UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the fiscal year ended December 31, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
Commission file number 0-15279
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
GENERAL COMMUNICATION, INC.
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
B. Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
GENERAL COMMUNICATION, INC.
2550 Denali Street, Suite 1000
Anchorage, Alaska 99503
1
INDEX
GENERAL COMMUNICATION, INC.
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
FORM 11-K
FOR THE YEAR ENDED DECEMBER 31, 2000
Page No.
--------
Independent Auditors' Report dated June 15, 2001..........................3
Statements of Net Assets Available for Plan Benefits at
December 31, 2000 and 1999..............................................4
Statements of Changes in Net Assets Available for
Plan Benefits for the Years Ended December 31,
2000, 1999 and 1998.....................................................5
Notes to Financial Statements.............................................6
Supplemental Schedule I - Schedule of Assets Held
for Investment Purposes at End of Year.................................14
Supplemental Schedule II - Schedule of Reportable Transactions ..........15
Consent of Independent Auditors..........................................16
Signature................................................................17
2
INDEPENDENT AUDITORS' REPORT
The Plan Trustees
General Communication, Inc. Qualified
Employee Stock Purchase Plan
We have audited the accompanying statements of net assets available for plan
benefits of General Communication, Inc. Qualified Employee Stock Purchase Plan
as of December 31, 2000 and 1999, and the related statements of changes in net
assets available for plan benefits for each of the years in the three-year
period ended December 31, 2000. These financial statements are the
responsibility of the Plan's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of General
Communication, Inc. Qualified Employee Stock Purchase Plan as of December 31,
2000 and 1999, and the changes in those net assets available for plan benefits
for each of the years in the three-year period ended December 31, 2000, in
conformity with accounting principles generally accepted in the United States of
America.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes at end of year and reportable transactions are presented
for the purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental schedules
are the responsibility of the Plan's management. The supplemental schedules have
been subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/
KPMG LLP
Anchorage, Alaska
June 15, 2001
3
GENERAL COMMUNICATION, INC.
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 2000 and 1999
2000 1999
-------------- --------------
Cash and cash equivalents $ 150 337,821
-------------- --------------
Investments, at fair value:
Common stock 30,139,688 16,415,045
Mutual funds 3,908,513 3,351,201
Common/collective trust 228,069 ---
Participant loans 536,638 513,633
-------------- --------------
34,812,908 20,279,879
-------------- --------------
Contributions receivable:
Employee 118,475 114,804
Employer 657,957 1,033,353
-------------- --------------
776,432 1,148,157
Investment income receivable 1,517 246,708
-------------- --------------
Net assets available for plan benefits $ 35,591,007 22,012,565
============== ==============
See accompanying notes to financial statements.
4
GENERAL COMMUNICATION, INC.
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
Statements of Changes in Net Assets Available for Plan Benefits
Years Ended December 31, 2000, 1999 and 1998
2000 1999 1998
--------------- --------------- ---------------
Contributions:
Employee $ 3,522,784 2,837,435 2,654,679
Employer 2,783,038 2,466,869 2,327,352
--------------- --------------- ---------------
6,305,822 5,304,304 4,982,031
--------------- --------------- ---------------
Investment income:
Interest income 56,013 57,134 56,821
Dividend income 383,306 69,365 50,604
Net appreciation (depreciation) in fair value of investments 8,232,832 1,091,334 (6,100,226)
--------------- --------------- ---------------
8,672,151 1,217,833 (5,992,801)
--------------- --------------- ---------------
Increase (decrease) in net assets available for plan
benefits 14,977,973 6,522,137 (1,010,770)
Employee withdrawals 1,399,531 1,527,547 594,190
--------------- --------------- ---------------
Net increase (decrease) in net assets available for plan
benefits 13,578,442 4,994,590 (1,604,960)
Net assets available for plan benefits at beginning of period 22,012,565 17,017,975 18,622,935
--------------- --------------- ---------------
Net assets available for plan benefits at end of period $ 35,591,007 22,012,565 17,017,975
=============== =============== ===============
See accompanying notes to financial statements.
5
GENERAL COMMUNICATION, INC
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
Notes to Financial Statements
(1) Description of Plan
The following description of the General Communication, Inc. Qualified
Employee Stock Purchase Plan ("Plan") provides general information
only. Participants should refer to the Plan document for a more
complete description of the Plan's provisions.
