ENGLEWOOD, Colo., Nov. 9 /PRNewswire-FirstCall/ -- Liberty Media
Corporation ("Liberty")
(NASDAQ:LCAPANASDAQ:LCAPBNASDAQ:LINTANASDAQ:LINTBNASDAQ:LMDIANASDAQ:LMDIB)
today reported third quarter results for Liberty Capital group,
Liberty Interactive group and Liberty Entertainment group.
Highlights include(1): -- Grew adjusted OIBDA(2) at QVC by 10% on
revenue growth of 2% -- Increased adjusted OIBDA at Starz
Entertainment by 19% and revenue by 8% -- Raised $1.0b in senior
secured notes at QVC, extended maturities through 2019 -- Received
$250m SIRIUS XM loan repayment; loans now completely repaid, still
hold bonds -- Mailed proxy statement for split-off of Liberty
Entertainment Inc. (LEI) and business combination with DIRECTV, set
stockholder vote for November 19th -- Reached 52-week highs on all
Liberty stocks in the past two months "Building on momentum from
the second quarter, QVC, Starz, and SIRIUS XM posted strong
operating results," stated Greg Maffei, Liberty President and CEO.
"Additionally, we made significant progress on the LEI/DIRECTV
transaction having received our private letter ruling from the IRS
and mailed our proxy statement." Liberty Media's Board of Directors
approved a $500 million Liberty Starz stock repurchase
authorization and has decided not to proceed with reverse stock
splits for the Liberty Capital and Liberty Interactive groups. The
redesignation of Liberty Entertainment common stock into Liberty
Starz common stock is expected to be completed immediately
following the split-off of LEI. LIBERTY INTERACTIVE GROUP - Liberty
Interactive group's revenue increased 2% to $1.8 billion and
adjusted OIBDA increased 11% to $345 million. The increase in
revenue and adjusted OIBDA was primarily due to favorable results
at QVC. QVC QVC's third quarter consolidated revenue increased 2%
to $1.7 billion and adjusted OIBDA increased 10% to $343 million.
"QVC returned to a positive position for US and international net
revenue and adjusted OIBDA", stated Mike George, QVC President and
CEO. "These results reflect the success of our sales and cost
initiatives along with what appears to be a stabilization of
consumer spending in the US and UK. During the quarter we announced
QVC's exclusive distribution agreement with Liz Claiborne New York
- our latest move for QVC to be the must-visit destination for
exclusive, compelling content. We continue to invest in our
technology makeover and are on course with our launch of a new
global eCommerce platform, a global customer relationship and call
center management platform, warehouse automation investments and
our multimedia infrastructure. We turned the economic downturn into
an opportunity and built a stronger, leaner, more financially sound
and technology rich company for the long-term." QVC's domestic
revenue increased 2% to $1.1 billion and adjusted OIBDA increased
10% to $244 million. For the quarter, the mix of product shifted
from the jewelry and apparel product areas to the home and
accessories areas. The average selling price for the third quarter
decreased 1% from $47.89 to $47.52 and the total number of units
sold increased 1% to 25.0 million from 24.8 million. Returns as a
percent of gross product revenue decreased from 20% to 19% due to
the shift in the sales mix to home products and accessories, which
typically have lower return rates. QVC.com sales as a percentage of
domestic sales increased from 24% to 28% for the third quarter.
Adjusted OIBDA margin(2) for the domestic operations increased 163
basis points to 22% for the third quarter due to a higher gross
margin percentage resulting from more efficient warehouse
operations and freight savings as well as a reduction in franchise
and sales tax expense related to favorable audit settlements. QVC's
international revenue remained flat in the third quarter at $569
million despite the unfavorable foreign currency exchange rates in
the UK and Germany and including favorable exchange rates in Japan.
