<PAGE>
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) December 9, 1996
UNIVERSAL OUTDOOR HOLDINGS, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 333-12457 36-3766705
-------- -------- ----------
(STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER
OF INCORPORATION OR ORGANIZATION) FILE NO.) IDENTIFICATION NO.)
321 NORTH CLARK STREET, SUITE 1010, CHICAGO, ILLINOIS 60610
REGISTRANT'S TELEPHONE NUMBER: (312) 644-8673
<PAGE>
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS.
On December 6, 1996, Matthew Acquisition Corporation ("Matthew
Acquisition Corp."), a wholly owned subsidiary of Universal Outdoor Holdings,
Inc. ("Holdings"), entered into an agreement whereby Matthew Acquisition
Corp. agreed to acquire the assets of Matthew Outdoor Advertising Acquisition
Co. L.P. ("Matthew") for approximately $40 million in cash and the assumption
by Matthew Acquisition Corp. of certain liabilities of Matthew (the "Matthew
Acquisition"). Matthew is actively engaged in the outdoor advertising
business in markets located in and around Northern New Jersey, Metro New York
and the Hudson Valley, and in connection with the Matthew Acquisition,
Holdings will acquire the operations of Matthew in these markets.
Additionally in November, 1996, Universal Outdoor, Inc. ("Universal"), a
wholly owned subsidiary of Holdings, entered into an agreement whereby
Universal agreed to acquire all of the outstanding capital stock of Revere
Holding Corp. ("Revere") for approximately $125 million in cash (the "Revere
Acquisition"). Revere is actively engaged in the outdoor advertising business
in markets located in and around Philadelphia (PA), Washington D.C.,
Salisbury (MD), Wilmington (DE) and Baltimore (MD), and in connection with
the Revere Acquisition, Holdings will acquire the operations of Revere in these
markets.
Pro forma financial information relating to the Matthew and Revere
Acquisitions are attached to this report. Audited financial statements of
Matthew and Revere will be filed by amendment.
<PAGE>
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
UNIVERSAL OUTDOOR HOLDINGS, INC.
PRO FORMA COMBINED STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
(UNAUDITED)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
UNIVERSAL
OUTDOOR AD-SIGN, INC POA MEMPHIS/
HOLDINGS, AND IMAGE ACQUISITION TUNICA ADDITIONAL REVERE
INC. MEDIA NAEGELE CORPORATION ACQUISITION ACQUISITIONS ACQUISITION
--------- ------------ ------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net revenues............. $34,148 $3,367 $24,848 $43,946 $13,104 $1,554 $39,361
--------- ------ ------- ----------- ----------- ------ -----------
Operating expenses:
Direct cost of
revenues............. 12,864 1,286 10,285 13,770 6,352 752 22,302
General and
administrative
expenses............. 4,645 402 5,378 11,087 2,313 405 5,612
Depreciation and
amortization......... 7,402 640 4,341 7,650 1,800 51 7,552
--------- ------ ------- ----------- ----------- ------ -----------
24,911 2,328 20,004 32,507 10,465 1,208 35,466
--------- ------ ------- ----------- ----------- ------ -----------
Operating income
(loss).................. 9,237 1,039 4,844 11,439 2,639 346 3,895
Interest expense......... 12,894 -- 2,503 7,370 1,575 69 3,930
Other expense (income)... 46 -- -- (84) -- (112) 334
--------- ------ ------- ----------- ----------- ------ -----------
Net income before income
taxes................... $(3,703) $1,039 $2,341 $ 4,153 $ 1,064 $ 389 $ (369)
--------- ------ ------- ----------- ----------- ------ -----------
--------- ------ ------- ----------- ----------- ------ -----------
Operating cash flow...... $16,639 $1,679 $9,185 $19,089 $ 4,439 $ 397 $11,447
--------- ------ ------- ----------- ----------- ------ -----------
--------- ------ ------- ----------- ----------- ------ -----------
<CAPTION>
JULY AND
OCTOBER
MATTHEW ACQUISITION OFFERINGS PRO FORMA
ACQUISITION ADJUSTMENTS ADJUSTMENTS AS ADJUSTED
----------- ------------------- --------------- ------------
<S> <C> <C> <C> <C>
Net revenues............. $ 9,049 $ (6,619)(1) $ -- $162,758
----------- -------- --------------- ------------
Operating expenses:
Direct cost of
revenues............. 3,574 (3,763)(1) -- 67,422
General and
administrative
expenses............. 2,558 (12,718)(2)(1) -- 19,682
Depreciation and
amortization......... 2,001 13,950 (3)(1) -- 45,387
----------- -------- --------------- ------------
8,133 (2,531) -- 132,491
----------- -------- --------------- ------------
Operating income
(loss).................. 916 (4,088) -- 30,267
Interest expense......... 3,117 28,650 (4)(1)(5) (20,503)(7)(8) 39,605
Other expense (income)... -- (56)(1)(6) -- 128
----------- -------- --------------- ------------
Net income before income
taxes................... $(2,201) $(32,682) $ 20,503 $(9,466)
----------- -------- --------------- ------------
----------- -------- --------------- ------------
Operating cash flow...... $ 2,917 $ 9,862 $ -- $ 75,654
----------- -------- --------------- ------------
----------- -------- --------------- ------------
</TABLE>
See accompanying notes to pro forma combined statements of operations.
