SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 1995
Commission File Number 0-16099
TELEMUNDO GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware 13-3348686
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2290 West 8th Avenue
Hialeah, Florida 33010
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: (305) 884-8200
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes x No
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12,13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court. Yes x No
As of November 10, 1995, 10,000,200 shares of Common Stock of Telemundo Group,
Inc. were outstanding.
TELEMUNDO GROUP, INC. AND SUBSIDIARIES
INDEX
Page
No.
PART I. FINANCIAL INFORMATION:
Item 1. Financial Statements
Consolidated Statements of Operations for the Three and Nine
Months Ended September 30, 1995 and 1994 (Unaudited)............. 2
Consolidate Balance Sheets at September 30, 1995
(Unaudited) and December 31, 1994................................ 3
Consolidated Statement of Changes in Common Stockholders'
Equity for the Nine Months Ended September 30, 1995
(Unaudited)....................................................... 4
Consolidated Statements of Cash Flows for the Nine Months
ended September 30, 1995 and 1994 (Unaudited)..................... 5
Notes to Consolidated Financial Statements (Unaudited)............... 6
Item 2. Managements Discussion and Analysis of Results
of Operations and Financial Condition..................... 8
PART II. OTHER INFORMATION, AS APPLICABLE............................ 12
SIGNATURES........................................................... 13
<TABLE>
TELEMUNDO GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
<CAPTION>
Three Months Ended Nine Months Ended
September 30 September 30
------------------------- -----------------------
Predecessor Predecessor
<S> <C> 1995 <C> 1994 <C> 1995 <C> 1994
-------------------------------------------------------------------------------------------------
Net Revenue............................ $41,413,000 $44,739,000 $119,848,000 $131,807,000
Costs and Expenses:
Direct operating costs............... 19,048,000 23,165,000 59,148,000 68,734,000
Selling, general and
administrative expenses other
than network and corporate......... 8,655,000 8,721,000 25,917,000 27,107,000
Network expenses....................... 6,064,000 6,868,000 20,994,000 21,822,000
Corporate expenses..................... 1,110,000 1,213,000 3,345,000 3,885,000
Depreciation and amortization.......... 3,061,000 2,768,000 8,653,000 7,899,000
---------- ----------- ------------ ------------
Operating income (loss)................ 3,475,000 2,004,000 1,791,000 2,360,000
Other expense.......................... (22,000) - (19,000) (20,000)
Reorganization items................... - (1,562,000) - (4,250,000)
Interest expense-net of interest
income of $54,000 and $164,000
in 1995.............................. (3,647,000) (163,000) (10,756,000) (487,000)
Net loss from investment in
TeleNoticias......................... (1,502,000) - (4,590,000) -
----------- --------- ----------- ----------
Income (loss) before income
taxes................................ (1,696,000) 279,000 (13,574,000) (2,397,000)
Income tax provision................... (844,000) (830,000) (2,534,000) (2,575,000)
----------- --------- ----------- ----------
Net income (loss)...................... $(2,540,000) $ (551,000) $(16,108,000) $(4,972,000)
=========== ========== ============ ===========
Net loss per share.................... $(.25) $* $(1.61) $*
===== == ====== ==
Average number of shares
outstanding......................... 10,000,000 * 10,000,000 *
<FN>
* As a result of the effects of the Company's reorganization, net loss per share
and average number of shares outstanding are not applicable for the 1994
periods.
See notes to consolidated financial statements.
