MEDIA
GENERAL, INC., TEN-YEAR FINANCIAL SUMMARY
(In thousands, except
per share amounts)
Annual Report Index
| FINANCIALS MEDIA
GENERAL, INC., TEN-YEAR FINANCIAL SUMMARY |
Annual Report Index |
| Certain of the following data were compiled from the consolidated financial statements of Media General, Inc., and should be read in conjunction with those statements and the financial review and management analysis which appear elsewhere in this report. |
1998 |
1997 |
1996 |
1995 |
|||||||||||||||
Summary of Operations |
||||||||||||||||||
Operating revenues |
$ |
973,978 |
$ |
909,987 |
$ |
765,105 |
$ |
707,766 |
||||||||||
Net income (loss) |
$ |
70,874 |
$ |
(10,490 |
) |
$ |
70,498 |
$ |
53,232 |
|||||||||
Adjustments to reconcile to operating cash flow: |
||||||||||||||||||
Extraordinary item (a) |
— |
63,000 |
— |
— |
||||||||||||||
Gain on sale of Garden State Newspapers investment |
— |
— |
— |
— |
||||||||||||||
Cumulative effect of changes in accounting principles (b) |
— |
— |
— |
— |
||||||||||||||
Investment (income) loss — unconsolidated affiliates |
(22,193 |
) |
(21,037 |
) |
(27,188 |
) |
(19,034 |
) |
||||||||||
Other, net |
999 |
(1,267 |
) |
(1,381 |
) |
(5,204 |
) |
|||||||||||
Interest expense |
66,049 |
65,442 |
21,267 |
15,522 |
||||||||||||||
Income taxes |
40,301 |
33,797 |
39,240 |
28,477 |
||||||||||||||
Operating income (c) |
156,030 |
129,445 |
102,436 |
72,993 |
||||||||||||||
Depreciation and amortization |
100,201 |
98,316 |
64,951 |
60,590 |
||||||||||||||
Operating cash flow |
$ |
256,231 |
$ |
227,761 |
$ |
167,387 |
$ |
133,583 |
||||||||||
Per Share Data: (a) (b) |
||||||||||||||||||
Income (loss) before extraordinary item and accounting principles |
$ |
2.67 |
$ |
1.99 |
$ |
2.68 |
$ |
2.04 |
||||||||||
Extraordinary item |
— |
(2.39 |
) |
— |
— |
|||||||||||||
Cumulative effect of changes in accounting principles |
— |
— |
— |
— |
||||||||||||||
Net income (loss) |
$ |
2.67 |
$ |
(0.40 |
) |
$ |
2.68 |
$ |
2.04 |
|||||||||
Per Share Data — assuming dilution: (a) (b) |
||||||||||||||||||
Income (loss) before extraordinary item and cumulative effect of changes in accounting principles |
$ |
2.63 |
$ |
1.97 |
$ |
2.65 |
$ |
2.01 |
||||||||||
Extraordinary item |
— |
(2.37 |
) |
— |
— |
|||||||||||||
Cumulative effect of changes in accounting principles |
— |
— |
— |
— |
||||||||||||||
Net income (loss) |
$ |
2.63 |
$ |
(0.40 |
) |
$ |
2.65 |
$ |
2.01 |
|||||||||
Other Financial Data: |
||||||||||||||||||
Total assets |
$ |
1,917,346 |
$ |
1,814,201 |
$ |
1,025,484 |
$ |
1,016,743 |
||||||||||
Working capital |
29,129 |
34,716 |
13,373 |
22,938 |
||||||||||||||
Capital expenditures |
49,480 |
41,599 |
28,510 |
29,076 |
||||||||||||||
Total debt |
928,101 |
900,140 |
276,318 |
327,235 |
||||||||||||||
Cash dividends per share |
0.56 |
0.53 |
0.50 |
0.48 |
||||||||||||||
TEN-YEAR FINANCIAL SUMMARY (Continued)
1994 |
1993 |
1992 |
1991 |
1990 |
1989 |
||||||||||||||||||
Summary of Operations |
|||||||||||||||||||||||
Operating revenues |
$ |
626,247 |
$ |
600,824 |
$ |
577,659 |
$ |
585,900 |
$ |
613,667 |
$ |
595,132 |
|||||||||||
Net income (loss) |
$ |
117,009 |
$ |
25,708 |
$ |
19,000 |
$ |
(62,091 |
) |
$ |
25,480 |
$ |
20,720 |
||||||||||
Adjustments to reconcile to operating cash flow: |
|||||||||||||||||||||||
Extraordinary item (a) |
— |
— |
— |
— |
— |
— |
|||||||||||||||||
Gain on sale of Garden State Newspapers investment |
(91,520 |
) |
— |
— |
— |
— |
— |
||||||||||||||||
Cumulative effect of changes in accounting principles (b) |