<PAGE>
UNIVERSAL OUTDOOR HOLDINGS, INC.
PRO FORMA COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
(UNAUDITED)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
UNIVERSAL
OUTDOOR AD-SIGN, INC POA MEMPHIS/
HOLDINGS, AND IMAGE ACQUISITION TUNICA ADDITIONAL REVERE
INC. MEDIA NAEGELE CORPORATION ACQUISITION ACQUISITIONS ACQUISITION
--------- ------------ ------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net revenue.............. $44,882 $ 842 $5,832 $35,815 $11,690 $1,166 $28,900
--------- ------ ------- ----------- ----------- ------ -----------
Operating expenses:
Direct cost of
revenues............. 16,033 322 2,616 10,788 4,923 564 17,260
General and
administrative
expenses............. 4,810 100 1,459 9,613 2,022 304 4,155
Depreciation and
amortization......... 9,207 160 1,053 6,004 1,149 38 6,035
Noncash compensation
for common stock
warrants........... 9,000
--------- ------ ------- ----------- ----------- ------ -----------
39,050 582 5,128 26,405 8,094 906 27,450
--------- ------ ------- ----------- ----------- ------ -----------
Operating income......... 5,832 260 704 9,410 3,596 260 1,450
Interest expense......... 12,320 -- 468 5,558 70 52 2,899
Other expense............ 1,677 -- -- (21) -- (84) (8,410)
--------- ------ ------- ----------- ----------- ------ -----------
Income before extraordinary
item and income taxes.... $(8,165) $ 260 $ 236 $ 3,873 $ 3,526 $ 292 $ 6,961
--------- ------ ------- ----------- ----------- ------ -----------
--------- ------ ------- ----------- ----------- ------ -----------
Operating cash flow...... $15,039 $ 420 $1,757 $15,414 $ 4,745 $ 298 $ 7,485
--------- ------ ------- ----------- ----------- ------ -----------
--------- ------ ------- ----------- ----------- ------ -----------
<CAPTION>
JULY AND
OCTOBER
MATTHEW ACQUISITION OFFERINGS PRO FORMA
ACQUISITION ADJUSTMENTS ADJUSTMENTS AS ADJUSTED
----------- ------------------- --------------- ------------
<S> <C> <C> <C> <C>
Net revenue.............. $ 6,720 $ (3,661)(1) $ -- $132,186
----------- -------- --------------- ------------
Operating expenses:
Direct cost of
revenues............. 2,675 (2,128)(1) -- 53,053
General and
administrative
expenses............. 1,903 (8,249)(1)(2) -- 16,117
Depreciation and
amortization......... 2,253 7,791 (1)(3) -- 33,690
Noncash compensation
for common stock
warrants............ -- -- -- 9,000
----------- -------- --------------- ------------
6,831 (2,586) -- 111,860
----------- -------- --------------- ------------
Operating income......... (111) (1,075) -- 20,326
Interest expense......... 1,137 22,133 (1)(5)(4) (14,805)(7)(8) 29,832
Other expense............ 5 9,999 (1)(6 --(5) 3,166
----------- -------- --------------- ------------
Income before
extraordinary item and
income taxes............ $(1,253) $(33,207) $ 14,805 $(12,672)
----------- -------- --------------- ------------
----------- -------- --------------- ------------
Operating cash flow...... $ 2,142 $ 6,716 $ -- $ 54,016
----------- -------- --------------- ------------
----------- -------- --------------- ------------
</TABLE>
See accompanying notes to pro forma combined statements of operations.
