Liberty Media International, Inc. Fourth Quarter Supplemental
Financial Information ENGLEWOOD, Colo., March 14
/PRNewswire-FirstCall/ -- On March 14, 2005, Liberty Media
International, Inc. (NASDAQ:LBTYANASDAQ:LBTYB) (LMI) filed its Form
10-K with the Securities and Exchange Commission for the year ended
December 31, 2004. This press release is being provided to
supplement the information provided to investors in LMI's Form 10-K
as filed with the SEC. The information in this release is not meant
to serve as a release of financial results for LMI. For information
regarding LMI's financial results, investors should refer to LMI's
financial statements included in its Form 10-K. LMI owns interests
in broadband distribution and content companies operating outside
the U.S., principally in Europe, Asia, and Latin America. Our
businesses include UnitedGlobalCom, Inc. (UGC), Jupiter
Telecommunications Co., Ltd. (J-COM), Jupiter Programming Co., Ltd.
(JPC), Liberty Cablevision of Puerto Rico Ltd. and Pramer S.C.A.
Following is summary financial information and a discussion of the
results of our largest subsidiary and our two largest equity
affiliates. To enable investors to better understand the results of
these companies, this information presents 100% of the revenue and
operating cash flow for UGC, J-COM and JPC even though we own less
than 100% of these businesses. Unless otherwise noted, the
following discussion compares financial information for the three
months and year ended December 31, 2004 to the same periods in
2003. Please see page 9 of this press release for how we define
operating cash flow and a discussion of management's use of this
performance measure as well as a reconciliation of operating cash
flow to operating income calculated in accordance with generally
accepted accounting principles in the United States (GAAP) for the
quarters and years ended December 31, 2004 and 2003 for the
aforementioned businesses. The selected financial information
presented for J-COM and JPC was obtained directly from those equity
affiliates. LMI does not control the decision-making processes or
business management practices of its equity affiliates.
Accordingly, LMI relies on the management of these affiliates and
their independent auditors to provide accurate financial
information prepared in accordance with GAAP that LMI uses in the
application of the equity method. As a result, LMI makes no
representations as to whether such information presented on a
stand-alone basis has been prepared in accordance with GAAP. LMI is
not aware, however, of any errors in or possible misstatements of
the financial information provided to it by its equity affiliates
that would have a material effect on LMI's consolidated financial
statements. Further, LMI could not, among other things, cause any
noncontrolled affiliate to distribute to LMI its proportionate
share of the revenue or operating cash flow of such affiliate.
OPERATING RESULTS UnitedGlobalCom, Inc. (UGC) (54% / 91%) LMI owned
54% of UGC as of December 31, 2004 and controlled 91% of the vote.
UGC is a leading international broadband communications provider of
video, voice, and broadband Internet services with operations in 16
countries, 13 of which are in Europe. As a separate publicly traded
company (NASDAQ: UCOMA), UGC reported its fourth quarter results on
March 14, 2005. UGC Summary Financial Information (in primary
functional (in US$) currency) 4Q04 4Q03 4Q04 4Q03 (amounts in
millions) Revenue UPC Broadband $508 412 Euro 394 347 VTR 83 68 CP
49,377 42,547 chellomedia 66 58 Euro 51 49 Noos & Chorus 144 --
Euro 113 -- Eliminations & Other (26) (22) Total Revenue $775
516 Operating Cash Flow UPC Broadband $189 164 Euro 147 137 VTR 34
22 CP 20,015 13,815 chellomedia 18 10 Euro 14 8 Noos & Chorus
35 -- Euro 27 -- Other (37) (10) Total Operating Cash Flow $239 186
Operating Loss $(123) (466) Outstanding Debt (at December 31)
$4,879 3,927 Operating Statistics (1) (at December 31) (figures in
thousands) Homes Passed 15,957 12,260 Total Video Subscribers (2)
8,726 7,340 Internet Subscribers 1,401 923 Telephone Subscribers
804 733 UGC Summary Financial Information (in primary functional
(in US$) currency) 2004 2003 2004 2003 (amounts in millions)
Revenue UPC Broadband $1,850 1,528 Euro 1,488 1,350 VTR 300 230 CP
182,541 157,676 chellomedia 245 220 Euro 197 195 Noos & Chorus
