UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC. 20549
Form 10-Q
[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: 1-6383
MEDIA GENERAL, INC.
(Exact name of registrant as specified in its charter)
Commonwealth of Virginia 54-0850433
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
333 E. Franklin St., Richmond, VA 23219
(Address of principal executive offices) (Zip Code)
(804) 649-6000
(Registrant's telephone number, including area code)
N/A
---
(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 April 30, 2000.
Class A Common shares: 23,979,804
Class B Common shares: 556,574
<PAGE>
<TABLE>
MEDIA GENERAL, INC.
TABLE OF CONTENTS
FORM 10-Q REPORT
MARCH 26, 2000
Page
----
Part I. Financial Information
<S> <C>
Item 1. Financial Statements
Consolidated Condensed Balance Sheets - March 26, 2000,
and December 26, 1999 1
Consolidated Condensed Statements of Operations - Three months
ended March 26, 2000, and March 28, 1999 3
Consolidated Condensed Statements of Cash Flows - Three
months ended March 26, 2000, and March 28, 1999 4
Notes to Consolidated Condensed Financial Statements 5
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 8
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K 13
(a) Exhibits
(b) Reports on Form 8-K
Signatures 14
</TABLE>
<PAGE>
<TABLE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
MEDIA GENERAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(000's except shares)
<CAPTION>
(Unaudited)
March 26, December 26,
2000 1999
----------------- ------------------
ASSETS
<S> <C> <C>
Current assets:
Cash, cash equivalents and short-term investments $ 126,212 $ 646,046
Accounts receivable - net 94,042 102,834
Inventories 12,354 14,282
Other 28,030 33,572
----------------- ------------------
Total current assets 260,638 796,734
----------------- ------------------
Investments in unconsolidated affiliates 86,306 87,871
Other assets 66,894 58,945
Property, plant and equipment - net 381,980 381,476
Excess of cost over fair value of net identifiable assets
of acquired businesses - net 627,247 631,597
FCC licenses and other intangibles - net 379,982 383,751
----------------- ------------------
$ 1,803,047 $ 2,340,374
================= ==================
</TABLE>
See accompanying notes.
1
<PAGE>
<TABLE>
MEDIA GENERAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(000's except shares)
<CAPTION>
(Unaudited)
March 26, December 26,
2000 1999
----------------- ------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
<S> <C> <C>
Current liabilities:
Accounts payable $ 26,839 $ 32,032
Accrued expenses and other liabilities 79,810 75,190
Income taxes payable 63,725 508,966
Current maturity of long-term debt --- 13,000
----------------- ------------------
Total current liabilities 170,374 629,188
----------------- ------------------
Long-term debt 47,313 46,838
Deferred income taxes 218,773 217,437
Other liabilities and deferred credits 114,329 116,009
Stockholders' equity:
Preferred stock ($5 cumulative convertible),
par value $5 per share:
Authorized 5,000,000 shares;
none outstanding
Common stock, par value $5 per share:
Class A, authorized 75,000,000 shares; issued
24,237,789 and 25,911,614 shares 121,189 129,558
Class B, authorized 600,000 shares; issued
556,574 shares 2,783 2,783
Additional paid-in capital --- 3,040
Accumulated other comprehensive income-
unrealized gains on equity securities 9,841 7,392
Unearned compensation (2,684) (2,973)
Retained earnings 1,121,129 1,191,102
----------------- ------------------
Total stockholders' equity 1,252,258 1,330,902
----------------- ------------------
$ 1,803,047 $ 2,340,374
================= ==================
</TABLE>
See accompanying notes.
