-----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, FzDysWHNVUuWmGgjnSaRGruff+uCV9/YR7uICt72/yF8vx+YeMx8ABHSeVBDuYwR OP3cyDtPi/pkv7i9aBbH+Q== 0000950144-96-005131.txt : 19960813 0000950144-96-005131.hdr.sgml : 19960813 ACCESSION NUMBER: 0000950144-96-005131 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960812 SROS: CSX SROS: NYSE SROS: PHLX 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05846 FILM NUMBER: 96608049 BUSINESS ADDRESS: STREET 1: P O BOX 789 STREET 2: WADE HAMPTON BLVD CITY: GREENVILLE STATE: SC ZIP: 29602 BUSINESS PHONE: 8032688283 MAIL ADDRESS: STREET 1: P O BOX 789 STREET 2: WADE HAMPTON BLVD CITY: GREENVILLE STATE: SC ZIP: 29602 10-Q 1 LIBERTY CORPORATION 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (Mark One) [xx] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1996 ------------- [ ] 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 1-5846 ------ THE LIBERTY CORPORATION ----------------------- (Exact name of registrant as specified in its charter) South Carolina 57-0507055 (State or other jurisdiction of (IRS Employer incorporation or organization) identification No.) Post Office Box 789, Wade Hampton Boulevard, Greenville, SC 29602 ------------------------------------------------------------------ (Address of principal executive offices) Registrant's telephone number, including area code: 864/609-8436 ------------ 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 Registrant's classes of common stock as of the latest practicable date. Number of shares Outstanding Title of each class as of June 30, 1996 ------------------- ---------------------------- Common Stock 20,175,451 Page 1 of 11 sequentially numbered pages. The Exhibit Index is on Page 9. 2 PART I, ITEM 1 THE LIBERTY CORPORATION AND SUBSIDIARIES CONSOLIDATED AND CONDENSED BALANCE SHEETS
(In 000's) JUNE 30, 1996 December 31, 1995 ------------- ----------------- ASSETS (Unaudited) Investments: Fixed Maturity Securities available for sale, at market, cost of $1,427,163 at 6/30/96 and $1,383,324 at 12/31/95 $1,453,341 $1,467,039 Equity Securities, at market, cost of $71,122 at 6/30/96 and $68,637 at 12/31/95 81,315 82,508 Mortgage Loans 223,611 213,223 Investment Real Estate 141,671 135,306 Loans to Policyholders 98,020 98,369 Other Long-Term Investments 23,421 27,535 Short-Term Investments 250 --- ---------- ---------- Total Investments 2,021,629 2,023,980 Cash 30,474 43,741 Accrued Investment Income 20,763 20,018 Receivables 42,133 46,098 Receivable from Reinsurers 256,657 275,090 Deferred Acquisition Costs and Cost of Business Acquired 360,970 352,113 Buildings and Equipment 82,663 79,789 Intangibles Related to Television Operations 95,929 99,056 Goodwill Related to Insurance Acquisitions 36,426 37,239 Other Assets 56,812 57,172 ---------- ---------- Total Assets $3,004,456 $3,034,296 ========== ========== LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY Liabilities Policy Liabilities $1,863,134 $1,862,859 Notes, Mortgages and Other Debt 172,126 158,444 Long Term Debt 100,000 100,000 Accrued Income Taxes 6,738 6,665 Deferred Income Taxes 162,426 182,083 Accounts Payable and Accrued Expenses 66,548 67,094 Other Liabilities 24,911 35,722 ---------- ---------- Total Liabilities 2,395,883 2,412,867 ---------- ---------- Redeemable Preferred Stock 1994-A Series, $35.00 redemption value, shares issued and outstanding - 668,207 in 1996 and 1995 23,387 23,387 1994-B Series, $37.50 redemption value, shares issued and outstanding - 593,826 in 1996 and 594,126 in 1995 22,269 22,280 ---------- ---------- Total Redeemable Preferred Stock 45,656 45,667 ---------- ---------- Shareholders' Equity Common Stock 162,284 158,735 Series 1995-A Convertible Preferred Stock, $35.00 redemption value, 599,985 shares issued and outstanding 20,999 20,999 Unearned Stock Compensation (7,970) (6,050) Unrealized Investment Gains (Losses) 22,183 57,986 Cumulative Foreign Currency Translation Adjustment (981) (999) Retained Earnings 366,402 345,091 ---------- ---------- Total Shareholders' Equity 562,917 575,762 ---------- ---------- Total Liabilities, Redeemable Preferred Stock and Shareholders' Equity $3,004,456 $3,034,296 ========== ==========
