MIAMI–(BUSINESS WIRE)–Hemisphere Media Group, Inc. (NASDAQ:HMTV) (“Hemisphere” or the “Company”) at the moment offered the next assertion concerning the influence of Hurricane Maria on its enterprise.
President and Chief Executive Officer of Hemisphere, Alan Sokol, mentioned: “First and foremost, I’m grateful that each one of our employees and workers in Puerto Rico are secure. Hurricane Maria brought about widespread devastation throughout your complete island of Puerto Rico and lots of of our workers are grappling with private loss. We are working carefully with our Puerto Rican crew to offer help and help to our workers, in addition to all others affected by the hurricane.
As a results of the extraordinary scope and energy of Hurricane Maria, there was disruption to our enterprise in Puerto Rico. While there was restricted injury to our studios and workplaces, one among our three transmission towers was considerably broken. The different two towers incurred solely minimal injury. We are working to evaluate the total extent of the injury to the towers, in addition to establishing a timeline for the mandatory repairs. Presently, we now have an interim resolution by which we now have been transmitting WAPA’s sign, whereas we consider alternate transmission options. We consider we will determine a number of acceptable options.
Beyond bodily injury, the extraordinary scenario in Puerto Rico will adversely have an effect on WAPA’s enterprise within the coming months. Resulting disruption from the storm, coupled with the uncertainty concerning timing for restoration of energy and potential declines in tv households, could have an antagonistic impact on income for a number of months. It is just too quickly to find out the timing for the restoration of enterprise in Puerto Rico, which can largely depend upon restoration of energy to the island and the tempo and progress of the rebuilding and restoration efforts. During the restoration interval, we shall be fastidiously managing our bills to mitigate the influence of income losses, to the extent potential. We are assured that the federal authorities will present substantial monetary and logistical help, which, along with the resolve of Puerto Ricans, will end in a powerful restoration.
Although we’re nonetheless estimating the influence of the property injury, we do count on insurance coverage will cowl many of the alternative prices, topic to deductibles and different prices. We additionally anticipate portion of the antagonistic influence to the operations of our enterprise shall be mitigated by enterprise interruption insurance coverage, though it is going to possible not offset the total extent of the income loss. There could be no assurances of the timing and quantity of proceeds we might recuperate underneath our insurance coverage insurance policies.
In the meantime, to be able to proceed to serve Puerto Ricans needed and important information and knowledge, our studios and manufacturing amenities have been working repeatedly by way of backup mills all through and following the storm. Presently, WAPA is producing in-studio and on-location protection of the aftermath of the hurricane to these on the island who’re in a position to obtain our sign. Additionally, all of our information protection is being simulcast on WAPA America, offering Puerto Ricans and different viewers residing within the U.S. with the one steady protection of this disaster. Many of our U.S. pay tv distribution companions have briefly made our WAPA America sign out there to all of their subscribers, reflecting the significance of our community, and considerably increasing WAPA America’s attain and protection.
As a results of Hurricane Maria and the related uncertainty across the timing of the restoration in Puerto Rico, we’re withdrawing our previously-provided full yr 2017 Adjusted EBITDA steering.”
Statements on this press launch and oral statements made infrequently by representatives of Hemisphere might comprise sure statements about Hemisphere and its consolidated subsidiaries which are “forward-looking statements” inside the which means of the U.S. Private Securities Litigation Reform Act of 1995. These embrace, however aren’t restricted to, the results of Hurricane Maria within the brief and long-term on our enterprise and the promoting market in Puerto Rico in addition to our clients, workers, third-party distributors and suppliers, the impact on retransmission charges that we obtain, our capacity to safe entry to diesel gasoline till energy is restored to Puerto Rico, our capacity to well timed and totally recuperate proceeds underneath our insurance coverage insurance policies, statements regarding Hemisphere’s future monetary and working outcomes (together with development and earnings), plans, aims, expectations and intentions and different statements that aren’t historic information. These statements are primarily based on the present expectations of the administration of Hemisphere and are topic to uncertainty and modifications in circumstance, which can trigger precise outcomes to vary materially from these expressed or implied in such forward-looking statements. Without limitation, any statements preceded or adopted by or that embrace the phrases “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “should,” “would,” “expect,” “positioned,” “strategy,” “future,” or phrases, phrases or phrases of comparable substance or the unfavourable thereof, are forward-looking statements. In addition, these statements are primarily based on quite a few assumptions which are topic to alter. Factors that might trigger precise outcomes to vary materially from these expressed or implied by the forward-looking statements are mentioned underneath the heading “Risk Factors” and “Forward-Looking Statements” in Hemisphere’s most up-to-date Annual Report on Form 10-Okay, filed with the Securities and Exchange Commission (“SEC”), as they might be up to date in any future stories filed with the SEC. If a number of of those components materialize, or if any underlying assumptions show incorrect, Hemisphere’s precise outcomes, efficiency, or achievements might range materially from any future outcomes, efficiency or achievements expressed or implied by these forward-looking statements. Forward-looking statements included herein are made as of the date hereof, and Hemisphere undertakes no obligation to replace publicly such statements to replicate subsequent occasions or circumstances.
About Hemisphere Media Group, Inc.
Hemisphere Media Group, Inc. (NASDAQ:HMTV) is the one publicly traded pure-play U.S. media firm focusing on the excessive development U.S. Hispanic and Latin American markets with main broadcast and cable tv and digital content material platforms. Headquartered in Miami, Florida, Hemisphere owns and operates 5 main U.S. Hispanic cable networks, two Latin American cable networks, and the main broadcast tv community in Puerto Rico, and has possession pursuits in a brand new broadcast tv community in Colombia and a Spanish-language OTT service within the U.S.