1998 Annual Report - Quarterly Review

Media General, Inc., Class A common stock is listed on the American Stock Exchange under the symbol MEG.A. The approximate number of equity security holders of record at February 28, 1999, was: Class A common — 2,278, Class B common — 12.
First quarter 1997 results include an extraordinary item of $63 million, net of a tax benefit of $38.6 million ($2.39 per share, or $2.37 per share — assuming dilution) representing the debt prepayment premium and the write-off of associated debt issuance costs related to the redemption of debt assumed in the January 1997, acquisition of Park.

During the fourth quarter 1997, the Company received updated appraisal information related to the Park acquisition which principally resulted in adjustments to intangible assets, deferred taxes and the effective income tax rate. Values assigned by the appraisal to identifiable intangible assets increased and excess of cost over fair value decreased while total appraised value remained unchanged.


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
1998
Revenues	$	234,681	$	251,162	$	236,812	$	251,323
Operating Income		32,722		44,038		33,953		45,317
Net income		12,745		21,541		14,455		22,133
Net income per share		0.48		0.81		0.54		0.83
Net income per share — assuming dilution		0.47		0.80		0.54		0.82

Shares traded		3,030		2,087		2,127		1,947
Stock price range	$	40.94-50.50	$	43.75-52.50	$	40.50-52.00	$	33.88-50.63
Quarterly dividend paid	$	0.14	$	0.14	$	0.14	$	0.14

1997
Revenues	$	216,145	$	229,426	$	221,975	$	242,441
Operating income		24,802		34,325		28,481		41,837
Income before extraordinary item		8,233		13,890		10,565		19,822
Extraordinary item		(63,000)		—		—		—
Net income (loss)		(54,767)		13,890		10,565		19,822
Net income per share before extraordinary item		0.31		0.53		0.40		0.75
Net income per share before extraordinary item — assuming dilution		0.31		0.52		0.39		0.75
Net income (loss) per share		(2.08)		0.53		0.40		0.75
Net income (loss) per share — assuming dilution		(2.06)		0.52		0.39		0.75

Shares traded		2,761		2,978		2,498		1,876
Stock price range	$	29.38-32.75	$	28.38-35.25	$	34.50-40.00	$	37.25-44.63
Quarterly dividend paid	$	0.13	$	0.13	$	0.13	$	0.14