Form 10-Q/A
AMENDMENT NO. 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 1996
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission file number 33-9443
OUTLET BROADCASTING, INC.
(Exact name of registrant as specified in its charter)
Rhode Island 05-0194550
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
30 Rockefeller Center 02920
New York, New York (Zip Code)
(Address of principal executive offices)
(212) 664-4444
(Registrant's telephone number, including area code)
Not Applicable
(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
----- -----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Outstanding at
Class A Common Stock March 31, 1996
- --------------------- -----------------
Class A Common Stock, par value $.01 per share 1,000,000 shares
Outlet Broadcasting, Inc.
Outlet Broadcasting, Inc., the registrant, hereby amends Item 6
of its Quarterly Report on Form 10-Q for the quarterly period ended
March 31, 1996, as set forth in the pages attached hereto.
OUTLET BROADCASTING, INC. AND SUBSIDIARIES
INDEX
Page No.
--------
Part I. Financial Information
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets --
March 31, 1996 and December 31, 1995
Condensed Consolidated Statements of Income --
Three Months Ended March 31, 1996 and
March 31, 1995
Condensed Consolidated Statements of Cash Flows --
Three Months Ended March 31, 1996 and
March 31, 1995
Notes to Condensed Consolidated Financial
Statements -- March 31, 1996
Item 2. Management's Discussion and Analysis of Financial
Conditions and Results of Operations
Part II. Other Information
Item 1. Legal Proceedings
Item 4. Submission of Matters to a Vote of Security Holders
Item 6. Exhibits and Reports on Form 8-K
Signatures
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
(27) Financial Data Schedule
(b) Reports on Form 8-K
A report on Form 8-K dated February 2, 1996 was filed regarding (i) change
in control of Outlet Broadcasting upon the merger of Outlet Communications into
a subsidiary of NBC on February 2, 1996, (ii) the termination of Outlet
Broadcasting's Credit and Guaranty Agreement with a bank upon full payment
of Outlet Broadcasting's obligations and liabilities to such bank by NBC and
General Electric Company and (iii) Outlet Broadcasting's intent to offer to
repurchase its outstanding 10 7/8% Senior Subordinated Notes at 101% of
principal amount plus accrued interest.
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.
OUTLET BROADCASTING, INC.
-------------------------
(Registrant)
/s/ John Rohrbeck
---------------------------------
Date June 28, 1996 John Rohrbeck
President
/s/ Warren Jenson
---------------------------------
Date June 28, 1996 Warren Jenson
Treasurer and Director
EXHIBIT INDEX
(27) Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
ARTICLE 5 FOR 1ST QUARTER 10-Q
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 2,179
<SECURITIES> 0
<RECEIVABLES> 13,844
<ALLOWANCES> 405
<INVENTORY> 0
<CURRENT-ASSETS> 18,726
<PP&E> 28,296
<DEPRECIATION> 30,513
<TOTAL-ASSETS> 125,235
<CURRENT-LIABILITIES> 31,198
<BONDS> 60,000
<COMMON> 10
<PREFERRED-MANDATORY> 0
<PREFERRED> 0
<OTHER-SE> 23,483
<TOTAL-LIABILITY-AND-EQUITY> 125,235
<SALES> 0
<TOTAL-REVENUES> 16,216
<CGS> 0
<TOTAL-COSTS> 11,931
<OTHER-EXPENSES> 215
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,758
<INCOME-PRETAX> 2,419
<INCOME-TAX> 967
<INCOME-CONTINUING> 1,452
<DISCONTINUED> 0
<EXTRAORDINARY> (379)
<CHANGES> 0
<NET-INCOME> 1,073
<EPS-PRIMARY> 1.07
<EPS-DILUTED> 1.07
</TABLE>