iac/interactivecorp (IACI) Snapshot

Barry Diller, Chairman of IAC/InterActiveCorp (NasdaqGS:IACI) confirmed plans to sell Newsweek (The Newsweek/Daily Beast Company LLC), at an AllThingsD conference interview. People familiar with the matter stated that Newsweekly's storied brand, decades-old archive and its digital subscriber list are up for sale. Any buyer would have emerge from a different pool of suitors which were in race to acquire Newsweekly the last time it was for sale, as several former suitors are no longer interested in acquiring it now. A staff memo stated that if IAC doesn't find the right buyer, then it would retain Newsweekly.

IAC/InterActiveCorp (NasdaqGS:IACI) intends to divest Newsweek (The Newsweek/Daily Beast Company LLC), Variety reported citing sources briefed on the matter. Sale of Newsweek would be a combination of assumption of liabilities and paying little for the name, Variety reported.

IAC/InterActiveCorp announced consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of $742,249,000 against $640,600,000 a year ago. Operating income was $84,551,000 against $62,765,000 a year ago. Earnings from continuing operations were $52,709,000 against $31,153,000 a year ago. Net earnings attributable to company's shareholders were $53,637,000 or $0.61 per diluted share against $34,478,000 or $0. 38 per diluted share a year ago. Diluted earnings per share from continuing operations were $0.62 against $0. 34 a year ago. Net cash provided by operating activities attributable to continuing operations was $92,362,000 against $59,050,000 a year ago. Adjusted net income was $72,738,000 against $48,109,000 a year ago. Adjusted EPS was $0.83 against $0. 51 a year ago. Earnings from continuing operations before income taxes were $78,455,000 against $58,273,000 a year ago. Capital expenditures were $33,638,000 against $9,633,000 a year ago. Free cash flow was $58.7 million against $49.4 million a year ago. For the second quarter, the company expects solid to strong double-digit consolidated revenue and OIBA growth on an as-reported basis, with OIBA growth only slightly lower on a pro forma basis on low to mid double-digit pro forma revenue growth. For the full year, the company expects solid double-digit revenue growth pro forma for about and somewhat stronger on an as-reported basis, with margin leverage resulting in strong double-digit OIBA growth pro forma for about or approximately 1,000 basis points or so higher on an as-reported basis.