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FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2001
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[ ] 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 1-5846
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THE LIBERTY CORPORATION
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(Exact name of registrant as specified in its charter)
South Carolina 57-0507055
(State or other jurisdiction of (IRS Employer
incorporation or organization) identification No.)
Post Office Box 789, Wade Hampton Boulevard, Greenville, SC 29602
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(Address of principal executive offices)
Registrant's telephone number, including area code: 864/609-8256
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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 Registrant's classes of
common stock as of the latest practicable date.
Number of shares Outstanding
Title of each class as of March 31, 2001
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Common Stock 19,739,662
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PART I, ITEM 1
THE LIBERTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED AND CONDENSED BALANCE SHEETS
(In 000's)
MARCH 31, December 31,
2001 2000
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ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 20,209 $ 149,003
Receivables (net of allowance for doubtful accounts) 34,564 40,561
Program rights 3,761 5,561
Prepaid and other current assets 3,409 46,194
Deferred income taxes 12,478 15,109
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Total current assets 74,421 256,428
Property plant and equipment
Land 5,494 5,494
Buildings and improvements 34,030 33,152
Furniture and equipment 150,608 149,784
Less: Accumulated depreciation (102,789) (99,389)
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87,343 89,041
Intangibles (net of accumulated amortization) 498,669 501,693
Investments and other assets 46,501 48,845
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Total assets $ 706,934 $ 896,007
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses $ 17,943 $ 68,517
Program contract obligations 3,726 5,578
Accrued income taxes 2,591 138,297
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Total current liabilities 24,260 212,392
Deferred income taxes 91,279 92,797
Other liabilities 8,388 9,825
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Total liabilities 123,927 315,014
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Shareholders' equity
Common stock 105,811 99,033
Unearned stock compensation (4,370) --
Retained earnings 481,249 481,270
Accumulated other comprehensive income (loss) 317 690
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Total shareholders' equity 583,007 580,993
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Total liabilities and shareholders' equity $ 706,934 $ 896,007
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See Notes to Consolidated and Condensed Financial Statements.
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THE LIBERTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS
Three Months ended
March 31,
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(In 000's, except per share data) 2001 2000
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(Unaudited)
REVENUES
Station revenues (net of commissions) $ 39,510 $ 33,996
Cable advertising (net of commissions) and other revenues 2,655 2,963
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NET REVENUES 42,165 36,959
EXPENSES
Operating expenses 25,775 21,867
Amortization of program rights 1,960 1,522
Depreciation and amortization of intangibles 7,852 4,659
Corporate, general, and administrative expenses 2,882 2,687
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TOTAL OPERATING EXPENSES 38,469 30,735
OPERATING INCOME 3,696 6,224
Net investment income 3,228 10,732
Interest expense -- 3,495
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INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 6,924 13,461
Provision for income taxes 2,631 5,574
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INCOME FROM CONTINUING OPERATIONS 4,293 7,887
Income from discontinued operations (net of taxes) -- 7,510
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NET INCOME $ 4,293 $ 15,397
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EARNINGS PER SHARE:
Basic earnings per common share from continuing operations $0.22 $0.40
Basic earnings per common share from discontinued operations -- 0.39
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Basic earnings per common share $0.22 $0.79
Diluted earnings per common share from continuing operations $0.22 $0.40
Diluted earnings per common share from discontinued operations -- 0.38
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Diluted earnings per common share $0.22 $0.78
Dividends Per Common Share $0.22 $0.22
See Notes to Consolidated and Condensed Financial Statements.
