Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - MEDIA GENERAL INC | d8k.htm |
| EX-99.1 - EXHIBIT 99.1 - MEDIA GENERAL INC | dex991.htm |
| EX-23.1 - EXHIBIT 23.1 - MEDIA GENERAL INC | dex231.htm |
| EX-23.2 - EXHIBIT 23.2 - MEDIA GENERAL INC | dex232.htm |
| EX-99.4 - EXHIBIT 99.4 - MEDIA GENERAL INC | dex994.htm |
| EX-99.8 - EXHIBIT 99.8 - MEDIA GENERAL INC | dex998.htm |
| EX-99.2 - EXHIBIT 99.2 - MEDIA GENERAL INC | dex992.htm |
| EX-99.9 - EXHIBIT 99.9 - MEDIA GENERAL INC | dex999.htm |
| EX-99.3 - EXHIBIT 99.3 - MEDIA GENERAL INC | dex993.htm |
| EX-99.7 - EXHIBIT 99.7 - MEDIA GENERAL INC | dex997.htm |
| EX-99.5 - EXHIBIT 99.5 - MEDIA GENERAL INC | dex995.htm |
| EX-99.6 - EXHIBIT 99.6 - MEDIA GENERAL INC | dex996.htm |
Exhibit 99.10
Guarantor Financial Information
From time to time, the Company’s subsidiaries may guarantee the debt securities of the parent company. The following financial information presents condensed consolidating balance sheets, statements of operations, and statements of cash flows for the parent company, the Guarantor Subsidiaries, and the non-Guarantor Subsidiaries, which is comprised of certain variable interest entities for which the Company is the primary beneficiary, together with certain eliminations as of December 27, 2009, December 28, 2008 and December 30, 2007.
Media General, Inc.
Condensed Consolidating Balance Sheet
As of December 27, 2009
(In thousands, unaudited)
| Media General Corporate |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminations | Media General Consolidated |
||||||||||||||||
| ASSETS |
||||||||||||||||||||
| Current assets: |
||||||||||||||||||||
| Cash & cash equivalents |
$ | 31,691 | $ | 1,541 | $ | — | $ | — | $ | 33,232 | ||||||||||
| Accounts receivable, net |
— | 104,405 | — | — | 104,405 | |||||||||||||||
| Inventories |
2 | 6,630 | — | — | 6,632 | |||||||||||||||
| Other current assets |
3,141 | 83,375 | — | (25,730 | ) | 60,786 | ||||||||||||||
| Total current assets |
34,834 | 195,951 | — | (25,730 | ) | 205,055 | ||||||||||||||
| Investment in and advances to subsidiaries |
191,298 | 1,688,840 | — | (1,880,138 | ) | — | ||||||||||||||
| Intercompany note receivable |
742,219 | — | — | (742,219 | ) | — | ||||||||||||||
| Other assets |
16,928 | 16,946 | 303 | — | 34,177 | |||||||||||||||
| Property, plant & equipment, net |
28,702 | 392,506 | — | — | 421,208 | |||||||||||||||
| Excess cost over fair value |
— | 355,017 | — | — | 355,017 | |||||||||||||||
| FCC licenses and other intangibles |
— | 220,591 | — | — | 220,591 | |||||||||||||||
| TOTAL ASSETS |
$ | 1,013,981 | $ | 2,869,851 | $ | 303 | $ | (2,648,087 | ) | $ | 1,236,048 | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||||||||||
| Current liabilities: |
||||||||||||||||||||
| Accounts payable |
$ | 9,074 | $ | 17,330 | $ | — | $ | (6 | ) | $ | 26,398 | |||||||||
| Accrued expenses and other liabilities |
24,537 | 73,367 | — | (25,730 | ) | 72,174 | ||||||||||||||
| Total current liabilities |
33,611 | 90,697 | — | (25,736 | ) | 98,572 | ||||||||||||||
| Long-term debt |
711,881 | 28 | — | — | 711,909 | |||||||||||||||
| Intercompany loan |
— | 742,219 | — | (742,219 | ) | — | ||||||||||||||
| Deferred income taxes |
— | 7,233 | — | — | 7,233 | |||||||||||||||
| Retirement, post-retirement and post-employment plans |
173,017 | — | — | — | 173,017 | |||||||||||||||
| Other deferred credits |
46,740 | 5,162 | 1,164 | — | 53,066 | |||||||||||||||
| Stockholders’ equity |
||||||||||||||||||||
| Common stock |
113,969 | 4,872 | — | (4,872 | ) | 113,969 | ||||||||||||||
| Additional paid-in capital |
26,011 | 2,435,790 | (1,919 | ) | (2,435,629 | ) | 24,253 | |||||||||||||
| Accumulated other comprehensive income |
(117,703 | ) | — | — | — | (117,703 | ) | |||||||||||||
| Retained earnings |
26,455 | (416,150 | ) | 1,058 | 560,369 | 171,732 | ||||||||||||||
| Total stockholders’ equity |
48,732 | 2,024,512 | (861 | ) | (1,880,132 | ) | 192,251 | |||||||||||||
| TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY |
$ | 1,013,981 | $ | 2,869,851 | $ | 303 | $ | (2,648,087 | ) | $ | 1,236,048 | |||||||||
Media General, Inc.
