Supplement Condensed Consolidating Financial Information | 6 Months Ended |
Sep. 30, 2013 |
Condensed Financial Information Disclosure [Abstract] | ' |
Supplement Condensed Consolidating Financial Information | ' |
Supplemental Condensed Consolidating Financial Information |
|
The following tables present unaudited condensed consolidating financial statements of (a) the parent company, American Media, Inc., as issuer of the Senior Secured Notes; (b) on a combined basis, the subsidiary guarantors of the Senior Secured Notes; and (c) on a combined basis, the subsidiaries that are not guarantors of the Senior Secured Notes. Separate financial statements of the subsidiary guarantors are not presented because the parent company owns all outstanding voting stock of each of the subsidiary guarantors and the guarantee by each subsidiary guarantor is full and unconditional and joint and several. As a result and in accordance with Rule 3-10(f) of Regulation S-X under the Securities Exchange Act of 1934, as amended, the Company includes the following tables in these notes to the unaudited condensed consolidated financial statements: |
|
|
SUPPLEMENTAL UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF SEPTEMBER 30, 2013 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
ASSETS | Parent | | Guarantors | | Non Guarantors | | Eliminations | | Condensed Consolidated |
CURRENT ASSETS: | | | | | | | | | |
Cash and cash equivalents | $ | — | | | $ | 633 | | | $ | 4,088 | | | $ | — | | | $ | 4,721 | |
|
Trade receivables, net | — | | | 36,560 | | | 1,830 | | | — | | | 38,390 | |
|
Inventories | — | | | 16,028 | | | 598 | | | — | | | 16,626 | |
|
Prepaid expenses and other current assets | — | | | 27,222 | | | 2,464 | | | (5,487 | ) | | 24,199 | |
|
Total current assets | — | | | 80,443 | | | 8,980 | | | (5,487 | ) | | 83,936 | |
|
PROPERTY AND EQUIPMENT, NET: | | | | | | | | | |
Leasehold improvements | — | | | 3,843 | | | — | | | — | | | 3,843 | |
|
Furniture, fixtures and equipment | — | | | 40,687 | | | 738 | | | — | | | 41,425 | |
|
Less – accumulated depreciation | — | | | (24,354 | ) | | (607 | ) | | — | | | (24,961 | ) |
|
Total property and equipment, net | — | | | 20,176 | | | 131 | | | — | | | 20,307 | |
|
OTHER ASSETS: | | | | | | | | | |
Deferred debt costs, net | 9,001 | | | — | | | — | | | — | | | 9,001 | |
|
Deferred rack costs, net | — | | | 6,678 | | | — | | | — | | | 6,678 | |
|
Investment in affiliates | — | | | 2,555 | | | — | | | — | | | 2,555 | |
|
Other long-term assets | — | | | 1,557 | | | — | | | — | | | 1,557 | |
|
Investment in subsidiaries | 535,886 | | | 790 | | | — | | | (536,676 | ) | | — | |
|
Total other assets | 544,887 | | | 11,580 | | | — | | | (536,676 | ) | | 19,791 | |
|
GOODWILL AND OTHER IDENTIFIED INTANGIBLE ASSETS: | | | | |
Goodwill | — | | | 182,388 | | | 4,510 | | | — | | | 186,898 | |
|
Other identified intangibles, net | — | | | 272,756 | | | 6,000 | | | — | | | 278,756 | |
|
Total goodwill and other identified intangible assets | — | | | 455,144 | | | 10,510 | | | — | | | 465,654 | |
