Liberty Media Corp.
) reported weak financial results for the fourth quarter of 2012.
Quarterly GAAP net income was $103 million or 87 cents per share
compared with $122 million or a loss of 94 cents per share in the
year-ago quarter. On the revenue front, it slumped 52% year over
year to $467 million. Liberty Media currently has a Zacks Rank #3
In the fourth quarter of 2012, Liberty Media's adjusted OIBDA
came in at $77 million compared with $323 million in the year-ago
quarter. Quarterly operating income was $25 million compared with
$293 million in the prior-year quarter. In the previous quarter,
Liberty Media repurchased 0.7 million shares for a total cash
consideration of $109.5 million.
In 2012, Liberty Media generated $236 million of cash from
operations compared with $276 million in the prior-year period.
Free cash flow in 2012 was $205 million compared with $262
million in 2011. At the end of 2012, Liberty Media had $2,745
million of cash and cash equivalents compared with $3,929 million
at the end of 2011. Total debt, at the end of 2012, was $540
million compared with $1,295 million at the end of 2011. At the
end of 2012, debt-to-capitalization ratio was 0.08 compared with
0.09 at the end of 2011.
Starz LLC Segment
Revenue in the fourth quarter of 2012 was $423 million, up
5.8% year over year. Adjusted OIBDA was $102 million compared
with $108 million in the year-ago quarter. Operating income was
$87 million, showing a yearly decline of 12.1%. At the end of the
reported quarter, total subscribers base of Starz notched up 9%
to 21.2 million while its sister TV channel Encore had 34.8
million subscribers, up 5% year over year.
Recent Strategic Decisions
In January 2013, Liberty Media spun-off its Starz
Entertainment division as a separate entity. Also in the same
month, the company also acquired more than 50% control in
SIRIUS XM Radio Inc.
). In the reported quarter, Liberty Media raised its stake in
Live Nation Entertainment Inc.
) to around 27%. Earlier, the company invested in
Barnes & Noble Inc.
BARNES & NOBLE (BKS): Free Stock Analysis
LIBERTY MEDIA-A (LMCA): Get Free Report
LIVE NATION ENT (LYV): Free Stock Analysis
SIRIUS XM RADIO (SIRI): Free Stock Analysis
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