UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 19, 2008
ENTERCOM COMMUNICATIONS CORP.
(Exact Name of Registrant as Specified in Charter)
Pennsylvania |
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001-14461 |
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23-1701044 |
(State or Other Jurisdiction |
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(Commission File Number) |
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(I.R.S. Employer |
of Incorporation) |
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Identification No.) |
401 City Avenue, Suite 809 |
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Bala Cynwyd, Pennsylvania |
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19004 |
(Address of Principal Executive Offices) |
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(Zip Code) |
Registrants telephone number, including area code: (610) 660-5610
(Former Address of Principal Executive Offices)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
On February 21, 2008, Entercom Communications Corp. (the Company ) issued a press release (the Press Release ) announcing fourth quarter and year end 2007 results. Specifically, the Company announced that for the fourth quarter of 2007:
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net revenues were $120.6 million; |
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station operating expenses were $68.7 million; |
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operating loss w as $0.8 million; and |
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net loss was $9.4 million. |
In addition, the Company announced that for the year ended December 31, 2007:
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net revenues were $468.4 million; |
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station operating expenses were $283.5 million; |
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operating income w as $41.9 million; and |
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net loss was $8.4 million. |
A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto, shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
On February 19, 2008, the Board of Directors (the Board ) of Entercom Communications Corp. (the Company ) approved and adopted Amended and Restated Bylaws of the Company (the Bylaws ). The changes to the Bylaws, which were effective on February 19, 2008, include the following:
Update Section 3.07 to clarify that electronic participation at meetings by video conferencing is permitted.
Revise Section 4.03 to provide that a special meeting of shareholders may also be called by the Chief Executive Officer of the Company.
Update Section 4.17(a) to confirm that shareholder proposals must comply with SEC Rule 14a-8 dealing with the procedures for making a shareholder proposal.
Revise Section 5.02(a) to read as follows: A Director of the Corporation need not be a resident of the Commonwealth of Pennsylvania nor a shareholder of the Corporation. This Section previously stated Each director of the Corporation shall be a natural person of full age who need not be a resident of the Commonwealth of Pennsylvania or a shareholder of the Corporation.
Revise Section 5.03(a) to reduce minimum size of the board of directors to five members from seven members, as previously provided.
Revise Section 5.03(d) to delete the following phrase which is no longer relevant: commencing with the annual meeting of shareholders to be held in 1999.
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Revise Section 5.08 and 5.09 to provide that a regular and special meeting of the Companys Board of Directors may also be called by the Chief Executive Officer of the Company.
Revise Sections 6.04, 6.05, 6.06 and 10.02 to eliminate the authority of the Chairman to: (i) remove officers of the Company (Section 6.04); (ii) fill officer vacancies (Section 6.05); (iii) confer authority upon the officers of the Company (Section 6.06); and (iv) execute certain instruments on behalf of the Company (Section 10.2).
Revise Section 6.07, to delete the following provision: In addition, the Chairman shall exercise general supervisory authority over the affairs of the Corporation, shall supervise the activities of the CEO, the President and any other officers of the Corporation, shall present to the annual meeting of the shareholders a report of the business of the Corporation for the preceding fiscal year.
Revise Section 6.08 to provide that the Chief Executive Officer is subject to the control, receives authority from and reports to the Board of Directors and not the Board of Directors as well as the Chairman, as previously provided.
Revise Sections 6.09, 6.10, 6.11, 6.12, 6.13, and 6.14 to provide that the President, Vice Presidents, Secretary, Chief Operating Officer, Chief Financial Officer and Treasurer shall perform the duties assigned by the Board and Chief Executive Officer and not the Board, Chief Executive Officer as well as the Chairman, as previously provided.
Update Section 6.10 to clarify that certain Vice Presidents may be designated as Executive Vice President.
Update Article VII, regarding Share Certificates, to be consistent with the Companys Articles of Incorporation which now permits uncertificated shares.
Revise Section 9.01 to delete the requirement that dividends be paid out of unrestricted earned surplus.
In addition to the foregoing, there are several other non-substantive clean-up changes including updating the Companys address, grammatical corrections and capitalization changes of defined terms. The amended and restated Bylaws are filed as Exhibit 3.1 to this Current Report.
