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Previous: BOLLINGER INDUSTRIES INC, 10-K405, 1997-06-30 |
Next: MONTGOMERY FUNDS II, 485BPOS, 1997-06-30 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(MARK ONE)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(D)OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO
--- ---
COMMISSION FILE NUMBER 0-22662
A. Full title of the plan and the address of the plan, if
different from that of the issuer named below:
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
UNITED VIDEO SATELLITE GROUP, INC.
7140 S. Lewis Avenue, Tulsa, OK 74136
(918) 488-4000
<PAGE>
UNITED VIDEO SATELLITE GROUP, INC.
401(k) Plan
Financial Statements
and Supplemental Schedules
TABLE OF CONTENTS
Page
Independent Auditors' Report 2
Financial Statements:
Statements of Net Assets Available for Benefits -
December 31, 1996 and 1995 3
Statements of Changes in Net Assets Available for Benefits -
Year Ended December 31, 1996 and Three Months Ended
December 31, 1995 4
Notes to Financial Statements 5-10
Schedule
Item 27(a) -
Schedule of Assets Held for Investment Purposes -
December 31, 1996 1
Schedule of Assets Held for Investment Purposes -
December 31, 1995 2
Item 27(d) -
Schedule of Reportable Transactions - Year Ended
December 31, 1996 3
Schedule of Reportable Transactions - Three Months
Ended December 31, 1995 4
All other schedules required for 1996 and 1995 by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974 are omitted as they are
inapplicable or not required.
1
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Plan Administrator
United Video Satellite Group, Inc. 401(k) Plan:
We have audited the accompanying statements of net assets available for
benefits of United Video Satellite Group, Inc. 401(k) Plan (the "Plan")
as of December 31, 1996 and 1995, and the related statements of changes
in net assets available for benefits for the year ended December 31,
1996 and the three months ended December 31, 1995. These financial
statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatements. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for benefits
of the Plan as of December 31, 1996 and 1995, and the changes in net
assets available for benefits for the year ended December 31, 1996 and
the three months ended December 31, 1995 in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of
assets held for investment purposes as of December 31, 1996 and 1995
and the schedules of reportable transactions for the year ended
December 31, 1996 and the three months ended December 31, 1995, are
presented for the purpose of additional analysis and are not a required
part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations
for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. The supplemental schedules have been subjected
to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
KPMG Peat Marwick LLP
Denver, Colorado
June 27, 1997
2
<PAGE>
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
Statements of Net Assets Available for Benefits
December 31, 1996 and 1995
1996 1995
---- ----
Assets
- ------
Cash $ 3,222 $ --
Investments at fair value:
Money market funds 1,089,412 1,198,776
Common/collective trust funds 5,594,390 --
Mutual funds 5,484,698 7,888,672
Common stock of United Video
Satellite Group, Inc. 85,430 --
Participant loans 180,042 155,043
----------- -----------
Total investments 12,433,972 9,242,491
Receivables:
Employee contributions receivable 73,689 74,480
Employer contributions receivable 47,249 60,221
Accrued income 469 --
----------- -----------
Total receivables 121,407 134,701
----------- -----------
12,558,601 9,377,192
Liabilities
- -----------
Unallocated forfeitures 24,208 17,133
----------- -----------
Net assets available for benefits
(includes benefits payable to
participants of $535,476 and
$329,167 in 1996 and 1995,
respectively) $12,534,393 $ 9,360,059
=========== ===========
See accompanying notes to financial statements.
3
<PAGE>
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
Statements of Changes in Net Assets
Available for Benefits
Year Ended December 31, 1996 and
Three Months Ended December 31, 1995
1996 1995
---- ----
Additions to net assets available for
benefits attributed to:
Transfer from predecessor plan $ -- $8,611,305
Investment income:
Net appreciation in fair value
of investments 1,267,663 261,335
Interest 14,952 3,309
Dividends 345,607 90,782
----------- ----------
Total investment income 1,628,222 355,426
Contributions:
Employee contributions 1,426,764 255,405
Employer contributions 758,674 186,149
Rollover contributions 7,252 15,764
----------- ----------
Total contributions 2,192,690 457,318
----------- ----------
Total additions 3,820,912 9,424,049
Deductions from net assets available
for benefits attributed to:
Benefits paid to participants 608,258 46,857
Forfeitures 24,208 17,133
Other, net 14,112 --
----------- -----------
Total deductions 646,578 63,990
----------- -----------
Net increase in net assets
available for benefits 3,174,334 9,360,059
Net assets available for benefits:
Beginning of year 9,360,059 --
----------- ----------
End of year $12,534,393 $9,360,059
=========== ==========
See accompanying notes to financial statements
4
<PAGE>
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
Notes to Financial Statements
December 31, 1996 and 1995
(1) Description of Plan
Effective September 29, 1995, United Video Satellite Group, Inc.