2
<PAGE>
<TABLE>
MEDIA GENERAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(000's except for per share data)
<CAPTION>
Three Months Ended
--------------------------------------------
March 26, March 28,
2000 1999
----------------- ------------------
<S> <C> <C>
Revenues $ 199,195 $ 191,811
----------------- ------------------
Operating costs:
Production 101,053 96,416
Selling, distribution and administrative 58,760 53,419
Depreciation and amortization 20,245 20,090
----------------- ------------------
Total operating costs 180,058 169,925
----------------- ------------------
Operating income 19,137 21,886
----------------- ------------------
Other income (expense):
Interest expense (1,739) (15,355)
Investment (loss) income - unconsolidated affiliates (1,565) 5,022
Other, net (including $8,179 of interest income in
2000 and $21 in 1999) 8,265 305
----------------- ------------------
Total other income (expense) 4,961 (10,028)
----------------- ------------------
Income from continuing operations before
income taxes 24,098 11,858
Income taxes 9,736 4,950
----------------- ------------------
Income from continuing operations 14,362 6,908
Income from discontinued Cable operations (net
of income taxes of $2,665 in 1999) --- 4,398
----------------- ------------------
Net income $ 14,362 $ 11,306
================= ==================
Earnings per common share:
Income from continuing operations $ 0.56 $ 0.26
Income from discontinued Cable operations --- 0.16
----------------- ------------------
Net income $ 0.56 $ 0.42
================= ==================
Earnings per common share - assuming dilution:
Income from continuing operations $ 0.55 $ 0.26
Income from discontinued Cable operations --- 0.16
----------------- ------------------
Net income $ 0.55 $ 0.42
================= ==================
Dividends paid per common share $ 0.16 $ 0.15
================= ==================
</TABLE>
See accompanying notes.
3
<PAGE>
<TABLE>
MEDIA GENERAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(000's)
<CAPTION>
Three Months Ended
--------------------------------------------
March 26, March 28,
2000 1999
--------------------------------------------
<S> <C> <C>
Operating activities:
Net income $ 14,362 $ 11,306
Adjustments to reconcile net income:
Depreciation and amortization 20,245 26,226
Deferred income taxes 576 (819)
Investment loss (income) -- unconsolidated affiliates,
net of distributions 1,565 (1,989)
Change in assets and liabilities:
Accounts receivable and inventories 10,720 7,681
Accounts payable, accrued expenses, and
other liabilities (4,813) (10,107)
Taxes payable (444,765) 9,353
Other (5,584) (4,897)
----------------- ------------------
Net cash (used) provided by operating activities (407,694) 36,754
----------------- ------------------
Investing activities:
Capital expenditures (10,536) (15,477)
Proceeds from maturity of short-term investments 390,748 ---
Other, net (732) (2,723)
----------------- ------------------
Net cash provided (used) by investing activities 379,480 (18,200)
----------------- ------------------
Financing activities:
Increase in debt --- 91,000
Payment of debt (13,080) (108,231)
Stock repurchase (85,270) ---
Dividends paid (4,094) (4,030)
Other, net 1,572 827
----------------- ------------------
Net cash used by financing activities (100,872) (20,434)
----------------- ------------------
Net decrease in cash and cash equivalents (129,086) (1,880)
Cash and cash equivalents at beginning of year 255,298 7,637
----------------- ------------------
Cash and cash equivalents at end of period $ 126,212 $ 5,757
================= ==================
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest (net of amount capitalized) $ 1,505 $ 14,989
Income taxes $ 453,445 $ 334
</TABLE>
See accompanying notes.
4
<PAGE>
MEDIA GENERAL, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. The accompanying unaudited consolidated condensed financial
statements have been prepared in accordance with generally accepted accounting
principles for interim financial reporting, and with applicable quarterly
reporting regulations of the Securities and Exchange Commission. They do not
include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements and, accordingly, should
be read in conjunction with the consolidated financial statements and related
footnotes included in the Company's Annual Report on Form 10-K for the year
ended December 26, 1999.
In the opinion of management, all adjustments (consisting of
normal recurring adjustments) considered necessary for a fair presentation of
interim financial information have been included. Certain items in 1999 have
been reclassified to conform with the current year's presentation. The
reclassifications have no effect on net income as previously reported. The
results of operations for interim periods are not necessarily indicative of the
results that may be expected for the full fiscal year.
2. On March 27, 2000, subsequent to the close of the first
quarter, the Company acquired the common stock of Spartan Communications, Inc.
(Spartan) for approximately $605 million. Approximately $500 million of the
purchase price was funded with borrowings under an existing $1.2 billion
revolving credit facility. The acquisition included 12 network-affiliated
television stations and one UPN affiliate which is operated under a local
marketing agreement. The transaction will be accounted for as a purchase and the
Company's results of operations will include the results of Spartan from the
date of acquisition. Purchase price will be allocated to the assets acquired
based on an appraisal of estimated fair values.
