-----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, TRiEPsq7QuLfvmfcF+1rj/23kfpNxALj9LEp1YJQkFNhYWCrkkIb2gDzSE07tCPH 0mUbNGwlJ7/WWjbn107IUQ== 0000950144-02-004852.txt : 20020507 0000950144-02-004852.hdr.sgml : 20020507 ACCESSION NUMBER: 0000950144-02-004852 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020507 ITEM INFORMATION: FILED AS OF DATE: 20020507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LIBERTY CORP CENTRAL INDEX KEY: 0000059229 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 570507055 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05846 FILM NUMBER: 02636740 BUSINESS ADDRESS: STREET 1: 2000 WADE HAMPTON BLVD CITY: GREENVILLE STATE: SC ZIP: 29615 BUSINESS PHONE: 8646098256 MAIL ADDRESS: STREET 1: P O BOX 789 STREET 2: WADE HAMPTON BLVD CITY: GREENVILLE STATE: SC ZIP: 29602 8-K 1 g76055be8-k.txt THE LIBERTY CORPORATION SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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) May 7, 2002 -------------------------------- The Liberty Corporation - -------------------------------------------------------------------------------- (Exact name of Registrant as Specified in Charter) South Carolina 1-5846 57-0507055 - -------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission File (IRS Employer of Incorporation) Number) Identification No.) 135 South Main Street, Greenville, SC 29601 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (864) 241-5400 ------------------------------ n/a - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 9. REGULATION FD DISCLOSURE. [LIBERTY CORPORATION LETTERHEAD] For further information: Howard Schrott, 864-241-5400 LIBERTY CORPORATION REPORTS FIRST QUARTER RESULTS Greenville, SC (May 7, 2002) - The Liberty Corp. (NYSE: LC) today reported financial results for quarter ended March 31, 2002. Liberty owns and operates 15 network-affiliated television stations along with other ancillary businesses. For the quarter, net revenue increased two percent to $42.8 million compared with $41.9 million for the prior year while broadcast cash flow increased over nine percent to $15.7 million from $14.4 million from the same period one year ago. Broadcast cash flow, a commonly used measurement used to evaluate the operating performance of media properties, is operating income plus depreciation and amortization, non-cash compensation, corporate cash expenses, non-recurring and certain other items. "We are cautiously encouraged by the tone of business in the first quarter," commented Hayne Hipp, Chief Executive Officer of Liberty. "As dominant stations in virtually all of our markets, Liberty properties are uniquely positioned to take full advantage of revenue opportunities as the pace of business begins to accelerate." In addition, effective in 2002, Liberty has adopted SFAS 142, which establishes new accounting rules for amortization of goodwill and other intangible assets such as FCC LC REPORTS THIRD QUARTER RESULTS PAGE 2 MAY 7, 2002 licenses. As a result, amortization expense associated with these items will be reduced by approximately $15 million over the coming year, and the Company will take a one-time after-tax charge of $47.4 million to reflect the cumulative effect of this change in accounting principle. A major group broadcaster, Liberty owns fifteen network-affiliated television stations, including eight NBC affiliates (WAVE-TV, Louisville, KY; WIS-TV, Columbia, SC; WLBT-TV, Jackson, MS; WFIE-TV, Evansville, IN; WSFA-TV, Montgomery, AL; KCBD-TV, Lubbock, TX; WALB-TV, Albany, GA and KPLC-TV, Lake Charles, LA); five ABC affiliates (KLTV-TV, Tyler, TX; KTRE-TV, the satellite affiliate of KLTV in Lufkin, TX; WLOX-TV, Biloxi, MS; WWAY-TV, Wilmington, NC and KAIT-TV, Jonesboro, AR); and two CBS affiliates (WTOL-TV, Toledo, OH and KGBT-TV, Harlingen, TX). In addition, Liberty owns CableVantage Inc., a cable advertising sales subsidiary; Take Ten Productions, a video production facility; and Broadcast Merchandising Company, a professional broadcast equipment dealership. Liberty has operational agreements and equity positions in WorldNow, the leading provider of Internet technology solutions for local media companies; MyWeather, developer of innovative technologies to provide personalized weather on the web, and iBlast, the nation's largest wireless data broadcast distribution network that provides a fast, cost-effective "last mile" solution for content providers and consumers. For further information about Liberty, visit the corporate website, http://www.libertycorp.com/ * * * * * The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information contained herein or in any other written or oral statements made by, or on behalf of the Company, is or may be viewed as forward-looking. The words "expect," "believe," "anticipate" or similar expressions identify forward-looking statements. Although the Company has used appropriate care in developing any such forward-looking information, forward-looking information involves risks and uncertainties that could significantly impact actual results. These risks and uncertainties include, but are not limited to, the following: changes in national and local markets for television advertising; changes in general economic conditions, including the performance of financial markets and interest rates; competitive, regulatory, or tax changes that affect the cost of or demand for the Company's products; and adverse litigation results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise. Broadcast cash flow is a commonly used measurement to evaluate the operating performance of media properties, and is not a measure of financial performance under generally accepted accounting principles. -MORE- THE LIBERTY CORPORATION INCOME STATEMENT INFORMATION THREE MONTHS ENDED MARCH 31, -------------------- (In 000's, except per share data) 2002 2001 -------- ------- Unaudited REVENUES Station revenues (net of commissions) $ 39,510 $39,066 Cable advertising and other revenues 3,316 2,875 -------- ------- NET REVENUES 42,826 41,941 -------- ------- EXPENSES Operating expenses 26,857 25,599 Amortization of program rights 1,852 1,964 Depreciation and amortization of intangibles 4,720 7,872 Corporate, general, and administrative expenses 2,805 2,930 -------- ------- TOTAL OPERATING EXPENSES 36,234 38,365 OPERATING INCOME 6,592 3,576 Net investment income 2 3,348 -------- ------- INCOME BEFORE INCOME TAXES 6,594 6,924 Provision for income taxes 2,506 2,631 -------- ------- INCOME BEFORE THE CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE 4,088 4,293 CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE (47,388) -- -------- ------- NET INCOME $ 43,300) $ 4,293 ======== ======= DILUTED EARNINGS PER SHARE: Diluted earnings before the cumulative effect of a change in accounting principle per common share $ 0.21 $ 0.22 Cumulative effect of a change in accounting principle (2.40) -- -------- ------- Diluted earnings per common share $ (2.19) $ 0.22 ======== ======= Weighted average common dilutive shares 19,748 19,627 Actual common and common equivalent shares outstanding at end of period 19,746 19,740 RECONCILIATION OF OPERATING INCOME TO ADJUSTED BROADCAST CASH FLOW Operating income per income statement $ 6,592 $ 3,576 Add: Depreciation and amortization 4,720 7,872 Adj. for network compensation due vs. accrued 1,234 -- Non-cash compensation 615 76 -------- ------- OPERATING CASH FLOW $ 13,161 $11,524 Corporate cash expenses 2,556 2,834 -------- ------- BROADCAST CASH FLOW $ 15,717 $14,358 ======== ======= -END- 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. THE LIBERTY CORPORATION By: /s/ Martha Williams ---------------------------------------- Name: Martha Williams Title: Vice President, General Counsel and Secretary May 7, 2002 -----END PRIVACY-ENHANCED MESSAGE-----