</TABLE>
<TABLE>
TELEMUNDO GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<CAPTION>
<C> <C>
<S> September 30 December 31
Assets 1995 1994
- ------------------------------------------------------------------------------------------------
(Unaudited)
Current assets:
Cash and cash equivalents................................... $ 9,030,000 $ 1,850,000
Accounts receivable, less allowance for doubtful accounts
of $2,713,000 and $2,743,000.............................. 37,938,000 47,673,000
Television programming...................................... 14,210,000 12,410,000
Prepaid expenses and other.................................. 5,095,000 6,296,000
----------- ------------
Total current assets................................... 66,273,000 68,229,000
Property and equipment-net.................................... 60,086,000 62,774,000
Television programming........................................ 2,091,000 3,172,000
Other assets.................................................. 924,000 909,000
Investment in TeleNoticias.................................... 377,000 4,148,000
Broadcast licenses and reorganization value in excess of
amounts allocable to identifiable assets-net................ 90,848,000 92,792,000
----------- ------------
$220,599,000 $232,024,000
============ ============
Liabilities and Stockholders Equity
- --------------------------------------------------------------------------------------------------
Current Liabilities:
Accounts payable........................................... $ 7,903,000 $ 7,308,000
Accrued expenses and other................................. 20,535,000 23,304,000
Television programming obligations......................... 5,991,000 5,292,000
------------ ------------
Total current liabilities............................. 34,429,000 35,904,000
Long-term debt............................................... 106,339,000 100,724,000
Capital lease obligations.................................... 6,807,000 7,263,000
Television programming obligations........................... 816,000 763,000
Other liabilities............................................ 17,977,000 17,370,000
------------ -----------
166,368,000 162,024,000
------------ -----------
Contingencies and commitments
Common stockholders equity:
Series A Common Stock, $.01 par value, 14,388,394 shares
authorized, 5,823,407 and 4,388,394 shares outstanding
at September 30, 1995 and December 31, 1994.............. 58,000 44,000
Series B Common Stock, $.01 par value, 5,611,606 shares
authorized, 4,176,693 and 5,611,606 shares outstanding
at September 30, 1995 and December 31, 1994.............. 42,000 56,000
Additional paid-in capital................................. 70,239,000 69,900,000
Retained earnings (deficit)................................ (16,108,000) -
------------ -----------
54,231,000 70,000,000
------------ -----------
$220,599,000 $232,024,000
============ ============
<FN>
See notes to consolidated financial statements
</TABLE>
<TABLE>
TELEMUNDO GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN COMMON STOCKHOLDERS EQUITY (Unaudited)
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C> <C> <C> <C>
Number of
Shares Common
Outstanding Stock
--------------------- --------------------
Series A Series B Series A Series B Additional Retained Common
Common Common Common Common Paid-in Earnings Stockholders
Stock Stock Stock Stock Capital (Deficit) Equity
-------- --------- -------- -------- ----------- ------------- -----------
Balance, December 31, 1994....... 4,388,394 5,611,606 $44,000 $56,000 $69,900,000 $ - $ 70,000,000
Net loss......................... - - - - - (16,108,000) (16,108,000)
Stock option transactions (a).... - - - - 338,000 - 338,000
Warrant Conversions.............. 100 - - - 1,000 - 1,000
Stock conversions................ 1,434,913 (1,434,913) 14,000 (14,000) - - -
--------- ---------- -------- ------- ----------- ----------- ----------
Balance, September 30, 1995...... 5,823,407 4,176,693 $58,000 $42,000 $70,239,000 $(16,108,000) $ 54,231,000
<FN>
(a) Effect of the cancellation and issuance of options to a former officer.
