ABS-CBN Corporation Sgt. Esguerra Avenue, Quezon City, Philippines 17 May 2011 Philippine Stock Exchange, Inc. Attn: Ms. Janet A. Encarnacion Head, Disclosure Department 3rd Floor, Philippine Stock Exchange Plaza Ayala Triangle, Ayala Avenue, Makati City Subject: Revised 17Q Gentlemen / Ladies: We are sending an amended SEC Form 17-Q for the first quarter 2011 with the following changes in the notes to the financial statements: (1) Exchanged the location of the financial statements and the notes to the financial statements in the filing we initially sent. (2) Included the disclosure on Note (3)(f) to the disclosure on material events under Note (18)(g). (3) Changed the a date from September 30, 2010 to March 31, 2011 & removed a sentence in Note (18)(d) paragraph 6. (4) Changed in the title of Note (29) from 2010 to 2011. Thank you. Very truly yours, Paul Michael V. Villanueva, Jr. Compliance Officer for Corporate Governance COVER SHEET 17 May 2011 1 8 0 3 SEC Registration Number A B S - C B N C O R P O R A T I O N A N D S U B S I D I A R I E S (Company’s Full Name) A B S - C B N B R O A D C A S T C E N T E R S G T . E S G U E R R A A V E . C O R N E R M O . I G N A C I A S T . Q U E Z O N C I T Y (Business Address: No. Street City/Town/Province) Rolando P. Valdueza 415-2272 (Contact Person) (Company Telephone Number) 1 2 3 1 1 7 - Q 0 6 1 6 Month Day (Form Type) Month Day (Fiscal Year) (Annual Meeting) (Secondary License Type, If Applicable) Dept. Requiring this Doc. Amended Articles Number/Section Total Amount of Borrowings 6,179 P9.6 Billion $1 million As of Apr 30, 2011 Total No. of Stockholders Domestic Foreign To be accomplished by SEC Personnel concerned File Number LCU Document ID Cashier S T A M P S Remarks: Please use BLACK ink for scanning purposes. ABS-CBN CORPORATION SEC FORM 17-Q QUARTERLY REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17(b)(2) THEREUNDER 1. For the quarter ended March 31, 2011 2. SEC Identification No. 1803 3. BIR Tax Identification No. VAT 000-406-761-000 4. Exact name of registrant as specified in its charter: ABS-CBN CORPORATION 5. Philippines 6. (SEC Use Only) Province, Country or other jurisdiction Industry Classification Code of incorporation or organization 7. ABS-CBN Broadcasting Center, Sgt. Esguerra Avenue corner Mo. Ignacia St., Diliman, Quezon City, Metro Manila, 1103 Address of principal office 8. (632) 924-41-01 up to 22 / 415-22-72 Issuer’s telephone number, including area code 9. Not Applicable Former name, address, and fiscal year, if changed since last report 10. Securities registered pursuant to Sections 8 and 12 of the SRC, or Sec. 4 and 8 of the RSA: Number of Shares of Common Stock Outstanding Title of Each Class &/or Amount of Debt Outstanding Common Stock, P 1 par value 779,584,602 shares Short-term & Long-term debt (current & non-current) P 12,721 million 11. Are any or all of the securities listed on a Stock Exchange? Yes [x] No [ ] If yes, state the name of such stock exchange and the classes of securities listed therein: Philippine Stock Exchange Class A 12. Check whether the issuer: (a) has filed all reports required to be filed by Section 17 of the SRC & SRC Rule 17 thereunder or Section 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of The Corporation Code of the Philippines during the preceding twelve (12) months (or for such shorter period that the registrant was required to file such reports); Yes [x] No [ ] (b) has been subject to such filing requirements for the past ninety (90) days. Yes [x] No [ ] TABLE OF CONTENTS PART I – FINANCIAL INFORMATION Item 1 Management’s Discussion and Analysis of Financial Condition and Results of Operations Item 2 Financial Statements Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Comprehensive Income Consolidated Statements of Changes in Equity Consolidated Statements of Cash Flows Notes to Financial Statements PART II – OTHER FINANCIAL INFORMATION Exhibit 1 Business Segment & Geographical Segment Results Exhibit 2 Aging of Accounts Receivable Exhibit 3 Roll-forward PPE SIGNATURES MANAGEMENT’S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE FIRST QUARTER OF 2011 For the first three months of the year ending March 31, 2011, ABS-CBN Corporation (“ABS-CBN” or the “Company”) generated consolidated revenues of P6.56 billion from advertising and consumer sales, P1.19 billion or 15% lower year-on-year. Minus the revenues of P1.40 billion from political advocacies and political advertisement in quarter of 2010, consolidated revenues increased by 3% year-on-year. Overall, the contribution share of both advertising revenues