iHeartMedia 2003 Annual Report Download - page 29
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ITEM 6. Selected Financial Data
29
(In thousands, except per share data)
For the Years ended December 31, (1)
2003 2002 2001 2000 1999
Results of O
p
erations Information:
Revenue $8,930,899 $ 8,421,055 $ 7,970,003 $5,345,306 $2,678,160
Operating Expenses:
Divisional operating expenses 6,488,856 6,052,761 5,866,706 3,480,706 1,632,115
Non-cash compensation expense 5,018 5,436 17,077 16,032
—
Depreciation and amortization 671,338 620,766 2,562,480 1,401,063 722,233
Corporate expenses 174,154 176,370 187,434 142,627 70,146
Operating income (loss) 1,591,533 1,565,722 (663,694) 304,878 253,666
Interest expense 388,000 432,786 560,077 383,104 179,404
Gain (loss) on sale of assets related to mergers
—
3,991 (213,706) 783,743 138,659
Gain (loss) on marketable securities 678,846 (3,096)25,820 (5,369)22,930
Equity in earnings of nonconsolidated affiliates 22,026 26,928 10,393 25,155 18,183
Other income (expense) — ne
t
20,959 57,430 152,267 (11,764)(15,638)
Income (loss) before income taxes, extraordinary item and
cumulative effect of a change in accounting principle 1,925,364 1,218,189 (1,248,997) 713,539 238,396
Income tax benefit (expense) (779,773)(493,366)104,971 (464,731)(152,741)
Income (loss) before extraordinary item and cumulative
effect of a change in accounting principle 1,145,591 724,823 (1,144,026) 248,808 85,655
Extraordinary item
—
—
—
—
(13,185)
Income (loss) before cumulative effect of a change in
accounting principle 1,145,591 724,823 (1,144,026) 248,808 72,470
Cumulative effect of a change in accounting principle, net of
tax of $4,324,446 —(16,778,526) — — —
Net income (loss) $1,145,591 $(16,053,703) $(1,144,026) $ 248,808 $ 72,470
Net income (loss) per common share
Basic:
Income (loss) before extraordinary item and cumulative
effect of a change in accounting principle $1.86 $1.20 $(1.93) $ 0.59 $0.27
Extraordinary item
—
—
—
—
(0.04)
Cumulative effect of a change in accounting principle
—
(27.65)
—
—
—
Net income (loss) $ 1.86 $ (26.45) $ (1.93) $ 0.59 $ 0.23
Diluted:
Income (loss) before extraordinary item and cumulative
effect of a change in accounting principle $ 1.85 $ 1.18 $ (1.93) $ 0.57 $ 0.26
Extraordinary item — — — — (0.04)
Cumulative effect of a change in accounting principle
—
(26.74)
—
—
—
Net income (loss) $1.85 $(25.56) $ (1.93) $ 0.57 $0.22
Cash dividends per share $ .20 $
—
$
—
$
—
$
—