Professional Documents
Culture Documents
Mar-94
1Q94
Jun-94
2Q94
Sep-94
3Q94
Dec-94
4Q94
47.3%
23.7%
1.3%
Revenues
Gross Sales
28.5
42.0
52.0
52.7
Theater Revenue
Merchandising Sales
Total Gross Revenues
28.5
42.0
52.0
52.7
Ticketron Charges
Net Revenues
28.5
42.0
52.0
52.7
Operating Costs
Theater Rent Paid (16% of net, offset by comp owned rev)
Theater Costs, Comp Owned (90 grand/wk + inflation)
Merchandising COGS (predictable @ 68% of merchandising sales)
Advertising Expenditures (could be volatile, used 13% of gross)
Show Related Costs
Royalties Paid
Operating Expenses
(22.5)
(32.4)
(38.2)
(33.8)
Gross Profit
6.0
9.6
13.8
18.8
Profit Margin
21.1%
22.8%
26.5%
35.8%
Amortize Prepro (expense)
Depreciation
Total D&A
D&A Percentage
(1.7)
(1.7)
5.9%
(2.7)
(2.7)
6.4%
(3.9)
(3.9)
7.5%
(2.4)
8.4%
(2.5)
6.0%
(2.5)
4.8%
Sub-Total
Minority, Pref Div, EI
Net Income
PAT Margin
Jun-95
2Q95
68.6%
42.8%
Sep-95
3Q95
64.8%
20.9%
Dec-95
4Q95
61.1%
-1.0%
Mar-96
1Q96E
42.7%
-16.5%
Jun-96
2Q96E
26.0%
26.1%
Sep-96
3Q96E
-5.1%
-8.9%
Dec-96
4Q96E
0.7%
5.0%
Sep-97
3Q97E
19.2%
-6.1%
Dec-97
4Q97E
9.6%
-3.4%
Mar-98
1Q98E
-23.5%
-34.1%
Jun-98
2Q98E
-24.0%
27.3%
Sep-98
3Q98E
-31.1%
-14.9%
Dec-98
4Q98E
-40.3%
-16.3%
Mar-99
1Q99E
-21.1%
-12.9%
Jun-99
2Q99E
-13.4%
39.8%
Sep-99
3Q99E
2.7%
0.9%
Dec-99
4Q99E
11.9%
-8.8%
Dec-92
FY92
Dec-93
FY93
Dec-94
FY94
Dec-95
FY95
Dec-96
FY96E
Dec-97
FY97E
Dec-98
FY98E
Dec-99
FY99E
8.6%
35.3%
66.1%
12.3%
14.5%
-100.0%
#DIV/0!
70.8
85.7
84.8
74.7
incl
3.7
78.5
(5.7)
72.7
63.6
incl
3.2
66.7
(4.9)
61.9
53.2
incl
2.7
55.8
(4.1)
51.8
46.3
incl
2.3
48.6
(3.5)
45.1
64.7
incl
3.2
68.0
(5.0)
63.0
65.3
incl
3.3
68.6
(5.0)
63.5
59.5
incl
3.0
62.5
(4.6)
57.9
291.0
129.5
175.2
291.0
356.3
0.0
17.8
374.1
(27.3)
346.8
0.0
119.3
311.1
0.0
15.6
326.7
(23.8)
302.8
0.0
84.8
58.7
incl
2.9
61.6
(4.5)
57.1
175.2
85.7
89.4
89.1
incl
4.5
93.6
(6.8)
86.7
129.5
70.8
85.2
92.3
incl
4.6
96.9
(7.1)
89.8
119.3
49.6
93.5
98.2
incl
4.9
103.2
(7.5)
95.6
291.0
84.8
81.3
81.3
incl
4.1
85.4
(6.2)
79.1
175.2
85.7
77.4
incl
3.9
81.3
(5.9)
75.4
129.5
70.8
85.0
incl
4.2
89.2
(6.5)
82.7
119.3
49.6
67.4
incl
3.4
70.8
(5.2)
65.6
Mar-97
1Q97E
13.8%
-5.7%
1.4641
74.2
76.7
incl
3.8
80.5
(5.9)
74.7
Jun-97
2Q97E
15.6%
28.1%
49.6
0.0
0.0
(5.5)
(3.6)
(2.3)
(9.2)
(20.3)
(11.6)
(7.7)
(3.7)
(2.9)
(11.6)
(23.7)
(14.6)
(6.5)
(3.7)
(2.6)
(10.6)
(20.7)
(13.3)
(7.0)
(4.9)
(2.8)
(11.1)
(20.7)
(14.0)
(5.7)
(6.0)
(2.6)
(10.5)
(22.9)
(13.2)
(6.1)
(6.2)
(3.3)
(13.4)
(26.6)
(16.9)
(6.1)
