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Share Name | Share Symbol | Market | Type |
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Nuveen Muni Income Fund Inc | NYSE:NMI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 10.00 | 0 | 09:09:36 |
RNS Number:2267Q New Media Industries PLC 26 September 2003 NEW MEDIA INDUSTRIES PLC Results for year ended 30 April 2003 * Turnover from continuing operations falls to #23.5m (2002: #31.5m) * Operating loss from continuing operations but before exceptionals, impairment and amortisation of goodwill of #0.86m (2002: #0.3m profit) * Loss before taxation of #3.4m (2002: #0.9m) * Post year end, company successfully refinances balance sheet by raising #1.5m before costs of #130,000 * Turnover levels for first quarter of current year up over 90%, compared with same period last year Martin Boase, chairman of NMI, commented: "Harsh economic conditions and client budgetary constraints have had a particularly negative impact on our trading results for the year ended 30 April 2003. Both turnover and profitability were well down on last year, largely because Target NMI, the group's media arm, which specialises in cinema and leisure promotion, had many of the film / video and other new releases delayed until after the end of the year being reported on. "However, with further management cuts and hard work the Group has survived and our client base is now increasing with a number of significant business wins including BNFL and Laing & Cruickshank. More fundamentally, a new long term investor base has taken up the Group's recent issue of new shares (in May to July 2003) and we have thereby successfully recapitalised the Group's balance sheet. New banking arrangements have been negotiated such that the Group now has substantial funds in place." Further Information: Jon Summerill - CEO Tel: 0207 436 5000 Email: jon@nmigroup.com Paul Nathan - Group Managing Director Tel: 0207 436 5000 Email: paul@nmigroup.com NEW MEDIA INDUSTRIES PLC Results for year ended 30 April 2003 (Continued) Introduction Despite tough trading conditions, which are reflected in our results, we have taken considerable steps to strengthen the Group's financial position. The extent of re-engineering of the Group, is reflected both on and off the balance sheet and follows a strategy of seeking to ensure that the business can take advantage of more liberal economic conditions when they arise. I am pleased to report that across our exceptionally diverse client base, encompassing over 40 businesses, we have succeeded in retaining most of our relationships. These invariably, given market conditions, are subject to pressures from a reduction in overall spend, combined with a desire to obtain increasing value from the residual spend. In addition, we have continued to acquire new clients from our New Business efforts including BNFL and Laing and Cruickshank. Finally, I am pleased to announce that during the first quarter of the new financial year, our unaudited management accounts show that turnover rose by over 90% over the equivalent period last year, from 3.7m during 3 months to July 2002 to over #7m during the 3 months to July 2003. Financial Results During the year, total turnover decreased by 25% to #23.7m (2002: #31.5m), and therefore the Group incurred significant trading losses. Operating losses from continuing operations and before exceptional items, amortisation and impairment of goodwill amounted to #0.86m (2002: #0.29m profit). Including discontinued operations, the operating loss before exceptional items, amortisation and impairment of goodwill amounted to #1,065m. Due to the losses incurred in the year, the directors performed a full impairment review on the goodwill associated with all its continuing activities. The directors came to the opinion that the goodwill on all but one of its acquisitions was impaired. The impairment led to a charge of #1.15m in the profit and loss account. The Group's loss for the year after goodwill amortisation, impairment of goodwill and exceptional items amounted to #3.4m (2002: #0.9m loss) During the year, the directors decided to liquidate its post production facility, NMI Moving Image Ltd, due to the drop in broadcast related revenues and significant losses in the first quarter. This led to a write off of fixed assets and goodwill, amounting to #0.7m. The company ceased to trade in October 2002. NEW MEDIA INDUSTRIES PLC Results for year ended 30 April 2003 (Continued) Refinancing The directors are also pleased to announce that since the year-end, the company has successfully refinanced the balance sheet. During the year, the Group's cashflow came under intense pressure due to shortening credit terms with its major suppliers. The directors therefore developed a refinancing plan to deal with the change in terms. On 7th May 2003, the company negotiated new debt facilities providing increased liquidity. The group now has access to debt