� SCC Soft Computer's blood bank product, SoftBank� II, version 23.2 received market place approval from the Food and Drug Administration (FDA) on August 12, 2008.
SoftBank II version 23.2 was designed to have the added capableness to print ISBT-compliant labels for modified blood products. The functionality of the predicate device, SoftBank II version 23.1 with Database Management System Interface, is the foundation on which the added functionality of ISBT-complaint label impression was designed.
"As decisiveness support package devices that are highly regulated and require learned user intervention to document certain steps and events in a transfusion service environment, it is crucial that our blood services products keep pace with industry standards, such as the use of ISBT labels," said Gilbert Hakim, CEO, SCC Soft Computer. "I am confident that SoftBank will remain on the leading edge in this private-enterprise market."
SoftBank II is a centralised transfusion service management system that combines previous high-performance functionality with exciting new features to provide a comprehensive, cost-effective centralized testing solution. The database management system offers, fast, address linking betwixt records and transactions. This dramatically increases levels of security and integrity when performing and documenting activities and events. As a major plus to the laboratory, SoftBank II provides critical base hit functions passim the system allowing the laboratory's focus to remain on providing safe blood products to patients.
For nearly 30 years, SCC Soft Computer has been meeting the needs of the healthcare industry by providing powerful, clinical information solutions to hospitals, large IDNs (integrated delivery networks), and laboratories. Healthcare organizations seeking expertness, innovation, and a allegiance to timber in healthcare information engineering science turn to SCC Soft Computer for best of breed clinical software applications. SCC offers full suites of Web-enabled clinical info management software. For more information, touch Ellie Vahman at ellie@softcomputer.com or (727) 789-0100 ext. 4052.
http://www.softcomputer.com
More info
Thursday 4 September 2008
Monday 25 August 2008
Mp3 music: Antonio Orozco
 Artist: Antonio Orozco: mp3 download Genre(s): Rock Folk Antonio Orozco's discography:  Antonio Orozco Year: 2005 Tracks: 12  El Principio Del Comienzo Year: 2004 Tracks: 12  Un Reloj Y Una Vela Year: 2003 Tracks: 12  Rarezas (Single) Year: 2001 Tracks: 2 Antonio Orozco was innate November 23, 1972, and elevated in Barcelona, Spain, by a working-class family unit. During a head trip at the years of 15 to Triana, Sevilla, Orozco was uncovered to the music that would change his life forever. His family unit, in the root sevillanos, had roots in the region and its music: gypsy dancing. His family unit currently relocated to Osuma, in Sevilla, a state known for its vibrant music community. Orozco took up gypsy dance guitar and began tender vocalists as a by-line. In time, his natural endowment for songwriting bubbled to the control surface, and he began playing professionally. Playing in parallel bars and prepare stations, Orozco came to know pianist/producer Xavi Perez, wHO divine him to record his have material. In the year 2000 he released his number 1 solo disc, Un Reloj y una Vela, which Perez produced alongside Tato Latorre. Impressively, the phonograph recording sold all over C,000 copies. Semilla de Silencio was released in 2001. It was also produced by Perez and Latorre, and sold three multiplication as many copies as its predecessor. The 2004 divergence of his third stand work, El Principio del Comienzo, produced similar results. His breakout success north Korean won him opportunities to perform in the U.S. and all all over Latin America. In 2005 Orozco was asked to hitch with Juanes on his hitch of the Americas, which made possible his hot concert DVD, Antonio Orozco -- Tour Edition. Orozco's 2006 deviation, Cadizfornia, made it onto Billboard's Top century European Albums chart. |
Thursday 7 August 2008
Lamas and Monks of the Four Great Orders
Artist: Lamas and Monks of the Four Great Orders
Genre(s):
Other
Discography:
Tibetian Ritual Music
Year:
Tracks: 5
Strictly Cha Cha
Friday 27 June 2008
Kelly Snitch Says R.'s Peeps Wanted Her Dead
One of R. Kelly's henchmen threatened to knock off the state's star witness in his kiddie-porn trial, according to just-unsealed docs.Lisa Van Allen, the woman who said she had sex with Kelly and the alleged victim in the case, claimed in pretrial docs that an "employee" of R. Kelly said she should've been killed for tattling on the pisstastic singer. No charges were ever filed, and Kelly was acquitted last week of all the child-porn charges.
Van Allen also revealed that she was paid $100K for a tape with her and another allegedly underage girl by an associate of R. Kelly.
See Also
Sunday 22 June 2008
Filibuster
Artist: Filibuster
Genre(s):
Rock
Discography:
Deadly Hi-Fi
Year: 1999
Tracks: 13
Sacramento, CA's Filibuster consists of saxophonist/vocalist Jason Boggs, guitarists Curt Cottrell and Mike Scheftner, bassist AJ Wilhelm, drummer Jeff Evans and turntablist Rob Rossi. The six-piece debuted their ska/meta/hip-hop fusion on 1995's New Ruler & The King which they followed two years by and by with Means. 1999 adage the release of Deadly Hifi.
