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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES
(X) EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1993
or
TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES
( ) EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the transition period from _____________ to ______________
COMMISSION FILE NUMBER #1-8598
A. Full title of the plan and the address of the plan,
if different from that of the issuer named below:
THE A. H. BELO CORPORATION
EMPLOYEE SAVINGS AND INVESTMENT PLAN
B. Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office:
A. H. BELO CORPORATION
P. O. BOX 655237
DALLAS, TEXAS 75265-5237
<PAGE> 2
Financial Statements
and Supplemental Schedules
A. H. Belo Corporation
Employee Savings and Investment Plan
Years ended December 31, 1993 and 1992
with Report of Independent Auditors
<PAGE> 3
CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C>
Report of independent auditors 1
- - ------------------------------
Financial statements
- - --------------------
Statements of net assets available for plan benefits 2
Statements of changes in net assets available for plan benefits 3
Notes to financial statements 4
</TABLE>
<TABLE>
<CAPTION>
Supplemental schedules Schedule
- - ---------------------- --------
<S> <C>
Item 30a - Schedule of assets held for investment 1
Item 30d - Schedule of reportable transactions 2
</TABLE>
<PAGE> 4
Report of Independent Auditors
The Benefits Administrative Committee
A. H. Belo Corporation
Employee Savings and Investment Plan
We have audited the accompanying statements of net assets available for plan
benefits of the A. H. Belo Corporation Employee Savings and Investment Plan
(the "Plan") as of December 31, 1993 and 1992, and the related statements of
changes in net assets available for plan benefits for the years then ended.
These financial statements are the responsibility of the Plan's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan at
December 31, 1993 and 1992, and the changes in its net assets available for
plan benefits for the years then eneded, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of assets held for investment purposes as of December 31, 1993, and reportable
transactions for the year then ended, are presented for purposes of complying
with the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974 and are
not a required part of the basic financial statements. The supplemental
schedules have been subjected to the auditing procedures applied in our audit
of the 1993 financial statements and, in our opinion, are fairly stated in all
material respects in relation to the 1993 basic financial statements taken as a
whole.
ERNST & YOUNG
June 6, 1994
1
<PAGE> 5
A. H. BELO CORPORATION
EMPLOYEE SAVINGS AND INVESTMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 1993 and 1992
<TABLE>
<CAPTION>
1993 1992
---- ----
<S> <C> <C>
Assets:
Investments, at fair value (Note 3) $ 24,369,690 $ 13,899,323
Participant loans receivable (Note 1) 968,931 583,392
Participant contributions receivable 525,060 369,825
Employer contributions receivable 266,246 110,187
-------------- --------------
Total assets 26,129,927 14,962,727
Liabilities:
Distributions payable (Note 1) 127,772 67,657
-------------- --------------
Total liabilities 127,772 67,657
-------------- --------------
Net assets available for plan benefits $ 26,002,155 $ 14,895,070
============== =============
</TABLE>
See accompanying notes.
2
<PAGE> 6
A. H. BELO CORPORATION
EMPLOYEE SAVINGS AND INVESTMENT PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
Years ended December 31, 1993 and 1992
<TABLE>
<CAPTION>
1993 1992
---- ----
<S> <C> <C>
Participant contributions (Note 1) $ 6,022,565 $ 4,160,988
Employer contributions (Note 1) 1,980,945 1,125,195
Investment income (Note 2):
Net realized and unrealized
appreciation in fair value of investments 2,576,707 516,257
Interest and dividends 1,382,545 995,474
------------ ------------
Total investment income 3,959,252 1,511,731
Participant distributions (855,677) (473,401)
------------ ------------
Increase in net assets available for
plan benefits 11,107,085 6,324,513
Net assets available for plan benefits at
beginning of year 14,895,070 8,570,557
------------ ------------
Net assets available for plan benefits at
end of year $ 26,002,155 $ 14,895,070
============ ============
</TABLE>
See accompanying notes.
3
<PAGE> 7
A. H. BELO CORPORATION
EMPLOYEE SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1993 AND 1992
1. Description of the Plan
The following description of the A. H. Belo Corporation Employee
Savings and Investment Plan (the "Plan") provides only general
information. Participants should refer to the Plan document for
more complete information.