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THE LIBERTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS
Three Months Ended March 31,
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(In 000's) 2001 2000
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(Unaudited)
OPERATING ACTIVITIES
Income from continuing operations $ 4,293 $ 7,887
Adjustments to reconcile net income to net cash provided by (used in) operating
activities:
Loss (Gain) on sale of operating assets 78 --
Realized investment (gains) losses 371 (8,541)
Depreciation 4,178 2,920
Amortization of intangibles 3,674 1,739
Amortization of program rights 1,960 1,522
Cash paid for program rights (1,952) (1,377)
Provision for deferred income taxes 1,113 323
Changes in operating assets and liabilities:
Receivables 5,997 3,097
Other assets 44,921 10,398
Accounts payable and accrued expenses (50,574) (1,914)
Accrued taxes (135,706) 2,960
Other liabilities (1,437) (9,194)
All other operating activities, net (736) 527
Net cash (used in) provided by operating activities of discontinued operations -- (1,135)
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NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (123,820) 9,212
INVESTMENT ACTIVITIES
Purchase of property and equipment (2,542) (2,738)
Net cash paid for purchase of television stations -- (59,782)
Investment securities sold -- 11,231
Investment securities acquired -- (476)
Proceeds from sale of investment properties 164 1,750
Other (net) (615) --
Net cash provided by (used in) investing activities of discontinued operations -- 1,264
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NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (2,993) (48,751)
FINANCING ACTIVITIES
Proceeds from borrowings -- 809,500
Principal payments on debt -- (759,000)
Dividends paid (4,314) (4,448)
Stock issued for employee benefit and compensation programs 2,882 145
Repurchase of common stock (549) (10,428)
Net cash provided by financing activities of discontinued operations -- 8,016
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NET CASH PROVIDED BY(USED IN) FINANCING ACTIVITIES (1,981) 43,785
(DECREASE) INCREASE IN CASH (128,794) 4,246
Cash at beginning of period 149,003 11,892
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CASH AT END OF PERIOD $ 20,209 $ 16,138
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See Notes to Consolidated and Condensed Financial Statements.
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THE LIBERTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS
March 31, 2001
(Unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited consolidated and condensed financial statements
of The Liberty Corporation and Subsidiaries have been prepared in
accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q and Article
10 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting
principles for complete financial statements. The information included is
not necessarily indicative of the annual results that may be expected for
the year ended December 31, 2001, but it does reflect all adjustments
(which are of a normal and recurring nature) considered, in the opinion of
management, necessary for a fair presentation of the results for the
interim periods presented. The December 31, 2000 financial information was
derived from the Company's previously filed 2000 Form 10-K. For further
information, refer to the consolidated financial statements and footnotes
thereto included in The Liberty Corporation annual report on Form 10-K for
the year ended December 31, 2000.
Prior to September 29, 2000 the Company was engaged in the insurance
industry. On September 29, 2000 the Company's shareholders approved the
sale of the Company's insurance operations to the Royal Bank of Canada for
$648 million. The sale closed on November 1, 2000. Accordingly, these
entities have been treated as discontinued operations in the accompanying
financial statements (see Note 5 below).
2. STATION ACQUISITIONS
On February 29, 2000 the Company completed the acquisition of KCBD, the
NBC affiliate in Lubbock, TX in a cash transaction for $59.8 million. The
transaction was accounted for as a purchase, and accordingly, its results
of operations are included in the accompanying financial statements since
the date of acquisition. This purchase was funded using proceeds from the
Company's credit facility.
On December 1, 2000, the Company completed its acquisition of Civic
Communications. The agreed upon purchase price for all of the outstanding
common stock of Civic Communications was $204 million. At the time of the
closing, the Company agreed to pay a portion of the purchase price at a
future date. During the first quarter of 2001 the Company remitted this
unpaid purchase price to the Civic Communications stockholders. The
Company used proceeds from the sale of its insurance operations to fund
the transaction. Civic Communications owned and operated WLBT-TV, the NBC
affiliate in Jackson, MS, KLTV-TV, the ABC affiliate in Tyler, TX, and
KTRE-TV, the satellite affiliate of KLTV in Lufkin, TX.
