<PAGE>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------
FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the quarterly period ended March 26, 2000
OR
[ ] 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: 1-12955
JOURNAL REGISTER COMPANY
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE 22-3498615
(State or Other Jurisdiction of Incorporation (I.R.S. Employer
or Organization) Identification No.)
50 WEST STATE STREET, TRENTON, NEW JERSEY 08608-1298
(Address of Principal Executive Offices) (Zip Code)
(609) 396-2200
(Registrant's Telephone Number, Including Area Code)
---------------------------------------------------
(Former Name, Former Address and Former Fiscal Year, if
Changed Since Last Report)
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 issuer's classes of
common stock, as of the latest practicable date: common stock, $.01 par value
per share, 45,207,628 shares outstanding (exclusive of treasury shares) as of
May 8, 2000.
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<PAGE>
JOURNAL REGISTER COMPANY
INDEX TO FORM 10-Q
PART I. FINANCIAL INFORMATION
PAGE NO.
Item 1. Financial Statements (Unaudited):
Condensed Consolidated Balance Sheets..................... 2
Condensed Consolidated Statements of Income .............. 3
Condensed Consolidated Statements of Cash Flows........... 4
Notes to Unaudited Condensed Consolidated Financial
Statements................................................ 5
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations................................. 6
Item 3. Quantitative and Qualitative Disclosures About Market
Risk...................................................... 8
PART II. OTHER INFORMATION
Item 1. Legal Proceedings......................................... 9
Item 2. Changes in Securities and Use of Proceeds................. 9
Item 3. Defaults Upon Senior Securities........................... 9
Item 4. Submission of Matters to a Vote of Security Holders....... 9
Item 5. Other Information......................................... 9
Item 6. Exhibits and Reports on Form 8-K.......................... 9
Signature......................................................... 10
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<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
JOURNAL REGISTER COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
March 26, December 26,
2000 1999
--------- ------------
ASSETS
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 2,561 $ 3,090
Accounts receivable, less allowance for doubtful accounts of $5,457 at
March 26, 2000 and $6,293 at December 26, 1999 60,956 65,597
Inventories 9,669 9,899
Deferred income taxes 3,367 2,721
Other current assets 6,299 7,090
--------- ---------
Total current assets 82,852 88,397
Property, plant and equipment: 248,275 246,836
Less accumulated depreciation (144,737) (141,860)
--------- ---------
103,538 104,976
Intangible and other assets, net of accumulated amortization of $46,398 at
March 26, 2000 and $42,751 at December 26, 1999 491,839 493,807
--------- ---------
Total assets $ 678,229 $ 687,180
========= =========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Current maturities of long-term debt $ 26,000 $ 19,500
Accounts payable 10,289 14,617
Income taxes payable 1,834 438
Accrued interest 6,482 6,886
Other accrued expenses and current liabilities 30,598 31,439
--------- ---------
Total current liabilities 75,203 72,880
Senior debt, less current maturities 699,560 711,967
Deferred income taxes 21,773 20,291
Accrued retiree benefits and other liabilities 15,119 15,920
Income taxes payable 76,409 73,505
Commitments and contingencies
Stockholders' deficit:
Common stock, $.01 par value per share, 300,000,000 shares authorized,
48,437,581 issued at March 26, 2000 and December 26, 1999 484 484
Additional paid-in capital 358,244 358,244
Accumulated deficit (527,684) (536,156)
--------- ---------
Total (168,956) (177,428)
Less treasury stock, 3,139,453 and 2,362,953 shares, at cost on
March 26, 2000 and December 26, 1999, respectively (40,719) (29,795)
Accumulated other comprehensive loss, net of tax (160) (160)
--------- ---------
Net stockholders' deficit (209,835) (207,383)
--------- ---------
Total liabilities and stockholders' deficit $ 678,229 $687,180
========= =========
</TABLE>
SEE ACCOMPANYING NOTES.