|
Due from affiliates | — | | | 118,805 | | | — | | | (118,805 | ) | | — | |
|
TOTAL ASSETS | $ | 544,887 | | | $ | 686,148 | | | $ | 19,621 | | | $ | (660,968 | ) | | $ | 589,688 | |
|
LIABILITIES AND STOCKHOLDER'S DEFICIT |
CURRENT LIABILITIES: | | | | | | | | | |
Accounts payable | $ | — | | | $ | 14,158 | | | $ | 517 | | | $ | — | | | $ | 14,675 | |
|
Accrued expenses and other liabilities | — | | | 1,570 | | | 6,540 | | | 19,133 | | | 27,243 | |
|
Accrued interest | 16,786 | | | — | | | — | | | — | | | 16,786 | |
|
Redeemable financial instruments | 1,650 | | | — | | | — | | | — | | | 1,650 | |
|
Deferred revenues | — | | | 34,547 | | | 741 | | | — | | | 35,288 | |
|
Total current liabilities | 18,436 | | | 50,275 | | | 7,798 | | | 19,133 | | | 95,642 | |
|
NON-CURRENT LIABILITIES: | | | | | | | | | |
Senior secured notes, net | 469,889 | | | — | | | — | | | — | | | 469,889 | |
|
Revolving credit facility | 29,500 | | | — | | | — | | | — | | | 29,500 | |
|
Other non-current liabilities | — | | | 3,940 | | | — | | | — | | | 3,940 | |
|
Deferred income taxes | — | | | 98,839 | | | 33 | | | (32,571 | ) | | 66,301 | |
|
Due to affiliates | 106,722 | | | — | | | 4,132 | | | (110,854 | ) | | — | |
|
Total liabilities | 624,547 | | | 153,054 | | | 11,963 | | | (124,292 | ) | | 665,272 | |
|
Redeemable noncontrolling interest | — | | | — | | | 4,076 | | | — | | | 4,076 | |
|
STOCKHOLDER'S (DEFICIT) EQUITY: | | | | | | | | | |
Total stockholder's (deficit) equity | (79,660 | ) | | $ | 533,094 | | | $ | 3,582 | | | $ | (536,676 | ) | | (79,660 | ) |
|
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT | $ | 544,887 | | | $ | 686,148 | | | $ | 19,621 | | | $ | (660,968 | ) | | $ | 589,688 | |
|
|
SUPPLEMENTAL UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF MARCH 31, 2013 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
ASSETS | Parent | | Guarantors | | Non Guarantors | | Eliminations | | Condensed Consolidated |
CURRENT ASSETS: | | | | | | | | | |
Cash and cash equivalents | $ | — | | | $ | 683 | | | $ | 1,692 | | | $ | — | | | $ | 2,375 | |
|
Trade receivables, net | — | | | 41,169 | | | 1,916 | | | — | | | 43,085 | |
|
Inventories | — | | | 12,600 | | | 556 | | | — | | | 13,156 | |
|
Prepaid expenses and other current assets | — | | | 21,000 | | | 646 | | | (5,487 | ) | | 16,159 | |
|
Total current assets | — | | | 75,452 | | | 4,810 | | | (5,487 | ) | | 74,775 | |
|
PROPERTY AND EQUIPMENT, NET: | | | | | | | | | |
Leasehold improvements | — | | | 3,867 | | | — | | | — | | | 3,867 | |
|
Furniture, fixtures and equipment | — | | | 40,666 | | | 685 | | | — | | | 41,351 | |
|
Less – accumulated depreciation | — | | | (25,418 | ) | | (532 | ) | | — | | | (25,950 | ) |
|
Total property and equipment, net | — | | | 19,115 | | | 153 | | | — | | | 19,268 | |
|
OTHER ASSETS: | | | | | | | | | |
Deferred debt costs, net | 9,789 | | | — | | | — | | | — | | | 9,789 | |
|
Deferred rack costs, net | — | | | 6,604 | | | — | | | — | | | 6,604 | |
|
Other long-term assets | — | | | 1,631 | | | — | | | — | | | 1,631 | |
