Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
| In re | Citadel Broadcasting Corporation, et al. | Case No. (Jointly Administered) | 09-17442 (BRL) | |||
| Debtors | Reporting Period: | February 28, 2010 | ||||
| Federal Tax I.D. # | 51-0405729 |
CORPORATE MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS | Form No. | Document Attached | Explanation Attached | |||
Schedule of Cash Receipts and Disbursements | MOR-1A | X | ||||
Bank Account Information | MOR 1B | X | ||||
Copies of bank statements (See Notes to MOR) | X | |||||
Cash disbursements journals (See Notes to MOR) | X | |||||
Statement of Operations | MOR-2 | X | ||||
Balance Sheet | MOR-3 | X | ||||
Status of Post-petition Taxes | MOR-4 | X | ||||
Copies of IRS Form 6123 or payment receipt | X | |||||
Copies of tax returns filed during reporting period | X | |||||
Summary of Unpaid Post-petition Debts | MOR-4 | X | X | |||
Listing of Aged Accounts Payable | X | |||||
Accounts Receivable Reconciliation and Aging | MOR-5 | X | ||||
Taxes Reconciliation and Aging | MOR-5 | X | ||||
Payments to Insiders and Professionals | MOR-6 | X | ||||
Post Petition Status of Secured Notes, Leases Payable | MOR-6 | X | ||||
Debtor Questionnaire | MOR-7 | X |
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
/s/ Randy L. Taylor | Date March 25, 2010 | |
| Signature of Authorized Individual* | ||
Randy Taylor, Chief Financial Officer | ||
| Printed Name of Authorized Individual | ||
| * | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
MOR
| In re | Citadel Broadcasting Corporation, et al. | Case No. (Jointly Administered) | 09-17442 (BRL) | |||
| Debtors | Reporting Period: | February 28, 2010 | ||||
| Federal Tax I.D. # | 51-0405729 |
CORPORATE MONTHLY OPERATING REPORT
GENERAL:
The report includes activity as of December 20, 2009 and through February 28, 2010, for the following Debtors and related case numbers.
Debtor | Case Number | Debtor | Case Number | |||
Radio Today Entertainment, Inc. | 09-17441 | NY Radio, LLC | 09-17466 | |||
Citadel Broadcasting Corp. | 09-17442 | Oklahoma Radio Partners, LLC | 09-17467 | |||
Alphabet Acquisition Corp. | 09-17443 | Radio Assets, LLC | 09-17468 | |||
Atlanta Radio, LLC | 09-17444 | Radio License Holding I, LLC | 09-17469 | |||
Aviation I, LLC | 09-17445 | Radio License Holding II, LLC | 09-17470 | |||
Chicago FM Radio Assets, LLC | 09-17446 | Radio License Holding III, LLC | 09-17471 | |||
Chicago License, LLC | 09-17447 | Radio License Holding IV, LLC | 09-17472 | |||
Chicago Radio Assets, LLC | 09-17448 | Radio License Holding V, LLC | 09-17473 | |||
Chicago Radio Holding, LLC | 09-17449 | Radio License Holding VI, LLC | 09-17474 | |||
Chicago Radio, LLC | 09-17450 | Radio License Holding VII, LLC | 09-17475 | |||
Citadel Broadcasting Company | 09-17451 | Radio License Holding VIII, LLC | 09-17476 | |||
DC Radio Assets, LLC | 09-17452 | Radio License Holding IX, LLC | 09-17477 | |||
DC Radio, LLC | 09-17453 | Radio License Holding X, LLC | 09-17478 | |||
Detroit Radio, LLC | 09-17454 | Radio License Holding XI, LLC | 09-17479 | |||
International Radio, Inc. | 09-17455 | Radio License Holding XII, LLC | 09-17480 | |||
KLOS Radio, LLC | 09-17456 | Radio Networks, LLC | 09-17481 | |||
KLOS Syndications Assets, LLC | 09-17457 | Radio Watermark, Inc. | 09-17482 | |||
KLOS-FM Radio Assets, LLC | 09-17458 | San Francisco Radio Assets, LLC | 09-17483 | |||
LA License, LLC | 09-17459 | San Francisco Radio, LLC | 09-17484 | |||
LA Radio, LLC | 09-17460 | SF License, LLC | 09-17485 | |||
Minneapolis Radio Assets, LLC | 09-17461 | WBAP-KSCS Acquisition Partner, LLC | 09-17486 | |||
Minneapolis Radio, LLC | 09-17462 | WBAP-KSCS Assets, LLC | 09-17487 | |||
Network Licenses, LLC | 09-17463 | WBAP-KSCS Radio Acquisition, LLC | 09-17488 | |||
NY License, LLC | 09-17464 | WBAP-KSCS Radio Group, Ltd. | 09-17489 | |||
NY Radio Assets, LLC | 09-17465 | WPLJ Radio, LLC | 09-17490 |
General Notes:
The financial statements and supplemental information contained herein are preliminary, unaudited and may not comply in all material respects with accounting principles generally accepted in the United States (“GAAP”). In addition, the financial statements and supplemental information contained herein represent condensed consolidated information.