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<PAGE>
JOURNAL REGISTER COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
Quarter ended
March 26, March 31,
2000 1999
----------- ----------
<S> <C> <C>
Revenues:
Advertising $ 83,455 $ 79,570
Circulation 24,457 24,308
---------- ---------
Newspaper revenues 107,912 103,878
Commercial printing and other 5,295 6,024
---------- ---------
113,207 109,902
Operating expenses:
Salaries and employee benefits 39,760 38,997
Newsprint, ink and printing charges 11,438 12,477
Selling, general and administrative 12,113 10,349
Depreciation and amortization 7,085 7,232
Other 14,990 14,098
---------- ---------
85,386 83,153
---------- ---------
Operating income 27,821 26,749
Net interest and other expense (13,214) (13,462)
---------- ---------
Income before provision for income taxes
and equity interest 14,607 13,287
Provision for income taxes 5,770 5,347
---------- ---------
Net income before equity interest 8,837 7,940
Equity interest (365) ---
---------- ---------
Net income $ 8,472 $ 7,940
========== =========
Net income per common share (basic and diluted): $ .19 $ .17
Weighted average shares outstanding (basic and diluted): 45,612 47,725
</TABLE>
SEE ACCOMPANYING NOTES.
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JOURNAL REGISTER COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(DOLLARS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
Quarter ended
March 26, March 31,
2000 1999
---------- ----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 8,472 $ 7,940
Adjustments to reconcile net income to net cash provided by
operating activities:
Provision for losses on accounts receivable 926 899
Depreciation and amortization 7,085 7,232
Loss on equity investment 365 ---
Other, net 912 4,303
------- --------
Net cash provided by operating activities 17,760 20,374
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment (1,465) (2,238)
Net proceeds from sale of property, plant and equipment and other assets 7 4
------- --------
Net cash used in investing activities (1,458) (2,234)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of senior debt (5,907) (2,575)
Purchase of treasury shares (10,924) (14,888)
------- --------
Net cash used in financing activities (16,831) (17,463)
------- --------
Increase (decrease) in cash and cash equivalents (529) 677
Cash and cash equivalents, beginning of period 3,090 8,542
-------- --------
Cash and cash equivalents, end of period $ 2,561 $ 9,219
======== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the year for:
Interest $ 13,815 $ 12,749
Income taxes 634 434
</TABLE>
SEE ACCOMPANYING NOTES.
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<PAGE>
JOURNAL REGISTER COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 26, 2000
1. ORGANIZATION AND BASIS OF PRESENTATION
The accompanying consolidated financial statements include Journal
Register Company (the "Company") and all of its wholly-owned subsidiaries. The
Company was incorporated on March 11, 1997 and became a publicly traded company
in May of 1997.
Journal Register Company (through its consolidated subsidiaries) primarily
publishes daily and non-daily newspapers serving markets in Connecticut,
Philadelphia and its surrounding areas, Ohio, the greater St. Louis area,
central New England and the Capital-Saratoga and Mid-Hudson, New York regions;
and has commercial printing operations in Connecticut, Ohio and Pennsylvania.
On November 9, 1999, the Company elected to change its fiscal year from a
calendar year end to a fiscal year ending on the Sunday closest to December
31st. Accordingly, the Company's 1999 fiscal year and 2000 first quarter ended
on December 26, 1999 and March 26, 2000, respectively.
The Company has authorized 1,000,000 shares of Preferred Stock, none of
which were issued or outstanding as of March 26, 2000.
The condensed consolidated interim financial statements included herein
have been prepared by the Company, without audit, in accordance with generally
accepted accounting principles ("GAAP") and pursuant to the rules and
regulations of the Securities and Exchange Commission. The condensed
consolidated interim financial statements do not include all the information and
footnote disclosure required by GAAP for complete financial statements. In the
opinion of the Company's management, the accompanying unaudited condensed
consolidated financial statements contain all material adjustments (consisting
only of normal recurring accruals) necessary to present fairly its financial
position as of March 26, 2000 and December 26, 1999 and the results of its
operations and cash flows for the periods ended March 26, 2000 and March 31,
1999. These financial statements should be read in conjunction with the December
26, 1999 audited Consolidated Financial Statements and Notes thereto. The
interim operating results are not necessarily indicative of the results to be
expected for an entire year.