|
Investment in subsidiaries | 520,082 | | | (242 | ) | | — | | | (519,840 | ) | | — | |
|
Total other assets | 529,871 | | | 7,993 | | | — | | | (519,840 | ) | | 18,024 | |
|
GOODWILL AND OTHER IDENTIFIED INTANGIBLE ASSETS: |
Goodwill | — | | | 182,388 | | | 4,510 | | | — | | | 186,898 | |
|
Other identified intangibles, net | — | | | 272,486 | | | 6,000 | | | — | | | 278,486 | |
|
Total goodwill and other identified intangible assets | — | | | 454,874 | | | 10,510 | | | — | | | 465,384 | |
|
TOTAL ASSETS | $ | 529,871 | | | $ | 557,434 | | | $ | 15,473 | | | $ | (525,327 | ) | | $ | 577,451 | |
|
LIABILITIES AND STOCKHOLDER'S DEFICIT |
CURRENT LIABILITIES: | | | | | | | | | |
Accounts payable | $ | — | | | $ | 17,261 | | | $ | 559 | | | $ | — | | | $ | 17,820 | |
|
Accrued expenses and other liabilities | — | | | 2,012 | | | 5,389 | | | 17,363 | | | 24,764 | |
|
Accrued interest | 16,823 | | | — | | | — | | | — | | | 16,823 | |
|
Redeemable financial instruments | 3,447 | | | — | | | — | | | — | | | 3,447 | |
|
Deferred revenues | — | | | 33,621 | | | 923 | | | — | | | 34,544 | |
|
Total current liabilities | 20,270 | | | 52,894 | | | 6,871 | | | 17,363 | | | 97,398 | |
|
NON-CURRENT LIABILITIES: | | | | | | | | | |
Senior secured notes, net | 469,889 | | | — | | | — | | | — | | | 469,889 | |
|
Revolving credit facility | 12,000 | | | — | | | — | | | — | | | 12,000 | |
|
Other non-current liabilities | — | | | 3,959 | | | — | | | — | | | 3,959 | |
|
Deferred income taxes | — | | | 91,823 | | | (6 | ) | | (22,850 | ) | | 68,967 | |
|
Due (from) to affiliates | 105,474 | | | (109,607 | ) | | 4,133 | | | — | | | — | |
|
Total liabilities | 607,633 | | | 39,069 | | | 10,998 | | | (5,487 | ) | | 652,213 | |
|
Redeemable noncontrolling interest | — | | | — | | | 3,000 | | | — | | | 3,000 | |
|
| | | | | | | | | |
STOCKHOLDER'S (DEFICIT) EQUITY: | | | | | | | | | |
Total stockholder's (deficit) equity | (77,762 | ) | | 518,365 | | | 1,475 | | | (519,840 | ) | | (77,762 | ) |
|
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT | $ | 529,871 | | | $ | 557,434 | | | $ | 15,473 | | | $ | (525,327 | ) | | $ | 577,451 | |
|
|
|
|
|
SUPPLEMENTAL UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS) |
AND COMPREHENSIVE INCOME (LOSS) |
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 |
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantors | | Non Guarantors | | Eliminations | | Condensed Consolidated |
OPERATING REVENUES: | | | | | | | | | |
Circulation | $ | — | | | $ | 51,421 | | | $ | 1,183 | | | $ | — | | | $ | 52,604 | |
|
Advertising | — | | | 27,287 | | | 1,459 | | | — | | | 28,746 | |
|
Other | — | | | 3,900 | | | 5,354 | | | — | | | 9,254 | |
|
Total operating revenues | — | | | 82,608 | | | 7,996 | | | — | | | 90,604 | |
|
OPERATING EXPENSES: | | | | | | | | | |
Editorial | — | | | 9,323 | | | 325 | | | — | | | 9,648 | |
|
Production | — | | | 22,172 | | | 3,431 | | | — | | | 25,603 | |
|
Distribution, circulation and other cost of sales | — | | | 15,884 | | | 603 | | | — | | | 16,487 | |
