately #0.5m. Since the year end the Company has entered into a revised agreement with its bankers to provide an overdraft facility of #1.5m, which the Board believes is more than adequate for the Company's present requirements. The Board, Management and Staff The need to manage the ongoing business in difficult trading conditions whilst simultaneously seeking to implement the conclusions of the Strategic Review has placed a heavy additional burden on everyone in the business. The Board would like to express its appreciation for the efforts of our staff, all of whom have contributed to the significant progress made during the year. I also would like to place on record my appreciation of the exceptional support, encouragement and advice given throughout the year by the Non-Executive Directors, Denis Cassidy and John Whitney. The Board announced on 4 April 2003 that Eric Lawrence, who in November 2002 had been given leave of absence to pursue a potential buy-out of the group, had resigned to seek a career outside the company. We wish him well. Future Prospects We have entered the 2003-04 trading year in a much stronger financial position with clear signs that advertising spend is beginning to recover and with an encouraging level of forward bookings demonstrating continuing momentum in revenue growth. In this new financial year the Board is confident that it will be able to build upon the achievements of the year just ended, during which the continuing stations, Tower, Wolf and Peak were in aggregate profitable, cash generative and contributing to central overheads. With a single programme format across these three stations, we are now well positioned to build efficiently upon the significant growth in audiences achieved over the last 3 years. We believe therefore that the opportunity to create and deliver shareholder value is much improved as we seek to complete the implementation of the findings of the strategic review process. John Josephs Chairman 11 November 2003 Unaudited consolidated profit and loss account for the year ended 30 September 2003 Unaudited Unaudited Unaudited Unaudited Unaudited Continuing Discontinued Total Continuing Discontinued Total 2003 2003 2003 2002 2002 2002 2003 Note #'000 #'000 #'000 #'000 #'000 #'000 Turnover 3,657 1,722 5,379 2,482 1,320 3,802 Administrative and selling expenses Trading administrative and (4,178) (2,075) (6,253) (4,044) (2,284) (6,328) selling expenses Goodwill amortisation (2,547) (1,159) (3,706) (2,547) (1,162) (3,709) Impairment of trade - - - (2,000) - (2,000) investments (6,725) (3,234) (9,959) (8,591) (3,446) (12,037) Operating loss (3,068) (1,512) (4,580) (6,109) (2,126) (8,235) Profit on sale of investments 112 - Loss on disposal of (21) - subsidiaries Interest receivable and similar - 5 income Interest payable and similar (279) (145) charges Loss on ordinary activities (4,768) (8,375) before taxation Tax on loss on ordinary - - activities Loss for the financial year (4,768) (8,375) Loss per share - basic 1 22.2p 38.9p Adjusted loss per share 1 4.5p 10.6p The group has no recognised gains or losses other than the loss above and therefore no separate statement of total recognised gains and losses has been presented. There is no difference between loss on ordinary activities before taxation and the loss for the financial year stated above and their historical cost equivalents. Adjusted operating loss is calculated Unaudited Unaudited Unaudited Unaudited Unaudited as follows: Continuing Discontinued Total Continuing Discontinued Total 2003 2003 2003 2002 2002 2002 #'000 #'000 #'000 #'000 #'000 #'000 Operating loss (3,068) (1,512) (4,580) (6,109) (2,126) (8,235) Amortisation of goodwill 2,547 1,159 3,706 2,547 1,162 3,709 Restructuring costs 132 57 189 130 77 207 Licence application costs - - - 183 - 183 Write-down in valuation of trade - - - 2,000 - 2,000 investments Adjusted operating loss (389) (296) (685) (1,249) (887) (2,136) The adjusted operating loss represents the non-statutory performance of the business before the amortisation of goodwill, restructuring costs, licence application costs and the write down in the valuation of trade investments. Unaudited consolidated balance sheet as at 30 September 2003 Unaudited Group Group 2003 2002 Note #'000 #'000 Fixed assets Goodwill 6,770 13,367 Tangible assets 203 584 Investments 473 485 7,446 14,436 Current assets Debtors 951 965 Cash at bank and in hand - - 951 965 Creditors: amounts falling due within one year (1,861) (3,987) Net current (liabilities)/assets (910) (3,022) Total assets less current liabilities 6,536 11,414 Creditors: amounts falling due in more than one year - (110) Net assets 6,536 11,304 Capital and reserves Called up equity share capital 10,759 10,759 Share premium account 10,656 