3. In December 1999, the Company initiated a program to
repurchase up to $250 million of the Company's Class A common stock. As of March
26, 2000, approximately 1.9 million shares had been repurchased (1.7 million in
2000) at a cost of approximately $101 million ($89 million in 2000) since the
program's inception.
4. Inventories are principally raw materials.
5
<PAGE>
<TABLE>
5. The following table sets forth the Company's financial
performance by segment:
<CAPTION>
(In thousands) Publishing Television Newsprint Total
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Three Months Ended March 26, 2000
Consolidated revenues * $ 132,076 $ 40,382 $ 26,737 $ 199,195
==========================================================
Segment operating cash flow $ 41,963 $ 9,110 $ (2,608) $ 48,465
Allocated amounts:
Equity in net loss of unconsolidated
affiliates (674) (891) (1,565)
License fees from unconsolidated affiliate 66 66
Depreciation and amortization (6,429) (2,964) (1,872) (11,265)
----------------------------------------------------------
Segment profit $ 34,860 $ 6,146 $ (5,305) 35,701
===========================================
Unallocated amounts:
Interest expense (1,739)
Acquisition intangible amortization (8,095)
Corporate expenses (8,379)
Other 6,610
------------
Consolidated income from continuing operations before income taxes $ 24,098
============
- ---------------------------------------------------------------------------------------------------------
Three Months Ended March 28, 1999
Consolidated revenues * $ 127,903 $ 37,061 $ 26,847 $ 191,811
==========================================================
Segment operating cash flow $ 39,447 $ 8,715 $ 769 $ 48,931
Allocated amounts:
Equity in net income (loss) of
unconsolidated affiliates (514) 3,950 3,436
License fees from unconsolidated affiliate 254 254
Depreciation and amortization (6,329) (2,704) (1,876) (10,909)
----------------------------------------------------------
Segment profit $ 32,604 $ 6,011 $ 3,097 41,712
==========================================
Unallocated amounts:
Interest expense (15,355)
Acquisition intangible amortization (8,484)
Corporate expenses (6,800)
Other 785
------------
Consolidated income from continuing operations before income taxes $ 11,858
- ---------------------------------------------------------------------------------------------------------
</TABLE>
* Intercompany revenues are less than 1% of consolidated revenues and have been
eliminated.
6
<PAGE>
<TABLE>
6. The following table sets forth the computation of basic and
diluted earnings per share from continuing operations:
<CAPTION>
Quarter Ended March 26, 2000 Quarter Ended March 28, 1999
----------------------------------------- ------------------------------------------
Income Shares Per Share Income Shares Per Share
(In thousands, except per share amounts) (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount
----------------------------------------- ------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Basic EPS
Income from continuing operations
available to common stockholders $14,362 25,657 $ 0.56 $ 6,908 26,646 $ 0.26
========= =========
Effect of dilutive securities
Stock options 210 265
Restricted stock and other (6) 92 (10) 111
---------------------- ----------------------
Diluted EPS
Income from continuing operations
available to common stockholders
plus assumed conversions $14,356 25,959 $ 0.55 $ 6,898 27,022 $ 0.26
==================================== =====================================
</TABLE>
7. The Company has reflected its investment in the common stock
of Hoover's, Inc., which is included in the accompanying balance sheet in Other
Assets, at fair value and recognized an increase in comprehensive income
aggregating $2.4 million, net of tax, for the unrealized gain on the investment
during the first quarter. Comprehensive income for the three month periods ended
March 26, 2000, and March 28, 1999, was $16.8 million and $11.3 million,
respectively.
