Business News
GateHouse Media Announces Second Quarter 2008 Results and Capital Management Initiatives to Reduce Leverage
2008-08-08 06:00:00
GateHouse Media Announces Second Quarter 2008 Results and Capital Management Initiatives to Reduce Leverage
Second Quarter 2008 Highlights
- Total reported revenues reached $184.1 million, an increase of 16.5% over
the prior year.
- As Adjusted Revenues were $184.4 million, a decrease of 4.7% on a same
store basis, significantly better than the industry.
- Online revenue growth accelerated in the second quarter, increasing 34.8%
over the prior year.
- As Adjusted EBITDA declined 8.2% over the prior year to $38.0 million.
- As Adjusted EBITDA declined 16.0% versus prior year on a same store
basis.
- Levered Free Cash Flow of $0.20 per share.
- Recorded a non-cash impairment charge to goodwill, intangibles and
long-lived assets of $443.1 million.
Recent Developments
- Suspended quarterly dividend payments - intend to use free cash flow to
reduce leverage and increase liquidity.
- Subsidiary entered into agreement to issue $11.5 million of non-voting
cumulative preferred stock - proceeds will be used to ensure the Company is
in compliance with credit agreement.
FAIRPORT, N.Y., Aug. 8 /EMWNews/ -- GateHouse Media, Inc.
(the "Company" or "GateHouse Media") (NYSE: GHS) today reported financial
results for the quarter ended June 30, 2008.
The Company reported total revenues of $184.1 million in the quarter,
an increase of 16.5% over the second quarter of 2007. On a same-store
basis, As Adjusted Revenues for the Company were $184.4 million in the
quarter, decreasing 4.7% over the prior year. GateHouse Media revenues
continued to outperform its newspaper peers, which averaged double-digit
revenue declines.
Operating loss for the second quarter was $429.7 million, which
included a goodwill, intangibles and long-lived assets impairment charge of
$443.1 million. Excluding the goodwill, intangible and long-lived assets
impairment charge, which is a non-cash charge, operating income was $13.4
million compared to $18.5 million in the second quarter of 2007. As
Adjusted EBITDA for the quarter was $38.0 million, a decrease of 16.0% on a
same store basis.
GateHouse Media's management utilizes As Adjusted Revenues and As
Adjusted EBITDA to evaluate the Company's performance, cash flows and
liquidity because these metrics exclude non-cash items such as depreciation
and amortization, non-cash compensation expense and one-time costs
associated with integrating acquisitions and realizing synergy cost
savings. GateHouse Media also uses As Adjusted EBITDA, excluding corporate
costs, to assess the performance of its core local businesses.
Michael E. Reed, GateHouse Media's Chief Executive Officer, said, "The
Company delivered industry leading same store results in a very challenging
economic environment. The majority of our revenue declines continue to come
from classified advertising. Local advertising revenue is holding up quite
well and our online and circulation revenues continue to grow.
"We are experiencing increasing inflationary pressure, particularly
with regard to newsprint pricing, delivery costs and health care expenses.
Unfortunately, these expense increases offset our targeted cost reductions
in the second quarter, resulting in a 1.3% decline in expenses year over
year on a same store basis, less than we anticipated. We continue to
aggressively look for ways to reduce expenses without impacting the quality
of news and customer service we provide to our readers and advertisers. We
also continue to invest in and expand our online business which is
translating into growth. Both protecting and enhancing our local
franchises, print and online, is very important to our future."
Capital Management Initiatives
The Company announced that it will temporarily suspend payment of a
quarterly dividend to common shareholders commencing with the second
quarter of 2008. A subsidiary of the Company entered into an agreement to
issue $11.5 million of non-voting cumulative preferred stock to a private
equity fund managed by an affiliate of Fortress Investment Group, GateHouse
Media's largest shareholder. The proceeds will be used to ensure the
Company is in compliance with its credit agreement.
Commenting on the capital management initiatives, Reed said, "Given the
challenging environment we are using free cash flow to reduce leverage and
maintain additional liquidity. These initiatives will also allow us to pay
down our revolving credit facility to zero over the next three months. When
the revolving credit facility is at zero, we have no leverage covenant
tests under our credit facility. Our facility does not mature until 2014,
which provides us with significant time to strengthen our balance sheet."
