Getbig Bodybuilding, Figure and Fitness Forums
September 18, 2014, 09:04:34 AM *
Welcome, Guest. Please login or register.

Login with username, password and session length
 
   Home   Help Login Register  
Pages: [1]   Go Down
  Print  
Author Topic: AMI - more bad news  (Read 1059 times)
240 is Back
Moderator
Getbig V
*****
Posts: 83151


Complete website for only $300- www.300website.com


WWW
« on: October 30, 2006, 03:42:30 PM »

October 26, 2006 --

For the third time, American Media has blown a deadline for restating its earnings, and David Pecker's tattered tabloid publisher now won't issue cleaned up financial numbers until early 2007, the company said yesterday.

At the same time, in an 8K filing with the Securities and Exchange Commission on Tuesday, American Media warned that its cash flow - or bank EBITDA (earnings before interest, taxes, depreciation and amortization) - for fiscal 2006 is now estimated to be $110.9 million, about 5 percent lower than expected.

CEO Pecker had an emergency conference call with his bankers yesterday morning to try to explain the reasons for the third blown deadline and dwindling cash flow.

Pecker's biggest test may come Friday, when he is expected to address restless bondholders in a conference call.

The company warned in its 8K filing that it "may not be able to successfully develop its magazine operations so that they continue to generate sufficient cash flow to meet its obligations under its senior credit facility and bond indentures."

AMI has about $1 billion in debt.
In its August conference call, the company revised its estimates downward to $506.4 million in revenue and $117.3 in cash flow for the 2006 fiscal year.

Now it estimates the revenues will be even lower - $504.9 million - and cash flow of only $110.9 million, a 5.4 percent drop from the latest revision.

"That includes one-time adjustments that will be added back over time," said AMI President John Miller. "Each time we go through this, the numbers change a little - that's what we're going through right now."

AMI now says it won't be ready to restate the 2006 fiscal results until Feb. 15, 2007 - a delay from the most recent missed deadline of Oct. 31, 2006. Three subsequent quarterly restatements won't happen until next March 15.
Report to moderator   Logged

24KT
Getbig V
*****
Gender: Female
Posts: 24448


Gold Savings Account Rep +1 (310) 409-2244


WWW
« Reply #1 on: November 24, 2006, 04:57:07 AM »

They can expect to get hit with a class action.
Report to moderator   Logged

w
Ron
Getbigistrator
Getbig V
*****
Gender: Male
Posts: 9548


Getbig!


« Reply #2 on: November 24, 2006, 04:16:20 PM »


A class action suit??? I dont think they are a public company?

As with many magazine and newspaper companies, the industry is going through an adjustment period. The question is where it will end up. But does this affect Flex Magazine, Muscle & Fitness Magazine and the Olympia? Not at the moment.
Report to moderator   Logged
Livewire
Getbig IV
****
Posts: 3137


I call Nasser.


WWW
« Reply #3 on: November 25, 2006, 12:05:02 AM »

we talked about AMI today in one of my univ study groups. man i wouldn't wanna own that  LOL
Report to moderator   Logged

Nasser called Palumbo an acromegalion
onlyme
Getbig V
*****
Gender: Male
Posts: 19351


Don't Fuck With Bears


WWW
« Reply #4 on: November 30, 2006, 02:35:51 AM »

A class action suit??? I dont think they are a public company?

As with many magazine and newspaper companies, the industry is going through an adjustment period. The question is where it will end up. But does this affect Flex Magazine, Muscle & Fitness Magazine and the Olympia? Not at the moment.


DOn't have to be a public company to have a class action suit agaisnt do they.  You get more than one person to sure the same company for the same reason constitutes a class action. The more the merrier though.  But I didn't know it had to be a public comapny.
Report to moderator   Logged
Pages: [1]   Go Up
  Print  
 
Jump to:  

Theme created by Egad Community. Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2013, Simple Machines Valid XHTML 1.0! Valid CSS!