233 -- Euro 186 -- Eliminations & Other (103) (86) Total
Revenue $2,525 1,892 Operating Cash Flow UPC Broadband $756 583
Euro 609 514 VTR 109 70 CP 66,082 47,801 chellomedia 53 36 Euro 43
32 Noos & Chorus 53 -- Euro 42 -- Other (92) (60) Total
Operating Cash Flow $879 629 Operating Loss $(241) (656)
Outstanding Debt (at December 31) Operating Statistics (1) (at
December 31) (figures in thousands) Homes Passed Total Video
Subscribers (2) Internet Subscribers Telephone Subscribers (1)
Includes 2004 acquisitions of Noos and Chorus. See definitions in
Supplemental Operating Information section on page 8. (2)
Represents the sum of basic cable subscribers, DTH subscribers and
MMDS subscribers, as applicable. Revenue for the three months and
year ended December 31, 2004 was up 50% and 34%, respectively,
compared to the prior year. Excluding the impact of exchange rates
and acquisitions, organic year-over-year revenue growth was
approximately 11%. These increases were driven by higher average
monthly revenue per subscriber and subscriber growth across all of
UGC's services. Operating cash flow for the fourth quarter was $239
million, an increase of 28% compared to the prior year. Operating
cash flow for the full year was $879 million, an increase of 40%
compared to 2003. Excluding the impact of exchange rate
fluctuations and acquisitions, organic operating cash flow growth
was approximately 20% for the year. UGC continues to benefit from
organizational, operating, and network efficiencies, as the
operating cash flow as a percent of revenue improved from 33.2% in
2003 to 34.8% in 2004. For the fourth quarter, the operating cash
flow as a percent of revenue was relatively flat compared to the
fourth quarter of 2003 due primarily to acquisitions and one-time
costs associated with the termination of a programming contract.
Full year capital expenditures were $480 million compared to $333
million for the prior year. The primary reason for the increase was
higher spending on customer premise equipment due to subscriber
growth as well as exchange rate fluctuations. During 2004,
including acquisitions, UGC increased total video subscribers by
1,386,000, total Internet subscribers by 478,000 and total
telephone subscribers by 71,000. Jupiter Telecommunications Co.,
Ltd. (J-COM) (45.45%) J-COM is Japan's largest multiple system
operator (MSO) based on the number of customers served. J-COM and
its subsidiaries provide cable television, Internet access and
telephony services in Japan. J-COM Summary Financial Information
(in US$) (in Yen) 4Q04 4Q03 4Q04 4Q03 (amounts in millions) Revenue
$415 347 Yen 42,964 38,500 Operating Expenses 258 220 26,734 24,314
Operating Cash Flow $157 127 Yen 16,230 14,186 Operating Income $42
36 Yen 4,285 4,023 Outstanding Debt (at December 31) Third-Party
Debt $2,261 984 Yen 231,529 105,662 Shareholder Debt -- 1,395 --
149,739 Outstanding Debt $2,261 2,379 Yen 231,529 255,401
Consolidated Operating Statistics (1) (at December 31) (figures in
thousands) Homes Passed (2) 6,288 5,489 Total Video Subscribers (3)
1,483 1,419 Internet Subscribers 709 597 Telephone Subscribers 726
527 J-COM Summary Financial Information (in US$) (in Yen) 2004 2003
2004 2003 (amounts in millions) Revenue $1,505 1,233 Yen 161,346
143,159 Operating Expenses 915 805 98,097 93,426 Operating Cash
Flow $590 428 Yen 63,249 49,733 Operating Income $210 114 Yen
22,592 13,202 Outstanding Debt (at December 31) Third-Party Debt
Shareholder Debt Outstanding Debt Consolidated Operating Statistics
(1) (at December 31) (figures in thousands) Homes Passed (2) Total
Video Subscribers (3) Internet Subscribers Telephone Subscribers
(1) See definitions in Supplemental Operating Information section
on page 8. (2) As a result of a mapping audits J-COM increased its
cable homes passed during 2004. (3) Represents the sum of basic
cable subscribers, DTH subscribers and MMDS subscribers, as
applicable. Revenue increased 20% and 22% for the three months and
year ended December 31, 2004, respectively. Excluding the effect of
exchange rates, revenue increased 12% in the fourth quarter, as
compared to the fourth quarter of 2003, and 13% for the year, as
compared to 2003. Revenue increases were due to increased
distribution across all of J-COM's services, with the most
substantial growth coming from Internet and telephone services.