|
Selling, general and administrative | — | | | 23,543 | | | 895 | | | — | | | 24,438 | |
|
Depreciation and amortization | — | | | 3,607 | | | 18 | | | — | | | 3,625 | |
|
Impairment of goodwill and intangible assets | — | | | — | | | — | | | — | | | — | |
|
Total operating expenses | — | | | 74,529 | | | 5,272 | | | — | | | 79,801 | |
|
OPERATING INCOME | — | | | 8,079 | | | 2,724 | | | — | | | 10,803 | |
|
OTHER INCOME (EXPENSE): | | | | | | | | | |
Interest expense | (15,051 | ) | | (11 | ) | | — | | | — | | | (15,062 | ) |
|
Amortization of deferred debt costs | (403 | ) | | — | | | — | | | — | | | (403 | ) |
|
Other income (expense), net | — | | | — | | | — | | | — | | | — | |
|
Total other expense, net | (15,454 | ) | | (11 | ) | | — | | | — | | | (15,465 | ) |
|
LOSS (INCOME) BEFORE (BENEFIT) PROVISION FOR INCOME TAXES, AND EQUITY IN EARNINGS OF CONSOLIDATED SUBSIDIARIES | (15,454 | ) | | 8,068 | | | 2,724 | | | — | | | (4,662 | ) |
|
(BENEFIT) PROVISION FOR INCOME TAXES | (5,115 | ) | | 2,034 | | | 137 | | | — | | | (2,944 | ) |
|
EQUITY IN EARNINGS OF CONSOLIDATED SUBSIDIARIES | 7,545 | | | 435 | | | — | | | (7,980 | ) | | — | |
|
NET (LOSS) INCOME | (2,794 | ) | | 6,469 | | | 2,587 | | | (7,980 | ) | | (1,718 | ) |
|
LESS: NET INCOME ATTRIBUTABLE TO THE NONCONTROLLING INTEREST | — | | | — | | | (1,076 | ) | | — | | | (1,076 | ) |
|
NET (LOSS) INCOME ATTRIBUTABLE TO AMERICAN MEDIA, INC. | $ | (2,794 | ) | | $ | 6,469 | | | $ | 1,511 | | | $ | (7,980 | ) | | $ | (2,794 | ) |
|
| Parent | | Guarantors | | Non Guarantors | | Eliminations | | Condensed Consolidated |
NET (LOSS) INCOME | $ | (2,794 | ) | | $ | 6,469 | | | $ | 2,587 | | | $ | (7,980 | ) | | $ | (1,718 | ) |
|
Foreign currency translation adjustment | — | | | — | | | 88 | | | — | | | 88 | |
|
Comprehensive (loss) income | (2,794 | ) | | 6,469 | | | 2,675 | | | (7,980 | ) | | (1,630 | ) |
|
Less: comprehensive income attributable to the noncontrolling interest | — | | | — | | | (1,076 | ) | | — | | | (1,076 | ) |
|
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO AMERICAN MEDIA, INC. | $ | (2,794 | ) | | $ | 6,469 | | | $ | 1,599 | | | $ | (7,980 | ) | | $ | (2,706 | ) |
|
|
|
|
|
SUPPLEMENTAL UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS) |
AND COMPREHENSIVE INCOME (LOSS) |
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2013 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantors | | Non Guarantors | | Eliminations | | Condensed Consolidated |
OPERATING REVENUES: | | | | | | | | | |
Circulation | $ | — | | | $ | 100,452 | | | $ | 2,427 | | | $ | — | | | $ | 102,879 | |
|
Advertising | — | | | 58,407 | | | 3,050 | | | — | | | 61,457 | |
|
Other | — | | | 10,985 | | | 5,675 | | | — | | | 16,660 | |
|
Total operating revenues | — | | | 169,844 | | | 11,152 | | | — | | | 180,996 | |
|
OPERATING EXPENSES: | | | | | | | | | |
Editorial | — | | | 18,409 | | | 675 | | | — | | | 19,084 | |
|
Production | — | | | 44,667 | | | 4,171 | | | — | | | 48,838 | |
|
Distribution, circulation and other cost of sales | — | | | 31,461 | | | 1,256 | | | — | | | 32,717 | |