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Item 9.01. Exhibits
(c) Exhibits
The following exhibits are provided as part of this Current Report on Form 8-K:
Exhibit No. |
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Title |
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3.1 |
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Entercom Communications Corp. Amended and Restated Bylaws (1) |
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99.1 |
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Entercom Communications Corp.s Press Release, issued February 21, 2008. (2) |
(1) |
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Filed herewith. |
(2) |
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Furnished herewith. |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Entercom Communications Corp. |
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By: |
/s/ Stephen F. Fisher |
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Stephen F. Fisher |
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Executive Vice President - Operations |
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Chief Financial Officer |
Dated: February 21, 2008
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Exhibit 3.1
February 19, 2008
AMENDED AND RESTATED BYLAWS
OF
ENTERCOM COMMUNICATIONS CORP.
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In addition, no dividends shall be paid which would reduce the remaining net assets of the Corporation below the aggregate preferential amount payable in the event of voluntary liquidation to the holders of shares having preferential rights to the assets of the Corporation in the event of liquidation. The Board of Directors may also, from time to time, distribute to the holders of the Corporations outstanding shares having a cumulative preferential right to receive dividends in discharge of their cumulative dividend rights, dividends payable in cash out of the unrestricted capital surplus of the Corporation, if at the time the Corporation has no earned surplus and is not insolvent and would not thereby be rendered insolvent. Each such distribution, when made, shall be identified as a payment of cumulative dividends out of capital surplus.
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In lieu of issuing fractional shares in any such distribution, the Corporation may pay in cash the fair value thereof, as determined by the Board of Directors, to shareholders entitled thereto.
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/s/ John C. Donlevie |
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Secretary |
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Exhibit 99.1
Entercom Communications Corp.
Reports Fourth Quarter and Annual Results
(Bala Cynwyd, Pa. February 21, 2008) Entercom Communications Corp. (NYSE: ETM) today reported financial results for the quarter and year ended December 31, 2007. The Companys performance included record revenue and station operating income for both the fourth quarter and the year and strong growth in free cash flow for the quarter.
Fourth Quarter Highlights
· Net revenues increased 2% to $120.6 million and station operating expenses decreased 1% to $68.4 million
· Station operating income increased 6% to $52.1 million
· Same station net revenues increased less than 1%
· Same station operating expenses increased less than 1%
· Same station operating income increased 1% to $52.2 million
· In the fourth quarter, the Company recorded a non-cash pre-tax intangible impairment charge of $38.7 million, contributing to a decrease in net income per share from $0.17 to a net loss per share of $0.25
· Adjusted income from continuing operations per share increased from $0.37 to $0.40
· Free cash flow increased 73% from $17.5 million to $30.2 million
2007 Annual Highlights
· Net revenues increased 7% to $468.4 million and station operating expenses increased 9% to $281.2 million
· Station operating income increased 3% to $187.2 million
· Same station net revenues were flat with the prior year
· Same station operating expenses increased 3%
· Same station operating income decreased 3% to $171.6 million
· For the year, the Company recorded non-cash pre-tax intangible impairment charges of $84.0 million, contributing to a decrease in net income per share from $1.19 to a net loss per share of $0.22
· Adjusted income from continuing operations per share decreased from $1.47 to $1.22
· Free cash flow declined 2% from $93.1 million to $91.7 million
David J. Field, President and Chief Executive Officer stated: We are pleased to report positive fourth quarter results, highlighted by growth in same station revenues and same station operating income. Most significantly, adjusted income from continuing operations per share grew from $0.37 to $0.40. In 2008, we are experiencing significant growth in our digital and business development efforts, partially offsetting the impact of the general economic slowdown. We expect free cash flow to grow during the first quarter over the prior year period.
Additional Fourth Quarter Information
On February 12, 2008, the Company announced that its Board of Directors approved a quarterly dividend of $0.38 per share for the first quarter. The record date for the Companys first quarter dividend is March 14, 2008 and the payment date is March 28, 2008.
On December 10, 2007 the Company acquired WVEI-FM (formerly WBEC-FM), a station in Springfield, Massachusetts for $5.8 million in cash. The Company had operated the station under a time brokerage agreement (TBA) beginning on February 10, 2006.