— |
— |
(687 |
) |
— |
— |
— |
||||||||||||||||
Investment (income) loss — unconsolidated affiliates |
(2,935 |
) |
990 |
4,926 |
75,640 |
1,303 |
(10,562 |
) |
|||||||||||||||
Other, net |
789 |
(835 |
) |
(6,131 |
) |
(2,659 |
) |
(814 |
) |
(684 |
) |
||||||||||||
Interest expense |
16,948 |
21,274 |
17,559 |
16,056 |
19,831 |
25,385 |
|||||||||||||||||
Income taxes |
25,960 |
13,166 |
7,946 |
9,395 |
18,025 |
9,280 |
|||||||||||||||||
Operating income (c) |
66,251 |
60,303 |
42,613 |
36,341 |
63,825 |
44,139 |
|||||||||||||||||
Depreciation and amortization |
55,450 |
56,847 |
54,550 |
49,943 |
47,547 |
45,635 |
|||||||||||||||||
Operating cash flow |
$ |
121,701 |
$ |
117,150 |
$ |
97,163 |
$ |
86,284 |
$ |
111,372 |
$ |
89,774 |
|||||||||||
Per Share Data: (a) (b) |
|||||||||||||||||||||||
Income (loss) before extraordinary item and accounting principles |
$ |
4.50 |
$ |
0.99 |
$ |
0.70 |
$ |
(2.40 |
) |
$ |
0.99 |
$ |
0.80 |
||||||||||
Extraordinary item |
— |
— |
— |
— |
— |
— |
|||||||||||||||||
Cumulative effect of changes in accounting principles |
— |
— |
0.03 |
— |
— |
— |
|||||||||||||||||
Net income (loss) |
$ |
4.50 |
$ |
0.99 |
$ |
0.73 |
$ |
(2.40 |
) |
$ |
0.99 |
$ |
0.80 |
||||||||||
Per Share Data — assuming dilution: (a) (b) |
|||||||||||||||||||||||
Income (loss) before extraordinary item and cumulative effect of changes in accounting principles |
$ |
4.45 |
$ |
0.98 |
$ |
0.70 |
$ |
(2.40 |
) |
$ |
0.98 |
$ |
0.80 |
||||||||||
Extraordinary item |
— |
— |
— |
— |
— |
— |
|||||||||||||||||
Cumulative effect of changes in accounting principles |
— |
— |
0.03 |
— |
— |
— |
|||||||||||||||||
Net income (loss) |
$ |
4.45 |
$ |
0.98 |
$ |
0.73 |
$ |
(2.40 |
) |
$ |
0.98 |
$ |
0.80 |
||||||||||
Other Financial Data: |
|||||||||||||||||||||||
Total assets |
$ |
787,165 |
$ |
745,242 |
$ |
787,425 |
$ |
762,311 |
$ |
775,944 |
$ |
782,657 |
|||||||||||
Working capital |
14,833 |
9,551 |
9,657 |
3,668 |
21,333 |
62,210 |
|||||||||||||||||
Capital expenditures |
56,919 |
32,837 |
92,319 |
115,383 |
73,686 |
69,117 |
|||||||||||||||||
Total debt |
173,144 |
262,550 |
321,487 |
277,428 |
235,266 |
275,928 |
|||||||||||||||||
Cash dividends per share |
0.44 |
0.44 |
0.44 |
0.44 |
0.44 |
0.42 |
|||||||||||||||||
(a) In 1997 the Company incurred a loss of $63 million (net of a tax benefit of $38.6 million), representing the debt prepayment premium and write-off of associated debt issuance costs related to the redemption of debt assumed in the January 1997, Park acquisition.
(b) Includes the recognition, at the beginning of fiscal 1992, of the accumulated postretirement benefit obligation related to prior service costs of $22.8 million ($14.4 million after-tax; $0.55 per share, basic and assuming dilution) as the cumulative effect of a change in accounting principle for the adoption of Statement of Financial Accounting Standards No. 106, “Employers’ Accounting for Postretirement Benefits Other Than Pensions” and the adoption of Financial Accounting Standards No. 109, “Accounting for Incomes Taxes” which increased 1992 net income by $15.1 million ($0.58 per share, basic and assuming dilution), which represented the net decrease in the Company’s deferred tax liability at that date.
(c) Operating income includes the following pretax special charges: 1991 — $11.3 million for early retirement program and newspaper merger costs; 1989 — $10.3 million for the write-off of unrecovered costs related to a lawsuit against William B. Tanner and others.
