However, income from continuing operations reflected in the accompanying consolidated condensed statements of operations does not include any proforma adjustments or other allocations to reflect the potential use of the proceeds to repay debt, repurchase shares, or acquire new broadcast television or publishing properties and, as such, are not fully indicative of the ongoing operations of the Company. The transaction was accounted for as a purchase and the Company's results of operations include the results of Hickory since the date of acquisition. Purchase price has been allocated to the assets acquired based on preliminary appraisal of estimated fair values. Such estimated values may change as the appraisal is finalized and more facts become known. Additionally, the Company sold certain commercial printing assets in October 1998.
Inventories are prinicpally raw materials.