On December 5, 2007, the Company completed an exchange transaction whereby it acquired a Cincinnati, Ohio radio station from Cumulus Media Partners, LLC (Cumulus) and Cumulus acquired a Cincinnati, Ohio radio station from the Company (see the related Cincinnati radio station acquisition from CBS described below). On November 1, 2006, the Company and Cumulus each began operating the respective radio station being acquired under a TBA. On February 26, 2007, Bonneville International Corporation (Bonneville) began operating under a TBA the Cincinnati radio station the Company acquired from Cumulus.
On November 30, 2007, the Company acquired four radio stations in Austin, Texas, four radio stations in Cincinnati, Ohio and three radio stations in Memphis, Tennessee from CBS Radio Stations Inc. (CBS) for $220 million in cash. The Company had operated the Austin and Memphis stations, as well as three of the four Cincinnati stations, under a TBA which began on November 1, 2006.
On November 30, 2007, the Company acquired four radio stations in Rochester, New York, from CBS for $42 million in cash. The Company did not operate these stations prior to the transaction closing, and therefore these stations had no impact on the Companys financial results prior to November 30, 2007. The Company is divesting three of its combined eight stations in this market, and these three stations are operated and held separately.
During the quarter, the Company recorded a non-cash pre-tax intangible impairment charge of $38.7 million related to the Companys New Orleans, Norfolk and Greensboro markets.
The weighted average diluted shares for the quarter was 37.3 million. As of December 31, 2007, the Company had $10.9 million in cash and cash equivalents, $823.7 million of Senior Debt and $150.0 million of Senior Subordinated Notes due in 2014.
On January 15, 2008, the Company completed the sale of KLQB-FM (formerly KXBT-FM)¸ one of the four Austin, Texas radio stations included in the CBS transactions noted above, to Univision Radio Broadcasting Texas, L.P. for $20 million in cash. Univision had operated this station under a TBA since February 26, 2007. The Company now owns three stations in the Austin market.
Pending Transactions
On February 26, 2007, the Company commenced operations under a TBA with Bonneville that allowed the Company to operate Bonnevilles three San Francisco, California stations. Concurrently, Bonneville commenced operations under a TBA that allowed Bonneville to operate the Companys four stations in Cincinnati, Ohio and three stations in Seattle, Washington. The Company anticipates that this transaction will be completed during the first half of 2008 upon approval by the FCC and satisfaction of customary closing conditions. No cash payment by the Company will be required to complete this
exchange transaction. Upon completion of this transaction, the Company will own three stations in the San Francisco market and continue to own four stations in the Seattle market.
On January 31, 2007, the Company entered into an agreement of sale and a TBA with Salem Communications Holding Corporation to dispose of KTRO-AM (formerly KKSN-AM) in Portland, Oregon for at least $4.2 million in cash. Salem commenced operations of KTRO-AM on February 1, 2007 under a TBA. Upon completion of this transaction, the Company will continue to own six stations in the Portland market.
The Company is in the process of divesting three stations in the Rochester, New York market and these stations are being operated and held separately. The operating results of these three stations to be disposed are reflected as Discontinued Operations.
First Quarter Guidance
Based on the current business outlook, the Company expects first quarter same station net revenues to decline in the mid-single digit range as compared to the prior year period. Same station operating expenses should decline by approximately one percent as compared to the prior year period.
For purposes of same station comparisons, 2007 first quarter same station net revenues were $99.1 million and station operating expenses were $65.9 million.
Additional information and a reconciliation of same station results are available on the Companys website at www.entercom.com.
Earnings Conference Call and Company Information
Entercom will hold a conference call regarding the quarterly earnings release on February 21, 2008 at 4:30 PM Eastern Time. The public may access the conference call by dialing 888-889-0278 (passcode: Entercom). A replay of the conference call will be available through March 6, 2008. Please note that the number for the replay has changed from the Companys earlier announcement of the earnings call and can be accessed by dialing 800-682-4460. The replay will also be available on the Com panys website: www.entercom.com.
