-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NLePsbkUW2togw/aOo1DGdgRWeXIQKwqASRdsLUkbu74/wnSu+BgW/f7Pr/Wzchh 3oPF1wXbG2GLpe1VX+Ht5w== 0000916641-00-000547.txt : 20000502 0000916641-00-000547.hdr.sgml : 20000502 ACCESSION NUMBER: 0000916641-00-000547 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000326 FILED AS OF DATE: 20000501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MEDIA GENERAL INC CENTRAL INDEX KEY: 0000216539 STANDARD INDUSTRIAL CLASSIFICATION: NEWSPAPERS: PUBLISHING OR PUBLISHING & PRINTING [2711] IRS NUMBER: 540850433 STATE OF INCORPORATION: VA FISCAL YEAR END: 1227 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-06383 FILM NUMBER: 614652 BUSINESS ADDRESS: STREET 1: 333 E GRACE ST CITY: RICHMOND STATE: VA ZIP: 23219 BUSINESS PHONE: 8046496000 10-Q 1 FIRST QUARTER REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC. 20549 Form 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 26, 2000 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________ to___________ Commission file number: 1-6383 MEDIA GENERAL, INC. (Exact name of registrant as specified in its charter) Commonwealth of Virginia 54-0850433 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 333 E. Franklin St., Richmond, VA 23219 (Address of principal executive offices) (Zip Code) (804) 649-6000 (Registrant's telephone number, including area code) N/A --- (Former name, former address and former fiscal year, if changed since last report.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ------------- ------------- Indicate the number of shares outstanding of each of the issuer's classes of common stock as of April 30, 2000. Class A Common shares: 23,979,804 Class B Common shares: 556,574 MEDIA GENERAL, INC. TABLE OF CONTENTS FORM 10-Q REPORT MARCH 26, 2000 Page ---- Part I. Financial Information Item 1. Financial Statements Consolidated Condensed Balance Sheets - March 26, 2000, and December 26, 1999 1 Consolidated Condensed Statements of Operations - Three months ended March 26, 2000, and March 28, 1999 3 Consolidated Condensed Statements of Cash Flows - Three months ended March 26, 2000, and March 28, 1999 4 Notes to Consolidated Condensed Financial Statements 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 Part II. Other Information Item 6. Exhibits and Reports on Form 8-K 13 (a) Exhibits (b) Reports on Form 8-K Signatures 14
PART I - FINANCIAL INFORMATION Item 1. Financial Statements MEDIA GENERAL, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (000's except shares)
(Unaudited) March 26, December 26, 2000 1999 ----------------- ------------------ ASSETS Current assets: Cash, cash equivalents and short-term investments $ 126,212 $ 646,046 Accounts receivable - net 94,042 102,834 Inventories 12,354 14,282 Other 28,030 33,572 ----------------- ------------------ Total current assets 260,638 796,734 ----------------- ------------------ Investments in unconsolidated affiliates 86,306 87,871 Other assets 66,894 58,945 Property, plant and equipment - net 381,980 381,476 Excess of cost over fair value of net identifiable assets of acquired businesses - net 627,247 631,597 FCC licenses and other intangibles - net 379,982 383,751 ----------------- ------------------ $ 1,803,047 $ 2,340,374 ================= ==================
See accompanying notes. 1 MEDIA GENERAL, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (000's except shares)
(Unaudited) March 26, December 26, 2000 1999 ----------------- ------------------ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 26,839 $ 32,032 Accrued expenses and other liabilities 79,810 75,190 Income taxes payable 63,725 508,966 Current maturity of long-term debt --- 13,000 ----------------- ------------------ Total current liabilities 170,374 629,188 ----------------- ------------------ Long-term debt 47,313 46,838 Deferred income taxes 218,773 217,437 Other liabilities and deferred credits 114,329 116,009 Stockholders' equity: Preferred stock ($5 cumulative convertible), par value $5 per share: Authorized 5,000,000 shares; none outstanding Common stock, par value $5 per share: Class A, authorized 75,000,000 shares; issued 24,237,789 and 25,911,614 shares 121,189 129,558 Class B, authorized 600,000 shares; issued 556,574 shares 2,783 2,783 Additional paid-in capital --- 3,040 Accumulated other comprehensive income- unrealized gains on equity securities 9,841 7,392 Unearned compensation (2,684) (2,973) Retained earnings 1,121,129 1,191,102 ----------------- ------------------ Total stockholders' equity 1,252,258 1,330,902 ----------------- ------------------ $ 1,803,047 $ 2,340,374 ================= ==================