The unaudited financial statements have been derived from the books and records of Citadel Broadcasting Corporation and its affiliated debtors and debtors in possession (collectively, the “Debtors”) only and do not reflect the financial activity or the financial position for non-debtor affiliates of Citadel Broadcasting Corporation. This information has not been subject to certain procedures that would typically be applied to financial information in accordance with GAAP, and the Debtors believe that, upon application of such procedures, the financial information could be subject to change, which could be material. The information furnished in this report includes normal recurring adjustments but does not include all adjustments that would typically be made for financial information in accordance with GAAP. The results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the consolidated results of operations and financial positions of the Debtors in the future.
Notes to MOR
| In re | Citadel Broadcasting Corporation, et al. | Case No. | 09-17442 (BRL) | |||
| Debtors | Reporting Period: | February 28, 2010 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
| OPER | PAYROLL | OTHER | CURRENT MONTH ACTUAL (TOTAL OF ALL ACCOUNTS) | ||||||||||||
CASH BEGINNING OF MONTH | $ | 74,471,112 | $ | 215,877 | $ | 5,533,963 | $ | 80,220,953 | |||||||
RECEIPTS | |||||||||||||||
ACCOUNTS RECEIVABLE | 69,717,300 | 69,717,300 | |||||||||||||
TRANSFERS FROM OPERATIONS | (20,732,299 | ) | 20,124,079 | 608,220 | — | ||||||||||
TOTAL RECEIPTS | 48,985,001 | 20,124,079 | 608,220 | 69,717,300 | |||||||||||
DISBURSEMENTS | |||||||||||||||
NET PAYROLL | (13,355,278 | ) | (13,355,278 | ) | |||||||||||
PAYROLL TAXES | (6,956,661 | ) | (6,956,661 | ) | |||||||||||
OPERATING EXPENSES | (27,919,215 | ) | (27,919,215 | ) | |||||||||||
RENT | (2,015,787 | ) | (2,015,787 | ) | |||||||||||
INTEREST & DEBT RELATED CHARGES | (3,319,035 | ) | (3,319,035 | ) | |||||||||||
PROFESSIONAL FEES | (954,383 | ) | (954,383 | ) | |||||||||||
TOTAL DISBURSEMENTS | (34,208,420 | ) | (20,311,939 | ) | — | (54,520,359 | ) | ||||||||
NET CASH FLOW | 14,776,581 | (187,860 | ) | 608,220 | 15,196,941 | ||||||||||
(RECEIPTS LESS DISBURSEMENTS) | |||||||||||||||
CASH END OF MONTH | $ | 89,247,693 | $ | 28,017 | $ | 6,142,183 | $ | 95,417,893 | |||||||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH ACTUAL COLUMN):
| Citadel Broadcasting Corporation | Citadel Broadcasting Company | Radio Assets, LLC | Radio Networks, LLC | Total | |||||||||||
TOTAL FEBRUARY 2010 DISBURSEMENTS | $ | 3,319,447 | $ | 26,062,495 | $ | 16,516,058 | $ | 8,622,358 | $ | 54,520,359 | |||||
Notes:
Cash is received as described in theDebtors’ Motion for an Order Authorizing the Debtors to (A) Continue to Operate the Cash Management System; (B) Honor Certain Prepetition Obligations Related to the Cash Management System; (C) Continue to Invest Excess Funds in the Investment Account on an Interim Basis Notwithstanding Section 345(B) of The Bankruptcy Code; (D) Maintain Existing Business Forms; and (E) Grant Administrative Priority For Intercompany Claims and Perform Under Certain Intercompany Arrangements and Historical Practices(the “Cash Management Motion”) [Docket No. 5]. An order granting the Cash Management Motion was entered on February 3, 2010 [Docket No. 99].