Sunday 15 June 2008
Westwood One, Inc. Reports Results for the First Quarter 2008
Revenue - $106.6 Million
Adjusted EBITDA - $11.1 Million
Net Loss - $5.3 Million
NEW YORK, May 7 /PRNewswire-FirstCall/ -- Westwood One, Inc. (NYSE:
WON) a provider of analog and digital content, including news, sports,
weather, traffic, video news services and other information, to the radio,
TV and on- line industries, today reported its operating results for its
first quarter ended March 31, 2008.
Revenue for the first quarter of 2008 decreased $7.4 million, or 6.5%,
to $106.6 million compared with $114.0 million in 2006. The decrease in
revenue is primarily attributable to lower audience and inventory levels, a
reduction in the size of our sales force and increased competition. In the
first quarter of 2008, we experienced revenue declines in both the National
and Local/regional areas of our business, with National revenue declining
2.4% and Local/regional revenue decreasing 11.2%. The decrease in National
revenue was principally attributable to a reduction in RADAR rated network
inventory resulting from our affiliates experiencing audience declines,
lower barter revenue related to programming agreements and planned
reductions in affiliate compensation, partially offset by revenue generated
from new program launches. The decrease in Local/regional revenue was
principally related to a weak local ad marketplace primarily in the
automotive, banking and real estate categories, a reduction in our sales
force, a reduction in :10 second inventory units to sell and from increased
competition from radio stations, partially offset by higher revenue from
television inventory.
Adjusted EBITDA for the first quarter of 2008, defined as operating
income plus depreciation and amortization, special charges, and non-cash
stock-based compensation, was $11.1 million compared with $15.4 million in
2007, a decrease of $4.3 million, or 28.2%. The decline in Adjusted EBITDA
was principally attributable to our decrease in revenue, partially offset
by a slight reduction in operating costs, attributable to the cancellation
of certain contracts in last year's first quarter and lower commission and
bad debt expense.
Westwood One's President and CEO, Tom Beusse, stated, "We have just
begun to make the necessary adjustments to and investments in our business
to position us for growth. With the recent addition to our management ranks
of Andrew Hersam, Chief Revenue Officer, we expect to significantly improve
our sales efforts as well as rebuild and reorganize our sales staff
throughout this year." Mr. Beusse added, "The radio network marketplace
continues to show growth in the current year to date period despite the
weakness in the local and national marketplace. While we are still trailing
the market growth, our bookings continue to show low to mid single digit
improvement over last year. In addition, as a result of the consummation of
the new CBS arrangement, we expect to see growth in the national audience
that we sell to advertisers."
Free cash flow, defined as net income plus depreciation and
amortization, special charges, stock-based compensation, and amortization
of deferred financing costs less capital expenditures, in the first quarter
of 2008 decreased approximately $2.7 million to $5.4 million, or $0.06 per
diluted share, compared with $8.1 million, or $0.09 per diluted share in
2007's first quarter. Capital expenditures were approximately $3.7 million
in the current quarter compared with $0.9 million in the first quarter of
2007. The increase in capital expenditures is attributable to costs we are
incurring for a new distribution system for our national products and
commercials.
Special charges in the first quarter of 2008 were $8.0 million compared
with $0.4 million in the comparable quarter of 2007. Special charges in the
current quarter were comprised of the $5.0 million payment made to CBS
Radio in conjunction with the closing of the new long-term arrangement with
CBS Radio as well as additional fees payable to outside advisors as a
result of closing that arrangement. Special charges in the first quarter of
2007 were attributable to cost incurred with respect to the new CBS Radio
arrangement.
Operating loss in the first quarter of 2008 increased $10.3 million to
$3.0 million from operating income of $7.3 million in the first quarter of
2007. The higher loss is principally attributable to lower revenue and
higher special charges, partially offset by the elimination of warrant
amortization attributable to the CBS Radio warrants that were cancelled as
part of the new CBS Radio arrangement and a reduction in operating costs.
Interest expense decreased $0.7 million, or 11.4%, to $5.4 million in
2008's first quarter from $6.1 million in the comparable 2007 quarter, due
to a reduction in debt levels and interest rates.
Income tax expense decreased $3.5 million to a benefit of $3.0 million
in the first quarter of 2007 from an expense of $0.5 million in the first
quarter of 2006.
Net loss for the first quarter was $5.3 million, or $0.06 per diluted
common share, compared with net income in last year's first quarter of $0.7
million, or $0.01 per diluted common share.
2008 Outlook
The Company expects 2008 revenue to increase low single digits and
Adjusted EBITDA to decrease 15% - 20% as a result of making strategic
investments in our core business. These investments will focus on
increasing the audience we deliver to our advertisers and expanding our
program offerings. We will also improve and expand our sales force. While
improving these core elements of our business, we will increase our focus
on developing content for use across all media platforms.