(7.4)
(3.1)
(12.6)
(26.6)
(15.9)
(6.6)
(7.4)
(3.0)
(12.2)
(23.7)
(15.3)
(5.8)
(3.6)
(2.0)
(8.0)
(17.4)
(10.1)
(6.1)
(3.7)
(2.5)
(10.2)
(20.5)
(12.9)
(6.5)
(3.7)
(2.2)
(8.7)
(17.7)
(10.9)
(6.7)
(4.9)
(1.8)
(7.3)
(14.8)
(9.2)
(5.9)
(6.0)
(1.6)
(6.3)
(14.5)
(8.0)
(6.4)
(6.1)
(2.2)
(8.8)
(17.6)
(11.1)
(3.4)
(7.4)
(2.2)
(8.9)
(17.7)
(11.2)
(3.5)
(7.4)
(2.0)
(8.1)
(14.8)
(10.2)
(24.4)
(26.9)
(12.1)
(48.6)
(99.8)
(61.3)
0.0
73.7
19.7%
(40.0)
9.6
19.3%
(54.4)
16.5
23.2%
(64.0)
21.7
25.3%
(65.1)
19.7
23.2%
13.1
18.5%
18.6
20.8%
17.9
22.1%
18.7
21.9%
13.8
17.2%
23.1
22.4%
18.1
18.7%
18.6
19.9%
10.3
16.6%
16.9
21.6%
12.1
18.2%
7.1
12.7%
2.9
5.9%
10.8
15.8%
12.7
18.5%
(4.3)
(4.3)
8.2%
(4.3)
(4.3)
8.7%
(8.7)
(8.7)
12.3%
(12.9)
(12.9)
15.0%
(9.8)
(9.8)
11.6%
(9.5)
(0.9)
(10.4)
14.7%
(6.5)
(0.9)
(7.4)
8.3%
(8.0)
(0.9)
(8.9)
10.9%
(8.0)
(0.9)
(8.9)
10.4%
(10.0)
(0.9)
(10.9)
13.5%
(10.0)
(0.9)
(10.9)
10.5%
(10.0)
(0.9)
(10.9)
11.2%
(11.0)
(0.9)
(11.9)
12.7%
(0.9)
(0.9)
1.4%
(0.9)
(0.9)
1.1%
(0.9)
(0.9)
1.3%
(0.9)
(0.9)
1.6%
(0.9)
(0.9)
1.8%
(0.9)
(0.9)
1.3%
(0.9)
(0.9)
1.3%
(2.4)
4.6%
(2.7)
5.5%
(2.7)
3.9%
(3.1)
3.6%
(3.3)
3.8%
(3.1)
4.4%
(3.2)
3.5%
(3.2)
3.9%
(3.2)
3.8%
(3.3)
4.0%
(3.3)
3.2%
(3.3)
3.4%
(3.4)
3.6%
(3.1)
5.1%
(3.2)
4.0%
(3.2)
4.8%
(3.2)
5.8%
(3.3)
6.7%
(3.3)
4.8%
(3.3)
4.8%
Funds Flow
Net Income
Depreciation & Amortiz
EBITDA
Interest (Net)
Taxes
Capital Exp/Theater Bui
Preproduction Costs
Free Cash Flow
Note:
Enterprise Value
"Real" EBITDA (Incl Pre
Real EBITDA Margins
Livent
Balance Sheet
Cash & Equivalents
Accounts Receivable (Net)
Prepaid Expenses
Inventory
Lease Receivable
Rwecoverable Taxes
Total Current Assets
PP&E
Investments
Goodwill
Preproduction Costs
LT receivables
Deferred Costs
Other Assets
Total Assets
0.0
#DIV/0!
0.0
#DIV/0!
(0.9)
(0.9)
1.4%
(10.6)
(10.6)
8.9%
(9.0)
(9.0)
6.9%
0.0
(12.6)
(12.6)
7.2%
0.0
(35.8)
(35.8)
12.3%
(32.0)
(3.5)
(35.5)
10.9%
(41.0)
(3.5)
(44.5)
11.9%
#DIV/0!
#DIV/0!
(3.4)
5.4%
(5.9)
4.9%
(6.8)
5.3%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(9.8)
5.6%
(11.8)
4.1%
(12.7)
3.9%
(13.2)
3.5%
(16.0)
0.0
0.0
0.0
7.3
11.3
21.6%
14.1%
(3.9)
0.4
0.8%
-7.4%
2.5
6.8
13.8%
5.1%
5.0
13.7
19.4%
7.0%
5.7
18.6
21.7%
6.7%
6.6
16.4
19.4%
7.8%
(0.4)
10.0
14.1%
-0.5%
8.0
15.4
17.3%
9.0%
5.9
14.7
18.1%
7.2%
6.6
15.5
18.1%
7.7%
(0.3)
10.6
13.1%
-0.4%
9.0
19.8
19.2%
8.7%
3.9
14.8
15.3%
4.0%
3.4
15.2
16.3%
3.6%
6.2
7.1
11.6%
10.1%
12.9
13.7
17.5%
16.4%
8.1
8.9
13.4%
12.1%
3.0
3.9
6.9%
5.4%
(1.3)
(0.4)
-0.8%