|
Selling, general and administrative | — | | | 44,597 | | | 1,674 | | | — | | | 46,271 | |
|
Depreciation and amortization | — | | | 6,677 | | | 40 | | | — | | | 6,717 | |
|
Total operating expenses | — | | | 145,811 | | | 7,816 | | | — | | | 153,627 | |
|
OPERATING INCOME | — | | | 24,033 | | | 3,336 | | | — | | | 27,369 | |
|
OTHER INCOME (EXPENSE): | | | | | | | | | |
Interest expense | (29,780 | ) | | 41 | | | — | | | — | | | (29,739 | ) |
|
Amortization of deferred debt costs | (788 | ) | | — | | | — | | | — | | | (788 | ) |
|
Other expenses, net | — | | | (251 | ) | | — | | | — | | | (251 | ) |
|
Total other expense, net | (30,568 | ) | | (210 | ) | | — | | | — | | | (30,778 | ) |
|
(LOSS) INCOME BEFORE (BENEFIT) PROVISION FOR INCOME TAXES, AND EQUITY IN EARNINGS OF CONSOLIDATED SUBSIDIARIES | (30,568 | ) | | 23,823 | | | 3,336 | | | — | | | (3,409 | ) |
|
(BENEFIT) PROVISION FOR INCOME TAXES | (10,727 | ) | | 7,987 | | | 284 | | | — | | | (2,456 | ) |
|
EQUITY IN EARNINGS OF CONSOLIDATED SUBSIDIARIES | 17,812 | | | 900 | | | — | | | (18,712 | ) | | — | |
|
NET (LOSS) INCOME | (2,029 | ) | | 16,736 | | | 3,052 | | | (18,712 | ) | | (953 | ) |
|
LESS: NET INCOME ATTRIBUTABLE TO THE NONCONTROLLING INTEREST | — | | | — | | | (1,076 | ) | | — | | | (1,076 | ) |
|
NET (LOSS) INCOME ATTRIBUTABLE TO AMERICAN MEDIA, INC. | $ | (2,029 | ) | | $ | 16,736 | | | $ | 1,976 | | | $ | (18,712 | ) | | $ | (2,029 | ) |
|
| Parent | | Guarantors | | Non Guarantors | | Eliminations | | Condensed Consolidated |
NET (LOSS) INCOME | $ | (2,029 | ) | | $ | 16,736 | | | $ | 3,052 | | | $ | (18,712 | ) | | $ | (953 | ) |
|
Foreign currency translation adjustment | — | | | — | | | 131 | | | — | | | 131 | |
|
Comprehensive (loss) income | (2,029 | ) | | 16,736 | | | 3,183 | | | (18,712 | ) | | (822 | ) |
|
Less: comprehensive income attributable to the noncontrolling interest | — | | | — | | | (1,076 | ) | | — | | | (1,076 | ) |
|
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO AMERICAN MEDIA, INC. | $ | (2,029 | ) | | $ | 16,736 | | | $ | 2,107 | | | $ | (18,712 | ) | | $ | (1,898 | ) |
|
|
|
|
|
|
SUPPLEMENTAL UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS) |
AND COMPREHENSIVE INCOME (LOSS) |
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 |
(in thousands) |
|
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantors | | Non Guarantors | | Eliminations | | Condensed Consolidated |
OPERATING REVENUES: | | | | | | | | | |
Circulation | $ | — | | | $ | 53,523 | | | $ | 1,236 | | | $ | — | | | $ | 54,759 | |
|
Advertising | — | | | 23,511 | | | 1,540 | | | — | | | 25,051 | |
|
Other | — | | | 5,931 | | | 4,145 | | | — | | | 10,076 | |
|
Total operating revenues | — | | | 82,965 | | | 6,921 | | | — | | | 89,886 | |
|
OPERATING EXPENSES: | | | | | | | | | |
Editorial | — | | | 9,554 | | | 423 | | | — | | | 9,977 | |
|
Production | — | | | 22,432 | | | 2,703 | | | — | | | 25,135 | |
|
Distribution, circulation and other cost of sales | — | | | 16,336 | | | 579 | | | — | | | 16,915 | |