(the "Company") adopted the United Video Satellite Group, Inc.
401(k) Plan (the "Plan"). The beginning balances of the Plan were
transferred from a previously existing plan, the United Video
Management, Inc. and Affiliates Employees 401(k) Profit Sharing
Plan (the "Predecessor Plan"). The Predecessor Plan included
account balances of participants who were not employees of the
Company and who do not currently participate in the Plan. Account
balances for employees of the Company under the Predecessor Plan
were transferred into the Plan effective September 29, 1995.
The following description of the Plan provides only general
information. Participants should refer to the 401(k) Plan
document for a more complete description of the Plan's provisions.
General
The Plan is a defined contribution plan covering substantially all
employees of the Company who have completed one year of service
and are age twenty-one or older. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
Contributions
Each year participants may elect to save, through payroll
deductions, from 1% to 12% of pretax compensation, as defined by
the Plan. Eligible employees may make a rollover contribution to
the Plan of all or any portion of eligible rollover distributions
as defined by the Plan. The Company may make a matching
contribution of an amount equal to a designated percentage rate of
each participant's contribution of pretax compensation. The
Company's matching percentage shall be determined by the Company
and announced prior to the beginning of the Plan year. For the
periods ended December 31, 1996 and 1995, the Company matched 100%
of the first 4% of each participant's contribution of pretax
compensation. For any plan year, additional matching
contributions can be made at the option of the Company.
Participant Accounts
Each participant's account is credited with the participant's
contributions, the Company's matching contributions, and an
allocation of the Plan's earnings. Forfeited balances of
terminated participants' nonvested accounts are used to reduce
future Company matching contributions. The benefit to which a
participant is entitled is the vested balance in the participant's
account. At year end, these unallocated forfeitures are reflected
in the accompanying financial statements as a reduction of net
assets available for benefits.
5
<PAGE>
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
Notes to Financial Statements, Continued
Vesting
Participants are immediately vested in their contributions plus
actual earnings thereon. Vesting for the Company matching
contributions is at a rate of 20% per year beginning after the
employee's first full year of service with an additional 20% for
the next four years achieving 100% vesting at five years of
credited service. Participants become fully vested in the Company
matching contributions upon retirement or in the event of death or
disability.
Investment Options
Effective April 1, 1996, the Plan assets were transferred to a
third party trustee/custodian. As a result of the transfer, the
investment options also changed. The following investment options
were available prior to April 1, 1996:
Vanguard Money Market Reserves - U.S. Treasury Portfolio -
invests in securities backed by the U.S. Government.
Vanguard Fixed Income Securities Fund - GNMA Portfolio -
invests at least 80% of its assets in Government National
Mortgage Association pass-through certificates. These
certificates are mortgage-backed securities representing part
ownership of a pool of mortgage loans.
Vanguard Index Trust - 500 Portfolio - invests in an attempt to
duplicate the investment results of the S&P 500 Index by
holding all 500 stocks in approximately the same proportions as
they are represented in the S&P 500 Index.
Fidelity Contrafund - invests mainly in equity securities of
companies that are undervalued or "out-of-favor" but show
potential for capital appreciation.
The following investment options were available effective April 1,
1996:
Merrill Lynch Retirement Reserves Fund - invests in short-term
money market securities such as U.S. Government and agency
securities, bank certificates of deposit and banker's
acceptances, commercial paper and repurchase agreements to seek
current income, preservation of capital and liquidity.
Merrill Lynch Investment Grade Corporate Bond Fund - invests at
least 65% of its assets in high quality corporate debt. This
portfolio invests primarily in securities rated "A" or better.
Merrill Lynch Equity Index Trust - invests in an attempt to
duplicate the investment results of the S&P 500 Index by
holding all 500 stocks in approximately the same proportions as
they are represented in the S&P Index.
Merrill Lynch Capital Fund - invests primarily in equity
securities of high quality large-cap companies, corporate bonds
and money market securities in an effort to diversify its
investments.
