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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| TVA Group Inc | TSX:TVA.B | Toronto | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.05 | 4.39% | 1.19 | 1.20 | 1.29 | 1.19 | 1.13 | 1.15 | 4,300 | 20:07:06 |
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TVA Group Inc. (the "Company")(TSX:TVA.B) announces that it recorded net income
of $11.2 million, or $0.47 per share, for the second quarter of 2010, compared
with $15.2 million, or $0.63 per share, in the corresponding quarter of 2009.
However, the Company's consolidated operating income1 increased 4.1% to $26.2
million, compared with $25.1 million in the same quarter of 2009.
Second quarter operating highlights:
-- Restructuring costs of operations, impairment of assets and other in the
Television sector in the amount of $5,665,000 related to the
repositioning of SUN TV.
-- Increase in the Television sector's operating income of $639,000, or
2.9%, over the same quarter of last year. This increase is primarily due
to the following factors:
-- a decrease in the operating loss from TVA Films, whereas in the same
quarter of 2009 the division had recorded a charge for bad debts of
$1,350,000;
-- an increase in the operating income from commercial production
activities;
-- a decrease in the operating loss recorded by SUN TV;
partially offset by:
-- a 13.6% decrease in the operating income from specialty services, as
a direct result of the launch of the new YOOPA service on April 1,
2010.
-- an 8.5% decrease in the operating income from TVA Network, due to a
5.2% decline in advertising revenues; and
-- Growth of 12.2% in the Publishing sector's operating income against the
same year-ago quarter, from $3,287,000 in 2009 to $3,688,000 in 2010.
(1)Refer to operating income definition on the next page.
"We are pleased with the second quarter financial results, as we posted some
growth in operating income in both our business sectors in an advertising market
that remains precarious and short term. The popularity of the NHL playoffs in
Quebec this spring was a factor in TVA Network's lower advertising revenues.
However, thanks to its original programming and news coverage, TVA Network
boasted nine of the 10 most-watched programs in Quebec.2 Our specialty services
achieved 27% growth in their market shares, particularly LCN, which captured 4.0
market shares, compared with 2.5 shares for RDI, its main competitor. We are
also pleased with the agreement with our unionized employees in Montreal to
renew our collective agreement for three years." said Pierre Dion, President and
Chief Executive Officer of the Company.
"The Publishing sector's operating revenues grew by 0.6%, while operating
expenses decreased 1.9% over the same quarter of 2009, which translated into an
increase in operating income of 12.2% and a profit margin of 19.7%, compared
with 17.6% for the same quarter of 2009, while we continued to protect our
market shares," said Mr. Dion.
Cash flows provided by operating activities were $14.7 million for the quarter,
against $22.5 million for the corresponding year-ago period. The decline in cash
flows is primarily due to non-cash working capital items, in particular accounts
receivable and broadcast rights payable.
Dividend
TVA Group Inc.'s Board of Directors declared today a dividend of $0.05 per
share, payable on September 7, 2010 to Class A and B shareholders of record as
at August 20, 2010. This dividend is designated to be an eligible dividend, as
provided under subsection 89(14) of the Canada Income Tax Act and its provincial
counterpart.
The Company
TVA Group Inc., a subsidiary of Quebecor Media Inc., is an integrated
communication company involved in creation, production, broadcasting and
distribution of audiovisual products, and magazine publishing. TVA Group Inc. is
the largest private sector broadcaster of French-language entertainment,
information and public affairs programming, and magazine publishing in North
America and one of the largest private sector producers. The Company also
operates SUN TV, a general-interest station in Toronto. Its Class B shares are
listed on the Toronto Stock Exchange under the ticker symbol TVA.B.
The unaudited consolidated financial statements for the three-month and
six-month periods ended June 30, 2010, with notes and interim Management's
Discussion and Analysis can be consulted on the Company's Web site at:
www.tva.canoe.ca.
Definition of operating income or operating loss
In its analysis of operating results, the Company defines operating income
(loss) as net income (net loss) before amortization of property, plant and
equipment and intangible assets, financial expenses, restructuring costs of
operations, impairment of assets and other, income taxes, non-controlling
interest and share of income of company subject to significant influence.
Operating income (loss) as defined above is not a measure of results that is
consistent with Canadian Generally Accepted Accounting Principles ("GAAP").
Neither is it intended to be regarded as an alternative to other financial
performance measures or to the statement of cash flows as a measure of
liquidity.