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Notes to Consolidated and Condensed
Financial Statements -- continued
3. REDEMPTION OF 1995-A SERIES PREFERRED STOCK
On August 25, 2000 the Company completed the redemption of all of the
outstanding shares of its Series 1995-A Cumulative Convertible Preferred
Stock. Shares were called for redemption at $35.00 per share plus accrued
dividends for the period from July 1, 2000 through the redemption date
(September 5, 2000). Prior to the redemption date, all shares of the
1995-A Series were converted in to common stock.
4. COMPREHENSIVE INCOME
The components of comprehensive income, net of related income taxes, for
the three-month periods ended March 31, 2001 and 2000, respectively, are
as follows:
THREE MONTHS ENDED
(In 000's) MARCH 31,
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2001 2000
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Net Income $4,293 $ 15,397
Unrealized gains / (losses) on securities (373) (667)
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Comprehensive income (loss) $3,920 $ 14,730
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5. DISCONTINUED OPERATIONS
On June 19, 2000, the Company entered into a Purchase Agreement (the
"Purchase Agreement") with Royal Bank of Canada ("RBC"), a
Canadian-chartered bank, pursuant to which RBC was to acquire from the
Company all of the issued and outstanding shares of capital stock of
Liberty Life Insurance Company, Liberty Insurance Services Corporation,
The Liberty Marketing Corporation, LC Insurance Limited and Liberty
Capital Advisors, Inc., for a total of approximately $648 million,
consisting of a dividend from Liberty Life Insurance Company of up to $70
million and the balance in cash from Royal Bank of Canada. On September
29, 2000 the shareholders of the Company approved the purchase agreement
described above. Accordingly, these entities have been treated as
discontinued operations in the accompanying financial statements. The
transaction closed on November 1, 2000 with Liberty receiving $567.6
million in net cash proceeds and approximately $16 million in non-cash
assets.
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Notes to Consolidated and Condensed
Financial Statements -- continued
Summarized disclosure of the Company's discontinued operations is as
follows:
THREE
MONTHS
ENDED
MARCH 31,
2000
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Revenues $ 91,846
Expenses 81,921
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Income before taxes from discontinued operations 9,925
Income taxes 2,415
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Income from discontinued operations $ 7,510
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6. SEGMENT REPORTING
The Company operates primarily in the television broadcasting and cable
advertising businesses. The Company currently owns and operates fifteen
television stations, located principally in the Southeast and Midwest.
Each of the stations is affiliated with a major network, with eight NBC
affiliates, five ABC affiliates, and two CBS affiliates. The Company
evaluates segment performance based on operating income, excluding unusual
or non-operating items.
The following tables summarize financial information for continuing
operations by segment for the three-month periods ended March 31, 2001 and
2000:
THREE MONTHS ENDED
MARCH 31,
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2001 2000
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REVENUE
Broadcasting $ 39,510 $ 33,996
Cable advertising 2,214 2,485
Corporate and other 441 478
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TOTAL REVENUE $ 42,165 $ 36,959
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INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
Broadcasting $ 6,997 $ 9,349
Cable advertising (404) 94
Corporate and other (2,897) (3,219)
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TOTAL INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES $ 3,696 $ 6,224
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There were no material changes in assets by segment from those disclosed
in the Company's 2000 annual report, other than for the corporate and
other segment. The corporate and other segment used its cash balances to
pay approximately $135 million of income taxes during the first quarter of
2001. It also remitted the $43.2 million of unpaid purchase price
(included in prepaid and other current assets on the December 31, 2000
balance sheet) that had been held in trust for the Civic Communications
stockholders (see Note 2).
