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results of operations, the audited consolidated financial
statements for Times Mirror, and the notes to the company’s
consolidated financial statements. According to Times Mirror’s
consolidated balance sheets, the company’s current assets totaled
$1,629,259,000 as of December 31, 1998, and its total assets
amounted to $4,218,306,000 as of that time. Both of these
amounts included the “proceeds of reorganization”, i.e., the
proceeds from (1) the Bender transaction, (2) the sale of Times
Mirror’s 50-percent interest in Shepard’s, and (3) the Mosby
transaction.
The portion of part II of Times Mirror’s 1998 Form 10-K that
comprised management’s discussion and analysis of Times Mirror’s
financial condition and results of operations contained the
following statements:
OVERVIEW
The Company achieved record earnings in 1998 with
net income of $1.42 billion, or $16.06 per share on a
diluted basis, compared with 1997 net income of
$250.3 million, or $2.29 per share. The 1998 results
reflect:
• An after-tax gain of $1.35 billion, or $15.50
per share, on the disposition of Matthew
Bender/Shepard’s and Mosby and $30.8 million,
or $.35 per share, of after-tax losses
associated with discontinuance of certain
other businesses.
* * * * * * *
• Share purchases in 1998 which reduced
the number of shares of common stock
outstanding for financial reporting
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