iHeartMedia 2002 Annual Report Download - page 104

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NOTE N —QUARTERLY RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
March 31, June 30, Se
p
tember 30, December 31,
2002 2001 2002 2001 2002 2001 2002 2001
Revenue $1,697,987 $1,628,363 $2,172,910 $2,179,261 $2,340,425 $2,300,233 $2,209,733 $1,862,146
Operating expenses:
Divisional operating
expenses 1,288,977 1,179,068 1,506,401 1,520,215 1,680,371 1,696,581 1,577,012 1,470,842
Non-cash
compensation 1,838 3,894 1,445 8,456 936 2,581 1,217 2,146
Depreciation and
amortization 142,418 613,751 146,261 644,850 160,503 652,771 171,584 651,108
Corporate expenses 38,969 45,071 39,203 47,611 44,385 48,150 53,813 46,602
Operating income (loss) 225,785 (213,421)479,600 (41,871)454,230 (99,850)406,107 (308,552)
Interest expense 110,367 156,400 108,350 137,539 107,935 134,744 106,134 131,394
Gain (loss) on sale of
assets related to
mergers 3,991 (6,390)
—
(51,000)
—
—
—
(156,316)
Gain on marketable
securities 2,984 18,456 5,917 5,349 (16,009) 5,707 4,012 (3,692)
Equity in earnings
(loss) of
nonconsolidated
affiliates 3,213 563 7,500 4,045 5,906 7,011 10,309 (1,226)
Other income (expense)
–ne
t
26,207 (7,633) 15,394 (9,765) 20,974 (1,651) (5,145) 171,316
Income (loss) before
income taxes and
cumulative effect of a
change in accounting
principle 151,813 (364,825)400,061 (230,781)357,166 (223,527)309,149 (429,864)
Income tax
(expense) benefit (61,484) 55,597 (162,025) (6,220) (144,652) (8,671) (125,205) 64,265
Income (loss) before
cumulative effect of a
change in accounting
principle 90,329 (309,228)238,036 (237,001)212,514 (232,198)183,944 (365,599)
Cumulative effect of a
change in accounting
principle, net of tax of
$4,324,446 (16,778,526) —
—
—
—
—
—
—
Net income (loss) $(16,688,197) $ (309,228) $ 238,036 $(237,001) $ 212,514 $(232,198) $ 183,944 $(365,599)
Net income (loss) per
common share:
Basic:
Income
(loss) before
cumulative effect
of a change in
accounting
principle $ .15 $ (.53) $ .40 $ (.40) $ .35 $ (.39) $ .30 $ (.61)
Cumulative effect
of a change in
accounting
principle (28.00) —
—
—
—
—
—
—