<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended November 30, 1997
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-8654
Unitel Video, Inc.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 23-1713238
- -------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
555 West 57th Street--New York, New York 10019
- -------------------------------------------------------------------------------
(Address of principal executive offices)
(212) 265-3600
- -------------------------------------------------------------------------------
(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 twelve months and (2) has been subject to such
requirements for the past 90 days.
Yes /X/ No / /
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
2,674,665 common shares outstanding as of January 17, 1997.
(Number of shares) (Date)
<PAGE>
UNITEL VIDEO, INC.
FORM 10-Q
QUARTER ENDED NOVEMBER 30, 1997
PAGE
INDEX NUMBER
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets November 30, 1997
(Unaudited) and August 31, 1997.................. 3-4
Consolidated Statements of Operations
November 30, 1997 (Unaudited) and November 30,
1996 (Unaudited)................................. 5
Consolidated Statements of Cash Flows
November 30, 1997 (Unaudited) and November 30,
1996 (Unaudited)................................. 6-7
Notes to Consolidated Financial
Statements (Unaudited)........................... 8-10
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.... 11-13
Item 3. Quantitative and Qualitative Disclosure
About Market Risk................................ 14
Part II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K................. 14
2
<PAGE>
UNITEL VIDEO, INC.
FORM 10-Q
QUARTER ENDED NOVEMBER 30, 1997
Part 1. FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
NOVEMBER 30, AUGUST 31,
1997 1997
---------------- --------------
<S> <C> <C>
(UNAUDITED) (NOTE)
ASSETS
Current Assets:
Cash........................................................................ $ 568,000 $ 137,000
Accounts receivable, less allowance for doubtful accounts of $499,000 and
$412,000................................................................ 6,764,000 5,139,000
Other receivables......................................................... 101,000 19,000
Prepaid income taxes...................................................... 101,000 75,000
Prepaid expenses.......................................................... 745,000 564,000
Deferred tax asset........................................................ 844,000 844,000
----------------- --------------
Total current assets.................................................. 9,123,000 6,778,000
Property and equipment--at cost
Land, buildings and improvements............................................ 21,724,000 20,799,000
Video equipment............................................................. 78,659,000 87,745,000
Furniture and fixtures...................................................... 2,553,000 2,591,000
----------------- --------------
102,936,000 111,135,000
Less accumulated depreciation............................................. 52,198,000 59,228,000
----------------- --------------
50,738,000 51,907,000
Deferred tax asset............................................................ 1,625,000 1,625,000
Goodwill...................................................................... 1,686,000 1,721,000
Other assets.................................................................. 1,234,000 1,052,000
----------------- --------------
$ 64,406,000 $ 63,083,000
----------------- --------------
----------------- --------------
</TABLE>
Note: The balance sheet at August 31, 1997 has been taken from the audited
consolidated financial statements at that date.
See notes to consolidated financial statements.
3
<PAGE>
UNITEL VIDEO, INC.
FORM 10-Q
CONSOLIDATED BALANCE SHEETS
(CONTINUED)
<TABLE>
<CAPTION>
NOVEMBER 30, AUGUST 31,
1997 1997
----------------- --------------
(UNAUDITED) (NOTE)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable............................................................ $ 8,164,000 $ 6,754,000
Accrued expenses............................................................ 1,292,000 998,000
Accrued payroll, benefits and related taxes................................. 1,586,000 2,038,000
Current maturities of long-term debt........................................ 5,068,000 3,530,000
Current maturities of subordinated debt..................................... 1,057,000 1,167,000
Current maturities of capital lease obligations............................. 1,933,000 1,946,000
----------------- --------------
Total current liabilities................................................... 19,100,000 16,433,000
Deferred rent................................................................. 123,000 121,000
Long-term debt, less current maturities....................................... 26,113,000 26,525,000
Subordinated debt, less current maturities.................................... 1,785,000 1,770,000
Long-term leases, less current maturities..................................... 3,206,000 3,666,000
Accrued retirement............................................................ 1,143,000 1,176,000
Stockholders' equity:
Common stock, par value $.01 per share......................................
Authorized 5,000,000 shares.................................................