Cash disbursements are centralized and are made by four Debtor entities for the benefit of all operating affiliates. The cash disbursements have been presented in a consolidated manner, with disbursements for each entity identified on the bottom of the schedule.
MOR-1
| In re: | Citadel Broadcasting Corporation, et al. | Case No. | 09-17442 (BRL) | |||
| Debtors | Reporting Period: | February 28, 2010 |
| February 28, 2010 | |||||||||||||
Debtor | Description | Bank | Acct # | Balance per Bank | Balance per G/L | ||||||||
Citadel Broadcasting Corporation | Corporation Account | Bank of America | ****57878 | $ | 60,553 | $ | 60,553 | ||||||
Radio Assets, LLC | Alphabet Acquisition Corp - Concentration Account | Bank of America | ****57392 | 2,647,546 | 2,647,546 | ||||||||
Radio Assets, LLC | Alphabet Acquisition Corp - Station Disbursement | Bank of America | ****62467 | 696,045 | 72,546 | ||||||||
Radio Networks, LLC | Radio Networks LLC - Network Disbursement | Bank of America | ****62844 | 2,033,344 | 24,688 | ||||||||
LA Radio, LLC | LA Radio, LLC-ZBA | Bank of America | ****51876 | — | — | ||||||||
Chicago Radio Assets, LLC | Chicago Radio Assets, LLC-ZBA | Bank of America | ****30008 | — | 79,036 | ||||||||
KLOS Syndications Assets, LLC | KLOS Syndications Assets, LLC-ZBA | Bank of America | ****16875 | — | — | ||||||||
KLOS - FM Radio Assets, LLC | KLOS - FM Radio Assets, LLC-ZBA | Bank of America | ****51877 | — | — | ||||||||
San Francisco Radio Assets, LLC | San Francisco Radio Assets, LLC-ZBA | Bank of America | ****51886 | — | 242,608 | ||||||||
Chicago Radio Assets, LLC | Chicago Radio Assets, LLC Lockbox-ZBA | Bank of America | ****03141 | — | 149,773 | ||||||||
Minneapolis Radio Assets, LLC | Minneapolis Radio Assets, LLC-ZBA | Bank of America | ****73299 | — | 51,389 | ||||||||
WPLJ Radio, LLC | WPLJ Radio, LLC-ZBA | Bank of America | ****93174 | — | 363,500 | ||||||||
NY Radio Assets, LLC | NY Radio Assets, LLC-ZBA | Bank of America | ****93179 | — | 79,027 | ||||||||
Detroit Radio, LLC | ABC Radio Detroit LLC - ZBA | Bank of America | ****16433 | — | 262,550 | ||||||||
Radio Networks, LLC | Radio Networks, LLC (Dallas) - ZBA | Bank of America | ****72415 | — | — | ||||||||
Chicago Radio Assets, LLC | Chicago FM Radio Assets, LLC - ZBA | Bank of America | ****61925 | — | 108,677 | ||||||||
WBAP-KSCS Assets, LLC | WBAP-KSCS Assets, LLC (Dallas) | Bank of America | ****91381 | — | — | ||||||||
Atlanta Radio, LLC | ABC Radio Atlanta, LLC (WKHX-FM and WYAY-FM Atlanta) - ZBA | Bank of America | ****91527 | — | 9,341 | ||||||||
Radio Networks, LLC | Radio Networks, LLC (Dallas) - ZBA | Bank of America | ****01624 | — | — | ||||||||
DC Radio Assets, LLC | DC Radio Assets, LLC - ZBA | Bank of America | ****43886 | — | 63,836 | ||||||||
Citadel Broadcasting Company | Company Concentration Account | Bank of America | ****05912 | 4,050,621 | 4,140,647 | ||||||||
Citadel Broadcasting Company | TN Utility Certificates of Deposit | Bank of America | ****3665 | 20,800 | 20,800 | ||||||||
Citadel Broadcasting Company | TN Utility Certificates of Deposit | Bank of America | ****3678 | — | — | ||||||||
