<PAGE> 1
================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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: SEPTEMBER 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
COMMISSION FILE NO. 1-8598
A. H. BELO CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 75-0135890
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
P. O. BOX 655237
DALLAS, TEXAS 75265-5237
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (214) 977-6606
Former name, former address and former fiscal year, if changed since last
report.
NONE
Indicate by check mark whether 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.
CLASS OUTSTANDING AT SEPTEMBER 30, 1995
----- ----------------------------------
Common Stock, $1.67 par value 38,615,542*
- ---------------
* Consisting of 29,326,386 shares of Series A Common Stock and 9,289,156
shares of Series B Common Stock.
================================================================================
<PAGE> 2
A. H. BELO CORPORATION
FORM 10-Q
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
----
<S> <C> <C>
PART I FINANCIAL INFORMATION
Item 1. Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of Operations . . . . . . . . . . . . . 7
PART II OTHER INFORMATION
Item 1. Legal Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Item 2. Changes in Securities . . . . . . . . . . . . . . . . . . . . . . . . . . 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
</TABLE>
i
<PAGE> 3
PART I.
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF EARNINGS
A. H. Belo Corporation and Subsidiaries
<TABLE>
<CAPTION>
Three months Nine months
ended September 30, ended September 30,
================================================================================================================
In thousands, except per share amounts
(unaudited) 1995 1994 1995 1994
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
- -NET OPERATING REVENUES
Newspaper publishing $ 102,433 $ 93,262 $ 296,899 $ 267,290
Broadcasting 78,678 66,265 236,643 178,574
Other 1,340 55 1,717 702
- ----------------------------------------------------------------------------------------------------------------
Total net operating revenues 182,451 159,582 535,259 446,566
- ----------------------------------------------------------------------------------------------------------------
- -OPERATING COSTS AND EXPENSES
Salaries, wages and employee benefits 52,681 46,527 155,149 130,875
Newsprint, ink and other supplies 35,833 25,739 98,138 75,993
Other production, distribution and operating costs 50,900 42,271 144,234 118,548
Depreciation 10,555 8,762 31,638 23,925
Amortization 4,357 3,598 12,820 9,952
- ----------------------------------------------------------------------------------------------------------------
Total operating costs and expenses 154,326 126,897 441,979 359,293
- ----------------------------------------------------------------------------------------------------------------
Earnings from operations 28,125 32,685 93,280 87,273
- ----------------------------------------------------------------------------------------------------------------
- -OTHER INCOME AND EXPENSE
Interest expense (7,486) (4,827) (21,709) (11,130)
Other, net (Note 6) 453 (7,450) 3,776 (6,465)
- ----------------------------------------------------------------------------------------------------------------
Total other income and expense (7,033) (12,277) (17,933) (17,595)
- ----------------------------------------------------------------------------------------------------------------
- -EARNINGS
Earnings before income taxes 21,092 20,408 75,347 69,678
Income taxes 8,300 4,660 29,914 24,381
- ----------------------------------------------------------------------------------------------------------------
Net earnings $ 12,792 $ 15,748 $ 45,433 $ 45,297
- ----------------------------------------------------------------------------------------------------------------
- -EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE $ .33 $ .39 $ 1.14 $ 1.12
- ----------------------------------------------------------------------------------------------------------------
Average shares outstanding 39,359 39,892 39,888 40,474
- ----------------------------------------------------------------------------------------------------------------
Cash dividends declared per share $ .16 $ .15 $ .315 $ .30
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Consolidated Condensed Financial Statements.
