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Source Interlink Companies Inc
Business Summary
The Bonita Springs, Florida-based Source Interlink Companies Inc. is a major distributor of magazines and interactive and multimedia content like CDs, DVDs and video games. The company distributes its products to retailers in the U.S. and Canada through its subsidiary, Alliance Entertainment. The company also provides website database management of approximately 90 publications in addition to publishing special interest magazines like Motor Trend, Soap Opera Digest, and Stereophile. The company’s retailers include Kmart, Borders, Kroger, and Walgreens. In 2009, the company filed for Chapter 11 bankruptcy protection was and went private in June 2009 (Please see PrivCo's Bankruptcy, Restructuring and Funding tables for more details).
Overview & Corporate Organization
Basic Information
| Company Tags: | VC Backed |
| Year Founded: | 1995 |
| Formerly Named: | Source Information Management The Source Company The Source Information Management Company |
| Fiscal Year End: | 08/27 |
| 1YR Revenue Growth Rate: | View % |
| 3YR Revenue Growth Rate (CAGR): | View % |
| 1YR Employee Growth Rate: | View % |
| 3YR Employee Growth Rate (CAGR): | View % |
| City: | Bonita Springs |
| State/Province: | Florida |
| Country: | United States |
| Phone: | View |
| Fax: | View |
| Website: | www.sourceinterlink.com |
Corporate Organization
| Subsidiaries: | Source Interlink Media LLC |
Industry Information
PrivCo Industries (Sector > Industry > Sub-Industry)
| Media > Publishing > Magazines & Periodicals |
The PrivCo Industry Classification System™ (PICS) is our proprietary, modernized industry classification system, geared especially toward privately-held companies and including newer emerging sub-industries that are not reflected in other outdated industry classification systems, such as SIC and NAICS.
Competitors & Comparables
Competitors
| Hudson News Co. |
| Ingram Book Group, Inc. |
| Handleman Co. |
Charts, Financials, and Statistics (Table Format)
Copy & Paste Financials Into Spreadsheet or
| Income Statement | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 |
| Total Subscription Revenue | View | View | View | |||||||||||
| Advertising Revenue | View | View | View | |||||||||||
| Sales Revenue, Net - Goods | $6,871,000 | $0 | ||||||||||||
| Sales Revenue, Net - Services | View | View | View | $14,229,000 | $11,803,844 | |||||||||
| Other Operating Revenue | View | View | View | |||||||||||
| Revenues | View | View | View | View | View | View | $356,640,000 | $315,790,000 | $269,190,000 | $238,920,000 | $92,420,000 | $82,490,000 | ||
| Cost of Goods Sold | $4,609,000 | $0 | ||||||||||||
| Cost of Services | $6,659,000 | $5,860,653 | ||||||||||||
| Cost of Goods and Services Sold | View | View | View | $258,851,000 | $229,748,000 | $197,431,000 | $176,357,000 | $53,792,000 | $48,869,000 | $11,268,000 | $5,860,653 | |||
| Gross Profit | View | View | View | $97,793,000 | $86,043,000 | $71,760,000 | $62,566,000 | $38,631,000 | $33,619,000 | $9,832,000 | $5,943,191 | |||
| Selling, General and Administrative Expenses | View | View | View | $51,379,000 | $47,712,000 | $43,710,000 | $38,978,000 | $23,279,000 | $12,162,000 | $2,949,000 | $2,350,622 | |||
| Write Off Asset | View | View | View | $1,495,000 | $865,000 | $0 | ||||||||
| Amortization Goodwill | $5,424,000 | $2,994,000 | ||||||||||||
| Amortization | $2,718,000 | |||||||||||||
| Depreciation and Amortization | View | View | View | $3,751,000 | $2,826,000 | |||||||||
| Restructuring Charges | View | View | View | $2,450,000 | $1,730,000 | $1,926,000 | $0 | $0 | ||||||
