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, 1997
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, 1997 and 1996 3
Statements of Changes in Net Assets Available for Benefits -
Year Ended December 31, 1997 and 1996 4
Notes to Financial Statements 5-11
Schedule
Item 27(a) -
Schedule of Assets Held for Investment Purposes -
December 31, 1997 1
Item 27(d) -
Schedule of Reportable Transactions - Year Ended
December 31, 1997 2
All other schedules required for 1997 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, 1997 and 1996, and the related statements of changes
in net assets available for benefits for the years then ended. 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, 1997 and 1996, and the changes in net
assets available for benefits for the years then ended 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, 1997 and the
schedule of reportable transactions for the year ended December 31,
1997, 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
Tulsa, Oklahoma
May 29, 1998
2
<PAGE>
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
Statements of Net Assets Available for Benefits
December 31, 1997 and 1996
1997 1996
---- ----
Assets
- ------
Cash $ 1,119 $ 3,222
Investments at fair value:
Money market funds 1,132,612 1,089,412
Common/collective trust funds 6,414,111 5,594,390
Mutual funds 6,954,771 5,484,698
Common stock of United Video
Satellite Group, Inc. 239,862 85,430
Participant loans 270,825 180,042
----------- -----------
Total investments 15,012,181 12,433,972
Receivables:
Employee contributions receivable 135,198 73,689
Employer contributions receivable 102,771 47,249
Accrued income -- 469
----------- -----------
Total receivables 237,969 121,407
----------- -----------
15,251,269 12,558,601
Liabilities
- -----------
Unallocated forfeitures 89,780 24,208
----------- -----------
Net assets available for benefits $15,161,489 $12,534,393
=========== ===========
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, 1997 and 1996
1997 1996
---- ----
Additions to net assets available for
benefits attributed to:
Investment income:
Net appreciation in fair value
of investments $ 2,066,525 $ 1,267,663
Interest 18,763 14,952
Dividends 714,002 345,607
----------- -----------
Total investment income 2,799,290 1,628,222
Contributions:
Employee contributions 1,821,012 1,434,016
Employer contributions 950,244 758,674
----------- -----------
Total contributions 2,771,256 2,192,690
----------- -----------
Total additions 5,570,546 3,820,912
Deductions from net assets available
for benefits attributed to:
Benefits paid to participants 2,843,275 608,258
Forfeitures 65,572 24,208
Other, net 34,603 14,112
----------- -----------
Total deductions 2,943,450 646,578
----------- -----------
Net increase in net assets
available for benefits 2,627,096 3,174,334
Net assets available for benefits:
Beginning of year 12,534,393 9,360,059
----------- -----------
End of year $15,161,489 $12,534,393
=========== ===========
See accompanying notes to financial statements.
4
<PAGE>
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
Notes to Financial Statements
December 31, 1997 and 1996
(1) Description of Plan
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
For each of the years ended December 31, 1997 and 1996,
participants could elect to contribute, through payroll
deductions, from 1% to 12% of pretax compensation, as defined by
the Plan, subject to annual limitations outlined by the Internal
Revenue Service. Effective January 1, 1998, the Plan was amended
to allow participants to contribute up to 15% of pre-tax
compensation. 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, 1997 and 1996,
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 discretion 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. 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.
Effective June 1, 1997, assets held in the Merrill Lynch
Technology Fund were transferred to the Seligman Communications
and Information Fund. The Seligman Communications and Information
Fund seeks capital appreciation by investing in a diversified
portfolio of common stocks of both domestic and foreign companies
that provide products and services in communications, information
and other technology-related industries. After June 1, 1997, the
Merrill Lynch Technology Fund was no longer an available
investment option.
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.
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 1997 and 1996.