6
<PAGE>
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
Notes to Financial Statements, Continued
Merrill Lynch Technology Fund - invests in equities of
technology companies domiciled in developed markets including
computer production, communications, consumer electronics,
electronic components, factory and office automation and in
other companies substantially involved in the more general
field of technology. The fund will not invest more than 25% of
its total assets in any one industry. Subsequent to December
31, 1996, the assets in this fund were transferred to the
Seligman Communication and Information Fund.
Aim Value Fund - invests primarily in equity securities of
companies that are believed to be undervalued relative to
current or projected earnings of the companies issuing the
securities, or relative to the current market value of the
assets owned by the company. The fund may invest up to 25% of
its assets in foreign securities.
Aim Equity Constellation Fund - invests largely in common
stocks, emphasizing small to medium-sized emerging growth
companies that have experienced above-average and consistent
earnings growth or companies that are currently experiencing a
dramatic increase in profits.
Templeton Foreign Fund - invests in stocks and debt securities
of companies and governments outside the United States. It
maintains a flexible investment policy allowing it to invest in
all types of securities and in any foreign country, developed
or under-developed.
United Video Stock Fund - invests primarily in shares of the
Company. A participant may not invest more than 20% of the
value of his or her accounts in the United Video Stock Fund.
Upon enrollment in the Plan, a participant may direct employer and
employee contributions in 1% increments to the available
investment options. Participants may change their investment
options and transfer balances between existing investments on a
daily basis.
Payment of Benefits
Upon separation of service due to termination, death, disability
or retirement, participants can elect to leave their account
balance within the Plan until minimum distribution payments are
required by law or elect to receive either a lump sum distribution
of their account or, if their account balance is greater than
$3,500, equal periodic payments over a designated period in
accordance with current tax regulations.
Included in net assets available for benefits as of December 31,
1996 and 1995 is $535,476 and $329,167, respectively, which
represent amounts allocated to accounts of individuals who have
elected to withdraw from the Plan but have not yet been paid.
These amounts are reported as liabilities on the Internal Revenue
Service Form 5500.
Participant Loans
Under certain circumstances, participants may borrow from their
accounts up to a maximum of $50,000 or 50% of their vested account
balance. Loan terms are not to exceed five years (10 years for
the purchase of a principal residence). The loans are secured by
the balance in the participant's account and bear interest at the
prime rate published in the Wall Street Journal on the last
business day of the month prior to the date the loan is funded
plus 1%. Principal and interest are repaid by the participant in
accordance with the Plan document.
7
<PAGE>
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
Notes to Financial Statements, Continued
Administrative Expenses
The Company may elect to pay all administrative expenses of the
Plan. Administrative expenses not paid by the Company are paid
from Plan assets. All administrative expenses were paid by the
Company in 1996 and 1995.
(2) Summary of Accounting Policies
Basis of Presentation
The accompanying financial statements of the Plan have been
prepared on an accrual basis of accounting.
Investment Valuation
The Plan's investments are stated at fair value, based on quoted
market prices. The participant loans are valued at cost which
approximates fair value. Purchases and sales of securities are
recorded on a trade date basis.
Use of Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ
from those estimates.
(3) Investments
The following table presents the fair values of individual
investments at December 31, 1996 and 1995.