See notes to consolidated financial statements
</TABLE>
<TABLE>
TELEMUNDO GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
<CAPTION>
<C> <C>
<S> Predecessor
Nine Months Ended September 30 1995 1994
- --------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss.................................................. $ (16,108,000) $ (4,972,000)
Charges not affecting cash:
Depreciation and amortization............................ 8,653,000 7,899,000
Interest accretion on 10.25% Senior Notes................ 1,113,000 -
Net loss from investment in TeleNoticias................. 4,590,000 -
Changes in assets and liabilities:
Accounts receivable...................................... 9,735,000 1,933,000
Television programming................................... (719,000) (4,146,000)
Television programming obligations....................... 752,000 125,000
Account payable and accrued expenses and other........... 5,463,000 6,262,000
------------ ------------
13,479,000 7,101,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property and equipment......................... (4,274,000) (13,526,000)
Reimbursement by TeleNoticias partnership of equipment
purchases................................................ - 3,838,000
Capital contribution to TeleNoticias partnership............ (775,000) (1,912,000)
--------- ----------
(5,049,000) (11,600,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of obligations under capital leases................ (413,000) (420,000)
Advance under revolving credit facility..................... 4,718,000 -
Payment under revolving credit facility..................... (216,000) -
Payments of reorganization items, liabilities subject
to settlement under chapter 11 proceedings and other
settlement payments....................................... (5,339,000) (10,785,000)
---------- -----------
(1,250,000) (11,205,000)
Increase (decrease) in cash and cash equivalents............ 7,180,000 (15,704,000)
Cash and cash equivalents, beginning of period.............. 1,850,000 37,675,000
----------- -----------
Cash and cash equivalents, end of period.................... $ 9,030,000 $21,971,000
=========== ===========
Supplemental cash flow information:
Interest paid............................................. $ 5,991,000 $ -
=========== ===========
Income taxes, paid, including Puerto Rico withholding
taxes................................................... $ 1,707,000 $ 1,121,000
=========== ===========
<FN>
See notes to consolidated financial statements
</TABLE>
TELEMUNDO GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
- -----------------------------------------------------------------------------
1. UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
In the opinion of management, the accompanying unaudited consolidated financial
statements of Telemundo Group, Inc. (Telemundo) and subsidiaries (collectively
the Company) include all adjustments (consisting of normal recurring accruals
only) necessary to present fairly the Companys financial position at September
30, 1995, and the results of operations and cash flows for all periods
presented. The results of operations for interim periods are not necessarily
indicative of the results to be obtained for the entire year.
For a summary of significant accounting policies, which have not changed from
December 31, 1994, and additional financial information, see the Companys
Annual Report on Form 10-K for the year ended December 31, 1994.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
On December 30, 1994 (the Consummation Date), Telemundo consummated its
financial restructuring pursuant to a plan of reorganization under chapter 11
of the Bankruptcy Code (the Plan). The period prior to the consummation of
the Plan is presented on a historical cost basis without giving effect to the
reorganization and is separated by a line. For purposes of these financial
statements, the term Predecessor refers to the Company prior to emergence from
chapter 11 reorganization.
Broadcast Licenses and Reorganization Value in Excess of Amounts Allocable to
Identifiable Assets
Broadcast licenses and reorganization value in excess of amounts allocable to
identifiable assets represents the portion of reorganization value not
attributable to specific tangible assets of the Company at the time of the
reorganization. This value is attributable primarily to FCC broadcast
licenses ($82,520,000 net of accumulated amortization). Intangible assets
are being amortized on a straight-line basis over periods ranging from 10 to
40 years. On an ongoing basis, the Company will continue to review the carrying
value of broadcast licenses and reorganization value in excess of amounts
allocable to identifiable assets and if such review indicates that the value
may not be fully recoverable, the carrying value will be reduced to estimated
fair value.
TELEMUNDO GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(Continued)
- -------------------------------------------------------------------------------
Net Loss Per Share
Net loss per share for the three and nine months ended September 30, 1995 is
calculated by dividing the net loss by the average number of shares outstanding
during the period. Conversion of stock options and warrants is not included in
the computation as all stock options and warrants are antidilutive. As a
result of the effects of the reorganization, per share information and average
number of shares outstanding for the 1994 period are not applicable and
therefore have been omitted from the accompanying financial statements.
Reclassifications
Certain reclassifications have been made in the prior periods financial
statements to conform with the current periods presentation.
3. SUBSEQUENT EVENTS
On November 8, 1995, a wholly-owned subsidiary of Telemundo entered into a
definitive agreement to acquire, directly and indirectly, an aggregate 74.5%
interest in a joint venture (Video 44) which owns WSNS-TV, Channel 44, in
Chicago. The purchase price for such acquisition is approximately $44.7 million
(subject to adjustment based upon, among other things, the net working capital
of Video 44, on the date of closing). The transaction is contingent upon, among
other things, approval of the Federal Communications Commission, expiration or
termination of the applicable waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act, and closing of financing necessary to consummate
the transaction. The Company is considering various financing alternatives,
which may include adjustments to the Companys capitalization.
