Livent

Mar-94
1Q94

Toronto 416.324.5521 Dennis C

Revenue Change y-o-y

Revenue Change qtr-to-qtr

Jun-94
2Q94

Sep-94
3Q94

Dec-94
4Q94

47.3%

23.7%

1.3%

Revenues
Gross Sales
28.5
42.0
52.0
52.7
Theater Revenue
Merchandising Sales
Total Gross Revenues
28.5
42.0
52.0
52.7
Ticketron Charges
Net Revenues
28.5
42.0
52.0
52.7
Operating Costs
Theater Rent Paid (16% of net, offset by comp owned rev)
Theater Costs, Comp Owned (90 grand/wk + inflation)
Merchandising COGS (predictable @ 68% of merchandising sales)
Advertising Expenditures (could be volatile, used 13% of gross)
Show Related Costs
Royalties Paid
Operating Expenses
(22.5)
(32.4)
(38.2)
(33.8)
Gross Profit
6.0
9.6
13.8
18.8
Profit Margin
21.1%
22.8%
26.5%
35.8%
Amortize Prepro (expense)
Depreciation
Total D&A
D&A Percentage

(1.7)
(1.7)
5.9%

(2.7)
(2.7)
6.4%

(3.9)
(3.9)
7.5%

General & Admin.

SG&A Percentage

(2.4)
8.4%

(2.5)
6.0%

(2.5)
4.8%

Writedown Preprodn Costs

EBIT
EBITDA
EBITDA Margin
EBIT Margin
Interest Expense
Interest Income
Other Income (Expense)
Total Non-Operating Items

Sub-Total
Minority, Pref Div, EI
Net Income
PAT Margin

Jun-95
2Q95
68.6%
42.8%

Sep-95
3Q95
64.8%
20.9%

Dec-95
4Q95
61.1%
-1.0%

Mar-96
1Q96E
42.7%
-16.5%

Jun-96
2Q96E
26.0%
26.1%

Sep-96
3Q96E
-5.1%
-8.9%

Dec-96
4Q96E
0.7%
5.0%

Sep-97
3Q97E
19.2%
-6.1%

Dec-97
4Q97E
9.6%
-3.4%

Mar-98
1Q98E
-23.5%
-34.1%

Jun-98
2Q98E
-24.0%
27.3%

Sep-98
3Q98E
-31.1%
-14.9%

Dec-98
4Q98E
-40.3%
-16.3%

Mar-99
1Q99E
-21.1%
-12.9%

Jun-99
2Q99E
-13.4%
39.8%

Sep-99
3Q99E
2.7%
0.9%

Dec-99
4Q99E
11.9%
-8.8%

Dec-92
FY92

Dec-93
FY93

Dec-94
FY94

Dec-95
FY95

Dec-96
FY96E

Dec-97
FY97E

Dec-98
FY98E

Dec-99
FY99E

8.6%

35.3%

66.1%

12.3%

14.5%

-100.0%

#DIV/0!

70.8

85.7

84.8

74.7
incl
3.7
78.5
(5.7)
72.7

63.6
incl
3.2
66.7
(4.9)
61.9

53.2
incl
2.7
55.8
(4.1)
51.8

46.3
incl
2.3
48.6
(3.5)
45.1

64.7
incl
3.2
68.0
(5.0)
63.0

65.3
incl
3.3
68.6
(5.0)
63.5

59.5
incl
3.0
62.5
(4.6)
57.9

291.0

129.5

175.2

291.0

356.3
0.0
17.8
374.1
(27.3)
346.8

0.0

119.3

311.1
0.0
15.6
326.7
(23.8)
302.8

0.0

84.8

58.7
incl
2.9
61.6
(4.5)
57.1

175.2

85.7

89.4
89.1
incl
4.5
93.6
(6.8)
86.7

129.5

70.8

85.2
92.3
incl
4.6
96.9
(7.1)
89.8

119.3

49.6

93.5
98.2
incl
4.9
103.2
(7.5)
95.6

291.0

84.8

81.3
81.3
incl
4.1
85.4
(6.2)
79.1

175.2

85.7

77.4
incl
3.9
81.3
(5.9)
75.4

129.5

70.8

85.0
incl
4.2
89.2
(6.5)
82.7

119.3

49.6

67.4
incl
3.4
70.8
(5.2)
65.6

Mar-97
1Q97E
13.8%
-5.7%
1.4641
74.2
76.7
incl
3.8
80.5
(5.9)
74.7

Jun-97
2Q97E
15.6%
28.1%

49.6

0.0

0.0

(5.5)
(3.6)
(2.3)
(9.2)
(20.3)
(11.6)

(7.7)
(3.7)
(2.9)
(11.6)
(23.7)
(14.6)

(6.5)
(3.7)
(2.6)
(10.6)
(20.7)
(13.3)

(7.0)
(4.9)
(2.8)
(11.1)
(20.7)
(14.0)

(5.7)
(6.0)
(2.6)
(10.5)
(22.9)
(13.2)

(6.1)
(6.2)
(3.3)
(13.4)
(26.6)
(16.9)

(6.1)
(7.4)
(3.1)
(12.6)
(26.6)
(15.9)

(6.6)
(7.4)
(3.0)
(12.2)
(23.7)
(15.3)

(5.8)
(3.6)
(2.0)
(8.0)
(17.4)
(10.1)

(6.1)
(3.7)
(2.5)
(10.2)
(20.5)
(12.9)

(6.5)
(3.7)
(2.2)
(8.7)
(17.7)
(10.9)

(6.7)
(4.9)
(1.8)
(7.3)
(14.8)
(9.2)