About Westwood One
Westwood One (NYSE: WON) is a platform-agnostic content company
providing over 150 news, sports, music, talk, entertainment programs,
features and live events to numerous media partners. Through its
subsidiaries, Metro Networks/Shadow Broadcast Services, Westwood One
provides local content to the radio and TV industries and to the Web. This
content includes news, sports, weather, traffic, video news services and
other information. SmartRoute Systems manages traffic information centers
for state and local departments of transportation, and markets traffic and
travel content to wireless, Internet, in-vehicle navigation systems and
voice portal customers. Westwood One serves more than 5,000 radio stations.
For more information please visit http://www.westwoodone.com.
Certain statements in this release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from
any future results, performance or achievements expressed or implied by
such forward- looking statements. The words or phrases "guidance,"
"expect," "anticipate," "estimates" and "forecast" and similar words or
expressions are intended to identify such forward-looking statements. In
addition any statements that refer to expectations or other
characterizations of future events or circumstances are forward-looking
statements. Various risks that could cause future results to differ from
those expressed by the forward-looking statements included in this release
include, but are not limited to: changes in economic conditions in the U.S.
and in other countries in which Westwood One, Inc. currently does business
(both generally and relative to the broadcasting industry); advertiser
spending patterns, including the notion that orders are being placed in
close proximity to air, limiting visibility of demand; changes in the level
of competition for advertising dollars; technological changes and
innovations; fluctuations in programming costs; shifts in population and
other demographics; changes in labor conditions; and changes in
governmental regulations and policies and actions of federal and state
regulatory bodies. Other key risks are described in the Company's reports
filed with the SEC, including the Company's annual report on Form 10-K for
the year ending December 31, 2007. Except as otherwise stated in this news
announcement, Westwood One, Inc. does not undertake any obligation to
publicly update or revise any forward-looking statements because of new
information, future events or otherwise.
WESTWOOD ONE, INC.
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
Adjusted EBITDA
The following tables set forth the Company's Adjusted EBITDA for the
three month periods ended March 31, 2008 and 2007. The Company defines
"Adjusted EBITDA" as operating income (loss) from its Statement of
Operations adjusted to exclude the following items: depreciation and
amortization, stock-based stock compensation, special charges and goodwill
impairment (when applicable). Adjusted EBITDA is not a performance measure
calculated in accordance with Generally Accepted Accounting Principles
("GAAP").
Adjusted EBITDA is used by the Company to, among other things, evaluate
its operating performance, forecast and plan for future periods, value
prospective acquisitions, and as one of several components of incentive
compensation targets for certain management personnel. This measure is an
important indicator of the Company's operational strength and performance
of its business because it provides a link between profitability and
operating cash flow. The Company believes the presentation of this measure
is relevant and useful for investors because it allows investors to view
performance in a manner similar to the method used by the Company's
management, helps improve their ability to understand the Company's
operating performance and makes it easier to compare the Company's results
with other companies that have different financing and capital structures
or tax rates. In addition, this measure is also among the primary measures
used externally by the Company's investors, analysts and peers in its
industry for purposes of valuation and comparing the operating performance
of the Company to other companies in its industry. Adjusted EBITDA is also
used to determine compliance with its debt covenants.
Since Adjusted EBITDA is not a measure of performance calculated in
accordance with GAAP, it should not be considered in isolation of, or as a
substitute for, net income as an indicator of operating performance.
Adjusted EBITDA as the Company calculates it, may not be comparable to
similarly titled measures employed by other companies. In addition, this
measure does not necessarily represent funds available for discretionary
use, and is not necessarily a measure of the Company's ability to fund its
cash needs. As Adjusted EBITDA excludes certain financial information
compared with operating income, the most directly comparable GAAP financial
measure, users of this financial information should consider the types of
events and transactions which are excluded. As required by the Securities
and Exchange Commission ("SEC"), the Company provides below a
reconciliation of Adjusted EBITDA to operating income, the most directly
comparable amount reported under GAAP.
(In millions)
Three Months Ended
March 31,
2008 2007
Adjusted EBITDA $11.1 $15.4
Less:
Depreciation and amortization 4.0 5.0
Stock-based compensation 2.1 2.7
Special charges 8.0 0.4
Operating Income (Loss) $(3.0) $7.3
Free Cash Flow
Free cash flow is defined by the Company as net income (loss) plus
depreciation and amortization, stock-based compensation, special charges
and goodwill impairment (when applicable) less capital expenditures. The
Company uses free cash flow, among other measures, to evaluate its
operating performance. Management believes free cash flow provides
investors with an important perspective on the Company's cash available to
service debt and the Company's ability to make strategic acquisitions and
investments, maintain its capital assets, repurchase its common stock and
fund ongoing operations. As a result, free cash flow is a significant
measure of the Company's ability to generate long term value. The Company
believes the presentation of free cash flow is relevant and useful for
investors because it allows investors to view performance in a manner
similar to the method used by management. In addition, free cash flow is
also a primary measure used externally by the Company's investors, analysts
and peers in its industry for purposes of valuation and comparing the
operating performance of the Company to other companies in its industry.