Condensed Consolidating Statements of Operations
Fiscal Year Ended December 27, 2009
(In thousands, unaudited)
| Media General Corporate |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminations | Median General Consolidated |
||||||||||||||||
| Revenues |
$ | 28,685 | $ | 756,395 | $ | — | $ | (127,468 | ) | $ | 657,612 | |||||||||
| Operating costs: |
||||||||||||||||||||
| Employee compensation |
27,882 | 271,900 | 657 | — | 300,439 | |||||||||||||||
| Production |
— | 157,131 | — | (2,346 | ) | 154,785 | ||||||||||||||
| Selling, general and administrative |
(4,291 | ) | 223,438 | — | (125,116 | ) | 94,031 | |||||||||||||
| Depreciation and amortization |
2,484 | 56,696 | — | (2 | ) | 59,178 | ||||||||||||||
| Goodwill and other asset impairment |
— | 84,220 | — | — | 84,220 | |||||||||||||||
| Gain on insurance recovery |
— | (1,915 | ) | — | — | (1,915 | ) | |||||||||||||
| Total operating costs |
26,075 | 791,470 | 657 | (127,464 | ) | 690,738 | ||||||||||||||
| Operating income (loss) |
2,610 | (35,075 | ) | (657 | ) | (4 | ) | (33,126 | ) | |||||||||||
| Other income (expense): |
||||||||||||||||||||
| Interest expense |
(41,971 | ) | (7 | ) | — | — | (41,978 | ) | ||||||||||||
| Intercompany interest income (expense) |
42,217 | (42,217 | ) | — | — | — | ||||||||||||||
| Impairment of and income on investments |
— | 701 | — | — | 701 | |||||||||||||||
| Investment income (loss)—consolidated affiliates |
(41,055 | ) | — | — | 41,055 | — | ||||||||||||||
| Other, net |
1,151 | (179 | ) | — | — | 972 | ||||||||||||||
| Total other income (expense) |
(39,658 | ) | (41,702 | ) | — | 41,055 | (40,305 | ) | ||||||||||||
| Loss from continuing operations before income taxes |
(37,048 | ) | (76,777 | ) | (657 | ) | 41,051 | (73,431 | ) | |||||||||||
| Income tax benefit |
(1,283 | ) | (27,355 | ) | — | — | (28,638 | ) | ||||||||||||
| Loss from continuing operations |
(35,765 | ) | (49,422 | ) | (657 | ) | 41,051 | (44,793 | ) | |||||||||||
| Income from discontinued operations (net of taxes) |
— | 155 | — | — | 155 | |||||||||||||||
| Gain related to divestiture of operations (net of taxes) |
— | 8,873 | — | — | 8,873 | |||||||||||||||
| Net loss |
(35,765 | ) | (40,394 | ) | (657 | ) | 41,051 | (35,765 | ) | |||||||||||
| Other comprehensive income (net of tax) |
70,436 | — | — | — | 70,436 | |||||||||||||||
| Comprehensive income (loss) |
$ | 34,671 | $ | (40,394 | ) | $ | (657 | ) | $ | 41,051 | $ | 34,671 | ||||||||
Media General, Inc.