| Merger and Acquisitions Costs | View | View | View | $0 | $0 | |||||||||
| Impairment of Goodwill | $78,126,000 | $0 | $0 | |||||||||||
| Impairment of Intangible Assets | View | View | View | $0 | ||||||||||
| Operating Expense - Other | View | View | View | $21,067,000 | $16,381,000 | $14,721,000 | $7,931,000 | |||||||
| Operating Income/(Loss) | View | View | View | $18,024,000 | $17,394,000 | $11,403,000 | ($67,893,000) | $12,358,000 | $18,739,000 | $6,883,000 | $3,592,569 | |||
| Interest Expense | View | View | View | $1,575,000 | $3,427,000 | $3,473,000 | $3,338,000 | $1,033,000 | $331,000 | $714,404 | ||||
| Interest Income | View | View | View | $175,000 | $358,000 | $277,000 | $114,000 | $28,000 | $21,164 | |||||
| Net Interest Income/(Expense) | ($2,312,000) | |||||||||||||
| Gain/(Loss) on Disposition of Property | View | View | View | ($1,122,000) | ||||||||||
| Gain/(Loss) on Disposition of Assets | $0 | $0 | ||||||||||||
| Non-operating Income/(Expense) - Other | View | View | View | $161,000 | $393,000 | $445,000 | ($2,339,000) | $36,000 | ($152,000) | ($47,000) | ($79,321) | |||
| Non-operating Income/(Expense) | View | View | View | ($2,734,000) | ($3,541,000) | ($2,751,000) | ($5,677,000) | ($2,276,000) | ($1,071,000) | ($350,000) | ($772,561) | |||
| Income/(Loss) from Continuing Operations Before Income Taxes | $15,290,000 | $13,853,000 | $8,652,000 | ($73,570,000) | $10,082,000 | $17,668,000 | $6,533,000 | $2,820,008 | ||||||
| Income Loss Continuing Operations Before Income Taxes Minority Interest | View | View | View | |||||||||||
| Provision for Income Taxes | View | View | View | $2,228,000 | $3,690,000 | $893,000 | ($705,000) | $3,965,000 | $7,557,000 | $2,667,000 | $1,231,000 | |||
| Minority Interest, Net of Tax Effect | View | View | View | |||||||||||
| Income/(Loss) from Continuing Operations | View | View | View | $13,062,000 | $10,163,000 | $7,759,000 | ||||||||
| Income/(Loss) from Discontinued Operations, Net of Tax Effect | View | View | View | ($980,000) | ($115,000) | ($421,000) | ||||||||
| Net Income (Loss) | $12,082,000 | $10,048,000 | $7,338,000 | ($72,865,000) | $6,117,000 | $10,111,000 | $3,866,000 | $1,589,008 | ||||||
| Net Income Applicable to Common Stockholders | View | View | View |
| Balance Sheet | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 |
| Cash - Unrestricted | View | View | View | $1,387,000 | $4,963,000 | $5,570,000 | $2,943,000 | $1,085,000 | $1,738,000 | $752,695 |
| Net Accounts Receivable Trade | View | View | View | $48,078,000 | $41,834,000 | $44,108,000 | $63,242,000 | $63,453,000 | $64,836,000 | $29,464,187 |
| Net Income Taxes Receivable | View | View | View | $2,275,000 | $2,067,000 | $6,883,000 | $6,085,000 | $3,648,000 | $0 | $262,877 |
| Net Other Receivables | View | View | View | $2,006,000 | $5,958,000 | $7,761,000 | ||||
| Net Inventories | View | View | View | $16,868,000 | $17,241,000 | $15,912,000 | $16,923,000 | $6,294,000 | $9,994,000 | $1,395,699 |
| Current Deferred Income Taxes | View | View | View | $2,302,000 | $2,915,000 | $2,342,000 | $46,000 | |||
| Current Other Assets | View | View | View | $3,349,000 | $9,366,000 | $2,051,000 | $6,317,000 | $1,247,000 | $1,448,000 | $263,692 |
| Current Assets | View | View | View | $76,265,000 | $84,344,000 | $84,627,000 | $95,556,000 | $75,727,000 | $78,016,000 | $32,139,150 |
| Land | $2,233,000 | $2,233,000 | $120,000 | |||||||
| Office and Computer Equipment | $13,155,000 | $12,337,000 | $5,713,459 | |||||||
| Other Property, Plant and Equipment | $11,990,000 | $11,896,000 | $680,000 | |||||||
| Property, Plant and Equipment, Gross | View | View | View | $36,706,000 | $29,145,000 | $27,671,000 | $27,561,000 | $27,378,000 | $26,466,000 | $6,513,459 |
