Thursday, August 03, 2006
Advanstar's Q2
Advanstar has released its 2nd quarter results.
Income was up 6% to $59.2 million, and EBITDA jumped 47% to $9.2 million. For the first six months, income was up 13% (to $165.8 million) and EBITDA was up 28% (to $48.4 million.)
Details can be found here.
UPDATE: Some details from the conference call with Joe Loggia, CEO, and David Montgomery, CFO, discussing Q2 results.
1) The Fall MAGIC event, which accounts for a chunk of coming revenue, is "tracking well, ahead of last year in square footage and revenues," according to Loggia. "You never know until you hold the show, but we're pretty confident."
2) The company has "a very active pipeline of potential acquisitions, and we're looking at several in each of our segments--Life Sciences, Fashion and Powersports," said Loggia. These acquisitions could be smaller "tuck ins" to current marketplaces, or larger acquisitions. "What we're currently looking at falls primarily in our three market segments," said Loggia. "But we're not limiting ourselves there. If we find a large acquisition in another business area, as long as it fits our acquisition criteria, we would pursue it."
3) Advanstar is in a "good position to maintain our positive momentum through the end of the year," according to Loggia.
4) The company will redeem just under $10 million in floating rate notes on August 15, which will leave $461.9 million in indebtedness at the operating company level, and $171 million in debt at the holding company level, according to Montgomery. Cash and liquidity are "in excellent shape," with a balance of $51.8 million in cash, and no draws on the company's revolver. There are no plans to undertake a major refinancing of debt ("it doesn't make sense now", but the company has the flexibility to do so if it chooses.
5) No breakdown of online revenue results or growth was discussed.
Comments
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Income was up 6% to $59.2 million, and EBITDA jumped 47% to $9.2 million. For the first six months, income was up 13% (to $165.8 million) and EBITDA was up 28% (to $48.4 million.)
Details can be found here.
UPDATE: Some details from the conference call with Joe Loggia, CEO, and David Montgomery, CFO, discussing Q2 results.
1) The Fall MAGIC event, which accounts for a chunk of coming revenue, is "tracking well, ahead of last year in square footage and revenues," according to Loggia. "You never know until you hold the show, but we're pretty confident."
2) The company has "a very active pipeline of potential acquisitions, and we're looking at several in each of our segments--Life Sciences, Fashion and Powersports," said Loggia. These acquisitions could be smaller "tuck ins" to current marketplaces, or larger acquisitions. "What we're currently looking at falls primarily in our three market segments," said Loggia. "But we're not limiting ourselves there. If we find a large acquisition in another business area, as long as it fits our acquisition criteria, we would pursue it."
3) Advanstar is in a "good position to maintain our positive momentum through the end of the year," according to Loggia.
4) The company will redeem just under $10 million in floating rate notes on August 15, which will leave $461.9 million in indebtedness at the operating company level, and $171 million in debt at the holding company level, according to Montgomery. Cash and liquidity are "in excellent shape," with a balance of $51.8 million in cash, and no draws on the company's revolver. There are no plans to undertake a major refinancing of debt ("it doesn't make sense now", but the company has the flexibility to do so if it chooses.
5) No breakdown of online revenue results or growth was discussed.
