USA Networks 1Q slides
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April 29, 1999: 11:34 a.m. ET
Loss from minority stake, year-ago gain make comparison difficult
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NEW YORK (CNNfn) - USA Networks, the television and new media company that is trying to buy the Web gateway Lycos, Thursday reported sharply lower profits for the first quarter.
The company reported net income of $7.5 million, or 4 cents a diluted share, for the quarter, compared with $34 million, or 17 cents a share, a year earlier. The latest results include a $74 million loss from minority stakes while the year-earlier period included a $75 million gain on television asset sales.
Sales rose 39 percent to $729 million from $523 million.
USA Networks (USAI) said its earnings before taxes, interest, depreciation and other items -- a measure known as cash flow that Wall Street uses to gauge some media companies -- rose 29 percent in its ongoing operations in the quarter.
It was difficult to gauge how the results compared with forecasts because of one-time items, said a spokesman for First Call, which tracks analysts' estimates. Analysts had forecast a loss of 16 cents a share, according to tallies compiled by First Call.
USA Networks stock was down 1-1/6 to 40-1/4 a midday Thursday.
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USA Networks
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