|
Selling, general and administrative | — | | | 21,043 | | | 1,276 | | | — | | | 22,319 | |
|
Depreciation and amortization | — | | | 2,467 | | | 20 | | | — | | | 2,487 | |
|
Total operating expenses | — | | | 71,832 | | | 5,001 | | | — | | | 76,833 | |
|
OPERATING INCOME | — | | | 11,133 | | | 1,920 | | | — | | | 13,053 | |
|
OTHER INCOME (EXPENSE): | | | | | | | | | |
Interest expense | (15,142 | ) | | — | | | — | | | — | | | (15,142 | ) |
|
Amortization of deferred debt costs | (355 | ) | | — | | | — | | | — | | | (355 | ) |
|
Other income (expense), net | — | | | 20 | | | — | | | — | | | 20 | |
|
Total other expense, net | (15,497 | ) | | 20 | | | — | | | — | | | (15,477 | ) |
|
LOSS (INCOME) BEFORE (BENEFIT) PROVISION FOR INCOME TAXES, AND EQUITY IN EARNINGS OF CONSOLIDATED SUBSIDIARIES | (15,497 | ) | | 11,153 | | | 1,920 | | | — | | | (2,424 | ) |
|
(BENEFIT) PROVISION FOR INCOME TAXES | (6,335 | ) | | 5,793 | | | 80 | | | — | | | (462 | ) |
|
EQUITY IN EARNINGS OF CONSOLIDATED SUBSIDIARIES | 6,419 | | | 290 | | | — | | | (6,709 | ) | | — | |
|
NET INCOME (LOSS) | (2,743 | ) | | 5,650 | | | 1,840 | | | (6,709 | ) | | (1,962 | ) |
|
LESS: NET INCOME ATTRIBUTABLE TO THE NONCONTROLLING INTEREST | — | | | — | | | (781 | ) | | — | | | (781 | ) |
|
NET (LOSS) INCOME ATTRIBUTABLE TO AMERICAN MEDIA, INC. | $ | (2,743 | ) | | $ | 5,650 | | | $ | 1,059 | | | $ | (6,709 | ) | | $ | (2,743 | ) |
|
| Parent | | Guarantors | | Non Guarantors | | Eliminations | | Condensed Consolidated |
NET INCOME (LOSS) | $ | (2,743 | ) | | $ | 5,650 | | | $ | 1,840 | | | $ | (6,709 | ) | | $ | (1,962 | ) |
|
Foreign currency translation adjustment | — | | | — | | | 27 | | | — | | | 27 | |
|
Comprehensive income (loss) | (2,743 | ) | | 5,650 | | | 1,867 | | | (6,709 | ) | | (1,935 | ) |
|
Less: comprehensive loss (income) attributable to the noncontrolling interest | — | | | — | | | (781 | ) | | — | | | (781 | ) |
|
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO AMERICAN MEDIA, INC. AND SUBSIDIARIES | $ | (2,743 | ) | | $ | 5,650 | | | $ | 1,086 | | | $ | (6,709 | ) | | $ | (2,716 | ) |
|
|
|
|
|
SUPPLEMENTAL UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF INCOME (LOSS) |
AND COMPREHENSIVE INCOME (LOSS) |
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2012 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantors | | Non Guarantors | | Eliminations | | Condensed Consolidated |
OPERATING REVENUES: | | | | | | | | | |
Circulation | $ | — | | | $ | 104,825 | | | $ | 2,562 | | | $ | — | | | $ | 107,387 | |
|
Advertising | — | | | 50,242 | | | 3,395 | | | — | | | 53,637 | |
|
Other | — | | | 11,586 | | | 4,500 | | | — | | | 16,086 | |
|
Total operating revenues | — | | | 166,653 | | | 10,457 | | | — | | | 177,110 | |
|
OPERATING EXPENSES: | | | | | | | | | |
Editorial | — | | | 20,245 | | | 861 | | | — | | | 21,106 | |
|
Production | — | | | 46,095 | | | 3,487 | | | — | | | 49,582 | |
|
Distribution, circulation and other cost of sales | — | | | 32,889 | | | 1,339 | | | — | | | 34,228 | |
|