(2)Source : BBM ratings, all 2 years old and +, from January 1st to June 13,
2010
This measure is not intended to represent funds available for debt service,
dividend payment, reinvestment or other discretionary uses, and should not be
considered in isolation or as a substitute for other performance measures
prepared in accordance with Canadian GAAP. Operating income is used by the
Company because management believes it is a meaningful measure of performance.
This measure is used by senior management and the Board of Directors to evaluate
the consolidated results of the Company and the results of its sectors.
Measurements such as operating income are also commonly used by the investment
community to analyze and compare the performance of companies in the industries
in which the Company is active. The Company's definition of operating income may
not be identical to similarly titled measures reported by other companies.
For the reconciliation between the operating income and the net income used in
the Company's financial statements, please refer to our interim Management's
Discussion and Analysis for the three-month period ended June 30, 2010,
available on the www.sedar.com and www.tva.canoe.ca Web sites.
Forward-looking Information Disclaimer
The statements in this news release that are not historical facts may be
forward-looking statements and are subject to important known and unknown risks,
uncertainties and assumptions which could cause the Company's actual results for
future periods to differ materially from those set forth in the forward-looking
statements. Forward-looking statements generally can be identified by the use of
the conditional, the use of forward-looking terminology such as "propose,"
"will," "expect," "may," "anticipate," "intend," "estimate," "plan," "foresee,"
"believe" or the negative of these terms or variations of them or similar
terminology. Certain factors that may cause actual results to differ from
current expectations include seasonality, operational risks (including pricing
actions by competitors), programming content and production cost risks, credit
risk, government regulation risks, governmental assistance risks, changes in the
economic conditions and fragmentation of the media landscape and labour relation
risks. Investors and others are cautioned that the foregoing list of factors
that may affect future results is not exhaustive and that undue reliance should
not be placed on any forward-looking statements. For more information on the
risks, uncertainties and assumptions that could cause the Company's actual
results to differ from current expectations please refer to the Company's public
filings at www.sedar.com and www.tva.canoe.ca including, in particular, the
"Risks and Uncertainties" section of the Company's annual Management's
Discussion and Analysis for the year ended December 31, 2009.
The forward-looking statements in this news release reflect the Company's
expectations as of August 5, 2010, and are subject to change after this date.
The Company expressly disclaims any obligation or intention to update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise, unless required by the applicable securities laws.
TVA GROUP INC.
Consolidated statements of income
(unaudited)
(in thousands of dollars, except per share amounts)
-------------------------------------------------------------------------
Three-month periods Six-month periods
ended June 30 ended June 30
--------------------------------------------------------------------------
2010 2009 2010 2009
--------------------------------------------------------------------------
Operating revenues $ 110,894 $ 111,531 $ 220,528 $ 221,330
Operating, selling and
administrative
expenses 84,729 86,406 187,562 183,865
Amortization of
property, plant and
equipment and
intangible assets 3,577 3,416 7,174 6,849
Financial expenses
(note 2) 1,467 665 2,742 1,354
Restructuring costs of
operations,
impairment of assets
and other (note 3) 5,665 (124) 5,692 (951)
-------------------------------------------------------------------------
Income before income
taxes, non-
controlling interest
and share of income
of company subject to
significant influence 15,456 21,168 17,358 30,213
Income taxes 4,522 6,781 5,291 9,913
Non-controlling
interest - (544) - (1,094)
Share of income of
company subject to
significant influence (245) (242) (625) (274)
--------------------------------------------------------------------------
NET INCOME $ 11,179 $ 15,173 $ 12,692 $ 21,668
--------------------------------------------------------------------------
--------------------------------------------------------------------------
BASIC AND DILUTED
EARNINGS PER SHARE
(note 4c) $ 0.47 $ 0.63 $ 0.53 $ 0.90
--------------------------------------------------------------------------
--------------------------------------------------------------------------
See accompanying notes to consolidated financial statements.
Consolidated statements of Comprehensive Income
(unaudited)
(in thousands of dollars)
--------------------------------------------------------------------------
Three-month periods Six-month periods
ended June 30 ended June 30
--------------------------------------------------------------------------
2010 2009 2010 2009
--------------------------------------------------------------------------
Net income $ 11,179 $ 15,173 $ 12,692 $ 21,668
Other comprehensive
income
Unrealized profit
(loss) on a
derivative financial
instrument (net of
income taxes) - 79 - (13)
--------------------------------------------------------------------------
COMPREHENSIVE INCOME $ 11,179 $ 15,252 $ 12,692 $ 21,655
--------------------------------------------------------------------------
--------------------------------------------------------------------------
See accompanying notes to consolidated financial statements.