| Accumulated Depreciation and Amortization | View | View | View | $14,375,000 | $10,582,000 | $7,532,000 | $7,184,000 | $5,246,000 | $4,670,000 | $3,179,359 |
| Net Property, Plant and Equipment | View | View | View | $22,331,000 | $18,563,000 | $20,139,000 | $20,377,000 | $22,132,000 | $21,796,000 | $3,334,100 |
| Noncurrent Notes Receivable | $975,000 | $0 | ||||||||
| Noncurrent Marketable Securities | $1,269,000 | $0 | ||||||||
| Goodwill | View | View | View | $71,600,000 | $45,307,000 | $44,750,000 | $42,769,000 | $55,716,000 | $53,930,000 | $29,608,254 |
| Intangible Assets - Other | $108,000 | |||||||||
| Intangible Assets (Excluding Goodwill) | View | View | View | $16,126,000 | $7,931,000 | $2,047,000 | ||||
| Noncurrent Deferred Tax Assets | $2,903,000 | $908,000 | $947,000 | $2,065,000 | $0 | $7,000 | ||||
| Noncurrent Other Assets | View | View | View | $8,528,000 | $7,048,000 | $4,729,000 | $3,555,000 | $2,264,000 | $2,042,000 | $789,307 |
| Assets | View | View | View | $197,753,000 | $164,101,000 | $157,239,000 | $164,430,000 | $157,108,000 | $156,759,000 | $65,877,811 |
| Accounts Payable | View | View | View | |||||||
| Accrued Expenses | View | View | View | |||||||
| Accounts Payable and Accrued Expenses | $25,274,000 | $44,741,000 | $50,119,000 | $60,362,000 | $6,097,000 | $9,239,000 | $3,727,529 | |||
| Current Amounts Due To Affiliates | $2,693,000 | $3,723,000 | $2,737,077 | |||||||
| Current Deferred Income Tax Liabilities | $715,000 | $1,115,000 | $718,000 | |||||||
| Current Deferred/(Unearned) Revenue | View | View | View | $2,205,000 | $1,680,000 | $2,177,000 | $2,497,000 | |||
| Income Taxes Payable | $1,093,000 | $0 | ||||||||
| Bank Overdrafts | View | View | View | $1,951,000 | $14,129,000 | $6,611,000 | $0 | |||
| Current Portion of Long-Term Debt | View | View | View | $5,630,000 | $4,059,000 | $29,215,000 | $42,097,000 | $116,000 | $174,000 | $66,057 |
| Current Capital Lease Obligations | View | View | View | $0 | ||||||
| Current Deposit Liability | $3,818,000 | $1,217,000 | $2,876,922 | |||||||
| Current Other Liabilities | $19,000 | $317,000 | $24,000 | $24,000 | $0 | |||||
| Current Liabilities | View | View | View | $35,079,000 | $64,926,000 | $88,146,000 | $104,980,000 | $13,439,000 | $16,561,000 | $10,125,585 |
| Long-Term Debt | View | View | View | $34,139,000 | $31,541,000 | $17,026,000 | $15,578,000 | $31,780,000 | $32,215,000 | $3,442,000 |
| Capital Lease Obligations - Long-Term | View | View | View | $0 | ||||||
| Minority Interest | View | View | ||||||||
| Deferred Tax Liability | View | View | View | $0 | $88,000 | $569,000 | $0 | |||
| Noncurrent Other Liabilities | View | View | View | $852,000 | $560,000 | $1,148,000 | $329,000 | $0 | ||
| Noncurrent Liabilities | View | View | View | |||||||
| Liabilities | View | View | View | $70,070,000 | $97,027,000 | $106,320,000 | $120,887,000 | $45,307,000 | $49,345,000 | $13,567,585 |
| Preferred Stock - Value (Excluding Additional Paid in Capital) | View | View | View | $0 | $0 | $0 | $0 | $0 | $0 | $14,733 |
| Common Stock - Value (Excluding Additional Paid in Capital) | View | View | View | $238,000 | $190,000 | $184,000 | $194,000 | $183,000 | $173,000 | $117,513 |
| Additional Paid in Capital | View | View | View | $150,269,000 | $102,297,000 | $97,338,000 | $103,386,000 | $97,773,000 | $91,770,000 | $46,451,971 |
| Retained Earnings | View | View | View | ($23,696,000) | ($35,778,000) | ($45,826,000) | ($53,164,000) | $21,712,000 | $15,878,000 | $5,767,140 |
| Treasury Stock - Value | $567,000 | $567,000 | $567,000 | $6,486,000 | $6,447,000 | $487,000 | $41,131 | |||
