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Previous: PARTNERRE LTD, SC 13G, 1999-03-03 |
Next: MOBILEMEDIA CORP, 8-K, 1999-03-03 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of March, 1999
HOLLINGER INC.
(Translation of registrant's name into English)
10 Toronto Street
Toronto, Ontario M5C 2B7
CANADA
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F Form 40-F x
(Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.)
Yes No x
<PAGE>
EXHIBIT LIST
Sequential
Exhibit Description Page Number
99.1 Press Release dated March 1, 1999 5
of Hollinger Inc.
<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.
HOLLINGER INC.
Date: March 3, 1999 by /s/ Charles G. Cowan, Q.C.
--------------------------
Name: Charles G. Cowan, Q.C.
Title: Vice President and
Secretary
For Release at 5:00 p.m.
Monday, March 1, 1999
PRESS RELEASE
HOLLINGER INC.
HOLLINGER 1998 YEAR END RESULTS
TORONTO, March 1, 1999 -- Hollinger Inc., (TSE, ME, VSE:HLG.C;
Nasdaq: HLGCF) today announced its consolidated financial results for the
year ended December 31, 1998 with comparison to the year ended December 31,
1997.
<TABLE>
<CAPTION>
Per Retractable Common Share
Three Months Ended Year Ended Three Months Ended Year Ended
December 31 December 31 December 31 December 31
1998 1997 1998 1997 1998 1997 1998 1997
---- ---- ---- ---- ---- ---- ---- ----
(Millions of Cdn. Dollars) (Cdn. Dollars)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Total revenue 929.3 875.5 3,361.6 3,130.8 n/a n/a n/a n/a
EBITDA 213.3 222.8 699.0 683.6 n/a n/a n/a n/a
Net earnings (loss) 52.0 (5.4) 111.5 171.3 $1.58 $(0.12) $3.35 $2.94
</TABLE>
For more information, please call:
J. A. Boultbee Marianne Godwin
Executive Vice-President Vice-President
and CFO Strategic and Corporate Development
Hollinger Inc. Hollinger Inc.
(416) 363-8721 (416) 363-8721
-more-
<PAGE>
HOLLINGER INC.
CONSOLIDATED STATEMENT OF EARNINGS
($000's)
<TABLE>
<CAPTION>
Three Months Ended December 31 Year Ended December 31
1998 1997 1998 1997
-------- -------- ---------- ----------
<S> <C> <C> <C> <C>
Revenue
Sales $919,668 $873,178 $3,339,187 $3,116,869
Investment and other income 9,674 2,291 22,464 13,888
-------- -------- ---------- ----------
929,342 875,469 3,361,651 3,130,757
-------- -------- ---------- ----------
Expenses
Cost of sales and expenses 706,364 650,335 2,640,176 2,433,232
Depreciation and amortization 55,367 66,647 209,498 209,843
Interest on long-term debt 44,291 44,707 182,038 157,532
Other interest 14,673 17,010 51,840 37,436
-------- -------- ---------- ----------
820,695 778,699 3,083,552 2,838,043
-------- -------- ---------- ----------
Net earnings (loss) in equity accounted companies
Before net unusual items 177 392 (616) 1,566
Net unusual items - - - 7,345
-------- -------- ---------- ----------
177 392 (616) 8,911
-------- -------- ---------- ----------
Net foreign currency losses (3,596) (4,251) (2,230) (3,080)
-------- -------- ---------- ----------
Earnings before the undernoted 105,228 92,911 275,253 298,545
Unusual items (4,685) (10,900) 404,519 165,213
Income taxes (11,573) (62,478) (300,929) (163,307)
Minority interest (36,994) (24,961) (267,358) (129,165)
-------- -------- ---------- ----------
Net earnings $ 51,976 $ (5,428) $ 111,485 $ 171,286
======== ======== ========== ==========
</TABLE>
Earnings before unusual items, income taxes and minority interest were
$275.3 million for the year ended December 31, 1998 compared to $298.5
million for 1997.
Operating results, in particular at Southam and The Telegraph, continued to
improve in 1998. However, these improved results were reduced by dividends
on the Series I and II exchangeable Non-Voting Preference Shares. These
dividends are required to be disclosed as interest expense under accounting
rules for financial instruments. The dividends on the common shares that
the preference shares replaced had no effect on net earnings.
Unusual items in the fourth quarter of 1998 consisted principally of the
write-off of the National Post launch costs, an adjustment to the gains at
Southam on the sale of the Kitchener and Hamilton papers, an accounting
gain on the sale of Hollinger International shares, and a provision against
the cost of an investment.
Unusual items in the fourth quarter of 1997, consisted primarily of
severence costs and the write-off of financing fees.
More detailed information about the operations of Hollinger International
Inc., and its divisions and subsidiaries may be found in their press
release dated March 1, 1999.
-more-
<PAGE>
HOLLINGER INC.
CONSOLIDATED BALANCE SHEET
(in thousands of dollars) December 31
1998 1997
---- ----
ASSETS
Current assets $ 128,061 $ 158,868
Cash 584,503 519,123
Accounts receivable 56,294 48,713
---------- ----------
Inventory 768,858 726,704
Other investments 75,242 50,054
Capital assets 4,129,445 3,586,945
Goodwill and other assets 730,956 612,693
---------- ----------
$5,704,501 $4,976,396
========== ==========
LIABILITIES
Current liabilities
Bank indebtedness $ 232,128 $ 48,839
Accounts payable and accrued expenses 792,669 525,238
Income taxes payable 2,465 38,897
Current portion of long-term debt 183,150 77,002
Exchangeable shares 496,766 146,547
---------- ----------
1,707,178 836,523
---------- ----------
Long-term debt 2,229,599 2,079,646
Exchangeable shares 51,038 416,685
Convertible instruments - 294,672
---------- ----------
3,987,815 3,627,526
---------- ----------
MINORITY INTEREST AND DEFERRED CREDITS 1,783,854 1,440,730
SHAREHOLDERS' EQUITY ---------- ----------
Capital stock 239,963 172,903
Convertible instruments - 28,032
Deficit (305,710) (292,271)
---------- ----------
(65,747) (91,336)
---------- ----------
Equity adjustment from foreign currency
translation (1,421) (524)
---------- ----------
(67,168) (91,860)
---------- ----------
$5,704,501 $4,976,396
========== ==========
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