Allbritton Communications 10-Q 11 Feb 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Dec. 31, 2013	Feb. 11, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Dec-13	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Entity Registrant Name	'ALLBRITTON COMMUNICATIONS CO	'
Entity Central Index Key	'0000889156	'
Current Fiscal Year End Date	'--09-30	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	20,000

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Retained Earnings (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Operating revenues, net	$57,044	$71,197
Television operating expenses, excluding depreciation and amortization	31,650	29,718
Depreciation and amortization	1,557	1,715
Corporate expenses	1,667	1,679
Operating Expenses, Total	34,874	33,112
Operating income	22,170	38,085
Nonoperating income (expense)	'	'
Interest income - related party	'	166
Interest expense	-9,263	-9,268
Gain on settlement of insurance policies	'	3,993
Other, net	-369	-366
Nonoperating Income (Expense), Total	-9,632	-5,475
Income before income taxes	12,538	32,610
Provision for income taxes	4,668	10,592
Net income	7,870	22,018
Retained earnings, beginning of period	128,626	92,764
Retained earnings, end of period	$136,496	$114,782

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified
Current assets	'	'
Cash and cash equivalents	$2,359	$13,417
Accounts receivable, less allowance for doubtful accounts of $1,380 and $1,440	42,351	38,107
Program rights	5,474	7,410
Deferred income taxes	1,303	1,303
Other	2,923	2,619
Total current assets	54,410	62,856
Property, plant and equipment, net	26,004	27,472
Intangible assets, net	11,590	11,590
Program rights	383	426
Deferred financing costs and other	6,079	6,418
Assets, Total	98,466	108,762
Current liabilities	'	'
Accounts payable	2,996	2,245
Accrued interest payable	4,779	13,751
Program rights payable	6,891	8,407
Accrued employee benefit expenses	3,573	4,337
Other accrued expenses	4,490	4,428
Total current liabilities	22,729	33,168
Long-term debt	473,000	455,000
Program rights payable	477	509
Deferred income taxes	599	710
Deferred rent and other	4,663	5,101
Total liabilities	501,468	494,488
Stockholder's investment	'	'
Preferred stock, $1 par value, 1,000 shares authorized, none issued	'	'
Common stock, $.05 par value, 20,000 shares authorized, issued and outstanding	1	1
Capital in excess of par value	49,631	49,631
Retained earnings	136,496	128,626
Distributions to owners, net (Note 4)	-589,130	-563,984
Total stockholder's investment	-403,002	-385,726
Liabilities and Equity, Total	$98,466	$108,762

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Sep. 30, 2013
In Thousands, except Share data, unless otherwise specified
Accounts receivable, allowance for doubtful accounts	$1,440	$1,380
Preferred stock, par value	$1	$1
Preferred stock, shares authorized	1,000	1,000
Preferred stock, issued	'	'
Common stock, par value	$0.05	$0.05
Common stock, shares authorized	20,000	20,000
Common stock, shares issued	20,000	20,000
Common stock, shares outstanding	20,000	20,000

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:	'	'
Net income	$7,870	$22,018
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	1,559	1,783
Other noncash charges	337	337
Provision for doubtful accounts	58	134
Gain on disposal of assets	-2	-68
Change in taxes due under tax sharing agreement	4,354	964
(Increase) decrease in assets:	'	'
Accounts receivable	-4,302	-1,934
Insurance proceeds receivable	'	-18,102
Program rights	1,979	1,940
Other current assets	-304	-272
Cash surrender value of life insurance	'	14,062
Other noncurrent assets	2	5
Increase (decrease) in liabilities:	'	'
Accounts payable	751	989
Accrued interest payable	-8,972	-9,050
Program rights payable	-1,548	-1,869
Accrued employee benefit expenses	-764	-1,666
Other accrued expenses	62	-1,635
Deferred incomes taxes	-111	-286
Deferred rent and other liabilities	-438	-210
Total adjustments	-7,339	-14,878
Net cash provided by operating activities	531	7,140
Cash flows from investing activities:	'	'
Capital expenditures	-94	-1,211
Proceeds from disposal of assets	5	87
Net cash used in investing activities	-89	-1,124
Cash flows from financing activities:	'	'
Borrowings under line of credit	23,000	27,500
Repayments under line of credit	-5,000	-15,500
Distributions to owners	-29,500	-32,900
Net cash used in financing activities	-11,500	-20,900
Net decrease in cash and cash equivalents	-11,058	-14,884
Cash and cash equivalents, beginning of period	13,417	17,074
Cash and cash equivalents, end of period	$2,359	$2,190