Any future determination to pay dividends will be at the discretion of
the Company's Board of Directors and will depend on, among other things,
the Company's results of operations, cash requirements, financial
condition, contractual restrictions and other factors the Board of
Directors may deem relevant.
Second Quarter 2008
Total reported revenues reached $184.1 million, an increase of 16.5%
over the prior year. As Adjusted Revenues for the quarter were $184.4
million, a decline of 4.7% on a same store basis. Local advertising
revenues continued to perform well given the current economic environment
declining only 3.2% on a same store basis. Classified revenues continue to
be the primary driver of revenue declines with a 16.6% decline on a same
store basis. The classified advertising weakness was seen across all three
major categories: help wanted, real estate and auto. Online revenue growth
accelerated from the first quarter, increasing 34.8% on a same store basis.
Circulation revenues in the quarter increased by 1.1%, driven by price
increases partially offset by small volume declines. Commercial printing
and other revenues declined 4.2% on a same store basis due to lower
commercial printing projects, which is typical in a slow economy.
As Adjusted EBITDA declined 16.0% to $38.0 million on a same store
basis. A combination of the decline in sales and flat expenses year over
year contributed to the decline. Targeted cost reductions were offset by
inflationary pressures on newsprint, ink, delivery costs and health care.
Non-cash compensation expense for Restricted Stock Grants (RSGs) in the
second quarter was $1.0 million. One-time costs incurred or accrued in the
quarter were $4.4 million. These were charges related primarily to
integration of the Company's acquisitions in order to realize permanent
expense reductions, and to reduce future capital expenditure needs, as well
as staff reductions taken in order to reduce the cost basis in light of the
current revenue environment.
Levered Free Cash Flow for the quarter was $11.5 million compared with
$17.4 million for the same quarter in 2007.
The Company announced that a second quarter 2008 non-cash impairment
charge related to goodwill, intangibles and long-lived assets of $443.1
million was recorded. This decreased the Company's second quarter earnings
per share by $7.50. This charge resulted from impairment testing, in
accordance with Statement of Financial Accounting Standards No. 142,
Goodwill and Other Intangible Assets, completed at the end of the second
quarter triggered by the decline of the Company's share price. This
impairment resulted primarily from GAAP rules which require a
reconciliation between book value and our current market capitalization.
The Company's current stock market price along with general economic
conditions were key factors in determining the amount of the impairment
charge.
Commenting on the impairment charge, Reed said, "It is important to
note, that while the Company's cash flows are down the first six months on
a same store basis, our assets still produce great cash flow. This
impairment is more a reflection of the Company's stock price and a
reconciliation of market capitalization to book value. We believe our
assets will continue to produce strong cash flows and when the economic
cycle improves we are positioned in our small markets to grow."
Earnings Call
The Company has scheduled a conference call to discuss the financial
results on August 8, 2008 at 10:00 a.m. Eastern Time. The conference call
can be accessed by dialing (877) 545-1409 (from within the U.S.) or (719)
325-4910 (from outside of the U.S.) ten minutes prior to the scheduled
start and referencing the "GateHouse Media Second Quarter Earnings Call."
A webcast of the conference call will be available to the public on a
listen-only basis at http://www.gatehousemedia.com. Please allow extra time prior
to the call to visit the site and download the necessary software required
to listen to the internet broadcast. A replay of the webcast will be
available for three months following the call.
For those who cannot listen to the live call, a replay will be
available until 11:59 p.m. Eastern Time on August 22, 2008 by dialing (888)
203-1112 (from within the U.S.) or (719) 457-0820 (from outside of the
U.S.) please reference access code "264-5648." A copy of this earnings
release and quarterly financial supplement will be posted on the Investors
section of the GateHouse Media website.
About GateHouse Media, Inc.
GateHouse Media, Inc., headquartered in Fairport, New York, is one of
the largest publishers of locally based print and online media in the
United States as measured by its 97 daily publications. GateHouse Media
currently serves local audiences of more than 10 million per week across 21
states through hundreds of community publications and local websites.
