Earnings Brief

Staff On Aug 20 2001 - 6:00am




Sirius Reports Q2 Net Loss

NEW YORK — Satellite radio broadcaster Sirius Satellite Radio, which expects to begin offering its audio entertainment service nationwide in the fourth quarter, reported a second-quarter operating loss of $46.7 million, up from $28.9 million in the year-ago second quarter. The second quarter 2001 operating loss included an $11.6 million non-cash charge. The company's net loss nearly doubled in the second three months ended June 30, reaching $62.1 million, compared with $34.8 million in the year-ago period. "We continue to execute our business plan, and have maintained a strong financial position with more than $400 million cash on hand, enough to fund operations through the third quarter of 2002," said John Scelfo, the company's chief financial officer. Sirius, which plans to offer American listeners digital-quality radio service via satellite, reported an operating loss of $86 million in the six months, compared with $55.7 million in the year-ago period.

Gemstar-TV Guide Q2 Media Sector Revenue Drops 16%

PASADENA, CALIF. — Television program guide provider Gemstar-TV Guide International reported pro forma revenue in its Media and Services Sector of $234.7 million in the second quarter, 16 percent below the $280 million recorded in the year-ago period. Pro forma operating income before stock compensation expense, depreciation and amortization and nonrecurring expenses (EBITDA) for the sector declined 3 percent in the second quarter ended June 30, reaching $62.6 million, compared with $64.5 million in the same quarter last year. For the six months, pro forma revenue in the Media and Services Sector dropped 14 percent to $679.3 million, compared with $691.3 million in the first half of last year. Pro forma EBITDA for the six months dipped 3 percent, hitting $125.5 million, compared with $129.5 million in the same six months in 2000. In the second quarter, consolidated EBITDA was $107.8 million, on consolidated revenue of $334.2 million, compared with consolidated EBITDA of $36.4 million, on consolidated revenue of $63.2 million in the year-ago three months.

Nokia 2nd Qtr. Sales Up 10%

HELSINKI, FINLAND — No. 1 mobile phone maker Nokia, the only profitable company among the leading handset producers, reported a 10 percent jump in sales of mobile phones, which account for about 70 percent of the company's net revenue. This reached $4.6 billion in the second quarter, up from $4.2 billion in the year-ago period. Operating profit for the mobile phone segment, however, dropped 21 percent to $820.4 million, down from $1 billion in the same quarter in 2000. Overall company net sales in the second quarter reached $6.3 billion, up 5 percent from the $6 billion recorded in the year-ago period, while overall net profit for the second quarter dropped 16 percent to $709.3 million, compared with $840.9 million in the year-ago period. The company said third-quarter earnings would be worse, and that the fourth-quarter financials lacked the visibility to make a call. For the six months, mobile phone sales climbed to $9.6 billion, from $8.3 billion the previous year, while mobile phone operating profit dipped to $1.9 billion in the second quarter, compared with $2.1 billion in the same six months last year.

Outpost.com Reports Fiscal Q1 Flat Sales, Extends Loss

KENT, CONN. — Global Internet retailer of high-end technology products Outpost.com said net sales for its fiscal first quarter were relatively flat, dropping to $63.7 million from $65 million in the same three months last year. The company, however, extended its net loss for the first quarter ended May 31 to $27.4 million, including charges, compared with a loss of $7.3 million in the year-ago period. Gross margin in the first quarter was 14.0 percent, 60 basis points higher than the 13.4 percent registered in the year-earlier three months. During the quarter, Outpost.com said it added about 106,000 new customers, bringing its total customer base to over 1.4 million.

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