10,656 Other reserves 4,172 4,834 Profit and loss account (19,051) (14,945) Equity shareholders' funds 5 6,536 11,304 Unaudited consolidated cash flow statement for the year ended 30 September 2003 Unaudited Unaudited 2003 2003 2002 2002 Note #'000 #'000 #'000 #'000 Net cash outflow from operating activities 2 (747) (2,230) Returns on investments and servicing of finance Interest received - 5 Interest paid (299) (133) Net cash outflow from returns on investment and servicing of finance (299) (128) Capital expenditure and financial investment Purchase of trade investments (129) (289) Sale of trade investments 250 - Purchase of tangible fixed assets (86) (106) Sale of tangible fixed assets 8 - Net cash inflow/(outflow) from capital expenditure and financial investment 43 (395) Acquisitions and disposals Purchase of subsidiary undertakings - 54 Disposal of subsidiary undertakings 3,550 - Net cash inflow from acquisitions & disposals 3,550 54 Cash inflow/(outflow) before financing 3,4 2,547 (2,699) Financing Capital element of finance lease repayments (41) (34) Repayment of loans (915) (3) Increase in borrowings 501 399 Net cash (outflow)/ inflow from financing (455) 362 Increase/(decrease) in net cash 3,4 2,092 (2,337) Notes to the financial statements for the year ended 30 September 2003 1. Loss per share The basic loss per 50p ordinary share has been calculated based on the loss after taxation of #4,768,000 (2002: #8,375,000) and 21,519,225(2002: 21,519,225) ordinary shares, being the weighted average number of ordinary shares in issue during the period. The adjusted loss per share has been calculated based on the adjusted loss after taxation of #964,000 (2002: #2,276,000) and upon 21,519,225 (2002: 21,519,225) ordinary shares, being the weighted average number of ordinary shares in issue as shown in the table below: Unaudited 2002 2003 Earnings Earnings per share per share Pence #'000 Pence #'000 Loss after taxation (22.2) (4,768) (38.9) (8,375) As adjusted for: Goodwill amortisation 17.2 3,706 17.2 3,709 Restructuring costs 0.9 189 1.0 207 Licence application costs - - 0.9 183 Impairment of investments - - 9.2 2,000 Net profit on sale of investments / subsidiaries (0.4) (91) - - Adjusted loss per share (4.5) (964) (10.6) (2,276) 2. Reconciliation of operating loss to net cash outflow from operating activities Unaudited 2003 2002 #'000 #'000 Operating loss (4,580) (8,235) Depreciation of tangible fixed assets 269 273 Loss on sale of fixed assets 7 2 Amortisation of goodwill 3,706 3,709 Write down in valuation of trade investments - 2,000 Increase in debtors (497) (4) Increase in creditors 348 25 Net cash outflow from operating activities (747) (2,230) 3. Reconciliation of net cash flow to movement in net funds Unaudited 2003 2002 #'000 #'000 Increase/(decrease) in cash 2,092 (2,337) Debts repaid/(issued) 455 (362) Other non-cash changes - (54) Movement in the year 2,547 (2,753) Net debt at the start of the year (3,057) (304) Net debt at the end of the year (510) (3,057) 4. Analysis of net debt At Unaudited Unaudited at 30 September Non-cash Unaudited 30 September 2002 changes Cashflow 2003 #'000 #'000 #'000 #'000 Overdrafts (2,602) - 2,092 (510) Loan notes: due within one year (12) - 12 - Directors' loans: due within one year (399) - 399 - Bank loans due: within one year (3) - 3 - in more than one year - - - - Finance leases due: within one year (20) - 20 - in more than one year (21) - 21 - Net debt (3,057) - 2,547 (510) 5. Reconciliation of movements in equity shareholders' funds Unaudited 2003 2002 #'000 #'000 At start of the year 11,304 19,679 Loss for the financial year (4,768) (8,375) Equity shareholders' funds at the end of the year 6,536 11,304 The financial information set out above does not constitute financial statements within the meaning of the Companies Act 1985. The figures in the preliminary announcement have been taken from the group's draft financial statements for the year ended 30 September 2003, which will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Annual General Meeting. The results for the year ended 30 September 2002 have been extracted from the published accounts, which have been filed with the Registrar of Companies, and on which the auditors gave an unqualified opinion. Copies of the Company's Annual Report will be sent to shareholders in December and will be available thereafter for members of the public at the Company's registered office at 4 Osborne Road, Jesmond, Newcastle upon Tyne, NE2 2AA. The Annual General Meeting will be held on 30 January 2004 at 5 Osborne Road, Jesmond, Newcastle upon Tyne, NE2 2AA. This information is provided by RNS The company news service from the London Stock Exchange END FR BMBLTMMTBBLJ
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