Hemisphere Media Group announces certain preliminary financial results for the second quarter of 2022

MIAMI, July 28, 2022 /PRNewswire/ — Hemisphere Media Group, Inc. (NASDAQ: HMTV) (“Hemisphere” or “the “Company”), the only publicly traded US pure-play media company targeting the high-growth Hispanic and Latin American markets with leading cable and broadcast platforms and digital content, today announced preliminary estimated ranges for certain items in the income statement and balance sheet for the second quarter ended June 30, 2022.

President and CEO of Hemisphere, Alan Sokolsaid: “Our preliminary second quarter results demonstrate the resilience of our business, even amid a challenging operating environment. WAPA continued to build on its leadership position in premium content, representing 24 of the top 30 programs rated among adults 25-54 in the quarter, and we experienced solid growth in both ad revenue and streaming fees.We’re also excited about our recent launches on Fubo and YouTube TV, which led to sequential increases of cable subscribers in the U.S. Looking ahead, we are pleased with our strong start to the third quarter, with gross advertising revenue in July Puerto Rico increasing in the low double digits compared to July 2021.”

Preliminary unaudited financial results for the three months ended June 30, 2022



HEMISPHERE MEDIA GROUP, INC.

($ in millions)

For the past three months
June 30, 2022

For the three months
Ended June 30, 2021


down


High

current

Net income

$53.0


$55.5

$50.5

Cost of revenue

$17.5


$19.0

$14.8

Sales, general and administrative

24.5 dollars


$27.0

$24.9

Amortization and depreciation

$3.2


$3.4

$4.3

Other expenses

$8.8


$9.3

$1.4

Gain from FCC spectrum repackaging and others

($0.1)


($0.1)

($2.1)

Operating income (losses).

($3.1)


($1.0)

$7.2

Stock-based compensation

$0.8


$0.8

$1.5











For the past three months June 30, 2022Pantaya’s operating loss (excluding stock-based compensation) was 6.6 million dollars compared to 4.8 million dollars for the period of three months ended June 30, 2021. Pantaya’s depreciation and amortization for the current quarter was 2.1 million dollars compared to 1.7 million dollars for the period of the previous year.

How of June 30, 2022the Company estimates that it had approx $251.0 million in debt and 28.9 million dollars of cash The company expects to report 0.5 million dollars in capital expenditures for the three-month period ended June 30, 2022.

The preliminary unaudited estimates and statements set forth in the press release have been prepared by the Company’s management and represent estimates and expectations based on the most current information available. Although the Company believes that the assumptions underlying this information are reasonable, we caution that it is very difficult to predict the impact of known factors and that the Company cannot anticipate all factors that could affect its actual results. The Company’s actual results may differ materially from these estimates due to the completion of financial closing procedures, final adjustments and other developments that may arise or become known between now and the time when the results are finalized second quarter financials. Accordingly, you should not place undue reliance on these preliminary estimates. The Company does not intend to update or otherwise revise the preliminary estimates to reflect future events. The Company’s independent registered public accounting firm, RSM US LLP, has not audited, reviewed, compiled or performed any procedures with respect to the accompanying estimates and preliminary statements. Consequently, RSM US LLP expresses no opinion or any other form of warranty in this regard.

Forward-looking statements

Statements in this press release and oral statements made from time to time by representatives of Hemisphere may contain certain statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended , which are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Without limitation, any statement preceded or followed by or that includes the words “goals,” “plans,” “believes,” ” expects”, “intends”, “likely”, “may”, “anticipates”, “estimates”, “projects”, “should”, “could”, “could”, “could”, “expect”, ” positioned”, “strategy” “future”, or words, phrases or terms of similar substance or their negative, are forward-looking statements. Forward-looking statements are neither historical facts nor guarantees of future performance. Such forward-looking statements are subject to change , and actual results may differ materially from those set forth herein t press release due to certain risks and uncertainties. Factors that could cause or contribute to changes in these forward-looking statements include, but are not limited to, deterioration in general economic conditions, political instability, social unrest and public health crises, such as the emergence of a global pandemic like COVID-19. , nationally or in the local markets in which Hemisphere operates, from Puerto Rico uncertain political climate, as well as delays in the disbursement of federal funds intended for the local economy and advertising market, the effects of extreme weather and climate events on Hemisphere’s business, as well as on counterparties, customers, employees, suppliers and Hemisphere suppliers. , changes in the distribution and viewing of television programming, including the expanded deployment of personal video recorders, subscription video and on-demand advertising, Internet Protocol television, personal mobile devices and personal tablets, and their impact on advertising and affiliate revenue, short and long. term migration changes Puerto Rico, Hemisphere’s ability to timely and fully recover proceeds from our insurance policies and Hemisphere’s ability to successfully integrate the acquired assets, particularly Pantaya, and achieve anticipated synergies, related statements with Hemisphere’s future financial and operating results (including growth and earnings), plans, objectives, expectations and intentions and other statements that are not historical facts. The foregoing review of material factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements set forth in Hemisphere’s filings with the Securities and Exchange Commission (“SEC “), including Hemisphere’s quarterly reports on Form 10-Q. and its Annual Report on Form 10-K. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, Hemisphere’s actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. We may also face unforeseen risks and uncertainties related to the proposed acquisition of the Company by Gato Investments LP, a portfolio investment of Searchlight Capital Partners, LP. Such risks, uncertainties and other factors include, but are not limited to, (1) the timing, receipt and terms and conditions of any required governmental or regulatory approval of the proposed transaction that could reduce the anticipated benefits or cause the parties to abandon the proposed transaction; (2) risks related to the satisfaction of conditions to closing (including the failure to obtain necessary regulatory approvals or necessary approvals of the Company’s stockholders) within the anticipated time period or at all; (3) the risk that any announcement related to the proposed transaction may have an adverse effect on the market price of the common stock. stock; (4) disruption of the proposed transaction that makes it more difficult to maintain the Company’s business and operating relationships, including the retention and recruitment of key personnel and the maintenance of relationships with the Company’s customers, vendors and others with whom it does business; ; (5) the occurrence of any event, change or other circumstance that may result in the termination of the proposed transaction agreement. entered into in connection with the proposed transaction; (6) risks related to the disruption of management’s attention to the Company’s ongoing business operations due to the proposed transaction; (7) significant transaction costs; (8) the risk of litigation and/or regulatory actions related to the proposed transaction or unfavorable outcomes of pending litigation and proceedings or litigation and proceedings that may arise in the future; (9) other business effects, including the effects of industry, market, economic, political or regulatory conditions; (10) the ability to meet expectations regarding the timing and completion of the proposed transaction; (11) information technology logic system failures, data security breaches, data privacy compliance, network disruptions and cyber security attacks, malware or ransomware; and (12) changes resulting from the COVID-19 pandemic. The forward-looking statements included herein are made as of the date hereof, and Hemisphere undertakes no obligation to publicly update such statements to reflect subsequent events or circumstances.

About Hemisphere Media Group, Inc.

Hemisphere Media Group, Inc. (HMTV) is the only publicly traded U.S. pure-play media company targeting the high-growth U.S. Hispanic and Latin American markets with leading television, streaming and digital content platforms. Based in Miami, FloridaHemisphere owns and operates five leading US Hispanic cable networks, two Latin American cable networks, the leading broadcast television network in Puerto Ricothe leading Spanish-language subscription streaming service in the US, a Spanish-language content distribution company and has a stake in a leading television network in colombia.

Contact:
Edelman Smithfield for Hemisphere Media Group
Ashley Firlan
917-640-4196
[email protected]

SOURCE Hemisphere Media Group, Inc.

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