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Notes to Consolidated and Condensed
Financial Statements -- continued
7. EARNINGS PER SHARE
The calculation of basic and diluted earnings per common share from
continuing operations is as follows:
THREE MONTHS ENDED
(In 000's except per share data) MARCH 31,
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2001 2000
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(Unaudited)
NUMERATOR - EARNINGS:
Income from continuing operations $ 4,293 $ 7,887
Preferred dividends -- (185)
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Numerator for basic earnings per common share from continuing
operations $ 4,293 $ 7,702
Effect of dilutive securities -- 185
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Numerator for diluted earnings per common share from continuing
operations $ 4,293 $ 7,887
=========== ==============
DENOMINATOR - AVERAGE SHARES OUTSTANDING:
Denominator for basic earnings per common share from continuing
operations - weighted average shares 19,572 19,210
Effect of dilutive securities:
Preferred stock -- 423
Stock options 55 138
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Denominator for diluted earnings per common share from
continuing operations 19,627 19,771
=========== ==============
Basic earnings per common share from continuing operations $0.22 $0.40
Diluted earnings per common share from continuing operations $0.22 $0.40
8. CREDIT FACILITY
On March 21, 2001, the Company entered into a $100 million unsecured
364-day revolving credit facility with a bank. At the end of the term of
the facility any outstanding principal and interest will come due, unless
the bank, in its sole discretion, otherwise extends the facility. No draws
were made on this line of credit during the first quarter of 2001.
9. RECLASSIFICATIONS
Certain reclassifications have been made in the previously reported
financial statements to make the prior year amounts comparable to those of
the current year.
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PART I, ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(Unaudited)
The Liberty Corporation is a holding company with operations primarily in the
television broadcasting industry. The Company's television broadcasting
subsidiary, Cosmos Broadcasting, consists of fifteen network-affiliated stations
located in the Southeast and Midwest, a cable advertising company, a video
production company and a professional broadcast equipment dealership. Eight of
the Company's television stations are affiliated with NBC, five with ABC, and
two with CBS.
Prior to September 29, 2000 the Company was also engaged in the insurance
industry. On September 29, 2000 the Company's shareholders approved the sale of
the Company's insurance operations to the Royal Bank of Canada for $648 million.
The sale closed on November 1, 2000. Accordingly, these entities have been
treated as discontinued operations in the accompanying financial statements (see
Note 5 of the Consolidated and Condensed Financial Statements).
SIGNIFICANT TRANSACTIONS AFFECTING COMPARABILITY BETWEEN PERIODS
On February 29, 2000 the Company completed the acquisition of KCBD, the NBC
affiliate in Lubbock, TX in a cash transaction for $59.8 million. The
transaction was accounted for as a purchase, and accordingly, its results of
operations are included in the accompanying financial statements since the date
of acquisition. This purchase was funded using proceeds from the Company's
credit facility.
On August 25, 2000 the Company completed the redemption of all of the
outstanding shares of its Series 1995-A Cumulative Convertible Preferred Stock.
Shares were called for redemption at $35.00 per share plus accrued dividends for
the period from July 1, 2000 through the Series 1995-A redemption date
(September 5, 2000). Prior to the redemption date, all shares of the 1995-A
Series were converted in to common stock.
On November 1, 2000, using proceeds from the sale of its insurance operations,
the Company repaid its revolving credit facility in full.
On December 1, 2000, the Company completed its acquisition of Civic
Communications. The agreed upon purchase price for all of the outstanding common
stock of Civic Communications was $204 million. The Company used proceeds from
the sale of its insurance operations to fund the transaction. Civic
Communications owned and operated WLBT-TV, the NBC affiliate in Jackson, MS,
KLTV-TV, the ABC affiliate in Tyler, TX, and KTRE-TV, the satellite affiliate of
KLTV in Lufkin, TX.
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RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THREE MONTHS ENDED MARCH 31, 2000
Net revenues were $42.2 million for the first quarter of 2001, an increase of
$5.2 million over the $37.0 million reported for the first quarter of 2000. On a
pro forma basis (as if the Company had held all of its current stations for the
full twelve months of 2000) station net revenue was down 6%, primarily as a
result of the absence of political spending in 2001 as it is an off year in the
election cycle. Local and national revenue, again on a pro forma basis, were
each down 3% due to a soft advertising market.
