iHeartMedia 2002 Annual Report Download - page 29
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ITEM 6. Selected Financial Data
(In thousands, except per share data)
For the Years ended December 31, (1)
2002 2001 2000 1999 1998
Results of O
p
erations Information:
Revenue $ 8,421,055 $ 7,970,003 $5,345,306 $2,678,160 $1,350,940
Operating Expenses:
Divisional operating expenses 6,052,761 5,866,706 3,480,706 1,632,115 767,265
Non-cash compensation expense 5,436 17,077 16,032
—
—
Depreciation and amortization 620,766 2,562,480 1,401,063 722,233 304,972
Corporate expenses 176,370 187,434 142,627 70,146 37,825
Operating income (loss) 1,565,722 (663,694) 304,878 253,666 240,878
Interest expense 432,786 560,077 383,104 179,404 135,766
Gain (loss) on sale of assets related to mergers 3,991 (213,706) 783,743 138,659 —
Gain (loss) on marketable securities (3,096)25,820 (5,369)22,930 39,221
Equity in earnings of nonconsolidated affiliates 26,928 10,393 25,155 18,183 10,305
Other income (expense) —ne
t
57,430 152,267 (11,764)(15,638)(26,411)
Income (loss) before income taxes, extraordinary item
and cumulative effect of a change in accounting
principle 1,218,189 (1,248,997) 713,539 238,396 128,227
Income tax benefit (expense) (493,366)104,971 (464,731)(152,741)(74,196)
Income (loss) before extraordinary item and cumulative
effect of a change in accounting principle 724,823 (1,144,026) 248,808 85,655 54,031
Extraordinary item — — — (13,185) —
Income (loss) before cumulative effect of a change in
accounting principle 724,823 (1,144,026) 248,808 72,470 54,031
Cumulative effect of a change in accounting principle,
net of tax of $4,324,446 (16,778,526)
—
—
—
—
Net income (loss) $(16,053,703) $(1,144,026) $ 248,808 $ 72,470 $ 54,031
Net income (loss) per common share
Basic:
Income (loss) before extraordinary item and
cumulative effect of a change in accounting
principle $1.20 $(1.93) $ 0.59 $0.27 $0.23
Extraordinary item
—
—
—(0.04) —
Cumulative effect of a change in accounting
principle (27.65)
—
—
—
—
Net income (loss) $ (26.45) $ (1.93) $ 0.59 $ 0.23 $ 0.23
Diluted:
Income (loss) before extraordinary item and
cumulative effect of a change in accounting
principle $ 1.18 $ (1.93) $ 0.57 $ 0.26 $ 0.22
Extraordinary item — — — (0.04) —
Cumulative effect of a change in accounting
principle (26.74)
—
—
—
—
Net income (loss) $(25.56) $ (1.93) $ 0.57 $0.22 $0.22
Cash dividends per share $
—
$
—
$ — $
—
$ —