| Cumulative Translation Adjustment, Net of Tax Effect | View | View | View | $1,439,000 | $932,000 | ($210,000) | ($387,000) | ($81,000) | ||
| Unrealized Gains/(Losses) on Available-for-Sale Securities, Net of Tax Effect | ($1,339,000) | |||||||||
| Other Accumulated Comprehensive Income, Net of Tax Effect | $80,000 | $0 | ||||||||
| Stockholders' Equity | View | View | View | $127,683,000 | $67,074,000 | $50,919,000 | $43,543,000 | $111,801,000 | $107,414,000 | $52,310,226 |
| Liabilities and Stockholders' Equity | View | View | View | $197,753,000 | $164,101,000 | $157,239,000 | $164,430,000 | $157,108,000 | $156,759,000 | $65,877,811 |
| Cash Flow Statement | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 |
| Operating Activities Beginning Net Income | View | View | View | $12,082,000 | $10,048,000 | $7,338,000 | ($72,865,000) | $6,117,000 | $10,111,000 | $3,866,000 | $1,589,008 |
| Depreciation and Amortization | View | View | View | $5,447,000 | $4,731,000 | $3,301,000 | $7,815,000 | $4,957,000 | $3,981,000 | $713,000 | $432,632 |
| Total Adjustments to Provision for Doubtful Accounts | View | View | View | $3,003,000 | $1,819,000 | $2,023,000 | $2,824,000 | $1,477,000 | $5,000 | $9,000 | |
| Asset Impairment Charges | View | View | View | $0 | $78,126,000 | $0 | $0 | ||||
| Adjustments to Realized Gains/(Losses) on Sale of Investments | ($3,500,000) | $0 | $0 | ||||||||
| Gain/(Loss) on Sale/Retirement of Property, Plant and Equipment | ($1,122,000) | $0 | $0 | ($50,000) | $0 | ($1,338) | |||||
| Tax Benefit from Exercise of Stock Options | View | View | View | ($1,621,000) | ($924,000) | $0 | $0 | $0 | |||
| Adjustment Deferred Revenue | View | View | View | $525,000 | ($497,000) | ($320,000) | ($855,000) | ($472,000) | |||
| Adjustment for Equity Based Compensation Expense | View | View | View | $0 | |||||||
| Adjustment Write Off of Asset | View | View | View | ||||||||
| Adjustment Write Off of Other | $1,495,000 | $865,000 | $0 | ||||||||
| Adjustment Minority Interest | View | View | View | ||||||||
| Deferred Income Taxes | View | View | View | ($1,382,000) | ($534,000) | ($1,178,000) | ($2,321,000) | $215,000 | $570,000 | ($438,000) | $470,000 |
| Income/(Loss) from Discontinued Operations, Net of Tax Effect | View | View | View | ||||||||
| Adjustments to Other Deferred Charges | $217,000 | $0 | $0 | ||||||||
| Other Adjustments to Common Stockholders' Net Income - Increase/(Decrease) | View | View | View | ($1,589,000) | $123,000 | ($288,000) | $581,000 | $498,000 | $1,000 | $50,000 | $125,311 |
| Change Accounts Receivable | View | View | View | $10,256,000 | ($455,000) | ($17,619,000) | $36,851,000 | $1,679,000 | $27,715,000 | $7,794,000 | $5,537,689 |
| Change Income Taxes Receivable | View | View | View | $208,000 | |||||||
| Increase/(Decrease) in Inventories | View | View | View | ($610,000) | $1,329,000 | ($1,200,000) | $3,227,000 | ($3,700,000) | $53,000 | ($3,298,000) | $0 |
| Increase/(Decrease) in Other Current Assets | ($1,364,000) | ($614,000) | $1,476,000 | ||||||||
| Increase/(Decrease) in Other Non-operating Assets | View | View | View | ($914,000) | $3,021,000 | $2,295,000 | ($915,000) | $421,882 | |||
| Increase/(Decrease) in Accounts Payable | View | View | View | ($24,845,000) | ($5,673,000) | ($9,675,000) | $23,147,000 | $0 | |||
| Increase/(Decrease) in Accrued Expenses | $120,614 | ||||||||||
| Increase/(Decrease) in Accounts Payable and Accrued Expenses | ($4,497,000) | ($2,210,000) | ($631,000) | ||||||||
| Current Increase/(Decrease) in Amounts Due To Affiliates | $986,000 | $601,000 | $794,271 | ||||||||
| Net Cash Flows Provided By/(Used In) Operating Activities | View | View | View | ($11,461,000) | $12,296,000 | $20,634,000 | ($1,602,000) | $7,295,000 | ($16,352,000) | $589,000 | ($2,426,397) |
