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Thursday, March 22, 2001

EDEL REPORTS HIGHER
OPERATING PROFIT

Warning: The Following Story Contains Gratuitous Use Of The Acronym EBITDA
Edel Music AG announced that its 2000 operating profit adjusted for unspecified one-time costs was higher than the company expected as demand for its music increased.

Operating profit in 2000 amounted to 29.6 million deutsche marks ($14 million), beating its earlier expectation of 23.5 million marks.

Earnings before interest, tax, depreciation and amortization—the ever-popular EBITDA—in 2000 adjusted for one-time items was 63.5 million marks. Sales more than doubled to 1.2 billion marks from 450.9 million marks the year previous. The company didn't report net income—so don't ask about it.

Edel, which owns the European rights to Disney's music, is looking to cut costs by selling unprofitable units and by reorganizing. The company admitted it spent too much on acquisitions in the past. Edel's CFO quit at the end of last year.

The company expects operating profit to rise by more than 10 million marks this year and the year after. After that, we suppose, it's anybody's guess.

 
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