8. The Company sold its Cable operations to Cox Communications,
Inc. for approximately $1.4 billion in October 1999. The sale of the Cable
Segment resulted in a gain of $799 million (net of income taxes of $510 million)
which is subject to resolution with the buyer of certain post-closing
adjustments relating to working capital and income tax matters. It is expected
these post-closing items will be resolved during the second quarter of this year
and could result in a small additional gain for the Company. Federal income
taxes related to the Cable gain were paid in the first quarter of 2000; related
state income taxes were paid early in the second quarter of this year. The
results of the Cable Segment have been presented as discontinued operations in
the accompanying consolidated condensed statements of operations as follows:
Quarter ended
(in thousands) March 28, 1999
--------------
Revenues $40,388
Costs and expenses 33,325
-------
Income before income taxes 7,063
Income taxes 2,665
-------
Income from discontinued Cable operations $ 4,398
=======
7
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
OVERVIEW
- --------
Media General is an independent, publicly owned communications company
situated primarily in the Southeast with interests in newspapers, television,
interactive media, recycled newsprint production, and diversified information
services.
The Company's fiscal year ends on the last Sunday in December.
The past several years have been distinguished by a series of
acquisitions, exchanges, investments and dispositions which have significantly
intensified the Company's focus on southeastern newspapers and television
stations. Continuing this strategy, the Company acquired Spartan Communications,
Inc. (Spartan) for approximately $605 million early in the second quarter of
this year. The Spartan acquisition includes 12 major network-affiliated
television stations and one UPN affiliate which is operated under a local
marketing agreement. Additionally, the Company continues with its program to
repurchase up to $250 million of its Class A common stock. As of March 26, 2000,
approximately 1.9 million shares had been repurchased since the program's
inception at a cost of approximately $101 million.
RESULTS OF OPERATIONS
- ---------------------
Net income rose 27% from $11.3 million in the first quarter of 1999 to
$14.4 million in the first quarter of 2000; income from continuing operations
more than doubled over that same time period. This increase was attributable to
a combination of a $13.6 million reduction in interest expense and an $8.2
million increase in interest income, both facilitated by the sale of the
Company's Cable operations in October 1999. Segment operating profit increases
of nearly 7% in the Publishing Segment and better than 2% in the Television
Segment were more than offset by weak Newsprint Segment results. Newsprint
operating income of $3.1 million in the first quarter of 1999 fell to an
operating loss of $5.3 million in the current quarter due principally to lower
quarter-over-quarter newsprint selling price.
PUBLISHING
- ----------
Operating income for the Publishing Division increased $2.3 million
(7%) in the first quarter of 2000 over the comparable 1999 level. This good
performance was propelled by a $4.2 million increase in revenues, partially
offset by a $1.8 million rise in operating expenses and slightly reduced results
from equity investments. As illustrated by the following chart, improved
year-over-year revenues were driven by a strong increase in classified
advertising (led by the automotive and employment categories) and a solid
performance in general advertising (led by the automotive and telecommunications
categories), which more than offset lackluster retail advertising revenues (down
in the department store and apparel categories).
8
<PAGE>
Publishing Segment
Advertising Revenues by Category
(millions)
[Graph]
Retail Classified General
------ ---------- -------
2000 45.4 47.1 8.8
1999 46.1 43.4 7.9
Publishing Segment operating expenses rose due to a combination of
factors: a $.7 million rise in employee compensation and benefit costs as a
result of normal salary increases, a $1 million increase in bad debt expense as
good collection performance in the first quarter of 1999 returned to a more
normal level in the current year, and finally, a $1.3 million increase in
operating costs at the Company's Florida newspapers due primarily to higher
promotional and occupancy costs. The Tampa Tribune incurred expenses and higher
rental costs related to its move to the Company's new multimedia facility, which
also houses WFLA-TV and the Company's area online presence, TBO.com. These
combined increases more than offset a $1.6 million decrease in newsprint expense
due to lower cost per ton.
TELEVISION
----------
Television operating income rose slightly, up a modest 2% in the first
quarter of this year compared to the first three months of 1999. While revenues
increased a solid $3.3 million (9%) in 2000, operating expenses rose $3.2
million as well. The following chart illustrates improved time sales in all
advertising revenue categories: National advertising rose on the strength of the
automotive category, Political advertising increased as a result of the
presidential and congressional primaries, and Local advertising improved due to
vigor in the fast food and furniture categories. The small to mid-size stations
posted over 90% of this total advertising revenue increase, while the Company's
largest station, WFLA in Tampa, was responsible for the remainder.
