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USA Networks Quarterly Loss Grows Despite Revenue Gains

October 27, 2000|From Reuters

NEW YORK — USA Networks Inc., Barry Diller's cable company that operates Home Shopping Network and ticket agency Ticketmaster, said Thursday its third-quarter operating loss per share widened even as revenue rose.

On a per-share basis, its pro forma loss, excluding one-time charges and nonoperating gains, widened to 10 cents a share, contrasted with 8 cents a share a year earlier.

Cash flow as measured by total pro forma earnings before income tax, depreciation and amortization grew to $159.8 million from $136.3 million a year ago.

Among the factors limiting earnings-per-share growth at the cable company was higher income tax expense, equity losses in unconsolidated investments and amortization of goodwill in connection with various acquisitions.

Wall Street analysts on average had expected the company, which said this week it was considering merging its Ticketmaster Corp. unit with its half-owned Ticketmaster Online-CitySearch Inc., to post a loss of 18 cents a share, according to First Call/Thomson Financial.

Pro forma revenue from its operating business totaled $1.12 billion, contrasted with pro forma revenue of $924.9 million a year earlier, as viewership at its USA and Sci-Fi networks grew.

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