1996 1995
---- ----
Vanguard Index Trust 500 Portfolio;
76,496.386 shares of $57.60 per
share at December 31, 1995 $ -- $4,406,192
Vanguard Fixed Income Securities
Fund GNMA Portfolio; 164,189.14
shares at $10.43 per share at
December 31, 1995 -- 1,712,493
Vanguard Money Market Reserves
U.S. Treasury Portfolio;
1,198,776 shares at $1.00 per
share at December 31, 1995 -- 1,198,776
Fidelity Contrafund; 46,554.1 shares
at $38.02 per share at
December 31, 1995 -- 1,769,987
Merrill Lynch Retirement Reserves
Fund; 1,089,412 shares at $1.00
per share at December 31, 1996 1,089,412 --
Merrill Lynch Investment Grade
Corporate Bond Fund; 157,348
shares at $11.32 per share at
December 31, 1996 1,781,179 --
Merrill Lynch Equity Index Trust;
113,797.31 shares at $49.16
per share at December 1996 5,594,390 --
Merrill Lynch Technology Fund;
24,794.55 shares at $4.97 per
share at December 31, 1996 123,228 --
Merrill Lynch Capital Fund;
8,046.533 shares at $31.02 per
share at December 31, 1996 249,604 --
Aim Equity Constellation Fund;
22,413.22 shares at $25.26
per share at December 331, 1996 566,158 --
Aim Value Fund; 85,902.777 shares
at $29.15 per share at
December 31, 1996 2,504,066 --
Templeton Foreign Fund; 25,141.22
shares at $10.36 per share at
December 31, 1996 260,463 --
United Video Satellite Group
Class A Common Stock;
4,881.7 shares at $17.50 per
share at December 31, 1996 85,430 --
Participant loans 180,042 155,043
----------- ----------
$12,433,972 $9,242,491
=========== ==========
8
<PAGE>
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
Notes to Financial Statements, Continued
The following schedule presents the net appreciation(depreciation)
in fair value for each significant class of investment for the
year ended December 31, 1996 and the three months ended December
31, 1995:
1996 1995
---- ----
Common/collective trust funds $ 715,784 $ --
Mutual funds 561,839 261,335
Common stock (9,960) --
---------- --------
$1,267,663 $261,335
========== ========
(4) Internal Revenue Service Status
During 1996, the Internal Revenue Service ruled that the Plan
qualifies under Section 401(a) of the Internal Revenue Code (IRC)
and, therefore, the related trust is not subject to tax under
present income tax law. Once qualified, the Plan is required to
operate in conformity with the IRC to maintain its qualification.
Plan trustees and the administrative committee are not aware of
any course of action or series of events that have occurred that
might adversely affect the Plan's qualified status.
(5) Plan Termination
Although it has not expressed any intent to do so, the Company has
the right under the Plan to discontinue its contributions at any
time and to terminate the Plan subject to the provisions of ERISA.
In the event of Plan termination, participants will become fully
vested in their accounts.
9
<PAGE>
(6) Separate Option Allocation
The amount of net assets available for benefits at the beginning
of the Plan year and changes in net assets during the Plan year,
allocated by separate investment option, is as follows:
<TABLE>
<CAPTION>
Merrill
Vanguard Vanguard Merrill Lynch
Fixed Income Money Market Vanguard Lynch Investment Merrill Merrill
Securities Reserves - Index Trust Retirement Grade Lynch Lynch
U.S.
Fund - GNMA Treasury 500 Fidelity Reserves Corporate Equity Capital
Portfolio Portfolio Portfolio Contrafund Fund Bond Fund Index Trust Fund
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net assets available for
benefits,
September 29, 1995 $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
Transfer from predecessor
plan 1,627,496 1,164,721 4,038,374 1,623,874 -- -- -- --
Investment income:
Net appreciation in fair
value of investments 30,296 -- 203,575 27,464 -- -- -- --
Interest 499 369 1,516 925 -- -- -- --
Dividends 29,225 15,464 42,303 3,790 -- -- -- --
----------- ----------- ----------- ----------- ----------- ----------- ----------- ---------
Total investment
income 60,020 15,833 247,394 32,179 -- -- -- --
Contributions:
Employee contributions 22,711 9,732 75,097 73,385 -- -- -- --
Employer contributions 17,647 7,795 56,337 44,149 -- -- -- --
