iHeartMedia 2004 Annual Report Download - page 74
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The results of operations for the year ended December 31, 2002 include the operations of Ackerley from June 14, 2002. Unaudited pro forma
consolidated results of operations, assuming the Ackerley acquisition had occurred on January 1, 2002 would have been as follows:
The pro forma information above is presented in response to applicable accounting rules relating to business acquisitions and is not necessarily
indicative of the actual results that would have been achieved had the merger occurred at the beginning of 2002, nor is it indicative of future
results of operations.
Other
In addition to the acquisition discussed above, during 2002 the Company acquired radio stations, outdoor display faces and certain music,
racing events promotional and exhibition related assets. The aggregate cash and restricted cash paid for these acquisitions was approximately
$241.2 million.
Acquisition Summary
The following is a summary of the assets and liabilities acquired and the consideration given for all acquisitions made during 2004 and 2003:
The Company has entered into certain agreements relating to acquisitions that provide for purchase price adjustments and other future
contingent payments based on the financial performance of the acquired company. The Company will continue to accrue additional amounts
related to such contingent payments if and when it is determinable that the applicable financial performance targets will be met. The aggregate
of these contingent payments, if performance targets were met, would not significantly impact the Company’s financial position or results of
operations.
71
(In thousands, exce
p
t
p
er share data)
Revenue $8,501,064
Income (loss) before cumulative effect of a change in accounting principle $ 720,324
Net income (loss) $(16,058,202)
Income (loss) before cumulative effect of a change in accounting principle per common share - Basic $ 1.18
Net income (loss) per common share – Basic $(26.23)
Income (loss) before cumulative effect of a change in accounting principle per common share - Dilute
d
$1.16
Net income (loss) per common share – Diluted $(25.35)
(In thousands) 2004 2003
Property, plant and equipment $24,062 $14,607
Accounts receivable
210
Indefinite-lived intangible assets 144,671 60,444
Goodwill 74,864 12,154
Investments 2,512 11,993
Other assets 21,455 12,492
267,564 111,900
Other liabilities (4,742) (6,568)
Deferred tax (2,355)49
Common stock issued (31,498)
(38,595)(6,519)
Total cash consideration 228,969 105,381
Less: Restricted cash used 47,564
Cash paid for acquisitions $181,405 $105,381