General
The Plan is a defined contribution plan covering employees of
General Communication, Inc. ("GCI") and affiliated companies
(collectively, the "Company") who have completed one year of
service, as defined in the Plan document. Affiliated companies
include GCI, GCI's wholly-owned subsidiary GCI, Inc., GCI, Inc.'s
wholly-owned subsidiary GCI Holdings, Inc., GCI Holdings, Inc.'s
wholly-owned subsidiaries GCI Communication Corp., GCI Cable, Inc.
and GCI Transport Co., Inc., GCI Transport Co., Inc.'s wholly-owned
subsidiaries GCI Satellite Co., Inc., GCI Fiber Co., Inc. and Fiber
Hold Company, Inc. and GCI Fiber Co., Inc.'s and Fiber Hold Company,
Inc.'s wholly-owned partnership Alaska United Fiber System
Partnership.
Contributions
The Plan provides for a qualified cash or deferred arrangement as
defined in Section 401(k) of the Internal Revenue Code of 1986
("Code"). A participant may elect the following methods to make
employee contributions:
(1) Salary Reduction Contributions which will not be included in
the participant's current earnings for federal income tax
purposes but rather are taxable upon distribution or,
(2) Non-qualified Voluntary Contributions ("after-tax
contributions") which will be included in the participant's
current earnings for federal income tax purposes and are not
taxable upon distribution.
Eligible employees of the Company may elect to reduce their
compensation in any amount up to 10% of such compensation subject to
a maximum of $10,500 in 2000 and $10,000 in 1999 and 1998; they may
contribute up to 10% of their compensation with after-tax dollars;
or they may elect a combination of salary reduction and after-tax
contributions. The Company may match employee salary reduction and
after-tax contributions in any amount determined by the Company's
Board of Directors each year, but not more than 10% of any one
employee's compensation will be matched in any pay period. All
matching contributions are invested in GCI Class A or Class B common
stock. The combination of salary reduction, after-tax, forfeited and
matching contributions cannot exceed the lesser of 25% of any
employee's compensation (determined after salary reduction) for any
year, or $30,000. Compensation considered for all Plan purposes is
subject to a compensation ceiling of $170,000 for 2000 and $160,000
in 1999 and 1998.
Employee contributions invested in GCI Class A and Class B common
stock may receive up to 100% matching, as determined by the
Company's Board of Directors each year, in GCI Class A and Class B
common stock. Employee contributions invested in other than GCI
Class A and Class B common stock may receive up to 50% matching, as
determined by the Company's Board of Directors each year, in GCI
Class A and Class B common stock.
Matching amounts contributed to the Plan by the Company are not
taxed to the employee until distribution upon retirement, hardship
or termination of employment. Plan earnings are taxable to the
employee either upon distribution or, in the case of GCI common
stock distributions, upon eventual disposition of the stock.
6 (Continued)
GENERAL COMMUNICATION, INC
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
Notes to Financial Statements
Participant Accounts
Each participant account is credited with the participant's
contributions, employer matching contributions, allocations of Plan
earnings and forfeitures. Plan earnings are allocated quarterly.
Earnings of assets other than GCI Class A and Class B common stock
are allocated based on the participant's weighted average account
balance (excluding GCI common stock) as a proportion of total
weighted average account balances (excluding GCI common stock)
during the calendar quarter. Earnings on Company common stock are
allocated to the accounts holding such GCI common stock, based upon
the number of shares held by each participant account at the end of
the calendar quarter.
Vesting
A participant's interest in his or her Salary Reduction
Contributions and Non-qualified Voluntary Contributions is always
fully vested and is not subject to forfeiture.
The participant's interest in the Company matched portion of their
account ("Matching Account") is vested based upon years of service
with the Company (as defined in the Plan document), in accordance
with the following schedule:
Years of Service Vested Percentage
------------------------------- ---------------------
Less than 1 0%
1 or more but less than 2 20%
2 or more but less than 3 30%
3 or more but less than 4 45%
4 or more but less than 5 60%
5 or more but less than 6 80%
6 or more 100%
Any portion of a participant's account which is forfeitable shall be
forfeited on the earlier of the date a terminated participant
receives a distribution or the date on which the participant
experiences five consecutive one-year breaks in service (as defined
in the Plan document).