Citadel Broadcasting Company | Las Vegas Disbursement | Bank of America | ****62462 | 8,263,689 | (10,335 | ) | |||||||
Citadel Broadcasting Company | Des Moines - ZBA | Bank of America | ****10148 | — | 41,045 | ||||||||
Citadel Broadcasting Company | New Orleans - ZBA | Bank of America | ****10162 | — | 14,345 | ||||||||
Citadel Broadcasting Company | Tuscaloosa - ZBA | Bank of America | ****12914 | — | — | ||||||||
Citadel Broadcasting Company | Albuquerque - ZBA | Bank of America | ****05917 | — | 136,031 | ||||||||
Citadel Broadcasting Company | Reno - ZBA | Bank of America | ****05931 | — | 7,408 | ||||||||
Citadel Broadcasting Company | Little Rock - ZBA | Bank of America | ****05936 | — | 123,976 | ||||||||
Citadel Broadcasting Company | Lafayette - ZBA | Bank of America | ****05950 | — | 303 | ||||||||
Citadel Broadcasting Company | Charleston - ZBA | Bank of America | ****05974 | — | 16,217 | ||||||||
Citadel Broadcasting Company | Oklahoma City - ZBA | Bank of America | ****05993 | — | 307,336 | ||||||||
Citadel Broadcasting Company | Boise - ZBA | Bank of America | ****05998 | — | (357 | ) | |||||||
Citadel Broadcasting Company | Tri-cities - ZBA | Bank of America | ****06020 | — | 27,807 | ||||||||
Citadel Broadcasting Company | Columbia - ZBA | Bank of America | ****06044 | — | 3,818 | ||||||||
Citadel Broadcasting Company | Birmingham - ZBA | Bank of America | ****06063 | — | 67,701 | ||||||||
Citadel Broadcasting Company | Nashville - ZBA | Bank of America | ****06082 | — | 91,711 | ||||||||
Citadel Broadcasting Company | Knoxville - ZBA | Bank of America | ****06087 | — | 16,672 | ||||||||
Citadel Broadcasting Company | Tucson - ZBA | Bank of America | ****06100 | — | 35,065 | ||||||||
Citadel Broadcasting Company | Chattanooga - ZBA | Bank of America | ****06124 | — | 71,915 | ||||||||
Citadel Broadcasting Company | Baton Rouge - ZBA | Bank of America | ****06143 | — | 17,704 | ||||||||
Citadel Broadcasting Company | Memphis - ZBA | Bank of America | ****06148 | — | 176,949 | ||||||||
Citadel Broadcasting Company | Modesto - ZBA | Bank of America | ****06167 | — | 22,579 | ||||||||
Citadel Broadcasting Company | New London - ZBA | Bank of America | ****17313 | — | 28,201 | ||||||||
Citadel Broadcasting Company | Dover (Portsmouth) - ZBA | Bank of America | ****17339 | — | 1,047 | ||||||||
Citadel Broadcasting Company | Buffalo - ZBA | Bank of America | ****17342 | — | 52,238 | ||||||||
Citadel Broadcasting Company | Kokomo - ZBA | Bank of America | ****17355 | — | — | ||||||||
Citadel Broadcasting Company | Harrisburg - ZBA | Bank of America | ****17368 | — | 19,583 | ||||||||
Citadel Broadcasting Company | Erie - ZBA | Bank of America | ****17371 | — | 76,221 | ||||||||
Citadel Broadcasting Company | Augusta - ZBA | Bank of America | ****17397 | — | 449 | ||||||||
MOR-1B
In re: | Citadel Broadcasting Corporation, et al. | Case No. | 09-17442 (BRL) | |||
| Debtors | Reporting Period: | February 28, 2010 |
| February 28, 2010 | |||||||||||
Debtor | Description | Bank | Acct # | Balance per Bank | Balance per G/L | ||||||
Citadel Broadcasting Company | Portland - ZBA | Bank of America | ****17407 | — | 26,345 | ||||||
Citadel Broadcasting Company | Presque Isle -ZBA | Bank of America | ****17410 | — | — | ||||||