Total video subscribers increased 5%, Internet subscribers
increased 19% and telephone subscribers increased 38%. Operating
cash flow increased 24% and 38% for the three months and year ended
December 31, 2004, respectively. Excluding the effect of exchange
rates, operating cash flow increased 14% for the fourth quarter of
2004, as compared to the fourth quarter of 2003, and 27% for the
year, as compared to 2003. Operating cash flow increased due to the
revenue increases combined with margin improvements associated with
increased scale. Operating cash flow as a percent of revenue for
the year increased to 39% from 35%. J-COM served approximately 1.7
million homes at December 31, 2004, an increase of 7% from December
2003. Penetration of homes taking at least one service was 28% at
December 31, 2004. Approximately 48% of J-COM's customers
subscribed to more than one service at December 31, 2004, which
translated into approximately 832,000 homes with multiple services.
This represents a 15% increase in homes with multiple services
since the end of 2003. The triple play service option (taking all
three services available) has steadily increased to 20% of J-COM's
homes at December 31, 2004 compared to 14% at December 31, 2003.
J-COM's network operates at a bandwidth of 750 or 770 MHz. At
December 31, 2004, J-COM's weighted average ownership of its total
consolidated subscribers was 81.5% compared to 81.3% at the same
time last year. Jupiter Programming Co., Ltd. (JPC) (50.0%) LMI
owned 50% of JPC at December 31, 2004. JPC is the largest multi-
channel pay television programming and content provider in Japan
based upon the number of subscribers receiving the channels. JPC
currently owns or has investments in 16 channels. JPC Summary
Financial Information (in US$) (in Yen) 4Q04 4Q03 4Q04 4Q03
(amounts in millions) Revenue $176 129 Yen 18,302 14,088 Operating
Expenses 153 110 15,920 11,986 Operating Cash Flow $23 19 Yen 2,382
2,102 Operating Income $18 16 Yen 1,898 1,781 Outstanding Debt (1)
(at December 31) $60 61 Yen 6,113 6,567 Cumulative Subscribers (2)
(in thousands) (at December 31) 45,480 41,770 JPC Summary Financial
Information (in US$) (in Yen) 2004 2003 2004 2003 (amounts in
millions) Revenue $563 412 Yen 60,481 47,818 Operating Expenses 483
358 51,879 41,492 Operating Cash Flow $80 54 Yen 8,602 6,326
Operating Income $67 44 Yen 7,222 5,116 Outstanding Debt (1) (at
December 31) Cumulative Subscribers (2) (in thousands) (at December
31) (1) Includes shareholder debt of $10 million and $9 million at
December 31, 2004 and 2003, respectively. (2) Includes subscribers
at all consolidated and equity owned JPC channels. Shop Channel
subscribers are stated on a full-time equivalent basis. JPC's
revenue increased 36% and 37% for the three months and year ended
December 31, 2004, respectively. Excluding the effect of exchange
rates, revenue increased 30% for the fourth quarter, as compared to
the fourth quarter of 2003, and 26% for the year, as compared to
2003. Revenue increased largely due to increases in retail sales at
Shop Channel and in subscription and advertising revenues at the
other channels. Shop Channel, which is 70%- owned by JPC, was the
largest contributor generating approximately 89% of the increase
during the quarter and year ended December 31, 2004 versus the
corresponding periods in 2003. This increase was driven by an 11%
increase in full-time equivalent ("FTE") homes and an increase of
15% in sales per FTE. In addition to the growth at Shop Channel,
subscribers grew by 9% at Movie Plus, 10% at Golf Network, 8% at
J-Sports, 12% at Discovery Channel Japan, 19% at Animal Planet
Japan and 15% at AXN Japan. JPC's operating cash flow increased 21%
and 48% for the three months and year ended December 31, 2004,
respectively. Excluding the effect of exchange rates, operating
cash flow increased 13% for the fourth quarter, as compared to the
fourth quarter of 2003, and 36% for the year, as compared to 2003.