Entercom Communications Corp. is one of the five largest radio broadcasting companies in the United States, with a nationwide portfolio of 110 stations in 23 markets, including San Francisco, Boston, Seattle, Denver, Portland, Sacramento and Kansas City.
Known for developing unique and highly successful, locally programmed stations, Entercom is home to some of radios most distinguished brands and compelling personalities. The Company is also the radio broadcast partner of the Boston Red Sox, Boston Celtics, Kansas City Royals, New Orleans Saints and Buffalo Sabres.
Entercom focuses on creating effective integrated marketing solutions for its customers that incorporate the Companys audio, digital and experiential assets. Additionally, the Company has a long-standing commitment to responsible corporate citizenship and environmental stewardship. Entercom stations play a vital, hands-on role in improving their communities, providing over $100 million in annual support for local charitable organizations.
The Companys radio stations have received numerous awards, including multiple Edward R. Murrow Awards for excellence in broadcast journalism and National Association of Broadcasters (NAB)
Marconi Awards for excellence in radio broadcasting. In 2007, Forbes magazine named Entercom one of Americas Most Trustworthy Companies.
For more information, please visit www.entercom.com.
Certain Definitions
All references to per share data, unless stated otherwise, are presented as per diluted share. All references to station operating expenses and corporate general and administrative expenses are exclusive of non-cash compensation expense, unless stated otherwise. All references to shares outstanding, unless stated otherwise, are presented to exclude unvested restricted stock units.
Station operating income consists of operating income before depreciation and amortization, time brokerage agreement fees, corporate general and administrative expenses, non-cash compensation expense (which is otherwise included in station operating expenses), loss on impairment and gain or loss on sale or disposition of assets.
Free cash flow consists of operating income: (i) plus depreciation and amortization, non-cash compensation expense (which is otherwise included in station operating expenses and corporate general and administrative expenses), loss on impairment and income from discontinued operations before income taxes and depreciation and amortization expense; and less (ii) net interest expense (excluding amortization of deferred financing costs), gains (loss) on sale of assets, taxes paid (refunded) and capital expenditures.
Adjusted income from continuing operations consists of income from continuing operations adjusted to exclude, net of income tax (benefit): (i) gain/loss on sale of assets, derivative instruments and investments; (ii) non-cash compensation expense; (iii) other income; (iv) loss on impairment; (v) loss on early extinguishment of debt; and (vi) certain corporate general and administrative expenses related to the New York Attorney General settlement and for an investigation by the Federal Communications Commission.
Adjusted income from continuing operations per share : includes any dilutive equivalent shares when not anti-dilutive.
Same station operating data is computed by comparing the performance of stations operated by the Company throughout the relevant period to the comparable performance in the prior years corresponding period.
Non-GAAP Financial Measures
It is important to note that station operating income , same station net revenues , same station operating expenses , same station operating income, adjusted income from continuing operations , adjusted income from continuing operations per share and free cash flow are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these measures are useful as a way to evaluate the Company and the means for management to evaluate our radio stations performance and operations. Management believes that these measures are useful to an investor in evaluating our performance because they are widely used in the broadcast industry to measure a radio companys operating performance.
Certain adjusted non-GAAP financial measures are presented in this release (i.e., adjusted income from continuing operations and adjusted income from continuing operations per share). The adjustments exclude gain/loss on sale of assets, derivative
instruments, and investments; non-cash compensation expense, other income, loss on impairment, loss on early extinguishment of debt, and certain corporate general and administrative expenses related to the New York Attorney General settlement and for an investigation by the Federal Communications Commission . Management believes these adjusted non-GAAP measures provide useful information to management and investors by excluding certain income, expenses and gains and losses that may not be indicative of the Companys core operating and financial results. Similarly, Management believes these adjusted measures are a useful performance measure because certain items included in the calculation of net income (loss) may either mask or exaggerate trends in the Companys ongoing operating performance. Further, the reconciliations corresponding to these adjusted measures, by identifying the individual adjustments, provide a useful mechanism for investors to consider these adjusted measures with some or all of the identified adjustments.
Management uses these Non-GAAP financial measures on an ongoing basis to track and assess the Companys financial performance. You, however, should not consider non-GAAP measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining our operating performance that is calculated in accordance with generally accepted accounting principles. These non-GAAP measures are not necessarily comparable to similarly tit led measures employed by other companies. The accompanying financial tables provide reconciliations to the nearest GAAP measure of all non-GAAP measures provided in this press release.
