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): August  7, 2019

 

 

ENTERCOM COMMUNICATIONS CORP.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Pennsylvania   001-14461   23-1701044

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

2400 Market Street, 4 th Floor

Philadelphia, Pennsylvania

  19103
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (610) 660-5610

401 E. City Avenue, Suite 809, Bala Cynwyd, Pennsylvania 19004

(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):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 2.02. Results of Operations and Financial Condition

On August 7, 2019, Entercom Communications Corp. (the “ Company ”) issued a press release (the “ Press Release ”) announcing second quarter 2019 results. 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 9.01. Exhibits

 

  (d)

Exhibits

 

Exhibit
   No.   
  

Title

    
99.1    Entercom Communications Corp.’s Press Release, issued August 7, 2019.

 

2


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.

 

              Entercom Communications Corp.
        By:  

/s/ Andrew P. Sutor, IV

 
          Andrew P. Sutor, IV  
          Executive Vice President  

Dated: August 7, 2019

 

3

Exhibit 99.1

 

For Immediate Release Contacts:

August 7, 2019

     

Contacts:

Joseph Jaffoni, Jennifer

Neuman, Norberto Aja

JCIR

(212) 835-8500

etm@jcir.com

ENTERCOM COMMUNICATIONS SECOND QUARTER NET REVENUES

INCREASE 2.3% AND OPERATING INCOME INCREASES 135%

ADJUSTED EBITDA INCREASES 7%

Philadelphia, PA—Entercom Communications Corp. (NYSE: ETM) today reported financial results for the quarter ended June 30, 2019.

Second Quarter Highlights

 

   

Net revenues for the quarter were $380.7 million, up 2.3% compared to $372.1 million in the second quarter of 2018

 

   

Total operating expense for the quarter was $315.9 million, which included $4.9 million in merger, restructuring and integration costs and $1.9 million in expense related to the Company’s issuance of 6.5% senior secured second-lien notes. This compared to $344.6 million in the second quarter of 2018, which included $10.9 million in merger, restructuring and integration costs and a $29.0 million impairment charge.

 

   

Operating income for the quarter was $64.8 million, compared to $27.6 million in the second quarter of 2018

 

   

Net income per diluted share for the quarter was $0.19, compared to $0.01 per diluted share in the second quarter of 2018

 

   

Adjusted EBITDA for the quarter was $87.6 million, up 7% compared to $82.1 million in the second quarter of 2018

David J. Field, President and Chief Executive Officer, stated: “Second quarter revenues and EBITDA were up 2.3% and 7%, respectively, driven by strong growth in national, network and digital, partially offset by declines in political and events. This morning, we announced the acquisition of Pineapple Street Media, and an agreement in principle to acquire Cadence13, which combined will make Entercom one of the country’s three largest podcast enterprises. We also announced the launch of the RADIO.COM Sports Digital Network, which will debut later this month with a compelling lineup of daily radio shows and weekly podcasts available exclusively on RADIO.COM. These moves highlight a series of strategic investments that are positioning Entercom to capitalize on the exciting growth opportunities in the audio space fueled by rapidly emerging catalysts, including podcasting, smart speakers, audio search, enhanced analytics and attribution.”

Additional Information

Today, the Company announced it has acquired leading podcast creator Pineapple Street Media for $18 million. In addition, the Company announced that it has an agreement in principle with its podcast partner Cadence13 to acquire the remaining shares in Cadence13 that it does not already own.


At the end of April, the Company issued $325 million in 6.5% senior secured second-lien notes due 2027. The Company used the proceeds of the issuance, as well as cash on its balance sheet and borrowings under its revolver, to repay $425 million of its senior secured Term Loan and to pay fees and expenses related to the issuance. In addition, the Company amended the financial covenant in its senior secured credit agreement such that the calculation of Consolidated Net Secured Leverage Ratio only includes first lien secured debt.

During the second quarter, the Company executed a $560 million notional interest rate collar that limits the Company’s exposure to floating interest rate risk. This collar has a one month LIBOR cap of 2.75% and a floor of 0.40% and the notional amount declines over time in line with the Company’s projected debt repayments. As a result of the issuance of the second-lien notes and executing this interest rate collar, only about 24% of the Company’s debt was subject to floating rate risk outside of the collar at the end of the second quarter.

