iHeartMedia 2005 Annual Report Download - page 58

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58
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Year Ended December 31,
2005 2004 2003
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net income (loss) $ 935,662 $ (4,038,169) $ 1,145,591
Less: Income from discontinued operations, net 300,517 49,007 114,695
Net income (loss) from continuing operations 635,145 (4,087,176) 1,030,896
Reconciling Items:
Cumulative effect of a change in accounting principle, net of tax 4,883,968
Depreciation 476,195 497,141 473,389
Amortization of intangibles 154,194 133,380 135,142
Deferred taxes 382,823 131,685 456,399
Amortization of deferred financing charges, bond premiums and
accretion of note discounts, net 2,042 5,558 5,486
Amortization of deferred compensation 6,081 3,596 3,716
(Gain) loss on sale of operating and fixed assets (47,883) (29,276) (16,020)
(Gain) loss on sale of available-for-sale securities ― (48,429) (31,862)
(Gain) loss on sale of other investments ― (650,315)
(Gain) loss on forward exchange contract 18,194 17,398 17,164
(Gain) loss on trading securities (17,492) (15,240) (13,833)
Equity in earnings of nonconsolidated affiliates (38,338) (22,285) (20,669)
Increase (decrease) other, net 7,031 (5,163) (22,764)
Changes in operating assets and liabilities, net of effects of
acquisitions:
Decrease (increase) in accounts receivable 9,970 38,627 (65,845)
Decrease (increase) in prepaid expenses 15,389 (21,304) (11,729)
Decrease (increase) in other current assets 43,049 29,019 (12,626)
Increase (decrease) in accounts payable, accrued expenses and
other liabilities (34,700) 22,545 114,126
Increase (decrease) in accrued interest 3,411 1,611 20,446
Increase (decrease) in deferred income (18,385) (15,841) 13,109
Increase (decrease) in accrued income taxes (191,506) 28,047 39,480
Net cash provided by operating activities 1,405,220 1,547,861 1,463,690
See Notes to Consolidated Financial Statements