UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 0-15279
GENERAL COMMUNICATION, INC.
(Exact name of registrant as specified in its charter)
STATE OF ALASKA 92-0072737
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2550 Denali Street
Suite 1000
Anchorage, Alaska 99503
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (907) 265-5600
Former name, former address and former fiscal year, if changed since last report
Indicate by check mark whether the registrant (l) 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
.
The number of shares outstanding of the registrant's classes of common
stock, as of October 31, 1996 was:
36,578,966 shares of Class A common stock; and
4,082,035 shares of Class B common stock.
<PAGE>
GENERAL COMMUNICATION, INC.
FORM 10-Q/A
TABLE OF CONTENTS
FOR THE QUARTER ENDED SEPTEMBER 30, 1996
PAGE NO
-------
INTRODUCTION..................................................................1
PART I. FINANCIAL INFORMATION
Item l. Notes to Consolidated Financial Statements.....2
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K...............3
SIGNATURES....................................................................4
(i)
<PAGE>
INTRODUCTION
------------
General Communication, Inc. ("Company") hereby amends footnote 11 to
consolidated financial statements of its Form 10-Q for the quarterly
period ended September 30, 1996 as set forth below and on the
following pages. Specifically, footnote 11 to the Company's
consolidated financial statements is amended to include pro forma
operating data and pro forma per-share data for the Company including
operating data for Prime Cable of Alaska L.P., Alaska Cablevision,
Inc., McCaw/Rock Seward Cable System, McCaw/Rock Homer Cable System,
and Alaskan Cable companies. In addition, the Company amends its Form
10-Q for the quarterly period ended September 30, 1996 to include the
Financial Data Schedule as Exhibit 27.
1
<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
------------------------------------------
ADDITIONAL DISCLOSURE INCLUDED IN FOOTNOTE 11
(11) Subsequent Event
The following table sets forth for the periods indicated, in
comparative columnar form, pro forma operating data and pro forma
per-share data for the Company including operating data for Prime
Cable of Alaska L.P., Alaska Cablevision, Inc., McCaw/Rock Seward
Cable System, McCaw/Rock Homer Cable System, and Alaskan Cable
companies. Results of operations and per share data, where
applicable, is provided for the following items: (1) revenue; (2)
income before extraordinary items; (3) cumulative effect of
accounting changes; and (4) net income. The pro forma information
shown is derived from unaudited financial statements and gives effect
to the cable company acquisitions as if they had occurred as of the
beginning of the periods presented. Company common stock issued
pursuant to the cable company acquisitions is valued at approximately
$5.89 per share for purposes of the pro forma presentation below.
The pro forma financial data are unaudited and are not necessarily
indicative of the results of operations of the Company that would
have occurred had the cable company acquisitions been completed as of
the beginning of the periods indicated or of the future results of
operations of the Company.
<TABLE>
<CAPTION>
Pro Forma Operating Data
Nine-Month Periods Ended
September 30,
-------------
1996 1995
---- ----
(amounts in thousands except per share data)
<S> <C> <C>
Total revenues $ 157,965 135,221
Income before extraordinary items $ 4,880 3,634
Cumulative effect of accounting
changes $ -- --
Net income $ 4,880 3,634
Net income per share $ 0.12 0.09
</TABLE>
2
<PAGE>
II. OTHER INFORMATION
(6) Exhibits and Reports on Form 8-K
(a) Exhibit 27- Financial Data Schedule
3
<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.
GENERAL COMMUNICATION, INC.
November 22, 1996 By: /s/ Ronald A. Duncan
(Date) Ronald A. Duncan, President
and Director
(Principal Executive
Officer)
November 22, 1996 By: /s/ John M. Lowber
(Date) John M. Lowber, Senior Vice
President and Chief
Financial Officer
(Principal Financial
Officer)
November 22, 1996 By: /s/ Alfred J. Walker
(Date) Alfred J. Walker, Vice
President and Chief
Accounting Officer
(Principal Accounting
Officer)
4
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
INTERIM CONSOLIDATED STATEMENT OF INCOME FOR THE NINE MONTHS ENDED
SEPPTEMBER 30, 1996 AND THE CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30,
1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000808461
<NAME> GENERAL COMMUNICATION, INC.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 5,255
<SECURITIES> 0
<RECEIVABLES> 24,922
<ALLOWANCES> 298
<INVENTORY> 891
<CURRENT-ASSETS> 35,409
<PP&E> 109,010
<DEPRECIATION> 38,981
<TOTAL-ASSETS> 119,747
<CURRENT-LIABILITIES> 53,292
<BONDS> 6,558
0
0
<COMMON> 16,521
<OTHER-SE> 32,677
<TOTAL-LIABILITY-AND-EQUITY> 119,747
<SALES> 0
<TOTAL-REVENUES> 115,832
<CGS> 0
<TOTAL-COSTS> 66,350
<OTHER-EXPENSES> 14,437
<LOSS-PROVISION> 1,413
<INTEREST-EXPENSE> 1,219
<INCOME-PRETAX> 11,038
<INCOME-TAX> 4,610
<INCOME-CONTINUING> 6,428
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,428
<EPS-PRIMARY> .26
<EPS-DILUTED> .26
</TABLE>