The Company holds a 42% interest in TeleNoticias del Mundo, L.P. (TeleNoticias)
a 24-hour Spanish language news service distributed in Latin America, the
United States and Europe. On October 16, 1995, a wholly-owned subsidiary of
Telemundo Company filed an action in New York State court, naming the general
and other limited partners of TeleNoticias as defendants, to address certain
governance issues affecting TeleNoticias. In its complaint, the Company
asserted, among other things, a cause of action for breach of a stockholders
agreement and for a declaration that the Company has the right to nominate and
remove the president of TeleNoticias . Certain of the defendants have asserted
counter-claims against the Company for injunctive and declaratory relief as well
as for damages in unliquidated amounts. The Company believes that the outcome
of this litigation will not result in a material adverse effect on the Company
or its access to news programming.
TELEMUNDO GROUP, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL
CONDITION
- ----------------------------------------------------------------------------
Introduction
Telemundo Group, Inc. (Telemundo), together with its subsidiaries (collectively,
the Company), is a Spanish language television network that, through its owned
and operated stations and affiliates, serves 55 markets in the continental
United States, including the 32 largest Hispanic markets, and reaches
approximately 85% of all U.S. Hispanic households. The Company also owns and
operates a television station and related production facilities in Puerto Rico.
The Company produces Spanish language programming for use in its network and
for sale in foreign countries and sells advertising time on behalf of its owned
and operated television stations and affiliates.
The television broadcasting business is seasonal and the first half of the
calendar year, particularly the first quarter, generally produces a lower level
of revenue due to the reduced demand for advertising time. Because costs are
more ratably spread throughout the year, the impact of this seasonality on
operating income is more pronounced.
Transactions Affecting Comparability of Results of Operations and Financial
Condition
On December 30, 1994, Telemundo consummated its financial restructuring pursuant
to a plan of reorganization under chapter 11 of the Bankruptcy Code. The period
prior to the consummation of the plan of reorganization is presented on a
historical cost basis without giving effect to the reorganization and is
separated by a line. For purposes of these financial statements, the term
Predecessor refers to the Company prior to emergence from chapter 11
reorganization.
Results of Operations
Net revenue for the three and nine month periods ended September 30, 1995 as
compared to the corresponding periods of 1994 were as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
Three Months Ended Nine Months Ended
September 30 September 30
----------------------- -----------------------
Predecessor Predecessor
1995 1994 Change 1995 1994 Change
----------------------- ------- ------------------------ ------
Net Commercial Air Time:
Continental U.S.:
Network and National Spot..... $16,099,000 $18,713,000 (14)% $ 48,768,000 $ 59,291,000 (18)%
Local......................... 9,403,000 11,165,000 (16)% 27,801,000 32,631,000 (15)%
----------- ----------- ------------ ------------
25,502,000 29,878,000 (15)% 76,569,000 91,922,000 (17)%
Puerto Rico...................... 9,364,000 8,954,000 5 % 25,008,000 24,186,000 3 %
----------- ---------- ------------ ------------
34,866,000 38,832,000 (10)% 101,577,000 116,108,000 (13)%
Other............................... 6,547,000 5,907,000 11 % 18,271,000 15,699,000 16 %
----------- ---------- ----------- -----------
$41,413,000 $44,739,000 (7)% $119,848,000 $131,807,000 (9)%
=========== =========== ============ ============
</TABLE>
TELEMUNDO GROUP, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION (Continued)
- --------------------------------------------------------------------------------
The decrease in U.S. commercial air time revenue for the three and nine month
periods from the comparable periods of the prior year is the result of an
overall decline in audience share throughout 1994, which continued through
February 1995. A change in audience share typically has a delayed impact on
revenue. The impact of the decline in audience share was in part offset by the
growth in the overall Spanish-language television advertising market. In March
1995, the Companys President and Chief Executive Officer resigned and a new
President and Chief Executive Officer was elected. In addition, the network
hired a new Executive Vice President for Programming and Production. To
counteract the audience share decline, the Companys new management has
implemented several measures, including re-arranging the Companys network
program schedule,introducing new programs, and forming a Los Angeles-based
production unit that began producing certain new network programs in late
April. The Company expects that these measures will address specifically the
interests and culture of the largest cross-section of Hispanics in the United
States.
