Ascent Media Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported total revenue of $112.0 million compared to $146.1 million for the three months ended September 30, 2008. The revenue decline was driven by a reduction in revenue for both the Content Services and Creative Services segments. The company's loss from continuing operations before income taxes widened to $9.2 million in the quarter, as compared to a $1.5 million loss in the third quarter of 2008. Net loss was $6.4 million or $0.46 per diluted share compared to net earnings of $39.3 million or $2.80 per diluted share for the same quarter a year ago. Net loss from continuing operations was $6.4 million or $0.46 per diluted share compared to net loss from continuing operations of $1.5 million or $0.10 per diluted share for the same quarter a year ago. Operating loss was $9.8 million compared to $4.4 million for the same quarter a year ago. Combined segment adjusted OIBDA was $13.3 million compared to $15.7 million for the same quarter a year ago. For the nine months ended September 30, 2009, the company had a loss from continuing operations before income taxes of $29.1 million, as compared to a $6.5 million loss for the same period in 2008. Net loss was $20.1 million or $1.43 per diluted share on net revenue of $349.9 million compared to net earnings of $33.3 million or $2.36 per diluted share on net revenue of $472.6 million for the same period a year ago. Net loss from continuing operations was $20.1 million or $1.43 per diluted share compared to net loss from continuing operations of $11 million or $0.78 per diluted share for the same period a year ago. Operating loss was $30.1 million compared to $11.6 million for the same period a year ago. Combined segment adjusted OIBDA was $38.2 million compared to $53.2 million for the same period a year ago. Net cash provided by operating activities was $19 million and capital expenditures of $22.5 million compared to net cash provided by operating activities of $28.3 million and capital expenditures of $28.9 million for the same period a year ago. For the full year 2010, the company expects to have sufficient available cash and cash equivalents and net cash from company's operating activities to meet working capital needs and capital expenditure requirements.

Chairman and Chief Executive Officer of Ascent Media Corporation said in earning conference call that the company is spending lots of time and effort seeking attractive value-creating investment opportunities. Company has cash and liquid marketable securities totaling $337 million. While the company is pursuing a number of different options, the company wants to have financial flexibility in order to take advantage of the investment and acquisition opportunities.

Ascent Media Corporation, Q3 2009 Earnings Call, Nov 13 2009