Issued 3,540,954 and 3,540,954 shares, respectively, and
outstanding 2,674,665 and 2,674,665 shares, respectively................. 27,000 27,000
Additional paid-in capital................................................ 27,367,000 27,367,000
Accumulated deficit....................................................... (6,484,000) (6,028,000)
Common stock held in treasury, at cost (866,289 shares)................... (7,974,000) (7,974,000)
----------------- --------------
Total stockholders' equity................................................ 12,936,000 13,392,000
----------------- --------------
$ 64,406,000 $ 63,083,000
----------------- --------------
----------------- --------------
</TABLE>
Note: The balance sheet at August 31, 1997 has been taken from the audited
consolidated financial statements at that date.
See notes to consolidated financial statements.
4
<PAGE>
UNITEL VIDEO, INC.
FORM 10-Q
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NOVEMBER 30,
-------------------------------
1997 1996
-------------- ---------------
<S> <C> <C>
Sales.............................................................................. $ 13,768,000 $ 16,370,000
Cost of sales:
Production costs................................................................. 9,279,000 10,716,000
Depreciation..................................................................... 2,151,000 2,051,000
------------- -------------
11,430,000 12,767,000
------------- -------------
Gross profit....................................................................... 2,338,000 3,603,000
Operating expenses:
Selling.......................................................................... 363,000 485,000
General and administrative....................................................... 1,620,000 1,370,000
Interest......................................................................... 899,000 841,000
------------- -------------
2,882,000 2,696,000
------------- -------------
Earnings (loss) from operations.................................................... (544,000) 907,000
Other income....................................................................... 90,000 78,000
------------- -------------
Earnings (loss) before income taxes................................................ (454,000) 985,000
Income taxes....................................................................... 2,000 50,000
------------- -------------
Net earnings applicable for common stock........................................... $ (456,000) $ 935,000
------------- -------------
------------- -------------
Net Earnings (loss) per Common Share............................................... $ (.17) $ .35
------------- -------------
------------- -------------
Weighted average of common and common equivalent shares outstanding................ 2,675,000 2,690,000
------------- -------------
------------- -------------
</TABLE>
See notes to consolidated financial statements.
5
<PAGE>
UNITEL VIDEO, INC.
FORM 10-Q
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
THREE MONTHS ENDED
NOVEMBER 30,
------------------------
1997 1996
----------- -----------
<S> <C> <C>
Cash Flows From Operating Activities:
Net income (loss).................................................................... $ (456,000) $ 935,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization........................................................ 2,151,000 2,187,000
Net gain on disposal of assets....................................................... -- (136,000)
Deferred financing costs............................................................. -- --
Amortization of deferred financing costs............................................. 47,000 37,000
Deferred rent........................................................................ 2,000 (21,000)
Accrued retirement expenses.......................................................... (33,000) (32,000)
Decrease (Increase) in:
Accounts receivable................................................................ (1,712,000) 548,000
Allowance for doubtful accounts.................................................... 87,000 (81,000)
Other receivables.................................................................. (82,000) (74,000)
Prepaid expenses................................................................... (181,000) (44,000)
Prepaid taxes...................................................................... (26,000) 39,000
Other assets....................................................................... (229,000) (209,000)
Increase (Decrease) in:
Accounts payable................................................................... 1,410,000 (648,000)
Accrued expenses................................................................... 294,000 14,000
Payroll and related taxes.......................................................... (452,000) (1,189,000)
Income taxes payable............................................................... -- --
----------- -----------
Total adjustments................................................................ 1,276,000 391,000
----------- -----------
Net cash provided by operating activities........................................ 820,000 1,326,000
Cash Flows from Investing Activities:
Capital expenditures............................................................... (947,000) (1,945,000)
Proceeds from disposal of assets................................................... -- 1,832,000
----------- -----------
Net cash used in investing activities............................................ (947,000) (113,000)
</TABLE>
(Continued)
6
<PAGE>
UNITEL VIDEO, INC.