(5.9)
(6.0)
(1.6)
(6.3)
(14.5)
(8.0)

(6.4)
(6.1)
(2.2)
(8.8)
(17.6)
(11.1)

(3.4)
(7.4)
(2.2)
(8.9)
(17.7)
(11.2)

(3.5)
(7.4)
(2.0)
(8.1)
(14.8)
(10.2)

(24.4)
(26.9)
(12.1)
(48.6)
(99.8)
(61.3)
0.0
73.7
19.7%

(40.0)
9.6
19.3%

(54.4)
16.5
23.2%

(64.0)
21.7
25.3%

(65.1)
19.7
23.2%

13.1
18.5%

18.6
20.8%

17.9
22.1%

18.7
21.9%

13.8
17.2%

23.1
22.4%

18.1
18.7%

18.6
19.9%

10.3
16.6%

16.9
21.6%

12.1
18.2%

7.1
12.7%

2.9
5.9%

10.8
15.8%

12.7
18.5%

(4.3)
(4.3)
8.2%

(4.3)
(4.3)
8.7%

(8.7)
(8.7)
12.3%

(12.9)
(12.9)
15.0%

(9.8)
(9.8)
11.6%

(9.5)
(0.9)
(10.4)
14.7%

(6.5)
(0.9)
(7.4)
8.3%

(8.0)
(0.9)
(8.9)
10.9%

(8.0)
(0.9)
(8.9)
10.4%

(10.0)
(0.9)
(10.9)
13.5%

(10.0)
(0.9)
(10.9)
10.5%

(10.0)
(0.9)
(10.9)
11.2%

(11.0)
(0.9)
(11.9)
12.7%

(0.9)
(0.9)
1.4%

(0.9)
(0.9)
1.1%

(0.9)
(0.9)
1.3%

(0.9)
(0.9)
1.6%

(0.9)
(0.9)
1.8%

(0.9)
(0.9)
1.3%

(0.9)
(0.9)
1.3%

(2.4)
4.6%

(2.7)
5.5%

(2.7)
3.9%

(3.1)
3.6%

(3.3)
3.8%

(3.1)
4.4%

(3.2)
3.5%

(3.2)
3.9%

(3.2)
3.8%

(3.3)
4.0%

(3.3)
3.2%

(3.3)
3.4%

(3.4)
3.6%

(3.1)
5.1%

(3.2)
4.0%

(3.2)
4.8%

(3.2)
5.8%

(3.3)
6.7%

(3.3)
4.8%

(3.3)
4.8%

Funds Flow
Net Income
Depreciation & Amortiz
EBITDA
Interest (Net)
Taxes
Capital Exp/Theater Bui
Preproduction Costs
Free Cash Flow
Note:
Enterprise Value
"Real" EBITDA (Incl Pre
Real EBITDA Margins

Livent
Balance Sheet
Cash & Equivalents
Accounts Receivable (Net)
Prepaid Expenses
Inventory
Lease Receivable
Rwecoverable Taxes
Total Current Assets
PP&E
Investments
Goodwill
Preproduction Costs
LT receivables
Deferred Costs
Other Assets
Total Assets

0.0
#DIV/0!

0.0
#DIV/0!

(0.9)
(0.9)
1.4%

(10.6)
(10.6)
8.9%

(9.0)
(9.0)
6.9%

0.0
(12.6)
(12.6)
7.2%

0.0
(35.8)
(35.8)
12.3%

(32.0)
(3.5)
(35.5)
10.9%

(41.0)
(3.5)
(44.5)
11.9%

#DIV/0!

#DIV/0!

(3.4)
5.4%

(5.9)
4.9%

(6.8)
5.3%

#DIV/0!

#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

(9.8)
5.6%

(11.8)
4.1%

(12.7)
3.9%

(13.2)
3.5%

(16.0)

0.0

0.0

0.0

7.3
11.3
21.6%
14.1%

(3.9)
0.4
0.8%
-7.4%

2.5
6.8
13.8%
5.1%

5.0
13.7
19.4%
7.0%

5.7
18.6
21.7%
6.7%

6.6
16.4
19.4%
7.8%

(0.4)
10.0
14.1%
-0.5%

8.0
15.4
17.3%
9.0%

5.9
14.7
18.1%
7.2%

6.6
15.5
18.1%
7.7%

(0.3)
10.6
13.1%
-0.4%

9.0
19.8
19.2%
8.7%

3.9
14.8
15.3%
4.0%

3.4
15.2
16.3%
3.6%

6.2
7.1
11.6%
10.1%

12.9
13.7
17.5%
16.4%

8.1
8.9
13.4%
12.1%

3.0
3.9
6.9%
5.4%

(1.3)
(0.4)
-0.8%
-2.6%

6.6
7.5
11.0%
9.7%

8.5
9.3
13.6%
12.3%

7.6
8.5
13.6%
12.2%

6.8
17.5
14.6%
5.7%

15.8
24.8
19.1%
12.2%

9.8
22.4
12.8%
5.6%

19.8
55.6
19.1%
6.8%

20.1
55.6
17.0%
6.2%

15.9
60.4
16.2%
4.3%

(0.3)

(0.4)

(0.6)

(0.5)

(0.3)

(0.4)

(0.6)

(1.1)

(1.1)

(1.1)

(1.2)

(1.3)

(1.4)

(1.4)

(1.5)

(1.6)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(3.9)

(4.0)

(0.3)

(0.4)

(0.6)

(0.5)

(0.3)

(0.4)

(0.6)

(1.1)

(1.1)

(1.1)