As of June 30, 2019, the Company had outstanding $976 million of senior debt under its credit facilities, $325 million in second-lien notes and $400 million in senior notes (the amounts of senior debt and senior notes both exclude unamortized premium). In addition, the Company had $30 million in cash on hand.

Earnings Conference Call and Company Information

Entercom will hold a conference call and simultaneous webcast regarding the quarterly earnings release on Wednesday August 7, 2019 at 10:00 AM Eastern Time. The public may access the conference call by dialing Toll Free: (888) 889-0278 and Toll: (312) 470-7365, passcode: Entercom (domestic and international callers). Participants may also listen to a live webcast of the call by visiting the “Investor Relations” section of Entercom’s website at  www.entercom.com . A replay of the conference call will be available for one week by dialing (800) 925-0258. A webcast replay of the conference call will be available beginning six hours after the call on the Company’s website for a period of two weeks. Additional information is available on the Company’s website at www.entercom.com .

Certain Definitions

All references to per share data, unless stated otherwise, are presented as per diluted share. All references to shares outstanding, unless stated otherwise, are presented to exclude unvested restricted stock units. All references to net debt are outstanding debt net of cash on hand.

Station Expenses consist of station operating expenses excluding non-cash compensation expense.

Corporate Expenses consist of corporate general and administrative expenses excluding non-cash compensation expense.

Station Operating Income consists of operating income (loss) before: depreciation and amortization; time brokerage agreement fees (income); corporate general and administrative expenses; non-cash compensation expense (which is otherwise included in station operating expenses); impairment loss; merger and acquisition costs, other expenses related to the refinancing; non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; and gain or loss on sale or disposition of assets.

Adjusted EBITDA consists of net income (loss) available to common shareholders, adjusted to exclude: income taxes (benefit); income from discontinued operations, net of income taxes or benefit; total other income or expense; net interest expense; depreciation and amortization; time


brokerage agreement fees (income); non-cash compensation expense (which is otherwise included in station operating expenses and corporate G&A expenses); other expenses related to the refinancing; impairment loss, merger and acquisition costs, preferred stock dividends; non-recurring expense recognized for restructuring charges or similar costs, including transition and integration costs, loss on early extinguishment of debt, and gain or loss on sale or disposition of assets.

Adjusted Free Cash Flow consists of operating income (loss): (i) plus depreciation and amortization; net (gain) loss on sale or disposal of assets; non-cash compensation expense (which is otherwise included in station operating expenses and corporate general and administrative expenses); impairment loss; merger and acquisition costs; other income and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; income from discontinued operations (excluding income taxes or tax benefit); and (ii) less net interest expense (excluding amortization of deferred financing costs or debt premium), Adjusted Income Taxes Paid, capital expenditures and amortizable intangibles.

Net Capital Expenditures consists of capital expenditures, including amortizable intangibles, adjusted to subtract reimbursed tenant improvement allowances.

Adjusted Income Taxes Paid consist of income tax paid, adjusted to exclude taxes paid related to the gain/loss on sale or exchange of radio station assets; and taxes paid related to the gain/loss on sale of redundant property.

Adjusted Net Income (Loss) consists of net income (loss) available to common shareholders adjusted to exclude: (i) income taxes (benefit) as reported, including income taxes otherwise included in income from discontinued operations; (ii) gain/loss on sale of assets, derivative instruments and investments; (iii) non-cash compensation expense; (iv) impairment loss; (v) merger and acquisition costs, and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs; (vi) other expenses related to refinancing and (vii) gain/loss on early extinguishment of debt. For purposes of comparability, income taxes are reflected at the expected statutory federal and state income tax rate of 30% without discrete items of tax.

Adjusted Net Income (Loss) Per Share — Diluted includes any dilutive equivalent shares when not anti-dilutive. Convertible Preferred Stock is treated as if it never converted for the purposes of Adjusted Net Income (Loss) Per Share — Diluted.

Non-GAAP Financial Measures

It is important to note that station operating income , station expense, corporate expense, Adjusted EBITDA, Adjusted Net Income , Adjusted Net Income (Loss) Per Share — Diluted , Adjusted Free Cash Flow, Net Capital Expenditures and Adjusted Income Taxes Paid 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 as a measure of a radio company’s operating performance.

Certain adjusted non-GAAP financial measures are presented in this release (e.g., Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share — Diluted). The adjustments exclude gain/loss on sale of assets, derivative instruments, and investments; non-cash compensation expense, other income, impairment loss, merger and acquisition costs, other expenses related to


the refinancing, and gain/loss on early extinguishment of debt and non-recurring expenses recognized for restructuring charges or similar costs, including transition and integration costs. For purposes of comparability, income taxes are reflected at the expected federal and state income tax rate of 30%, without adjustment for discrete tax adjustments.