FORM 10-Q
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Continued)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
NOVEMBER 30,
--------------------------
1997 1996
------------ ------------
<S> <C> <C>
Cash Flows From Financing Activities:
Proceeds from long term financing................................................. $ 6,832,000 $ 1,182,000
Proceeds from issuance of common stock............................................ -- 39,000
Repayment of loan to ESOP......................................................... -- (46,000)
Principal repayments.............................................................. (6,274,000) (2,542,000)
Release of ESOP quarterly shares.................................................. -- 39,000
------------ ------------
Net cash provided (used) in financing activities...................................... 558,000 (1,328,000)
------------ ------------
Net Increase (Decrease) in Cash....................................................... 431,000 (115,000)
Cash Beginning of Year................................................................ 137,000 192,000
------------ ------------
Cash End of Quarter................................................................... $ 568,000 $ 77,000
------------ ------------
------------ ------------
Schedule of income taxes and interest paid:
Income Taxes Paid................................................................... $ 2,000 $ 10,000
Interest Paid....................................................................... 854,000 821,000
------------ ------------
$ 856,000 $ 831,000
------------ ------------
------------ ------------
</TABLE>
See notes to consolidated financial statements.
7
<PAGE>
UNITEL VIDEO, INC.
FORM 10-Q
THREE MONTHS ENDED NOVEMBER 30, 1996
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. CONSOLIDATED FINANCIAL STATEMENTS
The condensed consolidated balance sheet as of November 30, 1997, the
consolidated statements of operations for the quarters ended November 30,
1997 and 1996, and the consolidated statements of cash flows for the three
months then ended have been prepared by the Company without audit. In the
opinion of management, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position, results of
operations, and cash flows at November 30, 1997 and for all periods presented
have been made.
Certain information and footnote disclosure normally included in the
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. It is suggested that
these condensed consolidated financial statements be read in conjunction with
the financial statements and notes thereto in the Company's August 31, 1997
Form 10-K filed with the Securities and Exchange Commission. The results of
operations for the quarter ended November 30, 1997 are not necessarily
indicative of the operating results for the full year.
2. STOCKHOLDERS' EQUITY
During the three months ended November 30, 1997, stockholders' equity
decreased due to a net loss of ($456,000).
3. PER SHARE DATA
Per share data for the three months ended November 30, 1997 and 1996 is
based on the weighted average number of common shares outstanding. In the
three months ended November 30, 1996, unreleased Employee Stock Ownership
Plan shares are not considered outstanding for earnings per share
calculations. (See Note 4). There were no unreleased employee stock ownership
shares in the three months ended November 30, 1997.
8
<PAGE>
4. 401(K) EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN
The Company sponsors a 401(k) savings and stock ownership plan (the
"Plan") which requires the Company to match employee contributions to the
401(k) portion of the Plan in shares of the Company's Common Stock up to the
maximum amount set forth in the Plan. Effective September 1, 1994, the
Company has adopted the provisions of Statement of Position 93-6, "Employer's
Accounting for Employee Stock Ownership Plans" ("SOP 93-6").
The Company reports compensation expense based on the dollar value of the
401(k) match expense. The Plan's compensation expense was $35,000 for the
three months ended November 30, 1997.
5. IMPAIRMENT AND RESTRUCTURING CHARGES
In March 1995, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to be Disposed Of" ("FASB
Statement No. 121") which provides guidance on when to assess and how to
measure impairment of long-lived assets, certain intangibles and goodwill
related to those assets to be held and used, and for long-lived assets and
certain identifiable intangibles to be disposed of. The Company adopted FASB
Statement No. 121 as of August 31, 1995.
In fiscal 1995 the Company determined to focus its resources toward
providing services to the entertainment and corporate communications areas,
which represent the Company's strength, and decided to sell its three Editel
divisions which did not specialize in these areas. The Company recorded the
carrying value of the assets related to these divisions as net assets held
for sale, and a corresponding impairment charge, since these assets were no
longer needed for the current and future operations of these divisions.
In fiscal 1996 the Company began marketing these divisions to potential
buyers. In the first quarter of fiscal 1996 the Company recorded an
impairment charge of $853,000 relating to the assets at all three Editel
divisions. The impairment charge recorded represents management's estimate of
the decrease in value of these assets during the period such assets were held
for sale based upon the depreciation method which the Company has found to be
reasonable and appropriate.
