United states securities and exchange commission



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The graph and related information are being furnished solely to accompany this Form 10-K pursuant to Item 201(e) of Regulation S-K. They shall not be deemed “soliciting materials” or to be “filed” with the SEC (other than as provided in Item 201), nor shall such information be incorporated by reference into any future filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate it by reference into such filing.
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Table of Contents


ITEM 6. SELECTED FINANCIAL DATA.

The consolidated financial statements for all periods presented in this Form 10-K are prepared in conformity with U.S. GAAP.

The Selected Consolidated Financial Data below includes the results of Summit from its acquisition date of January 13, 2012 onwards. The Selected Consolidated Financial Data below also includes the results of Maple Pictures from the date of consolidation of July 18, 2007, through the date of sale of August 10, 2011. In addition, the selected consolidated historical financial data below includes the results of TV Guide Network from the acquisition date of February 28, 2009 until its deconsolidation on May 28, 2009, the date on which we sold a 49% interest in TV Guide Network to OEP. Due to the accounting standard pertaining to consolidation accounting for variable interest entities, TV Guide Network has been accounted for under the equity method of accounting since May 28, 2009. See Note 7 to our audited consolidated financial statements. Due to the acquisitions and the consolidation of Maple Pictures, and subsequent sale of our interest in Maple Pictures, and the deconsolidation of TV Guide Network, the Company’s results of operations for the years ended March 31, 2012, 2011, 2010, 2009, and 2008 and financial positions as at March 31, 2012, 2011, 2010, 2009, and 2008 are not directly comparable to prior reporting periods. Additionally, in the quarter ended March 31, 2012, we eliminated the lag in recording our share of EPIX's results and, accordingly, prior period amounts have been adjusted to reflect the elimination of the lag in recording our share of EPIX's results under the equity method of accounting. See Note 7 to our audited consolidated financial statements.
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Table of Contents


































































 

Year Ended March 31,

 

2012

 

2011

 

2010

 

2009

 

2008

 

 

 

As adjusted

 

As adjusted

 

As adjusted

 

 

 

(Amounts in thousands, except per share amounts)

Statement of Operations Data:

 

 

 

 

 

 

 

 

 

Revenues

$

1,587,579




 

$

1,582,720




 

$

1,489,506




 

$

1,466,374




 

$

1,361,039




Expenses:

 

 

 

 

 

 

 

 

 

Direct operating

908,402




 

795,746




 

777,969




 

793,816




 

660,924




Distribution and marketing

483,513




 

547,226




 

506,141




 

669,557




 

635,666




General and administration

168,864




 

171,407




 

143,060




 

136,563




 

119,080




Gain on sale of asset disposal group

(10,967

)

 






 






 






 






Depreciation and amortization

4,276




 

5,811




 

12,455




 

7,657




 

5,500




Total expenses

1,554,088




 

1,520,190




 

1,439,625




 

1,607,593




 

1,421,170




Operating income (loss)

33,491




 

62,530




 

49,881




 

(141,219

)

 

(60,131

)

Other expenses (income):

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

Contractual cash based interest

62,430




 

38,879




 

27,461




 

15,131




 

12,851




Amortization of debt discount (premium) and deferred financing costs

15,681




 

16,301




 

19,701




 

19,144




 

17,048




Total interest expense

78,111




 

55,180




 

47,162




 

34,275




 

29,899




Interest and other income

(2,752

)

 

(1,742

)

 

(1,547

)

 

(5,785

)

 

(11,276

)

Gain on sale of equity securities






 






 






 






 

(2,909

)

Loss (gain) on extinguishment of debt

967




 

14,505




 

(5,675

)

 

(3,023

)

 






Total other expenses, net

76,326




 

67,943




 

39,940




 

25,467




 

15,714




Income (loss) before equity interests and income taxes

(42,835

)

 

(5,413

)

 

9,941




 

(166,686

)

 

(75,845

)

Equity interests income (loss)

8,412




 

(20,712

)

 

(38,995

)

 

(10,159

)

 

(7,559

)

Loss before income taxes

(34,423

)

 

(26,125

)

 

(29,054

)

 

(176,845

)

 

(83,404

)

Income tax provision

4,695




 

4,256




 

1,218




 

2,724




 

4,031




Net loss

$

(39,118

)

 

$

(30,381

)

 

$

(30,272

)

 

$

(179,569

)

 

$

(87,435

)

 

 

 

 

 

 

 

 

 

 

Basic Net Loss Per Common Share

$

(0.30

)

 

$

(0.23

)

 

$

(0.26

)

 

$

(1.54

)

 

$

(0.74

)

Diluted Net Loss Per Common Share

$

(0.30

)

 

$

(0.23

)

 

$

(0.26

)

 

$

(1.54

)

 

$

(0.74

)

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

132,226




 

131,176




 

117,510




 

116,795




 

118,427




Diluted

132,226




 

131,176




 

117,510




 

116,795




 

118,427




 

 

 

 

 

 

 

 

 

 

Balance Sheet Data (at end of period):

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

64,298




 

86,419




 

69,242




 

138,475




 

371,589




Investment in films and television programs

1,329,053




 

607,757




 

661,105




 

702,767




 

608,942




Total assets

2,787,995




 

1,569,153




 

1,516,361




 

1,666,135




 

1,536,927




Senior revolving credit facility

99,750




 

69,750




 

17,000




 

255,000




 






Senior secured second-priority notes

431,510




 

226,331




 

225,155




 






 






Term loan

477,514




 






 






 






 






Convertible senior subordinated notes and other financing obligations

108,276




 

110,973




 

192,036




 

281,521




 

261,519




Total liabilities

2,698,210




 

1,430,298




 

1,473,233




 

1,625,557




 

1,282,328




Total shareholders’ equity

89,785




 

138,855




 

42,013




 

40,578




 

254,599






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