-2.6%
6.6
7.5
11.0%
9.7%
8.5
9.3
13.6%
12.3%
7.6
8.5
13.6%
12.2%
6.8
17.5
14.6%
5.7%
15.8
24.8
19.1%
12.2%
9.8
22.4
12.8%
5.6%
19.8
55.6
19.1%
6.8%
20.1
55.6
17.0%
6.2%
15.9
60.4
16.2%
4.3%
(0.3)
(0.4)
(0.6)
(0.5)
(0.3)
(0.4)
(0.6)
(1.1)
(1.1)
(1.1)
(1.2)
(1.3)
(1.4)
(1.4)
(1.5)
(1.6)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(3.9)
(4.0)
(0.3)
(0.4)
(0.6)
(0.5)
(0.3)
(0.4)
(0.6)
(1.1)
(1.1)
(1.1)
(1.2)
(1.3)
(1.4)
(1.4)
(1.5)
(1.6)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(3.9)
(4.0)
(1.9)
0.0
0.0
(1.9)
(2.4)
0.0
0.0
(2.4)
(4.7)
0.0
0.0
(4.7)
(5.9)
0.0
0.0
(5.9)
0.2
0.2
0.5
0.0
0.9
0.0
0.0
2.2
(0.9)
42%
4.8
(1.9)
40%
5.3
(2.0)
38%
6.0
(1.6)
27%
(1.4)
0.6
42%
6.9
(2.9)
42%
4.7
(2.0)
42%
5.3
(2.2)
42%
(1.7)
0.7
42%
7.5
(3.2)
42%
2.4
(1.0)
42%
1.7
(0.7)
42%
6.2
(2.6)
42%
12.9
(5.4)
42%
8.1
(3.4)
42%
3.0
(1.3)
42%
(1.3)
0.5
42%
6.6
(2.8)
42%
8.5
(3.6)
42%
7.6
(3.2)
42%
2.9
0.0
0%
11.8
(4.5)
38%
7.9
(2.1)
26%
18.2
(6.5)
36%
15.4
(6.5)
42%
10.0
(4.2)
42%
0.0
0.0
#DIV/0!
#DIV/0!
5.8
0.0
5.835
3.3%
11.8
0.0
11.766
4.0%
9.0
0.0
8.960
2.7%
5.8
0.0
5.809
1.6%
0.0
0.0
0.000
#DIV/0!
0.000
#DIV/0!
0.00
2
0.00
2
0.00
2
0.00
2
1.6
(0.5)
28%
(0.3)
0.0
0.2
3.7
(1.1)
30%
6.8
(2.7)
39%
(4.2)
2.1
51%
1.2
2.6
4.1
(2.1)
1.3
2.9
3.3
4.3
(0.8)
4.0
2.7
3.1
(1.0)
4.4
1.4
1.0
3.6
7.5
4.7
1.7
(0.7)
3.8
4.9
4.4
2.9
7.4
1.176
4.1%
2.589
6.2%
4.139
8.0%
(2.068)
-3.9%
1.282
2.6%
2.854
4.0%
3.284
3.8%
4.346
5.1%
(0.837)
-1.2%
4.007
4.5%
2.707
3.3%
3.082
3.6%
(0.960)
-1.2%
4.371
4.2%
1.383
1.4%
1.015
1.1%
3.622
5.9%
7.465
9.5%
4.679
7.0%
1.743
3.1%
(0.733)
-1.5%
3.824
5.6%
4.903
7.2%
4.420
7.1%
2.936
2.5%
7.370
5.7%
Surprise
Surprise
Disapp.
Surprise
Surprise
Surprise
Disapp.
Surprise
Surprise
Surprise
Surprise
Surprise
Surprise
Surprise
Disapp.
Surprise
Surprise
Surprise
1Q94
11.6
12.8
$0.10
3Q94
11.7
13.4
$0.35
4Q94
11.7
13.2
($0.18)
2Q95
12.0
13.5
$0.24
7.9%
122.6%
3Q95
12.0
13.6
$0.27
-22.3%
15.1%
4Q95
12.0
13.6
$0.36
-305.8%
32.3%
1Q96E
15.7
17.4
($0.05)
-149.7%
-114.7%
2Q96E
15.7
17.4
$0.26
6.9%
-578.9%
3Q96E
15.7
17.4
$0.17
-37.2%
-32.4%
4Q96E
15.7
17.4
$0.20
-46.0%
13.8%
1Q97E
15.7
17.4
($0.06)
14.7%
-131.2%
2Q97E
15.7
17.4
$0.28
9.1%
-555.3%
3Q97E
15.7
17.4
$0.09
-48.9%
-68.4%
4Q97E
15.7
17.4
$0.06
-67.1%
-26.6%
1Q98E
19.5
21.2
$0.19
-404.5%
188.1%
2Q98E
19.5
17.4
$0.38
37.9%
106.1%
3Q98E
19.5
17.4
$0.24
173.2%
-37.3%
4Q98E
19.5
17.4
$0.09
38.7%
-62.7%
1Q99E
19.5
17.4
($0.04)
-120.2%
-142.1%
2Q99E
19.5
17.4
$0.20
-48.8%
-621.8%
3Q99E
