iHeartMedia 2009 Annual Report Download - page 82

CONSOLIDATED STATEMENTS OF OPERATIONS OF CLEAR CHANNEL
CAPITAL I, LLC
(In thousands, exce
p
t
p
er share data)
Year Ended
December 31,
Period from
July 31 through
December 31,
Period from
January 1
through July 30,
Year Ended
December 31,
2009 2008 2008 2007
Pos
t
-Merger Pos
t
-Merger Pre-Merger Pre-Merger
Revenue $ 5,551,909 $ 2,736,941 $ 3,951,742 $ 6,921,202
Operating expenses:
Direct operating expenses (excludes depreciation
and amortization)
2,583,263 1,198,345 1,706,099 2,733,004
Selling, general and administrative expenses
(excludes depreciation and amortization)
1,466,593 806,787 1,022,459 1,761,939
Depreciation and amortization 765,474 348,041 348,789 566,627
Corporate expenses (excludes depreciation and
amortization) 253,964 102,276 125,669 181,504
Merger expenses
—
68,085 87,684 6,762
Impairment charges
4,118,924 5,268,858 — —
Other operating income (loss) – ne
t
(50,837) 13,205 14,827 14,113
Operating income (loss) (3,687,146) (5,042,246) 675,869 1,685,479
Interest expense 1,500,866 715,768 213,210 451,870
Gain (loss) on marketable securities
(13,371) (116,552) 34,262 6,742
Equity in earnings (loss) of nonconsolidated
affiliates
(20,689) 5,804 94,215 35,176
Other income (expense) – ne
t
679,716 131,505 (5,112) 5,326
Income (loss) before income taxes and discontinued
operations
(4,542,356) (5,737,257) 586,024 1,280,853
Income tax benefit (expense):
Current 76,129 76,729 (27,280) (252,910)
Deferred
417,191 619,894 (145,303) (188,238)
Income tax benefit (expense) 493,320 696,623 (172,583) (441,148)
Income (loss) before discontinued operations (4,049,036) (5,040,634) 413,441 839,705
Income (loss) from discontinued operations, net
—
(1,845) 640,236 145,833
Consolidated net income (loss) (4,049,036) (5,042,479) 1,053,677 985,538
Amount attributable to noncontrolling interest (14,950) (481) 17,152 47,031
Net income (loss) attributable to the Company $(4,034,086) $(5,041,998) $ 1,036,525 $ 938,507
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments 151,422 (382,760) 46,679 105,574
Unrealized gain (loss) on securities and
derivatives:
Unrealized holding gain (loss) on
marketable securities
1,678 (95,669) (52,460) (8,412)
Unrealized holding loss on cash flow
derivatives
(74,100) (75,079)
—
(1,688)
Reclassification adjustment for realized (gain)
loss on securities and derivatives included
in net income
10,008 102,766 (29,791)
—
Comprehensive income (loss) (3,945,078) (5,492,740) 1,000,953 1,033,981
Amount attributable to noncontrolling interest
20,788 (49,212) 19,210 30,369
Comprehensive income (loss) attributable to the
Company
$(3,965,866) $(5,443,528) $ 981,743 $ 1,003,612
Net income (loss) per common share:
Income (loss) attributable to the Company before
discontinued operations – basic
$ .80 $ 1.59
Discontinued operations – basic
1.29 .30
Net income (loss) attributable to the Company –
basic
$ 2.09 $ 1.89