Exhibit 99-3
PART I - FINANCIAL INFORMATION
Item 1 - Financial statements
The following condensed financial statements are incorporated by reference to
the Report to Shareholders for the quarter ended September 30, 1995.
Consolidated Statement of Earnings, three months and nine months ended
September 30, 1995 and 1994.
Consolidated Balance Sheets as of September 30, 1995 and December 31,
1994.
Consolidated Statements of Cash Flows, nine months ended September 30,
1995 and 1994.
The information furnished reflects all adjustments consisting of normally
recurring accruals which are, in the opinion of management, necessary to a fair
statement of the results for the interim period.
MULTIMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
Three Months Nine Months
(Unaudited) (In thousands except per-share data) 1995 1994 1995 1994
Operating revenues:
Newspapers $ 40,382 37,196 118,737 108,297
Broadcasting 37,340 33,216 112,552 100,071
Cable 44,308 40,912 129,758 124,114
Entertainment 33,362 34,883 107,739 107,738
Security 7,463 6,443 20,843 18,080
Total operating revenues 162,855 152,650 489,629 458,300
Operating costs and expenses:
Production 60,212 53,242 186,208 162,121
Selling, general and administrative 38,380 39,040 118,148 115,719
Depreciation 9,320 9,082 29,769 30,713
Amortization 3,578 3,573 10,815 11,265
Total operating costs and expenses 111,490 104,937 344,940 319,818
Operating profit 51,365 47,713 144,689 138,482
Interest expense 13,928 14,829 42,790 44,604
Other income (expense), net (452) 19,115 (557) 21,292
Earnings before income taxes and minority
interest 36,985 51,999 101,342 115,170
Income taxes 15,348 21,580 42,057 47,796
Minority interest in subsidiaries' losses
(income), net (757) 50 (2,394) (128)
Net earnings $ 20,880 30,469 56,891 67,246
Per share of common stock:
Net earnings $ .54 .80 1.47 1.76
Cash dividends - - - -
Weighted average shares 39,025 38,285 38,824 38,282
MULTIMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1995 AND DECEMBER 31, 1994
September 30, December 31,
(Unaudited) (In thousands) 1995 1994
ASSETS
Current assets:
Cash and cash equivalents $ 7,843 6,202
Net trade accounts receivable 90,041 93,426
Inventories 7,276 4,643
Deferred income tax benefits 10,915 9,581
Program rights 11,166 7,570
Deferred program costs 5,198 10,923
Prepaid expenses and other 7,471 6,795
Total current assets 139,910 139,140
Property , plant and equipment, at cost 615,626 558,749
Less accumulated depreciation 301,659 283,522
Net property , plant and equipment 313,967 275,227
Intangible assets, net 246,219 242,078
Other assets 30,817 27,533
$ 730,913 683,978
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Current installments of long-term debt $ 30,237 30,254
Accounts payable 19,595 24,512
Accrued interest 11,720 2,671
Accrued payroll 7,821 8,386
Accrued expenses 39,494 38,148
Income taxes payable 12,289 10,202
Program rights payable 11,632 7,793
Unearned income 22,975 20,556
Total current liabilities 155,763 142,522
Long-term debt 508,301 542,303
Deferred income taxes 57,391 54,090
Other liabilities 3,316 3,294
Minority interest 21,078 18,684
Stockholders' equity (deficit):
Common stock 3,788 3,762
Additional paid-in capital 193,286 188,224
Retained earnings (deficit) (212,010) (268,901)
Total stockholders' equity (deficit) (14,936) (76,915)
$ 730,913 683,978
MULTIMEDIA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited) (In thousands) 1995 1994
Net cash provided by operating activities $127,852 139,583
Additions to property, plant and equipment (65,152) (58,379)
Acquisitions of properties (24,008) (10,713)
Other 2,489 20,067
Net cash used for investing activities (86,671) (49,025)
Addition (reduction) in revolving credit, net 15,906 (48,168)
Long-term debt retired (50,040) (41,169)
Other (5,406) (5,255)
Net cash provided by (used for) financing activities (39,540) (94,592)
Increase (decrease) in cash and cash equivalents 1,641 (4,034)
Cash and cash equivalents, beginning of year 6,202 11,034
Cash and cash equivalents, end of period $ 7,843 7,000
NOTE: NET CASH PROVIDED BY OPERATING ACTIVITIES IS FURTHER
ANALYZED AS FOLLOWS:
Operating profit plus depreciation and amortization
and amortization of stock options:
Newspapers $ 41,643 35,362
Broadcasting 53,670 38,957
Cable 66,106 62,972
Entertainment 25,405 47,832
Security 7,050 6,753
Corporate (8,379) (8,789)
185,495 183,087
Interest expense less amortization of debt
issue costs (41,973) (43,767)
Change in current assets and liabilities 17,092 15,493
Other (32,762) (15,230)
Net cash provided by operating activities $127,852 139,583
THREE MONTHS HIGHLIGHTS
(Unaudited)(In thousands) 1995 1994
REVENUES:
Newspapers $ 40,382 37,196
Broadcasting 37,340 33,216
Cable 44,308 40,912
Entertainment 33,362 34,883
Security 7,463 6,443
$ 162,855 152,650
OPERATING PROFITS:
Newspapers $ 13,871 10,283
Broadcasting 15,419 10,043
Cable 14,741 12,965
Entertainment 9,842 17,151
Security 235 885
Corporate (2,743) (3,614)
$ 51,365 47,713