A participant's interest in the Company Matching Account fully vests
without regard to the number of years of service when the
participant, while still employed: (i) attains Normal Retirement Age
(as defined in the Plan document) and retires under the terms of the
Plan; (ii) dies, or (iii) becomes totally and permanently disabled.
A participant's interest in the Company Matching Account fully vests
upon the termination or partial termination of the Plan or upon
complete discontinuance of Company contributions.
If a participant terminates participation for any reason other than
attainment of Normal Retirement Age and retirement, death or
disability while any portion of his or her account in the Plan is
forfeitable, and receives a distribution of his or her vested
account balance attributable to Company matching contributions not
later than the close of the second Plan year following the Plan year
in which participation terminated, then upon becoming an eligible
employee, the participating employee will have the right to repay
the distribution to the Plan in accordance with Plan provisions. The
shares of that participating employee's account previously forfeited
will be restored.
Forfeitures
If a participating employee terminates participation for any reason
other than attainment of Normal Retirement Age and retirement, death
or disability, that portion of his or her account attributable to
Company matching contributions which has not vested will be
forfeited. All
7 (Continued)
GENERAL COMMUNICATION, INC
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
Notes to Financial Statements
amounts so forfeited will be allocated along with the employer
matching contribution to the remaining participating employees
during the first calendar quarter after the end of the year in which
the forfeitures occur.
Participant Loans
Participants may borrow from their accounts a minimum of $1,000 up
to a maximum equal to the lesser of $50,000 or 50% of their vested
account balance. Loan transactions are treated as a transfer to
(from) the appropriate investment fund from (to) the participant's
loan. Loan terms range from 1-5 years. Loans are secured by the
vested balance in the participant's account and earn interest at a
fixed rate calculated at the loan date. The fixed rate for loans
through June 30, 2000 was calculated using National Bank of Alaska's
prime rate plus 2%. Loans entered into after June 30, 2000 bear
interest at the Wall Street Journal's prime rate at loan date plus
2%. Principal and interest is paid ratably through semi-monthly
payroll deductions.
(2) Summary of Significant Accounting Policies
The Plan financial statements are based on the accrual method of
accounting in accordance with generally accepted accounting principles.
Plan investments are stated at fair value.
In preparing the financial statements, the Plan administrator is
required to make certain estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities as of the date of the financial statements and
additions and deductions to (from) net assets for the period. Actual
results could differ from those estimates and assumptions.
At December 31, 2000 the fair values of GCI Class A common stock,
WorldCom common stock, Liberty Media Group Class A tracking stock, TCI
Satellite Entertainment, Inc. Series A common stock and AT&T common
stock are based on the average of the closing bid and ask prices as
listed on the National Association of Securities Dealers Automated
Quotation (NASDAQ) National Market System. GCI Class B common stock is
traded on the Over-the-Counter market. GCI Class B common stock is
convertible share-for-share into GCI Class A common stock and is valued
based on Over-the-Counter activity. Mutual fund investments are carried
at fair value, as determined by individual fund management, based upon
quoted market prices.
At December 31, 1999 the fair value of GCI Class A and Class B common
stock; MCI WorldCom common stock; and Liberty Media Group Class A
tracking stock, TCI Satellite Entertainment, Inc. Series A common stock
and AT&T common stock was based on the average of the closing bid and
ask prices as listed on the NASDAQ.
The Common/Collective Trust invests primarily in money market
instruments, US Government agency obligations, and investment
contracts. The Plan's ownership in the Common/Collective Trust is
carried at fair value based on the investment's net asset value per
unit. Money market instruments and US Government agency obligations in
the Common/Collective Trust are valued at amortized cost. The
investment contracts in the Common/Collective Trust are carried at
either contract value, which approximates fair value, because certain
contracts are fully benefit responsive, or at contract book value which
approximates amortized cost.
Purchases and sales of securities are recorded on a trade-date basis.
Reclassifications have been made to the 1998 financial statements to
make them comparable with the 1999 and 2000 presentation.
8 (Continued)
GENERAL COMMUNICATION, INC
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
Notes to Financial Statements
(3) Administration of Plan Assets
The Heintzberger Company was recordkeeper for the Plan and National
Bank of Alaska was trustee for the Plan through June 30, 2000.