Rollover contributions 664 9,768 713 4,619 -- -- -- --
----------- ----------- ----------- ----------- ----------- ----------- ----------- ---------
Total contributions 41,022 27,295 132,147 122,153 -- -- -- --
----------- ----------- ----------- ----------- ----------- ----------- ----------- ---------
Total additions 1,728,538 1,207,849 4,417,915 1,778,206 -- -- -- --
Benefits paid to
participants (14,279) (10,514) (11,353) (8,657) -- -- -- --
Forfeitures -- -- -- -- -- -- -- --
Other, net -- -- -- -- -- -- -- --
----------- ------------ ----------- ----------- ----------- ----------- ----------- ---------
Total deductions (14,279) (10,514) (11,353) (8,657) -- -- -- --
Interfund transfers (1,766) 1,441 (370) 438 -- -- -- --
----------- ------------ ----------- ----------- ----------- ----------- ----------- ---------
Net assets available for
benefits, December 31,
1995 1,712,493 1,198,776 4,406,192 1,769,987 -- -- -- --
Investment income:
Net appreciation in fair
value of investments (41,694) -- 282,160 123,656 -- 715,784 10,144
(1,607)
Interest 495 341 1,600 1,069 946 1,456 4,928 17
Dividends 27,434 11,926 14,039 (1,098) 41,999 85,048 89 10,469
----------- ----------- ----------- ----------- ----------- ----------- ----------- ---------
Total investment
income (13,765) 12,267 297,799 123,627 42,945 84,897 720,801 20,630
Contributions:
Employee contributions 46,384 43,217 177,385 159,503 65,605 90,096 320,076 62,790
Employer contributions 29,485 24,382 117,316 97,196 43,015 53,834 181,282 15,794
Rollover contributions 1,074 488 2,715 2,975 -- -- -- --
----------- ----------- ----------- ----------- ----------- ----------- ----------- ---------
Total contributions 76,943 68,087 297,416 259,674 108,620 143,930 501,358 78,584
----------- ----------- ----------- ----------- ----------- ----------- ----------- ---------
Total additions 63,178 80,354 595,215 383,301 151,565 228,827 1,222,159 99,214
Benefits paid to
participants (64,718) (11,302) (254,773) (14,911) (481)
(40,937) (38,075) (83,452)
Forfeitures -- -- -- -- -- -- -- --
Other, net (2,238) 5,641 (13,093) (3,830) 41 141 20 --
----------- ----------- ----------- ----------- ----------- ----------- ----------- ---------
Total deductions (66,956) (5,661) (267,866) (18,741) (481)
(40,896) (37,934) (83,432)
Interfund transfers (1,708,715) (1,273,469) (4,733,541) (2,134,547) 978,743 1,590,286 4,455,663 150,871
----------- ----------- ----------- ----------- ----------- ----------- ----------- ---------
Net change in net assets
available for benefits (1,712,493) (1,198,776) (4,406,192) (1,769,987) 1,089,412 1,781,179 5,594,390 249,604
----------- ----------- ----------- ----------- ----------- ----------- ----------- ---------
Net assets available for
benefits, December 31,
1996 $ -- $ -- $ -- $ -- $ 1,089,412 $ 1,781,179 $ 5,594,390 $ 249,604
=========== =========== =========== =========== =========== =========== =========== =========
</TABLE>
<TABLE>
<CAPTION>
Merrill Aim
Lynch Aim Equity Templeton
Technology Value Constellation Foreign United Video Participant
Fund Fund Fund Fund Stock Fund loans Cash Unallocated Total
<C> <S> <C> <C> <C> <C> <C> <C> <C>
$ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
-- -- -- -- -- 156,840 -- -- 8,611,305
-- -- -- -- -- -- -- -- 261,335
-- -- -- -- -- -- -- -- 3,309
-- -- -- -- -- -- -- -- 90,782
- -------- ----------- --------- --------- -------- --------- -------- -------- -----------
-- -- -- -- -- -- -- -- 355,426
-- -- -- -- -- -- -- 74,480 255,405
-- -- -- -- -- -- -- 60,221 186,149
-- -- -- -- -- -- -- -- 15,764
- -------- ----------- --------- --------- -------- --------- -------- -------- -----------
-- -- -- -- -- -- -- 134,701 457,318
- -------- ----------- --------- --------- -------- --------- -------- -------- -----------
-- -- -- -- -- 156,840 -- 134,701 9,424,049
-- -- -- -- -- (2,054) -- -- (46,857)
-- -- -- -- -- -- -- (17,133) (17,133)
-- -- -- -- -- -- -- -- --
- -------- ----------- --------- --------- -------- --------- -------- -------- -----------
-- -- -- -- -- (2,054) -- (17,133) (63,990)