GateHouse Media is traded on the New York Stock Exchange under the symbol
"GHS."
For more information regarding GateHouse Media and to be added to our
email distribution list, please visit http://www.gatehousemedia.com.
Non-GAAP Financial Measures
A non-GAAP financial measure is generally defined as one that purports
to measure historical or future financial performance, financial position
or cash flows, but excludes or includes amounts that would not be so
adjusted in the most comparable GAAP measure. GateHouse Media defines and
uses Adjusted EBITDA, As Adjusted EBITDA, As Adjusted Revenues and Levered
Free Cash Flow, non-GAAP financial measures, as set forth below. The
Company strongly urges stockholders and other interested persons not to
rely on any single financial measure to evaluate its business. In addition,
because Adjusted EBITDA, As Adjusted EBITDA, As Adjusted Revenues and
Levered Free Cash Flow are not measures of financial performance under GAAP
and are susceptible to varying calculations, these non-GAAP measures, as
presented in this press release, may differ from and may not be comparable
to similarly titled measures used by other companies.
Adjusted EBITDA, As Adjusted EBITDA, As Adjusted Revenues and Levered
Free Cash Flow
The Company defines Adjusted EBITDA as net income (loss) before
interest, income tax expense (benefit), depreciation and amortization and
other non- recurring or non-cash items. The Company defines As Adjusted
EBITDA as Adjusted EBITDA before other non-cash items such as non-cash
compensation and non-recurring integration and reorganization costs. The
Company defines As Adjusted Revenues as total revenues plus revenues of
discontinued operations while adjusting for the purchase accounting impact
on revenues of the SureWest acquisition. The Company defines Levered Free
Cash Flow as As Adjusted EBITDA less capital expenditures, cash taxes and
interest expense.
Management's Use of Adjusted EBITDA, As Adjusted EBITDA, As Adjusted
Revenues and Levered Free Cash Flow
Adjusted EBITDA, As Adjusted EBITDA, As Adjusted Revenues and Levered
Free Cash Flow are not measurements of financial performance under GAAP and
should not be considered in isolation or as alternatives to income from
operations, net income (loss), cash flow from continuing operating
activities or any other measure of performance or liquidity derived in
accordance with GAAP. GateHouse Media's management believes these non-GAAP
measures, as defined above, are useful to investors for the following
reasons:
-- Evaluating performance and identifying trends in day-to-day
performance because the items excluded have little or no significance on
its day-to-day operations;
-- Providing assessments of controllable expenses that afford
management the ability to make decisions which are expected to facilitate
meeting current financial goals as well as achieving optimal financial
performance; and
-- Indicators for management to determine if adjustments to current
spending decisions are needed.
Adjusted EBITDA, As Adjusted EBITDA, As Adjusted Revenues and Levered
Free Cash Flow provide GateHouse Media with measures of financial
performance, independent of items that are beyond the control of management
in the short- term, such as depreciation and amortization, taxation and
interest expense associated with its capital structure. These metrics
measure GateHouse Media's financial performance based on operational
factors that management can impact in the short-term, namely the cost
structure or expenses of the organization. Adjusted EBITDA, As Adjusted
EBITDA, As Adjusted Revenues and Levered Free Cash Flow are some of the
metrics used by senior management and the Board of Directors to review the
financial performance of the business on a monthly basis. In addition,
GateHouse Media's management utilizes these metrics to evaluate the
Company's performance, along with other criteria, to determine the funds
available for paying the quarterly dividend.