1
<PAGE> 4
CONSOLIDATED CONDENSED BALANCE SHEETS
A. H. Belo Corporation and Subsidiaries
<TABLE>
<CAPTION>
================================================================================================================
In thousands SEPTEMBER 30, December 31,
(Current year unaudited) 1995 1994
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
- -ASSETS
Current assets:
Cash and temporary cash investments $ 11,380 $ 9,294
Accounts receivable, net 108,032 99,825
Other current assets 28,102 21,218
- ----------------------------------------------------------------------------------------------------------------
Total current assets 147,514 130,337
- ----------------------------------------------------------------------------------------------------------------
Property, plant and equipment, at cost:
Land 24,570 19,803
Buildings 135,298 126,632
Newspaper publishing equipment 192,920 188,006
Broadcast equipment 153,707 118,816
Other 47,586 40,369
Advance payments on plant and equipment expenditures 38,742 28,352
- ----------------------------------------------------------------------------------------------------------------
Total property, plant and equipment 592,823 521,978
Less accumulated depreciation (240,935) (209,824)
- ----------------------------------------------------------------------------------------------------------------
Net property, plant and equipment 351,888 312,154
- ----------------------------------------------------------------------------------------------------------------
Excess cost over values assigned to
tangible assets of purchased subsidiaries 512,045 403,268
Other intangibles, net 17,996 18,949
Other assets, at cost 55,367 49,083
- ----------------------------------------------------------------------------------------------------------------
Total assets $ 1,084,810 $ 913,791
================================================================================================================
</TABLE>
2
<PAGE> 5
CONSOLIDATED CONDENSED BALANCE SHEETS (CONTINUED)
A. H. Belo Corporation and Subsidiaries
<TABLE>
<CAPTION>
================================================================================================================
In thousands, except share data SEPTEMBER 30, December 31,
(Current year unaudited) 1995 1994
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
- -LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 57,523 $ 62,590
Other current liabilities 14,687 21,147
- ----------------------------------------------------------------------------------------------------------------
Total current liabilities 72,210 83,737
- ----------------------------------------------------------------------------------------------------------------
Long-term debt 508,400 330,400
Deferred income taxes 112,612 110,324
Other liabilities 12,015 6,795
Shareholders' equity:
Preferred stock, $1.00 par value. Authorized
5,000,000 shares; none issued
Common stock, $1.67 par value. Authorized
150,000,000 shares:
Series A: Issued 29,326,386 shares at September 30, 1995
and 28,477,776 shares at December 31, 1994 48,975 23,779
Series B: Issued 9,289,156 shares at September 30, 1995
and 11,243,976 shares at December 31, 1994 15,513 9,389
Additional paid-in capital 98,435 124,431
Retained earnings 221,313 230,959
- ----------------------------------------------------------------------------------------------------------------
Total 384,236 388,558
Deferred compensation - restricted shares (4,663) (6,023)
- ----------------------------------------------------------------------------------------------------------------
Total shareholders' equity 379,573 382,535
- ----------------------------------------------------------------------------------------------------------------
Total liabilities and shareholders' equity $1,084,810 $913,791
================================================================================================================
</TABLE>
See accompanying Notes to Consolidated Condensed Financial Statements.
3
<PAGE> 6
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
A. H. Belo Corporation and Subsidiaries
<TABLE>
<CAPTION>
Nine months
ended September 30,
================================================================================================================
In thousands
(unaudited) 1995 1994
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
- -OPERATIONS
Net earnings $ 45,433 $ 45,297
Adjustments to reconcile net earnings
to net cash provided by operations:
Depreciation and amortization 44,458 33,877
Deferred income taxes 4,024 2,146
Non-cash adjustments and allowances 399 1,731
Other, net (3,382) (1,351)
Net change in current assets and liabilities:
Accounts receivable (8,518) (6,594)
Other current assets (8,580) 5,457
Accounts payable and accrued expenses (5,617) (1,171)
Other current liabilities (6,495) 8,720
- ----------------------------------------------------------------------------------------------------------------
Net cash provided by operations 61,722 88,112
- ----------------------------------------------------------------------------------------------------------------
-INVESTMENTS
Acquisitions (163,303) (110,038)
Capital expenditures (28,683) (24,760)
Other, net 4,719 948
- ----------------------------------------------------------------------------------------------------------------
Net cash used for investments (187,267) (133,850)
- ----------------------------------------------------------------------------------------------------------------
-FINANCING
Borrowings for acquisitions 163,313 110,000
Net proceeds from (payments on) revolving debt 14,687 (29,000)
Payments to repurchase stock (49,386) (32,073)
Payments of dividends on stock (9,228) (9,021)
Net proceeds from exercise of stock options 8,245 5,143
- ----------------------------------------------------------------------------------------------------------------
Net cash provided by financing 127,631 45,049
- ----------------------------------------------------------------------------------------------------------------
Net increase (decrease) in cash and temporary cash investments 2,086 (689)
- ----------------------------------------------------------------------------------------------------------------
Cash and temporary cash investments at beginning of period 9,294 8,943
- ----------------------------------------------------------------------------------------------------------------
Cash and temporary cash investments at end of period $ 11,380 $ 8,254
================================================================================================================
- -SUPPLEMENTAL DISCLOSURES
Interest paid, net of amounts capitalized $ 23,019 $ 10,155
Income taxes paid, net of refunds $ 31,443 $ 20,483
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
See accompanying Notes to Consolidated Condensed Financial Statements.