General
The Plan, a defined contribution plan, was established effective
October 1, 1989. The Plan covers all employees of A. H. Belo
Corporation, The Dallas Morning News, Inc., WFAA TV, Inc., WVEC
Television, Inc., DFW Suburban Newspapers, Inc., DFW Printing Company,
Great Western Broadcasting Corporation (KXTV), KHOU-TV, Inc., KOTV,
Inc. and Belo Productions, Inc. (collectively, the "Employer") who
have attained age 21 and have completed one year of service or who
participated in the Employer's Employee Stock Purchase Plan before
October 1, 1989. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA).
Administration
The Plan is administered by the Benefits Administrative Committee,
which consists of members appointed by the Board of Directors of A. H.
Belo Corporation.
Income tax status
The Plan is intended to qualify under Section 401(a) of the Internal
Revenue Code (the "Code") and, therefore, would be exempt from federal
income taxes under provisions of Section 501(a) of the Code. The Plan
obtained its latest favorable tax determination letter from the
Internal Revenue Service effective August 7, 1992 for the period
beginning October 1, 1989, subject to the Plan's adoption of
certain amendments. Once qualified, the Plan is required to operate in
conformity with the applicable qualification requirements. The Plan
has been amended since receiving the latest determination letter.
However, the Plan Administrative Committee does not have any reason to
believe that the Plan is not designed and being operated in accordance
with the Code. Furthermore, the Plan Administrative Committee is not
aware of any events or occurrences that might adversely affect the
qualified status of the Plan, including certain Plan amendments not
covered by the latest determination letter.
Contributions
Participants may elect to contribute a portion of their pretax
compensation, as provided by the Plan and IRS regulations. Such
contributions are withheld by the Employer from each participant's
compensation and deposited in the appropriate investment fund as
directed by the participant. Participants direct the allocation of
their contributions to any of the five following investment
funds: A. H. Belo Corporation Series A Common Stock, Fidelity
Magellan Fund, Fidelity Puritan Fund, Fidelity Retirement Government
Money Market Portfolio, and Fidelity Growth and Income Portfolio.
During 1992, the Employer made a matching contribution to the Plan in
an amount equal to 35% of the participant
4
<PAGE> 8
1. Description of the Plan (continued)
contributions, up to 5% of compensation. Effective July 1, 1993, the
Employer matching contribution was increased from 35% to 50% of the
participant contributions, up to 6% of compensation. In addition, the
maximum pretax contribution was increased from 10% to 15% of
participant's compensation. Participants are fully vested in Employer
matching contributions at the time the contributions are credited to
their accounts. Employer contributions may be made in cash or in
shares of A. H. Belo Corporation Series A Common Stock or both.
Employer contributions to date have been made in cash and invested by
the Trustee in shares of A. H. Belo Corporation Series A Common Stock.
Rollovers
Effective September 1, 1993, the Plan began accepting rollovers from
employees who had previously participated in a former employer's
qualified plan. Rollovers of $191,224 are included with
participant contributions on the Statements of Changes in Net Assets
Available for Plan Benefits.
Participant accounts
Each participant's account is credited with the participant's
contributions, rollovers, Employer's matching contributions, and an
allocation of each investment fund's investment income and
securities gains and losses. Participants are fully vested in their
participant accounts at all times.
Distributions
In accordance with the Plan document and as allowed under the Code,
distribution of a participant's account is available upon the
participant's retirement, death, termination of employment, or
attainment of age 59-1/2; or distribution is available to satisfy a
financial hardship meeting the requirements of the IRS regulations.
Refunds of excess contributions are included in participant
distributions in the statement of changes in net assets available for
plan benefits. At December 31, 1993 and 1992, distributions
payable is comprised of such excess participant contributions. The
excess contributions are refunded to the participants in the following
year to comply with the discrimination tests described in the Plan and
required by Section 401(k) and Section 401(m) of the Code.
Loans
Participants are able to borrow against their accounts. The amount of
any loan cannot exceed 50% of the participant's account or $50,000,
reduced by any previously outstanding loans. Interest charged on
loans is intended to be commercially reasonable and is based on
Texas Commerce Bank's prime rate on the date of loan approval. All
payments with respect to the loan (principal and interest) will be
reinvested to the participant's account based on the participant's
elected investment mix.
Expenses
All expenses incident to the administration of the Plan are charged to
the participants' accounts unless the Employer elects to pay for
such expenses. The Employer has elected to pay substantially all
expenses in 1993 and 1992.
