UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
----------
FORM 8-K/A
AMENDMENT NO. 1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 9, 2003 (May 7, 2003)
GENERAL COMMUNICATION, INC.
(Exact Name of Registrant as Specified in its Charter)
Alaska 0-15279 92-0072737
- --------------- ---------------------- ------------
(State or Other (Commission File Number) (IRS Employer
Jurisdiction of Identification
Incorporation) Number)
2550 Denali Street Suite 1000 Anchorage, Alaska 99503
----------------------------------------------------- --------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (907) 265-5600
N/A
-----------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Explanatory Note
This Form 8-K/A amends the Form 8-K dated as of May 7, 2003 wherein General
Communication, Inc. (GCI) issued a press release announcing first quarter 2003
earnings. This amendment corrects the number of revenue generating units
reported as of March 31, 2003 and March 31, 2002 in the press release under the
section heading "Cable Television Results".
The corrected section is included below.
"The standardized definition of a revenue generating unit is the sum of all
primary analog video, digital video, high-speed data, and telephony customers,
not counting additional outlets. At March 31, 2003 and 2002 our cable business
had 173,281 and 162,580 revenue generating units, respectively."
The full press release, as corrected, is attached as Exhibit 99.1.
Item 7. Financial Statements and Exhibit.
(a) Financial statements of businesses acquired: None
(b) Pro forma financial information: None
(c) Exhibit:
This exhibit is furnished pursuant to Item 9 hereof and is not deemed to be
"filed" under the Securities Exchange Act of 1934.
99.1 Press release dated May 7, 2003 (corrected May 9, 2003)
Item 9. Regulation FD Disclosure and disclosure under Item 12 - Results of
Operations and Financial Condition.
On May 7, 2003, General Communication, Inc. (GCI) issued a press release
announcing first quarter 2003 earnings. A copy of the corrected press release as
of May 9, 2003 is attached as Exhibit 99.1. This information furnished under
"Item 9. Regulation FD Disclosure" is intended to be furnished under "Item 12.
Results of Operations and Financial Condition" in accordance with SEC Release
No. 33-8216.
The information in this Form 8-K and Exhibit 99.1 attached hereto shall not
be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, nor
shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, except as shall be expressly set forth by specific reference in
such filing.
The earnings release attached as Exhibit 99.1 discloses the non-GAAP
financial measure of EBITDA (Earnings Before Interest, Taxes, Depreciation,
Amortization and Accretion). EBITDA has been reconciled to the closely related
GAAP financial measure, Net Income, within the earnings release.
EBITDA is the sum of Net Income, Net Interest expense, Taxes, and
Depreciation, Amortization and Accretion. EBITDA is not presented as an
alternative measure of Net Income as determined in accordance with Generally
Accepted Accounting Principles. GCI's management uses EBITDA to evaluate the
operating performance of its business,
and as a measure of performance for incentive compensation purposes. GCI
believes EBITDA is a measure used as an analytical indicator of income generated
to service debt and fund capital expenditures. In addition, multiples of current
or projected EBITDA are used to estimate current or prospective enterprise
value. EBITDA does not give effect to cash used for debt service requirements,
and thus does not reflect funds available for investment or other discretionary
uses. EBITDA as presented herein may not be comparable to similarly titled
measures reported by other companies.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL COMMUNICATION, INC.
---------------------------
(Registrant)
Date: May 9, 2003
By /s/ John M. Lowber
-----------------------------------
Name: John M. Lowber
Title: Senior Vice President,
Chief Financial Officer,
Secretary and Treasurer
(Principal Financial Officer)
EXHIBIT INDEX
Exhibit No. Description
- ----------- --------------------------------------------------------
99.1 Press release of General Communication, Inc., dated
May 7, 2003 and corrected May 9, 2003.