-- -- -- -- -- 257 -- -- --
- -------- ----------- --------- --------- -------- --------- -------- -------- -----------
-- -- -- -- -- 155,043 -- 117,568 9,360,059
1,558 158,056 19,184 10,382 (9,960) -- -- -- 1,267,663
-- 3,510 49 41 31 -- -- 469 14,952
5,555 121,482 18,877 9,787 -- -- -- -- 345,607
- -------- ----------- --------- --------- -------- --------- ------- -------- -----------
7,113 283,048 38,110 20,210 (9,929) -- -- 469 1,628,222
21,903 259,906 100,261 36,232 44,197 -- -- (791) 1,426,764
6,496 148,603 29,891 16,187 8,165 -- -- (12,972) 758,674
-- -- -- -- -- -- -- -- 7,252
- --------- ----------- --------- --------- -------- --------- ------- -------- -----------
28,399 408,509 130,152 52,419 52,362 -- -- (13,763) 2,192,690
- --------- ----------- --------- --------- -------- --------- ------- -------- -----------
35,512 691,557 168,262 72,629 42,433 -- -- (13,294) 3,820,912
-- (98,219) (563) (341) (1,629) (2,079) 3,222 -- (608,258)
-- -- -- -- -- -- -- (24,208) (24,208)
-- -- -- -- -- (794) -- -- (14,112)
- --------- ----------- --------- --------- -------- --------- ------- -------- -----------
-- (98,219) (563) (341) (1,629) (2,873) 3,222 (24,208) (646,578)
87,716 1,910,728 398,459 188,175 44,626 27,872 -- 17,133 --
- --------- ----------- --------- --------- -------- --------- ------- -------- -----------
123,228 2,504,066 566,158 260,463 85,430 24,999 3,222 (20,369) 3,174,334
- --------- ----------- --------- --------- -------- --------- ------- -------- -----------
$ 123,228 $ 2,504,066 $ 566,158 $ 260,463 $ 85,430 $ 180,042 $ 3,222 $ 97,199 $12,534,393
========= =========== ========= ========= ======== ========= ======= ======== ===========
</TABLE>
10
<PAGE>
SUPPLEMENTAL SCHEDULES
Schedule 1
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
Item 27(a) - Schedule of Assets Held
For Investment Purposes
December 31, 1996
<TABLE>
<CAPTION>
Column (a) Column (b) Column (c) Column (d) (Column (e)
Description of
Investment Including
Party-in- Identity of Issue, Maturity Date, Rate
Interest Borrower, Lessor of Interest, Par or Current
Identification or Similar Party Maturity Value Cost Value
<S> <C> <C> <C> <C>
* Merrill Lynch:
Retirement Reserves
Fund Money market $ 1,089,412 $ 1,089,412
Investment Grade
Corporate Bond Fund Mutual fund 1,780,853 1,781,179
Equity Index Trust Common/collective 4,898,110 5,594,390
trust
Capital Fund Mutual fund 240,522 249,604
Technology Fund Mutual fund 123,413 123,228
Aim:
Value Fund Mutual fund 2,358,704 2,504,066
Equity Constellation
Fund Mutual fund 551,967 566,158
Templeton Foreign Fund Mutual fund 249,977 260,463
* United Video Satellite
Group, Inc.,
Class A Common Stock Common stock 94,032 85,430
* Participant Loans (7%-10%) 180,042 180,042
---------- -----------
$11,567,032 $12,433,972
=========== ===========
</TABLE>
* Party-in-Interest
11
<PAGE>
Schedu1e 2
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
Item 27(a) - Schedule of Assets Held
For Investment Purposes
December 31, 1995
<TABLE>
<CAPTION>
Column (a) Column (b) Column (c) Column (d) (Column (e)
Description of
Investment Including
Party-in- Identity of Issue, Maturity Date, Rate
Interest Borrower, Lessor of Interest, Par or Current
Identification or Similar Party Maturity Value Cost Value
<S> <C> <C> <C> <C>
Vanguard:
Index Trust 500
Portfolio Mutual fund $4,212,443 $4,406,192
Fixed Income
Securities Fund
GNMA Portfolio Mutual fund 1,682,197 1,712,493
Money Market Reserves
U.S. Treasury
Portfolio Money market account 1,198,776 1,198,776
Fidelity Contrafund Mutual fund 1,876,777 1,769,987
* Participant loans (7%-10%) 155,043 155,043
---------- ----------
$9,125,236 $9,242,491
========== ==========
</TABLE>
* Party-in-Interest
12
<PAGE>
Schedule 3
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
Item 27(d) - Schedule of Reportable Transactions
Year Ended December 31, 1996
<TABLE>
<CAPTION>
Column (a) Column (b) Column (c) Column (d) Column (e) Column (f) Column (g) Column (h) Column (i)
Expense Current
Value
Identity Incurred of Asset on
of Party Description Purchase Selling With Lease Cost of Transaction Net Gain