5
<PAGE> 9
1. Description of the Plan (continued)
Termination
While the Employer has not expressed any intent to terminate the Plan,
it may do so at any time, subject to the provisions of ERISA, by
action of the Board of Directors of A. H. Belo Corporation. If the
Plan is terminated, each participant shall receive a distribution of
assets equal to the value of the participant's account.
2. Summary of significant accounting policies
Certain prior year balances have been reclassified to conform to
current year financial statement presentation.
Investments
Investments in the Plan are valued at fair value as determined by
quoted market prices. Purchases and sales of securities are recorded
on a trade-date basis. Investments are maintained by the Trustees of
the Plan (Fidelity Management Trust Company for all mutual funds
sponsored by Fidelity Investments and Mellon Bank for A. H. Belo
Corporation Series A Common Stock) in accordance with trust
agreements.
The five investment fund options at December 31, 1993, were:
1. A. H. Belo Corporation Series A Common Stock - invested
exclusively in A. H. Belo Corporation Series A Common Stock.
Purchases of such stock will be made by Mellon Bank either on
the open market or directly from A. H. Belo Corporation.
2. Fidelity Magellan Fund - a mutual fund that invests primarily
in equity securities.
3. Fidelity Puritan Fund - a mutual fund that invests in a
diversified portfolio of common stocks, preferred stocks and
bonds.
4. Fidelity Retirement Government Money Market Portfolio - a
mutual fund that invests in obligations issued or guaranteed
for principal and interest by the U.S. government and its
agencies and instrumentalities and in repurchase agreements
secured by these obligations.
5. Fidelity Growth and Income Portfolio - a mutual fund that
invests primarily in securities of companies which offer
potential growth of earnings while paying current dividends.
Contributions
Participant and Employer contributions are recorded as receivables in
the period in which payroll deductions are made for participant
contributions. All contributions are invested in the month
following the month of payroll deduction.
Investment income
Dividend income is recorded on the ex-dividend date. The statements
of changes in net assets available for plan benefits include net
unrealized appreciation and depreciation for the period on
investments held at the end of the period.
6
<PAGE> 10
3. Investments
Plan investments consisted of the following as of December 31, 1993:
<TABLE>
<CAPTION>
Fair
Shares Cost value
------ ---- -----
<S> <C> <C> <C>
*A. H. Belo Corporation
Series A Common Stock 164,960 $ 6,409,404 $ 8,742,856
*Fidelity Magellan Fund 123,406 8,105,582 8,743,295
*Fidelity Puritan Fund 222,518 3,289,975 3,504,665
*Fidelity Retirement Government
Money Market Portfolio 1,834,707 1,834,707 1,834,707
*Fidelity Growth and Income Portfolio 69,494 1,457,089 1,544,167
----------- -----------
Total investments $21,096,757 $24,369,690
=========== ===========
</TABLE>
*Exceeds 5% of net assets available for plan benefits
Plan investments consisted of the following as of December 31, 1992:
<TABLE>
<CAPTION>
Fair
Shares Cost value
------ ---- -----
<S> <C> <C> <C>
*A. H. Belo Corporation
Series A Common Stock 111,985 $ 3,939,800 $ 4,703,351
*Fidelity Magellan Fund 83,152 5,223,885 5,239,403
*Fidelity Puritan Fund 136,947 1,899,805 2,018,604
*Fidelity Retirement Government
Money Market Portfolio 1,315,922 1,315,922 1,315,922
Fidelity Growth and Income Portfolio 31,560 625,366 622,043
------------ -----------
Total investments $ 13,004,778 $13,899,323
============ ===========
</TABLE>
*Exceeds 5% of net assets available for plan benefits
7
<PAGE> 11
4. Reconciliation of financial statements to the Form 5500
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500:
<TABLE>
<CAPTION>
December 31,
------------
1993 1992
---- ----
<S> <C> <C>
Net assets available for benefits per the
financial statements $26,002,155 $14,895,070
Amounts allocated to withdrawing participants (172,035) (13,000)
----------- -----------
Net assets available for benefits per the Form 5500 $25,830,120 $14,882,070
=========== ===========
</TABLE>
The following is a reconciliation of benefits paid to participants per the
financial statements to the Form 5500:
<TABLE>
<CAPTION>
Year ended
----------
December 31, 1993
-----------------
<S> <C>
Benefits paid to participants per the financial statements $ 855,677
Add: Amounts allocated to withdrawing participants at
December 31, 1993 172,035
Less: Amounts allocated to withdrawing participants at
December 31, 1992 (13,000)
----------
Benefits paid to participants per the Form 5500 $1,014,712
==========
</TABLE>
Amounts allocated to withdrawing participants are recorded on the Form 5500 for
benefit claims that have been processed and approved for payment prior to
December 31 but not yet paid as of that date.
