iHeartMedia 2009 Annual Report Download - page 31

ITEM 6. Selected Financial Data
The following tables set forth our and Clear Channel Capital I, LLC’s 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.
We adopted Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial
Statements - an amendment of ARB No. 51, codified in ASC 810-10-45 on January 1, 2009. Adoption of this standard requires
retrospective application in the financial statements of earlier periods on January 1, 2009. In connection with our subsidiary’s offering
of $500.0 million aggregate principal amount of Series A Senior Notes and $2.0 billion aggregate principal amount of Series B Senior
Notes, we filed a Form 8-K on December 11, 2009 to retrospectively recast the historical financial statements and certain disclosures
included in our Annual Report on Form 10-K for the year ended December 31, 2008 for the adoption of ASC 810-10-45.
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 Annual Report on Form 10-K. The statement of operations for the year ended December 31,
2008 is comprised of two periods: post-merger and pre-merger. We applied purchase accounting adjustments to the opening balance
sheet on July 31, 2008 as the merger occurred at the close of business on July 30, 2008. The merger resulted in a new basis of
accounting beginning on July 31, 2008. For additional discussion regarding the pre-merger and post-merger periods, please refer to
the consolidated financial statements in Item 8 of this Annual Report on Form 10-K.
28
(In thousands)
For the Years Ended December 31,
2009 2008 2007 2006 2005
Pos
t
-Merger Combined Pre-Merger Pre-Merger Pre-Merger
Results of O
p
erations Information:
Revenue $ 5,551,909 $ 6,688,683 $6,921,202 $6,567,790 $6,126,553
Operating expenses:
Direct operating expenses (excludes depreciation and
amortization)
2,583,263 2,904,444 2,733,004 2,532,444 2,351,614
Selling, general and administrative expenses
(excludes depreciation and amortization)
1,466,593 1,829,246 1,761,939 1,708,957 1,651,195
Depreciation and amortization
765,474 696,830 566,627 600,294 593,477
Corporate expenses (excludes depreciation and
amortization)
253,964 227,945 181,504 196,319 167,088
Merger expenses
— 155,769 6,762 7,633 —
Impairment charges 4,118,924 5,268,858
—
—
—
Other operating income (expense) – ne
t
(50,837) 28,032 14,113 71,571 49,656
Operating income (loss) (3,687,146) (4,366,377) 1,685,479 1,593,714 1,412,835
Interest expense
1,500,866 928,978 451,870 484,063 443,442
Gain (loss) on marketable securities (13,371) (82,290) 6,742 2,306 (702)
Equity in earnings (loss) of nonconsolidated affiliates
(20,689) 100,019 35,176 37,845 38,338
Other income (expense) – ne
t
679,716 126,393 5,326 (8,593) 11,016
Income (loss) before income taxes and discontinued
operations
(4,542,356) (5,151,233) 1,280,853 1,141,209 1,018,045
Income tax benefit (expense) 493,320 524,040 (441,148) (470,443) (403,047)
Income (loss) before discontinued operations (4,049,036) (4,627,193) 839,705 670,766 614,998
Income from discontinued operations, net
—
638,391 145,833 52,678 338,511
Consolidated net income (loss) (4,049,036) (3,988,802) $ 985,538 $ 723,444 $ 953,509
Amount attributable to noncontrolling interest (14,950) 16,671 47,031 31,927 17,847
Net income (loss) attributable to the Company $(4,034,086) $(4,005,473) $ 938,507 $ 691,517 $ 935,662
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