Effective July 1, 2000, the Plan transferred all of the plan assets to
Merrill Lynch who became the recordkeeper and trustee at that time.
Administrative expenses related to the Plan are paid directly by the
Company to the recordkeeper and the trustee. Company employees continue
to provide administrative support to the Plan but no employee receives
compensation from the Plan.
(4) Amendment or Termination
The Company's Board of Directors has reserved the right to amend or
terminate the Plan. No amendment may reduce the accrued benefits of any
participant or give the Company any interest in the trust assets of the
Plan. In the event of termination of the Plan, a participant with
respect to the Plan becomes fully vested in his or her Company Matching
Account.
In June 1998 the Plan was amended and restated effective January 1998
requiring all hardship withdrawals be made only in a cash lump sum and
allowing hardship withdrawals of rollover contributions without the
temporary suspension of participant contributions and without the
requirement that the participant exhaust all other resources prior to
obtaining a hardship withdrawal of rollover contributions.
(5) Cash and Cash Equivalents
Cash and cash equivalents includes restricted cash of $138,080 at
December 31, 1999 held primarily in an interest bearing certificate of
deposit. This cash was restricted by participants from use in
purchasing stock or other investments. At December 31, 2000 these
restricted account balances total $144,938 and are invested in the
Common/Collective Trust.
(6) Investments
Investment choices offered to Plan participants through June 30, 2000
were as follows:
Common Stock:
- GCI Class A and Class B common stock.
- WorldCom common stock - prior to September 14, 1998 the Plan
allowed participants to invest in MCI Communications Corp. (MCI)
Class A common stock. On September 14, 1998 WorldCom, Inc.
acquired MCI and subsequently converted each share of MCI Class
A common stock into WorldCom common stock.
- AT&T common stock - includes shares of Liberty Media Group Class
A tracking stock, AT&T common stock and TCI Satellite
Entertainment, Inc. Series A common stock. Prior to March 15,
1999 the Plan allowed participants to invest in TCI Group Series
A common stock. On March 15, 1999 AT&T merged with TCI and
subsequently converted each share of TCI Group Series A common
stock into 0.7757 share of AT&T common stock. Prior to March 23,
1999 the Plan allowed participants to invest in TCI Series A
Ventures Group common stock. On March 23, 1999 Liberty Media
Group acquired TCI Ventures Group and subsequently converted
each share of TCI Series A Ventures Group common stock into 0.52
share of Liberty Media Group Class A tracking stock.
Mutual Funds:
- Fidelity Puritan Fund - a mutual fund seeking high income with
preservation of capital by investing in a broadly diversified
portfolio of securities.
9 (Continued)
GENERAL COMMUNICATION, INC
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
Notes to Financial Statements
- Heartland Value Fund - a mutual fund seeking long-term capital
appreciation through investment in small company stocks selected
on a value basis.
- Meridian Fund - a mutual fund seeking long-term growth of
capital through investments in small and medium sized companies
considered to be experiencing above-average growth in revenues
and earnings.
- Neuberger Berman Guardian Fund - a mutual fund seeking primarily
capital appreciation and secondarily current income through
investment in a large number of common stocks of
long-established, high quality companies.
- Vanguard Short-term Corporate Fund - a mutual fund seeking to
provide investors with a high level of income consistent with
maintenance of principle and liquidity with primary investments
in investment grade corporate debt securities, federal, state
and municipal agency obligations, certificates of deposit and
commercial paper.
- Vanguard 500 Index - a mutual fund seeking to match the
performance of a benchmark index that measures the investment
return of the overall stock market.
- Janus Worldwide Fund - a mutual fund seeking long-term growth of
capital by investing primarily in common stocks of companies of
any size throughout the world.
Effective July 1, 2000, Plan participants were offered the following
investment choices:
Common Stock:
- GCI Class A and Class B common stock.
- WorldCom common stock
- AT&T common stock
Common/Collective Trust:
- Merrill Lynch Retirement Preservation Trust - a collective trust
seeking preservation of income by investing in a broadly
diversified portfolio of Guaranteed Investment Contracts, U.S.
government agency securities, and high-quality money market
securities.
Mutual Funds:
- Alger Growth Retirement Portfolio - a mutual fund seeking
long-term capital appreciation through investment in the equity
securities of large companies.
