iHeartMedia 2004 Annual Report Download - page 49

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120.0 basis points and 30.0 basis points, respectively, at ratings of BB/Ba2 or lower.
We believe there are no other agreements that contain provisions that trigger an event of default upon a change in long-term debt ratings
that would have a material impact to our financial statements.
Additionally, the AMFM long-term bonds, which are all 8% senior notes due 2008, contain certain restrictive covenants that limit the ability
of AMFM Operating Inc., a wholly-owned subsidiary of Clear Channel, to incur additional indebtedness, enter into certain transactions with
affiliates, pay dividends, consolidate, or affect certain asset sales.
At December 31, 2004, we were in compliance with all debt covenants. We expect to remain in compliance throughout 2005.
Uses of Capital
Dividends
Our Board of Directors declared quarterly cash dividends as follows:
(In millions, except per share data)
Additionally, on February 16, 2005, our Board of Directors declared a quarterly cash dividend of $0.125 per share of our Common Stock to
be paid on April 15, 2005, to shareholders of record on March 31, 2005.
Acquisitions
During 2004, we acquired radio stations for $59.4 million in cash and $38.9 million in restricted cash. We also acquired outdoor display
faces for $60.9 million in cash and acquired equity interests in international outdoor companies for $2.5 million in cash. Our live entertainment
segment made cash payments of $16.2 million, primarily related to business acquisitions and various earn-outs and deferred purchase price
consideration on prior year acquisitions. Also, we acquired two television stations for $10.0 million in cash and $8.7 million in restricted cash,
and our national representation business acquired new contracts for a total of $32.4 million in cash.
Capital Expenditures
Capital expenditures decreased from $378.0 million in 2003 to $357.2 million in 2004. Overall, capital expenditures decreased in 2004 as
compared to 2003 due to less revenue producing capital expenditures during the year ended December 31, 2004, as compared to the year ended
December 31, 2003.
46
Amoun
t
per
Declaration Common Total
Date Share Record Date Payment Date Paymen
t
October 23, 2003 $0.10 December 31, 2003 January 15, 2004 $61.6
February 19, 2004 0.10 March 31, 2004 April 15, 2004 61.7
April 28, 2004 0.10 June 30, 2004 July 15, 2004 60.2
July 21, 2004 0.125 September 30, 2004 October 15, 2004 72.5
October 20, 2004 0.125 December 31, 2004 January 15, 2005 70.8
Year Ended December 31, 2004 Capital Expenditures
Corporate and
(In millions) Radio Outdoor Entertainment Other Total
Non-revenue producing $81.5 $70.1 $27.0 $29.1 $207.7
Revenue producing
103.2 46.3
149.5
$81.5 $173.3 $73.3 $29.1 $357.2