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 Company’s 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 Company’s 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 help track and assess the Company’s 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 titled measures employed by other companies. The accompanying financial tables provide reconciliations to the nearest GAAP measure of all non-GAAP measures provided in this release.

Note Regarding Forward-Looking Statements

The information in this news release is being widely disseminated in accordance with the Securities and Exchange Commission’s Regulation FD.

This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited 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 Company’s filings on Forms S-4, 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 Company’s 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.

About Entercom Communications Corp.

Entercom Communications Corp. (NYSE: ETM) is a leading American media and entertainment company reaching and engaging over 170 million people monthly through its premier collection of highly rated, award winning radio stations, digital platforms and live events. As one of the country’s two largest radio broadcasters, Entercom offers integrated marketing solutions and delivers the power of local connection on a national scale with coverage of close to 90% of persons 12+ in the top 50 markets. Entercom is the #1 creator of live, original, local audio content and the nation’s unrivaled leader in news and sports radio. Learn more about Philadelphia-based Entercom at www.entercom.com, Facebook and Twitter (@Entercom).For further information, or to receive future Entercom Communications news announcements via e-mail, please contact JCIR at 212/835-8500 or etm@jcir.com.


ENTERCOM COMMUNICATIONS CORP.

FINANCIAL DATA

(amounts in thousands, except per share data)

(unaudited)

 

                                                                               
     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2019      2018     2019     2018  

STATEMENTS OF OPERATIONS

         

Net Revenues

   $ 380,665      $ 372,124     $ 689,670     $ 672,684  
  

 

 

    

 

 

   

 

 

   

 

 

 

Station Expenses

     277,927        274,159       525,497       527,920  

Station Expense—Non-Cash Compensation

     1,243        1,680       2,658       3,643  

Corporate Expenses

     15,185        16,982       33,963       33,691  

Corporate Expenses—Non-Cash Compensation

     2,130        2,050       4,287       4,010  

Depreciation And Amortization

     10,964        10,666       22,069       19,137  

Time Brokerage Agreement Expense (Income)

     53        (666     93       (1,092

Merger And Acquisition Costs

     33        687       42       2,071  

Impairment Loss

     —          28,988       —         28,988  

Restructuring Charges

     3,362        686       4,376       2,167  

Integration Costs

     1,456        9,494       2,591       19,223  

Other Expenses Related To Refinancing

     1,864        —         1,864       —    

Net (Gain) Loss On Sale Or Disposition of Assets

     1,686        (154     (2,914     (315
  

 

 

    

 

 

   

 

 

   

 

 

 

Total Operating Expenses

     315,903        344,572       594,526       639,443  
  

 

 

    

 

 

   

 

 

   

 

 

 

Operating Income

     64,762        27,552       95,144       33,241  
  

 

 

    

 

 

   

 

 

   

 

 

 

Net Interest Expense

     24,944        25,706       50,164       49,110  

Loss On Early Extinguishment Of Debt

     1,781        —         1,781       —    
  

 

 

    

 

 

   

 

 

   

 

 

 

Income (Loss) Before Income Taxes

     38,037        1,846       43,199       (15,869

Income Taxes (Benefit)

     12,045        249       14,083       (3,260
  

 

 

    

 

 

   

 

 

   

 

 

 

Net Income (Loss) Available To The Company—Continuing Operations

     25,992        1,597       29,116       (12,609

Income From Discontinued Operations, Net Of Income Taxes

     —          844       —         1,172  
  

 

 

    

 

 

   

 

 

   

 

 

 

Net Income (Loss) Available To Common Shareholders

   $ 25,992      $ 2,441     $ 29,116     $ (11,437
  

 

 

    

 

 

   

 

 

   

 

 

 

Net Income (Loss) From Continuing Operations Available To Common Shareholders—Basic

   $ 0.19      $ 0.01     $ 0.21     $ (0.09
  

 

 

    

 

 

   

 

 

   

 

 

 

Net Income (Loss) From Continuing Operations Available To Common Shareholders—Diluted

   $ 0.19      $ 0.01     $ 0.21     $ (0.09
  

 

 

    

 

 

   

 

 

   

 

 

 