9
<PAGE>
Television Segment
Advertising Time Sales by Categories
(millions)
[Graph]
Local National Political
----- -------- ---------
2000 22.8 15.2 0.8
1999 22.4 14.1 0.1
The higher Television operating expenses resulted from an 8% increase
in programming costs related to the addition of enhanced programming and from a
3.5% rise in employee compensation and benefit expense due to upgraded staffing
as well as normal increases. The Company's Tampa station was responsible for the
largest portion of these increased operating expenses due to the reasons above
as well as to higher occupancy costs as WFLA moved into the Company's new fully
digital, state-of-the-art multimedia center.
NEWSPRINT
- ---------
The Newsprint Segment produced an operating loss of $5.3 million in the
first quarter of 2000 compared to operating income of $3.1 million in the
equivalent year-ago period. Both wholly owned Garden State Paper (down $3.5
million) and one-third owned SP Newsprint Company (down $4.9 million)
contributed to the shortfall. Despite a $46 per ton drop in average realized
selling price at Garden State Paper, year-over-year revenues were relatively
flat due to an 11% increase in tons sold attributable to strong demand in
anticipation of an announced April price increase. Although average realized
selling price began to rise gradually in the second half of 1999 and into 2000,
the current-year first quarter level still remained below that of last year's
first quarter, as the following chart illustrates:
Garden State Paper Company
Average Newsprint Selling Price
($ per ton)
[Graph]
Month 2000 1999
----- ---- ----
JAN 444 510
FEB 446 496
MAR 448 470
APR 446
MAY 433
JUN 422
JUL 408
AUG 411
SEP 417
OCT 420
NOV 434
DEC 444
10
<PAGE>
The increased volume of newsprint sold by Garden State produced a
corresponding rise in operating expenses. These included a $2.2 million rise in
cost of goods sold as a result of the aforementioned increase in tons sold.
Based primarily on higher volume, energy costs rose 6%, while maintenance and
repair costs were up 13% due to production difficulties within the quarter.
The Company's results from its share of SP Newsprint Company (SPNC)
fell from a profit of $4 million in the first quarter of last year to a loss of
$.9 million in the current quarter. At SPNC's Dublin mill, the majority of
negative profit swing was attributable to a 14% decline in revenues precipitated
by the year-over-year drop in average realized selling price combined with a
4.5% decrease in tons sold, the product of uncharacteristic production
difficulties. Additionally, the Company's results from SPNC included a $1.9
million loss from its Newberg, Oregon mill, acquired in November 1999.
INTEREST INCOME AND EXPENSE
- ---------------------------
Interest expense in the first three months of 2000 decreased $13.6
million from the equivalent year-ago period due to an $820 million reduction in
average debt outstanding. This debt reduction was effected when a portion of the
proceeds from the October 1999 sale of the Company's Cable operations was used
to repay all bank debt then outstanding and to terminate associated interest
rate swaps. The effective interest rate rose approximately 1% from the first
quarter of 1999 to the current quarter.
Concurrently with the Spartan acquisition early in the second quarter
of this year, the Company entered into several new interest rate swaps as part
of an overall risk management strategy. The objective is to manage interest cost
and risk associated with variable interest rates, primarily short-term changes
in LIBOR, not to trade such instruments for profit or loss. These interest rate
swaps total $300 million with maturities that range from less than one year to
three years; they effectively convert some of the Company's variable rate debt
to fixed rated debt at interest rates currently approximating 7.4%.
The Company earned interest income of $8.2 million in the first quarter
of 2000 from its investments predominantly in prime-rated commercial paper.
INCOME TAXES
- ------------
Income taxes from continuing operations increased $4.8 million in the
first quarter of this year on a pretax earnings rise of $12.2 million. Slightly
offsetting the effect on taxes of these increased earnings was a modest decrease
in the Company's effective tax rate.