2. EARNINGS PER COMMON SHARE
For the quarters ended March 26, 2000 and March 31, 1999, there was no
dilutive effect from the employee stock options, therefore, the weighted average
number of shares outstanding (basic and diluted) was 45,611,852 and 47,725,341,
respectively. Options to purchase approximately 3.3 million and 2.5 million
shares of common stock at a range of $14.00 to $22.50 were outstanding at March
26, 2000 and March 31, 1999, but were not included in the computation of the
diluted earnings per share because the exercise prices of the options were
greater than the average market price of the common shares.
3. COMMON STOCK
During 1999, the Company's Board of Directors, in connection with the
Company's stock repurchase program, authorized the use of up to $50.0 million
per year for the repurchase of Common Stock. Shares under the program are to be
repurchased at management's discretion, either in the open market or in
privately negotiated transactions. Since December 26, 1999 and as of March 26,
2000, the Company had repurchased 776,500 shares at a total cost of
approximately $10.9 million. Subsequent to March 26, 2000, the Company had
repurchased an additional 90,500 shares at a total cost approximately $1.3
million.
-5-
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
THE FOLLOWING DISCUSSION AND ANALYSIS SHOULD BE READ IN CONJUNCTION WITH
THE HISTORICAL CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO AND THE OTHER
FINANCIAL INFORMATION APPEARING ELSEWHERE IN THIS REPORT.
GENERAL
The Company's business is publishing newspapers in the United States,
where its publications are primarily daily and non-daily newspapers. The
Company's revenues are derived primarily from advertising, paid circulation and
commercial printing.
As of March 26, 2000, the Company owned and operated 25 daily newspapers
and 200 non-daily publications strategically clustered in seven geographic
areas: Connecticut; Philadelphia and its surrounding areas; Ohio; the greater
St. Louis area; central New England; and the Capital-Saratoga and Mid-Hudson,
New York regions. As of March 26, 2000, the Company had total paid daily
circulation of 636,939, total paid Sunday circulation of 619,963 and total
non-daily distribution of approximately 4.6 million.
The Company's objective is to continue its growth in revenues, EBITDA and
net income. The principal elements of the Company's strategy are to: (i) expand
advertising revenues and readership, (ii) grow by acquisition, (iii) capture
synergies from geographic clustering and (iv) implement consistent operating
policies and standards. From 1993 through the present, the Company successfully
completed 17 strategic acquisitions, acquiring 13 daily newspapers, 126
non-daily publications and three commercial printing companies, two of which
print a number of the non-daily publications. The third is a premium quality
sheet-fed printing company.
The Company believes that its newspapers are generally effective in
addressing the needs of local readers and advertisers. The Company believes that
because its newspapers rely on a broad base of local retail and local classified
advertising rather than more volatile national and major account advertising,
its advertising revenues tend to be relatively stable.
As part of the Company's strategy, the Company focuses on increasing
advertising and circulation revenues and expanding readership at its existing
and newly acquired properties. The Company has also developed certain operating
policies and standards which it believes have resulted in significant
improvements in the cash flow and profitability of its existing and acquired
newspapers, including: (i) focusing on local content, (ii) maintaining and
improving product quality, (iii) enhancing distribution and (iv) promoting
community involvement.
In addition, the Company is committed to expanding its business through
its Internet initiatives. The Company's online mission is to make
journalregister.com Web sites the indispensable source of useful and reliable
community news, sports and information in their markets. The Company currently
operates 69 individual Web sites featuring the Company's daily newspapers and
non-daily publications.
On November 9, 1999, the Company elected to change its fiscal year from a
calendar year end to a fiscal year ending on the Sunday closest to December
31st. Accordingly, the Company's 1999 fiscal year and 2000 first quarter ended
on December 26, 1999 and March 26, 2000, respectively.
