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CONSOLIDATED STATEMENTS OF OPERATIONS OF CLEAR CHANNEL
CAPITAL I, LLC
Post-Mer
g
er
Pre-Mer
g
er
(In thousands, except per share data)
Year Ended
December 31,
Year Ended
December 31,
Period from
July 31 through
December 31,
Period from
January 1
throu
g
h Jul
y
30,
2010
2009
2008
2008
Revenue
$ 5,865,685
$ 5,551,909
$ 2,736,941
$ 3,951,742
O
p
eratin
g
ex
p
enses:
Direct operating expenses (excludes
de
p
reciation and amortization)
2,442,167
2,583,263
1,198,345
1,706,099
Selling, general and administrative expenses
(excludes de
p
reciation and amortization)
1,509,692
1,466,593
806,787
1,022,459
Corporate expenses (excludes depreciation
and amortization)
284,042
253,964
102,276
125,669
De
p
reciation and amortization
732,869
765,474
348,041
348,789
Mer
g
er ex
p
enses
—
—
68,085
87,684
Im
p
airment char
g
es
15,364
4,118,924
5,268,858
—
Other o
p
eratin
g
income (ex
p
ense) - net
(16,710)
(50,837)
13,205
14,827
O
p
eratin
g
income (loss)
864,841
(3,687,146)
(5,042,246)
675,869
Interest ex
p
ense
1,533,341
1,500,866
715,768
213,210
Gain (loss) on marketable securities
(6,490)
(13,371)
(116,552)
34,262
Equity in earnings (loss) of nonconsolidated
affiliates
5,702
(20,689)
5,804
94,215
Other income (ex
p
ense)
–
net
46,455
679,716
131,505
(5,112)
Income (loss) before income taxes and
discontinued o
p
erations
(622,833)
(4,542,356)
(5,737,257)
586,024
Income tax benefit (ex
p
ense)
159,980
493,320
696,623
(172,583)
Income (loss) before discontinued o
p
erations
(462,853)
(4,049,036)
(5,040,634)
413,441
Income (loss) from discontinued o
p
erations, net
—
—
(1,845)
640,236
Consolidated net income (loss)
(462,853)
(4,049,036)
(5,042,479)
1,053,677
Less amount attributable to noncontrolling
interest
16,236
(14,950)
(481)
17,152
Net income (loss) attributable to the Com
p
an
y
$ (479,089)
$(4,034,086)
$(5,041,998)
$ 1,036,525
Other com
p
rehensive income (loss), net of tax:
Forei
g
n currenc
y
translation ad
j
ustments
26,301
151,422
(382,760)
46,679
Unrealized gain (loss) on securities and
derivatives:
Unrealized holding gain (loss) on
marketable securities
17,187
1,678
(95,669)
(52,460)
Unrealized holding gain (loss) on
cash flow derivatives
15,112
(74,100)
(75,079)
—
Reclassification adjustment for realized
(gain) loss on securities and derivatives
included in net income
14,750
10,008
102,766
(29,791)
Com
p
rehensive income (loss)
(405,739)
(3,945,078)
(5,492,740)
1,000,953
Less amount attributable to noncontrolling
interest
8,857
20,788
(49,212)
19,210
Comprehensive income (loss) attributable to the
Com
p
an
y
$ (414,596)
$(3,965,866)
$ (5,443,528)
$ 981,743
Net income (loss)
p
er common share:
Basic:
Income (loss) attributable to the Company
before discontinued o
p
erations
$ 0.80
Discontinued o
p
erations
1.29
Net income (loss) attributable to the
Com
p
an
y
$ 2.09
Weighted average common shares