(1.2)

(1.3)

(1.4)

(1.4)

(1.5)

(1.6)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

(3.9)

(4.0)

(1.9)
0.0
0.0
(1.9)

(2.4)
0.0
0.0
(2.4)

(4.7)
0.0
0.0
(4.7)

(5.9)
0.0
0.0
(5.9)

0.2

0.2

0.5

0.0

0.9

0.0

0.0

2.2
(0.9)
42%

4.8
(1.9)
40%

5.3
(2.0)
38%

6.0
(1.6)
27%

(1.4)
0.6
42%

6.9
(2.9)
42%

4.7
(2.0)
42%

5.3
(2.2)
42%

(1.7)
0.7
42%

7.5
(3.2)
42%

2.4
(1.0)
42%

1.7
(0.7)
42%

6.2
(2.6)
42%

12.9
(5.4)
42%

8.1
(3.4)
42%

3.0
(1.3)
42%

(1.3)
0.5
42%

6.6
(2.8)
42%

8.5
(3.6)
42%

7.6
(3.2)
42%

2.9
0.0
0%

11.8
(4.5)
38%

7.9
(2.1)
26%

18.2
(6.5)
36%

15.4
(6.5)
42%

10.0
(4.2)
42%

0.0

0.0

#DIV/0!

#DIV/0!

5.8
0.0
5.835
3.3%

11.8
0.0
11.766
4.0%

9.0
0.0
8.960
2.7%

5.8
0.0
5.809
1.6%

0.0

0.0

0.000
#DIV/0!

0.000
#DIV/0!

0.00
2

0.00
2

0.00
2

0.00
2

1.6
(0.5)
28%

(0.3)

0.0

0.2

3.7
(1.1)
30%

6.8
(2.7)
39%

(4.2)
2.1
51%

1.2

2.6

4.1

(2.1)

1.3

2.9

3.3

4.3

(0.8)

4.0

2.7

3.1

(1.0)

4.4

1.4

1.0

3.6

7.5

4.7

1.7

(0.7)

3.8

4.9

4.4

2.9

7.4

1.176
4.1%

2.589
6.2%

4.139
8.0%

(2.068)
-3.9%

1.282
2.6%

2.854
4.0%

3.284
3.8%

4.346
5.1%

(0.837)
-1.2%

4.007
4.5%

2.707
3.3%

3.082
3.6%

(0.960)
-1.2%

4.371
4.2%

1.383
1.4%

1.015
1.1%

3.622
5.9%

7.465
9.5%

4.679
7.0%

1.743
3.1%

(0.733)
-1.5%

3.824
5.6%

4.903
7.2%

4.420
7.1%

2.936
2.5%

7.370
5.7%

Surprise

Surprise

Disapp.

Surprise

Surprise

Surprise

Disapp.

Surprise

Surprise

Surprise

Surprise

Surprise

Surprise

Surprise

Disapp.

Surprise

Surprise

Surprise

1Q94
11.6
12.8
$0.10

3Q94
11.7
13.4
$0.35

4Q94
11.7
13.2
($0.18)

2Q95
12.0
13.5
$0.24
7.9%
122.6%

3Q95
12.0
13.6
$0.27
-22.3%
15.1%

4Q95
12.0
13.6
$0.36
-305.8%
32.3%

1Q96E
15.7
17.4
($0.05)
-149.7%
-114.7%

2Q96E
15.7
17.4
$0.26
6.9%
-578.9%

3Q96E
15.7
17.4
$0.17
-37.2%
-32.4%

4Q96E
15.7
17.4
$0.20
-46.0%
13.8%

1Q97E
15.7
17.4
($0.06)
14.7%
-131.2%

2Q97E
15.7
17.4
$0.28
9.1%
-555.3%

3Q97E
15.7
17.4
$0.09
-48.9%
-68.4%

4Q97E
15.7
17.4
$0.06
-67.1%
-26.6%

1Q98E
19.5
21.2
$0.19
-404.5%
188.1%

2Q98E
19.5
17.4
$0.38
37.9%
106.1%

3Q98E
19.5
17.4
$0.24
173.2%
-37.3%

4Q98E
19.5
17.4
$0.09
38.7%
-62.7%

1Q99E
19.5
17.4
($0.04)
-120.2%
-142.1%

2Q99E
19.5
17.4
$0.20
-48.8%
-621.8%

3Q99E
19.5
17.4
$0.25
4.8%
28.2%

4Q99E
19.5
17.4
$0.23
153.6%
-9.8%

FY93
8.9
10.2
$0.83
151.0%

FY94
11.7
13.2
$0.50
-39.8%

FY95
12.0
13.6
$0.98
97.5%

FY96E
15.7
17.4
$0.57
-42.0%

FY97E
15.7
17.4
$0.37
-35.2%

FY98E

FY99E

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

-149.9%

1Q95
12.0
13.5
$0.11
5.4%
-160.7%

FY92
8.9
10.2
$0.33

59.8%

Mar-94
1Q94
1.2
1.7
3.6
(0.3)
(0.5)
0.0
(3.0)
(0.1)

Jun-94
2Q94
2.6
2.7
7.1
(0.4)
(1.1)
0.0
(14.6)
(9.0)

Sep-94
3Q94
4.1
3.9
11.3
(0.6)
(2.7)
0.0
(10.0)
(2.0)

Dec-94
4Q94
(2.1)
4.3
0.4
(0.5)
2.1
0.0
2.2
4.2

Mar-95
1Q95
1.3
4.3
6.8
(0.3)
(0.9)
0.0
(4.5)
1.1

Jun-95
2Q95
2.9
8.7
13.7
(0.4)
(1.9)
0.0
(20.2)
(8.7)