Note Regarding Forward-Looking Statements
The information in this news release is being widely disseminated in accordance with the Securities and Exchange Commissions Regulation FD.
This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited pro forma information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Additional information and key risks are described in the Companys filings on Forms 8-K, 10-Q and 10-K with the Securities and Exchange Commission. Readers should note that these statements might be impacted by several factors including changes in the economic and regulatory climate and the business of radio broadcasting, in general. The unaudited pro forma information and same station operating data reflect adjustments and are presented for comparative purposes only and do not purport to be indicative of what has occurred or indicative of future operating results or financial position. Accordingly, the Companys actual performance may differ materially from those stated or implied herein. The Company assumes no obligation to publicly update or revise any unaudited pro forma or forward-looking statements.
Contact:
Steve Fisher
Executive Vice President-Operations and Chief Financial Officer
610-660-5647
Fourth Quarter 2007 |
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Earnings Release |
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ENTERCOM COMMUNICATIONS CORP. |
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FINANCIAL DATA |
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(amounts in thousands, except per share data) |
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(unaudited) |
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SELECTED BALANCE SHEET DATA |
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December 31, |
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2007 |
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2006 |
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Cash And Cash Equivalents |
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$ |
10,945 |
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$ |
10,795 |
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Working Capital |
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88,705 |
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74,015 |
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Total Assets |
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1,919,352 |
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1,733,258 |
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Senior Debt |
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823,718 |
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526,239 |
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7.625% Senior Subordinated Notes |
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150,000 |
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150,000 |
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Total Shareholders Equity |
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660,767 |
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777,092 |
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OTHER FINANCIAL DATA |
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Three Months Ended |
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Year Ended |
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December 31, |
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December 31, |
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2007 |
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2006 |
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2007 |
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2006 |
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Dividends Declared And Paid Per Common Share |
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$ |
0.38 |
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$ |
0.38 |
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$ |
1.52 |
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$ |
1.52 |
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Same Station Computations: |
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Net Revenues - Reconciliation Of Same Station Net Revenues To GAAP: |
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Net Revenues |
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$ |
120,550 |
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$ |
118,313 |
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$ |
468,351 |
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$ |
439,629 |
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Net Acquisitions And Divestitures Of Radio Stations |
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(361 |
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1,389 |
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(38,605 |
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(11,205 |
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Same Station Net Revenues |
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$ |
120,189 |
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$ |
119,702 |
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$ |
429,746 |
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$ |
428,424 |
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Station Operating Expenses - Reconciliation Of Same Station Operating Expenses To GAAP: |
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Station Operating Expenses |
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$ |
68,673 |
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$ |
69,577 |
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$ |
283,541 |
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$ |
259,630 |
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Non-Cash Compensation Expense Included In Station Operating Expense |
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(240 |
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(483 |
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(2,374 |
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(1,161 |
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Station Operating Expenses Excluding Non-Cash Compensation Expense |