LIQUIDITY
- ---------
The proceeds from the maturity of short-term investments, together with
cash on hand and funds generated from operating activities, combined to provide
funds for several large anticipated payments during the first quarter of this
year. The most significant of these include the following: approximately $453
million of federal tax payments (the majority of which were attributable to the
gain on sale, in October 1999, of the Company's Cable operations), in excess of
$85 million of stock repurchases and a scheduled $13 million installment on
senior note debt. These funds also supplied $10.5 million for capital
expenditures and $4 million for the payment of dividends to stockholders.
11
<PAGE>
The Company has made several significant cash outlays early in the
second quarter. It borrowed approximately $500 million under its existing
seven-year $1.2 billion revolving credit facility to fund the purchase of
Spartan, at which time it concurrently entered into several interest rate swap
agreements. Additionally, state income taxes of approximately $55 million,
principally related to the Cable gain, were paid in the middle of April.
Finally, the stock repurchase program initiated in December of 1999 continues.
At April 30, 2000, the Company had available approximately $650 million from its
committed revolving credit facility. The Company anticipates that internally
generated funds provided by operations, together with existing credit
facilities, will be more than adequate to finance projected capital
expenditures, dividends to stockholders, working capital needs throughout 2000,
as well as other corporate initiatives.
OUTLOOK
- -------
The completion of the Spartan acquisition early in the second quarter
added 13 television stations to the Broadcast Segment and significantly
increased the Company's presence in southeastern households. All of the
Spartan-owned television stations are ranked either number one or two in their
markets and because of their rankings, reputations and strong management, should
immediately produce strong cash flow for the Company. A newsprint price
increase, announced early in the second quarter, holds promise for moderate
improvement within the Newsprint Segment. Despite these higher newsprint prices,
the Publishing Segment is expected to enjoy continued growth throughout the
year.
* * * * * *
Certain statements in this Form 10-Q that are not historical facts are
"forward-looking" statements, as that term is defined by the federal securities
laws. Forward-looking statements include statements related to the Company's
share repurchase program and expectations regarding newsprint prices,
advertising levels and broadcast ratings. Forward-looking statements, including
those which use words such as the company "believes," "anticipates," "expects,"
"estimates" and similar statements, are made as of the date of this report and
are subject to risks and uncertainties that could cause actual results to differ
materially from those expressed in or implied by such statements.
Some significant factors that could affect actual results include:
changes in advertising demand, the availability and pricing of newsprint,
changes in interest rates, regulatory rulings and the effects of acquisitions,
investments and dispositions on the Company's results of operations and its
financial condition.
12
<PAGE>
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27 Financial Data Schedule
(b) Reports on Form 8-K
No reports on Form 8-K were filed by the Company during the quarter
ended March 26, 2000.
13
<PAGE>
SIGNATURES
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 thereunto duly authorized.
MEDIA GENERAL, INC.
DATE: May 1, 2000 /s/ J. Stewart Bryan III
------------------------
J. Stewart Bryan III, Chairman, President
and Chief Executive Officer
DATE: May 1, 2000 /s/ Marshall N. Morton
----------------------
Marshall N. Morton
Senior Vice President and Chief Financial
Officer
14
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM MEDIA
GENERAL, INC.'S CONSOLIDATED CONDENSED BALANCE SHEETS AND CONSOLIDATED CONDENSED
STATEMENTS OF OPERATIONS 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-END> MAR-26-2000
<CASH> 126,212
<SECURITIES> 0
<RECEIVABLES> 100,641
<ALLOWANCES> 6,599
<INVENTORY> 12,354
<CURRENT-ASSETS> 260,638
<PP&E> 740,955
<DEPRECIATION> 358,975
<TOTAL-ASSETS> 1,803,047
<CURRENT-LIABILITIES> 170,374
<BONDS> 47,313
0
0
<COMMON> 123,972
<OTHER-SE> 1,128,286
<TOTAL-LIABILITY-AND-EQUITY> 1,803,047
<SALES> 199,195
<TOTAL-REVENUES> 199,195
<CGS> 101,053
<TOTAL-COSTS> 101,053
<OTHER-EXPENSES> 20,245
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,739
<INCOME-PRETAX> 24,098
<INCOME-TAX> 9,736
<INCOME-CONTINUING> 14,362
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 14,362
<EPS-BASIC> 0.56
<EPS-DILUTED> 0.55
</TABLE>