Dividends Declared And Paid Per Common Share

   $ 0.09      $ 0.09     $ 0.18     $ 0.18  
  

 

 

    

 

 

   

 

 

   

 

 

 

Weighted Common Shares Outstanding—Basic

     138,760        138,639       138,685       138,962  
  

 

 

    

 

 

   

 

 

   

 

 

 

Weighted Common Shares Outstanding—Diluted

     139,074        139,263       139,222       138,962  
  

 

 

    

 

 

   

 

 

   

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

         

Net Capital Expenditures

   $ 16,900      $ 10,950     $ 37,410     $ 17,941  

Adjusted Income Taxes Paid

   $ 7,764      $ 18,142     $ 8,461     $ 18,187  

Cash Dividends On Common Stock Declared And Paid

   $ 12,487      $ 12,475     $ 24,917     $ 24,916  
                                       

SELECTED BALANCE SHEET DATA

     
     June 30,
2019
     December 31,
2018
 

Cash and Cash Equivalents

   $ 30,331      $ 122,893  

Restricted Cash

   $ —        $ 69,365  

Senior Debt—Term B-1 Loan (Includes Current Portion)

   $ 866,700      $ 1,291,700  

Senior Debt—Revolver (Includes Current Portion)

   $ 109,000      $ 180,000  

Senior Secured Notes

   $ 325,000      $ —    

Senior Notes

   $ 400,000      $ 400,000  

Total Shareholders’ Equity

   $ 1,347,641      $ 1,334,260  


OTHER FINANCIAL DATA         
     Three Months Ended
June 30,
    Six Months Ended
June 30,
 
     2019     2018     2019     2018  

Reconciliation Of GAAP Operating Income To Station

Operating Income

        

Operating Income

   $ 64,762     $ 27,552     $ 95,144     $ 33,241  

Corporate Expenses

     15,185       16,982       33,963       33,691  

Corporate Expenses—Non-Cash Compensation

     2,130       2,050       4,287       4,010  

Station Expenses—Non-Cash Compensation

     1,243       1,680       2,658       3,643  

Depreciation And Amortization

     10,964       10,666       22,069       19,137  

Merger And Acquisition Costs

     33       687       42       2,071  

Restructuring Charges

     3,362       686       4,376       2,167  

Impairment Loss

     —         28,988       —         28,988  

Integration Costs

     1,456       9,494       2,591       19,223  

Other Expenses Related To Refinancing

     1,864       —         1,864       —    

Net Time Brokerage Agreement Expense (Income)

     53       (666     93       (1,092

Net Gain (Loss) On Sale Or Disposition of Assets

     1,686       (154     (2,914     (315
  

 

 

   

 

 

   

 

 

   

 

 

 

Station Operating Income

   $ 102,738     $ 97,965     $ 164,173     $ 144,764  
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation Of GAAP Net Income (Loss) Available To Common

Shareholders To Adjusted EBITDA

        

Net (Income) Loss Available To Common Shareholders

   $ 25,992     $ 2,441     $ 29,116     $ (11,437

Income Taxes (Benefit)

     12,045       249       14,083       (3,260

Income From Discontinued Operations, Net Of Income Taxes

     —         (844     —         (1,172

Net Interest Expense

     24,944       25,706       50,164       49,110  

Corporate Expenses—Non-Cash Compensation

     2,130       2,050       4,287       4,010  

Station Expenses—Non-Cash Compensation

     1,243       1,680       2,658       3,643  

Depreciation And Amortization

     10,964       10,666       22,069       19,137  

Time Brokerage Agreement Expense (Income)

     53       (666     93       (1,092

Merger And Acquisition Costs

     33       687       42       2,071  

Restructuring Charges

     3,362       686       4,376       2,167  

Integration Costs

     1,456       9,494       2,591       19,223  

Transition Costs And Non-Recurring Expenses Otherwise Included In Corporate Expenses

     —         1,100       —         1,100  

Impairment Loss

     —         28,988       —         28,988  

Other Expenses Related To Refinancing

     1,864       —         1,864       —    

Loss On Early Extinguishment Of Debt

     1,781       —         1,781       —    

Net Gain (Loss) On Sale Or Disposition of Assets

     1,686       (154     (2,914     (315
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 87,553     $ 82,083     $ 130,210     $ 112,173  
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation Of GAAP Net Income (Loss) Available To Common

Shareholders To Adjusted Free Cash Flow

        

