iHeartMedia 2003 Annual Report Download - page 91
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NOTE N — QUARTERLY RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
The Company’s Common Stock is traded on the New York Stock Exchange under the symbol CCU.
91
March 31, June 30, September 30, December 31,
2003 2002 2003 2002 2003 2002 2003 2002
Revenue $1,779,443 $1,697,987 $2,317,249 $2,172,910 $2,544,146 $2,340,425 $2,290,061 $2,209,733
Operating expenses:
Divisional operating expenses 1,361,075 1,288,977 1,641,905 1,506,401 1,842,329 1,680,371 1,643,547 1,577,012
Non-cash compensation 799 1,838 1,779 1,445 880 936 1,560 1,217
Depreciation and amortization 159,562 142,418 161,880 146,261 165,882 160,503 184,014 171,584
Corporate expenses 42,779 38,969 42,459 39,203 44,050 44,385 44,866 53,813
Operating income 215,228 225,785 469,226 479,600 491,005 454,230 416,074 406,107
Interest expense 100,952 110,367 95,311 108,350 98,192 107,935 93,545 106,134
Gain (loss) on sale of assets
relatedtomergers
—
3,991
—
—
—
—
—
—
Gain on marketable securities 2,792 2,984 2,581 5,917 675,027 (16,009) (1,554) 4,012
Equity in earnings (loss) of
nonconsolidated affiliates 2,335 3,213 6,713 7,500 2,957 5,906 10,021 10,309
Other income (expense) — ne
t
2 26,207 39,142 15,394 (1,840) 20,974 (16,345) (5,145)
Income before income taxes and
cumulative effect of a change in
accounting principle 119,405 151,813 422,351 400,061 1,068,957 357,166 314,651 309,149
Income tax (expense) benefi
t
(48,359) (61,484) (171,051) (162,025) (432,928) (144,652) (127,435) (125,205)
Income before cumulative effect
of a change in accounting
principle 71,046 90,329 251,300 238,036 636,029 212,514 187,216 183,944
Cumulative effect of a change in
accounting principle, net of tax
of $4,324,446
—
(16,778,526)
—
—
—
—
—
—
Net income (loss) $71,046 $(16,688,197) $ 251,300 $238,036 $636,029 $212,514 $187,216 $183,944
Net income (loss) per common
share:
Basic:
Income before cumulative
effect of a change in
accounting principle $ .12 $ .15 $ .41 $ .40 $ 1.03 $ .35 $ .30 $ .30
Cumulative effect of a
change in accounting
principle
—
(28.00)
—
—
—
—
—
—
Net income (loss) $ .12 $ (27.85) $ .41 $ .40 $ 1.03 $ .35 $ .30 $ .30
Diluted:
Income before cumulative
effect of a change in
accounting principle $ .12 $ .15 $ .41 $ .39 $ 1.03 $ .34 $ .30 $ .30
Cumulative effect of a
change in accounting
principle —(27.76) — — — — — —
Net income (loss) $ .12 $ (27.61) $ .41 $ .39 $ 1.03 $ .34 $ .30 $ .30
Stock price:
High $ 43.98 $ 54.90 $ 43.85 $ 53.97 $ 46.18 $ 37.95 $ 47.48 $ 44.99
Low 31.00 42.24 33.35 29.00 36.36 20.00 38.50 29.36