4
<PAGE> 7
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
A. H. Belo Corporation and Subsidiaries
(1) The unaudited consolidated condensed financial statements as of
September 30, 1995 and for the three and nine-month periods ended
September 30, 1995 and 1994 and related notes should be read in
conjunction with the audited consolidated financial statements and
related notes as of December 31, 1994.
(2) In the opinion of A. H. Belo Corporation (the "Company" or "Belo")
management, the accompanying unaudited consolidated condensed
financial statements contain all adjustments necessary to present
fairly the Company's financial position as of September 30, 1995, and
its results of operations and cash flows for the indicated periods.
All such adjustments are of a normal recurring nature.
Certain amounts for the prior periods have been reclassified to
conform to the current year presentation.
(3) On June 1, 1994, Belo acquired the assets of television station
WWL-TV, the CBS affiliate in New Orleans, Louisiana from Rampart
Operating Partnership for approximately $110,000,000 in cash. On
February 1, 1995, Belo acquired Third Avenue Television, Inc., holder
of the assets of television station KIRO-TV in Seattle, Washington.
On the same date, Belo acquired the FCC license of television station
KIRO-TV and certain other related assets from Bonneville Holding
Company. The purchase price was $162,500,000 in cash, plus
transaction costs.
The costs of the acquisitions have been allocated on the basis of the
estimated fair values of the assets acquired. These allocations
resulted in excess cost over values assigned to tangible assets of
purchased subsidiaries for WWL-TV of $81,673,000 and for KIRO-TV of
$120,643,000. The KIRO-TV purchase price allocation is still
preliminary. These amounts are being amortized on a straight-line
basis over 40 years.
The pro forma financial results of operations below, which reflect
purchase price adjustments including average revolving debt rates in
effect for the periods presented, assume both the WWL-TV and KIRO-TV
transactions took place at the beginning of each of the periods
presented (in thousands):
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
Nine months ended September 30, 1995 1994
-------------------------------------------------------------------------------------
<S> <C> <C>
Net operating revenues $538,254 $494,549
Net earnings $ 44,601 $ 44,414
Net earnings per share $ 1.12 $ 1.10
-------------------------------------------------------------------------------------
</TABLE>
A change of 1/8 of one percent in revolving debt rates would affect
the pro forma results by $161,000 after taxes.
The pro forma financial information is provided for informational
purposes only and is not necessarily representative of the operating
results that would have occurred had the acquisitions been completed
as of the indicated dates, nor is it indicative of future operating
results.
(4) The Company amended its $600,000,000 variable rate revolving debt
agreement effective July 28, 1995, to increase available borrowings to
$800,000,000. The terms of the amended agreement are substantially
the same as those of the original agreement. The amended agreement
expires on July 28, 2000, with an extension to July 28, 2001 at the
request of the Company and consent of the participating banks.
5
<PAGE> 8
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
A. H. Belo Corporation and Subsidiaries
(5) On June 9, 1995, Belo completed a two-for-one stock split in the form
of a dividend whereby one additional share of Series A or Series B
Common Stock was issued for each corresponding share of Series A or
Series B Common Stock held on May 19, 1995. A total of 19,847,771
shares were issued. In connection with the stock split, common stock
was increased and additional paid in capital charged for the aggregate
par value of the shares that were issued. All share and per share
data have been restated to retroactively reflect the stock split.
