iHeartMedia 2004 Annual Report Download - page 33
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ITEM 6. Selected Financial Data
30
For the Years ended December 31, (1)
(In thousands, exce
p
t
p
er share data) 2004 2003 2002 2001 2000
Results of O
p
erations Information:
Revenue $ 9,418,459 $8,930,899 $ 8,421,055 $ 7,970,003 $5,345,306
Operating Expenses:
Divisional operating expenses 6,850,426 6,488,856 6,052,761 5,866,706 3,480,706
Non-cash compensation expense 4,620 5,018 5,436 17,077 16,032
Depreciation and amortization 693,958 671,338 620,766 2,562,480 1,401,063
Corporate expenses 195,025 174,154 176,370 187,434 142,627
Operating income (loss) 1,674,430 1,591,533 1,565,722 (663,694) 304,878
Interest expense 367,753 388,000 432,786 560,077 383,104
Gain (loss) on sale of assets related to mergers
3,991 (213,706) 783,743
Gain (loss) on marketable securities 46,271 678,846 (3,096)25,820 (5,369)
Equity in earnings of nonconsolidated affiliates 25,191 22,026 26,928 10,393 25,155
Other income (expense) - net (13,947)20,959 57,430 152,267 (11,764)
Income (loss) before income taxes and cumulative effect of a change
in accounting principle 1,364,192 1,925,364 1,218,189 (1,248,997) 713,539
Income tax benefit (expense) (518,393)(779,773)(493,366)104,971 (464,731)
Income (loss) before cumulative effect of a change in accounting
principle 845,799 1,145,591 724,823 (1,144,026) 248,808
Cumulative effect of a change in accounting principle, net of tax of,
$2,959,003 in 2004 and $4,324,446 in 2002 (4,883,968) — (16,778,526)
—
—
Net income (loss) $(4,038,169) $1,145,591 $(16,053,703) $(1,144,026) $ 248,808
Net income (loss) per common share
Basic:
Income (loss) before cumulative effect of a change in
accounting principle $1.42 $1.86 $1.20 $(1.93) $ 0.59
Cumulative effect of a change in accounting principle (8.19) — (27.65)
—
—
Net income (loss) $(6.77) $ 1.86 $(26.45) $ (1.93) $ 0.59
Diluted:
Income (loss) before cumulative effect of a change in
accounting principle $1.41 $1.85 $1.18 $(1.93) $ 0.57
Cumulative effect of a change in accounting principle (8.16) — (26.74)
—
—
Net income (loss) $(6.75) $ 1.85 $(25.56) $ (1.93) $ 0.57
Cash dividends per share $ .45 $ .20 $
—
$
—
$—