facilities of up to #3m, the majority of which typically remains unutilised. These increased facilities allowed the company to raise significant new capital. The following share issues have occurred since 30 April 2003: Date Shares Issued Funds raised Number # 19th May 2003 6,929,070 175,726 24th June2003 49,870,930 1,246,773 1st July 2003 2,000,000 50,000 4th July 2003 1,000,000 25,000 _________ _________ Total 59,800,000 1,497,499 _________ _________ In the raising of this #1.5m, costs of approximately #130,000 were incurred. This refinancing would have had an extremely beneficial effect on the consolidated balance sheet as at 30 April 2003 and if the money had been raised as at that date, equity shareholder funds would have amounted to approximately #2.71m. The directors believe that this investment has set the platform for future organic growth. It was the board's key objective throughout the last 12 months to achieve this strengthening, and therefore begin the new year in a more stable position. Business Unit Review Interactive: The Interactive unit has just completed a re-launch of a Procter & Gamble careers website to universal acclaim from the client, and our relationship continues to go from strength to strength. Furthermore, following the appointment by British Nuclear Fuels of our Solutions unit - a number of Internet projects are underway for this Client. NEW MEDIA INDUSTRIES PLC Results for year ended 30 April 2003 (Continued) In addition, the Interactive team continue to make a substantial contribution to building and maintaining our in-house systems, and the increasing deployment of bespoke Extranets, for companies such as Boots Group, enhancing productivity and value internally and providing additional services to our Clients. Production: Development has occurred across two fronts; winning more business and evolving the way in which we handle it. Clients such as adidas, Coty and Vodafone, continue to show confidence in NMI by centralising more work through us. We currently operate for adidas in 34 countries and Vodafone in 31 countries. In line with a commitment to offer unparalleled service and value, we are developing a new unit allied to Production, which will be fully digital. NMI ' in-a-box' will offer Clients the opportunity to brief a 100% digital system that will manage every step of the Production process, without need for film or reprographics. This service will offer both added value to our current Clients, and afford the Sales team an extremely competitive edge, to bring on board new Clients. Solutions: This unit, covering advertising above and below the line, has made rapid progress, with a number of New Business wins and more work from existing Clients, strengthening its branding and broadcast expertise. BNFL has appointed Solutions to help reposition the company. Since our appointment BNFL have briefed us outside of advertising and communications, resulting in a number of ongoing Internet projects. Capitalising on our Corporate expertise, we were appointed by SunGard - a leader in integrated software and processing solutions - to develop a new advertising campaign, and by Laing & Cruickshank Investment Management to create their first advertising and branding Campaign. Our relationship with Emap continues to flourish with work across Emap Elan, and new briefs from Emap Performance. We successfully pitched, against tough competition, for the return to TV of FHM, and created two ads backed by a heavy burst of TV for 'High Street Honeys'. Target: After a drop in Media Billings, partly caused by the closure of Film 4 by its parent company, the Media department has started to make a recovery, based on retention of its Client base, combined with New Business. NEW MEDIA INDUSTRIES PLC Results for year ended 30 April 2003 (Continued) The Group faced issues connected to the volatility in Media expenditure, combined with an increasing exposure to credit risks from some of the Film and Games Clients. We have strong evaluation and risk assessment systems in place, our continued exposure to this market has meant we are continuing to exercise a high degree of caution on credit control. Target continues to develop its Client base, with New Business from companies such as Empire Interactive, Future Publishing and Konami, the latter two resulting in Solutions being commissioned to produce TV campaigns. In addition Target was appointed by Time Life Entertainment, resulting in a range of projects to be completed during the 2003/04 financial year. Martin Boase Chairman 26 September 2003 Preliminary announcement of the unaudited results for the year ended 30 April 2003 NEW MEDIA INDUSTRIES PLC Unaudited consolidated profit and loss account for the year ended 30 April 2003 Unaudited Unaudited Continuing Discontinued Unuaudited Operations Operations Total Audited Year ended Year ended Year ended Year ended Note 30 April 30 April 30 April 30 April (as restated) 2003 2003 2003 