Free cash flow per fully diluted weighted average Common shares outstanding
is defined by the Company as free cash flow divided by the fully diluted
weighted average Common shares outstanding.
As free cash flow is not a measure of performance calculated in
accordance with GAAP, free cash flow should not be considered in isolation
of, or as a substitute for, net income as an indicator of operating
performance or net cash provided by operating activities as a measure of
liquidity. Free cash flow, as the Company calculates it, may not be
comparable to similarly titled measures employed by other companies. In
addition, free cash flow does not necessarily represent funds available for
discretionary use and is not necessarily a measure of the Company's ability
to fund its cash needs. In arriving at free cash flow, the Company adjusts
net cash provided by operating activities to remove the impact of cash flow
timing differences to arrive at a measure which the Company believes more
accurately reflects funds available for discretionary use. Specifically,
the Company adjusts net cash provided by operating activities (the most
directly comparable GAAP financial measure) for capital expenditures,
special charges, and deferred taxes, in addition to removing the impact of
sources and or uses of cash resulting from changes in operating assets and
liabilities. Accordingly, users of this financial information should
consider the types of events and transactions which are not reflected. The
Company provides below a reconciliation of free cash flow to the most
directly comparable amount reported under GAAP, net cash provided by
operating activities.
The following table presents a reconciliation of the Company's net cash
provided by operating activities to free cash flow:
(In millions except per share amounts)
Three Months Ended
March 31,
2008 2007
Net Cash Provided by Operating Activities $(10.8) $16.6
Plus (Minus)
Changes in assets and liabilities 12.4 (8.3)
Special charges 8.0 0.4
Deferred taxes (0.5) 0.3
Less Capital expenditures (3.7) (0.9)
Free Cash Flow $5.4 $8.1
Diluted weighted-average shares outstanding 89.4 86.1
Free Cash Flow per Share $0.06 $0.09
WESTWOOD ONE, INC
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended
March 31,
2008 2007
(Unaudited)
NET REVENUE $106,627 $113,959
Operating Costs (includes related
party expenses of $17,827 and
$18,943, respectively) 94,229 97,435
Depreciation and Amortization
(includes related party
warrant amortization of $1,618
and $2,427, respectively) 3,976 5,031
Corporate General and
Administrative Expenses
(includes related party expenses
of $656 and $830, respectively) 3,466 3,876
Special Charges 7,956 355
109,627 106,697
OPERATING (LOSS) INCOME (3,000) 7,262
Interest Expense 5,399 6,097
Other Income (41) -
(LOSS) INCOME BEFORE INCOME TAXES (8,358) 1,165
INCOME TAX EXPENSE (BENEFIT) (3,020) 450
NET (LOSS) INCOME $(5,338) $715
EARNINGS (LOSS) PER SHARE
COMMON STOCK
BASIC $(0.06) $0.01
DILUTED $(0.06) $0.01
CLASS B STOCK
BASIC $- $0.02
DILUTED $- $0.02
WEIGHTED AVERAGE SHARES OUTSTANDING:
COMMON STOCK
BASIC 89,423 86,072
DILUTED 89,423 86,079
CLASS B STOCK
BASIC 292 292
DILUTED 292 292
WESTWOOD ONE, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(unaudited)
March 31, December 31,
2008 2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $5,931 $6,187
Accounts receivable, net of
allowance for doubtful accounts
of $3,415 (2008) and $3,602(2007) 101,378 108,271
Warrants, current portion - 9,706
Prepaid and other assets 10,878 13,990
Total Current Assets 118,187 138,154
PROPERTY AND EQUIPMENT, NET 34,514 33,012
GOODWILL 464,114 464,114
INTANGIBLE ASSETS, NET 3,247 3,443
OTHER ASSETS 23,949 31,034
TOTAL ASSETS $644,011 $669,757
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturity of long-term debt $138,100 $-
Accounts payable 17,533 17,378
Amounts payable to related parties 16,390 30,859
Deferred revenue 4,621 5,815
Income taxes payable - 7,246
Accrued expenses and other liabilities 30,001 29,562
Total Current Liabilities 206,645 90,860
LONG-TERM DEBT 201,783 345,244
OTHER LIABILITIES 6,209 6,022
TOTAL LIABILITIES 414,637 442,126
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock: authorized
10,000 shares, none outstanding - -
Common stock, $.01 par value:
authorized, 300,000 shares;
issued and outstanding,
101,352 (2008) and 87,105(2007) 1,018 872
Class B stock, $.01 par value:
authorized, 3,000 shares; issued
and outstanding, 292(2008 and 2007) 3 3
Additional paid-in capital 295,178 290,786
Unrealized gain on available for
sale securities 8,503 5,955
Accumulated deficit (75,328) (69,985)
TOTAL SHAREHOLDERS' EQUITY 229,374 227,631
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $644,011 $669,757
WESTWOOD ONE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2008 2007
CASH FLOW FROM OPERATING ACTIVITIES:
Net (loss) income $(5,338) $715
Adjustments to reconcile net (loss)
income to net cash provided by
operating activities:
Depreciation and amortization 3,977 5,031
Deferred taxes 522 (257)
Non-cash stock compensation 2,123 2,755
Amortization of deferred
financing costs 352 121
1,636 8,365
