Colorado-based Liberty Media International Inc., an international cable and programming company, swung to a profit in the first quarter as revenues rose across its business units.
The company, which was spun off by John Malone’s Liberty Media Corp. in June, earned $26.3 million, or 15 cents a share, in the January-March quarter, the company reported today.
That compared with a loss of $83.9 million, or 55 cents a share, in the same quarter of 2004. Revenues jumped to $1.2 billion from $576.2 million.
The results come as LMI prepares to buy the other half of UnitedGlobalCom Inc. that it does not already own to create one of the largest broadband communications companies outside the United States.
During a conference call with analysts, Malone noted that revenue and operating cash flow increased in all of LMI’s partially or wholly owned businesses: UGC, which offers voice and data services in 16 countries; Jupiter Telecommunications Co. Ltd., which offers voice and data services in Japan; and Jupiter Programming Co., which is a cable TV programming provider in Japan.
“We’re extremely well-funded and feel very comfortable with the balance sheet we currently have,” Malone said.
LMI shareholders are scheduled to vote June 15 on the proposed merger with UGC, an effort by Malone to try to boost the investment value of his varied holdings.
LMI would buy 47 percent of UGC stock in a transaction that would value UnitedGlobalCom at $7.4 billion. The combined company would be called Liberty Global Inc., with UGC and Liberty Media International as wholly-owned subsidiaries.
LMI shares dropped 58 cents to close at $41.70 in trading today on the Nasdaq Stock Market.