Reflective of these initiatives, the Companys share of the Spanish-language
television audience increased from 20% in February 1995 to 26% in September.
The share of the Spanish-language television audience was 27% in September
1994. As a result of the delay noted above, the full impact of the changes
in audience share will not be reflected in revenue in 1995.
The decline in local revenue for the three and nine month periods is the result
of the ratings decline, which most significantly impacted KVEA (Los Angeles).
The increase in commercial air time revenue in Puerto Rico is the result of
WKAQs dominant audience share in a growing market.
Other revenue increased for the three and nine months periods primarily due to
increased sales of blocks of broadcast time, offset in part by a decrease in
international program sales.
Direct operating costs decreased by $4.1 million, or 18%, and by $9.6 million,
or 14%, for the three and nine month periods ended September 30, 1995,
respectively, from the corresponding periods of the prior year. A reduction in
the cost of programming in certain time periods, including network news,
primarily accounted for the decrease.
Network and corporate expenses, which represent costs associated with the
network operations center as well as sales, marketing and other network and
corporate costs not allocated to specific television stations, decreased by
$907,000, or 11%, and by $1.4 million, or 5%, respectively, from the
corresponding three and nine month periods of the prior year. The decrease
primarily reflects the implementation of certain cost saving measures including
staff reductions in response to the decline in revenue, offset in part by
contracted increases in the cost of Nielsen national Hispanic television
ratings service.
Interest expense-net for the three and nine month periods ended September 30,
1995, totaled $3.6 million and $10.8 million, respectively, as compared to
$163,000 and $487,000, respectively, for the corresponding periods of the
prior year. Interest expense during the three and nine month periods ended
September 30, 1995 primarily represents interest accrued on the Companys
10.25% Senior Notes and is offset by by $54,000 and $164,000 of interest income.
Interest was not accrued on the Companys public indebtedness during the 1994
periods because the Company was in reorganization proceedings. Interest income
for the three and nine month periods ended September 30, 1994 was $170,000 and
$677,000, respectively, and was offset agaisnt reorganization items.
TELEMUNDO GROUP, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION (Continued)
- -------------------------------------------------------------------------------
The Company is in a net operating loss position for federal income tax purposes,
and therefore no federal tax benefit was recognized for the periods. The income
tax provision recorded in all periods relates to WKAQ, which is taxed separately
under Puerto Rico income tax law, withholding taxes related to intercompany
interest, and certain state and local taxes. The Companys use of net operating
loss carry forwards is significantly limited due to certain limitations imposed
by section 382 of the Internal Revenue Code.
Liquidity and Sources of Capital
The Companys cash flows provided by operating activities was $13.5 million for
the nine months ended September 30, 1995 as compared to $7.1 million for the
corresponding period of 1994. The increase is due principally to changes in
asset and liability accounts, including a greater decrease of accounts
receivable and lower net additions for television programming in the current
period.
The Company had working capital of $31.8 million at September 30,1995.
The Company anticipates that capital expenditures of approximately $2.0 million
will be made during the remainder of 1995 for the general replacement of
equipment and modifications of facilities. Payments under the Companys
capital lease obligations are primarily for its satellite transponder.
The Companys principal source of liquidity are cash from operations and a
revolving credit facility. The facility provides for borrowing of up to $20
million, subject to an accounts receivable borrowing base, which was maintained
at September 30, 1995. At September 30, 1995, $4.7 million was outstanding
under the credit facility.
