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Sizing Our Resources
In the second half of 1998, the closing of the
divestiture of Matthew Bender and Mosby resulted in the
deposit of $1,790 million of gross proceeds into the
accounts of the two Eagle LLC’s, both investment
affiliates of Times Mirror. Additionally, the
divestiture of our share of the Shepards joint venture
resulted in the deposit in Times Mirror’s account of
$275 million. While the cash received by Times Mirror
has all been used to retire short-term debt, the
following approximately depicts the 1/12/99 deployment
of capital within the Eagle LLC’s:
$ Millions
Short-term Money Market Assets $1,025
Times Mirror Common Stock (13.3M shares) 780
Tax Credit Partnerships� 19
New Media Investments� 7
Total Eagle Assets $1,831
� At cost
A preliminary cash flow analysis for the 1999-2001
period enables us to forecast total resources available
to us. The following table shows how much net cash is
used under our plans for spending in our major
investment categories:
($ Millions)
1999 2000 2001 3-year Total
Cash From Operations $383 $401 $434 $1,218
Capital Expenditures (201) (131) (120) (452)
Acquisitions, Net (300) (300) (300) (900)
Dividends (80) (83) (89) (252)
Annual Surplus/(deficit) ($198) ($113) ($75)($386)
Thus over the 3 years of our plan, before repurchase,
our total spending would be around $400 million out of
the $1.0 billion held by the investment LLCs.
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