In February 1996 the Company closed its Editel Chicago division,
distributed the majority of its assets to other divisions throughout the
Company and sold the remaining assets at an auction held in May 1996. Also in
May 1996, after reevaluating the potential of the Editel Los Angeles
division, the Company decided to retain and expand this division. In August
of 1996 the Company closed its Editel New York division and distributed the
majority of its editorial and computer graphics assets throughout the
Company. In November 1996 the Company sold the majority of this division's
remaining net assets held for sale of $1,587,000 to an unrelated third party
for $1,400,000. The balance of the assets, were redeployed throughout the
Company or disposed of through an auction. Proceeds from the sale of assets
are used by the Company to repay outstanding debt.
9
<PAGE>
In June 1997 the Company merged its Unitel Hollywood and Editel Los
Angeles divisions. A significant portion of the equipment from Unitel
Hollywood was moved to the Editel Los Angeles location. Additionally, a
portion of the equipment was transferred to the Company's New York Post
Production division for future use. The balance of the equipment was sold and
the proceeds in the amount of $1,700,000 were used to repay long term debt.
As a result of the merger and sale, the Company recorded a restructuring
charge of $1,055,000 in the third quarter of 1997. Additionally, after a
reassessment of its New York post production assets, the Company recorded an
impairment charge of $300,000 in the fourth quarter of 1997 with respect to
those assets.
6. STOCK BASED COMPENSATION
Statement of Financial Accounting Standards No. 123 ("SFAS No. 123"),
"Accounting for Stock Based Compensation," provided companies a choice in the
method of accounting used to determine stock-based compensation. Companies
may account for such compensation either by using the intrinsic value-based
method provided by APB Opinion No. 25 ("APB No. 25"), "Accounting for Stock
Issued to Employees," or the fair market value based method provided in SFAS
No. 123. This statement was adopted by the Company during its fiscal year
ending August 31, 1997. The Company uses the intrinsic value-based method
provided in APB No. 25 to determine stock-based compensation. The sole effect
of the adoption of SFAS No. 123 is the obligation imposed on the Company to
comply with the new disclosure requirements provided thereunder.
10
<PAGE>
ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.
LIQUIDITY AND CAPITAL RESOURCES
The Company is committed to keeping pace with technological developments
as well as taking advantage of new business opportunities in the video
communications industry. Capital expenditures were $947,000 during the
quarter ended November 30, 1997, and primarily consisted of video equipment
for the Company's two new mobile units as well as the purchase of production,
post production and graphics equipment for use throughout the Company.
Net cash provided by operating activities during the quarter ended
November 30, 1997 and 1996 was $820,000 and $1,326,000, respectively. Net
cash provided by operating activities for the quarter ended November 30, 1997
was increased by net cash provided from financing activities of $558,000 from
additional long term debt and was offset by net cash of $947,000 used in
investing activities which consisted of capital expenditures resulting in a
net increase in cash available of $431,000. Net cash provided by operating
activities for the quarter ended November 30, 1996 was offset by net cash of
$113,000 used in investing activities which consisted of capital expenditures
(net of proceeds from asset dispositions of $1,832,000), and by net cash used
in financing activities of $1,328,000 for debt repayment, resulting in a net
decrease in cash available of $115,000.
In December 1995, the Company entered into a $26 million revolving credit
and term loan agreement with a financial institution, consisting of an $11
million revolving credit facility and two $7.5 million term loans (Term Loans
A and B). In May 1997, Term Loan A was revised by the inclusion of $2,500,000
of the original Term Loan B and the advance of $518,000 of new funds,
resulting in a revised Term Loan A balance of $9,000,000. Term Loan A is
payable in fifty five (55) equal monthly principal installments of $100,000
plus interest, with the balance of $3,500,000 due December 2001. In November
1997 Term Loan B was repaid, in part from the proceeds of a new Term Loan D
in the amount of $2,500,000 which is due January 31, 1998. $3,742,000 of the
original Term Loan B was repaid from sales of equipment from the Company's
Editel Chicago, Editel New York and Unitel Hollywood divisions. The Company
is currently in negotiations to refinance or sell certain of its owned real
estate and anticipates using a portion of the proceeds of the refinancing or
sale to repay Term Loan D and other indebtedness and the balance of the
proceeds for working capital purposes.