Condensed Consolidating Statements of Cash Flows
Fiscal Year Ended December 27, 2009
(In thousands, unaudited)
| Media General Corporate |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminations | Media General Consolidated |
||||||||||||||||
| Cash flows from operating activities: |
||||||||||||||||||||
| Net cash provided by operating activities |
$ | 20,480 | $ | 13,291 | $ | 7 | $ | — | $ | 33,778 | ||||||||||
| Cash flows from investing activities: |
||||||||||||||||||||
| Capital expenditures |
(1,221 | ) | (17,232 | ) | — | — | (18,453 | ) | ||||||||||||
| Proceeds from sale of discontinued operations |
17,625 | — | — | — | 17,625 | |||||||||||||||
| Insurance proceeds related to machinery and equipment |
— | 3,120 | — | — | 3,120 | |||||||||||||||
| Net change in intercompany note receivable |
7,781 | — | — | (7,781 | ) | — | ||||||||||||||
| Collection of receivable note |
— | 5,000 | — | — | 5,000 | |||||||||||||||
| Other, net |
(623 | ) | 3,614 | — | — | 2,991 | ||||||||||||||
| Net cash provided (used) by investing activities |
23,562 | (5,498 | ) | — | (7,781 | ) | 10,283 | |||||||||||||
| Cash flows from financing activities: |
||||||||||||||||||||
| Increase in debt |
215,700 | — | — | — | 215,700 | |||||||||||||||
| Payment of debt |
(233,819 | ) | (21 | ) | — | — | (233,840 | ) | ||||||||||||
| Net change in intercompany loan |
— | (7,781 | ) | — | 7,781 | — | ||||||||||||||
| Other, net |
175 | 1 | (7 | ) | — | 169 | ||||||||||||||
| Net cash (used) provided by financing activities |
(17,944 | ) | (7,801 | ) | (7 | ) | 7,781 | (17,971 | ) | |||||||||||
| Net increase (decrease) in cash and cash equivalents |
26,098 | (8 | ) | — | — | 26,090 | ||||||||||||||
| Cash and cash equivalents at beginning of year |
5,593 | 1,549 | — | — | 7,142 | |||||||||||||||
| Cash and cash equivalents at end of period |
$ | 31,691 | $ | 1,541 | $ | — | $ | — | $ | 33,232 | ||||||||||
Media General, Inc.
Condensed Consolidating Balance Sheet
As of December 28, 2008
(In thousands, unaudited)
| Media General Corporate |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminations | Media General Consolidated |
||||||||||||||||
| ASSETS |
||||||||||||||||||||
| Current assets: |
||||||||||||||||||||
| Cash & cash equivalents |
$ | 5,593 | $ | 1,549 | $ | — | $ | — | $ | 7,142 | ||||||||||
| Accounts receivable, net |
— | 102,174 | — | — | 102,174 | |||||||||||||||
| Inventories |
2 | 12,033 | — | — | 12,035 | |||||||||||||||
| Other current assets |
2,699 | 67,463 | — | (31,313 | ) | 38,849 | ||||||||||||||
| Assets of discontinued operations |
— | 12,402 | — | — | 12,402 | |||||||||||||||
| Total current asset |
8,294 | 195,621 | — | (31,313 | ) | 172,602 | ||||||||||||||
| Investment in and advances to subsidiaries |
300,565 | 1,597,504 | — | (1,898,069 | ) | — | ||||||||||||||
| Intercompany note receivable |
750,000 | — | — | (750,000 | ) | — | ||||||||||||||
| Other assets |
47,165 | 18,315 | 243 | (24,436 | ) | 41,287 | ||||||||||||||
| Property, plant & equipment, net |
30,860 | 422,767 | — | — | 453,627 | |||||||||||||||
| Excess cost over fair value |
— | 421,470 | — | — | 421,470 | |||||||||||||||
| FCC licenses and other intangibles |
— | 245,266 | — | — | 245,266 | |||||||||||||||
| TOTAL ASSETS |
$ | 1,136,884 | $ | 2,900,943 | $ | 243 | $ | (2,703,818 | ) | $ | 1,334,252 | |||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||||||||||
| Current liabilities: |
||||||||||||||||||||
| Accounts payable |
$ | 16,024 | $ | 25,347 | $ | — | $ | (6 | ) | $ | 41,365 | |||||||||
| Accrued expenses and other liabilities |
25,519 | 92,086 | — | (31,314 | ) | 86,291 | ||||||||||||||
| Liabilities of discontinued operations |
