iHeartMedia 2001 Annual Report Download - page 99

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99
NOTE L - QUARTERLY RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
March 31, June 30, September 30, December 31,
2001 2000 2001 2000 2001 2000 2001 2000
Revenue $1,628,363 $ 782,539 $2,179,261 $ 965,875 $2,300,233 $1,576,719 $1,862,146 $2,020,173
Operating expenses:
Divisional operating expenses 1,179,068 519,961 1,520,215 562,729 1,696,581 1,062,284 1,470,842 1,335,732
Non-cash compensation 3,894 8,456 2,581 3,151 2,146 12,881
Depreciation and amortization 613,751 220,054 644,850 228,687 652,771 372,059 651,108 580,263
Corporate expenses 45,071 24,578 47,611 27,867 48,150 39,417 46,602 50,765
Operating income (loss) (213,421) 17,946 (41,871) 146,592 (99,850) 99,808 (308,552) 40,532
Interest expense 156,400 55,549 137,539 69,911 134,744 105,335 131,394 152,309
Gain (loss) on sale of assets
related to mergers
(6,390)
(51,000)
805,183
(156,316)
(21,440)
Gain on marketable securities 18,456 5,349 5,707 (3,692) (5,369)
Equity in earnings (loss) of
nonconsolidated affiliates
563
2,936
4,045
6,667
7,011
8,433
(1,226)
7,119
Other income (expense) – net (7,633) 398 (9,765) 1,226 (1,651) (8,964) 171,316 (4,424)
Income (loss) before income
taxes
(364,825)
(34,269)
(230,781)
84,574
(223,527)
799,125
(429,864)
(135,891)
Income tax (expense) benefit (1) 55,597 (5,133) (6,220) (53,339) (8,671) (350,198) 64,265 (56,061)
Net income (loss) $ (309,228) $ (39,402) $ (237,001) $ 31,235 $ (232,198) $ 448,927 $ (365,599) $ (191,952)
Net income (loss) per
common share:
Basic $ (.53) $ (.12) $ (.40) $ .09 $ (.39) $ 1.04 $ (.61) $ (.33)
Diluted $ (.53) $ (.12) $ (.40) $ .09 $ (.39) $ .96 $ (.61) $ (.33)
Stock price:
High $ 68.08 $ 95.50 $ 65.60 $ 83.00 $ 64.15 $ 85.81 $ 51.60 $ 61.00
Low 47.25 60.00 50.12 62.06 35.20 54.75 36.99 43.88
(1) Income tax expense in the quarters ended September 30, 2000 and December 31, 2000 includes
estimated taxes related to divestiture gains.
The Company's Common Stock is traded on the New York Stock Exchange under the symbol CCU.
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Not Applicable