8
<PAGE> 12
5. Net assets available for plan benefits
Net assets available for plan benefits as of December 31, 1993, were as
follows:
<TABLE>
<CAPTION>
Fidelity
Retirement
A. H. Belo Government Fidelity
Corporation Fidelity Money Growth and
Series A Magellan Fidelity Market Income
Common Stock Fund Puritan Fund Portfolio Portfolio
------------ -------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value $8,742,856 $ 8,743,295 $3,504,665 $1,834,707 $1,544,167
Participant loans receivable -- -- -- -- --
Participant contributions
receivable 78,242 231,775 94,987 59,562 60,494
Employer contributions
receivable 266,246 -- -- -- --
---------- ----------- ---------- ---------- ----------
Total assets 9,087,344 8,975,070 3,599,652 1,894,269 1,604,661
Liabilities:
Distributions payable 16,582 67,507 20,189 9,137 14,357
---------- ----------- ---------- ---------- ----------
Total liabilities 16,582 67,507 20,189 9,137 14,357
---------- ----------- ---------- ---------- ----------
Net assets available for plan
benefits $9,070,762 $ 8,907,563 $3,579,463 $1,885,132 $1,590,304
========== =========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Participant
loans Total
----------- -----
<S> <C> <C>
Assets:
Investments, at fair value $ -- $24,369,690
Participant loans receivable 968,931 968,931
Participant contributions
receivable -- 525,060
Employer contributions
receivable -- 266,246
----------- -----------
Total assets 968,931 26,129,927
Liabilities:
Distributions payable -- 127,772
----------- -----------
Total liabilities -- 127,772
----------- -----------
Net assets available for plan
benefits $ 968,931 $26,002,155
=========== ===========
</TABLE>
9
<PAGE> 13
5. Net assets available for plan benefits (continued)
Net assets available for plan benefits as of December 31, 1992, were as
follows:
<TABLE>
<CAPTION>
Fidelity
A. H. Belo Retirement Fidelity
Corporation Government Growth and
Series A Fidelity Fidelity Money Market Income
Common Stock Magellan Fund Puritan Fund Portfolio Portfolio
------------ ------------- ------------ ------------ ----------
<S> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value $ 4,703,351 $ 5,239,403 $ 2,018,604 $ 1,315,922 $ 622,043
Participant loans receivable -- -- -- -- --
Participant contributions
receivable 53,519 166,377 64,979 47,753 37,197
Employer contributions
receivable 110,187 -- -- -- --
----------- ----------- ----------- ----------- ---------
Total assets 4,867,057 5,405,780 2,083,583 1,363,675 659,240
Liabilities:
Distributions payable 12,147 35,317 10,646 3,268 6,279
----------- ----------- ----------- ----------- ---------
Total liabilities 12,147 35,317 10,646 3,268 6,279
----------- ----------- ----------- ----------- ---------
Net assets available for plan
benefits $ 4,854,910 $ 5,370,463 $ 2,072,937 $ 1,360,407 $ 652,961
=========== =========== =========== =========== =========
</TABLE>
<TABLE>
<CAPTION>
Participant
loans Total
----------- -----
<S> <C> <C>
Assets:
Investments, at fair value $ -- $13,899,323
Participant loans receivable 583,392 583,392
Participant contributions
receivable -- 369,825
Employer contributions
receivable -- 110,187
--------- -----------
Total assets 583,392 14,962,727
Liabilities:
Distributions payable -- 67,657
--------- -----------
Total liabilities -- 67,657
--------- -----------
Net assets available for plan
benefits $ 583,392 $14,895,070
========= ===========
</TABLE>
10
<PAGE> 14
6. Changes in net assets available for plan benefits
The changes in net assets available for plan benefits for the year ended
December 31, 1993, were as follows:
<TABLE>
<CAPTION>
Fidelity
A. H. Belo Retirement
Corporation Government Fidelity
Series A Fidelity Money Growth and
Common Magellan Fidelity Market Income
Stock Fund Puritan Fund Portfolio Portfolio
----------- --------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Participant contributions $ 875,279 $ 2,632,493 $ 1,110,970 $ 655,694 $ 748,129
Employer contributions 1,980,945 -- -- -- --
Participant loan repayments 51,124 197,856 69,598 33,354 22,807
Investment income:
Net realized and unrealized
appreciation in fair value of
investments 1,652,729 696,121 121,618 -- 106,239
Interest and dividends 96,079 771,089 393,686 48,180 73,511
--------- --------- --------- --------- ---------