See Notes to Consolidated and Condensed Financial Statements. 2 3 THE LIBERTY CORPORATION AND SUBSIDIARIES CONSOLIDATED AND CONDENSED STATEMENTS OF INCOME
Three Months ended Six Months ended June 30, June 30, ----------------------- ----------------------- (In 000's, except per share data) 1996 1995 1996 1995 -------- -------- -------- -------- (Unaudited) REVENUES Insurance Premiums & Policy Charges $ 78,480 $ 85,648 $156,006 $168,754 Broadcasting Revenues 34,786 32,134 63,666 56,887 Net Investment Income 38,201 35,932 75,465 71,172 Service Contract Revenue --- 2,232 --- 4,492 Realized Investment Gains (Losses) (1,006) (820) 189 (2,694) Other Income 195 --- 240 --- -------- -------- -------- -------- Total Revenues 150,656 155,126 295,566 298,611 -------- -------- -------- -------- EXPENSES Policyholder Benefits 52,990 61,420 110,518 123,552 Insurance Commissions 15,976 13,736 31,230 26,924 General Insurance Expenses 15,080 17,586 28,357 34,005 Amortization of Deferred Acquisition Costs 10,356 9,959 21,448 20,585 Broadcasting Expenses 23,479 22,119 45,231 40,156 Interest Expense 3,802 3,705 7,459 7,203 Other Expenses 4,508 3,755 6,198 7,260 -------- -------- -------- -------- Total Expenses 126,191 132,280 250,441 259,685 -------- -------- -------- -------- Income Before Income Taxes 24,465 22,846 45,125 38,926 Provision for Income Taxes 8,165 7,441 14,770 12,983 -------- -------- -------- -------- NET INCOME $ 16,300 $ 15,405 $ 30,355 $ 25,943 ======== ======== ======== ======== EARNINGS PER SHARE: (Exhibit 11) $ .75 $ .72 $ 1.39 $ 1.21 Dividends Per Common Share $ .185 $ .17 $ .355 $ .325
See Notes to Consolidated and Condensed Financial Statements. 3 4 THE LIBERTY CORPORATION AND SUBSIDIARIES CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, ------------------------------- (In 000's) 1996 1995 ------------------------------- (Unaudited) OPERATING ACTIVITIES Net Income $ 30,355 $ 25,943 Adjustments to reconcile net income to net cash provided (used) in operating activities: Increase in policy liabilities 44 22,696 Decrease in accounts payable and accrued liabilities 2,525 (2,583) Decrease in receivables 81 (73) Amortization of policy acquisition costs 21,448 20,646 Policy acquisition costs deferred (25,123) (28,473) Realized investment (gains) losses (189) 2,694 Gain on sale of operating assets (1,257) (1,522) Depreciation and amortization 10,913 9,215 Amortization of bond premium and discount (1,262) (3,273) Provision for deferred income taxes (168) 1,546 All other operating activities, net (14,850) (3,070) ----------- ----------- NET CASH PROVIDED BY OPERATING ACTIVITIES 22,517 43,746 INVESTMENT ACTIVITIES Investment securities sold - available for sale 86,260 85,968 Investment securities matured or redeemed by issuer: Available for sale 41,479 14,749 Held to maturity --- 13,159 Cost of investment securities acquired - available for sale (164,560) (169,590) Mortgage loans made (24,069) (4,599) Mortgage loan repayments 13,574 12,745 Purchase of investment real estate, buildings and equipment (27,265) (26,841) Sale of investment real estate, buildings and equipment 14,722 11,597 Purchase of short-term investments (52,559) (29,445) Sales of short-term investments 52,309 34,342 Net cash paid on purchase of television station --- (5,140) All other investment activities, net 2,942 (1,140) ----------- ----------- NET CASH USED IN INVESTING ACTIVITIES (57,167) (64,195) FINANCING ACTIVITIES Proceeds from borrowings 1,384,500 1,349,000 Principal payments on debt (1,372,495) (1,343,753) Dividends paid (9,045) (8,145) Stock issued for employee benefit and compensation programs 344 1,286 Return of policyholders' account balances (18,650) (18,343) Receipts credited to policyholders' account balances 36,729 39,269 ----------- ----------- NET CASH PROVIDED BY FINANCING ACTIVITIES 21,383 19,314 INCREASE (DECREASE) IN CASH (13,267) (1,135) Cash at beginning of year 43,741 51,400 ----------- ----------- CASH AT END OF PERIOD $ 30,474 $ 50,265 =========== ===========