19.5
17.4
$0.25
4.8%
28.2%
4Q99E
19.5
17.4
$0.23
153.6%
-9.8%
FY93
8.9
10.2
$0.83
151.0%
FY94
11.7
13.2
$0.50
-39.8%
FY95
12.0
13.6
$0.98
97.5%
FY96E
15.7
17.4
$0.57
-42.0%
FY97E
15.7
17.4
$0.37
-35.2%
FY98E
FY99E
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-149.9%
1Q95
12.0
13.5
$0.11
5.4%
-160.7%
FY92
8.9
10.2
$0.33
59.8%
Mar-94
1Q94
1.2
1.7
3.6
(0.3)
(0.5)
0.0
(3.0)
(0.1)
Jun-94
2Q94
2.6
2.7
7.1
(0.4)
(1.1)
0.0
(14.6)
(9.0)
Sep-94
3Q94
4.1
3.9
11.3
(0.6)
(2.7)
0.0
(10.0)
(2.0)
Dec-94
4Q94
(2.1)
4.3
0.4
(0.5)
2.1
0.0
2.2
4.2
Mar-95
1Q95
1.3
4.3
6.8
(0.3)
(0.9)
0.0
(4.5)
1.1
Jun-95
2Q95
2.9
8.7
13.7
(0.4)
(1.9)
0.0
(20.2)
(8.7)
Sep-95
3Q95
3.3
12.9
18.6
(0.6)
(2.0)
0.0
(14.4)
1.5
Dec-95
4Q95
4.3
9.8
16.4
(1.1)
(1.6)
0.0
(12.8)
0.9
Mar-96
1Q96E
(0.8)
0.9
10.0
(1.1)
0.6
(2.0)
(9.5)
(2.0)
Jun-96
2Q96E
4.0
0.9
15.4
(1.1)
(2.9)
(15.0)
(6.5)
(10.1)
Sep-96
3Q96E
2.7
0.9
14.7
(1.2)
(2.0)
(15.0)
(8.0)
(11.4)
Dec-96
4Q96E
3.1
0.9
15.5
(1.3)
(2.2)
(15.0)
(8.0)
(11.0)
Mar-97
1Q97E
(1.0)
0.9
10.6
(1.4)
0.7
(15.0)
(10.0)
(15.1)
Jun-96
2Q97E
4.4
0.9
19.8
(1.4)
(3.2)
(10.0)
(10.0)
(4.8)
Sep-96
3Q97E
1.4
0.9
14.8
(1.5)
(1.0)
(10.0)
(10.0)
(7.7)
Dec-96
4Q97E
1.0
0.9
15.2
(1.6)
(0.7)
(10.0)
(11.0)
(8.1)
Mar-98
1Q98E
3.6
0.9
7.1
0.0
(2.6)
0.0
0.0
4.5
Jun-98
2Q98E
7.5
0.9
13.7
0.0
(5.4)
0.0
0.0
8.3
Sep-98
3Q98E
4.7
0.9
8.9
0.0
(3.4)
0.0
0.0
5.6
Dec-98
4Q98E
1.7
0.9
3.9
0.0
(1.3)
0.0
0.0
2.6
Mar-99
1Q99E
(0.7)
0.9
(0.4)
0.0
0.5
0.0
0.0
0.1
Jun-99
2Q99E
3.8
0.9
7.5
0.0
(2.8)
0.0
0.0
4.7
Sep-99
3Q99E
4.9
0.9
9.3
0.0
(3.6)
0.0
0.0
5.8
Dec-99
4Q99E
4.4
0.9
8.5
0.0
(3.2)
0.0
0.0
5.3
Dec-92
FY92
2.9
10.6
17.5
(3.9)
0.0
0.0
(12.0)
1.5
Dec-93
FY93
7.4
9.0
24.8
(4.0)
(4.5)
(7.7)
(16.5)
(7.9)
Dec-94
FY94
5.8
12.6
22.4
(1.9)
(2.1)
0.0
(25.4)
(7.0)
Dec-95
FY95
11.8
35.8
55.6
(2.4)
(6.5)
0.0
(52.0)
(5.3)
Dec-96
FY96E
9.0
3.5
55.6
(4.7)
(6.5)
(47.0)
(32.0)
(34.5)
Dec-97
FY97E
5.8
3.5
60.4
(5.9)
(4.2)
(45.0)
(41.0)
(35.7)
Dec-98
FY98E
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Dec-99
FY99E
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.7
2.3%
(7.5)
-17.8%
1.2
2.3%
2.6
5.0%
2.3
4.6%
(6.4)
-9.1%
4.2
4.9%
3.6
4.2%
249.2
0.5
0.7%
259.1
8.9
10.0%
265.5
6.7
8.3%
276.5
7.5
8.7%
291.6
0.6
0.7%
296.4
9.8
9.5%
304.1
4.8
4.9%
312.2
4.2
4.5%
253.8
7.1
11.6%
208.8
13.7
17.5%
208.8
8.9
13.4%
208.8
3.9
6.9%
208.8
(0.4)
-0.8%
208.8
7.5
11.0%
208.8
9.3
13.6%
208.8
8.5
13.6%
5.5
4.6%
8.2
6.4%
(3.0)
-1.7%
3.6
1.2%
23.6
7.2%
19.4
5.2%
0.0
#DIV/0!
0.0
#DIV/0!