International adjusted OIBDA increased 9% in the third quarter to
$99 million. International adjusted OIBDA margins increased 138
basis points to 17% due primarily to a favorable gross margin
percentage as a result of lower warehouse and freight expenses
across each market and a favorable inventory obsolescence provision
in the UK and Germany. Excluding the effect of exchange rates,
international revenue increased 1% overall and international
adjusted OIBDA increased 9%. QVC UK's revenue in local currency
grew 6% in the third quarter due to growth in apparel and beauty
product sales. QVC UK's average selling price increased 5% for the
third quarter and units sold increased 2%. QVC UK experienced a
higher gross margin percentage due primarily to a favorable
obsolescence provision, lower warehouse expenses and a reduction in
realized inventory foreign exchange losses. QVC Germany's revenue
decreased 1% in local currency in the third quarter. QVC Germany's
average selling price increased 8% for the third quarter, while
units sold decreased 9%. Germany experienced a higher gross margin
percentage primarily due to a favorable obsolescence provision and
lower warehouse and freight expenses. The accessories category,
including beauty products, increased as a percent of product sold,
from 19% to 29% in the third quarter. QVC Japan's revenue decreased
1% in local currency during the third quarter due in part to
continued deterioration of economic conditions. QVC Japan achieved
unit sales growth of 6% but experienced a decline in the average
selling price of 7%. Japan experienced sales growth primarily in
the accessories, apparel, and health and beauty categories which
was more than offset by declines in the jewelry and home product
categories. QVC Japan's gross margin percentage remained relatively
stable. During the third quarter, QVC issued $1.0 billion principal
amount of 7.5% senior secured notes due 2019 at an issue price of
98.278%. QVC used all of the net proceeds from such offering to
fund the purchase and cancellation of an equivalent principal
amount of outstanding term loans under QVC's senior secured credit
facilities that mature in 2014. QVC's outstanding bank debt was
$3.2 billion at September 30, 2009. eCommerce Businesses Liberty
Interactive's eCommerce businesses include Provide Commerce,
Backcountry.com, Bodybuilding.com, BUYSEASONS, LOCKERZ, and The
Right Start. In the aggregate, the eCommerce businesses increased
revenue by 2% to $160 million and adjusted OIBDA by $2 million to
$5 million. The increase in revenue was primarily driven by two
small acquisitions made during 2008. Exclusive of the effects of
such acquisitions, revenue decreased 4% in the third quarter versus
the prior year as the economic downturn continues to negatively
impact the eCommerce businesses. Share Repurchases There were no
share repurchases of Liberty Interactive stock during the third
quarter of 2009. Liberty has approximately $740 million remaining
under its Liberty Interactive stock repurchase authorization. The
businesses and assets attributed to Liberty Interactive group are
engaged in, or are ownership interests in companies that are
engaged in, video and on-line commerce, and currently include
Liberty's subsidiaries QVC, Provide Commerce, Backcountry.com,
Bodybuilding.com, BUYSEASONS, LOCKERZ, and The Right Start, and its
interests in IAC/InterActiveCorp, HSN, Ticketmaster Entertainment,
Tree.com, Interval Leisure Group, Expedia and GSI Commerce. Liberty
has identified wholly-owned QVC as the principal operating segment
of Liberty Interactive group. LIBERTY ENTERTAINMENT GROUP - Liberty
Entertainment group's revenue increased 2% to $369 million and
adjusted OIBDA increased 16% to $86 million for the quarter. The
increase in revenue was primarily driven by results at Starz
Entertainment. The increase in adjusted OIBDA was due to positive
results at Starz Entertainment partially offset by expenses related
to the proposed split-off of LEI. Starz Entertainment, LLC Starz
Entertainment's revenue increased 8% to $301 million and adjusted
OIBDA increased 19% to $93 million. The $23 million increase in
revenue was due to a $22 million increase in rates and a $1 million
increase resulting from growth in the average number of
subscription units. In the third quarter, Starz experienced an
average subscription unit increase of 1% and Encore average
subscription units decreased 1% for the quarter. Starz
Entertainment's operating expenses were flat and SG&A expenses
increased $8 million to $35 million for the quarter. Operating
expenses were flat primarily due to a reduction in license fees as
a result of a reduction in the percentage of first-run movie
exhibitions (which have a relatively higher cost per title) as
compared to the number of library product exhibitions and lower
effective rates, offset by the amortization and write-off of
production costs for original series. The increase in SG&A was
primarily due to higher sales and marketing expenses and higher
personnel costs, which remain 5% lower for the first nine months of
2009 compared to the same period in 2008. Starz Chairman and CEO
Robert B. Clasen said, "Starz Entertainment had another strong
quarter, increasing revenue by 8% and adjusted OIBDA by 19%. We do
remain concerned about flat or declining subscriber numbers among
some of our affiliates - driven by general economic conditions and
rate hikes, but are working with our affiliates to improve results.