GATEHOUSE MEDIA, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
Three months Three months Six months Six months
ended ended ended ended
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
Revenues:
Advertising $135,816 $117,577 $257,772 $188,241
Circulation 37,525 31,967 73,766 49,140
Commercial printing
and other 10,731 8,420 21,060 14,866
Total revenues 184,072 157,964 352,598 252,247
Operating costs and
expenses:
Operating costs 98,406 81,792 195,726 133,948
Selling, general,
and administrative 51,558 40,580 100,109 70,912
Depreciation and
amortization 18,857 15,427 37,607 24,229
Integration and
reorganization
costs 1,603 1,615 4,210 2,453
Impairment of long-
lived assets 102,517 82 102,517 201
Loss on sale of
assets 212 9 206 22
Goodwill and mastheads
impairment 340,575 - 340,575 -
Operating income
(loss) (429,656) 18,459 (428,352) 20,482
Interest expense 23,217 22,379 47,633 32,596
Amortization of
deferred financing
costs 581 980 1,164 1,203
Unrealized (gain)
loss on derivative
instrument 1,037 (758) 1,756 (375)
Other (income) expense 23 (3) 36 (208)
Loss from continuing
operations before
income taxes (454,514) (4,139) (478,941) (12,734)
Income tax benefit (15,787) (1,535) (13,316) (4,021)
Loss from continuing
operations (438,727) (2,604) (465,625) (8,713)
Income (loss) from
discontinued
operations, net
of income taxes (4,524)(a) 640 (6,415)(a) 670
Net loss $(443,251) $(1,964) $(472,040) $(8,043)
Loss per share:
Basic and diluted:
Loss from continuing
operations $(7.69) $(0.07) $(8.17) $(0.23)
Income (loss) from
discontinued
operations, net
of income taxes (0.08) 0.02 (0.11) 0.02
Net loss $(7.77) $(0.05) $(8.28) $(0.21)
Dividends declared
per share $- $0.40 $0.20 $0.77
Basic weighted
average shares
outstanding 57,024,747 38,099,500 56,996,635 38,098,340
Diluted weighted
average shares
outstanding 57,024,747 38,099,500 56,996,635 38,098,340
(a) Included in income from discontinued operations, net of taxes are
total revenues of $352 for the three months ended June 30, 2008
primarily related to Telluride, CO and $2,684 for the six months ended
June 30, 2008 primarily from Yankton, SD, Winter Haven, FL and
Telluride, CO.
GATEHOUSE MEDIA, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)
June 30, December 31,
2008 2007
(unaudited)
Assets
Current assets:
Cash and cash equivalents $12,793 $12,096
Accounts receivable, net of
allowance for doubtful accounts
of $4,295 and $3,874 at June 30, 2008
and December 31, 2007, respectively 77,621 85,474
Inventory 11,613 9,046
Prepaid expenses 5,123 4,514
Deferred income taxes 3,890 3,890
Other current assets 5,431 4,208
Assets held for sale 207 1,540
Total current assets 116,678 120,768
Property, plant, and equipment,
net of accumulated depreciation
of $44,053 and $30,597 at June 30, 2008
and December 31, 2007, respectively 212,943 210,209
Goodwill 399,581 701,852
Intangible assets, net of
accumulated amortization of
$81,488 and $58,111
at June 30, 2008 and December 31,
2007, respectively 654,744 808,794
Deferred financing costs, net 7,735 8,416
Other assets 1,482 1,692
Long-term assets held for sale 14,889 23,264
Total assets $1,408,052 $1,874,995
Liabilities and Stockholders' Equity (Deficit)
Current liabilities:
Current portion of long-term
liabilities $1,359 $1,047
Short-term note payable 10,423 10,000
Short-term debt 17,000 -
Accounts payable 21,175 13,190
Accrued expenses 42,639 40,672
Accrued interest 8,814 9,947
Deferred revenue 31,837 29,840
Dividend payable - 23,126
Liabilities held for sale 67 623
Total current liabilities 133,314 128,445
Long-term liabilities:
Long-term debt 1,223,700 1,206,000
Long-term liabilities, less
current portion 5,424 3,809
Deferred income taxes 11,932 25,327
Derivative instruments 36,891 44,101
Pension and other postretirement
benefit obligations 15,481 13,325
Total liabilities 1,426,742 1,421,007
Stockholders' equity (deficit):
Preferred stock, $0.01 par value,
50,000,000 shares authorized at
June 30, 2008; none issued and
outstanding at June 30, 2008 and
December 31, 2007 - -
Common stock, $0.01 par value,
150,000,000 shares authorized at
June 30, 2008; 58,213,868 and
57,947,073 shares issued, and
58,129,440 and 57,891,295
outstanding at June 30, 2008 and
December 31, 2007, respectively 568 568
