iHeartMedia 2007 Annual Report Download - page 98
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NOTE P — QUARTERLY RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
The Company’s Common Stock is traded on the New York Stock Exchange under the symbol CCU.
97
March 31, June 30, Se
p
tember 30, December 31,
2007 2006 2007 2006 2007 2006 2007 2006
Revenue $1,481,618 $1,364,627 $1,774,240 $1,684,820 $1,724,157 $1,637,165 $1,836,894 $1,770,823
Operating expenses:
Direct o
p
eratin
g
ex
p
enses 621,550 576,005 669,987 616,217 683,097 636,291 732,620 678,204
Selling, general and administrative expenses 405,706 393,039 436,120 430,430 420,035 404,829 456,441 433,079
Depreciation and amortization 138,093 140,808 141,087 147,887 139,762 146,894 145,978 158,181
Corporate expenses 48,149 40,507 43,044 48,239 47,040 48,486 43,271 59,087
Merger expenses 1,686 — 2,684 — 2,002 — 390 7,633
Gain (loss) on disposition of assets — net 6,951 48,400 4,090 825 (569) 9,156 3,917 13,337
Operating income 273,385 262,668 485,408 442,872 431,652 409,821 462,111 447,976
Interest expense 118,077 114,376 116,422 123,298 113,026 128,276 104,345 118,113
Gain (loss) on marketable securities 395 (2,324) (410) (1,000) 676 5,396 6,081 234
Equity in earnings of nonconsolidated affiliates 5,263 6,909 11,435 9,715 7,133 8,681 11,345 12,540
Other income (expense) — net (12) (648) 340 (4,609) (1,403) (601) 6,401 (2,735)
Income before income taxes minority interest and
discontinued operations 160,954 152,229 380,351 323,680 325,032 295,021 381,593 339,902
Income tax expense 66,402 62,729 157,884 133,738 66,248 121,744 138,219 140,689
Minority interest income (expense) — net (276) 779 (14,970) (13,736) (11,961) (3,674) (19,824) (15,296)
Income before discontinued operations 94,276 90,279 207,497 176,206 246,823 169,603 223,550 183,917
Discontinued operations 7,946 6,535 28,493 21,282 32,913 16,268 97,009 27,427
Net income $ 102,222 $ 96,814 $ 235,990 $ 197,488 $ 279,736 $ 185,871 $ 320,559 $ 211,344
Net income per common share:
Basic:
Income before discontinued operations $ .19 $ .18 $ .42 $ .35 $ .50 $ .34 $ .45 $ .37
Discontinued operations .02 .01 .06 .04 .07 .04 .20 .06
Net income $ .21 $ .19 $ .48 $ .39 $ .57 $ .38 $ .65 $ .43
Diluted:
Income before discontinued operations $ .19 $ .18 $ .42 $ .35 $ .50 $ .34 $ .45 $ .37
Discontinued o
p
erations .02 .01 .06 .04 .06 .04 .20 .06
Net income $ .21 $ .19 $ .48 $ .39 $ .56 $ .38 $ .65 $ .43
Dividends declared per share $ .1875 $ .1875 $ .1875 $ .1875 $ .1875 $ .1875 $ .1875 $ .1875
Stock price:
High $ 37.55 $ 32.84 $ 38.58 $ 31.54 $ 38.24 $ 31.64 $ 38.02 $ 35.88
Low 34.45 27.82 34.90 27.34 33.51 27.17 32.02 28.83