2002 # # # # Turnover 23,481,725 232,877 23,714,602 31,458,128 Cost of sales (17,953,783) (78,512) (18,032,295) (24,376,473) __________ __________ __________ __________ Gross profit 5,527,942 154,365 5,682,307 7,081,655 Administrative expenses (7,901,201) (1,055,717) (8,956,918) (7,065,245) Operating (loss)/profit before goodwill amortisation, impairment and exceptional items (860,725) (204,017) (1,064,742) 292,206 Goodwill amortisation (154,135) - (154,135) (162,609) Impairment of goodwill (1,150,986) (159,566) (1,310,552) - Exceptional items (207,413) (537,769) (745,182) (113,187) Operating (loss)/profit (2,373,259) (901,352) (3,274,611) 16,410 Reorganisation costs - - - (569,295) Provision against fixed asset investments - - - (200,000) __________ __________ __________ __________ Loss before interest and taxation (2,373,259) (901,352) (3,274,611) (752,885) Interest receivable 1,830 647 Interest payable and similar charges (103,039) (104,547) __________ __________ Loss on ordinary activities before taxation (3,375,820) (856,785) Taxation on loss on ordinary activities 2 (24,528) (34,089) __________ __________ Loss for the financial year (3,400,348) (890,874) __________ __________ (Loss)/earnings per share 4 Basic (4.591)p (1.579)p Diluted (4.591)p (1.579)p Pro-forma (1.607)p 0.273p All recognised gains and losses are included in the profit and loss account. Preliminary announcement of the unaudited results for the year ended 30 April 2003 NEW MEDIA INDUSTRIES PLC Unaudited consolidated balance sheet at 30 April 2003 Unaudited Audited At 30 April At 30 April Note 2003 2002 # # # # Fixed assets Intangible assets 1,539,612 3,004,299 787,259 1,354,081 __________ __________ 2,326,871 4,358,380 Current assets Stocks 188,678 252,811 Debtors 4,397,720 6,808,436 Cash at bank and in hand 24,003 940,569 __________ __________ 4,610,401 8,001,816 Creditors: amounts falling due within one year (5,555,032) (7,643,175) __________ __________ Net current (liabilities)/assets (944,631) 358,641 __________ __________ Total assets less current liabilities 1,382,240 4,717,021 Creditors: amounts falling due after more than one year (33,833) (19,267) ---- ---- 1,348,407 4,697,754 __________ __________ Capital and reserves Called up share capital 778,366 702,907 Shares to be issued 50,000 442,166 Share premium account 3,292,079 3,292,079 Merger reserve 1,916,580 1,587,728 Profit and loss account (4,688,618) (1,327,126) __________ __________ Shareholders' funds - equity interests 1,348,407 4,697,754 __________ __________ Preliminary announcement of the unaudited results for the year ended 30 April 2003 NEW MEDIA INDUSTRIES PLC Unaudited consolidated cash flow statement for the year ended 30 April 2003 Unaudited Audited Note 2003 2002 # # # # Net cash (outflow)/inflow from operating activities (821,262) 1,366,504 Returns on investments and servicing of finance Interest received 1,830 647 Interest paid and interest element of finance lease rental payments (93,928) (104,547) __________ __________ Net cash outflow from returns on investment and servicing of finance (92,098) (103,900) Taxation UK corporation tax (paid)/recovered (126,416) 93,189 Capital expenditure and financial investment Purchase of tangible fixed assets (106,338) (326,078) Acquisitions Purchase of subsidiary undertakings - (738,406) Cash transferred at disposal (5,812) - __________ __________ Cash outflow from acquisitions and disposals (5,812) (738,406) ---- ---- Cash (outflow)/inflow before financing (1,151,926) 291,309 Financing Issue of ordinary share capital - 1,003,941 Expenses paid in connection with share issue - (37,750) Capital element of finance lease rental payments (102,218) (159,557) __________ __________ Cash (outflow)/inflow from financing (102,218) 806,634 ---- ---- (Decrease)/increase in cash in the year (1,254,144) 1,097,943 __________ __________ Preliminary announcement of the unaudited results for the year ended 30 April 2003 NEW MEDIA INDUSTRIES PLC Notes forming part of the preliminary announcement for the year ended 30 April 2003 1 Basis of preparation and accounting policies The preliminary financial information incorporates the unaudited results of New Media Industries PLC and all of its subsidiary undertakings for the year ended 30 April 2003. The accounting policies used in the preparation of these unaudited results are unchanged from those adopted by the group in previously published annual financial statements. Restatements of comparative figures Salary costs previously disclosed in cost of sales are now included in administrative expenditure. 