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ITEM 6. Selected Financial Data
The following tables set forth our summary historical consolidated financial and other data as of the dates and for the periods indicated. The
summary historical financial data are derived from our audited consolidated financial statements. Historical results are not necessarily
indicative of the results to be expected for future periods. Acquisitions and dispositions impact the comparability of the historical consolidated
financial data reflected in this schedule of Selected Financial Data.
The summary historical consolidated financial and other data should be read in conjunction with “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” and our consolidated financial statements and the related notes thereto appearing elsewhere
in this Form 10-K.
36
For the Years ended December 31,
(In thousands) 2007
(1)
2006
(2)
2005 2004 2003
Results of O
p
erations Information:
Revenue $6,816,909 $6,457,435 $6,019,029 $ 6,017,717 $5,676,639
Operating expenses:
Direct operating expenses (excludes depreciation and
amortization) 2,707,254 2,506,717 2,325,912 2,192,469 2,001,681
Selling, general and administrative expenses
(excludes depreciation and amortization) 1,718,302 1,661,377 1,604,044 1,595,951 1,574,149
Depreciation and amortization 564,920 593,770 585,233 584,339 568,866
Corporate expenses (excludes depreciation and
amortization) 181,504 196,319 167,088 163,263 149,697
Merger expenses 6,762 7,633 —
—
—
Gain on disposition of assets — ne
t
14,389 71,718 49,663 42,986 7,428
Operating income 1,652,556 1,563,337 1,386,415 1,524,681 1,389,674
Interest expense 451,870 484,063 443,442 367,511 392,215
Gain (loss) on marketable securities 6,742 2,306 (702) 46,271 678,846
Equity in earnings of nonconsolidated affiliates 35,176 37,845 38,338 22,285 20,669
Other income (expense) — net 5,326 (8,593) 11,016 (30,554) 20,407
Income before income taxes, minority interest,
discontinued operations and cumulative effect of a
change in accounting principle 1,247,930 1,110,832 991,625 1,195,172 1,717,381
Income tax expense 428,753 458,900 393,007 458,102 741,071
Minority interest expense, net of tax 47,031 31,927 17,847 7,602 3,906
Income before discontinued operations and cumulative
effect of a change in accounting principle 772,146 620,005 580,771 729,468 972,404
Income from discontinued operations, net
(3)
166,361 71,512 354,891 116,331 173,187
Income before cumulative effect of a change in
accounting principle 938,507 691,517 935,662 845,799 1,145,591
Cumulative effect of a change in accounting principle,
net of tax of, $2,959,003 in 2004
(4)
—
—
— (4,883,968)
—
Net income (loss) $ 938,507 $ 691,517 $ 935,662 $(4,038,169) $1,145,591