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68,433 |
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69,094 |
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281,167 |
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258,469 |
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Net Acquisitions And Divestitures Of Radio Stations |
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(453 |
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(1,283 |
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(23,003 |
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(6,954 |
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Same Station Operating Expenses |
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$ |
67,980 |
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$ |
67,811 |
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$ |
258,164 |
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$ |
251,515 |
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Reconciliation Of Station Operating Income And Same Station |
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Operating Income To GAAP Operating Income (Loss): |
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Operating Income (Loss) |
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$ |
(773 |
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$ |
26,778 |
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$ |
41,900 |
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$ |
126,347 |
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Corporate G & A Expenses (Excluding Non-Cash Compensation Expense And In The Prior Year, An Expense For A Settlement With The NYAG And A Reserve For An Investigation By The FCC) |
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5,234 |
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5,545 |
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23,054 |
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21,261 |
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Corporate G & A Expenses - Non-Cash Compensation Expense |
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1,455 |
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1,367 |
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5,834 |
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4,283 |
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Corporate G & A Expenses - NYAG Settlement And A Reserve For An Investigation By The FCC |
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8,250 |
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8,250 |
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Depreciation And Amortization |
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4,660 |
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3,894 |
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16,631 |
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15,812 |
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Loss On Impairment |
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38,684 |
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84,037 |
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Non-Cash Compensation Expense Included in Station Operating Expenses |
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240 |
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483 |
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2,374 |
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1,161 |
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Net Time Brokerage Agreement Expense |
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2,423 |
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2,766 |
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14,001 |
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2,766 |
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Net (Gain) Loss On Sale Or Disposition of Assets |
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194 |
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136 |
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(647 |
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1,280 |
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Station Operating Income |
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52,117 |
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49,219 |
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187,184 |
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181,160 |
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Net Acquisitions And Divestitures Of Radio Stations |
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92 |
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2,672 |
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(15,602 |
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(4,251 |
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Same Station Operating Income |
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$ |
52,209 |
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$ |
51,891 |
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$ |
171,582 |
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$ |
176,909 |
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Reconciliation Of Free Cash Flow To GAAP Income (Loss) From Continuing Operations: |
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Income (Loss) From Continuing Operations |
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$ |
(9,409 |
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$ |
6,892 |
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$ |
(8,394 |
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$ |
47,847 |
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Depreciation And Amortization |
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4,660 |
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3,894 |
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16,631 |
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15,812 |
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Deferred Financing Costs Included In Interest Expense |
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434 |