THREE MONTHS ENDED MARCH 26, 2000 COMPARED TO THREE MONTHS ENDED MARCH 31, 1999
REVENUES. For the quarter ended March 26, 2000, revenues increased $3.3
million, or 3.0%, to $113.2 million. Newspaper revenues increased $4.0 million,
or 3.9%, to $107.9 million, principally due to advertising revenues which
increased approximately $3.9 million, or 4.9%, to $83.5 million. The increase in
advertising revenue was led by growth in classified revenue of 6.8% from the
prior year period. Commercial printing and other represented 4.7% of the
Company's revenues in the first quarter of 2000, as compared to 5.5% in the
first quarter of 1999. On-line revenue, included in advertising revenue,
increased approximately 20% from the prior year period.
SALARIES AND EMPLOYEE BENEFITS. Salaries and employee benefit expenses
were 35.1% of the Company's revenues for the first quarter of 2000 and 35.5% for
the first quarter of 1999. Salaries and employee benefits increased $763,000, or
2.0%, in 2000 to $39.8 million.
-6-
<PAGE>
NEWSPRINT, INK AND PRINTING CHARGES. In the first quarter of 2000,
newsprint, ink and printing charges were 10.1% of the Company's revenues, as
compared to 11.4% in the first quarter of 1999. Newsprint, ink and printing
charges decreased $1.0 million, or 8.3%, for the quarter ended March 26, 2000,
primarily due to a decrease of approximately 13% in the price per ton of
newsprint as compared to the quarter ended March 31, 1999.
SELLING, GENERAL AND ADMINISTRATIVE. Selling, general and administrative
expenses were 10.7% and 9.4% of the Company's revenues for the first quarters of
2000 and 1999, respectively. Selling, general and administrative expenses for
the quarter ended March 26, 2000 increased $1.8 million, or 17.0%, to $12.1
million, from the first quarter of 1999, due primarily to increased promotion
activity associated with the Company's revenue growth.
DEPRECIATION AND AMORTIZATION. Depreciation and amortization expenses
remained relatively consistent at 6.3% and 6.6% of the Company's revenues in the
first quarters of 2000 and 1999, respectively. Depreciation and amortization
expenses decreased $147,000, or 2.0%, to $7.1 million at March 26, 2000.
OTHER EXPENSES. Other expenses accounted for 13.2% of the Company's
revenues for the first quarter of 2000, as compared to 12.8% for the first
quarter of 1999. Other expenses increased $892,000 or 6.3%, to $15.0 million
from $14.1 million due in part to increases in expenses associated with the
Company's Internet operations.
OPERATING INCOME. Operating income increased $1.1 million, or 4.0% for the
first quarter of 2000 to $27.8 million from $26.7 million for the first quarter
of 1999 due primarily to the Company's growth in revenue and newsprint cost
savings.
INTEREST EXPENSE. Interest expense remained relatively flat, increasing
0.1%, from first quarter 1999 to first quarter 2000, as a result of reduced
outstanding senior debt offset by an increase in interest rates. In addition,
the Company has entered into various interest rate protection agreements which
have had a favorable impact on interest expense.
PROVISION FOR INCOME TAXES. The Company reported effective tax rates of
39.5% and 40.2% for the first quarters ended March 26, 2000 and March 31, 1999,
respectively.
EQUITY INTEREST. As previously reported, during 1999, the Company
purchased an interest in AdOne, LLC ("AdOne"), an Internet-based classified
advertising service. The loss recorded during the first quarter of 2000
represents the Company's prorata share of AdOne's net loss for the period.
NET INCOME. Net income was $8.5 million, or $.19 per share, basic and
diluted, for the first quarter of 2000, as compared to $7.9 million, or $.17 per
share, basic and diluted, for the first quarter of 1999.
OTHER INFORMATION. EBITDA for the first quarter of 2000 increased $925,000
or 2.7%, to $34.9 million from $34.0 million in the first quarter of 1999.
Tangible net income at March 26, 2000 was $11.6 million, or $.25 per share, as
compared to $10.7 million or $.23 per share at March 31, 1999.