Operating expenses were $27.7 million for the first quarter of 2001, an increase
of $4.3 million over the $23.4 million reported for the first quarter of 2000.
The increase in operating expense is attributable to the Company's acquisition
of four television stations during 2000. On a pro forma basis, operating
expenses decreased 2%.
Depreciation and amortization expense was $7.9 million for the first quarter of
2001, an increase of $3.2 million over the $4.7 million reported for the first
quarter of 2000. The increase in depreciation and amortization expense is
attributable to the Company's station acquisitions completed during 2000.
Corporate, general, and administrative expenses were $2.9 million for the first
quarter of 2001, an increase of $0.2 million over the $2.7 million reported for
the first quarter of 2000.
Net investment income was $3.2 million for the first quarter of 2001, a decrease
of $7.5 million from the $10.7 million reported for the first quarter of 2000.
The majority of the investment income in the first quarter of 2001 related to
interest earned on the Company's cash balances. The majority of the investment
income in the first quarter of 2000 was due to realized gains in the Company's
equity portfolio.
The Company incurred no interest expense during the first quarter of 2001 as it
repaid its credit facility in full during the fourth quarter of 2000 using the
proceeds from the sale of its insurance operations. The Company reported $3.5
million of interest expense during the first quarter of 2000.
CASH FLOW INFORMATION
THREE MONTHS ENDED MARCH 31
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2001 2000
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Operating income $ 3,696 $ 6,224
One time charges(1) -- 204
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ADJUSTED OPERATING INCOME 3,696 6,428
Add:
Depreciation and amortization 7,852 4,659
Non-cash compensation 76 319
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OPERATING CASH FLOW 11,624 11,406
Corporate cash expenses 2,805 2,370
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BROADCAST CASH FLOW $14,429 $13,776
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(1) Adjusted to exclude charges in 2000 related to the phase-out and winding up
of the Company's direct mail operations
Broadcast cash flow was $14.4 million for the first quarter of 2001, compared
with $13.8 million for the prior-year first quarter.
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Management's Discussions and Analysis continued
The Company has included operating cash flow and broadcast cash flow data
because management believes that such data are commonly used as measures of
performance among companies in the broadcast industry. The Company also believes
that these measures are frequently used by investors, analysts, valuation firms,
and lenders as some of the important determinants of underlying asset value.
Operating cash flow and broadcast cash flow should not be considered in
isolation, or as alternatives to operating income (as determined in accordance
with generally accepted accounting principles) as an indicator of the entity's
operating performance, or to cash flow from operating activities (as determined
in accordance with generally accepted accounting principles) as a measure of
liquidity. These measures are believed to be, but may not be, comparable to
similarly titled measures used by other companies.
CAPITAL, FINANCING AND LIQUIDITY
The Company's short-term cash needs consist primarily of working capital
requirements, and dividends to shareholders. Historically, Liberty's operations
have provided sufficient liquidity for the operations of the Company.
The Company's primary long-term cash needs are the possible need for capital
should the Company identify an appropriate acquisition opportunity, and the
expenditures associated with implementing high definition television broadcast
operations. While exact costs are not presently known, the additional capital
expenditures required over the next several years to comply with the FCC high
definition television implementation deadline are expected to be material.
On March 21, 2001, the Company executed a $100 million unsecured 364-day
revolving credit facility with a bank. At the end of the term of the facility
any outstanding principal and interest will come due, unless the bank, in its
sole discretion, otherwise extends the facility. At March 31, 2001 the Company
had no outstanding draws against this revolving credit facility.
The Company believes that its current level of cash, expected future cash flows
from operations, and the credit facility are sufficient to meet the cash needs
of its business. If suitable opportunities arise for additional acquisitions,
the Company believes it can arrange for additional debt financing or use Common
Stock or Preferred Stock as payment for all or part of the consideration for
such acquisitions; or the it may seek additional funds in the equity or debt
markets.
