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CLEAR CHANNEL CAPITAL I, LLC AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
119
(In thousands)
Year Ended December 31, 2010
Parent
Subsidiary
Guarantor
Non-Guarantor
Company
Issuer
Subsidiaries
Subsidiaries
Eliminations
Consolidated
Revenue
$
-
$
-
$
3,044,866
$
2,824,400
$
(3,581)
$
5,865,685
Operating expenses:
Direct operating expenses
-
-
818,001
1,564,515
(869)
2,381,647
Selling, general and administrative
expenses
-
-
1,060,262
512,662
(2,712)
1,570,212
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 – 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
Loss on debt extinguishment
-
-
-
-
60,289
60,289
Other income (expense) – net
(1)
(1)
(2,496)
(11,336)
-
(13,834)
Income (loss) 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 comprehensive 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 loss 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
noncontrolling 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)