##### 



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 1934For the quarterly period ended March 31, 2004[  ]
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934For the
transition period from

to
 Commission File Number 1-5846 THE LIBERTY CORPORATION   South Carolina
(State or other jurisdiction of
incorporation or organization)
    
    57-0507055
(IRS Employer
identification No.)
 135 South Main Street, Greenville, SC 29601   Registrants telephone number, including area code: 864/241-5400 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 by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). 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 OutstandingTitle of each class
    
    as of March 31, 2004Common Stock
    
    18,697,399




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##### 



PART I, ITEM 1 THE LIBERTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED AND CONDENSED BALANCE SHEETS March 31,
    
    December 31,(In 000s)
    
    2004
    
    2003(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    105,398
    
    
    $
    62,177Receivables (net of allowance for doubtful accounts)
    
    
    36,007
    
    
    
    42,364Program rights
    
    
    4,000
    
    
    
    4,564Prepaid and other current assets
    
    
    3,308
    
    
    
    3,013Deferred income taxes
    
    
    2,089
    
    
    
    2,183Total current assets
    
    
    150,802
    
    
    
    114,301Property, plant, and equipmentLand
    
    
    5,657
    
    
    
    5,657Buildings and improvements
    
    
    51,334
    
    
    
    48,969Furniture and equipment
    
    
    168,361
    
    
    
    167,775Less: Accumulated depreciation
    
    
    (129,715
    )
    
    
    (125,417
    )95,637
    
    
    
    96,984Intangible assets subject to amortization (net of
$574 and $841 accumulated amortization in 2004 and
2003, respectively)
    
    
    361
    
    
    
    270FCC licenses
    
    
    304,525
    
    
    
    304,525Goodwill
    
    
    101,387
    
    
    
    101,387Investments and other assets
    
    
    43,286
    
    
    
    44,798Total assets
    
    $
    695,998
    
    
    $
    662,265LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilities:Accounts payable and accrued expenses
    
    $
    12,760
    
    
    $
    19,283Dividends payable
    
    
    79,252
    
    
    
    4,534Program contract obligations
    
    
    4,003
    
    
    
    4,734Accrued income taxes
    
    
    212
    
    
    
    3,874Total current liabilities
    
    
    96,227
    
    
    
    32,425Unearned revenue
    
    
    11,336
    
    
    
    11,802Deferred income taxes
    
    
    91,623
    
    
    
    89,417Other liabilities
    
    
    6,922
    
    
    
    6,621Revolving credit facility
    
    
    55,000
    
    
    
    Total liabilities
    
    
    261,108
    
    
    
    140,265Shareholders equityCommon stock
    
    
    59,524
    
    
    
    71,788Unearned stock compensation
    
    
    (4,080
    )
    
    
    (4,405
    )Retained earnings
    
    
    379,227
    
    
    
    454,379Unrealized investment gains
    
    
    219
    
    
    
    238Total shareholders equity
    
    
    434,890
    
    
    
    522,000Total liabilities and shareholders equity
    
    $
    695,998
    
    
    $
    662,265
 See Notes to Consolidated and Condensed Financial Statements. 2




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##### 



THE LIBERTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS Three Months EndedMarch 31,(In 000s, except per share data)
    
    2004
    
    2003(Unaudited)REVENUESStation revenues (net of commissions)
    
    $
    44,600
    
    
    $
    40,879Cable advertising and other revenues
    
    
    3,231
    
    
    
    3,055Net revenues
    
    
    47,831
    
    
    
    43,934EXPENSESOperating expenses
    
    
    30,239
    
    
    
    29,204Amortization of program rights
    
    
    1,735
    
    
    
    1,716Depreciation and amortization of intangibles
    
    
    4,492
    
    
    
    4,300Corporate, general, and administrative expenses
    
    
    3,303
    
    
    
    3,242Total operating expenses
    
    
    39,769
    
    
    
    38,462Operating income
    
    
    8,062
    
    
    
    5,472Net investment income (loss)
    
    
    (650
    )
    
    
    (104
    )Interest expense
    
    
    (20
    )
    
    
    Income before income taxes
    
    
    7,392
    
    
    
    5,368Provision for income taxes
    
    
    2,772
    
    
    
    2,013NET INCOME
    
    $
    4,620
    
    
    $
    3,355BASIC EARNINGS PER COMMON SHARE:
    
    $
    0.25
    
    
    $
    0.17DILUTED EARNINGS PER COMMON SHARE:
    