— | 3,053 | — | — | 3,053 | |||||||||||||||
| Total current liabilities |
41,543 | 120,486 | — | (31,320 | ) | 130,709 | ||||||||||||||
| Long-term debt |
730,000 | 49 | — | — | 730,049 | |||||||||||||||
| Intercompany loan |
— | 750,000 | — | (750,000 | ) | — | ||||||||||||||
| Retirement, post-retirement and post-employment plans |
251,175 | — | — | — | 251,175 | |||||||||||||||
| Other deferred credits |
60,087 | 7,014 | 440 | (449 | ) | 67,092 | ||||||||||||||
| Stockholders’ equity |
||||||||||||||||||||
| Common stock |
114,010 | 4,872 | — | (4,872 | ) | 114,010 | ||||||||||||||
| Additional paid-in capital |
23,846 | 2,436,495 | (1,912 | ) | (2,436,495 | ) | 21,934 | |||||||||||||
| Accumulated other comprehensive income |
(188,139 | ) | — | — | — | (188,139 | ) | |||||||||||||
| Retained earnings |
104,362 | (417,973 | ) | 1,715 | 519,318 | 207,422 | ||||||||||||||
| Total stockholders’ equity |
54,079 | 2,023,394 | (197 | ) | (1,922,049 | ) | 155,227 | |||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 1,136,884 | $ | 2,900,943 | $ | 243 | $ | (2,703,818 | ) | $ | 1,334,252 | |||||||||
Media General, Inc.
Condensed Consolidating Statements of Operations
Fiscal Year Ended December 28, 2008
(In thousands, unaudited)
| Media General Corporate |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminations | Media General Consolidated |
||||||||||||||||
| Revenues |
$ | 39,395 | $ | 922,853 | $ | — | $ | (164,873 | ) | $ | 797,375 | |||||||||
| Operating costs: |
||||||||||||||||||||
| Employee compensation |
32,190 | 349,961 | (1,715 | ) | (2 | ) | 380,434 | |||||||||||||
| Production |
— | 197,758 | — | (4,724 | ) | 193,034 | ||||||||||||||
| Selling, general and administrative |
(1,204 | ) | 272,881 | — | (160,128 | ) | 111,549 | |||||||||||||
| Depreciation and amortization |
2,784 | 68,690 | — | (10 | ) | 71,464 | ||||||||||||||
| Goodwill and other asset impairment |
— | 908,701 | — | — | 908,701 | |||||||||||||||
| Gain on insurance recovery |
— | (3,250 | ) | — | — | (3,250 | ) | |||||||||||||
| Total operating costs |
33,770 | 1,794,741 | (1,715 | ) | (164,864 | ) | 1,661,932 | |||||||||||||
| Operating income (loss) |
5,625 | (871,888 | ) | 1,715 | (9 | ) | (864,557 | ) | ||||||||||||
| Other income (expense): |
||||||||||||||||||||
| Interest expense |
(43,441 | ) | (8 | ) | — | — | (43,449 | ) | ||||||||||||
| Intercompany interest income (expense) |
42,653 | (42,653 | ) | — | — | — | ||||||||||||||
| Impairment of and loss on investments |
(39 | ) | (4,380 | ) | — | — | (4,419 | ) | ||||||||||||
| Investment income (loss)-consolidated affiliates |
(630,589 | ) | — | — | 630,589 | — | ||||||||||||||
| Other, net |
875 | 104 | — | — | 979 | |||||||||||||||
| Total other income (expense) |
(630,541 | ) | (46,937 | ) | — | 630,589 | (46,889 | ) | ||||||||||||
| Income (loss) from continuing operations before income taxes |
(624,916 | ) | (918,825 | ) | 1,715 | 630,580 | (911,446 | ) | ||||||||||||
| Income tax expense (benefit) |
6,938 | (295,129 | ) | — | — | (288,191 | ) | |||||||||||||
| Income (loss) from continuing operations |
(631,854 | ) | (623,696 | ) | 1,715 | 630,580 | (623,255 | ) | ||||||||||||
| Income from discontinued operations (net of taxes) |
— | 2,701 | — | — | 2,701 | |||||||||||||||
| Loss related to divestiture of operations (net of taxes) |
— | (11,300 | ) | — | (11,300 | ) | ||||||||||||||
| Net income (loss) |
(631,854 | ) | (632,295 | ) | 1,715 | 630,580 | (631,854 | ) | ||||||||||||
| Other comprehensive loss (net of tax) |
(110,862 | ) | — | — | — | (110,862 | ) | |||||||||||||
| Comprehensive income (loss) |
$ | (742,716 | ) | $ | (632,295 | ) | $ | 1,715 | $ | 630,580 | $ | (742,716 | ) | |||||||
Media General, Inc.
