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Share Name | Share Symbol | Market | Type |
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Boyds Collection Ltd | NYSE:FOB | NYSE | Ordinary Share |
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RNS Number:7147L Forever Broadcasting PLC 30 May 2003 Forever Broadcasting plc ("Forever" or the "Company") Interim Results Summary * Turnover increased to #2.535m (2002: #1.852m) - up 37% * Operating loss reduced to #2.413m (2002: #3.219m) Adjusted* loss reduced to #0.509m (2002: #1.106m) - down 54% * Further reduction in cost base * Number of adult listeners up to 485,000 Q1 2003 RAJAR - up 35% (Q1 2002 RAJAR 360,000 adults) * Strong revenue growth maintained in April and May * Strategic review process ongoing Commenting on the results John Josephs Chairman of Forever Broadcasting plc said: "We have made substantial progress towards profitability since the beginning of the financial year, delivering record revenues and audiences. I am grateful to every one of our staff for their contribution to our improved performance in difficult circumstances". Enquiries: Forever Broadcasting plc John Josephs - Chairman 0191 286 0000 Robert W. Baird Limited, Nominated Adviser and Broker to Forever Matt Davis 0207 488 1212 *Adjusted operating loss is before amortisation of goodwill, restructuring costs, EGM costs, licence application costs and the write down in the value of trade investments Chairman's Statement Despite the well documented advertising recession and difficult trading conditions which have been exacerbated by the war in Iraq, we have made significant progress towards profitability in the six months ended 31 March, 2003. Turnover, driven by growing audiences has risen by 37% and adjusted operating losses reduced by 54%. All senior management and staff have made their contribution to the company's continuing progress in difficult circumstances. Results The turnover for the period was #2.535m (2002: #1.852m). The operating loss for the period was #2.413m (2002: #3.219m). The adjusted operating loss for the period was #0.509m (2002: #1.106m). The adjusted operating loss is stated before amortisation of goodwill, restructuring costs, EGM costs, licence application costs and the write down in the value of trade investments. The adjusted loss per share for the period was 3.0p (2002: 5.4p). Operational Review All five stations have made progress in recent months. Losses have been reduced considerably in the two Juice stations and The Wolf, while Tower FM and Peak are now making contributions to central costs. Overhead costs during the period were #282,000 lower than last year, a reduction of 12%. We have achieved greater savings than indicated when I wrote to you in December and yet further overhead cost reductions will be made in the months ahead. However, the benefit of these savings has been reduced by an increase in the direct cost of sales mainly in the pre-Christmas period. Since then there has been a steady improvement in operating margins. The Company continues to operate within its overdraft facilities and to enjoy the support of its bankers. Sales Turnover was 36.8% higher than during the corresponding period last year. This performance should be seen in the context of revenue growth of only 2.5% in 2002 for the radio industry as a whole. Our growth was all in local advertising revenue which during the period accounted for over 90% of our turnover. Tower FM and Peak FM were particularly strong, with growth of 77% and 48% respectively. In April and May, local revenue has continued to be much stronger than last year. National advertising revenue, which was lower than last year at 31 March 2003, has recovered well in April and May and made good the shortfall. Programming/Audience Q1, 2003 RAJAR results published on 8 May 2003 showed growth in our audience for the fifth successive RAJAR. We are now reaching 485,000 adults, 125,000 more than a year ago. We now have more listeners than ever before in four of our five stations, and they are listening in aggregate, for 1m more hours. This is an excellent achievement by our programmers, and a critical precursor to profitability. Juice in Liverpool has increased its weekly reach by 85% in the last 12 months to 152,000 adults, and in Bolton, Tower FM's reach has increased by 56% to 98,000 adults. Strategic Review On 20 September 2002 the Board initiated a strategic review of the options available to the company to deliver value to shareholders. On 13 November 2002 we announced that the strategic review had been concluded and that the Board had decided to commence discussions with potential investors. As part of this process, Eric Lawrence (formerly Managing Director) was given leave of absence to pursue an MBO of the Group. It was announced on 4 April 2003 that following his inability to submit an offer capable of recommendation by the Independent Directors, Eric had resigned to pursue his career outside of the Company. Eric is a founder shareholder and had been Managing Director since January 2000, and the Board wishes to place on record its appreciation for his contribution to the company. Since November the Board has evaluated a number of other proposals, including the sale of the business or its constituent parts, and continues to do so. As part of the strategic review process, the Board is continuing to reduce the company's overhead cost base. Outlook The second half of the financial year has started well with significant revenue growth, larger audiences and a reduced cost base. In April and May, revenues were over 60% higher than last year. We have made considerable progress towards profitability in recent months and are confident that this will be maintained in the second half of the year. J Josephs Chairman 30th May 2003 Consolidated profit and loss account for the 6 months ended 31 March 2003 Unaudited Unaudited 6 months ended 6 months Audited 31 March ended Year ended 2003 31 March 30 September #'000 2002 2002 #'000 #'000 Turnover Continuing operations 2,535 1,852 