LIQUIDITY AND CAPITAL RESOURCES
The Company's operations have historically generated strong positive cash
flow. The Company believes cash flows from operations will be sufficient to fund
its operations, capital expenditures and long-term debt obligations. The Company
also believes that cash flows from operations and future borrowings and its
ability to issue common stock as consideration for future acquisitions will
provide it with the flexibility to fund its acquisition strategy while
continuing to meet its operating needs, capital expenditures and long-term debt
obligations.
CASH FLOWS FROM OPERATIONS. Net cash provided by operating activities
decreased $2.6 million to $17.8 million for the first quarter of 2000. Net cash
provided by operating activities at March 26, 2000 primarily resulted from net
income before non-cash expenses (i.e., depreciation and amortization).
CASH FLOWS FROM INVESTING ACTIVITIES. Net cash used in investing
activities decreased $776,000 to $1.5 million at March 26, 2000. During 1999,
the Company began the initial phases for its new Philadelphia printing facility.
As of March 26, 2000, approximately $3.4 million of expenditures were made in
connection with the facility. The total cost of the project is currently
estimated to be approximately $35.0 million and is expected to be completed in
September 2001.
-7-
<PAGE>
The Company expects to fund this project with cash flows from operations and
borrowings. The Company has a capital expenditure program (excluding future
acquisitions and the Philadelphia printing facility) of approximately $17.0
million in place for 2000, which includes spending on technology, including
prepress and business systems, computer hardware and software, other machinery
and equipment, plants and property, vehicles and other assets. The Company also
expects to spend $20 to $22 million in connection with the Philadelphia printing
facility. The Company believes its capital expenditure program is sufficient to
maintain its current level and quality of operations. The Company reviews its
capital expenditure program periodically and modifies it as required to meet
current needs.
CASH FLOWS FROM FINANCING ACTIVITIES. Net cash used in financing
activities was $16.8 million in the first quarter of 2000, as compared to $17.5
million at March 31, 1999. The 2000 activity reflects the use of approximately
$5.9 million in connection with the repayment of senior debt and $10.9 million
in connection with the Company's stock repurchase program.
The Company has a credit agreement (the "Credit Agreement") which provides
for $500.0 million in term loans and a $400.0 million revolving credit facility.
Amortization of the term loans commences on June 30, 2000 with final maturity on
September 30, 2006. The revolving credit facility reduces quarterly beginning
June 30, 2002 and matures on March 31, 2006.
The Credit Agreement also provides for an uncommitted multiple draw term
loan facility (the "Incremental Facility") in the amount of up to $500.0 million
as permitted by the administrative agent to be repaid under conditions as
defined in the Credit Agreement.
The amounts outstanding under the Credit Agreement bear interest at (i) 1
3/4% to 1/2% above LIBOR (as defined in the Credit Agreement) or (ii) 1/2% to 0%
above the higher of (a) the Prime Rate (as defined in the Credit Agreement) or
(b) 1/2% above the Federal Funds Rate (as defined in the Credit Agreement). The
interest rate spreads ("the applicable margins") are dependent upon the ratio of
debt to trailing four quarters Cash Flow (as defined in the Credit Agreement)
and reduce as such ratio declines.
The Company generally manages its exposure to interest rate fluctuations
for its variable rate debt by entering into interest rate protection agreements.
The Company was required under the prior credit agreement and is required under
the Credit Agreement to maintain interest rate protection agreements for a
certain percentage of its outstanding debt, based upon the Total Leverage Ratio
(as defined in the Credit Agreement).
Interest rate protection agreements (IRPAs) relating to the Company's
borrowings included SWAP agreements with a notional principal amount of $325.0
million on March 26, 2000, and $619.0 million on December 26, 1999. On January
29, 1999, certain SWAP agreements entered into during 1998 became effective, for
an aggregate notional principal amount of $400.0 million which reduce by $75.0
million per year beginning on January 31, 2000 and expire on October 29, 2002.
The agreements exchange a floating LIBOR rate plus an applicable margin for a
fixed LIBOR rate plus an applicable margin. During 1999, the Company entered
into additional three month SWAP agreements in an aggregate notional amount of
$219.0 million which matured March 15, 2000. For the three months ended March
26, 2000, the Company's weighted average effective interest rate on its
outstanding debt balance was approximately 7.0%. This 7.0% takes into account
the effect of interest rate protection agreements in effect during the period.