See Notes to Consolidated and Condensed Financial Statements. 4 5 THE LIBERTY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS June 30, 1996 (Unaudited) 1. BASIS OF PRESENTATION The accompanying unaudited consolidated and condensed financial statements of The Liberty Corporation and Subsidiaries have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The information included is not necessarily indicative of the annual results that may be expected for the year ended December 31, 1996, but it does reflect all adjustments (which are of a normal and recurring nature) considered, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. For further information, refer to the consolidated financial statements and footnotes thereto included in The Liberty Corporation annual report on Form 10-K for the year ended December 31, 1995. 2. COMMITMENTS AND CONTINGENCIES At June 30, 1996, the Company had made commitments as shown below:
(In 000's) Investment real estate 1,688 Mortgage loans and bonds 16,640 Other 10,396 ------- $28,724 =======
5 6 PART I, ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION (Unaudited) OPERATIONS Consolidated second quarter net income of $16.3 million increased 6% over 1995's second quarter (see table below). Operating earnings (which exclude net realized investment gains and losses) increased $.9 million (5%) over 1995's second quarter. Net income reflects realized investment losses (after-tax) of $.6 million and $.7 million in the second quarter of 1996 and 1995, respectively. Year-to-date net income of $30.4 million increased 17% over the comparable 1995 period. Operating earnings increased $2.2 million (8%) over the same period of 1995. Net income includes realized investment gains (after tax) of $.3 million for the first six months of 1996 compared to realized investment losses of $1.9 million for the 1995 period.
Second Quarter Year-to-date --------------- ------------ 1996 1995 1996 1995 -------------------------------------------- Income Before Income Taxes $24,465 $22,846 $45,125 $38,926 Income Taxes 8,165 7,441 14,770 12,983 Net Income -------------------------------------------- $16,300 $15,405 $30,355 $25,943 ============================================
Excluding realized gains and losses, over the comparable prior year quarter the Company's insurance operations generated an increase in pre-tax income of $.6 million, broadcasting had an increase of $1.2 million, and the Parent Company was flat with the prior year. The $.6 million pre-tax earnings increase for insurance operations was primarily driven by Liberty Life, which saw an improvement of $.7 million versus the comparable prior year period. Compared to the second quarter of 1995, Liberty Life experienced an improvement in net investment income and reduced benefits expense. These improvements were offset by higher amortization of deferred acquisition costs in 1996, compared to the second quarter of 1995, in which Liberty Life experienced record-low lapses. The FamilySide pre-need business reported a $.2 million reduction in pretax earnings from the prior year, FamilySide is continuing to be impacted by lower sales since the rollout of the new product portfolio in late 1995. The second quarter of 1996 was the first quarter where all sales were from the new product portfolio. Sales are expected to improve during the second half of the year as the sales force becomes more comfortable with the product portfolio. The broadcasting operations showed improvement over last year's very strong second quarter, reporting pretax earnings of $9.0 million versus $7.8 million in 1995. Cosmos experienced improvement in all revenue lines compared to the second quarter 1995, with local revenues providing the strongest boost, generating an increase of 8% over the prior year. The parent company remained flat with the prior year, as a higher debt balance resulting in additional interest expense was offset by other operating expense savings. Consolidated revenues decreased $4.5 million (3%) from the prior year second quarter due to a $3.3 million (3%) decrease in revenues from the insurance operations, primarily due to lower premiums from FamilySide, a decrease in revenues from the parent company of $3.9 million due to a $4.8 million negative fluctuation in realized investment losses and the elimination of investment income recognized by the insurance operations on