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.

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

Ascent Media Corporation reported unaudited consolidated earnings results for the second quarter ended June 30, 2009. For the quarter, total revenue was $118.7 million compared to $163.4 million for the three months ended June 30, 2008. The revenue decline was driven by a reduction in revenue for both the Content Services and Creative Services segments. Cash flow from operating activities was $14.2 million for the three months ended June 30, 2009 and $17.7 million for the first six months of 2009. For the quarter, the company reported an operating loss of $10.7 million, loss from continuing operations before income taxes was $10.6 million, net loss from continuing operations was $7.2 million or 0.51 cents per share and net loss was $7.20 million or 0.51 cents per share compared to the operating loss of $2.4 million, loss from continuing operations before income taxes was $1.7 million, net loss from continuing operations was $3.22 million or 0.23 cents per share and net loss was $1.5 million or 0.11 cents per share for the same period a year ago. Total Segment Adjusted OIBDA was $12.6 million against $20 million for the same period a year ago. The primary driver of cash flow from operating activities was adjusted OIBDA. The company also holds significant cash reserves and maintains a strong balance sheet with virtually no debt. AMG had disappointing financial results during the second quarter amid a slowdown in the creation and production of both commercial and entertainment content, as well as a significant decline in capital spending by networks and media distribution companies. The company have focused on aggressively controlling operating expenses and have reduced capital spending to minimize the effect on cash flow as, the company take steps to improve top line growth. For the six months, the company reported total revenue of $234 million against $326.5 million for the same period a year ago. The company reported an operating loss of $20.3 million, loss from continuing operations before income taxes was $19.9 million, net loss from continuing operations was $13.7 million or 0.97 cents per share and net loss was $13.7 million or 0.97 cents per share compared to the operating loss of $7.2 million, loss from continuing operations before income taxes was $5 million, net loss from continuing operations was $9.5 million or 0.68 cents per share and net loss was $6.1 million or 0.43 cents per share for the same period a year ago. Total Segment Adjusted OIBDA was $24.94 million against $37.6 million for the same period a year ago. Net cash provided by operating activities was $17.7 million against $15.8 million for the same period a year ago. Capital expenditures were $16.4 million against $14.0 million for the same period a year ago. For the next twelve months, the company expects to have sufficient available cash and cash equivalents and net cash from operating activities to meet working capital and capital expenditure requirements.