<PAGE>
UNIVERSAL OUTDOOR HOLDINGS, INC.
PRO FORMA COMBINED STATEMENTS OF OPERATIONS
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 1996
(UNAUDITED)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
UNIVERSAL
OUTDOOR AD-SIGN, INC POA MEMPHIS/
HOLDINGS, AND IMAGE ACQUISITION TUNICA ADDITIONAL REVERE MATTHEW
INC. MEDIA NAEGELE CORPORATION ACQUISITION ACQUISITIONS ACQUISITION ACQUISITION
--------- ------------ ------- ----------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net revenue.............. $53,680 $2,525 $13,070 $47,751 $14,594 $1,554 $40,425 $ 9,084
--------- ------ ------- ----------- ----------- ------ ----------- -----------
Operating expenses:
Direct cost of
revenues............. 19,252 965 5,449 14,293 6,711 752 24,066 3,727
General and
administrative
expenses............. 5,969 301 2,816 12,914 2,214 405 5,715 2,539
Depreciation and
amortization......... 11,222 480 2,432 7,941 1,517 51 8,012 1,979
Noncash compensation
for common stock
warrants........... 9,000
--------- ------ ------- ----------- ----------- ------ ----------- -----------
45,443 1,746 10,697 35,148 10,442 1,208 37,793 8,245
--------- ------ ------- ----------- ----------- ------ ----------- -----------
Operating income......... 8,237 779 2,373 12,603 4,152 346 2,632 839
Interest expense......... 15,615 -- 791 7,355 219 69 3,735 3,105
Other expense............ 1,686 -- -- (367) -- -- (6,824) --
--------- ------ ------- ----------- ----------- ------ ----------- -----------
Net income............... $(9,064) $ 779 $1,582 $ 5,615 $ 3,933 $ 277 $ 5,721 $(2,266)
--------- ------ ------- ----------- ----------- ------ ----------- -----------
--------- ------ ------- ----------- ----------- ------ ----------- -----------
Operating cash flow...... $28,459 $1,259 $4,805 $20,544 $ 5,669 $ 397 $10,644 $ 2,818
--------- ------ ------- ----------- ----------- ------ ----------- -----------
--------- ------ ------- ----------- ----------- ------ ----------- -----------
<CAPTION>
JULY AND
OCTOBER
ACQUISITION OFFERINGS PRO FORMA
ADJUSTMENTS ADJUSTMENTS AS ADJUSTED
------------------- --------------- ------------
<S> <C> <C> <C>
Net revenue.............. $ (6,814)(1) $ -- $175,869
-------- --------------- ------------
Operating expenses:
Direct cost of
revenues............. (3,888)(1) -- 71,327
General and
administrative
expenses............. (11,581)(1)(2) -- 21,292
Depreciation and
amortization......... 11,803 (1)(3) -- 45,437
Noncash compensation
for common stock
warrants........... -- 9,000
-------- --------------- ------------
(3,666) -- 147,056
-------- --------------- ------------
Operating income......... (3,148) -- 28,813
Interest expense......... 29,123(1)(4)(5) (20,388)(7)(8) 39,624
Other expense............ 9,786(1)(6) -- 4,281
-------- --------------- ------------
Net income............... $(42,057) $ 20,388 $(15,092)
-------- --------------- ------------
-------- --------------- ------------
Operating cash flow...... $ 8,655 $ -- $ 83,250
-------- --------------- ------------
-------- --------------- ------------
</TABLE>
See accompanying notes to pro forma combined statements of operations.
<PAGE>
NOTES TO UNAUDITED CONSOLIDATED PRO FORMA STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995, FOR THE TWELVE MONTHS ENDED SEPTEMBER 30,
1996
AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
(DOLLARS IN THOUSANDS)
The following explanations describe the assumptions used in determining the
pro forma adjustments necessary to present the pro forma results of operations
of the Company giving effect to the Transactions, the Offerings and the
application of the estimated net proceeds therefrom, the related acquisitions
and consummation of the IPO and the application of the estimated net proceeds
therefrom and the net reduction in operating expenses of the businesses acquired
as if each had occurred at the beginning of the respective periods.
<TABLE>
<CAPTION>
NINE MONTHS TWELVE MONTHS
YEAR ENDED ENDED ENDED
DECEMBER 31, SEPTEMBER 30, SEPTEMBER 30,
1995 1996 1996
------------ -------------- --------------
<C> <S> <C> <C> <C>
1. Entry to eliminate markets sold in Texas by Revere, prior to
the acquisition:
$ (6,619) $ (3,661) $ (6,814)
Net revenue.................................................
