iHeartMedia 2009 Annual Report Download - page 47

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THE COMPARISON OF YEAR ENDED DECEMBER 31, 2009 TO YEAR ENDED DECEMBER 31, 2008 IS AS
FOLLOWS:
Consolidated Results of Operations
R
evenue
Our consolidated revenue decreased $1.14 billion during 2009 compared to 2008. Revenue declined $557.5 million during
2009 compared to 2008 from our radio business associated with decreases in both local and national advertising. Our Americas
outdoor revenue also declined approximately $192.1 million attributable to decreases in bulletin, poster and airport revenues
associated with cancellations and non-renewals from larger national advertisers. Our International revenue declined approximately
$399.2 million primarily as a result of challenging advertising climates in our markets and approximately $118.5 million from
movements in foreign exchange.
D
irect Operating Expenses
Our consolidated direct operating expenses decreased approximately $321.2 million during 2009 compared to 2008. Our
international outdoor business contributed $217.6 million of the overall decrease primarily from a decrease in site-lease expenses
from lower revenue and cost savings from the restructuring program and $85.6 million related to movements in foreign exchange.
(In thousands)
Year ended
December 31,
2009
Period from
July 31 through
December 31,
2008
Period from
January 1
through
July 30,
2008
Year ended
December 31,
2008
%
Pos
t
-Merger
Pos
t
-Merger
Pre-Merger
Combined
Change
Revenue
$ 5,551,909
$ 2,736,941
$ 3,951,742
$ 6,688,683
(17%)
Operating expenses:
Direct operating expenses (excludes
depreciation and amortization)
2,583,263
1,198,345
1,706,099
2,904,444
(11%)
Selling, general and administrative
expenses (excludes depreciation and
amortization)
1,466,593
806,787
1,022,459
1,829,246
(20%)
Depreciation and amortization
765,474
348,041
348,789
696,830
10%
Corporate expenses (excludes
depreciation and amortization)
253,964
102,276
125,669
227,945
11%
Merger expenses
—
68,085
87,684
155,769
Impairment charges
4,118,924
5,268,858
—
5,268,858
Other operating income (expense) – ne
t
(50,837)
13,205
14,827
28,032
Operating income (loss)
(3,687,146)
(5,042,246)
675,869
(4,366,377)
Interest expense
1,500,866
715,768
213,210
928,978
Gain (loss) on marketable securities
(13,371)
(116,552)
34,262
(82,290)
Equity in earnings (loss) of
nonconsolidated affiliates
(20,689)
5,804
94,215
100,019
Other income (expense) – net
679,716
131,505
(5,112)
126,393
Income (loss) before income taxes and
discontinued operations
(4,542,356)
(5,737,257)
586,024
(5,151,233)
Income tax benefit (expense):
Current
76,129
76,729
(27,280)
49,449
Deferred
417,191
619,894
(145,303)
474,591
Income tax benefit (expense)
493,320
696,623
(172,583)
524,040
Income (loss) before discontinued
operations
(4,049,036)
(5,040,634)
413,441
(4,627,193)
Income (loss) from discontinued
operations, net
—
(1,845)
640,236
638,391
Consolidated net income (loss)
(4,049,036)
(5,042,479)
1,053,677
(3,988,802)
Amount attributable to noncontrolling
interes
t
(14,950)
(481)
17,152
16,671
Net income (loss) attributable to the
Company
$ (4,034,086)
$ (5,041,998)
$ 1,036,525
$ (4,005,473)