However, we are encouraged by the Television Everywhere initiative
which will bring our programming to consumers via the Internet and
by the early response to our dramatic series Spartacus: Blood and
Sand which will premiere on the Starz channels in January." Share
Repurchases There were no share repurchases of Liberty
Entertainment stock during the third quarter of 2009. The
businesses and assets attributed to Liberty Entertainment group are
engaged in, or are ownership interests in companies that are
engaged in, television and internet distribution and programming,
and currently include Liberty's subsidiaries Starz Entertainment,
Liberty Sports Group, and PicksPal, and its interests in equity
affiliates GSN LLC, WildBlue Communications and DIRECTV. Liberty
has identified Starz Entertainment as the principal operating
segment of Liberty Entertainment group. Liberty issued the Liberty
Entertainment group tracking stock on March 4, 2008. The assets and
businesses attributed to the Liberty Entertainment group were
previously attributed to the Liberty Capital group. For purposes of
presentation, we treat the assets and businesses attributed to the
Liberty Entertainment group as though they had been attributed to
the group since January 1, 2008. LIBERTY CAPITAL GROUP - Liberty
Capital group's revenue decreased 22% to $171 million while
adjusted OIBDA deficit improved by $21 million for the quarter. The
decrease in revenue was primarily due to a $41 million decrease in
theatrical revenue and a $9 million decrease in home video revenue
at Starz Media. The decrease in adjusted OIBDA deficit was
primarily due to the timing of theatrical and home video revenue
and related expenses associated with films released by Starz
Animation and Overture Films. Starz Chairman and CEO Robert B.
Clasen said, "Starz Media faced challenges in the third quarter,
including a difficult economic environment for DVD sales and the
disappointing performance of two Overture Films: Pandorum and
Capitalism: A Love Story. However, Law Abiding Citizen, starring
Jamie Foxx, which premiered in October, has already generated more
than $60 million in domestic box office, well beyond projections,
making it the best performing Overture Film release to date and we
had a good opening this past weekend for Men Who Stare at Goats."
Share Repurchases There were no share repurchases of Liberty
Capital stock during the third quarter of 2009. Liberty has
approximately $119 million remaining under its Liberty Capital
stock repurchase authorization. The businesses and assets
attributed to Liberty Capital group are all of Liberty's businesses
and assets other than those attributed to the Liberty Interactive
group and Liberty Entertainment group and include its subsidiaries
Starz Media, TruePosition, Atlanta National League Baseball Club
(the owner of the Atlanta Braves), its interests in SIRIUS XM, and
minority interests in Time Warner, Inc., Time Warner Cable, and
Sprint Nextel. FOOTNOTES 1. Liberty's President and CEO, Gregory B.
Maffei, will discuss these highlights and other matters in
Liberty's earnings conference call which will begin at 11:30 a.m.