    $
    0.24
    
    
    $
    0.17Dividends per common share
    
    $
    0.25
    
    
    $
    0.24Special dividend per common share
    
    $
    4.00
    
    
    $
    
 See Notes to Consolidated and Condensed Financial Statements. 3




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##### 



THE LIBERTY CORPORATION AND SUBSIDIARIES
CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS Three Months Ended March 31,(In 000s)
    
    2004
    
    2003(Unaudited)OPERATING ACTIVITIESNet income
    
    $
    4,620
    
    
    $
    3,355Adjustments to reconcile net income to net cash provided
by (used in) operating activities:Loss (Gain) on sale of operating assets
    
    
    (17
    )
    
    
    340Realized investment losses
    
    
    1,143
    
    
    
    550Depreciation
    
    
    4,433
    
    
    
    4,239Amortization of intangibles
    
    
    59
    
    
    
    61Amortization of program rights
    
    
    1,735
    
    
    
    1,716Cash paid for program rights
    
    
    (1,902
    )
    
    
    (1,736
    )Provision for deferred income taxes
    
    
    2,300
    
    
    
    216Changes in operating assets and liabilities:Receivables
    
    
    6,357
    
    
    
    7,837Other assets
    
    
    (282
    )
    
    
    (1,311
    )Accounts payable and accrued expenses
    
    
    (4,882
    )
    
    
    (5,827
    )Accrued income taxes
    
    
    (2,728
    )
    
    
    Unearned revenue
    
    
    (466
    )
    
    
    (425
    )Other liabilities
    
    
    301
    
    
    
    1,013All other operating activities
    
    
    (363
    )
    
    
    (333
    )NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
    
    
    10,308
    
    
    
    9,695INVESTING ACTIVITIESPurchase of property, plant, and equipment
    
    
    (3,110
    )
    
    
    (8,918
    )Proceeds from sale of property, plant, and equipment
    
    
    41
    
    
    
    Investments acquired
    
    
    (500
    )
    
    
    (4,000
    )Proceeds from sale of investment properties
    
    
    1,015
    
    
    
    1,686NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
    
    
    (2,554
    )
    
    
    (11,232
    )FINANCING ACTIVITIESProceeds from borrowings
    
    
    55,000
    
    
    
    Dividends paid
    
    
    (5,055
    )
    
    
    (4,602
    )Stock issued for employee benefit and compensation programs
    
    
    3,553
    
    
    
    631Repurchase of common stock
    
    
    (18,031
    )
    
    
    (12,321
    )NET CASH PROVIDED BY(USED IN) FINANCING ACTIVITIES
    
    
    35,467
    
    
    
    (16,292
    )INCREASE (DECREASE) IN CASH
    
    
    43,221
    
    
    
    (17,829
    )Cash at beginning of period
    
    
    62,177
    
    
    
    67,917CASH AT END OF PERIOD
    
    $
    105,398
    
    
    $
    50,088
 See Notes to Consolidated and Condensed Financial Statements. 4




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##### 



THE LIBERTY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED AND CONDENSED FINANCIAL STATEMENTS
March 31, 2004
(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 accounting principles generally accepted in the United States 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 accounting principles generally
accepted in the United States 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, 2004, but 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. In addition, the Companys revenues are
usually subject to seasonal fluctuations. The advertising revenues of the
stations are generally highest in the second and fourth quarters of each
year, due in part to increases in consumer advertising in the spring and
retail advertising in the period leading up to and including the holiday
season. Additionally, advertising revenues in even-numbered years tend to be
higher as they benefit from advertising placed by candidates for political
offices and demand for advertising time in Olympic broadcasts. The December 31, 2003 financial information was derived from the Companys
previously filed 2003 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, 2003.  2.
    
    COMPREHENSIVE INCOME The components of comprehensive income, net of related income taxes, for the
three month periods ended March 31, 2004 and 2003, respectively, are as
follows: Three Months EndedMarch 31,(In 000s)
    
    2004
    
    2003Net income
    
    $
    4,620
    
    
    $
    3,355Unrealized gains (losses) on securities
    
    
    (19
    )
    
    
    69Comprehensive income
    
    $
    4,601
    
    
    $
    3,424
  3.
    