| Purchase of Property, Plant and Equipment | View | View | View | $7,146,000 | $2,113,000 | $4,429,000 | $3,711,000 | $3,517,000 | $3,772,000 | $642,000 | $344,847 |
| Purchase of Available-for-Sale Securities | $0 | $0 | |||||||||
| Purchase of Marketable Securities | $3,500,000 | ||||||||||
| Change in Advances to Other | $0 | ||||||||||
| Acquisition of Businesses, Net of Cash Acquired | View | View | View | $20,037,000 | $0 | $2,014,000 | $13,677,000 | $2,544,000 | $37,348,000 | $4,794,000 | $608,650 |
| Proceeds from Divestiture of Business | View | View | View | ||||||||
| Cash Acquired From Acquisition | View | View | View | ($2,585,000) | $0 | ||||||
| Purchase Intangible Assets | View | View | View | $0 | $0 | $0 | |||||
| Proceeds from Life Insurance Policies | $83,959 | ||||||||||
| Proceeds from Sale of Property, Plant and Equipment | View | View | View | $735,000 | $0 | $0 | $3,495,000 | $9,000 | $5,000 | $0 | $2,000 |
| Net Other Investing Activities | View | View | View | ($9,281,000) | $7,427,000 | $6,393,000 | ($16,163,000) | ($2,136,000) | $951,000 | $20,000 | ($156,152) |
| Net Cash Flows Provided By/(Used In) Investing Activities | View | View | View | ($19,752,000) | ($9,540,000) | ($12,836,000) | $2,270,000 | ($7,416,000) | ($42,066,000) | ($5,456,000) | ($711,386) |
| Proceeds from Lines of Credit | $7,554,000 | $99,548,000 | $36,483,000 | $37,777,000 | |||||||
| Proceeds from Notes Payable | View | View | View | $10,000,000 | $20,000,000 | $0 | $0 | ||||
| Repayments on Lines of Credit | $74,928,000 | $41,879,000 | $36,303,000 | ||||||||
| Repayments on Notes Payable | View | View | View | $23,977,000 | $5,974,000 | $3,758,000 | $0 | $0 | |||
| Other Repayments of Short Term Borrowings | $31,000 | ||||||||||
| Net Change Line Credit | View | View | View | ($12,178,000) | ($20,215,000) | ($1,056,000) | $1,081,000 | $2,108,000 | |||
| Repayments of Other Debt | $2,221,961 | ||||||||||
| Proceeds from Capital Lease Obligations | View | View | View | ||||||||
| Reduction of Capital Lease Obligations | View | View | View | $0 | $0 | ||||||
| Excess Tax Benefit Stock Option Exercised | View | View | View | $0 | |||||||
| Debt Issuance Costs | View | View | View | $161,000 | $0 | $0 | $373,000 | $0 | $0 | ||
| Proceeds from Issuance of Common Stock | View | View | View | $46,399,000 | $2,826,000 | $108,000 | $148,000 | $3,408,000 | $37,261,000 | $8,528,000 | $6,725,882 |
| Repurchase of Common Stock | $465,000 | $39,000 | $5,960,000 | $445,000 | $41,000 | $0 | |||||
| Cash Provided by/(Used in) Financing Activities - Other | View | View | View | ($88,000) | ($1,660,000) | $2,528,000 | ($3,093,604) | ||||
| Net Cash Flows Provided By/(Used In) Financing Activities | View | View | View | $27,637,000 | ($3,363,000) | ($5,171,000) | $1,190,000 | ($532,000) | $59,403,000 | $5,588,000 | $2,884,317 |
| Increase/(Decrease) in Cash and Cash Equivalents | View | View | View | ($3,576,000) | ($607,000) | $2,627,000 | $1,858,000 | ($653,000) | $985,000 | $721,000 | ($253,466) |
| Cash and cash equivalents at the beginning of the year | View | View | View | $4,963,000 | $5,570,000 | $2,943,000 | $1,085,000 | $1,738,000 | $753,000 | $32,000 | $284,921 |
| Total Cash and cash equivalents at the end of the year | View | View | View | $1,387,000 | $4,963,000 | $5,570,000 | $2,943,000 | $1,085,000 | $1,738,000 | $753,000 | $31,455 |
| Financial Notes: | |
| * | Source Interlink Companies Inc fiscal year end: 08/27 |
Charts, Financials, and Statistics (Graphs)
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Source Interlink Companies Inc Acquisition of Businesses, Net of Cash Acquired ($ MM): |