Sep-95
3Q95
3.3
12.9
18.6
(0.6)
(2.0)
0.0
(14.4)
1.5

Dec-95
4Q95
4.3
9.8
16.4
(1.1)
(1.6)
0.0
(12.8)
0.9

Mar-96
1Q96E
(0.8)
0.9
10.0
(1.1)
0.6
(2.0)
(9.5)
(2.0)

Jun-96
2Q96E
4.0
0.9
15.4
(1.1)
(2.9)
(15.0)
(6.5)
(10.1)

Sep-96
3Q96E
2.7
0.9
14.7
(1.2)
(2.0)
(15.0)
(8.0)
(11.4)

Dec-96
4Q96E
3.1
0.9
15.5
(1.3)
(2.2)
(15.0)
(8.0)
(11.0)

Mar-97
1Q97E
(1.0)
0.9
10.6
(1.4)
0.7
(15.0)
(10.0)
(15.1)

Jun-96
2Q97E
4.4
0.9
19.8
(1.4)
(3.2)
(10.0)
(10.0)
(4.8)

Sep-96
3Q97E
1.4
0.9
14.8
(1.5)
(1.0)
(10.0)
(10.0)
(7.7)

Dec-96
4Q97E
1.0
0.9
15.2
(1.6)
(0.7)
(10.0)
(11.0)
(8.1)

Mar-98
1Q98E
3.6
0.9
7.1
0.0
(2.6)
0.0
0.0
4.5

Jun-98
2Q98E
7.5
0.9
13.7
0.0
(5.4)
0.0
0.0
8.3

Sep-98
3Q98E
4.7
0.9
8.9
0.0
(3.4)
0.0
0.0
5.6

Dec-98
4Q98E
1.7
0.9
3.9
0.0
(1.3)
0.0
0.0
2.6

Mar-99
1Q99E
(0.7)
0.9
(0.4)
0.0
0.5
0.0
0.0
0.1

Jun-99
2Q99E
3.8
0.9
7.5
0.0
(2.8)
0.0
0.0
4.7

Sep-99
3Q99E
4.9
0.9
9.3
0.0
(3.6)
0.0
0.0
5.8

Dec-99
4Q99E
4.4
0.9
8.5
0.0
(3.2)
0.0
0.0
5.3

Dec-92
FY92
2.9
10.6
17.5
(3.9)
0.0
0.0
(12.0)
1.5

Dec-93
FY93
7.4
9.0
24.8
(4.0)
(4.5)
(7.7)
(16.5)
(7.9)

Dec-94
FY94
5.8
12.6
22.4
(1.9)
(2.1)
0.0
(25.4)
(7.0)

Dec-95
FY95
11.8
35.8
55.6
(2.4)
(6.5)
0.0
(52.0)
(5.3)

Dec-96
FY96E
9.0
3.5
55.6
(4.7)
(6.5)
(47.0)
(32.0)
(34.5)

Dec-97
FY97E
5.8
3.5
60.4
(5.9)
(4.2)
(45.0)
(41.0)
(35.7)

Dec-98
FY98E
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

Dec-99
FY99E
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

0.7
2.3%

(7.5)
-17.8%

1.2
2.3%

2.6
5.0%

2.3
4.6%

(6.4)
-9.1%

4.2
4.9%

3.6
4.2%

249.2
0.5
0.7%

259.1
8.9
10.0%

265.5
6.7
8.3%

276.5
7.5
8.7%

291.6
0.6
0.7%

296.4
9.8
9.5%

304.1
4.8
4.9%

312.2
4.2
4.5%

253.8
7.1
11.6%

208.8
13.7
17.5%

208.8
8.9
13.4%

208.8
3.9
6.9%

208.8
(0.4)
-0.8%

208.8
7.5
11.0%

208.8
9.3
13.6%

208.8
8.5
13.6%

5.5
4.6%

8.2
6.4%

(3.0)
-1.7%

3.6
1.2%

23.6
7.2%

19.4
5.2%

0.0
#DIV/0!

0.0
#DIV/0!

Mar-94
1Q94

Jun-94
2Q94
0.0
10.3
4.4
1.8

Sep-94
3Q94

Dec-94
4Q94

Jun-95
2Q95
1.3
14.4
6.6
2.1

Sep-95
Dec-95
3Q95
4Q95
NO CASH
14.8
23.1
7.5
5.9
1.7
2.1

Mar-96
1Q96E
32.1
22.6
6.0
2.2

Jun-96
2Q96E
35.7
18.7
6.0
2.2

Sep-96
3Q96E
27.0
17.9
6.0
2.2

Dec-96
4Q96E
14.4
23.0
6.0
2.2

Mar-97
1Q97E
16.1
21.7
7.0
2.5

Jun-97
2Q97E
17.9
21.7
7.0
2.5

Sep-97
3Q97E
13.1
17.4
7.0
2.5

Dec-97
4Q97E
(0.1)
23.4
7.0
2.5

Jun-98
2Q98E

Sep-98
3Q98E

Dec-98
4Q98E

Mar-99
1Q99E

Jun-99
2Q99E

Sep-99
3Q99E

Dec-99
4Q99E

Dec-92
FY92

Dec-93
FY93

Dec-94
Dec-95
FY94
FY95
0.0 NO CASH
14.8
14.8
2.7
7.5
2.6
1.7

24.5
79.4
8.1

3.3
66.2
82.8
8.4

3.3
66.0
97.8
1.8

3.3
56.5
112.8
1.8

3.3
49.0
127.8
1.8

3.3
50.7
142.8
1.8

3.3
52.4
152.8
1.8

3.3
43.3
162.8
1.8

3.3
36.2
172.8
1.8

Dec-97
FY97E
(0.1)
23.4
7.0
2.5
0.0
3.3
36.2
172.8
1.8
0.0
55.5
0.0
5.2
0.0
271.5