TVA GROUP INC.
Consolidated statements of retained earnings
(unaudited)
(in thousands of dollars)
--------------------------------------------------------------------------
Six-month periods
ended June 30
--------------------------------------------------------------------------
2010 2009
--------------------------------------------------------------------------
Balance, at beginning of period $ 134,303 $ 98,511
Net income 12,692 21,668
Adjustment to transactions with related
companies (note 7) - (7,780)
Dividends (2,377) (2,400)
Share redemption - excess of purchase
price over net carrying amount (note 4b) - (243)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Balance, at end of period $ 144,618 $ 109,756
--------------------------------------------------------------------------
--------------------------------------------------------------------------
See accompanying notes to consolidated financial statements.
TVA GROUP INC.
Consolidated balance sheets
(in thousands of dollars)
--------------------------------------------------------------------------
June 30, 2010 Dec. 31, 2009
--------------------------------------------------------------------------
ASSETS
Current assets
Cash $ 1,639 $ 1,924
Accounts receivable 110,827 120,515
Current income tax assets 3,699 1,078
Programs, broadcast and distribution
rights and inventories (note 3) 49,730 54,774
Prepaid expenses and other current asset 5,781 4,754
Future income tax assets 6,627 4,818
--------------------------------------------------------------------------
178,303 187,863
Broadcast and distribution rights (note 3) 37,402 38,950
Investments 12,262 11,637
Property, plant and equipment (note 3) 78,851 79,123
Future income tax assets 382 280
Accrued benefit asset 10,205 8,900
Licences and other intangible assets 87,443 86,789
Goodwill 71,981 71,981
--------------------------------------------------------------------------
$ 476,829 $ 485,523
--------------------------------------------------------------------------
--------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Bank overdraft $ 2,918 $ 974
Accounts payable and accrued liabilities 71,323 80,216
Current income tax liabilities 397 8,490
Broadcast and distribution rights payable 23,854 28,611
Deferred revenues 8,040 7,401
--------------------------------------------------------------------------
106,532 125,692
Long-term debt 90,773 88,580
Future income tax liabilities 29,125 28,951
Other long-term liabilities 2,989 5,205
--------------------------------------------------------------------------
229,419 248,428
Shareholders' equity
Capital stock (note 4) 98,647 98,647
Contributed surplus 4,145 4,145
Retained earnings 144,618 134,303
--------------------------------------------------------------------------
247,410 237,095
--------------------------------------------------------------------------
$ 476,829 $ 485,523
--------------------------------------------------------------------------
--------------------------------------------------------------------------
See accompanying notes to consolidated financial statements.
TVA GROUP INC.
Consolidated statements of cash flows
(unaudited)
(in thousands of dollars)
--------------------------------------------------------------------------
Three-month periods Six-month periods ended
ended June 30 June 30
--------------------------------------------------------------------------
2010 2009 2010 2009
--------------------------------------------------------------------------
CASH FLOWS RELATED TO
OPERATING ACTIVITIES
Net income $ 11,179 $ 15,173 $ 12,692 $ 21,668
Non-cash items
Amortization 3,670 3,438 7,359 6,893
Restructuring
costs of
operations,
impairment of
assets and other
(note 3) 5,665 - 5,160 -
Share of income of
company subject
to significant
influence (245) (242) (625) (274)
Future income
taxes (1,655) 310 (1,748) (209)
Non-controlling
interest - (544) - (1,094)
Other (824) (237) (1,305) (482)
--------------------------------------------------------------------------
Cash flows from
current operations 17,790 17,898 21,533 26,502
Net change in non-
cash items (3,059) 4,591 (12,868) (9,657)
--------------------------------------------------------------------------
Cash flows related to
operating activities 14,731 22,489 8,665 16,845
--------------------------------------------------------------------------
CASH FLOWS RELATED TO
INVESTING ACTIVITIES
Additions to
property, plant
and equipment (4,892) (3,441) (8,508) (8,481)
Additions to
intangible assets (2,358) (2,547) (2,777) (2,934)
Disposal of a
property, plant
and equipment
(note 3) 760 - 760 -
Change in
investments (note
7) - 11,750 - 11,750
--------------------------------------------------------------------------
Cash flows related to
investing activities (6,490) 5,762 (10,525) 335
--------------------------------------------------------------------------
CASH FLOWS RELATED TO
FINANCING ACTIVITIES
Net change in bank
overdraft 2,582 (1,587) 1,944 3,666
(Decrease)
increase in long-
term debt (9,011) (14,543) 2,008 (10,808)
Redemption of
redeemable
preferred shares
(note 7) - (9,750) - (9,750)
Share redemption
(note 4b) - (515) - (545)
Dividends paid (2,377) (1,199) (2,377) (2,400)
--------------------------------------------------------------------------
Cash flows related to
financing activities (8,806) (27,594) 1,575 (19,837)
--------------------------------------------------------------------------
Net change in cash (565) 657 (285) (2,657)
Cash, beginning of
period 2,204 1,948 1,924 5,262
--------------------------------------------------------------------------
Cash, end of period $ 1,639 $ 2,605 $ 1,639 $ 2,605
--------------------------------------------------------------------------
--------------------------------------------------------------------------
SUPPLEMENTAL
INFORMATION
Net interest paid $ 2,300 $ 1,486 $ 2,506 $ 1,348
Income taxes paid 5,974 3,605 17,752 7,710
Additions to
property, plant
and equipment and
intangible assets
funded by
accounts payable
and accrued
liabilities 1,238 1,313
--------------------------------------------------------------------------
--------------------------------------------------------------------------
See accompanying notes to consolidated financial statements.