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Source Interlink Companies Inc Proceeds from Issuance of Common Stock ($ MM): |
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Source Interlink Companies Inc U.S Media Revenues ($ MM): |
Mergers & Acquisitions
| Date | Status | Target | Buyer | Deal Type | Price | |
| Details | Jul. 2002 | Completed | Source Interlink Companies Sales Data | Advance Publications Inc. | Acquisition Asset Sale | Unspecified |
| Details | Feb. 2005 | Completed | Alliance Entertainment, LLC.1 | Source Interlink Companies Inc | Merger | $317,700,000 |
| Details | Apr. 2007 | Completed | View | View | Acquisition | View |
| Details | Jun. 2007 | Completed | View | View | Acquisition | View |
| Details | Feb. 2010 | Completed | View2 | View | Acquisition Asset Sale | View |
| Details | Aug. 2010 | Completed | View | View | Acquisition | View |
| Details | May. 2011 | Completed | View3 | View | Acquisition | View |
| Details | Dec. 2011 | Completed | View4 | View | Acquisition | View |
| Details | Feb. 2012 | Completed | View5 | View | Acquisition Asset Sale | View |
| Details | Sep. 2012 | Completed | View | View | Acquisition | View |
| 1 | The transaction was completed using $304.7 million in SORC common stock (50% of the merged companies) plus $9.3 million in options and warrants. - Details → |
| 2 | Enthusiast publisher Active Interest Media...Read More → |
| 3 | Source Interlink Media LLC,...Read More → |
| 4 | GrindMedia, a subsidiary...Read More → |
| 5 | Active Interest Media, Inc. acquired...Read More → |
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VC/Funding Activity
| Date | Investor | Round | Investor Type | |
| Apr. 2009 | View | Debt Funding | ||
| Details | Total Round Debt Funding1 View | |||
| Total of Funding Shown Above View | ||||
| 1 | Under the agreement, the company's...Read More → |
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Public / Private History (PPH™)
| Date | Deal Type | Action | Resulting Status | Valuation | Amount Raised | Public Ticker | |
| Details | 1997 | IPO | Final (Went Public) | Public | SORC | ||
| Details | Apr. 2009 | View | View | View1 | View | View | View |
| 1 | Reached a restructured agreement with...Read More → |
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Bankruptcy & Restructuring
| Type | Date Entered | Date Exited | Assets | Liabilities | |
| Details | View1 | Apr. 2009 | View | View | View |
| 1 | Reached a restructured agreement with...Read More → |
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Detailed Business Description: Source Interlink Companies Inc
Source Interlink Companies, Inc. has grown rapidly in its relatively short 15-year history. The company was founded as the Source Information Management Company in 1995 when two Missouri-based media distribution companies, Display Information Systems Co. and Periodical Marketing and Management, Inc. merged. The company got its name, Source Information Management Company, following a reverse merger with Garner Investments, a Montana-based company.
1995: Foundation
In 1995, Source Information Management Company acquired competitors Dixon's Modern Marketing Concepts and the Chicago Heights, Illinois-based Tri-State stores.
1996: First Acquisitions
In 1996, the company acquired two Ohio-based companies: Magazine Marketing and Readers Choice. In that same year, then Source Information Management Company, launched a special interest magazine for publishers called the Periodical Information Network (PIN). This magazine, launched in October 1996, sold sales information to various… Continue Reading →
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