Additional paid-in capital 824,148 822,025
Accumulated other comprehensive
loss (41,053) (49,962)
Accumulated deficit (802,052) (318,407)
Treasury stock, at cost, 84,428
and 55,778 shares at June 30,
2008 and December 31, 2007,
respectively (301) (236)
Total stockholders' equity
(deficit) (18,690) 453,988
Total liabilities and
stockholders' equity (deficit) $1,408,052 $1,874,995
GATEHOUSE MEDIA, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
Six months Six months
ended ended
June 30, 2008 June 30, 2007
Cash flows from operating activities:
Net loss $(472,040) $(8,043)
Income (loss) from discontinued
operations, net of income taxes (6,415) 670
Net loss from continuing operations (465,625) (8,713)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Depreciation and amortization 37,607 24,229
Amortization of deferred financing costs 1,164 1,203
Unrealized loss (gain) on
derivative instrument 1,756 (375)
Non-cash compensation expense 2,123 2,017
Deferred income taxes (13,406) (5,373)
Loss on sale of assets 206 22
Pension and other postretirement
benefit obligations 300 668
Non-cash interest expense 618 -
Impairment of long-lived assets 102,517 201
Goodwill and mastheads impairment 340,575 -
Changes in assets and liabilities,
net of acquisitions:
Accounts receivable, net 7,475 (1,555)
Inventory (2,606) 1,019
Prepaid expenses (234) 797
Other assets (1,102) (2,270)
Accounts payable 7,254 1,543
Accrued expenses 1,257 6,795
Accrued interest (1,133) 11,180
Deferred revenue 1,387 (537)
Other long-term liabilities (686) (32)
Net cash provided by
operating activities 19,447 30,819
Cash flows from investing activities:
Purchases of property, plant, and
equipment (5,882) (3,663)
Proceeds from sale of publications and
other assets 12,501 261
Acquisition of Enterprise NewsMedia,
LLC, net of cash acquired - (154)
Acquisition of The Copley Press, Inc.
newspapers, net of cash acquired (11) (380,829)
Acquisition of Gannett Co., Inc.
Newspapers, net of cash acquired 379 (419,932)
Other acquisitions, net of cash acquired (24,540) (206,803)
Net cash used in investing
activities (17,553) (1,011,120)
Cash flows from financing activities:
Payment of debt issuance costs (6) (7,433)
Borrowings under term loans 19,505 1,495,000
Repayments of term loans (3,600) (558,000)
Net borrowings under revolving credit
facility 17,700 3,000
Payment of offering costs - (647)
Purchase of treasury stock (65) -
Payment of dividends (34,731) (23,883)
Net cash provided by (used
in) financing activities (1,197) 908,037
Net increase (decrease) in
cash and cash equivalents 697 (72,264)
Cash and cash equivalents at beginning
of period 12,096 90,302
Cash and cash equivalents at end of
period $12,793 $18,038
GATEHOUSE MEDIA, INC. AND SUBSIDIARIES
As Adjusted EBITDA
(In thousands)
Three Three Six Six
months months months months
ended ended ended ended
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
Loss from continuing operations $(438,727) $(2,604) $(465,625) $(8,713)
Income tax expense (benefit) (15,787) (1,535) (13,316) (4,021)
Unrealized (gain) loss on
derivative instrument (1) 1,037 (758) 1,756 (375)
Amortization of deferred
financing costs 581 980 1,164 1,203
Interest expense 23,217 22,379 47,633 32,596
Impairment of long-lived assets 102,517 82 102,517 201
Depreciation and amortization 18,857 15,427 37,607 24,229
Goodwill and masthead impairment 340,575 - 340,575 -
Adjusted EBITDA from
continuing operations 32,270 33,971 52,311 45,120
Non-cash compensation and
other expense 3,782 1,292 10,747 3,161
Non-cash portion of postretirement
benefits expense 335 354 893 668
Integration and reorganization
costs 1,603 1,615 4,210 2,453
Loss on sale of assets 212 9 206 22
Impact of SureWest Directories
purchase accounting - 3,073 - 4,088
Income (loss) from discontinued
operations (218) 1,044 (311) 1,074
As Adjusted EBITDA 37,984 41,358 68,056 56,586
Net capital expenditures (2) (3,190) (1,564) (5,789) (3,402)
Cash taxes (40) - (40) -
Interest expense (23,217) (22,379) (47,633) (32,596)
Levered Free Cash Flow $11,537 $17,415 $14,594 $20,588
(1) Non-cash loss on derivative instruments is related to interest rate
swap agreements which are financing related and are excluded from
Adjusted EBITDA.
