Bertelsmann profits climb 35%

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Flush with the results of one fiscal year and projecting a $7 billion increase in revenue for the one to follow, executives for German media giant Bertelsmann presented financials for the year ended June 30 at a luncheon in Manhattan today. Bertelsmann's fiscal 2000 earnings before interest, taxes, depreciation and amortization rose 35% to $1.7 billion on a 25% increase in revenue to $16.5 billion. Chief Financial Officer Siegfried Luther promised there are more initial public offerings to come for Bertelsmann properties but cautioned that "not every subsidiary'' is right for such a move. While CEO Thomas Middlehoff made repeated references to the company's $15 billion "war chest'' for acquisitions and promised an expansion of its U.S. magazine presence, Bertelsmann executives didn't comment on questions about specific future deals.

Copyright September 2000, Crain Communications Inc.

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