3,802 Operating loss Continuing operations (2,413) (3,219) (8,235) Net interest payable (132) (46) (140) Loss on ordinary activities before (2,545) (3,265) (8,375) taxation Tax on loss on ordinary activities - - - Loss for the financial period (2,545) (3,265) (8,375) Loss per share - basic 11.8p 15.2p 38.9p Adjusted loss per share 3.0p 5.4p 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. "Adjusted" operating loss is calculated as follows: #'000 #'000 #'000 Operating loss (2,413) (3,219) (8,235) Amortisation of goodwill 1,854 1,860 3,709 Restructuring costs - 100 207 EGM costs 50 - - Licence application costs - 153 183 Write down in valuation of trade investments - - 2,000 "Adjusted" operating loss (509) (1,106) (2,136) The "adjusted" operating loss represents the underlying performance of the business before the amortisation of goodwill, restructuring costs, EGM costs, licence application costs and the write down in the valuation of trade investments. Consolidated balance sheet as at 31 March 2003 Unaudited Unaudited Audited 31 March 31 March 30 September 2003 2002 2002 #'000 #'000 #'000 Fixed assets Goodwill 11,513 15,270 13,367 Tangible assets 545 677 584 Investments 610 2,748 485 12,668 18,695 14,436 Current assets Debtors 1,151 941 965 Cash at bank and in hand - - - 1,151 941 965 Creditors: amounts falling due within one year (5,047) (2,832) (3,987) Net current liabilities (3,896) (1,891) (3,022) Creditors: amounts falling in more than one year (13) (390) (110) Net assets 8,759 16,414 11,304 Capital and reserves Called up equity share capital 10,759 10,759 10,759 Share premium account 10,656 10,656 10,656 Other reserves 4,834 4,834 4,834 Profit and loss account (17,490) (9,835) (14,945) Equity shareholders' funds 8,759 16,414 11,304 Consolidated cash flow statement for the period ended 31 March 2003 Unaudited Unaudited 6 months 6 months Audited ended ended Year ended 31 March 31 March 30 September 2003 2002 2002 #'000 #'000 #'000 Net cash outflow from operating activities (627) (1,306) (2,230) Returns on investments and servicing of finance Interest received - - 5 Interest paid (160) (47) (133) Net cash outflow from returns on investment and (160) (128) servicing of finance (47) Taxation - - - Capital expenditure and financial investment Purchase of trade investments (128) (280) (289) Purchase of tangible fixed assets (50) (72) (106) Sale of tangible fixed assets 4 - - Net cash outflow from capital expenditure and financial investment (174) (352) (395) Acquisitions Purchase of subsidiary undertakings - - 54 Net cash inflow from acquisitions - - 54 Cash outflow before financing (961) (1,705) (2,699) Financing Net proceeds from issue of equity share capital - - - Capital element of finance lease repayments (11) (11) (34) Increase in borrowings 501 - 399 Repayment of loans acquired with subsidiaries (2) (2) (3) Net cash inflow/(outflow) from financing 488 (13) 362 Decrease in net cash (473) (1,718) (2,337) 1. Basis of reporting The financial information for the 6 months ended 31 March 2003 and the 6 months ended 31 March 2002 contained within this statement is unaudited and does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the year ended 30 September 2002 is based on the statutory accounts for the year then ended. Full accounts for that year, on which the auditors made an unqualified report, have been delivered to the Registrar of Companies and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The interim accounts have been prepared on the basis of the accounting policies adopted for the year ended 30 September 2002, which are set out in the Company's Annual Report. 2. Reconciliation of operating loss to net cash flow from operating activities Unaudited Unaudited 6 months 6 months Audited ended ended Year ended 31 March 31 March 30 September 2003 2002 2002 #'000 #'000 #'000 Operating loss (2,413) (3,219) (8,235) Depreciation of tangible fixed assets 137 133 273 Loss on sale of fixed assets 6 - 2 Amortisation of goodwill 1,854 1,860 3,709 Write down in valuation of trade investments - - 2,000 Decrease/(Increase) in debtors (156) 32 (4) (Decrease)/Increase in creditors (55) (112) 25 Net cash outflow from operating activities (627) (1,306) (2,230) 3. Reconciliation of net cashflow to movement in net funds Unaudited Unaudited 6 months 6 months Audited ended ended Year ended 31 March 31 March 30 September 2003 2002 2002 #'000 #'000 #'000 Decrease in cash (473) (1,718) (2,337) 495) Debts (issued)/repaid (488) 13 (362) Other non-cash changes - (39) (54) Movement in the period (961) (1,744) (2,753) Net (debt)/funds at the start of the period (3,057) (304) (304) Net (debt)/funds at the end of the period (4,018) (2,048) (3,057) 4. Analysis of net debt 30 September Cashflow Other non-cash 31 March 2002 changes 2001 2003 #'000 #'000 #'000 #'000 Overdraft (2,602) (473) - (3,075) Loan notes: due within one year (12) - - (12) Other loans: Due within one year (399) (501) - (900) Due in more than a year - - - Bank loans: Due within one year (3) 2 - (1) Due in more than a year - - - - Finance leases: Due within one year (20) 11 (8) (17) Due in more than a year (21) - 8 (13) Net debt (3,057) (961) - (4,018) 5. Loss per share The basic loss per 50p ordinary share has been calculated based on the loss after taxation of #2,545,000 (2002: #3,265,000) 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 loss after taxation of #641,000 (2002: #1,152,000), which is before amortisation of goodwill, restructuring costs, EGM costs and licence application costs, and upon 21,519,225 (2002: 21,519,225) ordinary shares, being the weighted average number of ordinary shares in issue. 6. Tax on loss on ordinary activities No liability arises for UK corporation tax as a result of losses incurred during the period. 7. Equity shareholders' funds #'000 At 1 October 2002 11,304 Loss for the financial period (2,545) At 31 March 2003 8,759 This information is provided by RNS The company news service from the London Stock Exchange END IR NKCKQOBKDAPB
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