PSE Circular for Brokers No. 902-98

April 4, 1998 PSE CIRCULAR FOR BROKERS NO. 902-98 For Immediate Release Refer to : Butch Raquel Corporate Affairs Director Prisco Ponce Vice President for Finance Tel no. : 411-1163/924-4101 loc. 4382 924-4101 loc. 4576 Date : April 30, 1998 ABS-CBN's first quarter gross revenues up by 36.2% ABS-CBN Broadcasting's gross revenues for the first quarter of 1998 ending March 31 reached P1.398 billion, representing a 36 percent increase over the P1.026 billion registered in the same period in 1997. Net income also rose by 28 percent from 1997's P242.31 million to P309.55 million. Resulting earnings per share likewise increased from P0.31 to P0.40. Earnings before interest, taxes, depreciation and amortization (EBITDA) went up by 50 percent from P460.58 million in 1997 to P692.62 million in the present year. ABS-CBN's gross revenues for the year ended December 31, 1997 reached P5.645 billion representing an increase of 26 percent over 1996's P4.464 billion. cdt Net income for that same period rose 14.0 percent from P1.53 billion in 1996 to P1.94 billion in 1997. Earnings per share also shot up from P1.96 to P2.24. EBITDA stood at P2.993 billion in 1997 representing an increase of 17 percent. ABS-CBN Chairman and CEO Eugenio Lopez II said that the company's EBITDA was again being highlighted because it provides a better understanding of how the company actually performed. In today's Stockholders' Meeting, ABS-CBN's newly-appointed president and CEO, Federico M. Garcia continued to assure the network's shareholders that ABS-CBN is capable of sustaining its growth. Garcia said that while ABS-CBN's core business of radio and television shall remain the nucleus of its earnings this year, the network expects an even better contribution from its subsidiaries. Garcia added that the network remains sensitive to the issues which has left the country reeling from last year's currency turmoil in the region. "As we hurdle the challenges posed by the time, ABS-CBN will continue to reassert itself as the purveyors of excellence and professionalism in the industry all in the service of the Filipino." he said. Attachment Illegible