(ET) on November 9, 2009. For information regarding how to access
the call, please see "Important Notice" on page 9. 2. For a
definition of adjusted OIBDA and applicable reconciliations and a
definition of adjusted OIBDA margin, see the accompanying
schedules. NOTES Liberty Media Corporation operates and owns
interests in a broad range of video and on-line commerce, media,
communications and entertainment businesses. Those interests are
currently attributed to three tracking stock groups: Liberty
Interactive group, Liberty Entertainment group and Liberty Capital
group. Unless otherwise noted, the foregoing discussion compares
financial information for the three months ended September 30, 2009
to the same period in 2008. Certain prior period amounts have been
reclassified for comparability with the 2009 presentation The
following financial information is intended to supplement Liberty's
consolidated statements of operations to be included in its Form
10-Q. Fair Value of Public Holdings and Derivatives ($s in millions
and include the value of June 30, September derivatives) 2009 30,
2009 ---------------------------------------- -------- ---------
InterActiveCorp 578 688 InterActiveCorp Spin-Off Companies (1) 484
724 Expedia (1) 1,046 1,658 Other 132 179 --- --- Total Attributed
Liberty Interactive Group 2,240 3,249 ----- ----- DIRECTV (1)
13,661 15,078 ------ ------ Total Attributed Liberty Entertainment
Group 13,661 15,078 ------ ------ SIRIUS XM Loans and Investments
(2) 1,546 1,922 Non Strategic Public Holdings (3) 4,020 3,144 -----
----- Total Attributed Liberty Capital Group 5,566 5,066
-------------------------------------- ----- ----- (1) Represents
fair value of Liberty's investments in the InterActiveCorp spin-off
companies (HSN, Ticketmaster Entertainment, Interval Leisure Group,
and Tree.com), Expedia, and DIRECTV and associated financial
instruments. In accordance with GAAP, Liberty accounts for these
investments using the equity method of accounting and includes
these investments in its consolidated balance sheet at their
historical carrying values. (2) Represents the fair value of
Liberty's various debt and equity investments and loans to SIRIUS
XM. The fair value of Liberty's convertible preferred stock is
calculated on an as-if-converted basis into common stock. Liberty's
loans to SIRIUS XM are reflected at their face amount for both
periods presented. In accordance with GAAP, Liberty accounts for
the convertible preferred stock and loans using the equity method
of accounting and includes these in its consolidated balance sheet
at their historical carrying values. (3) Represents Liberty's
non-strategic public holdings which are accounted for at fair value
including any associated equity derivatives on such investments.
Also includes the liability associated with borrowed shares which
totaled $617 million and $865 million on June 30, 2009 and
September 30, 2009, respectively. Cash and Debt The following
presentation is provided to separately identify cash and debt
information. June 30, September 2009 30, 2009 (amounts in millions)
-------- --------- Cash Attributable to: Liberty Interactive Group
946 816 Liberty Entertainment Group 618 577 Liberty Capital Group
(1) 2,373 2,923 ----- ----- Total Liberty Consolidated Cash (GAAP)
3,937 4,316 ===== ===== Debt: Senior Notes and Debentures (2) 1,711
1,594 Senior Exchangeable Debentures 541 541 QVC Senior Notes (2)
-- 1,000 QVC Bank Credit Facility 4,477 3,235 Other 68 190 --- ---
Total Attributed Liberty Interactive Group Debt (3) 6,797 6,560
Less: Unamortized Discount (7) (25) Less: Fair Market Value
Adjustment (324) (240) ---- ---- Total Attributed Liberty
Interactive Group Debt (GAAP) 6,466 6,295 ----- ----- Liberty
Derivative Borrowing 2,016 1,888 Other 50 49 --- --- Total
Attributed Liberty Entertainment Group Debt (GAAP) 2,066 1,937
----- ----- Senior Exchangeable Debentures (4) 2,571 2,561 Bank
Credit Facility 750 750 Liberty Derivative Borrowing 1,930 1,155
Other 102 80 --- --- Total Attributed Liberty Capital Group Debt
5,353 4,546 Less: Fair Market Value Adjustment (1,049) (694) ------
---- Total Attributed Liberty Capital Group Debt (GAAP) 4,304 3,852
----- ----- Total Consolidated Liberty Debt (GAAP) 12,836 12,084
====== ====== (1) Does not include $505 million and $471 million of
restricted cash on June 30, 2009 and September 30, 2009,
respectively, which is reflected in other long-term assets in
Liberty's condensed consolidated balance sheet. (2) Face amount of
Senior Notes and Debentures with no reduction for the unamortized
discount or fair market value adjustment. (3) Does not include $500
million in intergroup loans. Each of the Entertainment group and
Capital group made an intergroup loan to the Interactive group in
the amount of $250 million. Such loans (i) are secured by various
public stocks attributed to the Interactive group, (ii) accrue
interest quarterly at the rate of LIBOR plus 500 basis points and
(iii) are due June 16, 2010. (4) Face amount of Senior Exchangeable
Debentures with no reduction for the fair market value adjustment.
