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EXHIBIT 99.2
AT EQUITY MARKETING, INC.: AT THE FINANCIAL RELATIONS BOARD/BSMG
WORLDWIDE:
Larry Madden Tony Rossi Lisa Mueller
Chief Financial Officer Investor Relations Investor Relations
(323) 932-4315 (310) 996-7459 (310) 996-7455
FOR IMMEDIATE RELEASE
EQUITY MARKETING REPORTS SECOND QUARTER RESULTS
STOCK REPURCHASE PLAN EXPANDED
LOS ANGELES, August 2, 2001 - Equity Marketing, Inc. (Nasdaq: EMAK)
today announced its financial results for the second quarter ended June 30,
2001.
"During the first part of this year, we have made significant progress
in achieving two of our major strategic goals: moving forward on our M&A
strategy and adding to our client roster through aggressive new business
development efforts," said Equity Marketing Chairman and Chief Executive Officer
Don Kurz. "With the acquisition of Logistix announced today, and the addition of
several high profile clients including Dr Pepper/Seven Up, Inc., we have made
great strides in laying the foundation for accelerated growth in the years to
come.
"We are particularly excited about the addition of Logistix. Beyond
providing important diversification for our revenue base, this firm will help
strengthen our position as a leading marketer focused on the kids, teens, tweens
and families demographic, with an expanded geographic focus. Effectively
reaching this audience has always been one of our core competencies and the
considerable experience that Logistix has in developing promotions and products
aimed at kids, teens, tweens and families will heighten our focus on this
sizeable market," said Mr. Kurz.
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EQUITY MARKETING REPORTS SECOND QUARTER RESULTS
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SECOND QUARTER HIGHLIGHTS
o Revenues were $28.2 million, compared with $55.3 million in the same
period in 2000.
o Promotions revenue for the quarter represented 86.6% of total
revenue, while consumer products revenue represented 13.4% of total
revenue.
o Net income was $0.9 million, compared with $3.1 million in the same
period in 2000.
o Diluted earnings per share were $0.08, compared with $0.41 in the
same period in 2000.
o Gross margin increased to 28.3% in the second quarter of 2001 from
25.0% in the prior year, continuing the company's favorable trend.
o Operating expenses decreased to $7.1 million from $9.0 million in
the prior year quarter as the company continued to aggressively
manage its costs.
"Our second quarter performance was in line with our expectations,"
said Mr. Kurz. "We believe our sales to Burger King reached its low point for
the year in the second quarter, and we expect increasing sales to Burger King in
the third and fourth quarters of 2001 and the full year 2002.
"During the second quarter, our non-Burger King promotions business
showed strong growth over the first quarter, as we benefited from new accounts
we have brought on board this year. However, the consumer products division is
somewhat vulnerable to economic cycles, and we have seen some weakness in this
area that relates to the general economic slowdown being experienced throughout
the country, as key retailers tightly manage inventory levels. Based on early
reports though, we anticipate a pick-up in the consumer products business in the
third quarter. Importantly, our consumer sell-through on our core Scooby-Doo(TM)
and Tub Tints(R) brands remains solid, and our consumer products sales are up
about nine percent for the first six months of this year," said Mr. Kurz.
STOCK REPURCHASE PLAN EXPANDED
Equity Marketing announced today that its board of directors has
authorized the retirement of the company's current common stock repurchase plan,
which will be replaced by a new $10 million common stock repurchase plan to be
implemented over the next 12 months.
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EQUITY MARKETING REPORTS SECOND QUARTER RESULTS
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Shares will be purchased from time to time after August 3, 2001 in the open
market at prevailing prices, based on market conditions. The company may also
make a number of purchases effected as block trades as well as certain
negotiated, off-exchange purchases not in the open market. The repurchase
program will be funded through a combination of working capital and bank debt.
As of June 30, 2001, under the previous $10 million stock repurchase
plan, the company had spent approximately $6.4 million to purchase 530,894
shares at an average price of $12.11 per share. Due to the retirement of this
plan, the remaining $3.6 million available for share repurchases will not be
utilized.
"Essentially, we have expanded the share repurchase plan by $6.4
million, as we now have a full $10 million to utilize going forward. Our strong
cash position, cash generating ability and lack of debt enables us to continue
to repurchase shares when market conditions warrant, as it represents an
accretive investment opportunity for shareholders. We are able to do so while
also maintaining ample resources to pursue additional M&A opportunities and
other strategic growth initiatives," said Mr. Kurz.
SHARE COUNT UPDATE
For purposes of computing earnings per share for the second quarter of
2001, the number of diluted weighted average shares outstanding was 6.2 million.
In accordance with accounting principles generally accepted in the United
States, based on the level of net income for the second quarter of 2001, the
calculation of diluted earnings per share excludes the impact of the assumed
conversion of preferred stock, and includes the preferred stock dividend. Based
on the level of net income reflected in the outlook set forth below, the number
of diluted weighted average shares outstanding for purposes of computing
earnings per share for the third and fourth quarters of 2001 is expected to
approximate 8.0 million, and for the full year 2001 is expected to approximate
6.3 million. For the full year 2002, the company expects its diluted weighted
average shares outstanding to be approximately 8.0 million for purposes of
computing earnings per share.