See accompanying notes. 2 MEDIA GENERAL, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (000's except for per share data)
Three Months Ended -------------------------------------------- March 26, March 28, 2000 1999 ----------------- ------------------ Revenues $ 199,195 $ 191,811 ----------------- ------------------ Operating costs: Production 101,053 96,416 Selling, distribution and administrative 58,760 53,419 Depreciation and amortization 20,245 20,090 ----------------- ------------------ Total operating costs 180,058 169,925 ----------------- ------------------ Operating income 19,137 21,886 ----------------- ------------------ Other income (expense): Interest expense (1,739) (15,355) Investment (loss) income - unconsolidated affiliates (1,565) 5,022 Other, net (including $8,179 of interest income in 2000 and $21 in 1999) 8,265 305 ----------------- ------------------ Total other income (expense) 4,961 (10,028) ----------------- ------------------ Income from continuing operations before income taxes 24,098 11,858 Income taxes 9,736 4,950 ----------------- ------------------ Income from continuing operations 14,362 6,908 Income from discontinued Cable operations (net of income taxes of $2,665 in 1999) --- 4,398 ----------------- ------------------ Net income $ 14,362 $ 11,306 ================= ================== Earnings per common share: Income from continuing operations $ 0.56 $ 0.26 Income from discontinued Cable operations --- 0.16 ----------------- ------------------ Net income $ 0.56 $ 0.42 ================= ================== Earnings per common share - assuming dilution: Income from continuing operations $ 0.55 $ 0.26 Income from discontinued Cable operations --- 0.16 ----------------- ------------------ Net income $ 0.55 $ 0.42 ================= ================== Dividends paid per common share $ 0.16 $ 0.15 ================= ==================
See accompanying notes. 3 MEDIA GENERAL, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (000's)
Three Months Ended -------------------------------------------- March 26, March 28, 2000 1999 -------------------------------------------- Operating activities: Net income $ 14,362 $ 11,306 Adjustments to reconcile net income: Depreciation and amortization 20,245 26,226 Deferred income taxes 576 (819) Investment loss (income) -- unconsolidated affiliates, net of distributions 1,565 (1,989) Change in assets and liabilities: Accounts receivable and inventories 10,720 7,681 Accounts payable, accrued expenses, and other liabilities (4,813) (10,107) Taxes payable (444,765) 9,353 Other (5,584) (4,897) ----------------- ------------------ Net cash (used) provided by operating activities (407,694) 36,754 ----------------- ------------------ Investing activities: Capital expenditures (10,536) (15,477) Proceeds from maturity of short-term investments 390,748 --- Other, net (732) (2,723) ----------------- ------------------ Net cash provided (used) by investing activities 379,480 (18,200) ----------------- ------------------ Financing activities: Increase in debt --- 91,000 Payment of debt (13,080) (108,231) Stock repurchase (85,270) --- Dividends paid (4,094) (4,030) Other, net 1,572 827 ----------------- ------------------ Net cash used by financing activities (100,872) (20,434) ----------------- ------------------ Net decrease in cash and cash equivalents (129,086) (1,880) Cash and cash equivalents at beginning of year 255,298 7,637 ----------------- ------------------ Cash and cash equivalents at end of period $ 126,212 $ 5,757 ================= ================== Supplemental disclosures of cash flow information: Cash paid during the period for: Interest (net of amount capitalized) $ 1,505 $ 14,989 Income taxes $ 453,445 $ 334
See accompanying notes. 4 MEDIA GENERAL, INC. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited) 1. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial reporting, and with applicable quarterly reporting regulations of the Securities and Exchange Commission. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and, accordingly, should be read in conjunction with the consolidated financial statements and related footnotes included in the Company's Annual Report on Form 10-K for the year ended December 26, 1999. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of interim financial information have been included. Certain items in 1999 have been reclassified to conform with the current year's presentation. The reclassifications have no effect on net income as previously reported. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year. 2. On March 27, 2000, subsequent to the close of the first quarter, the Company acquired the common stock of Spartan Communications, Inc. (Spartan) for approximately $605 million. Approximately $500 million of the purchase price was funded with borrowings under an existing $1.2 billion revolving credit facility. The acquisition included 12 network-affiliated television stations and one UPN affiliate which is operated under a local marketing agreement. The transaction will be accounted for as a purchase and the Company's results of operations will include the results of Spartan from the date of acquisition. Purchase price will be allocated to the assets acquired based on an appraisal of estimated fair values. 3. In December 1999, the Company initiated a program to repurchase up to $250 million of the Company's Class A common stock. As of March 26, 2000, approximately 1.9 million shares had been repurchased (1.7 million in 2000) at a cost of approximately $101 million ($89 million in 2000) since the program's inception. 4. Inventories are principally raw materials. 5 5. The following table sets forth the Company's financial performance by segment:
(In thousands) Publishing Television Newsprint Total - --------------------------------------------------------------------------------------------------------- Three Months Ended March 26, 2000 Consolidated revenues * $ 132,076 $ 40,382 $ 26,737 $ 199,195 ========================================================== Segment operating cash flow $ 41,963 $ 9,110 $ (2,608) $ 48,465 Allocated amounts: Equity in net loss of unconsolidated affiliates (674) (891) (1,565) License fees from unconsolidated affiliate 66 66 Depreciation and amortization (6,429) (2,964) (1,872) (11,265) ---------------------------------------------------------- Segment profit $ 34,860 $ 6,146 $ (5,305) 35,701 =========================================== Unallocated amounts: Interest expense (1,739) Acquisition intangible amortization (8,095) Corporate expenses (8,379) Other 6,610 ------------ Consolidated income from continuing operations before income taxes $ 24,098 ============ - --------------------------------------------------------------------------------------------------------- Three Months Ended March 28, 1999 Consolidated revenues * $ 127,903 $ 37,061 $ 26,847 $ 191,811 ========================================================== Segment operating cash flow $ 39,447 $ 8,715 $ 769 $ 48,931 Allocated amounts: Equity in net income (loss) of unconsolidated affiliates (514) 3,950 3,436 License fees from unconsolidated affiliate 254 254 Depreciation and amortization (6,329) (2,704) (1,876) (10,909) ---------------------------------------------------------- Segment profit $ 32,604 $ 6,011 $ 3,097 41,712 ========================================== Unallocated amounts: Interest expense (15,355) Acquisition intangible amortization (8,484) Corporate expenses (6,800) Other 785 ------------ Consolidated income from continuing operations before income taxes $ 11,858 - ---------------------------------------------------------------------------------------------------------
* Intercompany revenues are less than 1% of consolidated revenues and have been eliminated. 6 6. The following table sets forth the computation of basic and diluted earnings per share from continuing operations:
Quarter Ended March 26, 2000 Quarter Ended March 28, 1999 ----------------------------------------- ------------------------------------------ Income Shares Per Share Income Shares Per Share (In thousands, except per share amounts) (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount ----------------------------------------- ------------------------------------------ Basic EPS Income from continuing operations available to common stockholders $14,362 25,657 $ 0.56 $ 6,908 26,646 $ 0.26 ========= ========= Effect of dilutive securities Stock options 210 265 Restricted stock and other (6) 92 (10) 111 ---------------------- ---------------------- Diluted EPS Income from continuing operations available to common stockholders plus assumed conversions $14,356 25,959 $ 0.55 $ 6,898 27,022 $ 0.26 ==================================== =====================================
