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SECURITY AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-Q-A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
September 30, 1998
ADAMS OUTDOOR ADVERTISING LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
Commission File No. 333-3338
Minnesota 41-1540241
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
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ADAMS OUTDOOR ADVERTISING, INC.
(Exact name of registrant as specified in its charter)
Commission File No. 333-3338-01
Minnesota 41-1540245
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
130 West Paces Ferry Road, N.W.
Suite 170, South Wing
Atlanta, GA 30327
(Address of principal executive offices)
(404) 233-1366
(Registrant's telephone number, including area code)
Securities Registered Pursuant to Section 12(b) of the Act:
None.
Securities Registered Pursuant to Section 12(g) of the Act:
10 3/4% Senior Notes Due 2006
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
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Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date. (Applicable only to Adams
Outdoor Advertising, Inc.)
Class Outstanding as of November 12, 1998
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Common Stock,
$.001 par value 10,000
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Adams Outdoor Advertising
Year 2000 MD&A Disclosure
Overview:
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The "Year 2000 issue" is a general term used to describe the various problems
that may result from the improper processing of dates and date-sensitive
calculations by computers and other machinery as the year 2000 approaches. The
Year 2000 issue exists because many existing computer systems and software
products have been written using two digits, rather than four, to define the
applicable year, thus not properly recognizing dates after December 31, 1999.
Company's State of Readiness:
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The Company recognizes the need to ensure that its operations will not be
adversely impacted by Year 2000 software failures and has therefore undertaken
the project of identifying and resolving its Year 2000 issues. The Company's
assessment included both its software and hardware. The Company has identified
all significant applications that require modification to ensure Year 2000
compliance and during the second quarter of 1998, Year 2000 compliant versions
of these programs (primarily financial applications) were installed. The vendor
upgrades have been tested and certified as Year 2000 compliant by an independent
third party.
In addition, the Company has communicated with others with whom it does
significant business to determine their Year 2000 Compliance readiness and the
extent to which the Company is vulnerable to any third party Year 2000 issues.
However, there can be no guarantee that the systems of other companies on which
the Company's systems rely will be timely converted, or that a failure to
convert by another company, or a conversion that is incompatible with the
Company's systems, would not have a material adverse effect on the Company.
Costs to Address the Company's Year 2000 Issues:
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During 1997 and the first nine months of 1998, the Company incurred
approximately $100,000 and $150,000, respectively in Year 2000 compliance
efforts and estimates of additional costs to complete its Year 2000 compliance
plan are not anticipated to be material to the Company's financial condition or
results of operations.
Risks of the Company's Year 2000 Issues and the Company's Contingency Plans:
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Based on the results of its review of Year 2000 issues to date and compliance
efforts completed, the Company does not believe that the Year 2000 issue
presents a significant risk of disruption of the Company's ability to transact
business with its major customers and suppliers. Therefore, the Company does not
believe that a contingency plan to handle Year 2000 problems is necessary at
this time and has not yet developed such a plan. The Company will, however,
continue to monitor the Year 2000 issues and evaluate the need for a contingency
plan to handle the most reasonably likely worst case Year 2000 scenario.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrants have duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: February 16, 1999 ADAMS OUTDOOR ADVERTISING
LIMITED PARTNERSHIP
By Adams Outdoor Advertising, Inc.
Its General Partner
By /s/ J. Kevin Gleason
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J. Kevin Gleason
President and Chief Executive Officer
By /s/ Abe Levine
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Abe Levine
Chief Financial Officer
(Principal Financial and
Accounting Officer)
ADAMS OUTDOOR ADVERTISING, INC.
By /s/ J. Kevin Gleason
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J. Kevin Gleason
President and Chief Executive Officer
By /s/ Abe Levine
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Abe Levine
Chief Financial Officer
(Principal Financial and
Accounting Officer)