Dec-99
FY99E

3.3
34.4
80.8
8.4

Dec-96
FY96E
14.4
23.0
6.0
2.2
0.0
3.3
49.0
127.8
1.8
0.0
55.5
0.0
5.2
3.1
242.4

Dec-98
FY98E

14.8
2.7
2.6

Mar-95
1Q95
4.2
13.2
6.1
2.2

Mar-98
1Q98E

11.0
5.9
2.3

29.0
0.0
34.1
0.0
0.0
0.0
63.2
16.0
38.6
15.0
0.0
132.7
0.0
95.3
14.4
242.4

34.6
0.0
37.4
0.0
0.0
0.0
72.0
16.0
52.6
15.0
0.4
156.0
0.0
95.3
20.2
271.5

FY98E

FY99E

FY98E
365

FY99E
365

10.5
4.4
1.5

16.4
76.0
9.9

16.4
76.4
5.4

19.2
77.3
6.0

20.2
78.0
7.9

25.7
78.1
8.8

24.0
79.9
8.9

40.5
0.2
7.5

28.0
4.4
4.8

30.1
4.4
5.4

41.9
4.3
5.4

47.1
3.8
5.3

55.5
4.9
5.0

55.5
5.0
5.2

55.5

55.5

55.5

55.5

55.5

143.3

152.6

163.5

169.0

189.0

223.1

55.5
5.0
5.2
4.9
236.2

55.5

150.6

5.2
4.0
235.8

5.2
3.1
242.4

5.2
2.3
258.2

5.2
1.4
269.1

5.2
0.5
269.1

271.5

Accounts Payable
24.1
Accrued Expenses
Deferred Perfom Revenue
25.8
Deferred Sponsorship Rev
1.8
Deferred Taxes
Other CL
Total Current Liabilities
51.6
Deferred Taxes
9.5
Long Term Debt
27.6
Convertible Notes
Other Liabilities
Total Liabilities
88.6
Notes receivable - shareholder (CEO)
Common Stock & Paid in C
54.1
Retained Earnings
(11.0)
Total, Liabilities & Equity
131.8

21.5

25.9

43.4

25.7

27.1

31.3

29.2

26.2

33.0

30.1

29.0

31.4

38.2

35.8

34.6

32.3
1.3

29.5
2.1

19.7
1.6
3.3

38.5
1.0

43.4
1.0

34.2
1.3

35.1
1.8

33.6
2.0

35.7

32.5

34.1

45.0

41.3

38.7

37.4

55.2
10.4
29.1

57.5
13.0
29.8

67.9
7.5
17.7

65.2
8.4
12.6
15.0

71.5
10.2
12.5
15.0

66.8
11.9
17.8
15.0

66.1
16.4
29.6
15.0

0.8
62.6
16.0
29.6
15.0

68.7
16.0
32.6
15.0

62.6
16.0
35.6
15.0

63.2
16.0
38.6
15.0

76.4
16.0
42.1
15.0

79.4
16.0
45.6
15.0

74.6
16.0
49.1
15.0

72.0
16.0
52.6
15.0
0.4
156.0

109.2

111.5

127.1

129.2

132.7

149.5

56.4
1.1
167.8

0.3
12.5%
19.8%
11.9
17.7

0.4
19.6%
28.1%
22.7
32.8

0.8
22.1%
22.9%
11.9
53.6

0.5
24.9%
20.4%
10.2
67.6

FY93
7.4
7.4
1.4
0.8

FY94
5.8
25.3
1.8
1.7
0.0
(6.4)
(1.5)
0.0
0.0
0.0
0.0

FY95
11.8
32.4
2.2
1.4
0.0
(0.9)
8.8
0.0
0.0
0.0
0.0

FY96E
9.0
32.0
3.5
0.0
0.0
0.0
(0.4)
0.0
(0.2)
(2.7)
(0.2)

FY97E
5.8
41.0
3.5
0.0
0.0
0.0
0.0
(0.3)
5.6
3.3
(1.3)

(1.9)

6.6

(24.8)

4.6

0.0

(7.7)
(16.5)
0.2
(5.2)

0.0
(25.4)
(0.9)
(3.8)

0.0
(52.0)
0.2
(5.1)

