iHeartMedia 2007 Annual Report Download - page 64

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CONSOLIDATED STATEMENTS OF OPERATIONS
See Notes to Consolidated Financial Statements
63
Year Ended December 31,
(In thousands, except per share data) 2007 2006 2005
Revenue $6,816,909 $6,457,435 $6,019,029
Operating expenses:
Direct operating expenses (includes share-based payments of $16,975, $16,142 and
$212 in 2007, 2006 and 2005, respectively and excludes depreciation and
amortization) 2,707,254 2,506,717 2,325,912
Selling, general and administrative expenses (includes share-based payments of
$14,884, $16,762 and $0 in 2007, 2006 and 2005, respectively and excludes
depreciation and amortization) 1,718,302 1,661,377 1,604,044
Depreciation and amortization 564,920 593,770 585,233
Corporate expenses (includes share-based payments of $12,192, $9,126 and $5,869
in 2007, 2006 and 2005, respectively and excludes depreciation and amortization) 181,504 196,319 167,088
Merger expenses 6,762 7,633
—
Gain on disposition of assets — net 14,389 71,718 49,663
Operating income 1,652,556 1,563,337 1,386,415
Interest expense 451,870 484,063 443,442
Gain (loss) on marketable securities 6,742 2,306 (702)
Equity in earnings of nonconsolidated affiliates 35,176 37,845 38,338
Other income (expense) — ne
t
5,326 (8,593)11,016
Income before income taxes, minority interest and discontinued operations 1,247,930 1,110,832 991,625
Income tax expense:
Current 245,155 270,111 26,660
Deferred 183,598 188,789 366,347
Income tax expense 428,753 458,900 393,007
Minority interest expense, net of tax 47,031 31,927 17,847
Income before discontinued operations 772,146 620,005 580,771
Income from discontinued operations, net 166,361 71,512 354,891
Net income $ 938,507 $ 691,517 $ 935,662
Other comprehensive income, net of tax:
Foreign currency translation adjustments 88,823 92,810 28,643
Unrealized gain (loss) on securities and derivatives:
Unrealized holding gain (loss) on marketable securities (8,412) (60,516) (48,492)
Unrealized holding gain (loss) on cash flow derivatives (1,688) 76,132 56,634
Comprehensive income $1,017,230 $ 799,943 $ 972,447
Net income per common share:
Income before discontinued operations- Basic $ 1.56 $ 1.24 $ 1.06
Discontinued operations — Basic .34 .14 .65
Net income — Basic $ 1.90 $ 1.38 $ 1.71
Weighted average common shares — basic 494,347 500,786 545,848
Income before discontinued operations
—
Dilute
d
$ 1.56 $ 1.24 $ 1.06
Discontinued operations — Dilute
d
.33 .14 .65
Net income — Dilute
d
$ 1.89 $ 1.38 $ 1.71
Weighted average common shares — diluted 495,784 501,639 547,151
Dividends declared per share $ .75 $ .75 $ .69