JRN » Topics » Continuing Operations

These excerpts taken from the JRN 10-K filed Mar 6, 2009.

Continuing Operations

 

Cash provided by operating activities was $71.8 million in 2008 compared to $66.6 million in 2007. The increase was primarily due to an increase in cash provided by accounts receivable collections.

 

Cash used for investing activities was $47.4 million in 2008 compared to cash provided by investing activities of $160.3 million in 2007. Capital expenditures were $22.2 million in 2008 compared to $35.9 million in 2007. Our capital expenditures at our daily newspaper are primarily targeted towards equipment, building improvements and technology upgrades. Our capital expenditures in our broadcasting segment are targeted towards technology upgrades, including investments in television and radio digital infrastructure. We believe these expenditures will help us to better serve our advertisers and viewers and to facilitate our cost control initiatives. In 2009, our capital expenditures are expected to be significantly less than the amount of capital expenditures in 2008.

 

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Cash used for acquisitions was $25.3 million in 2008 compared to $12.2 million in 2007. Our broadcast business acquired two television stations for $16.7 million and our community newspapers and shoppers acquired several publications in Northern Wisconsin and Florida for $8.6 million. In 2007, we remitted the final purchase payment of $10.0 million to Emmis to acquire the FCC license of KMTV-TV, our daily newspaper acquired two magazines for $1.6 million and our community newspapers and shoppers acquired two weekly publications for $0.6 million in 2007. In 2007, proceeds from the sale of Norlight, the three regional publishing and printing operations of our community newspapers and shoppers business and KOMJ-AM were $205.0 million.

 

Cash used for financing activities was $26.7 million in 2008 compared to $178.6 million in 2007. Borrowings under our credit facility in 2008 were $209.5 million and we made payments of $173.3 million, reflecting an increase in our debt outstanding compared to borrowings of $343.3 million and payments of $399.4 million in 2007 reflecting the use of proceeds received from the sale of Norlight and the three regional publishing and printing operations of our community newspapers and shoppers business. In 2008 and 2007, we paid $44.9 million and $102.4 million, respectively, to purchase our class A and class B common stock. We paid cash dividends of $18.5 million and $20.4 million in 2008 and 2007, respectively.

 

Discontinued Operations

 

Cash used for discontinued operations was $0.1 million in 2008 compared to $49.9 million in 2007. The decrease was primarily due to $54.2 million in estimated tax payments on the gains on the 2007 sales of Norlight and the three regional publishing and printing operations of our community newspapers and shoppers business and a decrease in cash provided by the operations of Norlight due to its sale in February 2007. Capital expenditures, which related primarily to Norlight, were $0.7 million in 2007.

 

Continuing Operations

SIZE="1"> 

Cash provided by operating activities was $71.8 million in 2008 compared to $66.6 million in 2007. The increase was
primarily due to an increase in cash provided by accounts receivable collections.

 

FACE="Times New Roman" SIZE="2">Cash used for investing activities was $47.4 million in 2008 compared to cash provided by investing activities of $160.3 million in 2007. Capital expenditures were $22.2 million in 2008 compared to $35.9 million in
2007. Our capital expenditures at our daily newspaper are primarily targeted towards equipment, building improvements and technology upgrades. Our capital expenditures in our broadcasting segment are targeted towards technology upgrades, including
investments in television and radio digital infrastructure. We believe these expenditures will help us to better serve our advertisers and viewers and to facilitate our cost control initiatives. In 2009, our capital expenditures are expected to be
significantly less than the amount of capital expenditures in 2008.

 


55








Cash used for acquisitions was $25.3 million in 2008 compared to $12.2 million in 2007. Our broadcast
business acquired two television stations for $16.7 million and our community newspapers and shoppers acquired several publications in Northern Wisconsin and Florida for $8.6 million. In 2007, we remitted the final purchase payment of $10.0 million
to Emmis to acquire the FCC license of KMTV-TV, our daily newspaper acquired two magazines for $1.6 million and our community newspapers and shoppers acquired two weekly publications for $0.6 million in 2007. In 2007, proceeds from the sale of
Norlight, the three regional publishing and printing operations of our community newspapers and shoppers business and KOMJ-AM were $205.0 million.

 

STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%">Cash used for financing activities was $26.7 million in 2008 compared to $178.6 million in 2007. Borrowings under our credit facility in 2008 were $209.5
million and we made payments of $173.3 million, reflecting an increase in our debt outstanding compared to borrowings of $343.3 million and payments of $399.4 million in 2007 reflecting the use of proceeds received from the sale of Norlight and the
three regional publishing and printing operations of our community newspapers and shoppers business. In 2008 and 2007, we paid $44.9 million and $102.4 million, respectively, to purchase our class A and class B common stock. We paid cash dividends
of $18.5 million and $20.4 million in 2008 and 2007, respectively.

 

SIZE="2">Discontinued Operations

 

Cash used for
discontinued operations was $0.1 million in 2008 compared to $49.9 million in 2007. The decrease was primarily due to $54.2 million in estimated tax payments on the gains on the 2007 sales of Norlight and the three regional publishing and printing
operations of our community newspapers and shoppers business and a decrease in cash provided by the operations of Norlight due to its sale in February 2007. Capital expenditures, which related primarily to Norlight, were $0.7 million in 2007.

 

These excerpts taken from the JRN 10-K filed Mar 7, 2008.

Continuing Operations

 

Cash balances were $6.3 million at December 30, 2007. We believe our expected cash flows from operations and borrowings available under our credit facility will adequately meet our needs for the foreseeable future.