Involved of Assets Price Price Transaction Rental Asset Date (Loss)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
The Merrill Merrill Lynch:
Lynch Retirement Reserves
Trust Fund $1,500,533 $ -- -- -- $1,500,533 $1,500,533 $ --
Companies Retirement Reserves
Fund -- 411,120 -- -- 411,120 411,120 --
Equity Index Trust 5,404,603 -- -- -- 5,404,603 5,404,603 --
Equity Index Trust -- 525,977 -- -- 506,492 525,997 19,505
Investment Grade
Corporate Bond Fund 2,036,713 -- -- -- 2,036,713 2,036,713 --
Investment Grade
Corporate Bond Fund -- 251,433 -- -- 253,365 251,433 (1,932)
AIM:
Equity Constellation
Fund 653,636 -- -- -- 653,636 653,636 --
Equity Constellation
Fund -- 106,660 -- -- 101,668 106,660 4,992
Value Fund 2,856,669 -- -- -- 2,856,669 2,856,669 --
Value Fund -- 510,659 -- -- 497,964 510,659 12,695
The Vanguard Vanguard:
Group Index Trust
500 Portfolio -- 4,959,189 -- -- 4,677,028 4,959,189 282,161
Index Trust
500 Portfolio 273,889 -- -- -- 273,889 273,889 --
Fixed Income
Securities Fund
GNMA Portfolio -- 1,755,227 -- -- 1,796,921 1,755,227 (41,694)
Fixed Income
Securities Fund
GNMA Portfolio 64,843 -- -- -- 64,843 64,843 --
Money Market Reserves
U.S. Treasury
Portfolio -- 1,273,140 -- -- 1,273,140 1,273,140 --
Money Market Reserves
U.S. Treasury
Portfolio 65,774 -- -- -- 65,774 65,774 --
Fidelity Fidelity:
Investments Contrafund -- 2,369,772 -- -- 2,246,116 2,369,772 123,656
Contrafund 476,147 -- -- -- 476,147 476,147 --
</TABLE>
13
<PAGE>
Schedule 4
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
Item 27(d) - Schedule of Reportable Transactions
Three Months Ended December 31, 1995
<TABLE>
<CAPTION>
Column (a) Column (b) Column (c) Column (d) Column (e) Column (f) Column (g) Column (h) Column (i)
Current
Expense Value
Identity Incurred of Asset on
of Party Description Purchase Selling with Lease Cost of Transaction Net Gain
Involved of Assets Price Price Transaction Rental Asset Date (Loss)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
The Vanguard Vanguard:
Group Index Trust 500
Portfolio $4,230,371 -- -- -- $4,230,371 $4,230.371 --
Index Trust 500
Portfolio -- 17,928 -- -- 17,928 17,928 --
Fixed Income
Securities
GNMA Portfolio 1,674,753 -- -- -- 1,674,753 1,674,753 --
Fixed Income
Securities
GNMA Portfolio -- 22,264 -- -- 22,264 22,264 --
Money Market
Reserves
U.S. Treasury
Portfolio 1,375,002 -- -- -- 1,375,002 1,375,002 --
Money Market
Reserves
U.S. Treasury
Portfolio -- 176,225 -- -- 176,225 176,225 --
Fidelity Fidelity:
Investments Contrafund 1,752,635 -- -- -- 1,752,635 1,752,635 --
Contrafund -- 10,112 -- -- 10,112 10,112 --
</TABLE>
14
EXHIBITS
23 Consent of KPMG Peat Marwick LLP
15
<PAGE>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities
Exchange Act of 1934, the trustees (or other persons who administer the
employee benefit plan) have duly caused this annual report to be signed
on its behalf by the undersigned, thereunto duly authorized.
UNITED VIDEO SATELLITE GROUP, INC.
401(k) Plan
DATE: June 27, 1997 By: /s/ Peter C. Boylan III
------------------------------
Peter C. Boylan III
Member, United Video Satellite
Group, Inc. 401(k) Plan
Administrative Committee
16
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
- ------- ------------
23 Consent of KPMG Peat Marwick LLP
17
<PAGE>
Exhibit 23
CONSENT OF INDEPENDENT AUDITORS
The Plan Committee
United Video Satellite Group, Inc.
401(k) Plan:
We consent to incorporation by reference in the registration statement
(No. 333-2866) on Form S-8 of United Video Satellite Group, Inc. 401(k)
Plan of our report dated June 27, 1997, relating to the statements of
net assets available for benefits of United Video Satellite Group, Inc.
401(k) Plan as of December 31, 1996 and 1995, and the related
statements of changes in net assets available for benefits for the year
ended December 31, 1996 and the three month period ended December 31,
1995 and all related schedules, which report appears in the December
31, 1996 Annual Report on Form 11-K.
KPMG Peat Marwick LLP
Denver, Colorado
June 27, 1997
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