Mar-94
1Q94
Jun-94
2Q94
0.0
10.3
4.4
1.8
Sep-94
3Q94
Dec-94
4Q94
Jun-95
2Q95
1.3
14.4
6.6
2.1
Sep-95
Dec-95
3Q95
4Q95
NO CASH
14.8
23.1
7.5
5.9
1.7
2.1
Mar-96
1Q96E
32.1
22.6
6.0
2.2
Jun-96
2Q96E
35.7
18.7
6.0
2.2
Sep-96
3Q96E
27.0
17.9
6.0
2.2
Dec-96
4Q96E
14.4
23.0
6.0
2.2
Mar-97
1Q97E
16.1
21.7
7.0
2.5
Jun-97
2Q97E
17.9
21.7
7.0
2.5
Sep-97
3Q97E
13.1
17.4
7.0
2.5
Dec-97
4Q97E
(0.1)
23.4
7.0
2.5
Jun-98
2Q98E
Sep-98
3Q98E
Dec-98
4Q98E
Mar-99
1Q99E
Jun-99
2Q99E
Sep-99
3Q99E
Dec-99
4Q99E
Dec-92
FY92
Dec-93
FY93
Dec-94
Dec-95
FY94
FY95
0.0 NO CASH
14.8
14.8
2.7
7.5
2.6
1.7
24.5
79.4
8.1
3.3
66.2
82.8
8.4
3.3
66.0
97.8
1.8
3.3
56.5
112.8
1.8
3.3
49.0
127.8
1.8
3.3
50.7
142.8
1.8
3.3
52.4
152.8
1.8
3.3
43.3
162.8
1.8
3.3
36.2
172.8
1.8
Dec-97
FY97E
(0.1)
23.4
7.0
2.5
0.0
3.3
36.2
172.8
1.8
0.0
55.5
0.0
5.2
0.0
271.5
Dec-99
FY99E
3.3
34.4
80.8
8.4
Dec-96
FY96E
14.4
23.0
6.0
2.2
0.0
3.3
49.0
127.8
1.8
0.0
55.5
0.0
5.2
3.1
242.4
Dec-98
FY98E
14.8
2.7
2.6
Mar-95
1Q95
4.2
13.2
6.1
2.2
Mar-98
1Q98E
11.0
5.9
2.3
29.0
0.0
34.1
0.0
0.0
0.0
63.2
16.0
38.6
15.0
0.0
132.7
0.0
95.3
14.4
242.4
34.6
0.0
37.4
0.0
0.0
0.0
72.0
16.0
52.6
15.0
0.4
156.0
0.0
95.3
20.2
271.5
FY98E
FY99E
FY98E
365
FY99E
365
10.5
4.4
1.5
16.4
76.0
9.9
16.4
76.4
5.4
19.2
77.3
6.0
20.2
78.0
7.9
25.7
78.1
8.8
24.0
79.9
8.9
40.5
0.2
7.5
28.0
4.4
4.8
30.1
4.4
5.4
41.9
4.3
5.4
47.1
3.8
5.3
55.5
4.9
5.0
55.5
5.0
5.2
55.5
55.5
55.5
55.5
55.5
143.3
152.6
163.5
169.0
189.0
223.1
55.5
5.0
5.2
4.9
236.2
55.5
150.6
5.2
4.0
235.8
5.2
3.1
242.4
5.2
2.3
258.2
5.2
1.4
269.1
5.2
0.5
269.1
271.5
Accounts Payable
24.1
Accrued Expenses
Deferred Perfom Revenue
25.8
Deferred Sponsorship Rev
1.8
Deferred Taxes
Other CL
Total Current Liabilities
51.6
Deferred Taxes
9.5
Long Term Debt
27.6
Convertible Notes
Other Liabilities
Total Liabilities
88.6
Notes receivable - shareholder (CEO)
Common Stock & Paid in C
54.1
Retained Earnings
(11.0)
Total, Liabilities & Equity
131.8
21.5
25.9
43.4
25.7
27.1
31.3
29.2
26.2
33.0
30.1
29.0
31.4
38.2
35.8
34.6
32.3
1.3
29.5
2.1
19.7
1.6
3.3
38.5
1.0
43.4
1.0
34.2
1.3
35.1
1.8
33.6
2.0
35.7
32.5
34.1
45.0
41.3
38.7
37.4
55.2
10.4
29.1
57.5
13.0
29.8
67.9
7.5
17.7
65.2
8.4
12.6
15.0
71.5
10.2
12.5
15.0
66.8
11.9
17.8
15.0
66.1
16.4
29.6
15.0
0.8
62.6
16.0
29.6
15.0
68.7
16.0
32.6
15.0
62.6
16.0
35.6
15.0
63.2
16.0
38.6
15.0
76.4
16.0
42.1
15.0
79.4
16.0
45.6
15.0
74.6
16.0
49.1
15.0
72.0
16.0
52.6
15.0
0.4
156.0
109.2
111.5
127.1
129.2
132.7
149.5
56.4
1.1
167.8
0.3
12.5%
19.8%
11.9
17.7
0.4
19.6%