an intercompany transaction, and an increase in broadcasting revenues of $2.7 million. Excluding the impact of realized investment gains and losses, consolidated revenues decreased $4.3 million (3%). Insurance premiums and policy charges decreased $7.2 million (8%) from the prior year due to the continuing effects on the FamilySide preneed business associated with the rollout of an entirely new product line in late 1995. It is anticipated that sales of 6 7 The Liberty Corporation and Subsidiaries Management's Discussion and Analysis of Operations June 30, 1996 the new products will significantly improve during the second half of 1996. The $8.4 million decrease in FamilySide premium revenues were somewhat offset by a $1.2 million increase in Liberty Life's premiums. The negative year-to-date comparison for premiums is also due to the lower sales in FamilySide. The increase in broadcasting revenues for the quarter was driven by a local revenue increase of $1.3 million, and $.5 million increases in both national and political revenues. The year-to-date increase was partially due to WLOX contributing six months of revenues in 1996, compared to only four months in 1995. The decrease in service contract revenues and general insurance expenses is due to the fact that the operations of Liberty Insurance Services have been combined with the Company's 40% equity interest in the earnings of Alliance-One, and the total is being reported on an equity basis in Other Income. The $2.2 million (16%) increase in commissions is primarily related to the growth of the Company's accidental death product group. A substantial amount of this line of business is marketed through a third party marketer. All payments to this third party, which include commissions and certain payments for certain general and administrative functions, are reported as commissions expense. The year-to-date variance is also due to the reporting of the payments to this third party marketer. Year-to-date broadcasting expenses were up 13% due to the additional expenses associated with the WLOX-TV operation for two additional months during 1996 compared to 1995. Other expenses decreased for the six months compared to the prior year due to a one-time non-recurring adjustment of $2.4 million related to reducing previously accrued expenses due to a technical change in how vacation benefits are earned. INVESTMENTS As of June 30, 1996, approximately 60% of the Company's $2.0 billion consolidated invested assets were in bonds with an overall average credit rating of AA-. Approximately 3.2% of the bond portfolio was rated below investment grade. Approximately 56% of the Company's $1.4 billion bond portfolio at June 30, 1996, was comprised of mortgage-backed securities, the same percentage as held at December 31, 1995. Certain mortgage-backed securities are subject to significant prepayment or extension risk due to changes in interest rates. In periods of declining interest rates, mortgages may be repaid more rapidly than scheduled as borrowers refinance higher rate mortgages to take advantage of the lower current rates. As a result, holders of mortgage-backed securities may receive large prepayments on their investments which cannot be reinvested at interest rates comparable to the rates on the prepaid mortgages. In a rising interest rate environment refinancings are significantly curtailed and the payments to the holders of the securities decline, limiting the ability of the holder to reinvest at the higher interest rates. Mortgage-backed pass-through securities and sequential collateralized mortgage obligations ("CMO's"), which comprised 15% of the book value of the Company's mortgage-backed securities at June 30, 1996, and 20% at December 31, 1995, are sensitive to prepayment or extension risk. The remaining 85% of the Company's mortgage-backed investment portfolio at June 30, 1996, consisted of planned amortization class ("PAC") instruments compared to approximately 80% at December 31, 1995. These investments are designed to amortize in a more predictable manner by shifting the primary prepayment and extension risk of the underlying collateral to investors in other tranches of the CMO. Mortgage loans of $223.6 million comprised 11% of the consolidated investment portfolio at June 30, 1996. Substantially all of these mortgage loans are commercial mortgages with a loan to value ratio not exceeding 75% when made. These loans are concentrated in the southeast primarily in the states of North Carolina, South Carolina, Georgia, Florida, Virginia, Louisiana and Tennessee. 