Organization_Consolidation_and

Organization, Consolidation and Presentation of Financial Statements Disclosure	3 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements Disclosure	'
	NOTE 1 – The accompanying unaudited interim consolidated financial statements of Allbritton Communications Company (an indirectly wholly-owned subsidiary of Perpetual Corporation (“Perpetual”)) and its subsidiaries (collectively, the “Company”) have been prepared pursuant to instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in conformity with generally accepted accounting principles have been omitted or condensed where permitted by regulation. In management’s opinion, the accompanying financial statements reflect all adjustments, which were of a normal recurring nature, and disclosures necessary for a fair presentation of the consolidated financial statements for the interim periods presented. The results of operations for the three months ended December 31, 2013 are not necessarily indicative of the results that can be expected for the entire fiscal year ending September 30, 2014. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended September 30, 2013, which are contained in the Company’s Form 10-K.

Fair_Value_Disclosure

Fair Value Disclosure	3 Months Ended
	Dec. 31, 2013
Fair Value Disclosure	'
	NOTE 2 – The carrying amount of the Company’s cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and program rights payable approximate fair value due to the short maturity of those instruments. The Company estimates the fair value of its long-term debt on a recurring basis. The Company estimated the fair value of its Senior Notes to be approximately $491,000 and $483,000 at September 30, 2013 and December 31, 2013, respectively. This fair value estimate was determined based on quoted market prices provided by investment banking firms who regularly make a market in the Company’s Senior Notes, which is considered to be a Level 2 input. The carrying value of the Company’s senior credit facility, under which $18,000 was outstanding, approximated fair value at December 31, 2013. This estimate was determined using a discounted cash flow analysis, which is considered to be a Level 3 input. There was no amount outstanding under the Company’s senior credit facility as of September 30, 2013.

Intangible_Assets_Disclosure

Intangible Assets Disclosure	3 Months Ended
	Dec. 31, 2013
Intangible Assets Disclosure	'
	NOTE 3 – The carrying value of the Company’s indefinite lived intangible assets, consisting of its broadcast licenses, was $11,590 at September 30, 2013 and December 31, 2013.

Related_Party_Transactions_Dis

Related Party Transactions Disclosure	3 Months Ended
	Dec. 31, 2013
Related Party Transactions Disclosure	'
	NOTE 4 – For the three months ended December 31, 2012 and 2013, distributions to owners and related activity consisted of the following:
		Distributions		Federal and			Net
		to Owners		State Income			Distributions
		and Dividends		Tax Receivable			to Owners
				(Payable)
	Balance as of September 30, 2012	$	510,946	$	—		$	510,946
	Cash advances to Perpetual		32,900					32,900
	Repayment of cash advances from Perpetual		—					—
	Charge for federal and state income taxes				(10,000	)		(10,000	)
	Payment of income taxes				9,036			9,036
	Balance as of December 31, 2012	$	543,846	$	(964	)	$	542,882
	Balance as of September 30, 2013	$	563,984	$	—		$	563,984
	Cash advances to Perpetual		29,500					29,500
	Repayment of cash advances from Perpetual		—					—
	Charge for federal and state income taxes				(4,354	)		(4,354	)
	Payment of income taxes				—			—
	Balance as of December 31, 2013	$	593,484	$	(4,354	)	$	589,130
	The average amount of non-interest bearing advances outstanding was $524,834 and $578,217 during the three months ended December 31, 2012 and 2013, respectively.

