iHeartMedia 2011 Annual Report Download - page 108

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CLEAR CHANNEL CAPITAL I, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
Revenue of $1.8 billion, $1.7 billion and $1.6 billion derived from the Company’s foreign operations are included in the data above
for the years ended December 31, 2011, 2010 and 2009, respectively. Revenue of $4.3 billion, $4.2 billion and $4.0 billion derived
from the Company’s U.S. operations are included in the data above for the years ended December 31, 2011, 2010 and 2009,
respectively.
Identifiable long-lived assets of $797.7 million, $802.4 million and $863.8 million derived from the Company’s foreign operations
are included in the data above for the years ended December 31, 2011, 2010 and 2009, respectively. Identifiable long-lived assets of
$2.3 billion, $2.3 billion and $2.5 billion derived from the Company’s U.S. operations are included in the data above for the years
ended December 31, 2011, 2010 and 2009, respectively.
NOTE 14 – QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
(In thousands, except per share data)
NOTE 15 – CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Clear Channel is a party to a management agreement with certain affiliates of the Sponsors and certain other parties pursuant to which
such affiliates of the Sponsors will provide management and financial advisory services until 2018. These agreements require
management fees to be paid to such affiliates of the Sponsors for such services at a rate not greater than $15.0 million per year, plus
reimbursable ex
p
enses. For the
y
ears ended December 31, 2011, 2010 and 2009, the Com
p
an
y
reco
g
nized mana
g
ement fees and
Three Months Ended March 31,
Three Months Ended
June 30,
Three Months Ended
September 30,
Three Months Ended
December 31,
2011 2010 2011 2010 2011 2010 2011 2010
Revenue
$ 1,320,826 $ 1,263,778 $ 1,604,386 $ 1,490,009 $ 1,583,352 $ 1,477,347 $ 1,652,788 $ 1,634,551
Operating expenses:
Direct operating
expenses
584,069 584,213 630,015 584,852 654,163 583,301 635,789 629,281
Selling, general
and
administrative
expenses
372,710 362,430 420,436 392,701 402,160 378,794 421,952 436,287
Corporate
expenses
52,347 64,496 56,486 64,109 54,247 80,518 64,016 74,919
Depreciation and
amortization
183,711 181,334 189,641 184,178 197,532 184,079 192,422 183,278
Impairment
charges
— — — — — — 7,614 15,364
Other operating -
income
(expense)net
16,714 3,772 3,229 3,264 (6,490) (29,559) (771) 5,813
Operating income
144,703 75,077 311,037 267,433 268,760 221,096 330,224 301,235
Interest expense
369,666 385,795 358,950 385,579 369,233 389,197 368,397 372,770
Loss on
marketable
securities
—
—
—
—
—
—
(4,827) (6,490)
Equity in
earnings
(loss) of
nonconsolidated
affiliates
2,975 1,871 5,271 3,747 5,210 2,994 13,502 (2,910)
Other income
(expense) –
net
(2,036) 58,035 (4,517) (787) 7,307 (5,700) (5,370) (5,093)
Loss before
income taxes
(224,024) (250,812) (47,159) (115,186) (87,956) (170,807) (34,868) (86,028)
Income tax
benefit
92,661 71,185 9,184 37,979 20,665 20,415 3,468 30,401
Consolidated net
loss
(131,363) (179,627) (37,975) (77,207) (67,291) (150,392) (31,400) (55,627)
Less amount
attributable to
noncontrolling
interest
469 (4,213) 15,204 9,117 6,765 4,293 11,627 7,039
Net loss
attributable
to the
Com
p
an
y
$(131,832)
$(175,414)
$(53,179)
$(86,324)
$(74,056)
$(154,685)
$(43,027)
$(62,666)