Selling, general and administrative | — | | | 39,192 | | | 2,371 | | | — | | | 41,563 | |
|
Depreciation and amortization | — | | | 4,751 | | | 37 | | | — | | | 4,788 | |
|
Total operating expenses | — | | | 143,172 | | | 8,095 | | | — | | | 151,267 | |
|
OPERATING INCOME | — | | | 23,481 | | | 2,362 | | | — | | | 25,843 | |
|
OTHER INCOME (EXPENSE): | | | | | | | | | |
Interest expense | (29,783 | ) | | — | | | — | | | — | | | (29,783 | ) |
|
Amortization of deferred debt costs | (696 | ) | | — | | | — | | | — | | | (696 | ) |
|
Other expenses, net | — | | | (10 | ) | | — | | | — | | | (10 | ) |
|
Total other expense, net | (30,479 | ) | | (10 | ) | | — | | | — | | | (30,489 | ) |
|
(LOSS) INCOME BEFORE (BENEFIT) PROVISION FOR INCOME TAXES, AND EQUITY IN EARNINGS OF CONSOLIDATED SUBSIDIARIES | (30,479 | ) | | 23,471 | | | 2,362 | | | — | | | (4,646 | ) |
|
(BENEFIT) PROVISION FOR INCOME TAXES | (11,896 | ) | | 10,269 | | | 197 | | | — | | | (1,430 | ) |
|
EQUITY IN EARNINGS OF CONSOLIDATED SUBSIDIARIES | 14,586 | | | 611 | | | — | | | (15,197 | ) | | — | |
|
NET (LOSS) INCOME | (3,997 | ) | | 13,813 | | | 2,165 | | | (15,197 | ) | | (3,216 | ) |
|
LESS: NET INCOME ATTRIBUTABLE TO THE NONCONTROLLING INTEREST | — | | | — | | | (781 | ) | | — | | | (781 | ) |
|
NET (LOSS) INCOME ATTRIBUTABLE TO AMERICAN MEDIA, INC. | $ | (3,997 | ) | | $ | 13,813 | | | $ | 1,384 | | | $ | (15,197 | ) | | $ | (3,997 | ) |
|
| Parent | | Guarantors | | Non Guarantors | | Eliminations | | Condensed Consolidated |
NET (LOSS) INCOME | $ | (3,997 | ) | | $ | 13,813 | | | $ | 2,165 | | | $ | (15,197 | ) | | $ | (3,216 | ) |
|
Foreign currency translation adjustment | — | | | — | | | (20 | ) | | — | | | (20 | ) |
|
Comprehensive (loss) income | (3,997 | ) | | 13,813 | | | 2,145 | | | (15,197 | ) | | (3,236 | ) |
|
Less: comprehensive income attributable to the noncontrolling interest | — | | | — | | | (781 | ) | | — | | | (781 | ) |
|
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO AMERICAN MEDIA, INC. | $ | (3,997 | ) | | $ | 13,813 | | | $ | 1,364 | | | $ | (15,197 | ) | | $ | (4,017 | ) |
|
|
|
SUPPLEMENTAL UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2013 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantors | | Non Guarantors | | Eliminations | | Condensed Consolidated |
Cash Flows from Operating Activities: | | | | | | | | | |
Net cash (used in) provided by operating activities | $ | (27,452 | ) | | $ | 22,403 | | | $ | 3,172 | | | $ | (476 | ) | | $ | (2,353 | ) |
|
Cash Flows from Investing Activities: | | | | | | | | | |
Purchases of property and equipment | — | | | (5,517 | ) | | — | | | — | | | (5,517 | ) |
|
Purchase of intangible assets | — | | | (2,644 | ) | | — | | | — | | | (2,644 | ) |
|
Proceeds from sale of assets | — | | | 5 | | | — | | | — | | | 5 | |
|
Investment in affiliates | — | | | (2,536 | ) | | — | | | — | | | (2,536 | ) |
|
Other | — | | | — | | | (300 | ) | | — | | | (300 | ) |
|
Net cash used in investing activities | — | | | (10,692 | ) | | (300 | ) | | — | | | (10,992 | ) |
|