28.1%
22.7
32.8
0.8
22.1%
22.9%
11.9
53.6
0.5
24.9%
20.4%
10.2
67.6
FY93
7.4
7.4
1.4
0.8
FY94
5.8
25.3
1.8
1.7
0.0
(6.4)
(1.5)
0.0
0.0
0.0
0.0
FY95
11.8
32.4
2.2
1.4
0.0
(0.9)
8.8
0.0
0.0
0.0
0.0
FY96E
9.0
32.0
3.5
0.0
0.0
0.0
(0.4)
0.0
(0.2)
(2.7)
(0.2)
FY97E
5.8
41.0
3.5
0.0
0.0
0.0
0.0
(0.3)
5.6
3.3
(1.3)
(1.9)
6.6
(24.8)
4.6
0.0
(7.7)
(16.5)
0.2
(5.2)
0.0
(25.4)
(0.9)
(3.8)
0.0
(52.0)
0.2
(5.1)
(47.0)
(32.0)
0.0
0.0
(45.0)
(41.0)
0.0
0.0
14.0
0.0
0.0
0.0
0.0
0.0
12.4
76.0
9.8
0.0
0.0
125.9
19.1
0.4
8.2
30.6
19.5
1.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
56.4
(2.2)
163.5
56.4
1.1
169.0
56.4
5.5
189.0
95.3
4.6
223.1
95.3
8.6
236.2
95.3
11.3
235.8
95.3
14.4
242.4
95.3
13.5
258.2
95.3
17.8
269.1
95.3
19.2
269.1
95.3
20.2
271.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.3
16.8%
25.6%
33.3
0.4
19.4%
27.9%
29.5
0.5
23.6%
29.3%
14.7
44.6
1.1
20.0%
24.9%
9.4
44.6
1.0
20.1%
23.5%
13.6
47.6
0.9
21.4%
23.5%
12.3
50.6
0.8
22.1%
22.9%
12.2
53.6
0.7
22.1%
21.5%
7.8
57.1
0.7
22.5%
20.6%
13.8
60.6
0.6
23.8%
20.6%
9.7
64.1
0.5
24.9%
20.4%
9.5
67.6
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0
1Q94
1.2
1.0
0.4
0.4
2Q94
2.6
2.8
0.4
0.3
3Q95
3.3
12.0
0.6
0.4
0.0
(0.2)
1.7
4Q95
4.3
7.5
0.6
0.4
(1.2)
(0.3)
4.6
2Q96E
4.0
6.5
0.9
3Q96E
2.7
8.0
0.9
4Q96E
3.1
8.0
0.9
1Q97E
(1.0)
10.0
0.9
2Q97E
4.4
10.0
0.9
3Q97E
1.4
10.0
0.9
4Q97E
1.0
11.0
0.9
1Q98E
3.6
2Q98E
7.5
3Q98E
4.7
4Q98E
1.7
1Q99E
(0.7)
2Q99E
3.8
3Q99E
4.9
4Q99E
4.4
(1.5)
0.8
2Q95
2.9
9.4
0.6
0.4
1.2
1.1
1.8
1Q96E
(0.8)
9.5
0.9
0.8
1.1
4Q94
(2.1)
18.4
0.5
0.7
(0.5)
(6.4)
(5.7)
1Q95
1.3
3.5
0.5
0.3
(0.3)
0.4
3Q94
4.1
3.2
0.4
0.3
0.5
(0.5)
2.6
(0.4)
0.5
(3.0)
(1.3)
(0.2)
0.0
3.9
6.8
0.1
0.0
0.0
0.9
(2.9)
(3.2)
0.0
0.0
(5.2)
(1.1)
1.6
0.0
0.0
1.3
2.4
10.9
(1.3)
0.0
0.1
6.8
(3.7)
0.0
0.0
4.2
(2.3)
(2.5)
0.0
0.0
(6.0)
(1.2)
(1.3)
0.0
(4.8)
1.6
0.2
9.7
(5.6)
2.5
(7.6)
(14.1)
(0.4)
0.0
5.0
0.0
0.0
0.0
0.0
0.0
(3.0)
(0.4)
(0.5)
(14.6)
3.5
(0.8)
(10.0)
(0.5)
(1.3)
2.2
(3.5)
(1.2)
(4.5)
1.1
(0.6)
(20.2)
(0.9)
(1.9)
(14.4)
(1.0)
(1.0)
(12.8)
0.9
(1.5)
(2.0)
(9.5)
(15.0)
(6.5)
(15.0)
(8.0)
(15.0)
(8.0)
(15.0)
(10.0)
(10.0)
(10.0)
(10.0)
(10.0)
(10.0)
(11.0)
3.5
51.2
(12.1)
125.9
0.2
20.5%
15.2%
6.2
25.9
0.0
0.0
56.4
(5.0)
152.6
3.5
154.7
0.0
0.0
0.4
18.1%
19.7%
24.2
3.5
156.0
0.0
0.0
56.4
(6.3)
143.3
0.0
132.3
0.0
0.0
0.3
12.4%
19.6%
0.8
11.7
123.2
0.0
0.0
65.5
11.9
17.8
15.0
0.0
110.2
0.0
0.0
54.6
(4.2)
150.6
(14.0)
101.2
31.3
0.0
34.2
3.3
0.0
66.4
7.5
17.7
0.0
0.0
91.6
0.0
56.4
(6.3)
141.8
0.0
0.0
0.3
