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<PAGE> 1
EXHIBIT 99.2
COMBINED CONDENSED FINANCIAL STATEMENTS
Suburban Newspapers of Greater St. Louis, LLC
and The Ladue News, Inc.
June 25, 2000
<PAGE> 2
Suburban Newspapers of Greater St. Louis, LLC
and The Ladue News, Inc.
Combined Condensed Financial Statements
June 25, 2000
CONTENTS
Combined Condensed Balance Sheet...............................................1
Combined Condensed Statement of Income.........................................2
Combined Condensed Statement of Cash Flows.....................................3
Note to Combined Condensed Financial Statements................................4
<PAGE> 3
Suburban Newspapers of Greater St. Louis, LLC
and The Ladue News, Inc.
Combined Condensed Balance Sheet
June 25, 2000
(Unaudited)
(In thousands)
<TABLE>
<S> <C>
ASSETS
Current assets:
Cash $ 27
Accounts receivable, less allowance for doubtful accounts of $408 8,347
Inventories 1,135
Other current assets 823
-------------------
Total current assets 10,332
Property, plant and equipment, net 7,763
Intangible and other assets 4,940
-------------------
Total assets $ 23,035
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LIABILITIES AND SHAREOWNERS' NET INVESTMENT
Current liabilities:
Accounts payable $ 710
Other accrued expenses and current liabilities 1,144
-------------------
Total current liabilities 1,854
Accrued retiree benefits and other liabilities 590
Commitments and contingencies
Shareowners' net investment 20,591
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Total liabilities and shareowners' net investment $ 23,035
===================
</TABLE>
See accompanying notes.
1
<PAGE> 4
Suburban Newspapers of Greater St. Louis, LLC
and The Ladue News, Inc.
Combined Condensed Statement of Income
Six Months Ended June 25, 2000
(Unaudited)
(In thousands)
<TABLE>
<S> <C>
Revenues:
Advertising $ 25,349
Circulation 163
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25,512
Operating expenses 20,382
Depreciation and amortization 876
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Operating income 4,254
Interest expense (24)
-------------------
Income before provision for income taxes 4,230
Provision for income taxes 1,764
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Net income $ 2,466
===================
</TABLE>
See accompanying notes.
2
<PAGE> 5
Suburban Newspapers of Greater St. Louis, LLC
and The Ladue News, Inc.
Combined Condensed Statement of Cash Flows
Six Months Ended June 25, 2000
(Unaudited)
(In thousands)
<TABLE>
<S> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 2,466
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 876
Decrease in accounts receivable 358
Decrease in inventories 339
Decrease in other current assets 59
Decrease in accounts payable and other current liabilities (500)
Decrease in accrued retiree benefits and other liabilities (128)
Net other 140
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Net cash provided by operating activities 3,610
CASH FLOWS FROM INVESTING ACTIVITIES
Net additions to property, plant and equipment (261)
-------------------
Net cash used in investing activities (261)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in shareowners' net investment (3,673)
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Net cash used in financing activities (3,673)
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Decrease in cash (324)
Cash, beginning of year 351
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Cash, end of period $ 27
===================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest $ 24
===================
</TABLE>
See accompanying notes.
3
<PAGE> 6
Suburban Newspapers of Greater St. Louis, LLC
and The Ladue News, Inc.
Note to Combined Condensed Financial Statements
June 25, 2000
(Unaudited)
1. ORGANIZATION AND BASIS OF PRESENTATION
The accompanying combined condensed financial statements include the accounts of
the Suburban Newspapers of Greater St. Louis, LLC ("SNGSL") and The Ladue News,
Inc. ("Ladue") (collectively, "the Companies"). The Companies publish non-daily
newspapers serving the greater St. Louis area. These financial statements should
be read in conjunction with the financial statements as of and for the year
ended December 26, 1999. All adjustments that, in the opinion of management, are
necessary for a fair presentation of the results of operations for the interim
period have been reflected. All such adjustments consist of normal recurring
accruals unless otherwise disclosed. The results of operations for such interim
period are not necessarily indicative of the results to be expected for the full
year.
4
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