Condensed Consolidating Statements of Cash Flows
Fiscal Year Ended December 28, 2008
(In thousands, unaudited)
| Media General Corporate |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminations | Media General Consolidated |
||||||||||||||||
| Cash flows from operating activities: |
||||||||||||||||||||
| Net cash (used) provided by operating activities |
$ | (59,545 | ) | $ | 158,213 | $ | 90 | $ | — | $ | 98,758 | |||||||||
| Cash flows from investing activities: |
||||||||||||||||||||
| Capital expenditures |
(4,698 | ) | (26,819 | ) | — | — | (31,517 | ) | ||||||||||||
| Purchase of businesses |
(23,804 | ) | — | — | — | (23,804 | ) | |||||||||||||
| Proceeds from sales of discontinued operations and investments |
78,836 | 59,466 | — | — | 138,302 | |||||||||||||||
| Net change in intercompany note receivable |
186,500 | — | — | (186,500 | ) | — | ||||||||||||||
| Funding of note receivable |
— | (5,000 | ) | — | — | (5,000 | ) | |||||||||||||
| Other, net |
5,833 | 49 | — | — | 5,882 | |||||||||||||||
| Net cash provided (used) by investing activities |
242,667 | 27,696 | — | (186,500 | ) | 83,863 | ||||||||||||||
| Cash flows from financing activities: |
||||||||||||||||||||
| Increase in debt |
330,000 | — | — | — | 330,000 | |||||||||||||||
| Repayment of debt |
(497,500 | ) | (23 | ) | — | — | (497,523 | ) | ||||||||||||
| Debt issuance costs |
(4,182 | ) | — | — | — | (4,182 | ) | |||||||||||||
| Cash dividends paid |
(18,510 | ) | — | — | — | (18,510 | ) | |||||||||||||
| Net change in intercompany loan |
— | (186,500 | ) | — | 186,500 | — | ||||||||||||||
| Other, net |
610 | 2 | (90 | ) | — | 522 | ||||||||||||||
| Net cash (used) provided by financing activities |
(189,582 | ) | (186,521 | ) | (90 | ) | 186,500 | (189,693 | ) | |||||||||||
| Net decrease in cash and cash equivalents |
(6,460 | ) | (612 | ) | — | — | (7,072 | ) | ||||||||||||
| Cash and cash equivalents at beginning of year |
12,053 | 2,161 | — | — | 14,214 | |||||||||||||||
| Cash and cash equivalents at end of period |
$ | 5,593 | $ | 1,549 | $ | — | $ | — | $ | 7,142 | ||||||||||
Media General, Inc.
