Exhibit 99
SUPPLEMENTAL QUARTERLY FINANCIAL DATA
(Unaudited; Dollars in millions, except per share amounts)
| | First | | Second | | Third | |
2012 | | Quarter | | Quarter | | Quarter | |
Revenues: | | | | | | | |
Entertainment | | $ | 2,318 | | $ | 1,707 | | $ | 1,680 | |
Cable Networks | | 452 | | 446 | | 436 | |
Publishing | | 176 | | 189 | | 210 | |
Local Broadcasting | | 622 | | 704 | | 661 | |
Outdoor Americas | | 288 | | 334 | | 334 | |
Eliminations | | (60 | ) | (51 | ) | (55 | ) |
Total Revenues | | $ | 3,796 | | $ | 3,329 | | $ | 3,266 | |
Segment OIBDA: (a) | | | | | | | |
Entertainment | | $ | 411 | | $ | 426 | | $ | 384 | |
Cable Networks | | 209 | | 190 | | 227 | |
Publishing | | 10 | | 9 | | 39 | |
Local Broadcasting | | 171 | | 248 | | 213 | |
Outdoor Americas | | 76 | | 103 | | 105 | |
Corporate | | (70 | ) | (65 | ) | (64 | ) |
Total Segment OIBDA | | 807 | | 911 | | 904 | |
Impairment charges | | (11 | ) | — | | — | |
Depreciation and amortization | | (119 | ) | (119 | ) | (116 | ) |
Total Operating Income | | $ | 677 | | $ | 792 | | $ | 788 | |
Operating Income (Loss): | | | | | | | |
Entertainment | | $ | 370 | | $ | 385 | | $ | 346 | |
Cable Networks | | 204 | | 184 | | 221 | |
Publishing | | 8 | | 7 | | 38 | |
Local Broadcasting | | 138 | | 225 | | 190 | |
Outdoor Americas | | 33 | | 62 | | 62 | |
Corporate | | (76 | ) | (71 | ) | (69 | ) |
Total Operating Income | | 677 | | 792 | | 788 | |
Interest expense | | (110 | ) | (104 | ) | (94 | ) |
Interest income | | 2 | | 1 | | 1 | |
Gain (loss) on early extinguishment of debt | | 25 | | — | | (57 | ) |
Other items, net | | 5 | | 3 | | (3 | ) |
Earnings from continuing operations before income taxes and equity in loss of investee companies | | 599 | | 692 | | 635 | |
Provision for income taxes | | (201 | ) | (228 | ) | (236 | ) |
Equity in loss of investee companies, net of tax | | (4 | ) | (12 | ) | (14 | ) |
Net earnings from continuing operations | | 394 | | 452 | | 385 | |
Net earnings (loss) from discontinued operations | | (31 | ) | (25 | ) | 6 | |
Net earnings | | $ | 363 | | $ | 427 | | $ | 391 | |
| | | | | | | |
Basic net earnings (loss) per common share: | | | | | | | |
Net earnings from continuing operations | | $ | .61 | | $ | .70 | | $ | .60 | |
Net earnings (loss) from discontinued operations | | $ | (.05 | ) | $ | (.04 | ) | $ | .01 | |
Net earnings | | $ | .56 | | $ | .66 | | $ | .61 | |
Diluted net earnings (loss) per common share: | | | | | | | |
Net earnings from continuing operations | | $ | .59 | | $ | .68 | | $ | .59 | |
Net earnings (loss) from discontinued operations | | $ | (.05 | ) | $ | (.04 | ) | $ | .01 | |
Net earnings | | $ | .54 | | $ | .65 | | $ | .60 | |
| | | | | | | |
Weighted average number of common shares outstanding: | | | | | | | |
Basic | | 650 | | 646 | | 640 | |
Diluted | | 667 | | 661 | | 656 | |
| | | | | | | |
Dividends per common share | | $ | .10 | | $ | .10 | | $ | .12 | |
(a) The Company presents segment operating income (loss) before depreciation and amortization, restructuring charges and impairment charges (“Segment OIBDA”) as the primary measure of profit and loss for its operating segments in accordance with Financial Accounting Standards Board (“FASB”) guidance for segment reporting. The Company believes the presentation of Segment OIBDA is relevant and useful for investors because it allows investors to view segment performance in a manner similar to the primary method used by the Company’s management and enhances their ability to understand the Company’s operating performance.