(6) In June 1995, Belo sold its investment in 15,267 shares of Stauffer
Communications, Inc. stock for $4,327,000. The carrying value of the
stock was $1,921,000, resulting in a net gain of $1,564,000 (4 cents
per share). The Company had previously recorded a net charge of
$1,567,000 (4 cents per share) in September 1994, when 58,835 shares
of Stauffer Communications Inc. stock were written-up to fair value
and subsequently donated to a charitable foundation.
(7) During 1995, Belo repurchased 1,618,078 shares of treasury stock for
an aggregate purchase price of $49,386,000. All of these shares have
been retired, resulting in a $49,386,000 reduction in total
shareholders' equity.
(8) Net operating revenues, earnings from operations, and depreciation and
amortization by industry segment are shown below (in thousands):
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
================================================================================================================
1995 1994 1995 1994
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET OPERATING REVENUES
Newspaper publishing $102,433 $ 93,262 $296,899 $267,290
Broadcasting 78,678 66,265 236,643 178,574
Other 1,355 98 1,750 825
Intersegment revenues (15) (43) (33) (123)
- ----------------------------------------------------------------------------------------------------------------
$182,451 $159,582 $535,259 $446,566
================================================================================================================
EARNINGS FROM OPERATIONS
Newspaper publishing $ 15,767 $ 18,220 $ 49,154 $ 46,844
Broadcasting 17,311 19,257 59,071 52,021
Other (1,025) (174) (3,041) (391)
Corporate expenses (3,928) (4,618) (11,904) (11,201)
- ----------------------------------------------------------------------------------------------------------------
$ 28,125 $ 32,685 $ 93,280 $ 87,273
================================================================================================================
DEPRECIATION AND AMORTIZATION
Newspaper publishing $ 5,043 $ 5,163 $ 15,755 $ 15,461
Broadcasting 9,690 7,050 28,170 17,969
Other 6 - 13 -
Corporate 173 147 520 447
- ----------------------------------------------------------------------------------------------------------------
$ 14,912 $ 12,360 $ 44,458 $ 33,877
================================================================================================================
</TABLE>
6
<PAGE> 9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
FINANCIAL CONDITION
The Company's primary source of liquidity is cash provided by operations,
which was $61,722,000 for the nine months ended September 30, 1995. This
compares with $88,112,000 generated during the corresponding period in 1994.
The decrease in cash provided by operations is the result of changes in working
capital, principally higher inventory levels and the timing of tax payments in
1994. Cash from operations for the nine months of 1995 was sufficient to fund
capital expenditures and dividends on common stock. Excess cash from operations
was also used to fund a portion of stock repurchases.
On February 1, 1995, Belo acquired KIRO-TV. The purchase price was
$162,500,000 in cash, plus transaction costs. KIRO-TV was purchased using
funds from Belo's revolving credit agreement.
Belo has access to an $800,000,000 variable rate revolving credit
agreement, on which borrowings at September 30, 1995 were $320,000,000. From
time to time, short-term unsecured notes are also used as a source of
financing. Based on the Company's intent and ability to renew short-term notes
through the revolving credit agreement, short-term borrowings are classified as
long-term. At September 30, 1995, Belo had $182,000,000 in short-term notes
outstanding. Total debt outstanding increased by $178,000,000 from December
31, 1994 due to the KIRO-TV acquisition and the repurchase of stock.
Belo has an ongoing stock repurchase program authorizing the purchase of up
to $2,500,000 of Company stock annually. During 1995, 87,718 shares were
repurchased under this program. An additional 1,530,360 shares were
repurchased during the current year, fully exhausting an earlier share
repurchase authorization. Subsequently, in September 1995, Belo's Board of
Directors authorized the purchase of up to 4,000,000 shares of Series A Common
Stock from time to time. As of September 30, 1995, no shares had been
repurchased under this latest authorization.