Cash Flows from Financing Activities: | | | | | | | | | |
Proceeds from revolving credit facility | 47,600 | | | — | | | — | | | — | | | 47,600 | |
|
Repayment to revolving credit facility | (30,100 | ) | | — | | | — | | | — | | | (30,100 | ) |
|
Payments for redemption of Odyssey preferred stock | (2,023 | ) | | — | | | — | | | — | | | (2,023 | ) |
|
Due to (from) affiliates | 11,975 | | | (11,975 | ) | | — | | | — | | | — | |
|
Dividends paid to parent | — | | | — | | | (476 | ) | | 476 | | | — | |
|
Net cash provided by (used in) financing activities | 27,452 | | | (11,975 | ) | | (476 | ) | | 476 | | | 15,477 | |
|
Effect of exchange rate changes on cash | — | | | 214 | | | — | | | — | | | 214 | |
|
Net (decrease) increase in Cash and Cash Equivalents | — | | | (50 | ) | | 2,396 | | | — | | | 2,346 | |
|
Cash and Cash Equivalents, Beginning of Period | — | | | 683 | | | 1,692 | | | — | | | 2,375 | |
|
Cash and Cash Equivalents, End of Period | $ | — | | | $ | 633 | | | $ | 4,088 | | | $ | — | | | $ | 4,721 | |
|
|
|
SUPPLEMENTAL UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2012 |
(in thousands) |
|
| | | | | | | | | | | | | | | | | | | |
| Parent | | Guarantors | | Non Guarantors | | Eliminations | | Condensed Consolidated |
Cash Flows from Operating Activities: | | | | | | | | | |
Net cash (used in) provided by operating activities | $ | (22,522 | ) | | $ | 35,136 | | | $ | 1,622 | | | $ | (310 | ) | | $ | 13,926 | |
|
Cash Flows from Investing Activities: | | | | | | | | | |
Purchases of property and equipment | — | | | (4,034 | ) | | — | | | — | | | (4,034 | ) |
|
Purchase of intangible assets | — | | | (1,120 | ) | | — | | | — | | | (1,120 | ) |
|
Proceeds from sale of assets | — | | | 56 | | | — | | | — | | | 56 | |
|
Investment in Radar | — | | | (100 | ) | | — | | | — | | | (100 | ) |
|
Other | — | | | — | | | (300 | ) | | — | | | (300 | ) |
|
Net cash used in investing activities | — | | | (5,198 | ) | | (300 | ) | | — | | | (5,498 | ) |
|
Cash Flows from Financing Activities: | | | | | | | | | |
Proceeds from revolving credit facility | 32,500 | | | — | | | — | | | — | | | 32,500 | |
|
Repayments to revolving credit facility | (32,500 | ) | | — | | | — | | | — | | | (32,500 | ) |
|
Payments to noncontrolling interest holders of Odyssey | (7,215 | ) | | — | | | — | | | — | | | (7,215 | ) |
|
Due to (from) affiliates | 29,737 | | | (29,737 | ) | | — | | | — | | | — | |
|
Dividends paid to parent | — | | | — | | | (310 | ) | | 310 | | | — | |
|
Net cash provided by (used in) financing activities | 22,522 | | | (29,737 | ) | | (310 | ) | | 310 | | | (7,215 | ) |
|
Effect of exchange rate changes on cash | — | | | 110 | | | — | | | — | | | 110 | |
|
Net (decrease) increase in Cash and Cash Equivalents | — | | | 311 | | | 1,012 | | | — | | | 1,323 | |
|
Cash and Cash Equivalents, Beginning of Period | — | | | 3,185 | | | 2,041 | | | — | | | 5,226 | |
|
Cash and Cash Equivalents, End of Period | $ | — | | | $ | 3,496 | | | $ | 3,053 | | | $ | — | | | $ | 6,549 | |
|
| | | | | | | | | | | | | | | | | | | | |