In July 1997 the credit facility was further amended by the issuance of a
$5,080,000 letter of credit (the "Letter of Credit") to secure payment of
principal and interest on $5,000,000 principal amount of Allegheny County
(Pennsylvania) Industrial Development Authority Variable Rate Demand Revenue
Bonds (the "Bonds"). The proceeds from the sale of the Bonds were loaned to
the Company and were used by the Company, together with other available
funds, to build a new digital mobile production unit which was placed in
service in the quarter ended November 30, 1997. The Letter of Credit
requires quarterly principal payments of $179,000 commencing August 1998 to
be applied to the redemption in equal principal amount of the Bonds. The
Bonds mature on July 1, 2009 and, to the extent not previously redeemed in
full as provided in the prior sentence, are required to be repaid by the
Company on that date.
11
<PAGE>
In December 1997 the credit facility was further amended by increasing
the Letter of Credit to $8,636,000 to secure payment of principal and
interest on an additional $3,500,000 principal amount of Allegheny County
(Pennsylvania) Industrial Development Authority Variable Rate Demand Revenue
Bonds ("the Additional Bonds"). The proceeds from the sale of the Additional
Bonds were loaned to the Company and were used by the Company, together with
other available funds, to build a second digital mobile production unit which
is expected to be placed in service in February, 1998. The amended Letter of
Credit requires additional quarterly principal payments of $125,000
commencing February 1999 to be applied to the redemption in equal principal
amount of the Additional Bonds. The Additional Bonds mature on July 1, 2009
and, to the extent not previously redeemed in full as provided in the prior
sentence, are required to be repaid by the Company on that date. The terms of
the overall credit facility with the financial institution provide that the
lender receive a first lien on all property and equipment and accounts
receivable that are not encumbered by another lender. The Company anticipates
that funds generated from operations together with funds available under its
existing credit facility and proceeds from the refinancing or sale of certain
of its owned real estate currently being negotiated and noted above in this
item will be sufficient to meet the Company's anticipated working capital and
investing needs in fiscal 1998.
RESULTS OF OPERATIONS
Sales were $13,768,000 and $16,370,000 for the quarters ended November
30, 1997 and 1996, respectively, resulting in a decrease from the same period
of the prior year. The decrease in sales is primarily due to the merger of
the Company's Unitel Hollywood and Editel Los Angeles divisions in fiscal
1997. The Company's Mobile division commenced operating its newest and most
sophisticated unit during the quarter ended November 30, 1997. The new unit
contributed to a modest increase in Mobile division revenues for the quarter
ended November 30, 1997 as compared with the quarter ended November, 1996.
The Company's net loss for the quarter ended November 30, 1997 was
($456,000), compared to net income of $935,000 for the comparable quarter of
fiscal year 1997. The comparative decrease in net income of approximately
$1,391,000 for the quarter ended November 30, 1997 compared to the quarter
ended November 30, 1996 is principally due to a decrease in sales in the
Company's New York Post Production division, an increase in expenses in both
the New York Post Production and Mobile divisions and an overall increase in
general and administration expenses. The decrease in sales in the Company's
New York Post Production division is the result of a continuing industry wide
decline in revenues and profitability from analog editing. The Company is
addressing this issue by reducing its New York post production assets and by
repurposing the related facilities for television studio production use. The
increase in expenses in the New York post production and Mobile divisions is
primarily due to increases in operating expenses, including promotional
expenses in connection with the Company's new mobile unit, as well as
depreciation and interest expense on capital improvements made during the
fiscal year ended August 31, 1997.
12
<PAGE>
Production costs, the main component of cost of sales, consist primarily
of direct labor, equipment maintenance expenses and occupancy costs. The
Company's production costs, as a percentage of sales, were 67% for the
quarter ended November 30, 1997, as compared to 65% for the quarter ended
November 30, 1996. Although production expenses decreased during the quarter
ended November 1997 as compared with the quarter ended November 1996, the
percentage to sales was higher due to the nature of the costs being mostly
fixed which is an inherent part of the business.