Company_Owned_Life_Insurance_P

Company Owned Life Insurance Policies	3 Months Ended
	Dec. 31, 2013
Company Owned Life Insurance Policies	'
	NOTE 5 – During the three months ended December 31, 2012, company-owned life insurance policies terminated upon the death of the insured, the Company’s founder and former Chairman. As a result, the Company recognized a $3,993 non-taxable gain, representing the difference between the death benefit and the cash surrender value of the policies. The resulting gain was recorded as a component of nonoperating income in the accompanying consolidated statement of operations, and served to reduce the Company’s effective tax rate for the three months ended December 31, 2012. The Company received total proceeds of $18,102 from the policies during the year ended September 30, 2013.

Related_Party_Transactions_Dis1

Related Party Transactions Disclosure (Tables)	3 Months Ended
	Dec. 31, 2013
Distributions to Owners and Related Activity	'
	For the three months ended December 31, 2012 and 2013, distributions to owners and related activity consisted of the following:
		Distributions		Federal and			Net
		to Owners		State Income			Distributions
		and Dividends		Tax Receivable			to Owners
				(Payable)
	Balance as of September 30, 2012	$	510,946	$	—		$	510,946
	Cash advances to Perpetual		32,900					32,900
	Repayment of cash advances from Perpetual		—					—
	Charge for federal and state income taxes				(10,000	)		(10,000	)
	Payment of income taxes				9,036			9,036
	Balance as of December 31, 2012	$	543,846	$	(964	)	$	542,882
	Balance as of September 30, 2013	$	563,984	$	—		$	563,984
	Cash advances to Perpetual		29,500					29,500
	Repayment of cash advances from Perpetual		—					—
	Charge for federal and state income taxes				(4,354	)		(4,354	)
	Payment of income taxes				—			—
	Balance as of December 31, 2013	$	593,484	$	(4,354	)	$	589,130

Fair_Value_Disclosure_Addition

Fair Value Disclosure - Additional Information (Detail) (USD $)	Dec. 31, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified
Fair Value, Inputs, Level 2 | Senior Notes	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value of long-term debt	$483,000	$491,000
Fair Value, Inputs, Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Line of credit facility amount outstanding	18,000	'
Line of credit facility fair value of amount outstanding	$18,000	'

Intangible_Assets_Additional_I

Intangible Assets - Additional Information (Detail) (USD $)	Dec. 31, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified
Schedule of Intangible Assets Disclosure [Line Items]	'	'
Indefinite lived intangible assets	$11,590	$11,590

Distributions_to_Owners_and_Re

Distributions to Owners and Related Activity (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]	'	'
Beginning Balance	$563,984	$510,946
Cash advances to Perpetual	29,500	32,900
Repayment of cash advances from Perpetual	'	'
Charge for federal and state income taxes	-4,354	-10,000
Payment of income taxes	'	9,036
Ending Balance	589,130	542,882
Distributions To Owners and Dividends	'	'
Related Party Transaction [Line Items]	'	'
Beginning Balance	563,984	510,946
Cash advances to Perpetual	29,500	32,900
Repayment of cash advances from Perpetual	'	'
Ending Balance	593,484	543,846
Federal and State Income Tax Receivable (Payable)	'	'
Related Party Transaction [Line Items]	'	'
Beginning Balance	'	'
Charge for federal and state income taxes	-4,354	-10,000
Payment of income taxes	'	9,036
Ending Balance	($4,354)	($964)

Related_Party_Transactions_Dis2

Related Party Transactions Disclosure - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]	'	'
Average amount of non-interest bearing advances outstanding	$578,217	$524,834

Company_Owned_Life_Insurance_P1

Company Owned Life Insurance Policies - Additional Information (Detail) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2012	Sep. 30, 2013
Life Insurance Policies [Line Items]	'	'
Gain on settlement of insurance policies	$3,993	'
Amount of proceed received from life insurance policies	'	$18,102