iHeartMedia 2006 Annual Report Download - page 58

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CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data) Year Ended December 31,
2006 2005 2004
Revenue $ 7,066,957 $ 6,578,805 $ 6,600,954
Operating expenses:
Direct operating expenses (includes share-based payments of $17,327, $212
and $930 in 2006, 2005 and 2004, respectively and excludes depreciation
and amortization) 2,650,093 2,457,044 2,321,459
Selling, general and administrative expenses (includes share-based payments
of $17,825 in 2006 and excludes depreciation and amortization) 1,968,869 1,902,837 1,894,550
Depreciation and amortization 633,823 628,010 627,924
Corporate expenses (includes share-based payments of $9,126, $5,869 and
$2,666 in 2006, 2005 and 2004, respectively and excludes depreciation and
amortization) 201,752 171,076 167,388
Merger expenses 7,633 ― ―
Gain on disposition of assets - net 69,330 51,355 39,576
Operating income 1,674,117 1,471,193 1,629,209
Interest expense 483,974 443,245 367,503
Gain (loss) on marketable securities 2,306 (702) 46,271
Equity in earnings of nonconsolidated affiliates 37,478 38,338 22,285
Other income (expense) - net (8,421) 11,267 (30,293)
Income before income taxes, minority interest, discontinued operations and
cumulative effect of a change in accounting principle 1,221,506 1,076,851 1,299,969
Income tax benefit (expense):
Current (298,962) (43,616) (367,599)
Deferred (201,855) (381,740) (130,314)
Income tax benefit (expense) (500,817) (425,356) (497,913)
Minority interest expense, net of tax 31,927 17,847 7,602
Income before discontinued operations and cumulative effect of a change in
accounting principle 688,762 633,648 794,454
Income from discontinued operations, net 2,755 302,014 51,345
Income before cumulative effect of a change in accounting principle 691,517 935,662 845,799
Cumulative effect of a change in accounting principle, net of tax of $2,959,003 ― ― (4,883,968)
Net income (loss) $ 691,517 $ 935,662 $ (4,038,169)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments 92,810 28,643 50,722
Unrealized gain (loss) on securities and derivatives:
Unrealized holding gain (loss) on marketable securities (60,516) (48,492) 47,802
Unrealized holding gain (loss) on cash flow derivatives 76,132 56,634 (65,827)
Adjustment for (gain) included in net (loss) ― ― (32,513)
Comprehensive income (loss) $ 799,943 $ 972,447 $ (4,037,985)
Net income (loss) per common share:
Income before discontinued operations and cumulative effect of a change in
accounting principle – Basic $ 1.37 $ 1.16 $ 1.33
Discontinued operations – Basic .01 .55 .09
Cumulative effect of a change in accounting principle – Basic ⎯ ⎯ (8.19)
Net income (loss) – Basic $ 1.38 $ 1.71 $ (6.77)
Income before discontinued operations and cumulative effect of a change in
accounting principle – Diluted $ 1.37 $ 1.16 $ 1.33
Discontinued operations – Diluted .01 .55 .08
Cumulative effect of a change in accounting principle – Diluted ⎯ ⎯ (8.16)
Net income (loss) – Diluted $ 1.38 $ 1.71 $ (6.75)
Dividends declared per share $ .75 $ .69 $ .45
See Notes to Consolidated Financial Statements