The Company holds a 42% interest in TeleNoticias del Mundo, L.P. (TeleNoticias),
a 24-hour Spanish language news service distributed in Latin America, the United
States and Europe. The Company is required to make cash contributions to the
partnership of up to $6.5 million during the partnerships first fiscal year,
which commenced on September 16, 1994, and up to an aggregate of $10.0 million
through its sixth fiscal year. The Company made cash contributions totaling
$6.3 million through September 1995 and the Company expects to make additional
cash contributions of approximately $1.7 million during the remainder of 1995.
Commencing December 1994, TeleNoticias assumed production of the Companys
network news programs for a six year period at an initial cost of $5.0 million
per year, increasing by $500,000 each year. On October 16, 1995, a wholly-owned
subsidiary of Telemundo filed an action in New York State court, naming the
general and other limited partners of TeleNoticias as defendants, to address
certain governance issues affecting TeleNoticias. In its complaint, the Company
asserted, among other things, a cause of action for breach of a stockholders
agreement and for a declaration that the Company has the right to nominate and
remove the president of TeleNoticias. Certain of the defendants have asserted
counter-claims against the Company for injunctive and declaratory relief as well
as for damages in unliquidated amounts. The Company believes that the outcome
of this litigation will not result in a material adverse effect on the Company
or its access to news programming.
TELEMUNDO GROUP, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION (Continued)
- -----------------------------------------------------------------------------
On November 8, 1995, a wholly-owned subsidiary of Telemundo entered into a
definitive agreement to acquire, directly and indirectly, an aggregate 74.5%
interest in a joint venture (Video 44) which owns WSNS-TV, Channel 44, in
Chicago. The purchase price for such acquisition is approximately $44.7
million (subject to adjustment based upon, among other things, the net working
capital of Video 44, on the date of closing). The transaction is contingent
upon, among other things, approval of the Federal Communications Commission,
expiration or termination of the applicable waiting period under the Hart-Scott-
Rodino Antitrust Improvements Act, and closing of financing necessary to
consummate the transaction. The Company is considering various financing
alternatives, which may include adjustments to the Companys capitalization.
In March 1995, the Company settled litigation brought against the Companys
retirement and savings plan. The Company paid the settlement amount of $2.3
million on June 29, 1995 on behalf of the plan, which amount was accrued for
at December 31, 1994.
TELEMUNDO GROUP, INC. AND SUBSIDIARIES
PART 11. OTHER INFORMATION
- --------------------------------------------------------------------------
Item 6. Exhibits and Reports on Form 8-k
--------------------------------
(a) Exhibits
---------
None.
(b) Reports on Form 8-K
--------------------
No reports on Form 8-K were filed during the quarter ended
September 30, 1995.
SIGNATURES
-----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TELEMUNDO GROUP, INC.
(Registrant)
Date: November 14, 1995 /s/ Peter J. Housman II
----------------------------------------------
Peter J. Housman II
(Authorized Officer and Chief Financial Officer)
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000806083
<NAME> Telemundo Group, Inc. And Subsidiaries
<S> <C>
<PERIOD-TYPE> QTR-3
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JUL-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 9,030,000
<SECURITIES> 0
<RECEIVABLES> 40,651,000
<ALLOWANCES> 2,713,000
<INVENTORY> 0
<CURRENT-ASSETS> 66,273,000
<PP&E> 66,713,000
<DEPRECIATION> 6,627,000
<TOTAL-ASSETS> 220,599,000
<CURRENT-LIABILITIES> 34,429,000
<BONDS> 0
<COMMON> 100,000
0
0
<OTHER-SE> 54,131,000
<TOTAL-LIABILITY-AND-EQUITY> 220,599,000
<SALES> 0
<TOTAL-REVENUES> 119,848,000
<CGS> 0
<TOTAL-COSTS> 118,057,000
<OTHER-EXPENSES> 19,000
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 10,920,000
<INCOME-PRETAX> (13,574,000)
<INCOME-TAX> 2,534,000
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (16,108,000)
<EPS-PRIMARY> (.13)
<EPS-DILUTED> (.13)
</TABLE>