Condensed Consolidating Balance Sheet
As of December 30, 2007
(In thousands, unaudited)
| Media General Corporate |
Guarantor Subsidiaries |
Eliminations | Media General Consolidated |
|||||||||||||
| ASSETS |
||||||||||||||||
| Current assets: |
||||||||||||||||
| Cash & cash equivalents |
$ | 12,053 | $ | 2,161 | $ | — | $ | 14,214 | ||||||||
| Accounts receivable, net |
— | 133,576 | — | 133,576 | ||||||||||||
| Inventories |
1 | 6,825 | (150 | ) | 6,676 | |||||||||||
| Other current assets |
11,368 | 77,774 | (37,102 | ) | 52,040 | |||||||||||
| Assets of discontinued operations |
— | 107,355 | — | 107,355 | ||||||||||||
| Total current assets |
23,422 | 327,691 | (37,252 | ) | 313,861 | |||||||||||
| Investment in unconsolidated affiliates |
1,435 | 50,925 | — | 52,360 | ||||||||||||
| Investment in and advances to subsidiaries |
891,486 | 1,591,428 | (2,482,914 | ) | — | |||||||||||
| Intercompany note receivable |
936,500 | — | (936,500 | ) | — | |||||||||||
| Other assets |
45,989 | 21,212 | (1,527 | ) | 65,674 | |||||||||||
| Property, plant & equipment, net |
87,440 | 387,533 | — | 474,973 | ||||||||||||
| Excess cost over fair value |
— | 917,521 | — | 917,521 | ||||||||||||
| FCC licenses and other intangibles |
— | 646,677 | — | 646,677 | ||||||||||||
| TOTAL ASSETS |
$ | 1,986,272 | $ | 3,942,987 | $ | (3,458,193 | ) | $ | 2,471,066 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY |
||||||||||||||||
| Current liabilities: |
||||||||||||||||
| Accounts payable |
$ | 12,903 | $ | 19,757 | $ | (6 | ) | $ | 32,654 | |||||||
| Accrued expenses and other liabilities |
31,626 | 107,229 | (37,102 | ) | 101,753 | |||||||||||
| Liabilities of discontinued operations |
— | 5,614 | — | 5,614 | ||||||||||||
| Total current liabilities |
44,529 | 132,600 | (37,108 | ) | 140,021 | |||||||||||
| Long-term debt |
897,500 | 72 | — | 897,572 | ||||||||||||
| Intercompany loan |
— | 936,500 | (936,500 | ) | — | |||||||||||
| Deferred income taxes |
(14,510 | ) | 326,098 | — | 311,588 | |||||||||||
| Retirement, post-retirement and post-employment plans |
147,578 | — | — | 147,578 | ||||||||||||
| Other deferred credits |
56,114 | 4,231 | 955 | 61,300 | ||||||||||||
| Stockholders’ equity |
||||||||||||||||
| Common stock |
113,059 | 4,872 | (4,872 | ) | 113,059 | |||||||||||
| Additional paid-in capital |
19,713 | 2,412,059 | (2,412,059 | ) | 19,713 | |||||||||||
| Accumulated other comprehensive income |
(74,816 | ) | (2,461 | ) | — | (77,277 | ) | |||||||||
| Retained earnings |
797,105 | 129,016 | (68,609 | ) | 857,512 | |||||||||||
| Total stockholders’ equity |
855,061 | 2,543,486 | (2,485,540 | ) | 913,007 | |||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 1,986,272 | $ | 3,942,987 | $ | (3,458,193 | ) | $ | 2,471,066 | |||||||
Media General, Inc.
Condensed Consolidating Statements of Operations
Fiscal Year Ended December 30, 2007
(In thousands, unaudited)
| Media General Corporate |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminations | Media General Consolidated |
||||||||||||||||
| Revenues |
$ | 38,278 | $ | 1,043,095 | $ | — | $ | (185,080 | ) | $ | 896,293 | |||||||||
| Operating costs: |
||||||||||||||||||||
| Employee compensation |
34,847 | 364,324 | — | (14 | ) | 399,157 | ||||||||||||||
| Production |
— | 220,528 | — | (9,102 | ) | 211,426 | ||||||||||||||
| Selling, general and administrative |
15,319 | 312,474 | (26,976 | ) | (175,933 | ) | 124,884 | |||||||||||||
| Depreciation and amortization |
4,434 | 68,205 | 390 | (31 | ) | 72,998 | ||||||||||||||
| Gain on insurance recovery |
— | (17,604 | ) | — | — | (17,604 | ) | |||||||||||||
| Total operating costs |
54,600 | 947,927 | (26,586 | ) | (185,080 | ) | 790,861 | |||||||||||||
| Operating income (loss) |
