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<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------
FORM 8-K
--------------------
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
February 2, 1996 1-8309
Date of Report Commission File Number
(Date of earliest event reported)
PRICE COMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
New York 13-2991700
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
45 Rockefeller Plaza, Suite 3201, New York, New York 10020
(Address of Principal Executive Offices) (Zip Code)
(212) 757-5600
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
<PAGE> 2
Item 2. Acquisition or Disposition of Assets.
On February 2, 1996, the Registrant consummated the sale to US
Broadcast Group, L.L.C. of television stations KFDX-TV, Wichita Falls, Texas,
KJAC-TV, Port Arthur, Texas, and KSNF (TV), Joplin, Missouri, for an aggregate
cash purchase price of approximately $40.7 million.
Item 7. Financial Statements and Exhibits.
(a) Pro forma financial information.
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 hereunto duly authorized.
PRICE COMMUNICATIONS CORPORATION
Date: February 20, 1996 By: /s/ Robert Price
-------------------------------
Robert Price
Chief Executive Officer,
President and Director
<PAGE> 3
PRICE COMMUNICATIONS CORPORATION AND SUBSIDIARIES
Balance Sheet
September 30, 1995
(unaudited)
<TABLE>
<CAPTION>
(1)
Proforma
ASSETS: Historical Adjustments Proforma
---------- ----------- --------
<S> <C> <C> <C>
Current liabilities:
Cash and cash equivalents $ 2,645,270 $ 19,247,748 $ 21,893,018
Short-term investments 1,039,500 - 1,039,500
Accounts receivable, net 5,366,025 - 5,366,025
Film broadcast rights 2,468,088 (652,997) 1,815,091
Prepaid expenses and other current liabilities 771,065 (483,934) 287,131
----------------------------------------------------------
Total current assets 12,289,948 18,110,817 30,400,765
Property and equipment, at cost less accumulated
depreciation 11,262,323 (6,146,003) 5,116,320
Broadcast licenses and other intangibles less
accumulated amortization 66,101,374 (4,774,779) 61,326,595
Film broadcast right 2,678,412 (113,011) 2,565,401
Notes receivable 540,000 - 540,000
Other assets 199,687 - 199,687
----------------------------------------------------------
Total assets $93,071,744 $ 7,077,024 $100,148,768
==========================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 3,126,180 $ (488,312) $ 2,637,868
Current portion of long-term debt 9,624 - 9,624
Other current liabilities 5,470,241 (557,925) 4,912,316
----------------------------------------------------------
Total current liabilities 8,606,045 (1,046,237) 7,559,808
Long-term debt 22,003,160 (22,000,000) 3,160
Deferred tax effect on basis difference arising
on acquistion 18,187,578 - 18,187,578
Other liabilities 2,969,067 (41,504) 2,927,563
Shareholders' Equity 41,305,894 30,164,765 71,470,659
----------------------------------------------------------
Total liabilities and shareholders' equity $93,071,744 $ 7,077,024 $100,148,768
==========================================================
</TABLE>
(1) Reflects the sale of the stations and the retirement of debt, including
accrued interest, with the proceeds from the sale.
<PAGE> 4
PRICE COMMUNICATIONS CORPORATION AND SUBSIDIARIES
Statement of Operations
Twelve months ended December 31, 1994
(unaudited)
<TABLE>
<CAPTION>
(1)
Proforma
Historical Adjustments Proforma
---------- ----------- --------
<S> <C> <C> <C>
Revenue $ 28,053,341 $(14,056,410) $ 13,996,931
Agency and representatives' commissions 4,014,209 (1,979,012) 2,035,197
----------------------------------------------------------
Net revenue 24,039,132 (12,077,398) 11,961,734
----------------------------------------------------------
Operating expenses 14,961,399 (7,553,675) 7,407,724
Corporate expenses 4,474,787 - 4,474,787
Other (income) expenses, net (16,244,568) 45,266 (16,199,302)
Interest expense 813,493 (813,493) --
Amortization of deferred debt expense 645,835 (460,000) 185,835
Depreciation and amortization 3,312,049 (1,869,104) 1,442,945
----------------------------------------------------------
7,962,995 (10,651,006) (2,688,011)
----------------------------------------------------------
Income before income taxes 16,076,137 (1,426,392) 14,649,745
Income tax expense 1,652,588 - 1,652,588
----------------------------------------------------------
Net Income $ 14,423,549 $ (1,426,392) $ 12,997,157
==========================================================
Income per share $ 1.16 $ 1.05
============== ==============
Weighted average number of shares 12,400,000 12,400,000
(adjusted for April 1995 five-for-four stock -------------- --------------
split)
</TABLE>
(1) Assumes that the stations were sold on December 31, 1993.
<PAGE> 5
PRICE COMMUNICATIONS CORPORATION AND SUBSIDIARIES
Statement of Operations
For the nine months ended September 30, 1995
(unaudited)
<TABLE>
<CAPTION>
(1)
Proforma
Historical Adjustments Proforma
---------- ----------- --------
<S> <C> <C> <C>
Revenue $24,553,534 $(10,591,744) $13,961,790
Agency and representatives' commissions 3,883,483 (1,496,025) 2,387,458
---------------------------------------------------------
Net revenue 20,670,051 (9,095,719) 11,574,332
---------------------------------------------------------
Operating expenses 11,346,185 (6,141,582) 5,204,603
Corporate expenses 2,013,718 - 2,013,718
Other (income) expenses, net (6,876,459) 9,252 (6,867,207)
Interest expense 1,572,454 (1,572,454) 1,568,719
Amortization of deferred debt expense 360,000 (360,000) -
Depreciation and amortization 2,710,271 (1,072,758) 1,637,513
Unrealized noncash loss on marketable
securities 110,629 - 110,629
---------------------------------------------------------
11,236,798 (9,137,542) 2,099,256
---------------------------------------------------------
Income before income taxes 9,433,253 41,823 9,475,076
Income tax benefit 152,616 - 152,616
---------------------------------------------------------
Net Income $ 9,585,869 41,823 $ 9,627,076
=========================================================
Income per share $ 0.91 $ 0.91
============= =============
Weighted average number of shares 10,528,000 10,528,000
(adjusted for April 1995 five-for-four stock ------------- -------------
split)
</TABLE>
(1) Assumes that the stations were sold on December 31, 1994.
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