SUPPLEMENTAL QUARTERLY FINANCIAL DATA (continued)
(Unaudited; Dollars in millions, except per share amounts)
2011 | | First
Quarter | | Second
Quarter | | Third
Quarter | | Fourth
Quarter | | Total Year | |
Revenues: | | | | | | | | | | | |
Entertainment | | $ | 1,994 | | $ | 1,836 | | $ | 1,632 | | $ | 1,995 | | $ | 7,457 | |
Cable Networks | | 393 | | 413 | | 420 | | 395 | | 1,621 | |
Publishing | | 155 | | 183 | | 220 | | 229 | | 787 | |
Local Broadcasting | | 621 | | 691 | | 656 | | 721 | | 2,689 | |
Outdoor Americas | | 279 | | 332 | | 333 | | 342 | | 1,286 | |
Eliminations | | (66 | ) | (27 | ) | (40 | ) | (70 | ) | (203 | ) |
Total Revenues | | $ | 3,376 | | $ | 3,428 | | $ | 3,221 | | $ | 3,612 | | $ | 13,637 | |
Segment OIBDA: (a) | | | | | | | | | | | |
Entertainment | | $ | 268 | | $ | 440 | | $ | 405 | | $ | 318 | | $ | 1,431 | |
Cable Networks | | 153 | | 176 | | 203 | | 175 | | 707 | |
Publishing | | 7 | | 19 | | 38 | | 28 | | 92 | |
Local Broadcasting | | 169 | | 230 | | 184 | | 266 | | 849 | |
Outdoor Americas | | 69 | | 99 | | 104 | | 108 | | 380 | |
Corporate | | (70 | ) | (78 | ) | (73 | ) | (81 | ) | (302 | ) |
Total Segment OIBDA | | 596 | | 886 | | 861 | | 814 | | 3,157 | |
Restructuring charges | | — | | — | | — | | (43 | ) | (43 | ) |
Depreciation and amortization | | (126 | ) | (125 | ) | (120 | ) | (124 | ) | (495 | ) |
Total Operating Income | | $ | 470 | | $ | 761 | | $ | 741 | | $ | 647 | | $ | 2,619 | |
Operating Income (Loss): | | | | | | | | | | | |
Entertainment | | $ | 230 | | $ | 400 | | $ | 366 | | $ | 235 | | $ | 1,231 | |
Cable Networks | | 147 | | 171 | | 197 | | 169 | | 684 | |
Publishing | | 5 | | 17 | | 36 | | 25 | | 83 | |
Local Broadcasting | | 143 | | 204 | | 161 | | 242 | | 750 | |
Outdoor Americas | | 21 | | 53 | | 59 | | 64 | | 197 | |
Corporate | | (76 | ) | (84 | ) | (78 | ) | (88 | ) | (326 | ) |
Total Operating Income | | 470 | | 761 | | 741 | | 647 | | 2,619 | |
Interest expense | | (110 | ) | (109 | ) | (110 | ) | (106 | ) | (435 | ) |
Interest income | | 2 | | 1 | | 1 | | 2 | | 6 | |
Other items, net | | 6 | | 5 | | (15 | ) | (7 | ) | (11 | ) |
Earnings from continuing operations before income taxes and equity in earnings (loss) of investee companies | | 368 | | 658 | | 617 | | 536 | | 2,179 | |
Provision for income taxes | | (122 | ) | (231 | ) | (212 | ) | (186 | ) | (751 | ) |
Equity in earnings (loss) of investee companies, net of tax | | (14 | ) | (5 | ) | (19 | ) | 1 | | (37 | ) |
Net earnings from continuing operations | | 232 | | 422 | | 386 | | 351 | | 1,391 | |
Net earnings (loss) from discontinued operations | | (30 | ) | (27 | ) | (48 | ) | 19 | | (86 | ) |
Net earnings | | $ | 202 | | $ | 395 | | $ | 338 | | $ | 370 | | $ | 1,305 | |
| | | | | | | | | | | |
Basic net earnings (loss) per common share: | | | | | | | | | | | |
Net earnings from continuing operations | | $ | .34 | | $ | .63 | | $ | .59 | | $ | .54 | | $ | 2.09 | |
Net earnings (loss) from discontinued operations | | $ | (.04 | ) | $ | (.04 | ) | $ | (.07 | ) | $ | .03 | | $ | (.13 | ) |
Net earnings | | $ | .30 | | $ | .59 | | $ | .51 | | $ | .57 | | $ | 1.97 | |
Diluted net earnings (loss) per common share: | | | | | | | | | | | |
Net earnings from continuing operations | | $ | .33 | | $ | .62 | | $ | .57 | | $ | .52 | | $ | 2.04 | |
Net earnings (loss) from discontinued operations | | $ | (.04 | ) | $ | (.04 | ) | $ | (.07 | ) | $ | .03 | | $ | (.13 | ) |
Net earnings | | $ | .29 | | $ | .58 | | $ | .50 | | $ | .55 | | $ | 1.92 | |
| | | | | | | | | | | |
Weighted average number of common shares outstanding: | | | | | | | | | | | |
Basic | | 674 | | 669 | | 659 | | 653 | | 664 | |
Diluted | | 693 | | 686 | | 675 | | 669 | | 681 | |
| | | | | | | | | | | |
Dividends per common share | | $ | .05 | | $ | .10 | | $ | .10 | | $ | .10 | | $ | .35 | |
(a) The Company presents Segment OIBDA as the primary measure of profit and loss for its operating segments in accordance with FASB guidance for segment reporting. The Company believes the presentation of Segment OIBDA is relevant and useful for investors because it allows investors to view segment performance in a manner similar to the primary method used by the Company’s management and enhances their ability to understand the Company’s operating performance.