- Mercury Total Return Bond Fund - a mutual fund seeking to
maximize long-term total return through investment in bonds of
varying maturities with a portfolio duration of two to eight
years.
- Oakmark Select Fund - a mutual fund seeking long-term capital
appreciation through investment in a non-diversified portfolio
of common stocks of U.S. companies considered priced
significantly below anticipated long-term value.
- Dreyfus Founders Discovery Fund - a mutual fund seeking capital
appreciation through investment in small and relatively unknown
companies with high growth potential.
10 (Continued)
GENERAL COMMUNICATION, INC
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
Notes to Financial Statements
- Merrill Lynch Basic Value Fund - a mutual fund seeking primarily
capital appreciation and secondarily income through investment
in securities considered undervalued.
- PIMCO Innovation Fund - a mutual fund seeking capital
appreciation through investment in companies utilizing new
innovative technologies to gain a strategic competitive
advantage in their industry, and companies that provide and
service those technologies.
- Van Kampen Aggressive Growth Fund - a mutual fund seeking
capital growth through investments in primarily small and medium
sized companies considered to have above-average potential for
capital growth.
- Merrill Lynch S&P 500 Index Fund - a mutual fund seeking to
match the performance of the Standard & Poor's 500 Composite
Stock Price Index through investment in similar proportions of
common stocks represented in the S&P 500.
- State Street Research Aurora Fund - a mutual fund seeking high
total return, primarily capital appreciation, through
investments in small company value stocks.
- AIM International Equity Fund - a mutual fund seeking long-term
capital growth through investments in marketable equity
securities of foreign companies traded on the foreign securities
exchange or over-the-counter market.
- Oppenheimer Quest Balanced Value Fund - a mutual fund seeking
primarily capital growth and secondarily income through
investments in common stock of U.S. companies considered
undervalued, equity secu2000es, 1999 and corporate and
government bonds.
At December 31, 2000 and 1999 the GCI Class A and Class B common stock
price was $7.00 and $4.3750, respectively.
Investments which represent 5% or more of the Plan's net assets at
December 31, 2000 and 1999 follow (partially nonparticipant-directed,
see note 7):
2000 1999
-------------- --------------
GCI Class A and Class B common
stock $ 29,568,888 15,006,451
============== ==============
The Plan's investments (including gains and losses on investments
bought and sold, as well as held during the year) appreciated
(depreciated) in value during the years ended December 31, as follows:
Years ended December 31,
--------------------------------------------------
2000 1999 1998
-------------- -------------- ---------------
Common stock $ 8,803,758 573,586 (6,393,201)
Mutual funds (570,926) 517,748 292,975
-------------- -------------- ---------------
$ 8,232,832 1,091,334 (6,100,226)
============== ============== ===============
(7) Nonparticipant-directed Investments
The GCI Class A and Class B common stock contributed to the Plan by the
employer are nonparticipant-directed investments. The following
information about the net assets and the
11 (Continued)
GENERAL COMMUNICATION, INC
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
Notes to Financial Statements
significant components of the changes in net assets includes all GCI
Class A and Class B common stock contributed to the Plan by both
employees and the employer:
December 31,
2000 1999
-------------- --------------
Net assets:
Common stock $ 29,568,888 15,006,451
============== ==============
Years ended December 31,
-------------------------------------------------
2000 1999 1998
-------------- -------------- --------------
Changes in net assets:
Contributions $ 5,544,448 4,656,637 3,931,974
Net appreciation (depreciation) 10,144,230 69,817 (6,428,955)
Employee withdrawals (1,194,872) (1,185,104) (463,514)
Transfers to (from)
participant-directed
investments 68,631 (326) 212,930
-------------- -------------- --------------
$ 14,562,437 3,541,024 (2,747,565)
============== ============== ==============
(8) Income Taxes
The Plan is qualified under Section 401(a) of the Code pursuant to a
favorable tax determination letter dated February 23, 2001 obtained
from the Internal Revenue Service ("IRS"). The trust established
pursuant to the Plan is, therefore, exempt from taxation under Section
501(a) of the Code.
