EMMIS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED FINANCIAL DATA
(Unaudited, dollars in thousands, except per share data)
Three months ended February 28, Twelve months ended February 28,
2003 2002 2003 2002
OPERATING DATA:
Net revenues:
Radio $56,494 $55,209 $254,818 $262,077
Television 52,259 47,112 234,752 206,529
Publishing 18,038 16,312 72,793 71,216
Total net revenues (a) 126,791 118,633 562,363 539,822
Station operating expenses, excluding noncash compensation:
Radio 34,592 37,836 138,385 149,059
Television 38,225 34,491 148,041 140,325
Publishing 16,358 15,728 62,825 64,773
Total station operating expenses, excluding
noncash compensation (a) 89,175 88,055 349,251 354,157
Time brokerage agreement fees – – – 479
Corporate expenses, excluding noncash compensation 5,609 5,404 21,359 20,283
Noncash compensation 4,928 3,205 22,528 9,095
Depreciation and amortization 11,280 25,101 43,370 100,258
Impairment loss – 10,672 – 10,672
Restructuring fees and other – – – 768
Operating income (loss) 15,799 (13,804) 125,855 44,110
Interest expense (23,224) (29,896) (103,835) (129,100)
Loss from unconsolidated affiliates (336) (1,541) (4,544) (b) (5,003)
Gain (loss) on sale of assets 413 – 9,313 (c) –
Other income (expense), net (347) (384) 525 1,346
Income (loss) before income taxes, extraordinary
loss and accounting change (7,695) (45,625) 27,314 (88,647)
Provision (benefit) for income taxes (2,543) (13,846) 13,265 (25,623)
Income (loss) before extraordinary
loss and accounting change (5,152) (31,779) 14,049 (63,024)
Cumulative effect of accounting change,
net of taxes of $102,600 in 2003 – – 167,400 –
Extraordinary loss, net of taxes of $2,389 and $664
in 2003 and 2002, respectively – – 11,117 1,084
Net loss (5,152) (31,779) (164,468) (64,108)
Preferred stock dividends 2,246 2,246 8,984 8,984
Net loss available to common shareholders $(7,398) $(34,025) $(173,452) $(73,092)
Basic net income (loss) per common share:
Before accounting change and extraordinary loss $(0.14) $(0.72) $0.10 $(1.52)
Cumulative effect of accounting change, net of tax – – (3.16) –
Extraordinary loss, net of tax – – (0.21) (0.02)
Net income (loss) available to common shareholders $(0.14) $(0.72) $(3.27) $(1.54)
Diluted net income (loss) per common share:
Before accounting change and extraordinary loss $(0.14) $(0.72) $0.09 $(1.52)
Cumulative effect of accounting change, net of tax – – (3.14) –
Extraordinary loss, net of tax – – (0.21) (0.02)
Net income (loss) available to common shareholders $(0.14) $(0.72) $(3.27) $(1.54)
Weighted average shares outstanding:
Basic 53,680 47,531 53,014 47,334
Diluted 53,680 47,531 53,247 47,334
OTHER DATA:
Station operating income (See below) 37,616 30,578 213,112 185,665
Cash paid for taxes 257 32 887 1,281
Capital expenditures 9,514 4,346 30,549 30,132
COMPUTATION OF STATION OPERATING INCOME:
Operating income (loss) $15,799 $(13,804) $125,855 $44,110
Plus: Depreciation and amortization 11,280 25,101 43,370 100,258
Plus: Corporate expenses, excluding noncash compensation 5,609 5,404 21,359 20,283
Plus: Noncash compensation 4,928 3,205 22,528 9,095
Plus: Time brokerage fees – – – 479
Plus: Restructuring fees – – – 768
Plus: Impairment loss – 10,672 – 10,672
Station operating income $37,616 $30,578 $213,112 $185,665
SELECTED BALANCE SHEET INFORMATION: February 28, 2003 February 28, 2002
Total Cash and Cash Equivalents 16,079 6,362
Total Senior, Senior Subordinated
and Senior Discount Debt 1,194,789 1,478,507
(a) Revenues and expenses have been adjusted to reflect the reclassification of expenses related to non-traditional revenue.
(b) Includes $2.1 million noncash charge related to shut-down of LMIV.
(c) Reflects gain on sale of Denver radio assets in May 2002.