(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, 1997 and 1996:
1997 1996
---- ----
Merrill Lynch Retirement Reserves
Fund; 1,132,612 shares at $1.00
per share and 1,089,412 shares at
$1.00 per share at December 31,
1997 and 1996, respectively $ 1,132,612 $ 1,089,412
Merrill Lynch Investment Grade
Corporate Bond Fund; 135,857
shares at $11.49 per share and
157,348 shares at $11.32 per
share at December 31, 1997
and 1996, respectively 1,560,993 1,781,179
Merrill Lynch Equity Index Trust;
98,113 shares at $65.38 per
share and 113,797 shares at
$49.16 per share at December 31,
1997 and 1996, respectively 6,414,111 5,594,390
Merrill Lynch Technology Fund;
24,795 shares at $4.97 per
share at December 31, 1996 -- 123,228
Merrill Lynch Capital Fund;
15,789 shares at $34.46 per
share and 8,047 shares at
$31.02 per share at December 31,
1997 and 1996, respectively 544,103 249,604
Aim Equity Constellation Fund;
30,779 shares at $26.38 per
share and 22,413 shares at
$25.26 per share at December 31,
1997 and 1996, respectively 811,960 566,158
Aim Value Fund; 95,846 shares
at $32.42 per share and 85,903
shares at $29.15 per share at
December 31, 1997 and 1996,
respectively 3,107,337 2,504,066
Templeton Foreign Fund; 45,216
shares at $9.95 per share and
25,141 shares at $10.36 per
share at December 31, 1997 and
1996, respectively 449,904 260,463
United Video Satellite Group
Class A Common Stock; 8,343
shares at $28.75 per share
and 4,882 shares at $17.50 per
share at December 31, 1997 and
1996, respectively 239,862 85,430
Seligman Communications Fund;
20,666 shares at $23.25 per
share at December 31, 1997 480,474 --
Participant loans 270,825 180,042
----------- ----------
$15,012,181 $12,433,972
=========== ===========
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 years ended December 31, 1997 and 1996:
1997 1996
---- ----
Common/collective trust funds $1,726,422 $ 715,784
Mutual funds 262,384 561,839
Common stock 77,719 (9,960)
---------- --------
$2,066,525 $1,267,663
========== ==========
(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>
Vanguard Merrill
Vanguard Money Market Merrill Lynch
Fixed Income Reserves - Vanguard Lynch Investment Merrill Merrill
Securities U.S. Index Trust Retirement Grade Lynch Lynch
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, December 31,
1995 $ 1,712,493 $ 1,198,776 $ 4,406,192 $ 1,769,987 $ -- $ -- $ -- $ --
Investment income:
Net appreciation (41,694) -- 282,160 123,656 -- (1,607) 715,784 10,144
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 47,458 43,705 180,100 162,478 65,605 90,096 320,076 62,790
Employer 29,485 24,382 117,316 97,196 43,015 53,834 181,282 15,794
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------
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) (40,937) (38,075) (83,452) (481)
Forfeitures -- -- -- -- -- -- -- --
Other (2,238) 5,641 (13,093) (3,830) 41 141 20 --
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------
Total deductions (66,956) (5,661) (267,866) (18,741) (40,896) (37,934) (83,432) (481)
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
Investment income:
Net appreciation
(depreciation) in fair
value of investments -- -- -- -- -- 19,793 1,726,741 34,394
Interest -- -- -- -- 1,616 1,693 8,730 166
Dividends -- -- -- -- 63,164 100,609 -- 40,121
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------
Total investment
income -- -- -- -- 64,780 122,095 1,735,471 74,681
Contributions:
Employee contributions -- -- -- -- 107,100 116,754 443,327 153,168
Employer contributions -- -- -- -- 71,109 70,593 256,691 54,181
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------
Total contributions -- -- -- -- 178,209 187,347 700,018 207,349
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------
Total additions -- -- -- -- 242,989 309,442 2,435,489 282,030
Benefits paid to
participants -- -- -- -- (1,099,004) (242,297) (914,131) (22,386)
Forfeitures -- -- -- -- -- -- -- --
Other, net -- -- -- -- (33,964) -- -- --
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------
Total deductions -- -- -- -- (1,132,968) (242,297) (914,131) (22,386)
Interfund transfers -- -- -- -- 933,179 (287,331) (701,637) 34,855
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------
Net change in net assets
available for benefits -- -- -- -- 43,200 (220,186) 819,721 294,499
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------
Net assets available for
benefits, December 31,
1997 $ -- $ -- $ -- $ -- $ 1,132,612 $ 1,560,993 $ 6,414,111 $ 544,103
=========== =========== =========== =========== =========== =========== =========== ==========
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
Merrill Aim United
Lynch Aim Equity Templeton Video Participant
Technology Value Constellation Foreign Stock Loan
Fund Fund Fund Seligman Fund Fund Fund Cash Unallocated Totals