Changes in assets and liabilities:
Accounts receivable 6,893 16,463
Prepaid and other assets 6,652 624
Deferred revenue (1,194) (591)
Income taxes payable and prepaid
income taxes (10,894) (7,167)
Accounts payable and accrued
expenses and other liabilities 620 (9,603)
Amounts payable to related parties (14,469) 8,558
Net Cash (Used) Provided By
Operating Activities (10,756) 16,649
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures (3,664) (906)
Net Cash Used In Investing
Activities (3,664) (906)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock 22,750 -
Borrowings under bank and other
long-term obligations - 10,000
Debt repayments and payments of
capital lease obligations (7,049) (30,178)
Dividend payments - (1,731)
Deferred financing costs (1,537) -
Net Cash Provided By (Used in)
Financing Activities 14,164 (21,909)
NET INCREASE IN CASH AND CASH
EQUIVALENTS (256) (6,166)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 6,187 11,528
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $5,931 $5,362
See Also
Adjusted EBITDA - $11.1 Million
Net Loss - $5.3 Million
NEW YORK, May 7 /PRNewswire-FirstCall/ -- Westwood One, Inc. (NYSE:
WON) a provider of analog and digital content, including news, sports,
weather, traffic, video news services and other information, to the radio,
TV and on- line industries, today reported its operating results for its
first quarter ended March 31, 2008.
Revenue for the first quarter of 2008 decreased $7.4 million, or 6.5%,
to $106.6 million compared with $114.0 million in 2006. The decrease in
revenue is primarily attributable to lower audience and inventory levels, a
reduction in the size of our sales force and increased competition. In the
first quarter of 2008, we experienced revenue declines in both the National
and Local/regional areas of our business, with National revenue declining
2.4% and Local/regional revenue decreasing 11.2%. The decrease in National
revenue was principally attributable to a reduction in RADAR rated network
inventory resulting from our affiliates experiencing audience declines,
lower barter revenue related to programming agreements and planned
reductions in affiliate compensation, partially offset by revenue generated
from new program launches. The decrease in Local/regional revenue was
principally related to a weak local ad marketplace primarily in the
automotive, banking and real estate categories, a reduction in our sales
force, a reduction in :10 second inventory units to sell and from increased
competition from radio stations, partially offset by higher revenue from
television inventory.
Adjusted EBITDA for the first quarter of 2008, defined as operating
income plus depreciation and amortization, special charges, and non-cash
stock-based compensation, was $11.1 million compared with $15.4 million in
2007, a decrease of $4.3 million, or 28.2%. The decline in Adjusted EBITDA
was principally attributable to our decrease in revenue, partially offset
by a slight reduction in operating costs, attributable to the cancellation
of certain contracts in last year's first quarter and lower commission and
bad debt expense.
Westwood One's President and CEO, Tom Beusse, stated, "We have just
begun to make the necessary adjustments to and investments in our business
to position us for growth. With the recent addition to our management ranks
of Andrew Hersam, Chief Revenue Officer, we expect to significantly improve
our sales efforts as well as rebuild and reorganize our sales staff
throughout this year." Mr. Beusse added, "The radio network marketplace
continues to show growth in the current year to date period despite the
weakness in the local and national marketplace. While we are still trailing
the market growth, our bookings continue to show low to mid single digit
improvement over last year. In addition, as a result of the consummation of
the new CBS arrangement, we expect to see growth in the national audience
that we sell to advertisers."
Free cash flow, defined as net income plus depreciation and
amortization, special charges, stock-based compensation, and amortization
of deferred financing costs less capital expenditures, in the first quarter
of 2008 decreased approximately $2.7 million to $5.4 million, or $0.06 per
diluted share, compared with $8.1 million, or $0.09 per diluted share in
2007's first quarter. Capital expenditures were approximately $3.7 million
in the current quarter compared with $0.9 million in the first quarter of
2007. The increase in capital expenditures is attributable to costs we are
incurring for a new distribution system for our national products and
commercials.
Special charges in the first quarter of 2008 were $8.0 million compared
with $0.4 million in the comparable quarter of 2007. Special charges in the
current quarter were comprised of the $5.0 million payment made to CBS
Radio in conjunction with the closing of the new long-term arrangement with
CBS Radio as well as additional fees payable to outside advisors as a
result of closing that arrangement. Special charges in the first quarter of
2007 were attributable to cost incurred with respect to the new CBS Radio
arrangement.