7. The Company has reflected its investment in the common stock of Hoover's, Inc., which is included in the accompanying balance sheet in Other Assets, at fair value and recognized an increase in comprehensive income aggregating $2.4 million, net of tax, for the unrealized gain on the investment during the first quarter. Comprehensive income for the three month periods ended March 26, 2000, and March 28, 1999, was $16.8 million and $11.3 million, respectively. 8. The Company sold its Cable operations to Cox Communications, Inc. for approximately $1.4 billion in October 1999. The sale of the Cable Segment resulted in a gain of $799 million (net of income taxes of $510 million) which is subject to resolution with the buyer of certain post-closing adjustments relating to working capital and income tax matters. It is expected these post-closing items will be resolved during the second quarter of this year and could result in a small additional gain for the Company. Federal income taxes related to the Cable gain were paid in the first quarter of 2000; related state income taxes were paid early in the second quarter of this year. The results of the Cable Segment have been presented as discontinued operations in the accompanying consolidated condensed statements of operations as follows: Quarter ended (in thousands) March 28, 1999 -------------- Revenues $40,388 Costs and expenses 33,325 ------- Income before income taxes 7,063 Income taxes 2,665 ------- Income from discontinued Cable operations $ 4,398 ======= 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations OVERVIEW - -------- Media General is an independent, publicly owned communications company situated primarily in the Southeast with interests in newspapers, television, interactive media, recycled newsprint production, and diversified information services. The Company's fiscal year ends on the last Sunday in December. The past several years have been distinguished by a series of acquisitions, exchanges, investments and dispositions which have significantly intensified the Company's focus on southeastern newspapers and television stations. Continuing this strategy, the Company acquired Spartan Communications, Inc. (Spartan) for approximately $605 million early in the second quarter of this year. The Spartan acquisition includes 12 major network-affiliated television stations and one UPN affiliate which is operated under a local marketing agreement. Additionally, the Company continues with its program to repurchase up to $250 million of its Class A common stock. As of March 26, 2000, approximately 1.9 million shares had been repurchased since the program's inception at a cost of approximately $101 million. RESULTS OF OPERATIONS - --------------------- Net income rose 27% from $11.3 million in the first quarter of 1999 to $14.4 million in the first quarter of 2000; income from continuing operations more than doubled over that same time period. This increase was attributable to a combination of a $13.6 million reduction in interest expense and an $8.2 million increase in interest income, both facilitated by the sale of the Company's Cable operations in October 1999. Segment operating profit increases of nearly 7% in the Publishing Segment and better than 2% in the Television Segment were more than offset by weak Newsprint Segment results. Newsprint operating income of $3.1 million in the first quarter of 1999 fell to an operating loss of $5.3 million in the current quarter due principally to lower quarter-over-quarter newsprint selling price. PUBLISHING - ---------- Operating income for the Publishing Division increased $2.3 million (7%) in the first quarter of 2000 over the comparable 1999 level. This good performance was propelled by a $4.2 million increase in revenues, partially offset by a $1.8 million rise in operating expenses and slightly reduced results from equity investments. As illustrated by the following chart, improved year-over-year revenues were driven by a strong increase in classified advertising (led by the automotive and employment categories) and a solid performance in general advertising (led by the automotive and telecommunications categories), which more than offset lackluster retail advertising revenues (down in the department store and apparel categories). 8 Publishing Segment Advertising Revenues by Category (millions) [Graph] Retail Classified General ------ ---------- ------- 2000 45.4 47.1 8.8 1999 46.1 43.4 7.9 Publishing Segment operating expenses rose due to a combination of factors: a $.7 million rise in employee compensation and benefit costs as a result of normal salary increases, a $1 million increase in bad debt expense as good collection performance in the first quarter of 1999 returned to a more normal level in the current year, and finally, a $1.3 million increase in operating costs at the Company's Florida newspapers due primarily to higher promotional and occupancy costs. The Tampa Tribune incurred expenses and higher rental costs related to its move to the Company's new multimedia facility, which also houses WFLA-TV and the Company's area online presence, TBO.com. These combined increases more than offset a $1.6 million decrease in newsprint expense due to lower cost per