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354 |
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1,681 |
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1,340 |
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Non-Cash Compensation Expense |
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1,695 |
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1,850 |
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8,208 |
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5,444 |
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Net (Gain) Loss On Sale Or Disposition Of Assets |
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194 |
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136 |
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(647 |
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1,280 |
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Net Gain On Derivative Instruments |
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(44 |
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(75 |
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(162 |
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(446 |
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Net (Gain) Loss On Investments |
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40 |
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(245 |
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Other Income |
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(421 |
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(895 |
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Loss On Impairment |
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38,684 |
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84,037 |
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|
||||
Loss On Extinguishment Of Debt |
|
|
|
|
|
458 |
|
|
|
||||
Income Taxes (Benefit) |
|
(4,189 |
) |
8,543 |
|
695 |
|
35,596 |
|
||||
Capital Expenditures |
|
(1,523 |
) |
(4,064 |
) |
(9,281 |
) |
(13,713 |
) |
||||
Income Taxes Paid |
|
(1 |
) |
(150 |
) |
(497 |
) |
(302 |
) |
||||
Income From Discontinued Operations, Before Income Taxes And Depreciation And Amortization Expense |
|
62 |
|
86 |
|
64 |
|
244 |
|
||||
Free Cash Flow |
|
$ |
30,182 |
|
$ |
17,466 |
|
$ |
91,653 |
|
$ |
93,102 |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation Of Free Cash Flow To GAAP Operating Income (Loss): |
|
|
|
|
|
|
|
|
|
||||
Operating Income (Loss) |
|
$ |
(773 |
) |
$ |
26,778 |
|
$ |
41,900 |
|
$ |
126,347 |
|
Depreciation and Amortization |
|
4,660 |
|
3,894 |
|
16,631 |
|
15,812 |
|
||||
Non-Cash Compensation Expense |
|
1,695 |
|
1,850 |
|
8,208 |
|
5,444 |
|
||||
Interest Expense, Net of Interest And Dividend Income And Deferred Financing Costs |
|
(12,816 |
) |
(11,064 |
) |
(48,762 |
) |
(42,010 |
) |
||||
Capital Expenditures |
|
(1,523 |
) |
(4,064 |
) |
(9,281 |
) |
(13,713 |
) |
||||
Net (Gain) Loss On Sale Or Disposition Of Assets |
|
194 |
|
136 |
|
(647 |
) |
1,280 |
|
||||
Loss On Impairment |
|
38,684 |
|
|
|
84,037 |
|
|
|
||||
Income Taxes Paid |
|
(1 |
) |
(150 |
) |
(497 |
) |
(302 |
) |
||||
Income From Discontinued Operations, Before Income Taxes And Depreciation And Amortization Expense |
|
62 |
|
86 |
|
64 |
|
244 |
|
||||
Free Cash Flow |
|
$ |
30,182 |
|
$ |
17,466 |
|
$ |
91,653 |
|
$ |
93,102 |
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation Of Adjusted Income From Continuing Operations To GAAP Income (Loss) From Continuing Operations |
|
|
|
|
|
|
|
|
|
||||
Income (Loss) From Continuing Operations |
|
$ |
(9,409 |
) |
$ |
6,892 |
|
$ |
(8,394 |
) |
$ |
47,847 |
|
Income Taxes (Benefit) |
|
(4,189 |
) |
8,543 |
|
695 |
|
35,596 |
|
||||
Income (Loss) From Continuing Operations Before Income Taxes |
|
(13,598 |
) |
15,435 |
|
(7,699 |
) |
83,443 |
|
||||
Net (Gain) Loss on Sale Or Disposal Of Assets |
|
194 |
|
136 |
|
(647 |
) |
1,280 |
|
||||
Net Gain On Derivative Instruments |
|
(44 |
) |
(75 |
) |
(162 |
) |
(446 |
) |
||||
Loss On Impairment |
|
38,684 |
|
|
|
84,037 |
|
|
|
||||
Net (Gain) Loss On Investments |
|
40 |
|
|
|
(245 |
) |
|
|
||||
Corporate G & A Expenses - NYAG Settlement And A Reserve For An Investigation By The FCC |
|
|
|
8,250 |
|
|
|
8,250 |
|
||||
Loss On Extinguishment Of Debt |
|
|
|
|
|
458 |
|
|
|
||||
Other Income |
|
(421 |
) |
|
|
(895 |
) |
|
|
||||
Non-Cash Compensation Expense |
|
1,695 |
|
1,850 |
|
8,208 |
|
5,444 |
|
||||
Adjusted Income From Continuing Operations Before Income Taxes |
|
26,550 |
|
25,596 |
|
83,055 |
|
97,971 |
|
||||
Income Taxes On Adjusted Income from Continuing Operations |
|
11,446 |
|
10,955 |
|
35,869 |
|
39,038 |
|
||||
Adjusted Income From Continuing Operations |
|
$ |
15,104 |
|
$ |
14,641 |
|
$ |
47,186 |
|
$ |
58,933 |
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted Common Shares Outstanding - Diluted, As Reported |
|
37,327 |
|
39,891 |
|
38,230 |
|
40,205 |
|
||||
Weighted Common Shares Outstanding - Diluted (Adjustment Required As Not Anti-Dilutive) |
|
215 |
|
|
|
327 |
|
|
|
||||
Weighted Common Shares Outstanding - Diluted |
|
37,542 |
|
39,891 |
|
38,557 |
|
40,205 |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Adjusted Income From Continuing Operations Per Share - Diluted |
|
$ |
0.40 |
|
$ |
0.37 |
|
$ |
1.22 |
|
$ |
1.47 |
|
|
|
|
|
|
|
|
|
|
|
PRIOR YEARS DATA |
|
|
|
|
|
|
|
|
||||
First Quarter 2007 As Reported And Same Station |
|
|
|
|
|
|
|
|
||||
|
|
Three
|
|
|||||||||
|
|
Ended |
|
|||||||||
|
|
March 31,
|
|
|||||||||
Reconciliation Of Same Station Net Revenues To GAAP Net Revenues: |
|
|
|
|||||||||
Net Revenues |
|
$ |
99,854 |
|
||||||||
Net Acquisitions And Divestitures Of Radio Stations |
|
(724 |
) |
|||||||||
Same Station Net Revenues |
|
$ |
99,130 |
|
||||||||
|
|
|
|
|||||||||
Reconciliation Of Same Station Operating Expenses To GAAP Station Operating Expenses: |
|
|
|
|||||||||
Station Operating Expenses As Restated For Discontinued Operations |
|
$ |
68,212 |
|
||||||||
Non-Cash Compensation Expense Included In Station Operating Expenses |
|
(519 |
) |
|||||||||
Net Acquisitions And Divestitures Of Radio Stations |
|
(1,781 |
) |
|||||||||
Same Station Operating Expenses |
|
$ |
65,912 |
|
||||||||