Financial Briefs
Rogers Communications Inc. extended to May 2 its offer to purchase all the outstanding shares of Maclean Hunter Ltd. The offer, at C$ 17.50 ($ 12.70) a share, was due to expire today. Rogers described this extension as "final."
Unitel Video stock fell about 16% Friday after the video service reported a loss in its fiscal second quarter, ended Feb. 28, of $ 451,000, or 17 cents a share. That compares with a profit of $ 246,000, or 12 cents a share, a year earlier. Revenues slipped to $ 18.8 million from $ 19.7 million. The post-production house said the second-quarter results were hurt by a loss of about $ 500,000 in sales at its two L.A.-based divisions due to the January earthquake.
Ackerley Communications reported a shareholder gain of 10 cents a share on first quarter net income of $ 1.6 million through March 31, vs. losses of 14 cents and $ 2.2 million in the period last year. The recent income includes a gain of $ 2.5 million from the sale of WAXY-FM in Ft. Lauderdale, Fla., to Clear Channel Radio. Operating cash flow increased to $ 7.8 million from $ 5.7 million a year ago.
United Television Inc. reported first-quarter net income of $ 6.4 million, 63 cents per share, a 105% increase over last year, not including interest from Time Warner income in the period last year. With that income, the recent quarter's net was down 52%. United stock closed Friday up 50 cents at $ 42.50 on Nasdaq.
Playboy Enterprises Inc. expects to report a net loss for the third quarter ended March 31 of about $ 8.4 million, or 42 cents a share, vs. net income of $ 500,000, or 3 cents a share, a year ago. Playboy said third-quarter operating results were hurt by the timing of international TV sales agreements.
Emmis Broadcasting Corp. has signed a definitive agreement to acquire the assets of radio stations WIBC-AM and WKLR-FM in Indianapolis from Horizon Broadcasting Corp. for $ 26 million. Emmis, the nation's 10th largest operator of radio stations, including KPWR-FM in L.A., reported a 41% increase in operating cash flow to $ 18.8 million for the fiscal year ended Feb. 28.