Operating cash flow increased due primarily to revenue increases,
partially offset by higher cost of goods sold, fulfillment,
telemarketing, programming, marketing and general and
administrative expenses. Free Cash Flow For the year ended December
31, 2004 UGC J-COM JPC (amounts in millions) Net cash provided by
operations $699 489 48 Capital expenditures (1) (480) (413) (46)
Free cash flow $219 76 2 (1) Capital expenditures for J-COM and JPC
include equipment purchased under capital leases. CORPORATE &
OTHER Cash, Carrying Value of Non Strategic Holdings and Debt
December 31, September 30, 2004 2004 (amounts in millions)
Consolidated Cash & Cash Equivalents $2,531 1,739 LMI
Non-Strategic Investments News Corporation, Inc. (1), (2) $103 157
ABC Family Preferred $387 407 Telewest Global, Inc. (3) $-- 91 UGC
Non-Strategic Investments SBS Broadcasting S.A. $242 202
Consolidated Debt Parent Debt $-- -- UGC Debt 4,879 4,286 Other
Subsidiary Debt 140 63 Consolidated Debt $5,019 4,349 (1) LMI has
entered into a variable forward transaction with respect to this
investment. (2) During the fourth quarter of 2004, LMI sold 4.5
million shares of News Corporation, Inc. common stock. At December
31, 2004, LMI holds 5.5 million shares. (3) On July 19, 2004, our
investment in Telewest Communications plc Senior Notes and Senior
Discount Notes was converted into shares of common stock of
Telewest Global, Inc. All of these shares were sold during the
third and fourth quarters of 2004. At December 31, 2004 and
September 30, 2004, consolidated cash includes $1,029 million and
$982 million, respectively, of cash at UGC. Outstanding Shares At
December 31, 2004, there were approximately 173 million outstanding
shares of LBTYA and LBTYB and 12 million shares of LBTYA and LBTYB
reserved for issuance pursuant to stock options. Other Items During
the fourth quarter, LMI sold all of its remaining 7.9 million
shares of Telewest common stock for aggregate proceeds of
approximately $93 million. Also during the fourth quarter, LMI sold
4.5 million shares of News Corp. common stock for aggregate
proceeds of approximately $84 million ($30 million of which was
received in the first quarter of 2005). LMI and Sumitomo
Corporation entered into a contribution agreement whereby, on
December 28, 2004, LMI's 45.45% ownership interest in J-COM and an
approximate 20% ownership interest in J-COM owned by Sumitomo were
combined in a holding company named LMI/Sumisho Super Media, LLC
(Super Media). Subject to certain conditions, Sumitomo has the
obligation to contribute to Super Media substantially all of its
remaining 12% ownership interest in J-COM during 2005. On February
18, 2005, J-COM announced an initial public offering of its common
shares in Japan. Under the terms of Super Media's operating
agreement, the J-COM IPO announcement triggered LMI's casting or
tie-breaking vote with respect to decisions of the Super Media
management committee thereby allowing LMI to consolidate Super
Media and J-COM effective as of January 1, 2005. On December 6,
2004, LMI announced that it repurchased 3.0 million shares of its
Series A common stock from Comcast Corporation for approximately
$128 million in cash. On December 21, 2004, LMI announced that it
received Yen 43.8 billion ($420 million) in cash from J-COM and
another affiliate in full satisfaction of all shareholder loans,
including accrued interest thereon, owed by them to LMI. J-COM and
the other affiliate were able to repay all of their shareholder
loans and J-COM eliminated a significant portion of the shareholder
guarantees as a result of refinancing certain of its indebtedness.
On January 17, 2005, LMI and UGC entered into an agreement and plan
of merger that would create a new company named Liberty Global,
Inc. Completion of the transaction is subject to, among other
things, the approval of both companies' stockholders, including in
the case of UGC, the affirmative vote of a majority of the voting
power of the UGC shares not beneficially owned by LMI, Liberty
Media Corporation, their respective subsidiaries or the executive
officers or directors of LMI, Liberty Media or UGC. LMI and UGC
filed preliminary proxy materials with the SEC on February 14, 2005
and we currently anticipate holding our respective shareholder
meetings in the second quarter. Assuming the required shareholder
votes are received, the transaction can close shortly thereafter.