Net Income (Loss) Available To Common Shareholders

   $ 25,992     $ 2,441     $ 29,116     $ (11,437

Depreciation And Amortization

     10,964       10,666       22,069       19,137  

Deferred Financing Costs Included In Interest Expense

     671       796       1,472       1,591  

Amortization Debt Premium Included In Interest Expense

     (855     (716     (1,570     (1,432

Non-Cash Compensation Expense

     3,373       3,730       6,945       7,653  

Merger And Acquisition Costs

     33       688       42       2,071  

Integration Costs

     1,456       9,494       2,591       19,223  

Restructuring Charges

     3,362       686       4,376       2,167  


Transition Costs And Non-Recurring Expenses Otherwise Included In Corporate Expenses

     —         1,100       —         1,100  

Impairment Loss

     —         28,988       —         28,988  

Net (Gain) Loss On Sale Or Disposition of Assets

     1,686       (154     (2,914     (315

Other Expenses Related To Refinancing

     1,864       —         1,864       —    

Loss On Early Extinguishment Of Debt

     1,781       —         1,781       —    

Income Taxes (Benefit)

     12,045       249       14,083       (3,260

Income Taxes Otherwise Included In Income From Discontinued Operations

     —         337       —         423  

Net Capital Expenditures

     (16,900     (10,950     (37,410     (17,941

Adjusted Income Taxes Paid

     (7,764     (18,142     (8,461     (18,187
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Free Cash Flow

   $ 37,708     $ 29,213     $ 33,984     $ 29,781  
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation Of Capital Expenditures, Including Amortizable

Intangibles, To Net Capital Expenditures

        

Capital Expenditures, Including Amortizable Intangibles

   $ (20,203   $ (11,995   $ (40,713   $ (18,986

Reimbursed Tenant Improvement Allowances

     3,303       1,045       3,303       1,045  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Capital Expenditures

   $ (16,900   $ (10,950   $ (37,410   $ (17,941
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation Of Income Taxes Paid To

Adjusted Income Taxes Paid

        

Income Taxes Paid

   $ (12,756   $ (18,791   $ (14,546   $ (18,836

Income Taxes Paid Related to Gain/Loss On Sale Or Exchange Of Radio Station Assets

     —         649       894       649  

Income Taxes Paid Related to Gain/Loss On Sale Of Redundant Properties

     4,992       —         5,191       —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Income Taxes Paid

   $ (7,764   $ (18,142   $ (8,461   $ (18,187
  

 

 

   

 

 

   

 

 

   

 

 

 

Reconciliation Of GAAP Net Income (Loss) Available To Common

Shareholders To Adjusted Net Income

        

Net Income (Loss) Available To Common Shareholders

   $ 25,992     $ 2,441     $ 29,116     $ (11,437

Income Taxes (Benefit)

     12,045       249       14,083       (3,260

Income Taxes Otherwise Included In Income From Discontinued Operations

     —         336       —         423  

Merger And Acquisition Costs

     33       687       42       2,071  

Transition Costs And Non-Recurring Expenses Otherwise Included In Corporate Expenses

     —         1,100       —         1,100  

Other Expenses Related To Refinancing

     1,864       —         1,864       —    

Impairment Loss

     —         28,988       —         28,988  

Integration Costs

     1,456       9,494       2,591       19,223  

Restructuring Charges

     3,362       686       4,376       2,167  

Loss On Early Extinguishment Of Debt

     1,781       —         1,781       —    

Net (Gain) Loss On Sale Or Disposition of Assets

     1,686       (154     (2,914     (315

Non-Cash Compensation Expense

     3,373       3,730       6,945       7,653  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Income Before Income Taxes

     51,592       47,557       57,884       46,613  

Income Taxes

     15,478       14,267       17,365       13,984  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Net Income

   $ 36,114     $ 33,290     $ 40,519     $ 32,629  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted Average Diluted Shares Outstanding For Purposes

Of Computing Adjusted Net Income Per Share—Diluted

        

Weighted Common Shares Outstanding—Diluted As Reported

     139,074       139,263       139,222       138,962  

Diluted Shares Excluded When Reporting A Net Loss

     —         —         —         1,059  
  

 

 

   

 

 

   

 

 

   

 

 

 
     139,074       139,263       139,222       140,021  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted Net Income (Loss) Per Share—Diluted

   $ 0.26     $ 0.24     $ 0.29     $ 0.23