iHeartMedia 2010 Annual Report Download - page 121

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CLEAR CHANNEL CAPITAL I, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
112
Post-merger Year Ended December 31, 2010
(In thousands)
Parent
Company
Subsidiary
Issuer
Guarantor
Subsidiaries
Non-Guarantor
Subsidiaries Eliminations Consolidated
Revenue
$— $— $3,044,866 $ 2,824,400 $ (3,581) $ 5,865,685
Operating expenses:
Direct o
p
eratin
g
ex
p
enses
—
—
878,521 1,564,515 (869) 2,442,167
Sellin
g
,
g
eneral and administrative ex
p
enses
—
—
999,742 512,662 (2,712) 1,509,692
Corporate expenses
12,274 28 164,144 107,596 — 284,042
Depreciation and amortization
— — 317,761 415,108 — 732,869
Impairment charges
— — 3,871 11,493 — 15,364
Other operating income (expense) – net
— — 7,043 (23,753) — (16,710)
Operating income (loss)
(12,274) (28) 687,870 189,273 — 864,841
Interest expense, net
17 1,415,932 379 40,198 76,815 1,533,341
Loss on marketable securities
— — — (6,490) — (6,490)
Equity in earnings (loss) of nonconsolidated affiliates (454,779) 428,976 (80,040) 5,749 105,796 5,702
Other income (expense) – net
(1) (1) (2,496) (11,336) 60,289 46,455
Income before income taxes
(467,071) (986,985) 604,955 136,998 89,270 (622,833)
Income tax benefit (expense)
4,508 532,206 (283,171) (93,563) — 159,980
Consolidated net income (loss)
(462,563) (454,779) 321,784 43,435 89,270 (462,853)
Less amount attributable to noncontrolling interest — — 5,130 11,106 — 16,236
Net income (loss) attributable to the Company
$(462,563) $(454,779) $ 316,654 $ 32,329 $ 89,270 $ (479,089)
Other com
p
rehensive income (loss), net of tax:
Foreign currency translation adjustments
— — (903) 27,204 — 26,301
Unrealized gain (loss) on securities and derivatives:
Unrealized holding gain (loss) on marketable securities
—
— 24,996 (7,809) — 17,187
Unrealized holding gain on cash flow derivatives
—
15,112
—
—
—
15,112
Reclassification adjustment
— — — 14,750 — 14,750
Equity in subsidiary comprehensive income (loss) 64,493 49,381 26,528 — (140,402) —
Comprehensive income (loss)
(398,070) (390,286) 367,275 66,474 (51,132) (405,739)
Less amount attributable to noncontrollin
g
interest
—
—
1,240 7,617
—
8,857
Comprehensive income (loss) attributable to the Company $(398,070) $(390,286) $ 366,035 $ 58,857 $ (51,132) $ (414,596)