Total attributed Liberty Interactive group cash decreased $130
million compared to June 30, 2009 primarily due to the retirement
of outstanding public bonds and the pay down of the QVC credit
facility partially offset by cash flow from QVC operations. Total
attributed Liberty Interactive group debt decreased $237 million
compared to June 30, 2009 due to the debt pay downs mentioned
above. QVC also issued $1.0 billion principal amount of senior
secured notes during the quarter and used the net proceeds to
purchase and cancel certain outstanding term loans of the same
amount. Please see discussion related to QVC's Senior Secured Notes
due 2019 in the footnotes to Liberty's condensed consolidated
financial statements to be included in its Form 10-Q. Subsequent to
September 30, 2009, the Interactive group repaid $50 million of the
intergroup loans to each of the Entertainment group and the Capital
group. Total attributed Liberty Entertainment group cash decreased
$41 million compared to June 30, 2009 primarily due to payments on
the derivative borrowing partially offset by tax sharing payments
from subsidiaries and cash flow from Starz Entertainment
operations. Total attributed Liberty Entertainment group debt
decreased $129 million compared to June 30, 2009 due to payments on
the derivative borrowing. Total attributed Liberty Capital group
cash and short-term investments increased $550 million compared to
June 30, 2009 due to the expiration of a certain equity derivative
and the early retirement of loans previously extended to Sirius XM,
partially offset by the retirement of derivative borrowings. Total
attributed Liberty Capital group debt decreased $807 million
compared to June 30, 2009 due to the retirement of derivative
borrowings mentioned above. Important Notice: Liberty Media
Corporation (NASDAQ:LCAPANASDAQ:LCAPBNASDAQ:LINTANASDAQ:
LINTBNASDAQ:LMDIANASDAQ:LMDIB) President and CEO, Gregory B. Maffei
will discuss Liberty's earnings release in a conference call which
will begin at 11:30 a.m. (ET) on November 9, 2009. The call can be
accessed by dialing (877) 440-5803 or (719) 325-4888 at least 10
minutes prior to the start time. Replays of the conference call can
be accessed through 1:30 p.m. (ET) on November 23, 2009 by dialing
(719) 457-0820 or (888) 203-1112 plus the pass code 3701402#. The
call will also be broadcast live across the Internet and archived
on our website. To access the webcast go to
http://www.libertymedia.com/events. Links to this press release
will also be available on the Liberty Media web site. This press
release includes certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements about financial guidance, business strategies,
market potential, future financial performance, new service and
product launches and other matters that are not historical facts.
These forward-looking statements involve many risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements, including,
without limitation, possible changes in market acceptance of new
products or services, competitive issues, regulatory issues,
continued access to capital on terms acceptable to Liberty Media,
and the completion of the proposed split-off of a majority of the
assets and liabilities of the Liberty Entertainment group and the
related business combination with DIRECTV. These forward looking
statements speak only as of the date of this press release, and
Liberty Media expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statement contained herein to reflect any change in Liberty Media's
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
Please refer to the publicly filed documents of Liberty Media,
including the most recent Forms 10-Q and 10-K and our Form 8-K
filed July 20, 2009 for additional information about Liberty Media
and about the risks and uncertainties related to Liberty Media's
business which may affect the statements made in this press
release. Additional Information Nothing in this presentation shall
constitute a solicitation to buy or an offer to sell shares of LEI,
any of the Liberty Media tracking stocks or shares of the new
company to be issued pursuant to the merger agreement with DIRECTV.
The offer and sale of shares in the proposed split-off and the
DIRECTV transaction will only be made pursuant to the effective
registration statements on file with the Securities and Exchange
Commission ("SEC"). Liberty Media stockholders and other investors
are urged to read the effective registration statements, including
the definitive proxy statement/prospectuses contained therein,
because they contain important information about these
transactions. Copies of the effective registration statements and
the definitive proxy statement/prospectuses are available free of
charge at the SEC's website (http://www.sec.gov/). Copies of the
filings together with the materials incorporated by reference
therein can also be obtained, without charge, by directing a
request to D.F. King & Co., Inc. at (800) 628-8532.