TVA GROUP INC.
Notes to consolidated financial statements
Three-month and six-month periods ended June 30, 2010 and 2009 (unaudited)
(Amounts presented in the tables are expressed in thousands of dollars,
except per-share and per-option amounts)
TVA Group Inc. (the "Company"), incorporated under Part 1A of the Companies Act
(Quebec), is an integrated communications company with operations in two
business sectors: television and publishing (note 8).
1. FINANCIAL STATEMENT PRESENTATION
These interim unaudited consolidated financial statements have been prepared in
conformity with Canadian Generally Accepted Accounting Principles ("GAAP") with
the exception that they do not include all disclosures required for annual
consolidated statements and accordingly should be read in conjunction with the
Company's audited annual consolidated financial statements ended December, 31,
2009 and the notes thereto. The same accounting policies described in the annual
consolidated financial statements have been used herein.
The Company's businesses experience seasonality effects due to, among other
things, seasonal advertising patterns and their influence on people's viewing,
reading and listening habits. Because the Company depends on the sale of
advertising for a significant portion of its revenue, operating results are also
sensitive to prevailing economic conditions, including changes in local,
regional and national economic conditions, particularly as they may affect
advertising expenditures. Accordingly, the results of operations for interim
periods should not necessarily be considered indicative of full-year results.
Certain comparative figures for the previous periods have been reclassified to
conform to the presentation adopted for the three-month and six-moth periods
ended June 30, 2010.
2. FINANCIAL EXPENSES
--------------------------------------------------------------------------
Three-month periods Six-month periods ended
ended June 30 June 30
--------------------------------------------------------------------------
2010 2009 2010 2009
--------------------------------------------------------------------------
Interest on long-term
debt $ 1,329 $ 626 $ 2,687 $ 1,351
Dividends on
redeemable preferred
shares - 252 - 513
Interest revenues on
convertible bonds
issued by an
affiliated company - (244) - (496)
Interest income (3) (4) (134) (76)
Amortization of
deferred financing
costs 93 22 185 44
Foreign exchange loss
(gain) 16 (14) (28) (9)
Other 32 27 32 27
--------------------------------------------------------------------------
$ 1,467 $ 665 $ 2,742 $ 1,354
--------------------------------------------------------------------------
--------------------------------------------------------------------------
3. RESTRUCTURING COSTS OF OPERATIONS, IMPAIRMENT OF ASSETS AND OTHER
During the second quarter of 2010, the Company and Sun Media Corporation, a
subsidiary of Quebecor Media Inc., announced the creation of a new partnership
(51% TVA and 49% Sun Media Corporation) for the purpose of setting up and
launching a new news and opinion specialty service called SUN TV NEWS in the
English-Canadian market in the first quarter of 2011. The Company also announced
its intention to cease operation of its existing conventional television
station, SUN TV, when the new specialty service begins broadcasting. As a result
of the repositioning, the Company recorded an impairment expense related to its
broadcast right inventories in the amount of $3,430,000 and an impairment
expense for certain equipment in the amount of $2,235,000.
During the first quarter of 2010, the Company recorded a provision for
restructuring costs of operations in its Television sector totalling $532,000
following the elimination of a number of positions. No new provision was
recorded in the second quarter of 2010.