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
important factors that could cause the actual results, performance
or achievements of the assets of Liberty Media International, Inc.
included herein or industry results, to differ materially from any
future results, performance or achievements expressed or implied by
such forward- looking statements. Such risks, uncertainties and
other factors include, among others: the risks and factors
described in the publicly filed documents of LMI, including the
most recently filed Form 10-K of LMI; economic and business
conditions and industry trends in the countries in which we
operate; currency exchange risks; consumer disposable income and
spending levels, including the availability and amount of
individual consumer debt; consumer acceptance of existing service
offerings, including our newer digital video, voice and Internet
access services; consumer acceptance of new technology, programming
alternatives and broadband services that we may offer: our ability
to manage rapid technological changes, and grow our digital video,
voice and Internet access services; the regulatory and competitive
environment in the broadband communications and programming
industries in the countries in which we operate; continued
consolidation of the foreign broadband distribution industry;
uncertainties inherent in the development and integration of new
business lines and business strategies; the expanded deployment of
personal video recorders and the impact on television advertising
revenue; capital spending for the acquisition and/or development of
telecommunications networks and services; uncertainties associated
with product and service development and market acceptance,
including the development and provision of programming for new
television and telecommunications technologies; future financial
performance, including availability, terms and deployment of
capital; the ability of suppliers and vendors to timely deliver
products, equipment, software and services; the outcome of any
pending or threatened litigation; availability of qualified
personnel; changes in, or failure or inability to comply with,
government regulations in the countries in which we operate and
adverse outcomes from regulatory proceedings; government
intervention that opens our broadband distribution networks to
competitors; our ability to successfully negotiate rate increases
with local authorities; changes in the nature of key strategic
relationships with partners and joint venturers; uncertainties
associated with our ability to comply with the internal control
requirements of the Sarbanes Oxley Act of 2002; competitor
responses to our products and services, and the products and
services of the entities in which we have interests; spending on
foreign television advertising; and threatened terrorist attacks
and ongoing military action in the Middle East and other parts of
the world. These forward-looking statements speak only as of the
date of this Release. LMI expressly disclaims any obligation or
undertaking to disseminate any updates or revisions to any
forward-looking statement contained herein to reflect any change in
LMI's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
SUPPLEMENTAL OPERATING INFORMATION As a supplement to LMI's
consolidated statements of operations, the following is a
presentation of operating metrics on a stand-alone basis for LMI's
two largest broadband distribution businesses (UGC and J-COM).
December 31, 2004 2003 UGC (54% / 91%) (1) (amounts in thousands)
Homes Passed (2) 15,957 12,260 Basic Cable Subscribers (3) 8,326
7,143 Digital Cable Subscribers (4) 725 145 DTH Subscribers (5) 250
197 MMDS Subscribers (6) 150 -- Internet Homes Serviceable (7)
10,303 7,045 Internet Subscribers (8) 1,401 923 Telephone Homes
Serviceable (9) 5,512 4,468 Telephone Subscribers(10) 804 733 J-COM
(45.45%) Homes Passed (2) 6,288 5,489 Basic Cable Subscribers (3)
1,483 1,419 Digital Cable Subscribers (4) 232 24 Internet Homes
Serviceable (7) 6,276 5,478 Internet Subscribers (8) 709 597
Telephone Homes Serviceable (9) 5,799 3,932 Telephone Subscribers
(10) 726 527 (1) In some cases, non-paying subscribers are counted
by UGC as subscribers during their free promotional service period.
Some of these subscribers choose to disconnect after their free
service period. The number of non-paying subscribers at December
31, 2004 was immaterial. (2) Homes Passed are homes that can be
connected to our networks without further extending the
distribution plant, except for DTH and MMDS homes. With respect to
DTH, we do not count homes passed. With respect to MMDS, one home
passed is equal to one MMDS subscriber. (3) Basic Cable Subscriber
is comprised of basic cable video customers (both analog and
digital) that generally are counted on a per connection basis.
Except in the case of UGC, residential multiple dwelling units with
a discounted pricing structure are counted on an equivalent bulk
unit (EBU) basis. Commercial contracts such as hotels and hospitals
are counted by all our subsidiaries on an EBU basis. EBU is
calculated by dividing the bulk price charged to accounts in an
area by the prevalent price charged to non-bulk residential
customers in that market for the comparable tier of service. UGC
also has "lifeline" customers (approximately 1.34 million at
December 31, 2004) that are counted on a per connection basis,
representing the least expensive regulated tier of basic cable
service, with only a few channels. (4) Digital Cable Subscriber is
a customer with one or more digital converter boxes that receives
our digital video service. A Digital Cable Subscriber is counted as
one Basic Cable Subscriber whether such customer receives only our
digital video service or both analog and digital video services.
