iHeartMedia 2003 Annual Report Download - page 37
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Divisional operating expenses increased $166.2 million in 2003 compared to 2002. Approximately $81.3 million of the increase is the result
of foreign exchange. The remaining increase primarily relates to variable costs associated with the mix of events in 2003 as compared to 2002.
Reconciliation of Segment Operating Income (Loss)
Fiscal Year 2002 Compared to Fiscal Year 2001
Consolidated
R
evenue
Revenue increased $451.1 million for the year ended December 31, 2002 from the same period of 2001. This increase is largely attributable
to revenue improvements in our radio segment of $261.7 million, driven by improvement in advertising demand for our radio inventory. Both
national and local sales of our radio inventory grew 11% and 5%, respectively, over 2001. Included in the radio revenue growth is
$51.9 million attributable to new programs and growth to existing programs in our syndicated radio business. Another contributing factor to the
37
(In thousands)
Years Ended December 31,
2003 2002
Radio Broadcasting $1,409,236 $1,432,763
Outdoor Advertising 201,221 168,656
Live Entertainmen
t
130,232 96,130
Other 51,131 70,704
Corporate (200,287)(202,531)
Consolidated Operating Income $1,591,533 $1,565,722
(In thousands)
Years Ended December 31,
%Chan
ge
2002 2001 2002 v. 2001
Revenue $8,421,055 $7,970,003 6%
Operating expenses:
Divisional operating expenses (excludes non-cash compensation expense of
$4,400 and $13,111 in 2002 and 2001, respectively) 6,052,761 5,866,706 3%
Non-cash compensation expense 5,436 17,077 (68%)
Depreciation and amortization 620,766 2,562,480 (76%)
Corporate expenses (excludes non-cash compensation expense of $1,036 and
$3,966 in 2002 and 2001, respectively) 176,370 187,434 (6%)
Operating income (loss) 1,565,722 (663,694)
Interest expense 432,786 560,077
Gain (loss) on sale of assets related to mergers 3,991 (213,706)
Gain (loss) on marketable securities (3,096) 25,820
Equity in earnings of nonconsolidated affiliates 26,928 10,393
Other income (expense) — ne
t
57,430 152,267
Income (loss) before income taxes and cumulative effect of a change in
accounting principle 1,218,189 (1,248,997)
Income tax benefit (expense):
Current (149,143)(57,363)
Deferred (344,223) 162,334
Income (loss) before cumulative effect of a change in accounting principle 724,823 (1,144,026)
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)