According to
Bloomberg (July 30th) Getty Images Inc.’s bonds and loans rallied as a report to creditors showed improving profit after several quarters of sinking earnings.
Getty’s earnings rose from $66.6 million in Q1 to $72.4 million in Q2 2015 according to two people with knowledge of the private report to investors. The earnings before interest, taxes, depreciation and amortization was $74.2 million during Q2 2014.
Getty’s $1.9 billion loan due October 2019 has jumped 2.5 cents since Wednesday to 71 cents on the dollar. Another piece of the company’s debt, $550 million of 7 percent unsecured notes due October 2020, is rebounding from a record low. The securities have climbed more than 7 cents over the past three days to trade at 42.5 cents on the dollar.
The sources also indicated that Q2 revenue for the Midstock unit (iStock and Thinkstock) was $54.4 million down from $65.4 million from the same quarter last year. The good news is that the decline is only down $1.3 million from Q1 2015 revenue of $55.7 million. Declines are getting smaller.
Given total Midstock revenue of $110.1 million for the first half of 2015 it seems likely that for all of 2015 iStock revenue alone will be under $200 million.
Getty has still not named a new CEO to replace for Jonathan Klein who
stepped down in March.