Total investment
income 1,748,808 1,467,210 515,304 48,180 179,750
Participant loan withdrawals -- (471,082) (133,998) (124,987) (30,211)
Participant distributions (247,272) (370,213) (129,208) (66,845) (42,139)
Net transfers (193,032) 80,836 73,860 (20,671) 59,007
--------- --------- --------- --------- ---------
Increase in net assets available for
plan benefits 4,215,852 3,537,100 1,506,526 524,725 937,343
Net assets available for plan benefits
at beginning of year 4,854,910 5,370,463 2,072,937 1,360,407 652,961
--------- --------- --------- --------- ---------
Net assets available for plan benefits
at end of year $ 9,070,762 $ 8,907,563 $ 3,579,463 $ 1,885,132 $ 1,590,304
========= ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
Participant
loans Total
------------- -------------
<S> <C> <C>
Participant contributions $ -- $ 6,022,565
Employer contributions -- 1,980,945
Participant loan repayments (374,739) --
Investment income:
Net realized and unrealized
appreciation in fair value of
investments -- 2,576,707
Interest and dividends -- 1,382,545
---------- ------------
Total investment
income -- 3,959,252
Participant loan withdrawals 760,278 --
Participant distributions -- (855,677)
Net transfers -- --
---------- ------------
Increase in net assets available for
plan benefits 385,539 11,107,085
Net assets available for plan benefits
at beginning of year 583,392 14,895,070
---------- ------------
Net assets available for plan benefits
at end of year $ 968,931 $ 26,002,155
========== ============
</TABLE>
11
<PAGE> 15
6. Changes in net assets available for plan benefits (continued)
The changes in net assets available for plan benefits for the year ended
December 31, 1992, were as follows:
<TABLE>
<CAPTION>
Fidelity
Retirement
A. H. Belo Government Fidelity
Corporation Fidelity Money Growth and
Series A Magellan Fidelity Puritan Market Income
Common Stock Fund Fund Portfolio Portfolio
------------ -------- ---------------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Participant contributions $ 581,791 $1,957,182 $ 725,119 $ 540,574 $356,322
Employer contributions 1,125,195 -- -- -- --
Participant loan repayments 20,868 109,128 40,785 28,167 8,419
Investment income:
Net realized and unrealized
appreciation and depreciation in
fair value of investments 812,702 (338,199) 55,673 -- (13,919)
Interest and dividends 38,053 679,319 174,967 42,300 60,835
---------- ---------- ---------- ---------- --------
Total investment income 850,755 341,120 230,640 42,300 46,916
Participant loan withdrawals -- (313,325) (119,804) (82,957) (19,423)
Participant distributions (161,642) (199,920) (62,448) (36,076) (13,315)
Net transfers 2,009 (81,069) 73,156 (43,461) 49,365
---------- ---------- ---------- ---------- --------
Increase in net assets available
for plan benefits 2,418,976 1,813,116 887,448 448,547 428,284
Net assets available for plan benefits
at beginning of year 2,435,934 3,557,347 1,185,489 911,860 224,677
---------- ---------- ---------- ---------- --------
Net assets available for plan benefits
at end of year $4,854,910 $5,370,463 $2,072,937 $1,360,407 $652,961
========== ========== ========== ========== ========
</TABLE>
<TABLE>
<CAPTION>
Participant
loans Total
----------- -----
<S> <C> <C>
Participant contributions $ -- $ 4,160,988
Employer contributions -- 1,125,195
Participant loan repayments (207,367) --
Investment income:
Net realized and unrealized
appreciation and depreciation in
fair value of investments -- 516,257
Interest and dividends -- 995,474
--------- -----------
Total investment income -- 1,511,731
Participant loan withdrawals 535,509 --
Participant distributions -- (473,401)
Net transfers -- --
--------- -----------
Increase in net assets available
for plan benefits 328,142 6,324,513
Net assets available for plan benefits
at beginning of year 255,250 8,570,557
--------- -----------
Net assets available for plan benefits
at end of year $ 583,392 $14,895,070
========= ===========
</TABLE>
12
<PAGE> 16
7. Subsequent events
Effective April 1, 1994, participants in the Plan who are employees of
DFW Suburban Newspapers, Inc. will be ineligible for matching
contributions. The amendment is not expected to have a significant
effect on employer contributions.