    SEGMENT REPORTING The Company operates primarily in the television broadcasting and cable
advertising businesses. The Company currently owns and operates fifteen
television stations, primarily 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 income before income taxes, excluding unusual, or
non-operating items. 5




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##### 



The following table summarizes financial information by segment for the
three month periods ended March 31, 2004 and 2003: Three Months EndedMarch 31,(In 000s)
    
    2004
    
    2003Revenues (net of commissions)Broadcasting
    
    $
    44,600
    
    
    $
    40,879Cable advertising
    
    
    3,193
    
    
    
    2,981Other
    
    
    38
    
    
    
    74Total net revenues
    
    $
    47,831
    
    
    $
    43,934Income before income taxesBroadcasting
    
    $
    11,577
    
    
    $
    9,192Cable advertising
    
    
    193
    
    
    
    (101
    )Corporate and other
    
    
    (4,378
    )
    
    
    (3,723
    )Total income before income taxes
    
    $
    7,392
    
    
    $
    5,368
 There were no material changes in assets by segment from those disclosed in
the Companys 2003 annual report. The goodwill that appears on the face of
the balance sheet arose through the acquisition of certain television
stations, and therefore has been assigned in its entirety to the
Broadcasting segment.  4.
    
    EMPLOYEE BENEFITS The Company has a postretirement plan that provides medical and life
insurance benefits for qualified retired employees. The postretirement
medical plan is generally contributory with retiree contributions adjusted
annually to limit employer contributions to predetermined amounts. The
postretirement life plan provides free insurance coverage for retirees and
is insured with an unaffiliated company. The information presented in this footnote does not reflect the Medicare
Prescription Drug Improvement and Modernization Act of 2003 (the Act)
signed into law December 8, 2003. Specifically, the measures of Net
Periodic Postretirement Benefit cost shown do not reflect this Act.
Specific authoritative guidance on the accounting treatment of the Act is
pending and upon issuance, may require a change in previously reported
information. 6




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##### 



Net periodic postretirement benefit cost included the following components: Three Months Ended(In 000s)
    
    March 31,2004
    
    2003Service cost
    
    $
    6
    
    
    $
    7Amortization of prior service cost
    
    
    1
    
    
    
    1Amortization of actuarial net gain
    
    
    5
    
    
    
    Interest cost
    
    
    34
    
    
    
    27Net periodic postretirement benefit cost
    
    $
    46
    
    
    $
    35
  5.
    
    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 31,2004
    
    2003Numerator  Earnings:Net income
    
    $
    4,620
    
    
    $
    3,355Effect of dilutive securities
    
    
    
    
    
    
    Numerator for basic and diluted earnings
per common share
    
    $
    4,620
    
    
    $
    3,355Denominator  Average Shares Outstanding:Denominator for basic earnings per common
share  weighted average shares
    
    
    18,739
    
    
    
    19,243Effect of dilutive securities:Stock options
    
    
    171
    
    
    
    94Denominator for diluted earnings per
common share
    
    
    18,910
    
    
    
    19,337Basic earnings per common share
    
    $
    0.25
    
    
    $
    0.17Diluted earnings per common share
    
    $
    0.24
    
    
    $
    0.17
  6.
    
    EQUITY COMPENSATION In accordance with the provisions of SFAS No. 123, Accounting for
Stock-Based Compensation, the Company has elected to follow
Accounting Principles Board Opinion No. 25, Accounting for Stock
Issued to Employees (APB No. 25) and related interpretations in
accounting for its equity compensation plans and does not recognize
compensation expense for its stock-based compensation plans other
than for awards of restricted shares. Expense is recognized over the
vesting period of the restricted shares. 7




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##### 



Under APB No. 25, because the exercise price of the Companys
employee stock options at least equals the market price of the
underlying stock on the date of the grant, no compensation expense is
recognized. Pro forma information regarding net income and earnings
per share is required by SFAS No. 123, and has been determined as if
the Company had accounted for its employee stock options under the
Black-Scholes fair value method described in that statement. The Black-Scholes option valuation model was developed for use in
estimating the fair value of traded options that have no vesting
restrictions and are fully transferable. In addition, option
valuation models require the input of highly subjective assumptions
including the expected stock price volatility. The Companys
employee stock options have characteristics significantly different
from those of traded options, and changes in the subjective input
assumptions can materially affect the fair value estimate. For purposes of pro forma disclosures, the estimated fair value of
the options is amortized to expense over the options vesting
periods. The Companys pro forma information is as follows: For the Three MonthsEnded March 31,(In 000s, except per share amounts)
    
    2004
    
    2003Stock-based compensation cost included in net
income (net of taxes)
    
    $
    234
    
    
    $
    507Net income:As reported
    
    $
    4,620
    
    
    $
    3,355Pro forma compensation expense (net of taxes)
    
    
    (202
    )
    
    
    (180
    )Pro forma net income
    
    $
    4,418
    
    
    $
    3,175Basic earnings per share:As reported
    
    $
    0.25
    
    
    $
    0.17Pro forma
    
    
    0.24
    
    
    
    0.16Diluted earnings per share:As reported
    
    $
    0.24
    
    
    $
    0.17Pro forma
    
    
    0.23
    
    
    
    0.16
 8




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##### 



7.
    