(5) DTH Subscriber is a home or commercial unit that receives our
video programming broadcast directly to the home via a
geosynchronous satellite. (6) MMDS Subscriber is a home or
commercial unit that receives our video programming via a
multipoint microwave (wireless) distribution system. (7) Internet
Homes Serviceable are homes that can be connected to our networks,
where customers can request and receive Internet access services.
(8) Internet Subscriber is a home or commercial unit with one or
more cable modems connected to our networks, where a customer has
requested and is receiving high-speed Internet access services. (9)
Telephony Homes Serviceable are homes that can be connected to our
networks, where customers can request and receive voice services.
(10) Telephony Subscriber is a home or commercial unit connected to
our networks, where a customer has requested and is receiving voice
services. NON-GAAP FINANCIAL MEASURES This press release includes a
presentation of operating cash flow, which is a non-GAAP financial
measure, for UGC, J-COM and JPC. Set forth in the table below is a
reconciliation of that non-GAAP measure to each of the business'
operating income, determined under GAAP. LMI defines operating cash
flow as revenue less operating and SG&A expenses (excluding
stock-based compensation, depreciation and amortization, impairment
of long-lived assets, and restructuring charges). LMI believes this
is an important indicator of the operational strength and
performance of its businesses, including the ability to service
debt and fund capital expenditures. In addition, this measure
allows management to view operating results and perform analytical
comparisons and benchmarking between businesses and identify
strategies to improve performance. In this regard, LMI believes
that operating cash flow is meaningful because it provides
investors a means to evaluate the operating performance of the
Company and its reportable segments on an ongoing basis using
criteria that is used by LMI's internal decision makers. This
measure of performance excludes depreciation and amortization,
stock-based compensation and restructuring and impairment charges
that are included in the measurement of operating income pursuant
to GAAP. Accordingly, operating cash flow should be considered in
addition to, but not as a substitute for, operating income, net
income, cash flow provided by operating activities and other
measures of financial performance prepared in accordance with GAAP.
LMI generally accounts for intersegment sales and transfers as if
the sales or transfers were to third parties, that is, at current
prices. Please see the schedule below for a reconciliation of
operating cash flow to operating income calculated in accordance
with GAAP for the three months and years ended December 31, 2004
and 2003 for UGC, J-COM and JPC. UGC J-COM JPC Three months ended
December 31, 2004 (amounts in millions) Operating Cash Flow $239
157 23 Depreciation and Amortization (268) (115) (5) Stock
Compensation Expense (53) -- -- Other Non Cash Charges (41) -- --
Operating (Loss) Income $(123) 42 18 Three months ended December
31, 2003 Operating Cash Flow $186 127 19 Depreciation and
Amortization (210) (91) (3) Stock Compensation Expense (9) -- --
Other Non Cash Charges (433) -- -- Operating (Loss) Income $(466)
36 16 Year ended December 31, 2004 Operating Cash Flow $879 590 80
Depreciation and Amortization (935) (379) (13) Stock Compensation
Expense (117) (1) -- Other Non Cash Charges (68) -- -- Operating
(Loss) Income $(241) 210 67 Year ended December 31, 2003 Operating
Cash Flow $629 428 54 Depreciation and Amortization (809) (314)
(10) Stock Compensation Expense (38) -- -- Other Non Cash Charges
(438) -- -- Operating (Loss) Income $(656) 114 44 Important Notice:
Liberty Media International, Inc. (LMI) (NASDAQ:LBTYANASDAQ: LBTYB)
Chairman, President and CEO, John Malone, will discuss LMI's fourth
quarter results in a conference call which will begin at 1:00 p.m.
(ET) March 14, 2005. The call can be accessed by dialing (719)
457-2626 or (800) 967-7135 at least 10 minutes prior to the start
time. There will not be a replay of the conference call. The call
will also be broadcast live across the Internet. To access the web
cast go to http://www.libertymediainternational.com/ir/default.htm.
Links to this press release will also be available on the LMI web
site. DATASOURCE: Liberty Media International, Inc. CONTACT: Mike
Erickson of Liberty Media International, Inc., +1-877-772-1518 Web
site: http://www.libertymediainternational.com/
http://www.libertymediainternational.com/ir/default.htm
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