iHeartMedia 2002 Annual Report Download - page 67
Download and view the complete annual report
Please find page 67 of the 2002 iHeartMedia annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57 -
58 -
59 -
60 -
61 -
62 -
63 -
64 -
65 -
66 -
67 -
68 -
69 -
70 -
71 -
72 -
73 -
74 -
75 -
76 -
77 -
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
 |
 |
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
See Notes to Consolidated Financial Statement
61
Year Ended December 31,
2002 2001 2000
Revenue $8,421,055 $7,970,003 $5,345,306
Operating expenses:
Divisional operating expenses (excludes non-cash compensation expense of
$4,400, $13,111 and $4,359 in 2002, 2001 and 2000, respectively) 6,052,761 5,866,706 3,480,706
Non-cash compensation expense 5,436 17,077 16,032
Depreciation and amortization 620,766 2,562,480 1,401,063
Corporate expenses (excludes non-cash compensation expense of $1,036,
$3,966 and $11,673 in 2002, 2001 and 2000, respectively) 176,370 187,434 142,627
Operating income (loss) 1,565,722 (663,694)304,878
Interest expense 432,786 560,077 383,104
Gain (loss) on sale of assets related to mergers 3,991 (213,706)783,743
Gain (loss) on marketable securities (3,096) 25,820 (5,369)
Equity in earnings of nonconsolidated affiliates 26,928 10,393 25,155
Other income (expense) —ne
t
57,430 152,267 (11,764)
Income (loss) before income taxes and cumulative effect of a change in
accounting principle 1,218,189 (1,248,997)713,539
Income tax benefit (expense):
Current (149,143)(57,363)(78,020)
Deferred (344,223) 162,334 (386,711)
Income (loss) before cumulative effect of a change in accounting principle 724,823 (1,144,026)248,808
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
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments 81,740 11,699 (92,296)
Unrealized gain (loss) on securities:
Unrealized holding gain (loss) (101,455)(141,055)(193,634)
Adjustment for gains on securities transferred to trading
—
(45,315) —
Adjustment for gains on shares held prior to mergers (3,982) — (36,526)
Adjustment for (gain) loss included in net income 10,369 172,634 7,278
Comprehensive loss $(16,067,031) $(1,146,063) $ (66,370)
Net income (loss) per common share:
Income (loss) before cumulative effect of a change in accounting principle –
Basic $1.20 $(1.93) $ .59
Cumulative effect of a change in accounting principle –Basic (27.65) ——
Net income (loss) –Basic $(26.45) $ (1.93) $ .59
Income (loss) before cumulative effect of a change in accounting principle –
Dilute
d
$ 1.18 $ (1.93) $ .57
Cumulative effect of a change in accounting principle –Diluted (26.74) — —
Net income (loss) –Dilute
d
$ (25.56) $ (1.93) $ .57