Operating loss in the first quarter of 2008 increased $10.3 million to
$3.0 million from operating income of $7.3 million in the first quarter of
2007. The higher loss is principally attributable to lower revenue and
higher special charges, partially offset by the elimination of warrant
amortization attributable to the CBS Radio warrants that were cancelled as
part of the new CBS Radio arrangement and a reduction in operating costs.
Interest expense decreased $0.7 million, or 11.4%, to $5.4 million in
2008's first quarter from $6.1 million in the comparable 2007 quarter, due
to a reduction in debt levels and interest rates.
Income tax expense decreased $3.5 million to a benefit of $3.0 million
in the first quarter of 2007 from an expense of $0.5 million in the first
quarter of 2006.
Net loss for the first quarter was $5.3 million, or $0.06 per diluted
common share, compared with net income in last year's first quarter of $0.7
million, or $0.01 per diluted common share.
2008 Outlook
The Company expects 2008 revenue to increase low single digits and
Adjusted EBITDA to decrease 15% - 20% as a result of making strategic
investments in our core business. These investments will focus on
increasing the audience we deliver to our advertisers and expanding our
program offerings. We will also improve and expand our sales force. While
improving these core elements of our business, we will increase our focus
on developing content for use across all media platforms.
About Westwood One
Westwood One (NYSE: WON) is a platform-agnostic content company
providing over 150 news, sports, music, talk, entertainment programs,
features and live events to numerous media partners. Through its
subsidiaries, Metro Networks/Shadow Broadcast Services, Westwood One
provides local content to the radio and TV industries and to the Web. This
content includes news, sports, weather, traffic, video news services and
other information. SmartRoute Systems manages traffic information centers
for state and local departments of transportation, and markets traffic and
travel content to wireless, Internet, in-vehicle navigation systems and
voice portal customers. Westwood One serves more than 5,000 radio stations.
For more information please visit http://www.westwoodone.com.
Certain statements in this release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from
any future results, performance or achievements expressed or implied by
such forward- looking statements. The words or phrases "guidance,"
"expect," "anticipate," "estimates" and "forecast" and similar words or
expressions are intended to identify such forward-looking statements. In
addition any statements that refer to expectations or other
characterizations of future events or circumstances are forward-looking
statements. Various risks that could cause future results to differ from
those expressed by the forward-looking statements included in this release
include, but are not limited to: changes in economic conditions in the U.S.
and in other countries in which Westwood One, Inc. currently does business
(both generally and relative to the broadcasting industry); advertiser
spending patterns, including the notion that orders are being placed in
close proximity to air, limiting visibility of demand; changes in the level
of competition for advertising dollars; technological changes and
innovations; fluctuations in programming costs; shifts in population and
other demographics; changes in labor conditions; and changes in
governmental regulations and policies and actions of federal and state
regulatory bodies. Other key risks are described in the Company's reports
filed with the SEC, including the Company's annual report on Form 10-K for
the year ending December 31, 2007. Except as otherwise stated in this news
announcement, Westwood One, Inc. does not undertake any obligation to
publicly update or revise any forward-looking statements because of new
information, future events or otherwise.
WESTWOOD ONE, INC.
SUPPLEMENTAL DISCLOSURES REGARDING NON-GAAP FINANCIAL INFORMATION
Adjusted EBITDA
The following tables set forth the Company's Adjusted EBITDA for the
three month periods ended March 31, 2008 and 2007. The Company defines
"Adjusted EBITDA" as operating income (loss) from its Statement of
Operations adjusted to exclude the following items: depreciation and
amortization, stock-based stock compensation, special charges and goodwill
impairment (when applicable). Adjusted EBITDA is not a performance measure
calculated in accordance with Generally Accepted Accounting Principles
("GAAP").
Adjusted EBITDA is used by the Company to, among other things, evaluate
its operating performance, forecast and plan for future periods, value
prospective acquisitions, and as one of several components of incentive
compensation targets for certain management personnel. This measure is an
important indicator of the Company's operational strength and performance
of its business because it provides a link between profitability and
operating cash flow. The Company believes the presentation of this measure
is relevant and useful for investors because it allows investors to view
performance in a manner similar to the method used by the Company's
management, helps improve their ability to understand the Company's
operating performance and makes it easier to compare the Company's results
with other companies that have different financing and capital structures
or tax rates. In addition, this measure is also among the primary measures
used externally by the Company's investors, analysts and peers in its
industry for purposes of valuation and comparing the operating performance
of the Company to other companies in its industry. Adjusted EBITDA is also
used to determine compliance with its debt covenants.
Since Adjusted EBITDA is not a measure of performance calculated in
accordance with GAAP, it should not be considered in isolation of, or as a
substitute for, net income as an indicator of operating performance.