2 Taxation on loss on ordinary activities (a) Analysis of charge for the year: 2003 2002 Current tax # # UK Corporation tax - - Adjustments in respect of prior years 24,528 34,089 ---- ---- Total current tax 24,528 34,089 (b) Factors affecting the current tax charge for the year: Loss on ordinary activities before taxation (3,375,820) (856,785) Loss on ordinary activities multiplied by the standard rate of Corporation tax in the UK of 30% (2002: 30%) (1,012,746) (257,036) Origination of timing differences from capital allowances 83,695 91,748 Amortisation and impairment of goodwill 439,406 - Other expenses, not deductible for tax purposes 210,498 217,489 Losses forfeit on cession of trade 96,934 - Losses available for utilisation against future profits 182,213 - Pre-acquisition expenses in subsidiary companies - (52,201) Adjustments to the tax charge in respect of prior years 24,528 34,089 ---- ---- Current tax charge for the year 24,528 34,089 No provision for deferred taxation is required in either the current or the previous year. Preliminary announcement of the audited results for the year ended 30 April 2003 NEW MEDIA INDUSTRIES PLC Notes forming part of the preliminary announcement for the year ended 30 April 2003 2 Taxation on loss on ordinary activities (continued) (c) Factors affecting future group tax charges The group has approximately #1.6m of unrelieved losses available for offset against future taxable profits of certain group companies. This figure is approximate and is subject to the agreement of the Inland Revenue. 3 Dividends No dividends were paid or recommended for the year under review (2002: #nil). 4 (Loss)/earnings per share Basic loss per share This is calculated by dividing the loss of #3,400,348 (2002: profit of #890,874) (being the profit or loss attributable to ordinary shareholders) by the weighted average number of ordinary shares in issue during the year of 74,063,649 (2002: 56,414,507). Diluted loss per share Basic and dilutive loss per share were the same for the year as the effect of all potential ordinary shares, including share options and contingently issuable shares, was anti-dilutive. For the prior period, there is no difference between basic and diluted earnings per share. Pro-forma (loss)/earnings per share This is calculated by dividing the (loss)/earnings before goodwill amortisation, impairment, reorganisation costs, exceptional items and provision against fixed asset investment of #1,190,479 (2002: profit of #154,217) by the weighted average number of ordinary shares in issues during the year of 74,063,649 (2002: 56,414,507). The directors believe this gives a better view of maintainable earnings. Preliminary announcement of the audited results for the year ended 30 April 2003 NEW MEDIA INDUSTRIES PLC Notes forming part of the preliminary announcement for the year ended 30 April 2003 4 (Loss)/earnings per share (continued) Reconciliation of losses: Unaudited Audited 2003 2002 # # Loss used for calculation of basic and diluted EPS (3,400,348) (890,874) Goodwill amortisation 154,135 162,609 Impairment of goodwill 1,310,552 - Exceptional items 745,182 113,187 Reorganisation costs - 569,295 Provision against fixed asset investment - 200,000 ---- ---- (Loss)/profit used for calculation of pro-forma (loss)/earnings per share (1,190,479) 154,217 5 Shares to be issued The group acquired Target NMI Limited in a previous period. The acquisition included deferred consideration (contingent upon performance criteria), to be satisfied by means of shares issued by New Media Industries PLC in future years. This calculation of deferred consideration has been revised. The directors consider that at the balance sheet date the likely deferred consideration to be settled by future issued shares was #442,166. These shares relate to shares to be issued in relation to the risk premium costs in lieu for a cash payment. 6 The preliminary announcement was approved by the Board of directors on 25 September 2003. 7 The financial information contained in this preliminary announcement does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. 8 The results and summary balance sheet incorporates the unaudited results of New Media Industries PLC and all its subsidiaries made up to 30 April 2003 and have been prepared on a basis consistent with the audited financial statements for the year ended 30 April 2002. Preliminary announcement of the audited results for the year ended 30 April 2003 NEW MEDIA INDUSTRIES PLC Notes forming part of the preliminary announcement for the year ended 30 April 2003 9 The financial information for the previous period has been extracted from the audited financial statements for that period, which have been filed with the Registrar of Companies. The auditors' report on these financial statements was unqualified and did not contain any statement under Section 237(2) or (3) of the Companies Act 1985. 10 The Report and Accounts for the year ended 30 April 2003 will be posted to shareholders at least 21 days before the Annual General Meeting and copies will be available from the Company Secretary at Middlesex House, 34-42 Cleveland Street, London, W1P 5FB. This information is provided by RNS The company news service from the London Stock Exchange END FR BBGDCXSDGGXL
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