19.8%
26.9%
19.1
0.5
93.2
0.0
151.0
43.4
0.0
19.7
0.0
0.0
54.1
(8.4)
140.5
2.2
100.3
0.0
20.2
78.0
7.9
0.0
28.0
4.4
4.8
0.0
143.3
0.0
5.2
0.3
20.8%
24.0%
16.3
2.7
94.7
7.9
3.2
1.4
0.3
20.9%
16.0%
11.4
Financing Flows
Debt
Leases
Equity
Programming Licenses
FX on Cash
Estimated
FY92
2.9
5.0
1.0
1.0
(12.0)
3.5
51.9
9.1
25.9
86.8
(0.6)
4.5
(29.1)
0.0
24.0
79.9
0.0
47.1
8.9
0.2
5.0
3.0
3.0
3.0
2.8
0.0
0.5
1.9
0.0
0.0
38.8
47.1
(8.5)
0.0
5.2
0.0
0.0
25.8
0.0
0.0
0.0
0.0
9.0
0.0
38.8
0.0
0.0
0.000
0.000
(0.000)
0.000
4.189
(2.870)
(1.319)
(0.001)
32.080
3.647
(8.682)
(12.634)
1.658
1.853
(4.860)
(13.113)
3.622
7.465
4.679
1.743
(0.733)
3.824
4.903
4.420
(2.064)
7.723
0.000
(0.0)
14.4
(2.2)
(1.7)
(3.9)
5.6
9.6
(11.8)
2.2
10.8
(11.8)
1.0
14.6
(2.5)
(12.1)
(0.7)
(4.0)
8.9
19.8
(22.9)
0.2
10.1
(16.5)
5.0
1.7
(13.4)
11.7
4.8
(11.5)
38.8
22.1
(21.5)
3.0
11.3
(23.0)
3.0
7.4
(23.0)
3.0
23.2
(25.0)
3.5
18.4
(20.0)
3.5
11.6
(20.0)
3.5
4.4
(21.0)
3.5
3.6
0.0
0.0
7.5
0.0
0.0
4.7
0.0
0.0
1.7
0.0
0.0
(0.7)
0.0
0.0
3.8
0.0
0.0
4.9
0.0
0.0
4.4
0.0
0.0
9.9
(12.0)
0.0
18.9
(29.2)
18.0
33.3
(30.0)
(3.3)
31.0
(56.9)
25.8
45.6
(79.0)
47.8
57.5
(86.0)
14.0
#VALUE!
#VALUE!
#VALUE!
$10.00
$10.11
Financial Statistics
Days In Period
1Q94
#VALUE!
2Q94
91
3Q94
92
4Q94
92
1Q95
90
2Q95
3Q95E
4Q95E
1Q96E
2Q96E
3Q96E
4Q96E
1Q97E
2Q97E
3Q97E
4Q97E
1Q98E
2Q98E
3Q98E
4Q98E
1Q99E
2Q99E
3Q99E
4Q99E
FY92
365
FY93
365
FY94
365
FY95
365
FY96E
365
FY96E
365
Days - A/R
y-o-y change in A/R
#VALUE!
#VALUE!
0
#VALUE!
0
#VALUE!
0
#VALUE!
0
#VALUE!
#DIV/0!
Days - A/P
Days - Accrued Expenses
#VALUE!
#VALUE!
#VALUE!
21
#VALUE!
24
#VALUE!
33
#VALUE!
17
#VALUE!
#VALUE!
Asset Turns
Net Income/Revenue
Leverage
ROE
#VALUE!
4.1%
#VALUE!
8973.4%
#VALUE!
6.2%
#VALUE!
9702.1%
#VALUE!
8.0%
#VALUE!
8826.9%
#VALUE! #VALUE!
-3.9%
2.6%
#VALUE! #VALUE!
9788.5% 17557.8%
#VALUE!
#DIV/0!
#VALUE!
#VALUE!
0.0
2Q94
11.7
13.1
$0.22
33.7
0.3
8.3
0.0
117.6%
140.5
Investment Expenditures
Theater Builds & Capex
Preprodn Expenses
LT A/R & Other
Fixed Assets
(223.6)
67.4
23.2%
4.4
7.1
16.8%
10.4%
21.1
0.3
8.0
Funds Flows
Net Income
Amortizate Preprodn
Depreciation
Amortize Deferred Cos
Writeoffs
Income, Minority Interes
Deferred Taxes
Change in A/R
Change in A/P
Deferred Revenue
Accrued Expenses
Preproduction
Other - operating CFO
(127.0)
48.2
27.5%
2.0
3.6
12.7%
6.9%
131.8
Current Ratio
Debt / Total Assets
Preprodn/ Total Assets
EBITDA / Interest
Total Debt
(97.9)
31.6
24.4%
(4.0)
Consensus EPS
Number of Estimates
Surprise or Disappoint?