and consumer sales to consolidated revenues remain robust in the absence of political advocacies and political advertisement. Advertising revenues contributed 61% of total consolidated revenues while consumer sales made up the balance of 39%. Total expense in the first quarter of 2011 was at P4.72 billion, or a 13% decline year-on-year. Reported net income was at P976 million for the first three months of 2011, inclusive of the P674 million gain in sale of Sky Cable Philippine Depositary Receipts (PDRs), a 10% decline year-on-year. Removing the effects of this one-time gain in the first quarter of 2011 and P1.40 billion revenues generated from political advocacies and political advertisement in the first quarter of 2010, net income would have increased by 12% year-on-year. Reported EBITDA hit P2.10 billion in the first quarter of 2011, or a 14% decline year-on-year. Stripping the one-time gain in the first quarter of 2011 and equally shaving the P1.40 billion revenues generated from political advocacies and political advertisement in the first quarter of 2010, EBITDA would have grown by 6% year-on-year. Consolidated Revenues For the three months ending March 31, 2011, ABS-CBN generated consolidated revenues of P6.56 billion from advertising revenues and consumer sales, P1.19 billion or 15% lower year-on-year. Minus the revenues of P1.40 billion from political advocacies and political advertisement in the first quarter of 2010, consolidated revenues increase by 3% year-on-year. With the absence of election-related advertising revenues in 2011, the contribution of consumer sales to total revenues is higher at 39% from 35% a year ago. Consolidated Revenues Consolidated (Amounts in million Pesos) Variance 1Q11 1Q10 Amount % Consolidated Advertising Revenues 4,012 5,058 (1,046) (21) Consumer Sales Sale of Services 2,435 2,581 (146) (6) Sale of Goods 112 113 (1) (1) Consolidated Consumer Sales 2,547 2,694 (147) (5) Consolidated Revenues 6,559 7,752 (1,193) (15) Political Advocacies/Political Advertisements - 1,407 (1,407) (100) Consolidated Revenues Net of Political Advocacies/ Political Advertisements 6,559 6,345 214 3 Advertising Revenues Consolidated advertising revenues across all platforms and subsidiaries declined by 21% to P4.01 billion. Minus the revenues of P1.40 billion from political advocacies and political advertisement in the first quarter of 2010, however, advertising revenues increase by 10% year-on-year. This increase is attributable to both the increase in total advertising minutes sold and the rate adjustment that took effect in February this year. Total advertising minutes sold by Channel 2 for the first three months of the year grew 12%. Underpinning the growth in advertising is the continued ability of Channel 2 to deliver solid national program ratings and audience shares. ABS-CBN maintained its national audience share and ratings leadership with prime-time audience share averaging 41% in the first quarter of 2011, with a 10 percentage point lead over GMA’s, based on the Kantar National TV Ratings figure. For the period January to March 2011, all six of the company’s primetime week-day shows were in the Top 6: Emil Cruz Jr.'s Mara Clara, Pablo S. Gomez's Mutya, Minsan Lang Kita Iibigin, Noah, TV Patrol and Imortal. The same trend was repeated in the week-end where the company’s primetime week-end shows also dominated the top programs: Pilipinas Got Talent (Saturday and Sunday edition), Wansapanataym : Ulo, Kokak, Family Tree, and Buhawi Jack, Maalaala Mo Kaya..., Rated K Handa Na Ba Kayo?, and Goin' Bulilit Primetime programs launched in the first quarter of 2011—Mutya and Pilipinas Got Talent—enjoyed national program ratings in the 30s, and audience share in the high 40s. Consumer Sales Consumer sales for the first quarter amounted to P2.55 billion, or a 5% decline year-on-year. Consumer Sales Consolidated (Amounts in million Pesos) Variance 1Q11 1Q10 Amount % ABS-CBN Global 1,124 1,319 (195) (15) Sky Cable 1,031 972 59 6 Other subsidiaries 392 403 (11) (3) Consolidated Consumer Sales 2,547 2,694 (147) (5) ABS-CBN Global’s revenues declined year-on-year by 15% in peso terms or 11% in US dollar terms. The stronger decline in peso terms was due to 5% or P2.20 appreciation of the Philippine peso exchange rate against the US dollar, from P45.99 in the first quarter of 2010 down to P43.79 in the first quarter this year. ABS-CBN Global’s overall viewer count declined by 3% year-on-year to an estimated 2.38 million at the end of March 2011, driven by the decline in subscriber growth in the Middle East, Europe and Japan.