 

54


Table of Contents

Cash provided by operating activities was $66.6 million in 2007 compared to $89.7 million in 2006. The decrease was primarily due to a decrease in earnings from continuing operations of $10.8 million and a $10.4 million deposit with the Wisconsin Department of Revenue for an income tax assessment.

 

Cash provided by investing activities was $160.3 million in 2007 compared to cash used by investing activities of $11.7 million in 2006. Proceeds from the sale of Norlight, the three regional publishing and printing operations of our community newspapers and shoppers business and KOMJ-AM were $205.0 million in 2007. We remitted the final purchase payment of $10.0 million to Emmis to acquire the FCC license of KMTV-TV, our daily newspaper acquired two magazines for $1.6 million and our community newspapers and shoppers acquired two weekly publications for $0.6 million in 2007. Capital expenditures were $35.9 million in 2007 compared to $21.7 million in 2006. Our capital expenditures at our daily newspaper are primarily targeted towards equipment and building improvements, including the web-width reduction project and consolidating certain distribution centers. Our capital expenditures in our broadcasting segment are targeted towards technology upgrades, including investments in digital radio and tapeless news for our television stations, and a new building for our television station in Las Vegas, Nevada. We believe these expenditures will help us to better serve our advertisers and viewers and to facilitate our cost control initiatives. In 2008, our capital expenditures are expected to be similar to the amount of capital expenditures in 2007.

 

Cash used for financing activities was $178.6 million in 2007 compared to $91.9 million in 2006. Borrowings under our credit facility in 2007 were $343.3 million and we made payments of $399.4 million, reflecting the use of proceeds received from the sale of Norlight and the three regional publishing and printing operations of our community newspapers and shoppers business, compared to borrowings of $224.1 million and payments of $263.6 million in 2006. In 2007 and 2006, we paid $102.4 million and $34.2 million, respectively, to purchase our class A and class B common stock. We paid cash dividends of $20.4 million and $19.4 million in 2007 and 2006, respectively.

 

Discontinued Operations

 

Cash used for discontinued operations was $49.9 million in 2007 compared to cash provided by discontinued operations of $14.9 million in 2006. The decrease was primarily due to $54.2 million in estimated tax payments on the gains on the 2007 sales of Norlight and the three regional publishing and printing operations of our community newspapers and shoppers business and a decrease in cash provided by the operations of Norlight due to its sale in February 2007. Capital expenditures, which related primarily to Norlight, were $0.7 million in 2007 compared to $15.4 million in 2006.

 

Continuing Operations

SIZE="1"> 

Cash balances were $6.3 million at December 30, 2007. We believe our expected cash flows from operations and borrowings
available under our credit facility will adequately meet our needs for the foreseeable future.

 


54







Table of Contents


Cash provided by operating activities was $66.6 million in 2007 compared to $89.7 million in 2006. The
decrease was primarily due to a decrease in earnings from continuing operations of $10.8 million and a $10.4 million deposit with the Wisconsin Department of Revenue for an income tax assessment.

STYLE="margin-top:0px;margin-bottom:0px"> 

Cash provided by investing activities was $160.3 million in 2007 compared to
cash used by investing activities of $11.7 million in 2006. Proceeds from the sale of Norlight, the three regional publishing and printing operations of our community newspapers and shoppers business and KOMJ-AM were $205.0 million in 2007. We
remitted the final purchase payment of $10.0 million to Emmis to acquire the FCC license of KMTV-TV, our daily newspaper acquired two magazines for $1.6 million and our community newspapers and shoppers acquired two weekly publications for $0.6
million in 2007. Capital expenditures were $35.9 million in 2007 compared to $21.7 million in 2006. Our capital expenditures at our daily newspaper are primarily targeted towards equipment and building improvements, including the web-width reduction
project and consolidating certain distribution centers. Our capital expenditures in our broadcasting segment are targeted towards technology upgrades, including investments in digital radio and tapeless news for our television stations, and a new
building for our television station in Las Vegas, Nevada. We believe these expenditures will help us to better serve our advertisers and viewers and to facilitate our cost control initiatives. In 2008, our capital expenditures are expected to be
similar to the amount of capital expenditures in 2007.

 

Cash
used for financing activities was $178.6 million in 2007 compared to $91.9 million in 2006. Borrowings under our credit facility in 2007 were $343.3 million and we made payments of $399.4 million, reflecting the use of proceeds received from the
sale of Norlight and the three regional publishing and printing operations of our community newspapers and shoppers business, compared to borrowings of $224.1 million and payments of $263.6 million in 2006. In 2007 and 2006, we paid $102.4 million
and $34.2 million, respectively, to purchase our class A and class B common stock. We paid cash dividends of $20.4 million and $19.4 million in 2007 and 2006, respectively.

SIZE="1"> 

Discontinued Operations

SIZE="1"> 

Cash used for discontinued operations was $49.9 million in 2007 compared to cash provided by discontinued operations of
$14.9 million in 2006. The decrease was primarily due to $54.2 million in estimated tax payments on the gains on the 2007 sales of Norlight and the three regional publishing and printing operations of our community newspapers and shoppers business
and a decrease in cash provided by the operations of Norlight due to its sale in February 2007. Capital expenditures, which related primarily to Norlight, were $0.7 million in 2007 compared to $15.4 million in 2006.

STYLE="margin-top:0px;margin-bottom:0px"> 

"Continuing Operations" elsewhere:

Gannett (GCI)
SCRIPPS E W CO (SSP)
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