Participants in a Solicitation The directors and executive officers
of Liberty Media and other persons may be deemed to be participants
in the solicitation of proxies in respect of proposals to approve
the transactions. Information regarding the directors and executive
officers of each of Liberty Media, LEI and the new DIRECTV and
other participants in the proxy solicitation and a description of
their respective direct and indirect interests, by security
holdings or otherwise are available in the definitive proxy
materials filed with the SEC. SUPPLEMENTAL INFORMATION As a
supplement to Liberty's consolidated statements of operations, to
be included in its Form 10-Q, the following is a presentation of
quarterly financial information and operating metrics on a
stand-alone basis for the three largest privately held businesses
(QVC, Starz Entertainment, and Starz Media) owned by or in which
Liberty held an interest on September 30, 2009. Please see below
for the definition of adjusted OIBDA and a discussion of
management's use of this performance measure. Schedule 2 to this
press release provides a reconciliation of adjusted OIBDA for each
identified entity to that entity's operating income for the same
period, as determined under GAAP. QUARTERLY SUMMARY (amounts in
millions) 3Q08 4Q08 1Q09 2Q09 3Q09 ---- ---- ---- ---- ---- Liberty
Interactive Group QVC Revenue - Domestic 1,073 1,481 1,053 1,157
1,098 Revenue - International 568 655 540 527 569 --- --- --- ---
--- Revenue - Total 1,641 2,136 1,593 1,684 1,667 ----- ----- -----
----- ----- Adjusted OIBDA - Domestic 221 282 222 277 244 Adjusted
OIBDA - International 91 134 97 96 99 --- --- --- --- --- Adjusted
OIBDA - Total 312 416 319 373 343 --- --- --- --- --- Operating
Income 175 278 178 243 209 Gross Margin - Domestic 34.3% 32.1%
34.2% 36.6% 34.8% Gross Margin - International 35.7% 36.6% 37.0%
37.6% 36.9% ---- ---- ---- ---- ---- Liberty Entertainment Group
STARZ Entertainment Revenue 278 285 296 296 301 Adjusted OIBDA 78
81 108 105 93 Operating Income (Loss) 63 (1,151) 95 92 78
Subscription Units - Starz 17.4 17.7 18.1 17.5 17.3 Subscription
Units - Encore 31.6 31.7 31.9 31.5 30.7 ---- ---- ---- ---- ----
Liberty Capital Group STARZ Media Revenue 104 98 102 90 56 Adjusted
OIBDA (82) (64) 5 17 (71) Operating Income (Loss) (86) (260) 2 15
(73) --- ---- --- --- --- NON-GAAP FINANCIAL MEASURES This press
release includes a presentation of adjusted OIBDA, which is a
non-GAAP financial measure, for each of Liberty's tracking stock
groups and each of QVC, Starz Entertainment and Starz Media
together with a reconciliation to that group's or entity's
operating income, as determined under GAAP. Liberty defines
adjusted OIBDA as revenue less cost of sales, operating expenses,
and selling, general and administrative expenses (excluding stock
and other equity-based compensation) and excludes from that
definition depreciation and amortization and restructuring and
impairment charges that are included in the measurement of
operating income pursuant to GAAP. Further, this press release
includes adjusted OIBDA margin which is also a non-GAAP financial
measure. Liberty defines adjusted OIBDA margin as adjusted OIBDA
divided by revenue. Liberty believes adjusted OIBDA is an important
indicator of the operational strength and performance of its
businesses, including the ability to service debt and fund capital
expenditures. In addition, this measure allows management to view
operating results and perform analytical comparisons and
benchmarking between businesses and identify strategies to improve
performance. Because adjusted OIBDA is used as a measure of
operating performance, Liberty views operating income as the most
directly comparable GAAP measure. Adjusted OIBDA is not meant to
replace or supersede operating income or any other GAAP measure,
but rather to supplement such GAAP measures in order to present
investors with the same information that Liberty's management
considers in assessing the results of operations and performance of
