SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (date of earliest event reported) March 30, 1999
ADELPHIA COMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-16014 23-2417713
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
Main at Water Street - Coudersport, PA 16915-1141
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (814) 274-9830
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Item 5. Other Events.
(a) On March 30, 1999, the Board of Directors of the Registrant elected to
change its fiscal year from a year ending on March 31 to a year ending on
December 31. The decision was made to conform to industry group standards and
for certain administrative purposes. The change will first be effective with
respect to the fiscal year ended December 31, 1998. No later than ninety days
following March 30, 1999, the Registrant will file with the Securities and
Exchange Commission a Report on Form 10-KT covering the nine-month transition
period of April 1, 1998 to December 31, 1998.
(b) On March 31, 1999, Olympus Communications, L.P., a non-consolidated joint
venture of the Registrant that files reports under the Securities Exchange Act
of 1934 (at File No. 333-19327), filed its Form 10-K for the fiscal year ended
December 31, 1998, and announced year-end financial results in a press release
that is incorporated herein by reference and filed as Exhibit 99.01 under Item 7
of this Form 8-K.
Item 7. Financial Statements and Exhibits.
99.01 Press Release dated March 31, 1999 regarding the year-end financial
results for Olympus Communications, L.P. (Filed herewith)
<PAGE>
SIGNATURE
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.
ADELPHIA COMMUNICATIONS CORPORATION
Date: April 2, 1999 By: /s/ Timothy J. Rigas
--------------------------
Timothy J. Rigas
Executive Vice President, Treasurer
and Chief Financial Officer
Exhibit 99.01
PRESS RELEASE
FOR RELEASE: IMMEDIATE
CONTACT: Timothy J. Rigas, Executive Vice President and Treasurer
(814) 274-9830
OLYMPUS COMMUNICATIONS ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
Coudersport, PA - March 31, 1999
John J. Rigas, Chairman and Director of ACP Holdings, Inc. and Managing General
Partner of Olympus Communications, L.P. ("Olympus") reported the results of
operations for the year ended December 31, 1998. Fourth quarter results saw
revenues of $59.1 million compared to $49.5 million in the same period of the
prior year and EBITDA from operations of $28.0 million compared to $24.9 million
in the same period of the prior year. Olympus and its subsidiaries served
approximately 642,000 subscribers in its wholly owned and managed cable
television systems at December 31, 1998.
Total revenue for the year increased 22.3% to $215.6 million from $176.4 million
in the prior year. Cash flow from operations increased 18.5% to $104.7 million
from $88.4 million in the prior year. Net loss for the year totaled $16.1
million, compared with a net loss of $19.8 million for the prior year. Net loss
for the quarter ended December 31, 1998 totaled $0.8 million, compared with the
net loss of $4.8 million for the same period of the prior year.
Olympus' ratio of long-term debt to pro forma annualized EBITDA, after giving
effect to the impact of acquisitions during the quarters ended December 31, 1997
and 1998, was 6.6 to 1 and 5.9 to 1, respectively.
Olympus is a joint venture limited partnership with 50% of the outstanding
voting interests held by ACP Holdings, Inc., the managing general partner of
Olympus, a wholly-owned subsidiary of Adelphia Communications Corporation. The
remaining 50% of the voting interests are held by various wholly-owned
subsidiaries of FPL Group, Inc. On January 28, 1999, Adelphia entered into an
agreement to acquire the Olympus partnership interests owned by FPL Group for
approximately $108 million, subject to definitive terms to be negotiated by both
parties. Upon the closing of this transaction, Adelphia will own 100% of
Olympus. Closing of this transaction is expected to occur during the third
quarter of 1999.