(3,763) (2,128) (3,888)
Direct cost of revenues...................................
(878) (568) (991)
General and administrative expenses.......................
(1,274) (765) (1,344)
Depreciation and amortization.............................
(661) (367) (642)
Interest expense..........................................
(56) 1,066 853
Other.....................................................
2. Entry records reduction in general and administrative expenses
relating to elimination of certain duplicate corporate
expenses, principally relating to employee costs and costs
relating to other corporate activities. Amounts have been
determined based upon specific employees identified for
termination plus actual benefits costs incurred, and expenses
associated with leased facilities which will not be assumed or
will be canceled upon consummation of the acquisition.
$ 2,500 $ 676 $ 1,250
Naegele, Ad-Sign and Image Media............................
------------ -------------- --------------
------------ -------------- --------------
$ 2,800 $ 2,100 $ 2,800
POA Acquisition.............................................
1,000 750 1,000
Memphis/Tunica Acquisition..................................
340 255 340
Additional Acquisitions.....................................
------------ -------------- --------------
$ 4,140 $ 3,105 $ 4,140
------------ -------------- --------------
------------ -------------- --------------
$ 4,000 $ 3,000 $ 4,000
Revere Acquisition..........................................
1,200 900 $ 1,200
Matthew Acquisition.........................................
------------ -------------- --------------
$ 5,200 $ 3,900 $ 5,200
------------ -------------- --------------
------------ -------------- --------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NINE MONTHS TWELVE MONTHS
YEAR ENDED ENDED ENDED
DECEMBER 31, SEPTEMBER 30, SEPTEMBER 30,
1995 1996 1996
------------ -------------- --------------
<C> <S> <C> <C> <C>
3. Entry records the increase in depreciation and amortization
expense arising from purchase accounting adjustments to
advertising structures and goodwill amortized over a period of
15 years:
$ 3,260 $ 815 $ 1,630
Naegele, Ad-Sign and Image Media............................
------------ -------------- --------------
------------ -------------- --------------
$ 7,657 $ 5,439 $ 7,366
POA Acquisition.............................................
2,913 2,376 3,196
Memphis/Tunica Acquisition..................................
395 296 395
Additional Acquisitions.....................................
------------ -------------- --------------
$ 10,965 $ 8,111 $ 10,957
------------ -------------- --------------
------------ -------------- --------------
$ 297 $ (145) $ (164)
Revere Acquisition..........................................
702 (225) 724
Matthew Acquisition.........................................
------------ -------------- --------------
$ 999 $ (370) $ 560
------------ -------------- --------------
------------ -------------- --------------
4. Entry records additional interest expense assumed to be $ 3,569 $ 863 $ 2,445
incurred in connection with the acquisition of Naegele,
Ad-Sign and Image Media.......................................
------------ -------------- --------------
------------ -------------- --------------
5. Entry to record additional interest expense at an assumed rate
of 8.5% per annum in connection with the Transactions:
$ 21,250 $ 15,938 $ 21,250
POA Acquisition.............................................
6,018 4,513 6,018
Memphis/Tunica Acquisition..................................
646 485 646
Additional Acquisitions.....................................
------------ -------------- --------------
27,914 20,936 27,914
(9,014) (5,680) (7,643)
Actual interest expense for POA Acquisition, Memphis/Tunica
Acquisition and Additional Acquisitions...................
------------ -------------- --------------
$ 18,900 $ 15,256 $ 20,271
------------ -------------- --------------
------------ -------------- --------------
$ 10,489 $ 7,867 $ 10,489
Revere Acquisition
3,400 2,550 3,400
Matthew Acquisition
------------ -------------- --------------
13,889 10,417 13,889
(7,047) (4,036) (6,840)
Actual interest expense for Revere Acquisition and Matthew
Acquisition
------------ -------------- --------------
$ 6,842 $ 6,381 $ 7,049
------------ -------------- --------------
------------ -------------- --------------
6. Entry to reduce other income from Revere for the gain $ -- $ 8,933 $ 8,933
recognized on the sale of the Texas markets...................
