Total debt outstanding at June 30,
2003, proforma for these and other related transactions was
$550.0 million. Morris Publishing Group LLC is a wholly owned
subsidiary of Morris Communications Company LLC, a privately
held media company based in Augusta, Ga.. Morris Publishing
Group was formed in 2001 and assumed the operations of the
newspaper business segment of its parent, Morris Communications.
Morris Publishing publishes 26 daily, 10 nondaily and 23 free
community newspapers in the United States.
Second Quarter information follows:
Morris Publishing Group LLC
Income Statement
For the quarter ended June 30, 2003
(Dollars in thousands) Three Months EndedJune 30, 2003 2002
(unaudited)
OPERATING REVENUES:
Advertising $ 88,719 $86,540
Circulation 17,810 17,938
Other 4,597 4,504
Total operating revenues 111,126 108,982
OPERATING EXPENSES:
Labor and employee benefits 42,295 39,291
Newsprint, ink and supplements 13,037 12,050
Other operating costs (excluding depreciation and amortization)
27,008 23,874
Depreciation and amortization 2,787 4,501
Total operating expenses 85,127 79,716
Operating income 25,999 29,266
OTHER EXPENSE:
Interest expense, including amortization of debt issuance
costs 5,563 6,230
Other, net 53 93
5,616 6,323
INCOME BEFORE INCOME TAXES 20,383 22,943
PROVISION FOR INCOME TAXES 7,876 8,859
NET INCOME $ 12,507 $ 14,084
The follow table reconciles net income
to EBITDA:
(Dollars in thousands) Three Months Ended June 30, 2003 2002
NET INCOME $ 12,507 $ 14,084
Add:
Interest Expense, including amortization of debt issuance
costs 5,563 6,230
Interest Income (4) (5)
Provision for Income Taxes 7,876 8,859
Depreciation and amortization expense 2,787 4,501
EBITDA $ 28,729 $ 33,669