As filed with the Securities and Exchange Commission on November 22, 2000.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------------
AMENDMENT #1 TO FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
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 No. 0-15279
GENERAL COMMUNICATION, INC.
(Exact name of registrant as specified in its charter)
STATE OF ALASKA 92-0072737
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2550 Denali Street
Suite 1000
Anchorage, Alaska 99503
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (907) 265-5600
Former name, former address and former fiscal year, if changed since last report
Indicate by check mark whether the registrant (l) 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 .
The number of shares outstanding of the registrant's classes of common stock, as
of October 31, 2000 was:
48,374,743 shares of Class A common stock;
and 3,904,870 shares of Class B common stock.
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GENERAL COMMUNICATION, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Continued)
(Unaudited)
September 30, December 31,
LIABILITIES AND STOCKHOLDERS' EQUITY 2000 1999
- ---------------------------------------------------------------------------------- --------------- -----------------
(Amounts in thousands)
Current liabilities:
Current maturities of obligations under capital leases $ 1,689 574
Accounts payable 31,025 25,321
Accrued interest 4,873 7,985
Accrued payroll and payroll related obligations 10,427 8,601
Deferred revenue 8,708 8,173
Accrued liabilities 3,823 3,152
Subscriber deposits and other current liabilities 1,430 1,314
--------------- -----------------
Total current liabilities 61,975 55,120
Long-term debt, excluding current maturities 329,400 339,400
Obligations under capital leases, excluding current maturities 47,205 747
Obligations under capital leases due to related party, excluding current
maturities 239 353
Deferred income taxes, net of deferred income tax benefit 22,079 30,861
Other liabilities 4,495 4,210
--------------- -----------------
Total liabilities 465,393 430,691
--------------- -----------------
Preferred stock. $1,000 par value, authorized 1,000,000 shares; issued and
outstanding 20,000 shares at September 30, 2000 and December 31, 1999;
convertible into Class A common stock at $5.55 per share of Class A common
stock, redemption price at September 30, 2000 of $1,036 per share;
$1,746,000 dividends accrued, pending stock issuance 21,658 19,912
--------------- -----------------
Stockholders' equity:
Common stock (no par):
Class A. Authorized 100,000,000 shares; issued and outstanding
48,481,799 and 46,869,671 shares at September 30, 2000 and
December 31, 1999, respectively 181,816 176,740
Class B. Authorized 10,000,000 shares; issued and outstanding
3,904,870 and 4,048,480 shares at September 30, 2000 and December
31, 1999, respectively; convertible on a share-per-share basis
into Class A common stock 3,300 3,422
Less cost of 357,958 and 347,958 Class A common shares held in
treasury at September 30, 2000 and December 31, 1999, respectively (1,659) (1,607)
Paid-in capital 6,827 6,343
Notes receivable issued upon stock option exercise (2,976) (2,167)
Retained earnings (deficit) (2,921) 9,817
---------------- -----------------
Total stockholders' equity 184,387 192,548
---------------- -----------------
Commitments and contingencies
Total liabilities and stockholders' equity $ 671,438 643,151
================ =================
See accompanying notes to interim condensed consolidated financial statements.
6
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.
GENERAL COMMUNICATION, INC.
Signature Title Date
- -------------------------------------- -------------------------------------------- ------------------
/s/ President and Director November 21, 2000
- -------------------------------------- (Principal Executive Officer) ------------------
Ronald A. Duncan
/s/ Senior Vice President, Chief Financial November 21, 2000
- -------------------------------------- Officer, Secretary and Treasurer ------------------
John M. Lowber (Principal Financial Officer)
/s/ Vice President, Chief Accounting November 21, 2000
- -------------------------------------- Officer ------------------
Alfred J. Walker (Principal Accounting Officer)
35