CASH FLOWS
The Company's net cash used in operating activities was $123.8 million for the
first quarter of 2001 compared to cash provided by operating activities of $9.2
million for the same period of 2000. The decrease in cash provided by operating
activities is attributable to the $135 million of taxes related to the sale of
the Company's insurance operations that were remitted to taxing authorities
during the first quarter of 2001. Excluding these payments, cash provided by
operating activities was $11.2 million. The Company's net cash used in investing
activities was $3.0 million for the first quarter of 2001, as compared to $48.8
million for the same period of 2000. The decrease in net cash used in investing
activities is attributable to the acquisition of KCBD during the first quarter
of 2000 with no corresponding acquisitions during the first quarter of 2001. Net
cash used in financing activities for the first quarter of 2001 was $2.0 million
compared to net cash provided by financing activities of $43.8 million for the
first quarter of 2000. The decrease in net cash provided by financing activities
is attributable to the acquisition of KCBD during the first quarter of 2000,
which was financed with funds from the Company's credit facility, with no
corresponding draws during the first quarter of 2001.
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ACCOUNTING DEVELOPMENTS
In June, 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 133, "Accounting for Derivative Instruments
and Hedging Activities". This standard was originally required to be adopted in
years beginning after June 15, 1999 (which date was subsequently amended to
January 1, 2001). The Statement will require the Company to recognize all
derivatives on the balance sheet at fair value. Derivatives that are not hedges
must be adjusted to fair value through income. If the derivative is a hedge,
depending on the nature of the hedge, changes in the fair value of the
derivatives will be either offset against the change in fair value of the hedged
assets, liabilities or firm commitments through earnings or recognized in other
comprehensive income until the hedged item is recognized in earnings. The
ineffective portion of a derivative's change in fair value will be immediately
recognized in earnings. The Company's use of derivatives has historically been
limited to fixing the cost of borrowings on a portion of the outstanding debt.
The Company adopted the standard as of January 1, 2001. Currently the Company
does not believe the effect of Statement 133 will be material to the earnings
and financial position of the Company.
FORWARD LOOKING INFORMATION
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Certain information contained herein or in any
other written or oral statements made by, or on behalf of the Company, is or may
be viewed as forward looking. The words "expect," "believe," "anticipate" or
similar expressions identify forward-looking statements. Although the Company
has used appropriate care in developing any such forward looking information,
forward looking information involves risks and uncertainties that could
significantly impact actual results. These risks and uncertainties include, but
are not limited to, the following: changes in national and local markets for
television advertising; changes in general economic conditions, increasing
competition in the Company's markets; and future regulatory actions or
conditions, effecting either the television broadcasting industry as whole or
specific to the markets the Company serves. The Company undertakes no obligation
to publicly update or revise any forward looking statements, whether as a result
of new information, future developments, or otherwise.
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PART II, ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
NONE.
PART II, ITEM 6. EXHIBIT AND REPORTS ON FORM 8-K
a. A list of the exhibits filed with this report is included in the
Index to Exhibits filed herewith.
b. The Company filed a current report on Form 8-K dated February 6,
2001 with respect to the press release announcing its fourth quarter
and year end 2000 operating results.
c. The Company filed a current report on Form 8-K dated February 6,
2001 with respect to The Liberty Corp. declaring a regular quarterly
dividend of 22 cents per share on its common stock, payable on April
3, 2001 to shareholders of record on March 15, 2001.
INDEX TO EXHIBITS
EXHIBIT 11 Consolidated Earnings Per Share Computation (included in Note 7 of
Notes to Consolidated and Condensed Financial Statements)
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
THE LIBERTY CORPORATION Date: May 11, 2001
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(Registrant)
/s/ Howard L. Schrott
---------------------
Howard L. Schrott
Chief Financial Officer
/s/ Martha G. Williams
----------------------
Martha G. Williams
Vice President, General Counsel and Secretary
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