The balance of the provision for restructuring costs of operations was
$1,387,000 as at June 30, 2010 ($981,000 as at December 31, 2009). A $126,000
payment was made in the second quarter of 2010 ($126,000 in the six-month period
ended June 30, 2010).
During the second quarter of 2009, based on new information, the Company
remeasured its provision for restructuring costs related to the production
activities of a former subsidiary and adjusted the balance downward by a total
of $124,000 ($951,000 for the six-month period ended June 30, 2009).
In addition, during the second quarter of 2010, the Company received $760,000
following an insurance settlement related to property, plant and equipment. In
the first quarter of 2010, the Company recorded a $505,000 gain related to that
event.
4. CAPITAL STOCK
a) Number of shares outstanding
---------------------------------------------------------------------------
June 30, 2010 Dec. 31, 2009
---------------------------------------------------------------------------
Class A common shares 4,320,000 4,320,000
Class B shares 19,450,906 19,450,906
---------------------------------------------------------------------------
23,770,906 23,770,906
---------------------------------------------------------------------------
---------------------------------------------------------------------------
b) Share redemption
Issuer bid
On March 17, 2010, the Company has filed a new notice of intent to repurchase
for cancellation between March 19, 2010 and March 18, 2011, in the normal course
of its activities, a maximum of 972,545 Class B shares which represent
approximately 5% of the Company's outstanding Class B shares. The Company
repurchases its Class B shares at the market price, at the time of the purchase,
plus brokerage fees. No shares were repurchased for cancellation in relation to
this normal course issuer bid during the first semester of 2010.
On March 17, 2009, the Company had filed a notice of intent to repurchase for
cancellation between March 19, 2009 and March 18, 2010, in the normal course of
its activities, a maximum of 985,210 Class B shares which represent
approximately 5% of the Company's outstanding Class B shares. No shares were
repurchased for cancellation in relation to this normal course issuer bid during
the first semester of 2010 (56,200 and 59,700 Class B shares respectively had
been redeemed for cancellation during the three-month and six-month periods
ended June 30, 2009 for a net cash consideration of $515,000 and $545,000
respectively).
c) Earnings per share
The following table provides the calculation of basic and diluted earnings per
share:
--------------------------------------------------------------------------
Three-month periods Six-month periods ended
ended June 30 June 30
--------------------------------------------------------------------------
2010 2009 2010 2009
--------------------------------------------------------------------------
Net income $ 11,179 $ 15,173 $ 12,692 $ 21,668
Weighted average number of
basic and diluted shares 23,770,906 23,978,699 23,770,906 24,001,288
outstanding
Basic and diluted earnings
per share $ 0.47 $ 0.63 $ 0.53 $ 0.90
--------------------------------------------------------------------------
--------------------------------------------------------------------------
The diluted earnings per share calculation does not take into consideration the
potential dilutive effect of certain stock options of the Company, since their
impact is anti-dilutive. During the three-month and six-month periods ended June
30, 2010, 869,769 options of the Company's plan (975,155 in 2009) were excluded
from the diluted earnings per share calculation.
5. STOCK-BASED COMPENSATION AND OTHER STOCK-BASED PAYMENTS
--------------------------------------------------------------------------
Three-month period ended Six-month period ended
June 30, 2010 June 30, 2010
--------------------------------------------------------------------------
Conventional Quebecor Conventional Quebecor
Class B Media Inc. Class B Media Inc.
stock stock stock stock
options options options options
--------------------------------------------------------------------------
Balance as at
beginning of period 878,809 401,581 975,155 226,649
Granted - - - 205,500
Exercised - - - (5,046)
Cancelled (9,040) (2,820) (105,386) (28,342)
--------------------------------------------------------------------------
Balance as at June 30,
2010 869,769 398,761 869,769 398,761
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Of the number of options outstanding as at June 30, 2010, 433,467 conventional
Class B stock options at an average exercise price of $17.71 and 51,576 Quebecor
Media Inc. stock options at an average exercise price of $45.08 could be
exercised.
During the three-month period ended June 30, 2010, the Company recorded a
reversal of the compensation expense of $151,000 which was recorded during the
first quarter 2010 (no compensation expenses for the three-month and six-month
periods ended June 30, 2009) related to the conventional Class B stock options
of the Company. In addition, during the three-month and six-month periods ended
June 30, 2010, the Company recorded a compensation expense of $204,000 and
$113,000 respectively (a reversal of compensation expense of $139,000 and a
compensation expense of $71,000 for the corresponding periods of 2009) related
to Quebecor Media stock options.
