Media General, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except per share amounts)
Thirteen Weeks Ending Twenty-six Weeks Ending
June 29,
2003		 June 30,
2002		 June 29,
2003		 June 30,
2002
Revenues  $ 211,929  $ 211,752  $ 409,369  $ 406,291
Operating costs:
Production  87,927  85,758  178,438  172,305
Selling, general and administrative  71,740  68,381  145,402  134,865
Depreciation and amortization  16,598  16,892  33,692  33,531
Total operating costs  176,265  171,031  357,532  340,701
Operating income  35,664  40,721  51,837  65,590
Other income (expense):
Interest expense  (7,985)  (11,924)  (17,853)  (25,354)
Investment loss-unconsolidated affiliates  (1,292)  (3,662)    (3,508)    (5,767)
Other, net  1,180  1,200  8,132  1,623
Total other expense  (8,097)  (14,386)  (13,229)  (29,498)
Income before income taxes and cumulative effect of change in accounting principle  27,567  26,335  38,608  36,092
Income taxes  10,062  10,073  14,092  13,805
Income before cumulative effect of change in accounting principle  17,505  16,262  24,516  22,287
Cumulative effect of change in accounting principle (net of tax)1  ---  ---  ---  (126,336)
Net income (loss)  $  17,505  $  16,262  $  24,516  $(104,049)
Net income (loss) per common share:
Income before cumulative effect of change in accounting principle  $     0.76  $     0.71  $     1.06  $       0.97
Cumulative effect of change in accounting principle  ---  ---  ---  (5.51)
 
Net income (loss)  $     0.76  $     0.71  $     1.06  $     (4.54)
 
Net income (loss) per common share - assuming dilution:
Income before cumulative effect of change in accounting principle  $     0.75  $     0.70  $     1.05  $       0.96
Cumulative effect of change in accounting principle  ---  ---  ---  (5.44)
 
Net income (loss)  $     0.75  $     0.70  $     1.05  $     (4.48)
Weighted-average common shares outstanding:
Basic  23,044  22,962  23,041  22,896
Diluted  23,322  23,334  23,308  23,215
1 Write-down for impairment upon adoption of SFAS No. 142, Goodwill and Other Intangible Assets.

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