At September 30, 1995, Belo's ratio of long-term debt to total
capitalization was 57.3 percent, compared to 46.3 percent at the end of 1994.
The change during 1995 is due to the KIRO-TV acquisition and the repurchase of
stock.
Capital expenditures year-to-date in 1995 are $28,683,000. Significant
capital projects for the period include the purchase of publishing equipment
and major building renovations at The Dallas Morning News, the continuation of
a building and studio remodeling project at Belo's Houston station and the
purchase of broadcast equipment for other Belo stations. Belo expects to
finance future capital expenditures using cash generated from operations and,
when necessary, borrowings under the revolving credit agreement.
Belo paid dividends of $9,228,000 or 31 1/2 cents per share on Series A and
Series B Common Stock outstanding during 1995 compared to $9,021,000 (30 cents
per share) during the same period in 1994. In addition, in June 1995, Belo
completed a two-for-one stock split in the form of a dividend. All record
holders of Series A and Series B stock as of May 19, 1995 received an equal
number of Series A and Series B shares on June 9, 1995. All share and per
share information in this report has been restated to retroactively reflect the
stock split.
RESULTS OF OPERATIONS
Belo's net earnings for the three and nine-month periods ended September
30,1995 were $12,792,000 (33 cents per share) and $45,433,000 ($1.14 per
share), respectively. Earnings for the comparable periods in 1994 were
$15,748,000 (39 cents per share) and $45,297,000 ($1.12 per share). Earnings
for the nine months ended September 30, 1995 include a net gain of $1,564,000
(4 cents per share) for the sale of Belo's investment in Stauffer
Communications, Inc. stock. Year-to-date earnings for 1994 include a credit of
$631,000 (1 cent per share) for the reversal of certain music license fees
accrued in previous periods and a net charge in the third quarter of $1,567,000
(4 cents per share) for the donation of Stauffer Communications, Inc. stock to
a charitable foundation. Excluding these one-time items, comparable quarter and
year-to-date earnings per share are 33 cents and $1.10 in 1995 versus 43 cents
and $1.15 in 1994.
7
<PAGE> 10
In addition to the one-time items noted above, comparisons between 1995 and
1994 are also affected by the composition of Belo's Broadcast Division.
Results for 1994 include four months of WWL-TV operations, which was acquired
on June 1, 1994. Results for 1995 include eight months of operations of
KIRO-TV, which was purchased by Belo on February 1, 1995.
Revenues for the three and nine-month periods in 1995 were $182,451,000 and
$535,259,000, respectively, or 14.3 percent and 19.9 percent better than 1994
revenues for the same periods of $159,582,000 and $446,566,000. Publishing
revenues for the quarter were $102,433,000, an increase of 9.8 percent over
1994 third quarter revenues of $93,262,000. Publishing revenues for the 1995
nine-month period were $296,899,000, up 11.1 percent over 1994 year-to-date
revenues of $267,290,000. Publishing increases were the result of higher
advertising rates in all categories. Gains from the higher rates were
partially offset, however, by volume declines, mostly in retail and general
advertising. For the third quarter, classified lineage was down 4.5 percent
from 1994, enough to bring 1995 year-to-date classified volumes down 1.3
percent from last year, despite very strong first quarter employment
advertising in 1995. Third quarter and year-to-date circulation revenues were
higher in 1995 due to price increases implemented in 1994 and slightly
increased circulation volume for both daily and Sunday in the third quarter.
Broadcast revenues for the third quarter of 1995 were $78,678,000 versus
$66,265,000 in 1994, while year-to-date broadcast revenues were $236,643,000
versus $178,574,000 in 1994. WWL-TV and KIRO-TV revenues accounted for a
substantial part of the increase. On a same-station basis, revenues increased
2.5 percent for the quarter and 7.9 percent for the nine-month period. For the
year-to-date period, revenues are up in both local and national advertising due
to strong revenue growth during the first and second quarters of the year.
Network compensation was up significantly in both the three and nine-month
periods, more than offsetting the decline in political advertising revenues
from 1994.
Other net operating revenues of $1,340,000 for the quarter and $1,717,000
year-to-date are from Belo's television production subsidiary and programming
distribution partnership.