As of March 26, 2000, the Company had outstanding indebtedness under the
Credit Agreement, due and payable in installments through 2006, of $725.6
million, of which $225.6 million was outstanding under the revolving credit
facility. There was $174.4 million of unused and available funds under the
revolving credit facility at March 26, 2000.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
The Company is exposed to market risk arising from changes in interest
rates associated with its long-term debt obligations. The Company's long-term
debt is at variable interest rates based on certain interest rate spreads
applied to LIBOR, the Prime Rate or Federal Funds Rate as defined in the Credit
Agreement. To manage its exposure to fluctuations in interest rates, the
Company, as required by its Credit Agreement, enters into certain interest rate
protection agreements, which allows the Company to exchange variable rate
interest for fixed rate, maturing at specific intervals. The difference to be
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<PAGE>
paid or received as interest rates change is accrued and recognized as an
adjustment of interest expense related to the debt. The related amount payable
to or receivable from counterparties is included in accrued interest. The
Company's use of these agreements is limited to hedging activities and not for
trading or speculative activity.
At March 26, 2000, the Company had in effect SWAP agreements for a
notional amount of $325 million. The fair market value of the SWAP at March 26,
2000, had the SWAP been marked to market, would have resulted in a gain of
approximately $7.3 million. Assuming a 10% increase or reduction in interest
rates for the quarter ended March 26, 2000, the effect on the Company's pre-tax
earnings and cash flows would be approximately $650,000.
RECENT EVENTS
On February 28, 2000, the Company announced its intent to sell its Ohio
and St. Louis area newspapers. The Ohio properties include four daily newspapers
with a total daily circulation of approximately 126,000. The Missouri and
Illinois properties include the Suburban Newspapers of Greater St. Louis,
representing non-daily distribution of approximately 1.7 million and a daily
newspaper in Alton, Illinois, with daily circulation of approximately 28,000 and
Sunday circulation of approximately 30,000. For the three months ended March 26,
2000, the Ohio and St. Louis area newspapers generated approximately $31.8
million in revenue.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(A) EXHIBITS
27.1 Financial Data Schedule
(B) REPORTS ON FORM 8-K
None.
-9-
<PAGE>
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 hereunto duly authorized.
Date: May 9, 2000 JOURNAL REGISTER COMPANY
By: /S/ JEAN B. CLIFTON
-----------------------------
Jean B. Clifton
Executive Vice President &
Chief Financial Officer and
Secretary
-10-
<PAGE>
EXHIBIT INDEX
Exhibit Number Description
- -------------- -----------
27.1 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE>5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED CONSOLIDATED BALANCE SHEET AND THE CONDENSED CONSOLIDATED STATEMENT OF
INCOME OF JOURNAL REGISTER COMPANY FOR THE PERIOD ENDED MARCH 26, 2000 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> DEC-27-1999
<PERIOD-END> MAR-26-2000
<CASH> 2,561
<SECURITIES> 0
<RECEIVABLES> 66,413
<ALLOWANCES> 5,457
<INVENTORY> 9,669
<CURRENT-ASSETS> 82,852
<PP&E> 248,275
<DEPRECIATION> 144,737
<TOTAL-ASSETS> 678,229
<CURRENT-LIABILITIES> 75,203
<BONDS> 725,560
0
0
<COMMON> 484
<OTHER-SE> (210,319)
<TOTAL-LIABILITY-AND-EQUITY> 678,229
<SALES> 0
<TOTAL-REVENUES> 113,207
<CGS> 0
<TOTAL-COSTS> 66,188
<OTHER-EXPENSES> 7,085
<LOSS-PROVISION> 926
<INTEREST-EXPENSE> 13,411
<INCOME-PRETAX> 14,607
<INCOME-TAX> 5,770
<INCOME-CONTINUING> 8,472
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 8,472
<EPS-BASIC> 0.19
<EPS-DILUTED> 0.19
</TABLE>
