8-K

UNITED STATES
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) November 2, 2004

The Liberty Corporation

(Exact name of Registrant as Specified in Charter)

South Carolina	1-5846	57-0507055
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer 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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2 below):

     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

ITEM 7.01 REGULATION FD DISCLOSURES

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure.”

     On November 2, 2004 the Liberty Corporation issued a press release announcing financial results for the third quarter 2004. A copy of that press release is attached as Exhibit 99 (herein incorporated by reference).

Exhibit Index

99 Press release, dated November 2, 2004, issued by 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.

	THE LIBERTY CORPORATION
	By:	/s/ Martha Williams
		Name:	Martha Williams
November 2, 2004		Title:	Vice President, General Counsel and Secretary

EX-99

Exhibit 99

[LIBERTY CORPORATION LETTERHEAD]

     For further information: Howard Schrott, 864-241-5400

LIBERTY CORPORATION REPORTS THIRD QUARTER RESULTS

Greenville, SC (November 2, 2004) — The Liberty Corp. (NYSE: LC) today reported financial results for the third quarter and nine months ended September 30, 2004. Liberty owns and operates 15 network-affiliated television stations along with other ancillary businesses.

     Earnings for the quarter were $0.66 per diluted share compared with $0.32 per diluted share for the same period of the prior year. For the quarter, operating income was $9.2 million compared with $9.1 million in the prior-year period. Year-to-date earnings per diluted share were $1.07 compared with $0.84 for the prior-year period. Year-to-date operating income was $27.2 million compared with $26.1 million for the prior-year period. Quarterly and year-to-date earnings per share were favorably affected by adjustments to the Company’s income tax liabilities as a result of management’s reassessment of its potential liability related to current examinations, and the statute of limitations expiring related to certain previous tax years.

     For the quarter, net revenue was $53.6 million compared with $49.4 million for the prior-year third quarter, an increase of nine percent. Broadcast operating profit for the quarter was $21.4 million, compared with $19.2 million in the prior year, an increase of eleven percent. Year-to-date net revenue was $156.5 million compared with $145.0 million for the prior-year period, an increase of eight percent. Year-to-date broadcast operating profit was $60.8 million, compared with $55.1 million in the prior year, an increase of ten percent. A reconciliation of broadcast operating profit to operating income is presented below. For a full discussion and analysis of results, refer to the Company’s quarterly filing on form 10-Q.

     “During this quarter, Liberty stations excelled in ways we do not often discuss but which clearly demonstrate our commitment to serve our local communities,” said Hayne Hipp, Chief Executive Officer of Liberty. “First, during hurricanes and severe weather, Liberty stations provided an over-the-air lifeline of critical news and information that had a direct impact on the lives of our viewers. Second, as we have approached an important general election, our stations provided free time for candidates to air their views, provided enhanced news coverage and sponsored public forums for discussion of important local issues. Our stations are market leaders because their highest priority is to serve their local communities.”

     Broadcast operating profit, a measurement of earnings, is used by the Company to evaluate the operating performance of its media properties, and is not a measure of financial performance under generally accepted accounting principles (GAAP). Broadcast operating profit is not a standardized measure and may be calculated in a number of ways. Liberty defines broadcast operating profit as operating income plus depreciation and amortization, net losses on disposed assets, cash earned in excess of revenue recorded on network affiliation contracts, non-cash compensation, and corporate cash expenses.

     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).

     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.

THE LIBERTY CORPORATION
Income Statement Information

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In 000's, except per share data)	2004			2003		2004			2003
	(Unaudited)
REVENUES
Station revenues (net of commissions)	$	49,915		$	45,836	$	145,653		$	134,777
Cable advertising and other revenues		3,691			3,524		10,821			10,178
Net revenues		53,606			49,360		156,474			144,955
EXPENSES
Operating expenses (excluding depreciation and amortization expense shown separately below)		32,045			30,286		94,725			89,790
Amortization of program rights		1,786			1,776		5,302			5,236
Depreciation and amortization of intangibles		5,321			4,758		14,860			13,580
Corporate, general, and administrative expenses		5,206			3,424		14,391			10,249
Total operating expenses		44,358			40,244		129,278			118,855
Operating income		9,248			9,116		27,196			26,100
Net investment income (loss)		(22	)		674		(5,411	)		(74	)
Interest expense		(253	)		—		(515	)		—
Income before income taxes		8,973			9,790		21,270			26,026
Provision for (Benefit from) income taxes		(3,229	)		3,671		1,382			9,760
Net income	$	12,202		$	6,119	$	19,888		$	16,266
Diluted earnings per common share	$	0.66		$	0.32	$	1.07		$	0.84
Weighted average common dilutive shares		18,408			19,250		18,661			19,273
Actual common and common equivalent shares outstanding at end of period		18,770			19,239		18,770			19,239
SELECTED BALANCE SHEET DATA:
Cash and cash equivalents						$	37,665		$	66,245
Debt outstanding						$	50,000		$	—
RECONCILIATION OF OPERATING INCOME TO BROADCAST OPERATING PROFIT:
Operating income per income statement	$	9,248		$	9,116	$	27,196		$	26,100
Add:
Depreciation and amortization		5,321			4,758		14,860			13,580
Adj. for network compensation due vs. accrued		921			1,234		2,762			3,700
Net loss (gain) on disposals		65			285		47			280
Non-cash compensation		1,628			759		3,754			2,756
Corporate cash expenses		4,167			3,031		12,183			8,634
Broadcast operating profit	$	21,350		$	19,183	$	60,802		$	55,050