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ -- $ -- $ -- $ -- $ -- $ -- $ 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) 1,434,016
6,496 148,603 29,891 -- 16,187 8,165 -- -- (12,972) 758,674
- --------- ----------- --------- --------- --------- -------- --------- ------- -------- -----------
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
21,534 281,576 27,276 (93,212) (29,305) 77,728 -- -- -- 2,066,525
66 5,524 410 205 127 226 -- -- -- 18,763
-- 313,911 57,415 92,495 46,287 -- -- -- -- 714,002
- --------- ----------- --------- --------- --------- -------- --------- ------- -------- -----------
21,600 601,011 85,101 (512) 17,109 77,954 -- -- -- 2,799,290
17,943 409,409 227,988 78,575 157,194 48,010 -- -- 61,544 1,821,012
9,137 203,597 105,037 34,031 66,571 24,245 -- -- 55,052 950,244
- --------- ----------- --------- --------- --------- -------- --------- ------- -------- -----------
27,080 613,006 333,025 112,606 223,765 72,255 -- -- 116,596 2,771,256
- --------- ----------- --------- --------- --------- -------- --------- ------- -------- -----------
48,680 1,214,017 418,126 112,094 240,874 150,209 -- -- 116,596 5,570,546
(2,403) (348,736) (101,035) (6,548) (57,386) (29,350) (17,462) (2,537) -- (2,843,275)
-- -- -- -- -- -- -- -- (65,572) (65,572)
-- -- -- -- -- -- (1,039) 400 -- (34,603)
- --------- ----------- --------- --------- --------- -------- --------- ------- -------- -----------
(2,403) (348,736) (101,035) (6,548) (57,386) (29,350) (18,501) (2,137) (65,572) (2,943,450)
(169,505) (262,010) (71,289) 374,928 5,953 33,573 109,284 34 (34) --
- --------- ----------- --------- --------- --------- -------- --------- ------- -------- -----------
(123,228) 603,271 245,802 480,474 189,441 154,432 90,783 (2,103) 50,990 2,627,096
- --------- ----------- --------- --------- --------- -------- --------- ------- -------- -----------
$ -- $ 3,107,337 $ 811,960 $ 480,474 $ 449,904 $239,862 $ 270,825 $ 1,119 $148,189 $15,161,489
========= =========== ========= ========= ========= ======== ========= ======= ======== ===========
</TABLE>
11
<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, 1997
<TABLE>
<CAPTION>
Column (a) Column (b) Column (c) Column (d) (Column (e)
Description of
Investment Including
Party-in- Maturity Date, Rate
Interest Identity of Issue, Borrower of Interest, Par or Current
Identification Lessor or Similar Party Maturity Value Cost Value
<S> <C> <C> <C> <C>
* Merrill Lynch:
Retirement Reserves Fund Money market $ 1,132,612 $ 1,132,612
Investment Grade Corporate
Bond Fund Mutual fund 1,538,438 1,560,993
Equity Index Trust Common/collective
trust 4,946,974 6,414,111
Capital Fund Mutual fund 512,190 544,103
Aim:
Value Fund Mutual fund 2,894,131 3,107,337
Equity Constellation Fund Mutual fund 804,296 811,960
Templeton Foreign Fund Mutual fund 483,785 449,904
Seligman Communications Fund Mutual fund 572,789 480,474
* United Video Satellite Group,
Inc., Class A Common Stock Common stock 175,712 239,862
* Participant Loans (7%-10%) 270,825 270,825
---------- -----------
$13,331,752 $15,012,181
=========== ===========
</TABLE>
* Party-in-Interest
12
<PAGE>
Schedule 2
UNITED VIDEO SATELLITE GROUP, INC.
401(k) PLAN
Item 27(d) - Schedule of Reportable Transactions
Year Ended December 31, 1997
<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 $1,470,675 $ -- $ -- $ -- $1,470,675 $1,470,675 $ --
Companies Retirement Reserves -- 1,427,475 -- -- 1,427,475 1,427,475 --
Equity Index Trust 1,041,260 -- -- -- 1,041,260 1,041,260 --
Equity Index Trust -- 1,948,279 -- -- 1,512,953 1,948,279 435,326
Investment Grade
Corporate Bond Fund 313,352 -- -- -- 313,352 313,352 --
Investment Grade
Corporate Bond Fund -- 460,596 -- -- 463,773 460,596 (3,177)
AIM:
Value Fund 1,015,670 -- -- -- 1,015,670 1,015,670 --
Value Fund -- 693,901 -- -- 600,493 693,901 93,408
Equity Constellation
Fund 551,214 -- -- -- 551,214 551,214 --
Equity Constellation
Fund -- 332,689 -- -- 306,249 332,689 26,440
</TABLE>
13
<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 26, 1998 By: /s/ Peter C. Boylan III
------------------------------
Peter C. Boylan III
Member, United Video Satellite
Group, Inc. 401(k) Plan
Administrative Committee
14
<PAGE>
EXHIBIT INDEX
Exhibit
Number Description
- ------- ------------
23 Consent of KPMG Peat Marwick LLP
15
<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 26, 1998, relating to the statements of
net assets available for benefits of United Video Satellite Group, Inc.
401(k) Plan as of December 31, 1997 and 1996, and the related
statements of changes in net assets available for benefits for the
years then ended and all related schedules, which report appears in the
December 31, 1997 Annual Report on Form 11-K.
KPMG Peat Marwick LLP
Tulsa, Oklahoma
June 26, 1998