ton. TELEVISION ---------- Television operating income rose slightly, up a modest 2% in the first quarter of this year compared to the first three months of 1999. While revenues increased a solid $3.3 million (9%) in 2000, operating expenses rose $3.2 million as well. The following chart illustrates improved time sales in all advertising revenue categories: National advertising rose on the strength of the automotive category, Political advertising increased as a result of the presidential and congressional primaries, and Local advertising improved due to vigor in the fast food and furniture categories. The small to mid-size stations posted over 90% of this total advertising revenue increase, while the Company's largest station, WFLA in Tampa, was responsible for the remainder. 9 Television Segment Advertising Time Sales by Categories (millions) [Graph] Local National Political ----- -------- --------- 2000 22.8 15.2 0.8 1999 22.4 14.1 0.1 The higher Television operating expenses resulted from an 8% increase in programming costs related to the addition of enhanced programming and from a 3.5% rise in employee compensation and benefit expense due to upgraded staffing as well as normal increases. The Company's Tampa station was responsible for the largest portion of these increased operating expenses due to the reasons above as well as to higher occupancy costs as WFLA moved into the Company's new fully digital, state-of-the-art multimedia center. NEWSPRINT - --------- The Newsprint Segment produced an operating loss of $5.3 million in the first quarter of 2000 compared to operating income of $3.1 million in the equivalent year-ago period. Both wholly owned Garden State Paper (down $3.5 million) and one-third owned SP Newsprint Company (down $4.9 million) contributed to the shortfall. Despite a $46 per ton drop in average realized selling price at Garden State Paper, year-over-year revenues were relatively flat due to an 11% increase in tons sold attributable to strong demand in anticipation of an announced April price increase. Although average realized selling price began to rise gradually in the second half of 1999 and into 2000, the current-year first quarter level still remained below that of last year's first quarter, as the following chart illustrates: Garden State Paper Company Average Newsprint Selling Price ($ per ton) [Graph] Month 2000 1999 ----- ---- ---- JAN 444 510 FEB 446 496 MAR 448 470 APR 446 MAY 433 JUN 422 JUL 408 AUG 411 SEP 417 OCT 420 NOV 434 DEC 444 10 The increased volume of newsprint sold by Garden State produced a corresponding rise in operating expenses. These included a $2.2 million rise in cost of goods sold as a result of the aforementioned increase in tons sold. Based primarily on higher volume, energy costs rose 6%, while maintenance and repair costs were up 13% due to production difficulties within the quarter. The Company's results from its share of SP Newsprint Company (SPNC) fell from a profit of $4 million in the first quarter of last year to a loss of $.9 million in the current quarter. At SPNC's Dublin mill, the majority of negative profit swing was attributable to a 14% decline in revenues precipitated by the year-over-year drop in average realized selling price combined with a 4.5% decrease in tons sold, the product of uncharacteristic production difficulties. Additionally, the Company's results from SPNC included a $1.9 million loss from its Newberg, Oregon mill, acquired in November 1999. INTEREST INCOME AND EXPENSE - --------------------------- Interest expense in the first three months of 2000 decreased $13.6 million from the equivalent year-ago period due to an $820 million reduction in average debt outstanding. This debt reduction was effected when a portion of the proceeds from the October 1999 sale of the Company's Cable operations was used to repay all bank debt then outstanding and to terminate associated interest rate swaps. The effective interest rate rose approximately 1% from the first quarter of 1999 to the current quarter. Concurrently with the Spartan acquisition early in the second quarter of this year, the Company entered into several new interest rate swaps as part of an overall risk management strategy. The objective is to manage interest cost and risk associated with variable interest rates, primarily short-term changes in LIBOR, not to trade such instruments for profit or loss. These interest rate swaps total $300 million with maturities that range from less than one year to three years; they effectively convert some of the Company's variable rate debt to fixed rated debt at interest rates currently approximating 7.4%. The Company earned