(16,322 | ) | 95,168 | 26,586 | — | 105,432 | ||||||||||||||
| Other income (expense): |
||||||||||||||||||||
| Interest expense |
(58,337 | ) | (5 | ) | (1,235 | ) | — | (59,577 | ) | |||||||||||
| Intercompany interest income (expense) |
60,407 | (60,407 | ) | — | — | — | ||||||||||||||
| Investment loss—unconsolidated affiliates |
(756 | ) | (34,069 | ) | — | — | (34,825 | ) | ||||||||||||
| Investment income (loss)—consolidated affiliates |
9,406 | — | — | (9,406 | ) | — | ||||||||||||||
| Other, net |
3,233 | (2,194 | ) | 87 | — | 1,126 | ||||||||||||||
| Total other income (expense) |
13,953 | (96,675 | ) | (1,148 | ) | (9,406 | ) | (93,276 | ) | |||||||||||
| Income (loss) from continuing operations before income taxes |
(2,369 | ) | (1,507 | ) | 25,438 | (9,406 | ) | 12,156 | ||||||||||||
| Income tax expense (benefit) |
(13,056 | ) | 6,103 | 9,874 | — | 2,921 | ||||||||||||||
| Income (loss) from continuing operations |
10,687 | (7,610 | ) | 15,564 | (9,406 | ) | 9,235 | |||||||||||||
| Income from discontinued operations (net of taxes) |
— | 3,452 | — | — | 3,452 | |||||||||||||||
| Loss related to divestiture of operations (net of taxes) |
— | (2,000 | ) | — | — | (2,000 | ) | |||||||||||||
| Net income (loss) |
10,687 | (6,158 | ) | 15,564 | (9,406 | ) | 10,687 | |||||||||||||
| Other comprehensive income (net of tax) |
33,265 | 706 | — | — | 33,971 | |||||||||||||||
| Comprehensive income (loss) |
$ | 43,952 | $ | (5,452 | ) | $ | 15,564 | $ | (9,406 | ) | $ | 44,658 | ||||||||
Media General, Inc.
Condensed Consolidating Statements of Cash Flows
Fiscal Year Ended December 30, 2007
(In thousands, unaudited)
| Media General Corporate |
Guarantor Subsidiaries |
Non-Guarantor Subsidiaries |
Eliminations | Media General Consolidated |
||||||||||||||||
| Cash flows from operating activities: |
||||||||||||||||||||
| Net cash provided (used) by operating activities |
$ | 125,593 | $ | (94,326 | ) | $ | 99,562 | $ | — | $ | 130,829 | |||||||||
| Cash flows from investing activities: |
||||||||||||||||||||
| Capital expenditures |
(11,460 | ) | (66,682 | ) | — | — | (78,142 | ) | ||||||||||||
| Purchase of business |
(2,525 | ) | — | — | — | (2,525 | ) | |||||||||||||
| Insurance proceeds related to machinery and equipment |
— | 27,841 | — | — | 27,841 | |||||||||||||||
| Net change in intercompany note receivable |
(125,500 | ) | — | — | 125,500 | — | ||||||||||||||
| Distribution from unconsolidated affiliate |
— | 5,000 | — | — | 5,000 | |||||||||||||||
| Other, net |
5,584 | 2,661 | — | — | 8,245 | |||||||||||||||
| Net cash (used) provided by investing activities |
(133,901 | ) | (31,180 | ) | — | 125,500 | (39,581 | ) | ||||||||||||
| Cash flows from financing activities: |
||||||||||||||||||||
| Increase in debt |
570,000 | — | — | — | 570,000 | |||||||||||||||
| Repayment of debt |
(493,500 | ) | (3 | ) | (95,320 | ) | — | (588,823 | ) | |||||||||||
| Stock repurchase |
(48,716 | ) | — | — | — | (48,716 | ) | |||||||||||||
| Debt issuance costs |
(1,010 | ) | — | — | — | (1,010 | ) | |||||||||||||
| Cash dividends paid |
(21,156 | ) | — | — | — | (21,156 | ) | |||||||||||||
| Net change in intercompany loan |
— | 125,500 | — | (125,500 | ) | — | ||||||||||||||
| Other, net |
4,985 | — | (4,242 | ) | — | 743 | ||||||||||||||
| Net cash provided (used) by financing activities |
10,603 | 125,497 | (99,562 | ) | (125,500 | ) | (88,962 | ) | ||||||||||||
| Net increase (decrease) in cash and cash equivalents |
2,295 | (9 | ) | — | — | 2,286 | ||||||||||||||
| Cash and cash equivalents at beginning of year |
9,758 | 2,170 | — | — | 11,928 | |||||||||||||||
| Cash and cash equivalents at end of period |
$ | 12,053 | $ | 2,161 | $ | — | $ | — | $ | 14,214 | ||||||||||