7 8 The Liberty Corporation and Subsidiaries Management's Discussion and Analysis of Operations June 30, 1996 Investment real estate at June 30, 1996, of $141.7 million comprised 7% of the consolidated investment portfolio, the same percentage as at December 31, 1995. Three key property types make up the bulk of the Company's real estate investment assets: residential land development, business parks, and business property rentals. The majority of the Company's investment real estate is located in South Carolina, Florida, Georgia, and North Carolina. FINANCIAL POSITION In accordance with the provisions of SFAS No. 115, "Accounting for Certain Investments in Debt and Equity Securities", the Company reported an unrealized gain of $22.2 million on fixed maturity securities available for sale and equity securities as of June 30, 1996. This compares with an unrealized gain of $58.0 million at December 31, 1995. The decrease is due to the negative impact on the market value of the portfolio associated with rising interest rates during the first half of the year. CAPITAL, FINANCING AND LIQUIDITY The Company's net cash flow from operating activities was $22.5 million for the first six months of 1996 compared to $43.7 million for the same period of 1995. The Company's net cash used in investing activities was $57.2 million, and cash flow provided from financing activities was $21.3 million. As a result of its activities, the Company had a $13.3 million decrease in cash compared to a decrease of $1.1 million in the same period in 1995. At June 30, 1996, the Company's borrowings and notes payable amounted to $272.1 million, an increase from the $258.4 million outstanding at December 31, 1995. The increase was primarily a function of borrowings used to meet working capital requirements in the parent company during the first six months of the year. The Company uses various interest rate swaps and caps to help minimize the impact of a potential significant rise in short term interest rates. (See the Company's 1995 Annual Report to Shareholders for a description of the interest rate swaps and caps in place.) The Company has not used interest rate swaps or any other derivative financial instruments to manage its interest rate exposure on interest sensitive universal-life type products. Other Company commitments are shown in Note 2 contained in the accompanying financial statements. Additional detail as to commitments and financing is contained in the Notes to the Consolidated Financial Statements in the Company's annual report on Form 10K for the year ended December 31, 1995. Further discussion of investments and valuation is contained in Notes 1 and 2 to the Consolidated Financial Statements in the Company's annual report on Form 10K for the year ended December 31, 1995. ACCOUNTING DEVELOPMENTS The Company adopted Statement of Financial Accounting Standard No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of" ("SFAS No. 121"), on January 1, 1996. The results of adoption did not have a material effect on the net income or financial position of the Company. For additional information, see Note 2 to the Consolidated and Condensed Financial Statements in the Company's first quarter report on Form 10-Q. The Company adopted Statement of Financial Accounting Standard No. 123, "Accounting for Stock-Based Compensation" ("SFAS No. 123"), on January 1, 1996. For additional information, see Note 3 to the Consolidated and Condensed Financial Statements in the Company's first quarter report on Form 10-Q. 8 9 PART II, ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS (a) The annual meeting of shareholders of the registrant was held May 7, 1996. (b) The following five individuals were elected as directors to serve for three-year terms: Rufus C. Barkley, Jr., W. W. Johnson, William S. Lee, Benjamin F. Payton, Eugene E. Stone IV. Listed below are directors who continued their term of office after the meeting: Edward E. Crutchfield, John R. Farmer, Lawrence M. Gressette, Jr., W. Hayne Hipp, William O. McCoy, Buck Mickel, John H. Mullin, III, and J. Thurston Roach. (c) Matters voted upon at the annual meeting are as follows:
