FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For Quarter Ending September 30, 1995
Commission file number 0-7832
JOURNAL EMPLOYES' STOCK TRUST
(Exact name of registrant as specified in its charter)
WISCONSIN 39-6153189
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Journal Square, P.O. Box 661, 333 W. State St., Milwaukee, Wisconsin 53201
(Address of principal executive offices) (Zip Code)
414-224-2728
(Registrant's telephone number, including area code)
(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
<PAGE>
FORM 10-Q
JOURNAL EMPLOYES' STOCK TRUST
Quarter Ended September 30, 1995 Commission file number 0-7832
INDEX
Page No.
Part I. Financial Information (Unaudited)
Statement of Cash and Liabilities 2
Statement of Trust Income 3
Notes to Financial Statements 4
Management's Discussion and Analysis of
Financial Condition and Results of
Operations 5
Part II. Other Information 6
<PAGE>
FORM 10-Q
JOURNAL EMPLOYES' STOCK TRUST
For Quarter Ended September 30, 1995 Commission file number 0-7832
Statement of Cash and Liabilities
09/30/95 12/31/94
(Unaudited) (Unaudited)
Assets:
Cash in bank $ 19,496 $ 100
----------- --------
$ 19,496 $ 100
=========== ========
Liabilities:
Payable for uncompleted
transactions between
unitholders $ 19,396 $ 0
Note payable to Journal
Communications, Inc. $ 100 $ 100
----------- --------
$ 19,496 $ 100
=========== ========
Note: The Statement of Cash and Liabilities at December 31, 1994, has
been derived from the audited financial statements at that date.
See notes to financial statements
<PAGE>
FORM 10-Q
JOURNAL EMPLOYES' STOCK TRUST
For Quarter Ended September 30, 1995 Commission file number 0-7832
Statement of Trust Income
Four Months Ended Ten Months Ended
June 30 June 30
1995 1994 1995 1994
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Dividend on common
stock of Journal
Communications,
Inc. held by the
Trust $ 6,592,736 $ 5,675,342 $19,084,364 $16,995,641
----------- ----------- ----------- -----------
$ 6,592,736 $ 5,675,342 $19,084,364 $16,995,641
=========== =========== =========== ===========
Per Share $ 0.55 $ 0.45 $ 1.55 $ 1.35
----------- ----------- ----------- -----------
$ 0.55 $ 0.45 $ 1.55 $ 1.35
=========== =========== =========== ===========
Dividend to holder
of units of
beneficial interest $ 6,592,736 $ 5,675,342 $19,084,364 $16,995,641
----------- ----------- ----------- -----------
$ 6,592,736 $ 5,675,342 $19,084,364 $16,995,641
=========== =========== =========== ===========
Per Unit $ 0.55 $ 0.45 $ 1.55 $ 1.35
----------- ----------- ----------- -----------
$ 0.55 $ 0.45 $ 1.55 $ 1.35
=========== =========== =========== ===========
See notes to financial statements
<PAGE>
FORM 10-Q
JOURNAL EMPLOYES' STOCK TRUST
For Quarter Ended September 30, 1995 Commission file number 0-7832
Notes to Financial Statements
(Unaudited)
l. The only business of Journal Employes' Stock Trust (Trust), under
agreement dated May 15, 1937, as amended, is the record holding of
common stock of Journal Communications, Inc. ("Company"), the
issuance of Units of Beneficial Interest in such shares ("Units"),
and in limited instances, the voting of shares of the Company's
common stock held by it. The Trust is administered by five trustees
who are officer/directors of the Company and receive no remuneration
for services performed for the Trust. The trustees are required to
distribute all Trust income (consisting solely of dividends paid by
the Company), less such amounts as the trustees deem necessary for
payment of taxes and administrative expenses, as soon as practicable
after receipt. Since its origination, substantially all expenses of
the Trust have been paid by the Company, and cash dividends payable
to the Trust have been paid directly to the unitholders by the
Company. The Trust distributes all of its income and, therefore,
pays no income taxes.
2. Common Stock of the Company
Upon deposit by the Company of shares of common stock, the Trust
issues a like number of Units and the Company offers such Units to
employees of the Company ("Employees"). Sales of Units by the Trust
are made the formula price determined in accordance with the Trust
Agreement.
3. Unitholders' Sales of Units of Beneficial Interest
Unitholders may sell all or a portion of their Units only to other
Employees designated by the President of the Company or, under
certain circumstances, to shareholders of the Company, at the
current formula price under the terms and conditions of the Trust
Agreement. If the Units are not sold in this manner, the Units are
freely transferable, subject to a five-year right of the Company to
purchase the Units at any time at the formula price. Payments for
Units sold by employees to other employees are deposited with the
Trust by the purchaser and remitted by the Trust to the seller. The
payable for incomplete transactions in the statement of assets and
liabilities represents amounts due sellers for Units purchased by
the Trust on September 30, as well as incomplete transactions
between unitholders.
Management's Discussion and Analysis of
Financial Condition and Results of Operations
Income is based solely on dividends from Journal Communications, Inc.
<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 - There were no reports on Form 8-K
filed for the nine months ended September 30, 1995.
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.
JOURNAL EMPLOYES' STOCK TRUST
Date November 13, 1995 By /s/ Robert A. Kahlor
Robert A. Kahlor
Date November 13, 1995 By /s/ Christine A. Farnsworth
Christine A. Farnsworth
(Principal Accounting Officer)
<PAGE>
Exhibit Index
Exhibit No. Description
27 Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL
STATEMENTS OF JOURNAL EMPLOYEES' STOCK TRUST AS OF AND FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<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> 20
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 20
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 20
<CURRENT-LIABILITIES> 20
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 20
<SALES> 0
<TOTAL-REVENUES> 19,084
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 19,084
<INCOME-TAX> 0
<INCOME-CONTINUING> 19,084
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 19,084
<EPS-PRIMARY> 1.55
<EPS-DILUTED> 1.55
</TABLE>
