iHeartMedia 2007 Annual Report Download - page 38

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37
For the Years ended December 31,
2007
(1)
2006
(2)
2005 2004 2003
Net income (loss) per common share:
Basic:
Income before discontinued operations and
cumulative effect of a change in accounting
principle $ 1.56 $1.24 $1.06 $ 1.22 $1.58
Discontinued operations .34 .14 .65 .20 .28
Income before cumulative effect of a change in
accounting principle 1.90 1.38 1.71 1.42 1.86
Cumulative effect of a change in accounting
principle
—
—
— (8.19)
—
Net income (loss) $ 1.90 $1.38 $1.71 $ (6.77) $ 1.86
Diluted:
Income before discontinued operations and
cumulative effect of a change in accounting
principle $ 1.56 $1.24 $1.06 $ 1.22 $1.57
Discontinued operations .33 .14 .65 .19 .28
Income before cumulative effect of a change in
accounting principle 1.89 1.38 1.71 1.41 1.85
Cumulative effect of a change in accounting
principle
—
—
— (8.16)
—
Net income (loss) $ 1.89 $1.38 $1.71 $ (6.75) $ 1.85
Dividends declared per share $ .75 $ .75 $ .69 $ .45 $ .20
As of December 31,
(In thousands) 2007
(1)
2006
(2)
2005 2004 2003
Balance Sheet Data:
Current assets $ 2,294,583 $ 2,205,730 $ 2,398,294 $ 2,269,922 $ 2,185,682
Property, plant and equipment — net, including
discontinued operations
(5)
3,215,088 3,236,210 3,255,649 3,328,165 3,476,900
Total assets 18,805,528 18,886,938 18,718,571 19,959,618 28,352,693
Current liabilities 2,813,277 1,663,846 2,107,313 2,184,552 1,892,719
Long-term debt, net of current maturities 5,214,988 7,326,700 6,155,363 6,941,996 6,898,722
Shareholders’ equity 8,797,491 8,042,341 8,826,462 9,488,078 15,553,939
(1) Effective January 1, 2007, the Company adopted FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, or FIN 48. In
accordance with the provisions of FIN 48, the effects of adoption were accounted for as a cumulative-effect adjustment recorded to the
balance of retained earnings on the date of adoption.
(2) Effective January 1, 2006, the Company adopted FASB Statement No. 123(R), Share-Based Payment. In accordance with the provisions
of Statement 123(R), the Company elected to adopt the standard using the modified prospective method.
(3) Includes the results of operations of our live entertainment and sports representation businesses, which we spun-off on December 21,
2005, our television business which is subject to a definitive sales agreement and certain of our non-core radio stations.
(4) We recorded a non-cash charge of $4.9 billion, net of deferred taxes of $3.0 billion, as a cumulative effect of a change in accounting
principle during the fourth quarter of 2004 as a result of the adoption of EITF Topic D-108, Use of the Residual Method to Value
A
c
q
uired Assets other than Goodwill.
(5) Excludes the property, plant and equipment — net of our live entertainment and sports representation businesses, which we spun-off on
December 21, 2005.