-----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, Wpwf3ZVpK1xXCIrzkAE5yDabG5ggyi6s6/mE/8q1z2YaK+YFF84wiYKKVxsACPJS CTYzxcMAWrFyT06EuJ7WfA== 0000950103-98-000101.txt : 19980211 0000950103-98-000101.hdr.sgml : 19980211 ACCESSION NUMBER: 0000950103-98-000101 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980202 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980205 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIBERTY CORP CENTRAL INDEX KEY: 0000059229 STANDARD INDUSTRIAL CLASSIFICATION: 6311 IRS NUMBER: 570507055 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-05846 FILM NUMBER: 98522711 BUSINESS ADDRESS: STREET 1: P O BOX 789 STREET 2: 2000 WADE HAMPTON BLVD CITY: GREENVILLE STATE: SC ZIP: 29615 BUSINESS PHONE: 8032688283 MAIL ADDRESS: STREET 1: P O BOX 789 STREET 2: WADE HAMPTON BLVD CITY: GREENVILLE STATE: SC ZIP: 29602 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) of the SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): February 2, 1998 THE LIBERTY CORPORATION ------------------------------------------------------ (Exact name of registrant as specified in its charter) South Carolina 1-5846 57-0507055 - - ---------------- ------------------------ --------------------------------- (State or other (Commission file number) (IRS employer identification no.) jurisdiction of incorporation) 2000 Wade Hampton Boulevard, Greenville, South Carolina 29602 ------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (864) 609-8256 --------------- ITEM 5. OTHER EVENTS. On February 2, 1998, The Liberty Corporation issued a news release regarding its fourth quarter and year end results. A copy of the news release is attached as Exhibit 99.1. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. (99.1) News Release dated February 2, 1998 from The Liberty Corporation. SIGNATURE 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. Dated: February 5, 1998 THE LIBERTY CORPORATION By: /s/ Martha G. Williams ----------------------------------- Martha G. Williams Vice President, General Counsel and Secretary By: /s/ Kenneth W. Jones ----------------------------------- Kenneth W. Jones Corporate Controller EXHIBIT INDEX Exhibit Number Description - - -------------- ----------- (99.1) News Release dated February 2, 1998 from The Liberty Corporation EX-99.1 2 For Further information: (Analyst calls) Ken Jones (864) 609-3496 (News media calls) Michael Fanning (864) 609-3594 THE LIBERTY CORP. REPORTS FOURTH-QUARTER RESULTS Insurance and Broadcasting Operations Post Increases in Operating Earnings, Net Income GREENVILLE, S.C., Feb. 2, 1998 - The Liberty Corp. (NYSE: LC) today reported increases in operating earnings and net income, driven by fourth-quarter improvements in both its insurance and broadcasting operations. For the fourth quarter ended Dec. 31, 1997, revenues were $163.2 million, level with the same period in 1996. Operating earnings of $19.7 million rose 4 percent over the previous fourth quarter. Operating earnings per diluted share were 87 cents compared with 85 cents for the fourth quarter of 1996. Net income of $18.5 million, which rose 4 percent from the fourth quarter of 1996, was 81 cents per diluted share compared with 80 cents per diluted share for the previous period. Net income included realized investment losses of $1.3 million for the quarter. Operating earnings from insurance operations for the fourth quarter were $16.5 million, a 7 percent increase over the prior year quarter. Liberty's FamilySide pre-need operation, which is being sold to Fortis, Inc. during the first quarter of 1998 as previously announced, led the increase with a $2.4 million improvement over the prior year. The increase was due to favorable mortality, higher investment income and lower expenses. Liberty Life's mortgage protection division reported a modest increase for the quarter, while the agency division was down slightly. -- more -- Cosmos Broadcasting, which owns and operates eight television stations in the Southeast and Midwest, reported fourth-quarter operating earnings of $7.2 million, a 7 percent increase over the prior year quarter. Revenues for the quarter declined $1.8 million from the prior year period due to the expected reduction in political advertising. Local and national revenues increased over the fourth quarter of 1996 but did not offset the political revenue decline. Cosmos operations also included a $1.3 million benefit from a favorable adjustment to income tax expense during the fourth quarter. For the year ended Dec. 31, 1997, operating earnings increased 7 percent to $70.9 million. Diluted operating earnings per share were $3.16 compared with $2.98 in 1996. Revenues grew to $660.3 million, an increase of 7 percent over the prior year. Net income for the year was $75.0 million or $3.34 per diluted share compared with $37.3 million for 1996. Net income for 1996 included a $26.9 million special charge related principally to provisions for losses on unprofitable insurance products. Insurance operating earnings increased 11 percent for the year and broadcasting operations reported a 7 percent increase. "Overall, we are pleased with the results for both the fourth quarter and the year," said Hayne Hipp, Liberty's president. "Cosmos turned in a good performance in what normally would be a down year in both revenues and operating earnings, due to the absence of Olympics and major political elections. We also made substantial progress against strategic goals in our insurance operations." The Liberty Corporation is a holding company with operations in insurance and broadcasting. Company headquarters is in Greenville, S.C. ### THE LIBERTY CORPORATION Consolidated Financial Highlights (In $000s except per share amounts) Three months ended Twelve months ended December 31 December 31 ---------------------- --------------------- 1997 1996 % Change 1997 1996 % Change ---- ---- -------- ---- ---- -------- (Unaudited) (Unaudited) Revenues Insurance ................. $ 128,670 $ 122,439 5% $ 509,093 $ 482,500 6% Broadcasting .............. 37,145 38,964 (5%) 137,898 137,336 0% Corporate and other, Net .. (2,614) 2,165 N/A 13,265 (739) N/A --------- --------- --------- --------- TOTAL REVENUES .............. $ 163,201 $ 163,568 0% $ 660,256 $ 619,097 7% ========= ========= ========= ========= Income Insurance ................. $ 16,507 $ 15,379 7% $ 62,974 $ 56,508 11% Broadcasting .............. 7,235 6,789 7% 21,725 20,284 7% Corporate and other ....... (4,002) (3,247) (23%) (13,763) (10,760) (28%) --------- --------- --------- --------- OPERATING EARNINGS .......... 19,740 18,921 4% 70,909 66,032 7% Realized investment gains ... (1,283) (1,116) N/A 4,042 (1,748) N/A Non-recurring special charges N/A (26,944) N/A --------- --------- --------- --------- NET INCOME .................. $ 18,457 $ 17,805 4% $ 74,951 $ 37,340 N/A ========= ========= ========= ========= Diluted Earnings Per Share Operating Earnings Per Share $ 0.87 $ 0.85 2% $ 3.16 $ 2.98 6% Realized investment gains ... (0.06) (0.05) (20%) 0.18 (0.09) N/A Non-recurring special charges (1.23) N/A --------- --------- --------- --------- DILUTED EARNINGS PER SHARE .. $ 0.81 $ 0.80 1% $ 3.34 $ 1.66 201% ========= ========= ========= ========= As of December 31, ------------------ 1997 1996 % Change ---- ---- -------- BOOK VALUE PER COMMON EQUIVALENT SHARE Including the effect of SFAS 115 $31.65 $27.91 13% Excluding the effects of SFAS 115 $28.76 $26.00 11%
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