Valuation Data
Wtd Avg Shares Outstandi
Fully Diluted Shares Outst
Reported EPS
y-o-y EPS change
qtr-to-qtr EPS change
11.9
19.0%
(91.9)
27.3
22.9%
(26.7)
(15.9)
(10.6)
(42.5)
(85.3)
(53.5)
0.0
68.3
20.9%
(16.0)
Minority Interest
Profit Before Taxes
Taxes
Effective Tax Rate
Mar-95
1Q95
73.9%
-5.8%
Days - Inventories
1Q96E
2200
2Q96E
2200
3Q96E
2200
4Q96E
2200
1Q97E
2200
1500
1849
1910
1500
1849
1910
1500
1500
1500
1849
1910
1800
1800
1849
1910
1800
1500
1849
1910
1800
2Q97E
2200
1850
1500
1849
1500
1800
1500
1800
1500
1800
1500
1800
1500
1800
1500
1800
1500
1500
1800
1500
1800
3Q97E
2200
1850
1500
1849
1500
1800
4Q97E
2200
1Q98E
2200
4Q98E
1Q99E
2Q99E
1800
1849
1500
1800
2Q98E
2200
1850
1800
1849
1500
1500
3Q98E
1800
1849
1500
1800
1850
1800
1849
1500
1800
1800
1849
1500
1800
1800
1849
1500
1800
1850
1800
1849
1500
1800
1500
1800
1000
1500
1800
1830
1500
1500
1500
1500
1500
1800
3Q99E
2200
1850
4Q99E
2200
1849
1849
1800
1800
1800
1000
1800
1830
2200
2200
2200
2200
1850
1800
1800
1830
1500
2200
1800
2200
1850
1800
1800
2200
1800
2200
1850
1800
1500
2200
1800
2200
1200
1800
1800
1800
1800
2200
1200
1800
2200
1850
1800
1500
2200
1850
1800
1800
2200
1850
1800
1800
1830
1500
1500
1500
1500
1500
1500
1500
2200
1850
1800
1800
1000
1500
1500
1500
1500
1500
1500
1500
2200
1850
1800
1800
1000
1500
Performances/Week/Show
Weeks/Quarter
8
12.86
8
13.14
8
13.14
8
13.14
8
12.71
8
13.14
8
13.14
8
13.14
8
12.86
8
13.00
8
13.14
8
13.14
8
12.86
8
13.00
8
13.14
8
13.14
Pricing, Gross
Pricing, Broadway Gross
Ticketron Commission
75.00
63.75
7.3%
75.00
63.75
7.3%
75.00
63.75
7.3%
75.00
63.75
7.3%
75.00
63.75
7.3%
75.00
63.75
7.3%
75.00
63.75
7.3%
75.00
63.75
7.3%
75.00
63.75
7.3%
75.00
63.75
7.3%
75.00
63.75
7.3%
75.00
63.75
7.3%
75.00
63.75
7.3%
75.00
63.75
7.3%
75.00
63.75
7.3%
75.00
63.75
7.3%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
73%
80%
80%
82%
73%
80%
80%
82%
73%
80%
80%
82%
73%
80%
80%
82%
Revenues, shows
Phantom1 (Toronto)
Phantom2 (Vancouver)
Joseph
Showboat1
Showboat2 (NYC)
Showboat3 (Chicago)
Kiss1
Kiss2
Sunset
ChamberMusic (Vanc)
Ragtime1
Ragtime2 (NYC)
12.4
8.4
10.4
9.1
8.4
10.1
8.4
-
13.9
9.5
11.7
10.2
9.5
9.5
11.4
9.5
-
13.9
9.5
11.7
10.2
11.4
11.4
9.5
-
14.2
11.6
12.0
10.5
11.6
11.6
9.7
-
12.3
8.4
10.3
9.0
10.0
10.0
8.4
8.4
-
13.9
11.7
9.5
11.7
8.0
11.4
11.4
9.5
11.4
-
13.9
11.7
9.5
11.7
8.0
11.4
9.5
11.4
5.4
14.2
11.6
12.0
8.2
11.6
9.7
11.6
10.1
12.4
10.1
10.4
7.2
10.1
8.4
-
13.7
11.5
11.2
11.5
8.0
9.4
9.4
-
11.7
11.4
11.7
8.0
11.4
9.5
-
11.6
12.0
8.2
11.6
9.7
-
10.1
10.4
7.2
10.1
8.4
-
11.5
11.2
11.5
8.0
11.2
11.2
-
13.9
11.7
11.7
11.4
11.4
5.4
14.2
12.0
11.6
11.6
10.1
2.0
1.6
1.4
5.0
2.2
1.8
1.5
5.6
2.2
1.8
1.5
5.6
2.3
1.9
1.6
5.7
2.0
1.6
1.3
1.3
6.2
2.2
1.9
1.8
1.8
1.5
9.2
2.2
1.9
1.8
0.9
1.5
8.3
2.3
1.9
1.6
1.6
7.3
2.0
1.4
3.3
2.2
1.8
1.5
5.5
1.9
1.5
3.4
1.6
1.6
1.4
1.4
1.8
1.8
3.6
2.2
1.9
1.8
0.9
6.8
2.3
1.9
1.6
5.7
Info
Ragtime will be huge
Chicago
LA brand new
NYC
Page 2
Info
estate taxes
will get a/d for tax credits, worth a few million
Page 3
Valuation
Simple Valuation
Stock Price
Shares
Debt
Cash
Option Strikes
Hidden Assets
TEV
11
17.4
67.6
(14.4)
244.6
97 EBITDA
Real EBITDA
97 Revenues
97 Free Cash
60.4
19.4
374.1
(35.7)
TEV / EBITDA
TEV / RealEBITD
TEV / Revenue
Equity / FCF
4.05
12.58
0.65
(5.36)
Page 4