Adjusted EBITDA as the Company calculates it, may not be comparable to
similarly titled measures employed by other companies. In addition, this
measure does not necessarily represent funds available for discretionary
use, and is not necessarily a measure of the Company's ability to fund its
cash needs. As Adjusted EBITDA excludes certain financial information
compared with operating income, the most directly comparable GAAP financial
measure, users of this financial information should consider the types of
events and transactions which are excluded. As required by the Securities
and Exchange Commission ("SEC"), the Company provides below a
reconciliation of Adjusted EBITDA to operating income, the most directly
comparable amount reported under GAAP.
(In millions)
Three Months Ended
March 31,
2008 2007
Adjusted EBITDA $11.1 $15.4
Less:
Depreciation and amortization 4.0 5.0
Stock-based compensation 2.1 2.7
Special charges 8.0 0.4
Operating Income (Loss) $(3.0) $7.3
Free Cash Flow
Free cash flow is defined by the Company as net income (loss) plus
depreciation and amortization, stock-based compensation, special charges
and goodwill impairment (when applicable) less capital expenditures. The
Company uses free cash flow, among other measures, to evaluate its
operating performance. Management believes free cash flow provides
investors with an important perspective on the Company's cash available to
service debt and the Company's ability to make strategic acquisitions and
investments, maintain its capital assets, repurchase its common stock and
fund ongoing operations. As a result, free cash flow is a significant
measure of the Company's ability to generate long term value. The Company
believes the presentation of free cash flow is relevant and useful for
investors because it allows investors to view performance in a manner
similar to the method used by management. In addition, free cash flow is
also a primary measure used externally by the Company's investors, analysts
and peers in its industry for purposes of valuation and comparing the
operating performance of the Company to other companies in its industry.
Free cash flow per fully diluted weighted average Common shares outstanding
is defined by the Company as free cash flow divided by the fully diluted
weighted average Common shares outstanding.
As free cash flow is not a measure of performance calculated in
accordance with GAAP, free cash flow should not be considered in isolation
of, or as a substitute for, net income as an indicator of operating
performance or net cash provided by operating activities as a measure of
liquidity. Free cash flow, as the Company calculates it, may not be
comparable to similarly titled measures employed by other companies. In
addition, free cash flow does not necessarily represent funds available for
discretionary use and is not necessarily a measure of the Company's ability
to fund its cash needs. In arriving at free cash flow, the Company adjusts
net cash provided by operating activities to remove the impact of cash flow
timing differences to arrive at a measure which the Company believes more
accurately reflects funds available for discretionary use. Specifically,
the Company adjusts net cash provided by operating activities (the most
directly comparable GAAP financial measure) for capital expenditures,
special charges, and deferred taxes, in addition to removing the impact of
sources and or uses of cash resulting from changes in operating assets and
liabilities. Accordingly, users of this financial information should
consider the types of events and transactions which are not reflected. The
Company provides below a reconciliation of free cash flow to the most
directly comparable amount reported under GAAP, net cash provided by
operating activities.
The following table presents a reconciliation of the Company's net cash
provided by operating activities to free cash flow:
(In millions except per share amounts)
Three Months Ended
March 31,
2008 2007
Net Cash Provided by Operating Activities $(10.8) $16.6
Plus (Minus)
Changes in assets and liabilities 12.4 (8.3)
Special charges 8.0 0.4
Deferred taxes (0.5) 0.3
Less Capital expenditures (3.7) (0.9)
Free Cash Flow $5.4 $8.1
Diluted weighted-average shares outstanding 89.4 86.1
Free Cash Flow per Share $0.06 $0.09
WESTWOOD ONE, INC
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended
March 31,
2008 2007
(Unaudited)
NET REVENUE $106,627 $113,959
Operating Costs (includes related
party expenses of $17,827 and
$18,943, respectively) 94,229 97,435
Depreciation and Amortization
(includes related party
warrant amortization of $1,618
and $2,427, respectively) 3,976 5,031
Corporate General and
Administrative Expenses
(includes related party expenses
of $656 and $830, respectively) 3,466 3,876
Special Charges 7,956 355
109,627 106,697
OPERATING (LOSS) INCOME (3,000) 7,262
Interest Expense 5,399 6,097
Other Income (41) -
(LOSS) INCOME BEFORE INCOME TAXES (8,358) 1,165
INCOME TAX EXPENSE (BENEFIT) (3,020) 450
NET (LOSS) INCOME $(5,338) $715
EARNINGS (LOSS) PER SHARE
COMMON STOCK
BASIC $(0.06) $0.01
DILUTED $(0.06) $0.01
CLASS B STOCK
BASIC $- $0.02
DILUTED $- $0.02
WEIGHTED AVERAGE SHARES OUTSTANDING:
COMMON STOCK
BASIC 89,423 86,072
DILUTED 89,423 86,079
CLASS B STOCK
BASIC 292 292
DILUTED 292 292
WESTWOOD ONE, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(unaudited)
March 31, December 31,