interest income of $8.2 million in the first quarter of 2000 from its investments predominantly in prime-rated commercial paper. INCOME TAXES - ------------ Income taxes from continuing operations increased $4.8 million in the first quarter of this year on a pretax earnings rise of $12.2 million. Slightly offsetting the effect on taxes of these increased earnings was a modest decrease in the Company's effective tax rate. LIQUIDITY - --------- The proceeds from the maturity of short-term investments, together with cash on hand and funds generated from operating activities, combined to provide funds for several large anticipated payments during the first quarter of this year. The most significant of these include the following: approximately $453 million of federal tax payments (the majority of which were attributable to the gain on sale, in October 1999, of the Company's Cable operations), in excess of $85 million of stock repurchases and a scheduled $13 million installment on senior note debt. These funds also supplied $10.5 million for capital expenditures and $4 million for the payment of dividends to stockholders. 11 The Company has made several significant cash outlays early in the second quarter. It borrowed approximately $500 million under its existing seven-year $1.2 billion revolving credit facility to fund the purchase of Spartan, at which time it concurrently entered into several interest rate swap agreements. Additionally, state income taxes of approximately $55 million, principally related to the Cable gain, were paid in the middle of April. Finally, the stock repurchase program initiated in December of 1999 continues. At April 30, 2000, the Company had available approximately $650 million from its committed revolving credit facility. The Company anticipates that internally generated funds provided by operations, together with existing credit facilities, will be more than adequate to finance projected capital expenditures, dividends to stockholders, working capital needs throughout 2000, as well as other corporate initiatives. OUTLOOK - ------- The completion of the Spartan acquisition early in the second quarter added 13 television stations to the Broadcast Segment and significantly increased the Company's presence in southeastern households. All of the Spartan-owned television stations are ranked either number one or two in their markets and because of their rankings, reputations and strong management, should immediately produce strong cash flow for the Company. A newsprint price increase, announced early in the second quarter, holds promise for moderate improvement within the Newsprint Segment. Despite these higher newsprint prices, the Publishing Segment is expected to enjoy continued growth throughout the year. * * * * * * Certain statements in this Form 10-Q that are not historical facts are "forward-looking" statements, as that term is defined by the federal securities laws. Forward-looking statements include statements related to the Company's share repurchase program and expectations regarding newsprint prices, advertising levels and broadcast ratings. Forward-looking statements, including those which use words such as the company "believes," "anticipates," "expects," "estimates" and similar statements, are made as of the date of this report and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. Some significant factors that could affect actual results include: changes in advertising demand, the availability and pricing of newsprint, changes in interest rates, regulatory rulings and the effects of acquisitions, investments and dispositions on the Company's results of operations and its financial condition. 12 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 27 Financial Data Schedule (b) Reports on Form 8-K No reports on Form 8-K were filed by the Company during the quarter ended March 26, 2000. 13 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MEDIA GENERAL, INC. DATE: May 1, 2000 /s/ J. Stewart Bryan III ------------------------ J. Stewart Bryan III, Chairman, President and Chief Executive Officer DATE: May 1, 2000 /s/ Marshall N. Morton ---------------------- Marshall N. Morton Senior Vice President and Chief Financial Officer 14 EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MEDIA GENERAL, INC.'S CONSOLIDATED CONDENSED BALANCE SHEETS AND CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-31-2000 MAR-26-2000 126,212 0 100,641 6,599 12,354 260,638 740,955 358,975 1,803,047 170,374 47,313 0 0 123,972 1,128,286 1,803,047 199,195 199,195 101,053 101,053 20,245 0 1,739 24,098 9,736 14,362 0 0 0 14,362 0.56 0.55
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