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 March 31, 1996
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 March 31, 1996 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 March 31, 1996 Commission file number 0-7832
Statement of Cash and Liabilities
03/31/96 12/31/95
(Unaudited)
Assets:
Cash in bank $ 930,184 $ 100
--------- -----
$ 930,184 $ 100
========= =====
Liabilities:
Payable for uncompleted transactions
between unitholders $ 930,084 $ -
Note payable to Journal Communications, Inc. 100 100
--------- -----
$ 930,184 $ 100
========= =====
Note: The Statement of Cash and Liabilities at December 31, 1995, 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 March 31, 1996 Commission file number 0-7832
Statement of Trust Income
Three Months Ended
March 31
1996 1995
(Unaudited) (Unaudited)
Dividend on common stock
of Journal Communications,
Inc. held by the Trust $ 6,620,173 $ 5,666,952
----------- -----------
$ 6,620,173 $ 5,666,952
=========== ===========
Per Share $ 0.55 $ 0.45
----------- -----------
$ 0.55 $ 0.45
=========== ===========
Dividend to holder of
units of beneficial
interest $ 6,620,173 $ 5,666,952
----------- -----------
$ 6,620,173 $ 5,666,952
=========== ===========
Per Unit $ 0.55 $ 0.45
----------- -----------
$ 0.55 $ 0.45
=========== ===========
See notes to financial statements
<PAGE>
FORM 10-Q
JOURNAL EMPLOYES' STOCK TRUST
For Quarter Ended March 31, 1996 Commission file number 0-7832
Notes to Financial Statements
(Unaudited)
1. 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 March 31, as well as incomplete transactions
between unitholders.
<PAGE>
FORM 10-Q
JOURNAL EMPLOYES' STOCK TRUST
For Quarter Ended March 31, 1996 Commission file number 0-7832
Management's Discussion and Analysis of
Financial Condition and Results of Operations
Income is based solely on dividends from Journal Communications, Inc.
<PAGE>
FORM 10-Q
JOURNAL EMPLOYES' STOCK TRUST
For Quarter Ended March 31, 1996 Commission file number 0-7832
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 three months ended March 31, 1996.
<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.
JOURNAL EMPLOYES' STOCK TRUST
Date May 15, 1996 By /s/ Robert A. Kahlor
Robert A. Kahlor
Date May 15, 1996 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 EMPLOYES' STOCK TRUST AS OF AND FOR THE
PERIOD ENDED MARCH 31, 1996 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-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 930
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 930
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 930
<CURRENT-LIABILITIES> 930
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 930
<SALES> 0
<TOTAL-REVENUES> 6,620
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 6,620
<INCOME-TAX> 0
<INCOME-CONTINUING> 6,620
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,620
<EPS-PRIMARY> 0.55
<EPS-DILUTED> 0.55
</TABLE>
