FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Quarterly Report Under Section 13 or 15 (d)
of the Securities Exchange Act of 1934
For Quarter Ending September 30, 2000 Commission file number 0-7832
(9 Months) ------------------ ------
JOURNAL EMPLOYEES' STOCK TRUST
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(Exact name of registrant as specified in its charter)
WISCONSIN 39-6153189
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(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
P.O. Box 661, 333 W. State St., Milwaukee, Wisconsin 53201
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(Address of principal executive offices) (Zip Code)
414-224-2728
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(Registrant's telephone number, including area code)
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(Former name, former address and former
fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15 (d) of
the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. YES X NO
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FORM 10-Q
JOURNAL EMPLOYEES' STOCK TRUST
Quarter Ended September 30, 2000 Commission file number 0-7832
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INDEX
Page No.
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Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Statements of Trust Income
Three and nine months ended September 30, 2000
and 1999 3
Statements of Cash Flow
Three and nine months ended September 30, 2000
and 1999 4
Notes to Financial Statements September 30, 2000 5
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 6
Item 3. Quantitative and Qualitative Disclosure
of Market Risk 6
Part II. Other Information
Items 1-6. 6
FORM 10-Q
JOURNAL EMPLOYEES' STOCK TRUST
Quarter Ended September 30, 2000 Commission file number 0-7832
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Part 1, Item 1 Financial Information
Statements of Trust Income
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(Dollars in thousands, except per share and per unit amounts)
(Unaudited)
Three Months Ended Nine Months Ended
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09/30/2000 09/30/1999 09/30/2000 09/30/1999
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Dividends on common stock
of Journal Communications,
Inc. held by the Trust $ 8,411 $ 6,833 $ 24,183 $ 20,667
======= ======= ======== ========
Per Share $ 0.35 $ 0.28 $ 1.00 $ 0.84
======= ======= ======== ========
Dividends to holders of Units
of Beneficial Interest $ 8,411 $ 6,833 $ 24,183 $ 20,667
======= ======= ======== ========
Per Unit $ 0.35 $ 0.28 $ 1.00 $ 0.84
======= ======= ======== ========
See notes to financial statements.
FORM 10-Q
JOURNAL EMPLOYEES' STOCK TRUST
Quarter Ended September 30, 2000 Commission file number 0-7832
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Statements of Cash Flow
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(Dollars in thousands, except per share and per unit amounts)
(Unaudited)
Nine Months Ended
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09/30/2000 09/30/1999
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Sources of cash:
Receipts from purchasers of Units
of Beneficial Interest $ 123,813 $ 104,704
Dividends received from
Journal Communications, Inc. 24,183 20,667
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147,996 125,371
Uses of cash:
Disbursements to sellers of
Units of Beneficial Interest (123,813) (104,704)
Dividends paid to holders of
Units of Beneficial Interest (24,183) (20,667)
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(147,996) (125,371)
Net change in cash 0 0
Cash at beginning of year 0 0
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Cash at September 30 $ 0 $ 0
========= =========
See notes to financial statements.
FORM 10-Q
JOURNAL EMPLOYEES' STOCK TRUST
Quarter Ended September 30, 2000 Commission file number 0-7832
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Notes to Financial Statements
September 30, 2000
(Unaudited)
1. Organization
The only business of Journal Employees' Stock Trust (Trust), under
agreement dated May 15, 1937, as amended, is the record holding of common
stock of Journal Communications, Inc. ("Company"), the issuance of Units of
Beneficial Interest in such shares ("Units"), and in limited instances, the
voting of shares of the Company's common stock held by it. The Trust is
administered by five trustees who are officers/directors of the Company and
receive no remuneration for services performed for the Trust. The trustees
are required to distribute all Trust income (consisting solely of dividends
paid by the Company), less such amounts as the trustees deem necessary for
payment of taxes and administrative expenses, as soon as practicable after
receipt. Since its origination, substantially all expenses of the Trust
have been paid by the Company, and cash dividends payable to the Trust have
been paid directly to the unitholders by the Company. The Trust distributes
all of its income and, therefore, pays no income taxes.
2. Common Stock of the Company
Upon deposit by the Company of shares of common stock, the Trust issues a
like number of Units and the Company offers such Units to employees of the
Company ("Employees"). Sales of Units by the Trust are made at the formula
price determined in accordance with the Trust Agreement.
3. Unitholders' Sales of Units of Beneficial Interest
Unitholders may sell all or a portion of their Units only to other
Employees designated by the President of the Company or, under certain
circumstances, to shareholders of the Company, at the current formula price
under the terms and conditions of the Trust Agreement. If the Units are not
sold in this manner, the Units are freely transferable, subject to a
five-year right of the Company to purchase the Units at any time at the
formula price. Payments for Units sold by employees are deposited with the
Trust by the purchaser and remitted by the Trust to the seller.
4. Statement of Assets and Liabilities
The trust does not own any assets or have any liabilities; therefore, a
statement of assets and liabilities is not provided.
FORM 10-Q
JOURNAL EMPLOYEES' STOCK TRUST
Quarter Ended September 30, 2000 Commission file number 0-7832
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Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Income is based solely on dividends from Journal Communications, Inc.
Item 3. Quantitative and Qualitative Disclosure of Market Risk
None.
Part II. Other Information
Item 1 - Legal Proceedings
No update since last filing.
Item 2 - Changes in Securities and Use of Proceeds
None
Item 3 - Defaults upon Senior Securities
Not applicable
Item 4- Submission of Matter to a Vote of Security Holders
None
Item 5 - Other Information
None
Item 6 - Exhibits and Reports on Form 8-K
(a) Exhibit (27) Financial Data Schedule
FORM 10-Q
JOURNAL EMPLOYEES' STOCK TRUST
Quarter Ended September 30, 2000 Commission file number 0-7832
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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 thereunto duly authorized.
JOURNAL EMPLOYEES' STOCK TRUST
Date: November 13, 2000 By: /s/ Steven J. Smith
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Steven J. Smith
Trustee
Date: November 13, 2000 By: /s/ Paul M. Bonaiuto
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Paul M. Bonaiuto
Trustee