------------ -------------- --------------
------------ -------------- --------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NINE MONTHS TWELVE MONTHS
YEAR ENDED ENDED ENDED
DECEMBER 31, SEPTEMBER 30, SEPTEMBER 30,
1995 1996 1996
------------ -------------- --------------
<C> <S> <C> <C> <C>
7. Entry to record the changes in interest expense to reflect the
October Offerings and the application of the net proceeds
$ 19,500 $ 14,625 $ 19,500
October Notes at 9.75%......................................
6,278 4,708 6,278
New Credit Facility at an assumed rate of 8.5%..............
599 449 599
Amortization of deferred financing costs....................
(41,438) (34,587) (41,323)
Less pro-formas as adjusted interest expense................
------------ -------------- --------------
$ (15,061) $ (14,805) $ (14,946)
------------ -------------- --------------
------------ -------------- --------------
8. Entry to record the reduction in interest expense from the $ (5,442) $ (2,721) $ (5,442)
application of the net proceeds of the IPO to the repayment of
long-term debt................................................
------------ -------------- --------------
------------ -------------- --------------
9. Entry to record the changes in interest expense to reflect the
Offering and the application of the net proceeds therefrom:
$ 9,750 $ 7,313 $ 9,750
Notes at 9.75%..............................................
21,938 16,453 21,938
October Notes at 9.75%......................................
7,990 5,993 7,990
New Credit Facility at an assumed rate of 8.5%..............
924 693 924
Amortization of deferred financing costs....................
(39,605) (29,832) (39,624)
Less pro-forma as adjusted interest expense.................
------------ -------------- --------------
$ 997 $ 620 $ 978
------------ -------------- --------------
------------ -------------- --------------
</TABLE>
<PAGE>
UNIVERSAL OUTDOOR HOLDINGS, INC.
PRO FORMA COMBINED BALANCE SHEET
SEPTEMBER 30, 1996
(UNAUDITED)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
UNIVERSAL OCTOBER
OUTDOOR MEMPHIS/ PRO FORMA OFFERING AND
HOLDINGS, POA TUNICA REVERE MATTHEW ACQUISITION ACQUISITION
INC. ACQUISITION ACQUISITION ACQUISITION ACQUISITION ADJUSTMENTS ADJUSTMENTS
---------- ----------- ----------- ----------- ----------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
Current assets........... $ 16,579 $15,481 $ 9,664 $29,056 $ 2,995 $ -- $ (5,000) (4)
Property and equipment... 159,961 24,116 20,428 28,046 16,821 96,717(1) 253,622(5)
Deferred taxes........... -- 11,920 -- -- -- -- --
Other assets............. 18,741 47,997 -- 37,210 6,839 (43,165) (1) (43,944) (5)(6)
---------- ----------- ----------- ----------- ----------- --------------- ---------------
Total assets............. $195,281 $99,514 $30,092 $94,312 $26,655 $ 53,552 $204,678
---------- ----------- ----------- ----------- ----------- --------------- ---------------
---------- ----------- ----------- ----------- ----------- --------------- ---------------
Current liabilities,
excluding current
maturities.............. $ 10,216 $ 4,245 $ 5,345 $ 4,189 $ 4,030 $ -- $ (5,000) (4)
Current maturities of
long-term debt.......... -- 9,109 52 3,342 -- (3,342) (2) (9,161) (2)
Long-term debt........... 131,721 71,683 1,095 47,670 21,742 93,988(1) 98,339(5)(7)
Warrants................. 9,000 -- -- -- -- -- --
---------- ----------- ----------- ----------- ----------- --------------- ---------------
Total liabilities........ 150,937 85,037 6,492 55,201 25,772 90,646 84,178
---------- ----------- ----------- ----------- ----------- --------------- ---------------
Stockholders' equity
(deficit)............... 44,344 14,477 23,600 39,111 883 (37,094) (1)(3) 120,500(5)(8)
---------- ----------- ----------- ----------- ----------- --------------- ---------------
Total liabilities and
stockholders' equity.... $195,281 $99,514 $30,092 $94,312 $26,655 $ 53,552 $204,678
---------- ----------- ----------- ----------- ----------- --------------- ---------------
---------- ----------- ----------- ----------- ----------- --------------- ---------------
<CAPTION>
PRO FORMA
AS ADJUSTED
-----------
<S> <C>
Current assets........... $ 68,775
Property and equipment... 599,711
Deferred taxes........... 11,920
Other assets............. 23,678
-----------
Total assets............. $704,084
-----------
-----------
Current liabilities,
excluding current
maturities.............. $ 23,025
Current maturities of
long-term debt.......... --
Long-term debt........... 466,238
Warrants................. 9,000
-----------
Total liabilities........ 498,263
-----------
Stockholders' equity
(deficit)............... 205,821
-----------
Total liabilities and
stockholders' equity.... $704,084
-----------
-----------
</TABLE>
<PAGE>
NOTES TO UNAUDITED CONSOLIDATED PRO FORMA BALANCE SHEET
AT SEPTEMBER 30, 1996
(DOLLARS IN THOUSANDS)
The following explanations describe the assumptions used in determining the
pro forma adjustments necessary to present the pro forma financial position of
the Company after giving effect to the Transactions and the Offering and the
October Offerings.