6. PENSION PLANS AND OTHER RETIREMENT BENEFITS
The Company maintains defined benefit and defined contribution pension plans for
its employees. In addition, under an old plan, the Company maintains for certain
retired employees other retirement benefits, such as health, life and dental
insurance plans. Total costs for these benefits are as follows:
--------------------------------------------------------------------------
Three-month periods Six-month periods
ended June 30 ended June 30
--------------------------------------------------------------------------
2010 2009 2010 2009
--------------------------------------------------------------------------
Pension plans
Defined benefit plans $ 22 $ 817 $ 392 $ 1,472
Defined contribution
plans 788 753 1,609 1,492
Other retirement benefits $ 33 $ 32 $ 66 $ 65
--------------------------------------------------------------------------
--------------------------------------------------------------------------
7. RELATED-PARTY TRANSACTIONS
On June 27, 2009, a subsidiary of the Company, SUN TV Company, owned at 75% and
operating the television station SUN TV, entered into a fiscal consolidation
reduction transaction created July 12, 2005 with its non-controlling shareholder
Sun Media Corporation, a company under common control of its parent, Quebecor
Media Inc. To realize this transaction, SUN TV Company received a total
repayment of the Sun Media Corporation convertible bonds for $9,750,000. In
return, SUN TV Company repurchased from Sun Media Corporation all of the
preferred shares redeemable at the option of the holder, carrying a 10.85% fixed
cumulative dividend, for a total of $9,750,000. This transaction results for the
Company, on a consolidated level, in a reduced long-term investment in
convertible bonds of $9,750,000, and an equivalent reduction in redeemable
preferred shares.
During the second quarter of 2009, our parent company, Quebecor Media Inc.,
proceeded to the liquidation of Canoe Inc., which was 86.2% owned by Quebecor
Media Inc. and 13.8% by TVA Group Inc., and its assets were distributed
proportionally to shareholders. All the transactions resulting from this
liquidation were recorded at carrying amount of assets transferred between the
related companies, and an adjustment of $7,780,000 was recorded directly to the
Company's retained earnings.
This adjustment represents the difference between the carrying amount of
$11,262,000 of the TVA Group Inc. investment in Canoe and the net carrying
amount of $3,482,000 of assets received upon liquidation, including $2,000,000
in cash, three portals including the site "Argent/Money" and their related
income tax benefits.
8. SEGMENTED INFORMATION
Historically, the Company's business activities have been conducted in three
operating segments. As a result of changes made to the Company's management
structure during the first quarter of fiscal 2010, the former Distribution
segment is now considered part of the Television segment. Prior period
disclosures have been restated to reflect this new presentation.
The following tables include information on operating income, as well as
information on assets:
--------------------------------------------------------------------------
Three-month periods Six-month periods ended
ended June 30 June 30
--------------------------------------------------------------------------
2010 2009 2010 2009
--------------------------------------------------------------------------
Operating revenues
Television $ 92,711 $ 93,464 $ 185,591 $ 185,957
Publishing 18,758 18,647 36,525 36,746
Intersegment items (575) (580) (1,588) (1,373)
--------------------------------------------------------------------------
110,894 111,531 220,528 221,330
Operating, selling and
administrative
expenses
Television 70,234 71,626 158,805 154,115
Publishing 15,070 15,360 30,345 31,123
Intersegment items (575) (580) (1,588) (1,373)
--------------------------------------------------------------------------
84,729 86,406 187,562 183,865
Income before
amortization,
financialexpenses,
restructuring costs
ofoperations,
impairment of assets
and other,income
taxes, non-
controlling interest
andshare of income of
company subject to
significant influence
Television 22,477 21,838 26,786 31,842
Publishing 3,688 3,287 6,180 5,623
Intersegment items - - - -
--------------------------------------------------------------------------
$ 26,165 $ 25,125 $ 32,966 $ 37,465
--------------------------------------------------------------------------
--------------------------------------------------------------------------
The intersegment items mentioned above represent the elimination of normal
course business transactions made between the Company's business segments
regarding revenues and expenses.
--------------------------------------------------------------------------
June 30, 2010 December 31, 2009
--------------------------------------------------------------------------
Total assets
Television $ 390,920 $ 401,040
Publishing 85,909 84,483
--------------------------------------------------------------------------
$ 476,829 $ 485,523
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Goodwill
Television $ 2,539 $ 2,539
Publishing 69,442 69,442
--------------------------------------------------------------------------
$ 71,981 $ 71,981
--------------------------------------------------------------------------
--------------------------------------------------------------------------
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