Operating expenses of $154,326,000 for the quarter and $441,979,000 for the
nine-month period were significantly higher than 1994 expenses of $126,897,000
and $359,293,000, respectively. Excluding the effect of the new stations,
expenses were up 11.7 percent and 11.1 percent for the quarter and year-to-date
periods. The most significant increase in operating expense was for newsprint,
the price for which increased dramatically during the last year, from a low of
around $372 per ton in the second quarter of 1994 to a current price of over
$650 per ton. The full impact of the price increase has been offset by the
elimination of a Sunday magazine supplement and by the Company's conservation
efforts. Excluding the new television stations, compensation and benefits
increased 3.9 percent for the quarter and 6.6 percent year-to-date, due to more
employees and merit increases. Other production, distribution and operating
costs are up as well, due to higher outside services, communications and travel
costs. Year-to-date depreciation is higher in 1995 due to major building
renovation projects at two of the Company's broadcast stations.
For the third quarter of 1995, dilution from KIRO-TV, including
amortization and interest expense, was 7 cents per share. Costs have been high
due to management's strategy of rebuilding the television station's audience by
substantially increasing KIRO's local news, sports and syndicated programming
efforts. It is anticipated that these expenses will be offset by a combination
of higher advertising rates and greatly increased sales inventory. Continued
dilution is expected for the fourth quarter of 1995, but management is
optimistic about KIRO's long-term prospects.
Interest expense in 1995 for both the three and nine-month periods is
substantially higher than in 1994 due to increased borrowings for acquisitions.
Higher average revolving debt rates (6.3 percent year-to-date in 1995 versus
4.4 percent in 1994) also contributed to the increase in interest expense.
The effective tax rates for the three and nine-month periods in 1995 were
39.4 percent and 39.7 percent, compared to 22.8 percent and 35 percent in 1994.
The third quarter 1994 rate was favorably affected by the tax benefit
associated with the Stauffer stock donation noted above.
8
<PAGE> 11
PART II.
ITEM 1. LEGAL PROCEEDINGS
There are a number of legal proceedings pending against the Company,
including several actions for alleged libel. In the opinion of management,
liabilities, if any, arising from these actions are either covered by insurance
or would not have a material adverse effect on the operations or financial
position of the Company.
ITEM 2. CHANGES IN SECURITIES
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
Exhibit 27 Financial Data Schedule
(b) Reports on Form 8-K
During the quarter covered by this report, there were no reports on
Form 8-K filed.
9
<PAGE> 12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
A. H. BELO CORPORATION
November 2, 1995 By: /s/ MICHAEL D. PERRY
-----------------------------------
Michael D. Perry
Senior Vice President and
Chief Financial Officer
10
<PAGE> 13
EXHIBIT INDEX
<TABLE>
<CAPTION>
SEQ.
EXHIBIT PAGE
NUMBER DESCRIPTION NUMBER
- ------ ----------- ------
<S> <C> <C>
27 Financial Data Schedule
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 11,380
<SECURITIES> 0
<RECEIVABLES> 112,390
<ALLOWANCES> (4,358)
<INVENTORY> 15,826
<CURRENT-ASSETS> 147,514
<PP&E> 592,823
<DEPRECIATION> (240,935)
<TOTAL-ASSETS> 1,084,810
<CURRENT-LIABILITIES> 72,210
<BONDS> 508,400
<COMMON> 64,488
0
0
<OTHER-SE> 315,085
<TOTAL-LIABILITY-AND-EQUITY> 1,084,810
<SALES> 0
<TOTAL-REVENUES> 535,259
<CGS> 0
<TOTAL-COSTS> 397,521
<OTHER-EXPENSES> 44,458
<LOSS-PROVISION> 4,065
<INTEREST-EXPENSE> 21,709
<INCOME-PRETAX> 75,347
<INCOME-TAX> 29,914
<INCOME-CONTINUING> 45,433
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 45,433
<EPS-PRIMARY> 1.14
<EPS-DILUTED> 1.14
</TABLE>