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EQUITY MARKETING REPORTS SECOND QUARTER RESULTS
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OUTLOOK
Equity Marketing announced guidance for the third quarter of 2001 and
revised guidance for the full year 2001. For the third quarter, the company
expects revenues to be between $44 million and $50 million, and fully diluted
earnings per share to range from $0.23 to $0.28. For the full year 2001, the
company now expects revenues to be between $155 million and $175 million, and
fully diluted earnings per share to range from $0.65 to $0.85. The company is
maintaining its previously issued guidance for 2002. Revenues in 2002 are
expected to range from $250 million to $300 million, and fully diluted earnings
per share are expected to range between $1.70 and $2.00.
"While our sales to Burger King will grow throughout the remainder of
the year, we do not believe they will ramp-up to the degree we initially
anticipated," said Mr. Kurz. "However, based on our understanding of the factors
contributing to this year's sales decline, we continue to believe that we should
see a substantial pick-up in custom promotional product purchases by the Burger
King system in 2002. Importantly, we believe our 15-year partnership with Burger
King remains as strong as ever.
"Despite the near-term challenges that will impact the remainder of
2001, we feel that the steps we have taken in recent weeks position the company
to achieve substantial growth in 2002 and beyond. The acquisition of Logistix
provides significant revenue contributions, excellent cross-selling
opportunities, and a valuable entree into new markets. The Logistix acquisition
is just the first step in our strategic M&A plan. We have a wealth of
opportunities available to us in all aspects of the M&A arena and we are
committed to pursuing those that will provide the best long-term value for the
company, including those transactions that can fundamentally transform the
company.
"We also recently made a major addition to our management team, naming
Bret Hadley as Executive Vice President, Consumer Products and Worldwide
Operations. With the popular Scooby-Doo and Tub Tints lines, our consumer
products division has good growth potential, and we are confident that Bret's
proven ability to lead major companies such as Mattel, Inc. and Wham-O(R)
through dynamic growth stages will generate similar results for Equity
Marketing.
"Our non-Burger King promotions business remains in a growth mode. With
the clients we have added to-date, and the other prospects in our new business
pipeline, we have the
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EQUITY MARKETING REPORTS SECOND QUARTER RESULTS
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opportunity to add more than 10 new clients organically this year. Our
demonstrated ability to create programs that drive clients' sales has helped us
to expand existing relationships and win a number of new accounts this year
including marquee names like Dr Pepper/Seven Up, Inc.
"From a strategic perspective, we anticipate exiting the year in the
best shape in the company's history, setting the stage for a robust 2002 when
all of our businesses are expected to turn in strong performances. While our
2001 financial results are disappointing given our strong profit history, we
have taken this year as an opportunity to markedly improve our strategic
position, while still continuing to generate healthy net income and cash flow.
We will enter 2002 much more diversified, with deeper capabilities and expanded
geographic reach, while maintaining a rock solid balance sheet. Our prospects
for long-term growth and creating shareholder value have never been brighter,"
said Mr. Kurz.
SECOND QUARTER CONFERENCE CALL
The company will host a conference call today at 5:00 p.m. ET/2:00 p.m.
PT to discuss its second quarter 2001 financial results and operational
highlights. All interested parties may listen to the live call or access a
replay of the call via the Internet at WWW.EQUITY-MARKETING.COM. To listen to
the live call, visit the Investor Relations page of the Web site at least 15
minutes prior to download any necessary software.
Equity Marketing, Inc., a leading marketing services company based in
Los Angeles, designs and produces custom promotional programs that build sales
and brand value for retailers, restaurant chains and consumer goods companies
such as Burger King Corporation, The Coca-Cola Company, CVS/pharmacy and others.
The company complements its core promotions business by developing and marketing
distinctive consumer products, based on trademarks it owns or classic licensed
properties, which are sold through specialty and mass-market retailers. More
information about Equity Marketing is available on the company's web site at
www.equity-marketing.com.