Depreciation, as a percentage of sales, was 15.6% and 12.5% for the
quarters ended November 30, 1997 and 1996, respectively. The increase in the
quarter ended November 30, 1997 compared to the same period in the prior year
was a result of depreciation on the Mobile division's newest unit introduced
in the quarter ended November 30, 1997 and increased depreciation resulting
from additions to property and equipment at other divisions during fiscal
1997. Since sales were down and depreciation increased modestly in the
quarter ended November 30, 1997, depreciation as a percentage of sales
increased for such period.
Selling expenses, as a percentage of sales, for the quarters ended
November 30, 1997 and 1996 were 2.6% and 3.0%, respectively. The decrease in
the quarter ended November 30, 1997 as compared to the same quarter in 1996
is mainly due to a decrease in the sales staff resulting from the merger of
the Unitel Hollywood and Editel Los Angeles divisions.
General and administrative expenses, as a percentage of sales, for the
quarters ended November 30, 1997 and 1996 were 11.8% and 8.4%, respectively.
The increase in general and administrative expenses as a percentage of sales
is primarily due to the impact of the reduction of certain cost estimates
related to the closure of the Editel New York and Editel Chicago divisions
during the first quarter of fiscal 1997. During the first quarter of fiscal
1998, there were no comparable reductions of costs.
Interest expense, as a percentage of sales, for the quarters ended
November 30, 1997 and 1996 was 6.5% and 5.1%, respectively. Since the level
of outstanding debt in the first quarter of fiscal 1998 did not materially
increase compared with the same period of the prior year and sales decreased
in the first quarter of fiscal 1998, interest expense as a percentage of
sales increased in fiscal 1998 when compared with the same period of the
prior year.
The Company's effective tax rate was 0% and 5% for the first quarter of
fiscal years 1998 and 1997, respectively. The effective tax rate for the
first quarter of fiscal 1998 is less than the federal statutory rate of 34%
due to the utilization of net operating loss carryforwards generated by the
losses incurred in fiscal 1995, 1996 and 1997.
13
<PAGE>
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK.
Not applicable
PART II OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits required to be filed by Item 601 of Regulation S-K.
1. Exhibit 27. Financial Data Schedule.
(b) On September 22, 1997 the Company filed a Current Report on
Form 8-K dated September 15, 1997 (File No. 1-8654).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this amendment to be signed on its behalf by the
undersigned thereunto duly authorized.
UNITEL VIDEO, INC.
By: /s/ BARRY KNEPPER
-----------------------
Barry Knepper
President and Chief Executive Officer
By: /s/ GEORGE HOROWITZ
-----------------------
George Horowitz
Chief Financial Officer
Dated: January 14, 1998
14
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM UNITEL
VIDEO, INC. FORM 10-Q FOR THE QUARTER ENDED NOVEMBER 30, 1997 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> AUG-31-1998
<PERIOD-START> SEP-01-1997
<PERIOD-END> NOV-30-1997
<CASH> 568
<SECURITIES> 0
<RECEIVABLES> 6,764
<ALLOWANCES> 499
<INVENTORY> 0
<CURRENT-ASSETS> 9,123
<PP&E> 102,936
<DEPRECIATION> 52,198
<TOTAL-ASSETS> 64,406
<CURRENT-LIABILITIES> 19,100
<BONDS> 39,162
0
0
<COMMON> 21
<OTHER-SE> 12,909
<TOTAL-LIABILITY-AND-EQUITY> 64,406
<SALES> 13,768
<TOTAL-REVENUES> 13,768
<CGS> 11,430
<TOTAL-COSTS> 11,430
<OTHER-EXPENSES> 2,882
<LOSS-PROVISION> 87
<INTEREST-EXPENSE> 899
<INCOME-PRETAX> (454)
<INCOME-TAX> 2
<INCOME-CONTINUING> (456)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (456)
<EPS-PRIMARY> (.17)
<EPS-DILUTED> (.17)
</TABLE>
