PSE Circular for Brokers No. 963-99

May 3, 1999 PSE CIRCULAR FOR BROKERS NO. 963-99 THE SECURITIES AND EXCHANGE COMMISSION Mandaluyong City SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND THE RSA RULE 11 (a) 1 (b)(3) THEREUNDER 1. May 3, 1999 Date of Report (Date of earliest event reported) 2. SEC Registration No. 1803 3. BIR TIN. 301-000-406-761 4. ABS-CBN Broadcasting Corporation Exact name of registrant as specified in its Articles of Incorporation 5. Metro Manila Place of incorporation 6. Industry Classification, Code 7. ABS-CBN Broadcasting Compound, Mother Ignacia cor, Sgt. Esguerra Ave. Address of principal office 8. (632) 924 2674 Registrant's telephone number, including area code 9. Not Applicable Former name or former address, if changed since last report 10. Securities registered pursuant to Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amounts of Debt Outstanding Common Shares 779,584,602 shares Long Term Commercial Papers P1,000,000,000.00 11 Indicate Item numbers reported herein: Item 9, Other Events 1 1st Quarter earnings The President, Mr. Federico M. Garcia, at the annual stockholders meeting held this morning, announced that the first quarter income of ABS CBN increased by 28% from the same period last year. He said that: cdlex "Sustaining the momentum of its outstanding performance in television broadcasting last year and reaping the benefits of its investments in related entertainment businesses, ABS-CBN Broadcasting generated a net income of P429.4 million for the quarter ended March 31, 1999, a 28.4% increase from the same period last year. "Airtime revenues Increased 20.0% to P1.71 billion, as the company, sustained by the continuously strong ratings and audience share of its phenomenally successful shows, increased both its advertising rates and minutes. "ABS-CBN's operating income increased at a more modest rate of 15.4% to P692.2 million, as the company produced more original, innovative and exciting programming, in order to put all challengers at bay. At the end of the quarter, despite the reprogramming efforts of its competitors, ABS-CBN's average audience share was still higher than all its other free TV competitor combined. "The quarter also proved to be a milestone for several of ABS-CBN's subsidiaries and affiliates, particularly Studio 23 and Star Records, which achieved critical mass and turned the corner. "Earnings per share increased 35.3% to P0.58, bolstered by the increase in net income, as well as the reduction in the number of shares outstanding brought about by ABS-CBN's purchase of notes convertible into 40 million of its own shares from Benpres Holdings Corporation last December 1998. "Earnings before interest, taxes and depreciation (EBITDA) amounted to P863.5 million, an increase of 20.2%. Total assets stood at P14.1 billion, 6.2% higher than its level at the end of 1998." 2. Election of Directors At the annual stockholders meeting, the following were elected as directors for the ensuing year: Mr. Augusto Almeda Lopez Mr. Carlos A. Arellano Mr. Federico M. Garcia Mr. Peter D. Garrucho, Jr. Mr. Alberto J. Lopez Mr. Eugenio Lopez, Jr. Mr. Eugenio Lopez III Mr. Fernando Lopez III Mr. Manuel M. Lopez Mr. Oscar M. Lopez Mrs. Presentacion L. Psinakis ABS-CBN BROADCASTING CORPORATION Registrant (SGD.) ENRIQUE I. QUIASON Assistant Corporate Secretary