Getty’s Bonds And Loans Rally

Posted on 8/21/2015 by Jim Pickerell | Printable Version | Comments (0)

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.

Copyright © 2015 Jim Pickerell. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-461-7627, e-mail: wvz@fpcubgbf.pbz

Jim Pickerell is founder of, an online newsletter that publishes daily. He is also available for personal telephone consultations on pricing and other matters related to stock photography. He occasionally acts as an expert witness on matters related to stock photography. For his current curriculum vitae go to:  


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