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CLEAR CHANNEL CAPITAL I, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
118
(In thousands)
Year Ended December 31, 2011
Parent
Subsidiary
Guarantor
Non-Guarantor
Company
Issuer
Subsidiaries
Subsidiaries
Eliminations
Consolidated
Revenue
$
-
$
-
$
3,121,308
$
3,059,676
$
(19,632)
$
6,161,352
Operating expenses:
Direct operating expenses
-
-
849,834
1,660,786
(6,584)
2,504,036
Selling, general and administrative
expenses
-
-
1,062,726
567,580
(13,048)
1,617,258
Corporate expenses
10,878
-
125,964
90,254
-
227,096
Depreciation and amortization
-
-
327,240
436,066
-
763,306
Impairment charges
-
-
-
7,614
-
7,614
Other operating income – net
-
-
4,091
8,591
-
12,682
Operating income (loss)
(10,878)
-
759,635
305,967
-
1,054,724
Interest expense – 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
Loss on debt extinguishment
-
(5,721)
(1)
-
4,275
(1,447)
Other income (expense) – net
(1)
1
590
(3,759)
-
(3,169)
Income (loss) before income taxes
(234,807)
(736,800)
812,261
297,047
(531,708)
(394,007)
Income tax benefit (expense)
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
Company
$
(230,822)
$
(223,915)
$
523,539
$
160,812
$
(531,708)
$
(302,094)
Other comprehensive income (loss), net of
tax:
Foreign currency translation adjustments
-
-
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 loss on cash flow
derivatives
-
33,775
-
-
-
33,775
Reclassification adjustment
-
-
-
3,787
-
3,787
Equity in subsidiary comprehensive income
(loss)
5,518
(28,257)
(38,702)
-
61,441
-
Comprehensive income (loss)
(225,304)
(218,397)
490,714
130,811
(472,227)
(294,403)
Less amount attributable to noncontrolling
interest
-
-
(4,594)
8,918
-
4,324
Comprehensive income (loss) attributable to
the Company
$
(225,304)
$
(218,397)
$
495,308
$
121,893
$
(472,227)
$
(298,727)