Tribune Media Company (TRCO) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $18.95 million, or $ 0.22 a share in the quarter, against a net loss of $380.93 million, or $4.07 a share in the last year period. On an adjusted basis, earnings per share were at $0.85 for the quarter compared with $0.56 in the same period last year. Revenue during the quarter grew 10.80 percent to $529.62 million from $478.01 million in the previous year period. Gross margin for the quarter expanded 144 basis points over the previous year period to 81.62 percent. Operating margin for the quarter period stood at positive 21.37 percent as compared to a negative 83.04 percent for the previous year period.
Operating income for the quarter was $113.21 million, compared with an operating loss of $396.93 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $181.54 million compared with $131.94 million in the prior year period. At the same time, adjusted EBITDA margin improved 668 basis points in the quarter to 34.28 percent from 27.60 percent in the last year period.
"Bolstered by record fourth quarter revenues, Tribune Media’s financial results for 2016 were very strong," said Peter Liguori, Tribune Media’s president and chief executive officer. "Consolidated revenues grew 8% and consolidated Adjusted EBITDA was up 21% over last year, driven by strong political advertising revenue and solid growth in retransmission and carriage fee revenues. These results are a clear demonstration that our operational strategies continue delivering value for our shareholders. In addition, last year’s monetization of real estate assets for more than $500 million and the recent sale of Gracenote enables Tribune Media to be a more focused television company, uniquely positioned to take advantage of the opportunities presented by a rapidly changing media environment."
For financial year 2017, Tribune Media Company projects revenue to be in the range of $1,865 million to $1,916 million.
Operating cash flow improves significantly
Tribune Media Company has generated cash of $284.16 million from operating activities during the year, up 995.29 percent or $258.22 million, when compared with the last year. Cash flow from investing activities was $402.34 million from investing activities during the year as against cash outgo of $125.73 million in the last year.
The company has spent $358.74 million cash to carry out financing activities during the year as against cash outgo of $1,092.75 million in the last year period.
Cash and cash equivalents stood at $577.66 million as on Dec. 31, 2016, up 133.10 percent or $329.84 million from $247.82 million on Dec. 31, 2015.
Debt remains almost stable
Tribune Media Company has recorded a decline in total debt over the last one year. It stood at $3,411.55 million as on Dec. 31, 2016, down 0.52 percent or $17.80 million from $3,429.35 million on Dec. 31, 2015. Total debt was 36.29 percent of total assets as on Dec. 31, 2016, compared with 35.14 percent on Dec. 31, 2015. Debt to equity ratio was at 0.96 as on Dec. 31, 2016, up from 0.89 as on Dec. 31, 2015.
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