    COMMON STOCK The following table summarizes the Common Stock activity from the
date of the Companys most recently audited annual financial
statements to the end of the period covered by this report: CommonShares(In 000s)
    
    Outstanding
    
    Common StockBalance as of 12/31/03
    
    
    18,931
    
    
    $
    71,788Stock issued for employee
benefit and performance
incentive compensation
programs
    
    
    129
    
    
    
    4,832Income tax benefit resulting
from employee exercise of
options
    
    
    
    
    
    
    935Stock Repurchased
    
    
    (363
    )
    
    
    (18,031
    )Balance as of 3/31/04
    
    
    18,697
    
    
    $
    59,524
 During the first quarter of 2004 the Company funded the accrued 2003
discretionary contribution to its employee retirement and savings
plan. Half of this funding, approximately $1.6 million, was in the
form of approximately 32,000 shares of Liberty common stock.  8.
    
    CREDIT FACILITY On March 21, 2001, the Company entered into a $100 million unsecured
364-day revolving credit facility with a bank. On February 2,
2004, the Company renewed the facility through May 18, 2005, on
substantially similar terms. On March 24, 2004, the Company made its
first draw on the line in the amount of $55.0 million. Interest is
payable quarterly at 1.75%  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. 9




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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, along with other ancillary
businesses. Eight of the Companys television stations are affiliated with NBC,
five with ABC, and two with CBS. SEASONALITY OF TELEVISION REVENUES The Companys revenues are usually subject to seasonal fluctuations. The
advertising revenues of the stations are generally highest in the second and
fourth quarters of each year, due in part to increases in consumer advertising
in the spring and retail advertising in the period leading up to and including
the holiday season. Additionally, advertising revenues in even-numbered years
tend to be higher as they benefit from advertising placed by candidates for
political offices and demand for advertising time in Olympic broadcasts. RESULTS OF OPERATIONS Three Months Ended March 31, 2004 Compared to Three Months Ended March 31,
2003 Total net revenue increased $3.9 million, on a year-over-year basis. Station
net revenue increased $3.7 million for the same period. Cable and other net
revenue increased $0.2 million from the prior year period. While local and
national revenue were up six percent and seven percent respectively, the most
significant portion of the year-over-year increase was from political revenue.
Political revenue for the first quarter of 2004 was $2.6 million as compared to
$0.7 million in the first quarter of 2003. The Companys core local and
national revenues were up due mainly to increases in the automotive, retail,
and telecommunications categories, partially offset by some softness in the
grocery category. Operating expenses, which include amortization of program rights, were $32.0
million for the first quarter of 2004, an increase of $1.1 million, three
percent, over the $30.9 million reported for the first quarter of 2003. The
increase in operating expenses is mainly attributable to planned annual
increases in employee compensation. Net investment income for the first quarter of 2004 was a loss of $0.7 million.
During the first quarter of 2004, interest earned on cash balances and notes
receivable was offset by impairments in the Companys investment portfolios.
During the quarter information came to the Companys attention that the
recoverability of a receivable in its investment portfolio and certain of it
venture capital investments were impaired. The Company established $1.1
million of reserves related to these investments. 10