(47.0)
(32.0)
0.0
0.0

(45.0)
(41.0)
0.0
0.0

14.0
0.0
0.0
0.0
0.0

0.0

12.4
76.0
9.8

0.0

0.0

125.9

19.1
0.4
8.2

30.6
19.5
1.8

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

56.4
(2.2)
163.5

56.4
1.1
169.0

56.4
5.5
189.0

95.3
4.6
223.1

95.3
8.6
236.2

95.3
11.3
235.8

95.3
14.4
242.4

95.3
13.5
258.2

95.3
17.8
269.1

95.3
19.2
269.1

95.3
20.2
271.5

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.3
16.8%
25.6%
33.3

0.4
19.4%
27.9%
29.5

0.5
23.6%
29.3%
14.7
44.6

1.1
20.0%
24.9%
9.4
44.6

1.0
20.1%
23.5%
13.6
47.6

0.9
21.4%
23.5%
12.3
50.6

0.8
22.1%
22.9%
12.2
53.6

0.7
22.1%
21.5%
7.8
57.1

0.7
22.5%
20.6%
13.8
60.6

0.6
23.8%
20.6%
9.7
64.1

0.5
24.9%
20.4%
9.5
67.6

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0.0

1Q94
1.2
1.0
0.4
0.4

2Q94
2.6
2.8
0.4
0.3

3Q95
3.3
12.0
0.6
0.4
0.0
(0.2)
1.7

4Q95
4.3
7.5
0.6
0.4
(1.2)
(0.3)
4.6

2Q96E
4.0
6.5
0.9

3Q96E
2.7
8.0
0.9

4Q96E
3.1
8.0
0.9

1Q97E
(1.0)
10.0
0.9

2Q97E
4.4
10.0
0.9

3Q97E
1.4
10.0
0.9

4Q97E
1.0
11.0
0.9

1Q98E
3.6

2Q98E
7.5

3Q98E
4.7

4Q98E
1.7

1Q99E
(0.7)

2Q99E
3.8

3Q99E
4.9

4Q99E
4.4

(1.5)
0.8

2Q95
2.9
9.4
0.6
0.4
1.2
1.1
1.8

1Q96E
(0.8)
9.5
0.9

0.8
1.1

4Q94
(2.1)
18.4
0.5
0.7
(0.5)
(6.4)
(5.7)

1Q95
1.3
3.5
0.5
0.3

(0.3)
0.4

3Q94
4.1
3.2
0.4
0.3
0.5
(0.5)
2.6

(0.4)
0.5
(3.0)
(1.3)
(0.2)

0.0
3.9
6.8
0.1
0.0

0.0
0.9
(2.9)
(3.2)
0.0

0.0
(5.2)
(1.1)
1.6
0.0

0.0
1.3
2.4
10.9
(1.3)

0.0
0.1
6.8
(3.7)
0.0

0.0
4.2
(2.3)
(2.5)
0.0

0.0
(6.0)
(1.2)
(1.3)
0.0

(4.8)

1.6

0.2

9.7

(5.6)

2.5

(7.6)

(14.1)

(0.4)

0.0

5.0

0.0

0.0

0.0

0.0

0.0

(3.0)
(0.4)
(0.5)

(14.6)
3.5
(0.8)

(10.0)
(0.5)
(1.3)

2.2
(3.5)
(1.2)

(4.5)
1.1
(0.6)

(20.2)
(0.9)
(1.9)

(14.4)
(1.0)
(1.0)

(12.8)
0.9
(1.5)

(2.0)
(9.5)

(15.0)
(6.5)

(15.0)
(8.0)

(15.0)
(8.0)

(15.0)
(10.0)

(10.0)
(10.0)

(10.0)
(10.0)

(10.0)
(11.0)

3.5

51.2
(12.1)
125.9
0.2
20.5%
15.2%
6.2
25.9

0.0

0.0

56.4
(5.0)
152.6

3.5

154.7

0.0

0.0

0.4
18.1%
19.7%
24.2

3.5

156.0

0.0

0.0

56.4
(6.3)
143.3

0.0

132.3

0.0

0.0

0.3
12.4%
19.6%
0.8

11.7

123.2

0.0
0.0
65.5
11.9
17.8
15.0
0.0
110.2

0.0

0.0

54.6
(4.2)
150.6

(14.0)

101.2

31.3
0.0
34.2

3.3
0.0
66.4
7.5
17.7
0.0
0.0
91.6
0.0
56.4
(6.3)
141.8

0.0

0.0

0.3
19.8%
26.9%
19.1

0.5

93.2

0.0
151.0

43.4
0.0
19.7

0.0

0.0

54.1
(8.4)
140.5

2.2

100.3

0.0
20.2
78.0
7.9
0.0
28.0
4.4
4.8
0.0
143.3

0.0

5.2

0.3
20.8%
24.0%
16.3

2.7

94.7

7.9
3.2
1.4

0.3
20.9%
16.0%
11.4

Financing Flows
Debt
Leases
Equity
Programming Licenses
FX on Cash

Estimated
FY92
2.9
5.0
1.0

1.0

(12.0)

3.5

51.9
9.1
25.9

86.8

(0.6)
4.5

(29.1)

0.0
24.0
79.9
0.0
47.1

8.9

0.2

5.0

3.0

3.0

3.0

2.8

0.0

0.5

1.9

0.0

0.0

38.8

47.1

(8.5)
0.0
5.2
0.0
0.0

25.8
0.0
0.0
0.0
0.0

9.0
0.0
38.8
0.0
0.0

0.000

0.000

(0.000)

0.000

4.189

(2.870)

(1.319)

(0.001)

32.080

3.647

(8.682)

(12.634)

1.658

1.853

(4.860)

(13.113)

3.622

7.465

4.679

1.743

(0.733)

3.824

4.903

4.420

(2.064)

7.723

0.000

(0.0)

14.4

(2.2)

(1.7)
(3.9)
5.6

9.6
(11.8)
2.2

10.8
(11.8)
1.0

14.6
(2.5)
(12.1)

(0.7)
(4.0)
8.9

19.8
(22.9)
0.2

10.1
(16.5)
5.0

1.7
(13.4)
11.7

4.8
(11.5)
38.8

22.1
(21.5)
3.0

11.3
(23.0)
3.0

7.4
(23.0)
3.0

23.2
(25.0)
3.5

18.4
(20.0)
3.5

11.6
(20.0)
3.5

4.4
(21.0)
3.5

3.6
0.0
0.0

7.5
0.0
0.0

4.7
0.0
0.0

1.7
0.0
0.0

(0.7)
0.0
0.0

3.8
0.0
0.0

4.9
0.0
0.0

4.4
0.0
0.0

9.9
(12.0)
0.0

18.9
(29.2)
18.0

33.3
(30.0)
(3.3)

31.0
(56.9)
25.8

45.6
(79.0)
47.8

57.5
(86.0)
14.0

Stock @ 20x EPS

Stock @ 10x FCF
Stock @ 6x EBITDA-Debt

#VALUE!

