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CLEAR CHANNEL CAPITAL I, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands)
Year Ended December 31, 2011
Parent
Subsidiar
y
Guarantor
Non-Guaranto
r
Com
p
an
y
Issuer
Subsidiaries
Subsidiaries
Eliminations
Consolidated
Revenue
$
—
$
—
$3,121,308
$ 3,059,676
$ (19,632)
$6,161,352
O
p
eratin
g
ex
p
enses:
Direct operating
ex
p
enses
—
—
849,834
1,660,786
(6,584)
2,504,036
Selling, general and
administrative
ex
p
enses
—
—
1,062,726
567,580
(13,048)
1,617,258
Cor
p
orate ex
p
enses
10,878
—
125,964
90,254
—
227,096
Depreciation and
amortization
—
—
327,240
436,066
—
763,306
Im
p
airment char
g
es
—
—
—
7,614
—
7,614
Other operating
income
–
net
—
—
4,091
8,591
—
12,682
O
p
eratin
g
income (loss)
(10,878)
—
759,635
305,967
—
1,054,724
Interest ex
p
ense, net
13
1,360,995
2,370
27,321
75,547
1,466,246
Loss on marketable
securities
—
—
—
(4,827)
—
(4,827)
Equity in earnings (loss) of
nonconsolidated
affiliates
(223,915)
629,915
54,407
26,987
(460,436)
26,958
Other income (expense)
–
net
(1)
(5,720)
589
(3,759)
4,275
(4,616)
Income before income
taxes
(234,807)
(736,800)
812,261
297,047
(531,708)
(394,007)
Income tax benefit
(ex
p
ense)
3,985
512,885
(274,930)
(115,962)
—
125,978
Consolidated net income
(loss)
(230,822)
(223,915)
537,331
181,085
(531,708)
(268,029)
Less amount attributable
to noncontrolling
interest
—
—
13,792
20,273
—
34,065
Net income (loss)
attributable to the
Com
p
an
y
$(230,822)
$ (223,915)
$ 523,539
$ 160,812
$(531,708)
$ (302,094)
Other comprehensive
income (loss), net of
tax:
Foreign currency
translation
ad
j
ustments
—
—
1,267
(30,914)
—
(29,647)
Unrealized gain (loss)
on securities and
derivatives:
Unrealized holding
gain (loss) on
marketable
securities
—
—
4,610
(2,874)
(1,960)
(224)
Unrealized holding gain
on cash flow
derivatives
—
33,775
—
—
—
33,775
Reclassification
ad
j
ustment
—
—
—
3,787
—
3,787
Equity in subsidiary
comprehensive