WITHHELD/ BROKER FOR AGAINST ABSTENTIONS NONVOTES --------------------------------------------------------------------- To elect as directors: Rufus C. Barkley, Jr. 20,590,125 --- 70,703 --- W. W. Johnson 20,527,275 --- 133,533 --- William S. Lee 20,588,527 --- 72,301 --- Benjamin F. Payton 20,437,107 --- 223,721 --- Eugene E. Stone IV 20,589,675 --- 71,153 --- To elect as independent auditors: Ernst & Young LLP 20,635,333 6,975 18,520 ---
(d) There were no settlements between the registrant and any other participants. PART II, ITEM 6. EXHIBIT AND REPORTS ON FORM 8-K (a) A list of the exhibits filed with this report is included in the Index to Exhibits filed herewith. (b) The filing of Form 8-K was not required during the second quarter of 1996. INDEX TO EXHIBITS EXHIBIT 11 Consolidated Earnings Per Share Computation EXHIBIT 27 Financial Data Schedule (Electronic Filing Only) 9 10 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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 Date: August 12, 1996 (Registrant) /s/ H. Ray Eanes - ---------------- H. Ray Eanes Senior Vice President Finance & Treasurer /s/ John P. Smith - ----------------- John P. Smith Corporate Controller 10 EX-11 2 CONSOLIDATED EARNINGS PER SHARE 1 EXHIBIT 11 THE LIBERTY CORPORATION AND SUBSIDIARIES CONSOLIDATED EARNINGS PER SHARE COMPUTATION
Three Months Ended Six Months Ended June 30 June 30, ------------------------------- ---------------------------- 1996 1995 1996 1995 ----------- ----------- ----------- ----------- (Unaudited) PRIMARY SHARES - -------------- Common shares outstanding - end of period 20,175,451 19,981,581 20,175,451 19,981,581 Weighted average common shares outstanding 20,140,321 19,914,315 20,110,230 19,883,476 Weighted average common stock options outstanding 132,893 106,203 146,570 89,851 Preferred stock considered a common stock equivalent 599,985 599,985 599,985 403,324 ----------- ----------- ----------- ----------- Total primary shares 20,873,199 20,620,503 20,856,784 20,376,651 =========== =========== =========== =========== FULLY DILUTED SHARES - -------------------- Weighted average common shares outstanding 20,140,321 19,914,315 20,110,230 19,883,476 Weighted average common stock options outstanding 132,904 106,203 146,597 103,028 Preferred stock considered a common stock equivalent 599,985 599,985 599,985 403,324 Assumed conversion of redeemable preferred stock not considered a common stock equivalent 1,262,033 1,265,708 1,261,657 1,265,928 ----------- ----------- ----------- ----------- Total fully diluted shares 22,135,243 21,886,211 22,118,469 21,655,756 =========== =========== =========== =========== NET INCOME $16,300,000 $15,405,000 $30,355,000 $25,943,000 Preferred stock dividends on redeemable preferred stock $ 663,000 $ 665,000 $ 1,326,000 $ 1,330,000 ----------- ----------- ----------- ----------- Net income available to common shares $15,637,000 $14,740,000 $29,029,000 $24,613,000 =========== =========== =========== =========== Primary earnings per share (net income available to common shares divided by total primary shares) $ 0.75 $ 0.72 $ 1.39 $ 1.21 =========== =========== =========== =========== Fully diluted earnings per share (net income divided by total fully diluted shares) $ 0.74 $ 0.70 $ 1.37 $ 1.20 =========== =========== =========== ===========
11 EX-27 3 FINANCIAL DATA SCHEDULE
7 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF LIBERTY CORPORATION FOR THE SIX MONTHS ENDED JUNE 30, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS DEC-31-1996 JAN-01-1996 JUN-30-1996 1,453,341 0 0 81,315 223,611 141,671 2,021,629 30,474 256,657 360,970 3,004,456 1,828,043 0 5,849 29,242 272,126 45,656 20,999 162,284 379,634 3,004,456 156,006 75,465 189 63,906 110,518 21,448 59,587 45,125 14,770 30,355 0 0 0 30,355 1.39 1.37 0 0 0 0 0 0 0
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