CERTAIN EXPECTATIONS AND PROJECTIONS REGARDING THE FUTURE PERFORMANCE
OF EQUITY MARKETING, INC. DISCUSSED IN THIS NEWS RELEASE ARE FORWARD-LOOKING AND
ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995. THESE EXPECTATIONS AND PROJECTIONS ARE BASED ON CURRENTLY
AVAILABLE COMPETITIVE, FINANCIAL AND ECONOMIC DATA ALONG WITH THE COMPANY'S
OPERATING PLANS AND ARE SUBJECT TO FUTURE EVENTS AND UNCERTAINTIES. MANAGEMENT
CAUTIONS THE READER THAT THE FOLLOWING
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EQUITY MARKETING REPORTS SECOND QUARTER RESULTS
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FACTORS, AMONG OTHERS, COULD CAUSE THE COMPANY'S ACTUAL CONSOLIDATED RESULTS OF
OPERATIONS AND FINANCIAL POSITION IN 2001 AND THEREAFTER TO DIFFER SIGNIFICANTLY
FROM THOSE EXPRESSED IN FORWARD-LOOKING STATEMENTS: THE COMPANY'S DEPENDENCE ON
A SINGLE CUSTOMER; THE SIGNIFICANT QUARTER-TO-QUARTER VARIABILITY IN THE
COMPANY'S REVENUES AND NET INCOME; THE COMPANY'S DEPENDENCE ON THE POPULARITY OF
LICENSED ENTERTAINMENT PROPERTIES AND THE ABILITY TO LICENSE, DEVELOP AND MARKET
NEW PRODUCTS; THE COMPANY'S DEPENDENCE ON FOREIGN MANUFACTURERS; THE COMPANY'S
NEED FOR ADDITIONAL WORKING CAPITAL; THE NEGATIVE RESULTS OF LITIGATION,
GOVERNMENTAL PROCEEDINGS OR ENVIRONMENTAL MATTERS; AND THE POTENTIAL NEGATIVE
IMPACT OF PAST OR FUTURE ACQUISITIONS. THE COMPANY UNDERTAKES NO OBLIGATION TO
PUBLICLY RELEASE THE RESULTS OF ANY REVISIONS TO FORWARD-LOOKING STATEMENTS,
WHICH MAY BE MADE TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF OR TO
REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS. THE RISKS HIGHLIGHTED HEREIN
SHOULD NOT BE ASSUMED TO BE THE ONLY ITEMS THAT COULD AFFECT THE FUTURE
PERFORMANCE OF THE COMPANY.
FINANCIAL TABLES FOLLOW
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EQUITY MARKETING REPORTS SECOND QUARTER RESULTS
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EQUITY MARKETING, INC.
Condensed Consolidated Statements of Income
(In thousands, except share and per share data)
<Table>
<Caption>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
---------------------------- ---------------------------
(UNAUDITED) (UNAUDITED)
2001 2000 2001 2000
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Revenues $ 28,237 $ 55,314 $ 56,264 $ 98,791
Cost of sales 20,234 41,487 40,071 74,690
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Gross profit 8,003 13,827 16,193 24,101
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Operating expenses:
Salaries, wages and benefits 3,547 3,746 7,276 7,147
Selling, general and administrative 3,561 5,242 7,276 9,579
AmeriServe bankruptcy bad debt expense -- -- -- 482
------------ ------------ ------------ ------------
Total operating expenses 7,108 8,988 14,552 17,208
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Income from operations 895 4,839 1,641 6,893
Other income (expense) 415 270 1,194 355
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Income before provision for income taxes 1,310 5,109 2,835 7,248
Provision for income taxes 450 2,043 1,060 2,888
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Net income $ 860 $ 3,066 $ 1,775 $ 4,360
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Preferred Stock Dividends 375 201 750 207
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Net income Available to Common Stockholders $ 485 $ 2,865 $ 1,025 $ 4,153
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Basic Income Per Share
Earnings Per Share $ 0.08 $ 0.46 $ 0.17 $ 0.66
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Weighted Average Shares Outstanding 6,061,811 6,291,180 6,084,228 6,263,949
============ ============ ============ ============
Diluted Income Per Share
Earnings Per Share $ 0.08 $ 0.41 $ 0.16 $ 0.63
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Weighted Average Shares Outstanding 6,175,984 7,412,498 6,243,296 6,956,283
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EQUITY MARKETING REPORTS SECOND QUARTER RESULTS
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EQUITY MARKETING, INC.
Condensed Consolidated Balance Sheets
(In thousands)
<Table>
<Caption>
ASSETS JUNE 30, DECEMBER 31,
2001 2000
(UNAUDITED)
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Cash and short-term investments $ 40,304 $ 32,405
Marketable securities -- 5,100
Accounts receivable, net 18,239 30,137
Note receivable 4,254 8,322
Inventory 8,407 11,744
Prepaids and other current assets 5,928 4,828
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CURRENT ASSETS 77,132 92,536
Fixed assets, net 4,111 4,263
Intangible assets, net 12,645 12,459
Other assets 1,897 1,284
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TOTAL ASSETS $ 95,785 $110,542
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LIABILITIES AND JUNE 30, DECEMBER 31,
STOCKHOLDERS' EQUITY 2001 2000
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Short-term debt $ -- $ --
Accounts payable 15,226 18,421
Accrued liabilities 10,870 21,975
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CURRENT LIABILITIES 26,096 40,396
Long-term liabilities 1,816 1,856
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TOTAL LIABILITIES 27,912 42,252
Mandatory redeemable preferred stock 23,049 23,049
Stockholders' equity 44,824 45,241
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TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 95,785 $110,542
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