(9) Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for plan
benefits per the financial statements to the Form 5500:
December 31,
2000 1999
-------------- --------------
Net assets available for plan
benefits per the financial
statements $ 35,591,007 22,012,565
Less: accrued participant
withdrawals (47,545) (41,553)
-------------- --------------
Net assets available for plan
benefits per Form 5500 $ 35,543,462 21,971,012
============== ==============
12 (Continued)
GENERAL COMMUNICATION, INC
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
Notes to Financial Statements
The following is a reconciliation of benefits paid to participants per
the financial statements to the Form 5500:
Years Ended December 31,
-------------------------------------------------
2000 1999 1998
-------------- ------------- --------------
Benefits paid to participants per
the financial statements $ 1,399,531 1,527,547 594,190
Add: accrued participant
withdrawals 47,545 41,553 ---
-------------- ------------- --------------
Benefits paid to participants
per Form 5500 $ 1,447,076 1,569,100 594,190
============== ============= ==============
13
Supplemental Schedule I
GENERAL COMMUNICATION, INC.
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
Schedule of Assets Held for Investment Purposes at End of Year
December 31, 2000
(e) Current
(a) (b) Identity of Issue (c) Description of Investment (d) Cost Value
- ------ --------------------------------- ---------------------------------- ------------------ ---------------
Common Stock:
* General Communication, Inc 4,224,127 shares of Class A and
Class B common stock $ 20,561,244 *** $ 29,568,888
* WorldCom 27,392 shares of common stock ** 385,182
AT&T 10,760 shares of common stock ** 185,618
---------------
30,139,688
Common / Collective Trust:
Merrill Lynch Retirement
Preservation Trust 228,070 units ** 228,069
---------------
Mutual fund investments:
Alger Growth Retirement Portfolio 403 shares ** 5,826
Mercury Total Return Bond Fund 28,270 shares ** 354,502
Oakmark Select Fund 457 shares ** 9,875
Dreyfus Founders Discovery Fund 969 shares ** 33,707
Merrill Lynch Basic Value Fund 25,585 shares ** 837,126
PIMCO Innovation Fund 1,227 shares ** 50,510
Van Kampen Aggressive Growth Fund 13,624 shares ** 302,856
Merrill Lynch S&P 500 Index Fund 29,688 shares ** 480,347
State Street Research Aurora Fund 29,341 shares ** 819,503
AIM International Equity Fund 26,344 shares ** 505,537
Oppenheimer Quest Balanced Value
Fund 31,422 shares ** 508,724
---------------
3,908,513
3
Participant loans Interest bearing at 9.71% - 11.50% --- 536,638
---------------
$ 34,812,908
===============
* Party-in-interest
** Not required for participant-directed investments
*** Partially nonparticipant-directed investment, see note 7 included
in the accompanying Notes to Financial Statements.
See accompanying independent auditors' report.
14
Supplemental Schedule II
GENERAL COMMUNICATION, INC.
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
Schedule of Reportable Transactions
Year Ended December 31, 2000
(h) Current
Value of
Asset on
(a) Identity of (b) Description of (c) Purchase (d) Selling (g) Cost of Transaction (i) Net Gain
Party Involved Asset Price Price Asset Date (Loss)
- ------------------- -------------------- -------------- -------------- -------------- -------------- ------------
Series of
transactions:
GCI Class A common stock $ 2,465,444 $ --- $ 2,465,444 $ 2,465,444 $ ---
See accompanying independent auditors' report.
16
Exhibit
CONSENT OF INDEPENDENT AUDITORS
The Plan Trustees
General Communication, Inc. Qualified
Employee Stock Purchase Plan
We consent to incorporation by reference in the Form S-8 Registration Statement
(No. 33-87639) of our report dated June 15, 2001 related to the statements of
net assets available for plan benefits of General Communication, Inc. Qualified
Employee Stock Purchase Plan as of December 31, 2000 and 1999 and the related
statements of changes in net assets available for plan benefits for each of the
years in the three-year period ended December 31, 2000, which report appears in
the December 31, 2000 annual report on Form 11-K of General Communication, Inc.
Qualified Employee Stock Purchase Plan.
/s/
KPMG LLP
Anchorage, Alaska
June 15, 2001
16
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees of the Plan have duly caused this annual report to be signed on its
behalf by the undersigned thereunto duly authorized.
GENERAL COMMUNICATION, INC.
QUALIFIED EMPLOYEE STOCK PURCHASE PLAN
Signature Title Date
- ---------------------------------- ---------------------- -------------------
/s/ Plan Administrator June 18, 2001
Alfred J. Walker
17