On June 1, 1994, A. H. Belo Corporation completed the purchase of
substantially all of the assets of WWL-TV from Rampart Operating
Partnership. In connection with the acquisition, all employees of
WWL-TV who were active participants in the Rampart Operating
Partnership Salary Saving Plan on June 1, 1994, became eligible for
participation in the Plan. WWL-TV participants may elect a direct
rollover of their investment to the Plan. Participant contributions
made by employees of WWL-TV will be ineligible for matching
contributions.
13
<PAGE> 17
SUPPLEMENTAL SCHEDULES
<PAGE> 18
A. H. BELO CORPORATION
EMPLOYEE SAVINGS AND INVESTMENT PLAN
ITEM 30a - SCHEDULE OF ASSETS HELD FOR INVESTMENT
December 31, 1993
<TABLE>
<CAPTION>
Fair
Shares Cost value
------ ---- -----
<S> <C> <C> <C>
*A. H. Belo Corporation
Series A Common Stock 164,960 $ 6,409,404 $ 8,742,856
**Fidelity Magellan Fund 123,406 8,105,582 8,743,295
**Fidelity Puritan Fund 222,518 3,289,975 3,504,665
**Fidelity Retirement Government
Money Market Portfolio 1,834,707 1,834,707 1,834,707
**Fidelity Growth and Income Portfolio 69,494 1,457,089 1,544,167
----------- -----------
Subtotal 21,096,757 24,369,690
Participant loans with interest rates ranging
from 6% to 8.5%, maturing over various
periods of up to 5 years 986,931 986,931
----------- -----------
Total assets held for investment $22,083,688 $25,356,621
=========== ===========
</TABLE>
*Party-in-interest (Employer)
**Party-in-interest (Trustee)
<PAGE> 19
A. H. BELO CORPORATION
EMPLOYEE SAVINGS AND INVESTMENT PLAN
ITEM 30d - SCHEDULE OF REPORTABLE TRANSACTIONS
Year ended December 31, 1993
The following represent category (iii) series of transactions which, in the
aggregate, exceed 5% of the current value of plan assets as of December 31,
1992:
<TABLE>
<CAPTION>
Number of transactions Activity Gain
Identity of ---------------------- -------- on
party involved Description Purchases Sales Purchases Sales sales
-------------- ----------- --------- ----- --------- ----- -----
<S> <C> <C> <C> <C> <C> <C>
*A. H. Belo Corporation A. H. Belo
Corporation
Series A
Common Stock 76 43 $2,886,463 $ 499,687 $82,828
**Fidelity Investments Fidelity Magellan
Fund 157 103 3,813,517 1,005,745 73,926
**Fidelity Investments Fidelity Puritan
Fund 128 82 1,689,228 324,786 25,727
**Fidelity Investments Fidelity Retirement
Government
Money Market
Portfolio 104 98 1,008,088 489,303 --
**Fidelity Investments Fidelity Growth and
Income Portfolio 105 68 1,018,536 202,651 15,838
</TABLE>
There were no category (i), (ii), or (iv) reportable transactions during the
year ended December 31, 1993.
*Party-in-interest (Employer)
**Party-in-interest (Trustee)
<PAGE> 20
EXHIBITS
Exhibit 23 Consent of Ernst & Young
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
A. H. BELO CORPORATION
EMPLOYEE SAVINGS AND INVESTMENT PLAN
Date: June 27, 1994 /s/ VICKY C. TEHERANI
Vicky C. Teherani,
Administrative Committee Member
<PAGE> 21
INDEX TO EXHIBITS
Exhibit 23 -- Consent of Ernst & Young
<PAGE> 1
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-30994) pertaining to the Employee Savings and Investment Plan
of A. H. Belo Corporation and in the related Prospectus of our report dated
June 6, 1994, with respect to the financial statements and schedules of The A.
H. Belo Corporation Employee Savings and Investment Plan included in this
Annual Report (Form 11-K) for the year ended December 31, 1993.
ERNST & YOUNG
Dallas, Texas
June 23, 1994
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