(2) Capital expenditures include proceeds from sales of other assets of
$0.1 million for the three months ended June 30, 2008 and June 30,
2007 and $0.1 million and $0.3 million for the six months ended June
30, 2008 and June 30, 2007, respectively.
GATEHOUSE MEDIA, INC. AND SUBSIDIARIES
As Adjusted Revenues
(In thousands)
Three Three Six Six
months months months months
ended ended ended ended
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
Total revenues from continuing $184,072 $157,964 $352,598 $252,247
operations
Revenues from discontinued
operations 352 3,968 2,684 4,669
Total income statement revenues 184,424 161,932 355,282 256,916
Impact of SureWest Directories
purchase accounting - 4,609 - 9,310
As Adjusted Revenues $184,424 $166,541 $355,282 $266,226
Forward-Looking Statements
Certain items in this press release may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995, and are subject to various risks and uncertainties, including
without limitation, statements relating to progress made by the Company in
its integration efforts, growth in revenues and cash flow, on-line revenues
and potential acquisition opportunities. Forward-looking statements are
generally identifiable by use of forward-looking terminology such as "may,"
"will," "should," "potential," "intend," "expect," "endeavor," "seek,"
"anticipate," "estimate," "overestimate," "underestimate," "believe,"
"could," "would," "project," "predict," "continue" or other similar words
or expressions. Forward looking statements are based on certain assumptions
or estimates, discuss future expectations, describe future plans and
strategies, contain projections of results of operations or of financial
condition or state other forward-looking information. The Company's ability
to predict results or the actual effect of future plans or strategies is
inherently uncertain. Although the Company believes that the expectations
reflected in such forward looking statements are based on reasonable
assumptions, actual results and performance could differ materially from
those set forth in the forward-looking statements. Factors which could have
a material adverse effect on the Company's operations and future prospects
or which could cause events or circumstances to differ from the
forward-looking statements include, but are not limited to, the Company's
ability to close on a timely basis upon announced or contemplated
transactions, unexpected liabilities arising from any transaction or that
the Company will not receive the expected benefits from the transaction,
the Company's limited operating history on a combined basis, the Company's
ability to generate sufficient cash flow to cover required interest,
long-term obligations and dividends, the effect of the Company's
indebtedness and long-term obligations on its liquidity, the Company's
ability to effectively manage its growth, unforeseen costs associated with
the acquisition of new properties, the Company's ability to find suitably
priced acquisitions, the Company's ability to integrate acquired assets and
businesses, any increases in the price or reduction in the availability of
newsprint, seasonal and other fluctuations affecting the Company's revenues
and operating results, any declines in circulation, the Company's ability
to obtain additional capital on terms acceptable to it, the Company's
vulnerability to economic downturns, regulatory changes or acts of nature
in certain geographic areas, increases in competition for skilled
personnel, departure of key officers, increases in market interest rates,
the cost and difficulty of complying with increasing and evolving
regulation, and other risks detailed from time to time in the Company's SEC
reports, including but not limited to its most recent Annual Report on Form
10-K filed with the SEC under Commission File Number 001-33091. When
considering forward- looking statements, readers should keep in mind the
risk factors and other cautionary statements in such SEC filings. Readers
are also cautioned not to place undue reliance on any of these
forward-looking statements, which reflect management's views as of the date
of this press release and/or the associated earnings conference call. The
factors discussed above and the other factors noted in the Company's SEC
filings could cause actual results to differ significantly from those
contained in any forward-looking statement. Although the Company believes
that the expectations reflected in the forward-looking statements are
reasonable, it cannot guarantee future results, levels of activity,
performance or achievements and expressly disclaims any obligation to
release publicly any updates or revisions to any forward-looking statements
to reflect any change in expectations with regard thereto or change in
events, conditions or circumstances on which any statement is based.
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