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##### 



Capital, Financing and Liquidity At March 31, 2004, the Company had cash of $105.4 million, outstanding debt of
$55.0 million, and an unused line of credit of $45.0 million. During the first
quarter of 2004 the Company declared a special dividend of $4.00 per share in
addition to its normal recurring quarterly dividend of $0.25 per share, of
which approximately $79.3 million was accrued at March 31, 2004. The accrued
dividend was paid on April 2, 2004 using a significant portion of the $105.4
million of cash on hand at March 31, 2004. The revolving credit has both an interest coverage and a leverage coverage
covenant. These covenants, which involve debt levels, interest expense, EBIT,
and EBITDA (measures of cash earnings defined in the revolving credit
agreement), can affect the interest rate on current and future borrowings. The
Company was in compliance with all covenants throughout the quarter. The Company anticipates that its primary sources of cash, those being current
cash balances, operating cash flow, and the available line of credit will be
sufficient to finance the Companys operating requirements and anticipated
capital expenditures, for both the next 12 months and the foreseeable future
thereafter. Cash Flows The Companys net cash flow provided by operating activities was $10.3 million
for the first three months of 2004 compared to $9.7 million for the same period
of the prior year. The Companys net cash used in investing activities was
$2.6 million for the three month period ended March 31, 2004, as compared to
$11.2 million for the same period of 2003. The decrease in net cash used in
investing activities is attributable to lower levels of fixed asset purchases
related to digital television broadcasting during 2004. Net cash provided by
financing activities for the three months ended March 31, 2004 was $35.5
million compared to net cash used of $16.3 million for the first three months
of 2003. During 2004, the Company completed the first draw of $55.0 million on
its previously unused $100 million line of credit. Excluding the effect of
these borrowings, the increase in net cash used in financing activities is due
mainly to higher levels of repurchase activity in the Companys stock buy-back
program during the first quarter of 2004 as compared to 2003. 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,
including the performance of financial markets and interest rates; competitive,
regulatory, or tax changes that affect the cost of or demand for the Companys
products; and adverse litigation results. 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. 11




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##### 



PART I, ITEM 4
CONTROLS AND PROCEDURES As of the end of the period covered by this report, the Company carried out an
evaluation, under the supervision and with the participation of the Companys
management, including the Companys Chief Executive Officer and Chief Financial
Officer, of the effectiveness of the design and operation of the Companys
disclosure controls and procedures pursuant to Exchange Act Rule 13a-14. Based
upon that evaluation, the Chief Executive Officer and Chief Financial Officer
concluded that as of the end of the period covered by this report the Companys
disclosure controls and procedures are effective in providing reasonable
assurance that material information relating to the Company required to be
included in the Companys periodic SEC filings was made known to them during
the period covered by this report. There have been no significant changes in
the Companys internal controls or in other factors that could significantly
affect internal controls subsequent to this evaluation. 12




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##### 



PART II, ITEM 2e.
CHANGES IN SECURITIES AND USE OF PROCEEDS Total Number of Shares (or
    
    Maximum Number ofTotal Number of
    
    
    
    
    
    Units) Purchased as Part of
    
    Shares that May Yet BeShares (or Units)
    
    Average Price Paid
    
    Publicly Announced Plans or
    
    Purchased Under thePeriod
    
    Purchased
    
    per Share (or Unit)
    
    Programs
    
    Plans or ProgramsJanuary 1 31, 2004
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,374,400February 1  29, 2004
    
    
    160,600
    
    
    $
    49.51
    
    
    
    160,600
    
    
    
    3,839,400March 1  31, 2004
    
    
    202,700
    
    
    $
    49.73
    
    
    
    202,700
    
    
    
    3,636,700Total
    
    
    363,300
    
    
    $
    49.63
    
    
    
    363,300
    
    
    
    3,273,400
 On February 4, 2003 Libertys Board of directors extended to February 28, 2004
the Companys authorization to purchase from time to time up to 4,000,000
shares of stock in the open market or directly negotiated transactions. On February 3, 2004 Libertys Board of Directors extended to February 28, 2005
the Companys authorization to purchase from time to time up to 4,000,000
shares of stock in the open market or directly negotiated transactions. PART II, ITEM 6.
EXHIBITS 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.  1.
    
    The Company furnished a current report on Form 8-K
dated February 3, 2004 with respect to the press release
announcing its fourth quarter 2003 operating results.2.
    
    The Company furnished a current report on Form 8-K
dated February 3, 2004 with respect to the Company declaring a
regular quarterly dividend of 25 cents per share and declaring a
one-time, special dividend of four dollars per share on its
common stock, each payable on April 2, 2004 to shareholders of
record on March 15, 2004. INDEX TO EXHIBITS EXHIBIT 11
    
    Consolidated Earnings Per Share Computation (included in Note 5
of Notes to Consolidated and Condensed Financial Statements)EXHIBIT 31
    
    Rule 13a-14(a)/15d-14(a) CertificationsEXHIBIT 32
    
    Section 1350 Certifications
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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
(Registrant)
    
    Date: May 4, 2004
 /s/ Howard L. Schrott  
 /s/ Martha G. Williams  
 14