2008 2007
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $5,931 $6,187
Accounts receivable, net of
allowance for doubtful accounts
of $3,415 (2008) and $3,602(2007) 101,378 108,271
Warrants, current portion - 9,706
Prepaid and other assets 10,878 13,990
Total Current Assets 118,187 138,154
PROPERTY AND EQUIPMENT, NET 34,514 33,012
GOODWILL 464,114 464,114
INTANGIBLE ASSETS, NET 3,247 3,443
OTHER ASSETS 23,949 31,034
TOTAL ASSETS $644,011 $669,757
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturity of long-term debt $138,100 $-
Accounts payable 17,533 17,378
Amounts payable to related parties 16,390 30,859
Deferred revenue 4,621 5,815
Income taxes payable - 7,246
Accrued expenses and other liabilities 30,001 29,562
Total Current Liabilities 206,645 90,860
LONG-TERM DEBT 201,783 345,244
OTHER LIABILITIES 6,209 6,022
TOTAL LIABILITIES 414,637 442,126
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock: authorized
10,000 shares, none outstanding - -
Common stock, $.01 par value:
authorized, 300,000 shares;
issued and outstanding,
101,352 (2008) and 87,105(2007) 1,018 872
Class B stock, $.01 par value:
authorized, 3,000 shares; issued
and outstanding, 292(2008 and 2007) 3 3
Additional paid-in capital 295,178 290,786
Unrealized gain on available for
sale securities 8,503 5,955
Accumulated deficit (75,328) (69,985)
TOTAL SHAREHOLDERS' EQUITY 229,374 227,631
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $644,011 $669,757
WESTWOOD ONE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2008 2007
CASH FLOW FROM OPERATING ACTIVITIES:
Net (loss) income $(5,338) $715
Adjustments to reconcile net (loss)
income to net cash provided by
operating activities:
Depreciation and amortization 3,977 5,031
Deferred taxes 522 (257)
Non-cash stock compensation 2,123 2,755
Amortization of deferred
financing costs 352 121
1,636 8,365
Changes in assets and liabilities:
Accounts receivable 6,893 16,463
Prepaid and other assets 6,652 624
Deferred revenue (1,194) (591)
Income taxes payable and prepaid
income taxes (10,894) (7,167)
Accounts payable and accrued
expenses and other liabilities 620 (9,603)
Amounts payable to related parties (14,469) 8,558
Net Cash (Used) Provided By
Operating Activities (10,756) 16,649
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures (3,664) (906)
Net Cash Used In Investing
Activities (3,664) (906)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock 22,750 -
Borrowings under bank and other
long-term obligations - 10,000
Debt repayments and payments of
capital lease obligations (7,049) (30,178)
Dividend payments - (1,731)
Deferred financing costs (1,537) -
Net Cash Provided By (Used in)
Financing Activities 14,164 (21,909)
NET INCREASE IN CASH AND CASH
EQUIVALENTS (256) (6,166)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 6,187 11,528
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $5,931 $5,362
See Also
Monday 2 June 2008
Live Review: The Raconteurs in Austin, TX
Jack White, the mastermind behind the Raconteurs, has a golden touch. His infrequent performances in the Austin area notoriously sell out, be it with the White Stripes or the heavier rocking Raconteurs.Not surprisingly, the group's recent two-night stint at Stubb's Waller Creek Amphitheater was the city's music highlight of the weekend, although only the Saturday night performance sold out. That evening, with a clear sky and a near capacity crowd, White and company turned in a solid rock performance.Set against a dramatic backdrop of dark curtains, the four constant members of the Raconteurs--Brendan Benson (vocals/guitar/keys,) Patrick Keeler (drums/percussion,) Jack Lawrence (bass) and White (vocals/guitar/synthesizers)--along with touring member Mark Watrous (keys/fiddle/percussion,) took the stage to a cacophony of applause and screams. Presented as serious showmen in fresh dress blacks, the quintet immediately dove into the title track from their recent release, ''Consolers of the Lonely.'' And, as the title so boldly states, the rock stars did just that, consoling eager fans with pounding electric guitar and catchy hooks before moving right into ''Steady as She Goes,'' satiating the few audience members unfamiliar with anything but what's found on mainstream radio.Throughout the evening's set, White and Benson took turns singing lead, with White doubling up on piano or focusing on his impressive guitar work when he wasn't at the mic. ''Rich Kid Blues,'' a lyrically downtrodden but sonically energetic four and a half minutes with a building intro reminiscent of Rush, had the two volleying vocals back and forth. ''Top Yourself,'' a just-right mix of modern twang, jangly percussion and headstrong lyrics, garnered the most audience reaction by far, particularly around the point where White threatened to ''give up my midnight creep.'' The Tennessee-based rockers didn't just stick to their latest album. They also delved ever so slightly into their 2006 debut, ''Broken Boy Soldiers,'' with ''Level.'' The sassy number turned sexy with White and Benson's scratchy electric guitars accompanied by the delicate tinkering of Mark Watrous on the keys. A return to the new album with ''The Switch and the Spur'' led to the rock show's finale and a short encore performance. The nearly 1,000 in attendance left the grounds with an overall air of supreme satisfaction.
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