its assets. Please see the attached schedules for applicable
reconciliations. SCHEDULE 1 The following table provides a
reconciliation of adjusted OIBDA for each of Liberty Interactive
group, Liberty Entertainment group, and Liberty Capital group to
that group's operating income calculated in accordance with GAAP
for the three months ended September 30, 2008, December 31, 2008,
March 31, 2009, June 30, 2009, and September 30, 2009,
respectively. (amounts in millions) 3Q08 4Q08 1Q09 2Q09 3Q09 ----
---- ---- ---- ---- Liberty Interactive Group Adjusted OIBDA 312
432 341 412 345 Depreciation and Amortization (143) (143) (147)
(135) (139) Stock Compensation Expense (8) (7) (10) (11) (12)
Impairment of Long-Lived Assets -- (56) -- -- -- --- --- --- ---
--- Operating Income 161 226 184 266 194 === === === === ===
Liberty Entertainment Group Adjusted OIBDA 74 107 132 89 86
Depreciation and Amortization (12) (12) (11) (9) (7) Stock
Compensation Expense (15) 21 (17) (23) (20) Impairment of
Long-Lived Assets -- (1,262) -- -- -- --- ------- --- --- ---
Operating Income (Loss) 47 (1,146) 104 57 59 === ======= === == ==
Liberty Capital Group Adjusted OIBDA (92) (106) (32) 4 (71)
Depreciation and Amortization (24) (23) (20) (22) (20) Stock
Compensation Expense (1) 3 (1) (1) (3) Impairment of Long-Lived
Assets (34) (217) -- -- -- --- ---- --- --- --- Operating Loss
(151) (343) (53) (19) (94) ==== ==== === === === The following
table provides a reconciliation of adjusted OIBDA to earnings from
continuing operations before income taxes and minority interest for
the three months ended September 30, 2008 and 2009, respectively.
(amounts in millions) 2008 2009 ---- ---- Liberty Interactive Group
$312 345 Liberty Entertainment Group 74 86 Liberty Capital Group
(92) (71) --- --- Consolidated Adjusted OIBDA $294 360 ==== ===
Consolidated Segment Adjusted OIBDA $294 360 Stock-Based
Compensation (24) (35) Depreciation and Amortization (179) (166)
Impairment of long-lived assets (34) -- Interest Expense (190)
(194) Share of Earnings of Affiliates 141 138 Realized and
Unrealized (Losses) on Financial Instruments, net 77 (326) Losses
on Dispositions, net (2) (14) Other than temporary declines in fair
value of investments (444) -- Other, net 14 12 --- --- Loss Before
Income Taxes $(347) (225) ===== ==== SCHEDULE 2 The following table
provides a reconciliation of adjusted OIBDA for QVC, eCommerce
businesses, Starz Entertainment and Starz Media to that entity's
operating income calculated in accordance with GAAP for the three
months ended September 30, 2008, December 31, 2008, March 31, 2009,
June 30, 2009, and September 30, 2009, respectively. (amounts in
millions) 3Q08 4Q08 1Q09 2Q09 3Q09 ---- ---- ---- ---- ---- Liberty
Interactive Group QVC Adjusted OIBDA 312 416 319 373 343
Depreciation and Amortization (135) (135) (137) (127) (130) Stock
Compensation Expense (2) (3) (4) (3) (4) -- -- -- -- -- Operating
Income 175 278 178 243 209 === === === === === eCommerce Businesses
Adjusted OIBDA 3 19 25 42 5 Depreciation and Amortization (7) (9)
(9) (9) (9) Stock Compensation Expense (3) (3) (4) (4) (4)
Impairment of Long-Lived Assets -- (56) -- -- -- === === === ===
=== Operating Income (Loss) (7) (49) 12 29 (8) === === === === ===
Liberty Entertainment Group STARZ Entertainment Adjusted OIBDA 78
81 108 105 93 Depreciation and Amortization (4) (5) (4) (5) (3)
Stock Compensation Expense (11) 12 (9) (8) (12) Impairment of
Long-Lived Assets -- (1,239) -- -- -- --- ------- --- --- ---
Operating Income (Loss) 63 (1,151) 95 92 78 === ======= === === ===
Liberty Capital Group STARZ Media Adjusted OIBDA (82) (64) 5 17
(71) Depreciation and Amortization (4) (3) (3) (3) (2) Stock
Compensation Expense -- (1) -- 1 -- Impairment of Long-Lived Assets
-- (192) -- -- -- --- ---- --- --- --- Operating Income (Loss) (86)
(260) 2 15 (73) === ==== === === === DATASOURCE: Liberty Media
Corporation CONTACT: Courtnee Ulrich, +1-720-875-5420, for Liberty
Media Corporation Web Site: http://www.libertymedia.com/
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