1. Entry records the effects of the Revere and Matthew Acquisitions.
<TABLE>
<CAPTION>
REVERE MATTHEW
ACQUISITION ACQUISITION TOTAL
----------- ----------- ----------
<S> <C> <C> <C>
Increase in long-term debt.................................................. $ 75,730 $ 18,258 $ 93,988
Changes in assets and liabilities resulting from allocation of purchase
price:
Property and equipment.................................................... 69,603 27,114 96,717
Other assets.............................................................. (36,326) (6,839) (43,165)
Stockholders' equity...................................................... (39,111) (883) (39,994)
----------- ----------- ----------
$ 69,896 $ 37,650 $ 107,546
----------- ----------- ----------
----------- ----------- ----------
</TABLE>
<TABLE>
<C> <S> <C>
2. Entry to record elimination of current maturities of long-term
debt.
($ 9,109)
POA Acquisition..................................................
(52)
Memphis/Tunica...................................................
(3,342)
Revere Acquisition...............................................
--------
($12,503)
--------
--------
</TABLE>
<TABLE>
<C> <S> <C>
3. Entry to record 100,000 shares of common stock to be issued in
connection with the Memphis/Tunica acquisition at an assumed
price of $29:
$ 2,900
Stockholders' equity.............................................
--------
--------
</TABLE>
<TABLE>
<C> <S> <C>
4. Entry to record the reduction of the deposit paid by the Company ($ 5,000)
in connection with the Memphis/Tunica Acquisition................
--------
--------
5. Entry records the effects of the October Offerings and the
Acquisitions.
</TABLE>
<TABLE>
<CAPTION>
POA MEMPHIS/TUNICA
ACQUISITION ACQUISITION TOTAL
----------- --------------- ----------
<S> <C> <C> <C>
Increase in long-term debt.............................................. $ 178,317 $ 72,605 $ 250,922
Changes in assets and liabilities resulting from allocation of purchase
price:
Property and equipment................................................ 204,617 49,005 253,622
Other assets.......................................................... (49,938) (49,938)
Stockholders' equity.................................................. (14,477) (23,600) (38,077)
----------- --------------- ----------
$ 318,519 $ 98,010 $ 416,529
----------- --------------- ----------
----------- --------------- ----------
</TABLE>
<TABLE>
<C> <S> <C>
6. Entry to record capitalized financing fees
$ 5,994
October Offerings................................................
3,250
Offering.........................................................
--------
$ 9,244
--------
--------
</TABLE>
<PAGE>
<TABLE>
<C> <S> <C>
7. Entry to record net reduction in long-term debt from the October
Offerings.
$212,750
Proceeds of the October equity offering..........................
(29,524)
Costs, expenses and other charges of the October Offerings.......
(24,649)
Proceeds used to repay long-term debt of Parent..................
(5,994)
Capitalized financing fees.......................................
--------
$152,583
Net reduction in long-term debt..................................
--------
--------
8. Entry to record net increase in stockholders' equity from
proceeds of the October Offerings.
$212,750
Proceeds of the October equity offering..........................
(29,524)
Costs, expenses and other charges of the October Offerings.......
(24,649)
Proceeds used to repay long-term debt of Parent..................
--------
$158,577
Net increase in stockholders' equity.............................
--------
--------
</TABLE>
<TABLE>
<C> <S> <C>
9. Entry to record reduction in cash used to finance offering....... ($25,000)
--------
--------
10. Entry to record decrease in long-term debt due to cash payments ($21,750)
and financing fees...............................................
--------
--------
</TABLE>
<PAGE>
(c) Exhibits
None
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Universal Outdoor Holdings, Inc.
December 9, 1996 /s/ Brian T. Clingen
--------------------------------------------
Brian T. Clingen
Vice President and Chief Financial Officer
