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Entertainment USA Networks' Loss Less Than Expected

July 26, 2001|Reuters

Barry Diller's USA Networks Inc. reported a narrower loss Wednesday, citing growth at its flagship USA Network cable station, television studio production and Ticketmaster and Home Shopping Network units.

The company reported a loss of $7.5 million, or 2 cents a share, compared with a loss of $26.9 million or 7 cents a share, in the year-earlier period.

The loss is the result of a complex corporate structure that requires France's Vivendi Universal and Liberty Media Group, the cable television programming arm of AT&T Corp. to own their stakes through subsidiaries.

If their stakes were converted into common stock, USA Networks said it would have reported a profit of $27.7 million, or 4 cents a share, compared with a loss of $7 million, or 1 cent a share, excluding charges on a pro forma basis.

Revenue rose 20% to $1.37 billion from $1.13 billion.

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