#VALUE!

#VALUE!

$10.00

$10.11

Financial Statistics
Days In Period

1Q94
#VALUE!

2Q94
91

3Q94
92

4Q94
92

1Q95
90

2Q95

3Q95E

4Q95E

1Q96E

2Q96E

3Q96E

4Q96E

1Q97E

2Q97E

3Q97E

4Q97E

1Q98E

2Q98E

3Q98E

4Q98E

1Q99E

2Q99E

3Q99E

4Q99E

FY92
365

FY93
365

FY94
365

FY95
365

FY96E
365

FY96E
365

Days - A/R
y-o-y change in A/R

#VALUE!
#VALUE!

0
#VALUE!

0
#VALUE!

0
#VALUE!

0
#VALUE!

#DIV/0!

Days - A/P
Days - Accrued Expenses

#VALUE!
#VALUE!

#VALUE!
21

#VALUE!
24

#VALUE!
33

#VALUE!
17

#VALUE!
#VALUE!

Asset Turns
Net Income/Revenue
Leverage
ROE

#VALUE!
4.1%
#VALUE!
8973.4%

#VALUE!
6.2%
#VALUE!
9702.1%

#VALUE!
8.0%
#VALUE!
8826.9%

#VALUE! #VALUE!
-3.9%
2.6%
#VALUE! #VALUE!
9788.5% 17557.8%

#VALUE!
#DIV/0!
#VALUE!
#VALUE!

Cash Flow from Operati

Cash Flow, Investments
Cash Flow, Financing

0.0

2Q94
11.7
13.1
$0.22

33.7
0.3
8.3

Net Change in Cash

0.0

117.6%

140.5

Investment Expenditures
Theater Builds & Capex
Preprodn Expenses
LT A/R & Other
Fixed Assets

(223.6)
67.4
23.2%

4.4
7.1
16.8%
10.4%

21.1
0.3
8.0

Funds Flows
Net Income
Amortizate Preprodn
Depreciation
Amortize Deferred Cos
Writeoffs
Income, Minority Interes
Deferred Taxes
Change in A/R
Change in A/P
Deferred Revenue
Accrued Expenses
Preproduction
Other - operating CFO

(127.0)
48.2
27.5%

2.0
3.6
12.7%
6.9%

131.8

Current Ratio
Debt / Total Assets
Preprodn/ Total Assets
EBITDA / Interest
Total Debt

(97.9)
31.6
24.4%

Phantom 21% royalties, Ragtime 40% less roya

(4.0)

Consensus EPS
Number of Estimates
Surprise or Disappoint?
Valuation Data
Wtd Avg Shares Outstandi
Fully Diluted Shares Outst
Reported EPS
y-o-y EPS change
qtr-to-qtr EPS change

11.9
19.0%

(91.9)
27.3
22.9%

(26.7)
(15.9)
(10.6)
(42.5)
(85.3)
(53.5)
0.0
68.3
20.9%

(16.0)

Minority Interest
Profit Before Taxes
Taxes
Effective Tax Rate

Mar-95
1Q95
73.9%
-5.8%

Number in the annual report is -7.723 but the numbers add

to positive 7.723. This is bad for them!
(prospectus has -7.129 restated! both are weird)

High Stock Price

Low Stock Price
Quarter End Stock Price
FCF/Share
EBITDA/Share
Net Debt/Share
Very Tangible Book/Share

Days - Inventories

Shows - seat capacity

Phantom1 (Toronto)
Phantom2 (Tour)
Joseph
Showboat1 (Ford,LA, Tour)
Showboat2 (NYC, tour)
Showboat3 (Chicago, tour)
Kiss1
Kiss2
Sunset
Music of the Night
Ragtime1
Ragtime2 (NYC)
Ragtime3
Number of Shows
Theaters,Livent owned
Toronto (Pantages;Phantom1)
Vancouver, Ford Center (Phantom2)
Toronto, Ford Center1 (Sunset Blvd)
Ragtime1, Chicago Oriental
Ragtime2, NYC 42nd St.
Toronto, Ford Center2 (ChamberMusic)

1Q96E
2200

2Q96E
2200

3Q96E
2200

4Q96E
2200

1Q97E
2200

1500
1849
1910

1500
1849
1910
1500
1500

1500
1849
1910
1800

1800
1849
1910
1800

1500
1849
1910
1800

2Q97E
2200
1850
1500
1849
1500
1800

1500
1800
1500

1800
1500

1800
1500

1800
1500

1800
1500
1500

1800
1500
1800

3Q97E
2200
1850
1500
1849
1500
1800

4Q97E
2200

1Q98E
2200

4Q98E

1Q99E

2Q99E

1800
1849
1500
1800

2Q98E
2200
1850
1800
1849
1500
1500

3Q98E

1800
1849
1500
1800

1850
1800
1849
1500
1800

1800
1849
1500
1800

1800
1849
1500
1800

1850
1800
1849
1500
1800

1500
1800
1000

1500
1800
1830

1500

1500

1500

1500
1500

1800

3Q99E
2200
1850

4Q99E
2200

1849

1849

1800

1800

1800
1000

1800
1830

2200

2200

2200

2200
1850
1800
1800
1830
1500

2200

1800

2200
1850
1800
1800

2200

1800

2200
1850
1800
1500

2200

1800

2200
1200
1800

1800

1800

1800

2200
1200
1800

2200
1850
1800
1500

2200
1850
1800
1800

2200
1850
1800
1800
1830
1500

1500

1500

1500

1500

1500

1500

2200
1850
1800
1800
1000
1500

1500

1500

1500

1500

1500

1500

2200
1850
1800
1800
1000
1500

Performances/Week/Show
Weeks/Quarter

8
12.86

8
13.14

8
13.14

8
13.14

8
12.71

8
13.14

8
13.14

8
13.14

8
12.86

8
13.00

8
13.14

8
13.14

8
12.86

8
13.00

8
13.14

8
13.14

Pricing, Gross
Pricing, Broadway Gross
Ticketron Commission

75.00
63.75
7.3%

75.00
63.75
7.3%

75.00
63.75
7.3%

75.00
63.75
7.3%

75.00
63.75
7.3%

75.00
63.75
7.3%

75.00
63.75
7.3%

75.00
63.75
7.3%

75.00
63.75
7.3%

75.00
63.75
7.3%

75.00
63.75
7.3%

75.00
63.75
7.3%

75.00
63.75
7.3%

75.00
63.75
7.3%

75.00
63.75
7.3%

75.00
63.75
7.3%

Cost Inflation for Shows

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

4.0%

Capacity Utilization w/Seasonality

73%

80%

80%

82%

73%

80%

80%

82%

73%

80%

80%

82%

73%

80%

80%

82%

Revenues, shows
Phantom1 (Toronto)
Phantom2 (Vancouver)
Joseph
Showboat1
Showboat2 (NYC)
Showboat3 (Chicago)
Kiss1
Kiss2
Sunset
ChamberMusic (Vanc)
Ragtime1
Ragtime2 (NYC)

12.4
8.4
10.4
9.1
8.4
10.1
8.4
-

13.9
9.5
11.7
10.2
9.5
9.5
11.4
9.5
-

13.9
9.5
11.7
10.2
11.4
11.4
9.5
-

14.2
11.6
12.0
10.5
11.6
11.6
9.7
-

12.3
8.4
10.3
9.0
10.0
10.0
8.4
8.4
-

13.9
11.7
9.5
11.7
8.0
11.4
11.4
9.5
11.4
-

13.9
11.7
9.5
11.7
8.0
11.4
9.5
11.4
5.4

14.2
11.6
12.0
8.2
11.6
9.7
11.6
10.1

12.4
10.1
10.4
7.2
10.1
8.4
-

13.7
11.5
11.2
11.5
8.0
9.4
9.4
-

11.7
11.4
11.7
8.0
11.4
9.5
-

11.6
12.0
8.2
11.6
9.7
-

10.1
10.4
7.2
10.1
8.4
-

11.5
11.2
11.5
8.0
11.2
11.2
-

13.9
11.7
11.7
11.4
11.4
5.4

14.2
12.0
11.6
11.6
10.1

2.0
1.6
1.4
5.0

2.2
1.8
1.5
5.6

2.2
1.8
1.5
5.6

2.3
1.9
1.6
5.7

2.0
1.6
1.3
1.3
6.2

2.2
1.9
1.8
1.8
1.5
9.2

2.2
1.9
1.8
0.9
1.5
8.3

2.3
1.9
1.6
1.6
7.3

2.0
1.4
3.3

2.2
1.8
1.5
5.5

1.9
1.5
3.4

1.6
1.6

1.4
1.4

1.8
1.8
3.6

2.2
1.9
1.8
0.9
6.8

2.3
1.9
1.6
5.7

Revenues, Livent Theaters

Toronto (Pantages;Phantom1)
Vancouver, Ford Center (Phantom2)
Toronto, Ford Center1 (Sunset Blvd)
Ragtime1, Chicago Oriental
Ragtime2, NYC 42nd St.
Toronto, Ford Center2 (ChamberMusic)
Totals, Show as negative costs

Sept 18 - 24, 1995 Broadway

Weekly $ % Capacity Livent Name
Show Boat
854007
94.1% Y
Sunset Boulevard
778134
91.9% Y
Phantom of the Opera
696210
100.0% Y
Beauty & Beast
663088
92.9%
Miss Saigon
559918
90.1%
How to Succeed in Busine
444305
83.9%
Smokey Joes Cafe
421587
94.6%
Les Miserables
421414
87.3%
Cats
400694
75.7%
Crazy for You
391368
85.8%
Grease
352484
86.9%
The Heiress
213457
71.8%
Indiscretions
202653
64.7%
Having Our Stay
104626
54.7%
Defending the Caveman
96155
73.7%

Info
Ragtime will be huge
Chicago
LA brand new
NYC

Chicago total investment 32 MM, city puts up 17

NYC 75 year lease, put up all $$ but no real estate taxes
NYC if in bus by 1/1/98 (they will be), they will get a/d for tax credits, worth a few

Page 2

Info

estate taxes
will get a/d for tax credits, worth a few million

Page 3

Valuation

Simple Valuation
Stock Price
Shares
Debt
Cash
Option Strikes
Hidden Assets
TEV

11
17.4
67.6
(14.4)

244.6

97 EBITDA
Real EBITDA
97 Revenues
97 Free Cash

60.4
19.4
374.1
(35.7)

TEV / EBITDA
TEV / RealEBITD
TEV / Revenue
Equity / FCF

4.05
12.58
0.65
(5.36)

Page 4