Citadel Broadcasting Company | Providence - ZBA | Bank of America | ****17423 | — | 122,767 | ||||||
Citadel Broadcasting Company | Worchester - ZBA | Bank of America | ****17449 | — | 9,105 | ||||||
Citadel Broadcasting Company | New Castle (Muncie) -ZBA | Bank of America | ****17452 | — | — | ||||||
Citadel Broadcasting Company | Binghamton - ZBA | Bank of America | ****17465 | — | 258 | ||||||
Citadel Broadcasting Company | Wilkes Barre - ZBA | Bank of America | ****17478 | — | 139,741 | ||||||
Citadel Broadcasting Company | Syracuse - ZBA | Bank of America | ****17481 | — | 15,606 | ||||||
Citadel Broadcasting Company | Allentown - ZBA | Bank of America | ****17494 | — | 157,507 | ||||||
Citadel Broadcasting Company | New Bedford - ZBA | Bank of America | ****17504 | — | 47,034 | ||||||
Citadel Broadcasting Company | Springfield - ZBA | Bank of America | ****38020 | — | 12,607 | ||||||
Citadel Broadcasting Company | Muskegon - ZBA | Bank of America | ****21941 | — | — | ||||||
Citadel Broadcasting Company | Lansing - ZBA | Bank of America | ****93979 | — | 55,467 | ||||||
Citadel Broadcasting Company | Saginaw - ZBA | Bank of America | ****93995 | — | 2,776 | ||||||
Citadel Broadcasting Company | Grand Rapids - ZBA | Bank of America | ****96840 | — | (5,317 | ) | |||||
Citadel Broadcasting Company | Concentration | US Bank | ****57798 | 233,319 | 233,319 | ||||||
Citadel Broadcasting Company | Colorado Springs Depository | US Bank | ****57806 | — | 40,433 | ||||||
Citadel Broadcasting Company | Salt Lake City Depository | US Bank | ****57814 | — | 322,482 | ||||||
Citadel Broadcasting Company | Birmingham | Wachovia | ****61601 | 244,863 | 293,510 | ||||||
Citadel Broadcasting Company | Tuscaloosa | Wachovia | ****84273 | 156,689 | 154,009 | ||||||
Citadel Broadcasting Company | Harrisburg | Susquehanna Bank | ****09801 | 2,952 | 68,880 | ||||||
Citadel Broadcasting Company | Birmingham Depository | First Commercial Bank | ****173-3 | 21,364 | 5,008 | ||||||
Citadel Broadcasting Company | Kokomo | Harris, N.A. | ****56039 | 30,344 | 38,510 | ||||||
Citadel Broadcasting Company | Muncie | Main Bank | ****22283 | 73,408 | 73,408 | ||||||
Citadel Broadcasting Company | Erie | PNC Bank | ****-8093 | 34,036 | — | ||||||
Citadel Broadcasting Company | Presque Isle | Key Bank | ****04366 | 21,774 | 41,074 | ||||||
Minneapolis Radio Assets, LLC | Minneapolis KQRS | Wells Fargo | ****04279 | 16,310 | 97,946 | ||||||
Citadel Broadcasting Company | Binghamton | M&T Bank | ****00819 | 24,755 | 24,758 | ||||||
Citadel Broadcasting Corporation | Corporation Account | JP Morgan Chase | ****58195 | 2,000 | 2,000 | ||||||
Citadel Broadcasting Company | Company Concentration | JP Morgan Chase | ****58203 | 210,639 | 210,639 | ||||||
Citadel Broadcasting Company | Medical | JP Morgan Chase | ****36015 | 5,569 | 5,368 | ||||||
Citadel Broadcasting Company | Medical | JP Morgan Chase | ****58278 | Not currently in use | |||||||
Citadel Broadcasting Company | Controlled Disbursement | JP Morgan Chase | ****58237 | Not currently in use | |||||||
Citadel Broadcasting Company | New Orleans Depository-ZBA | JP Morgan Chase | ****58328 | — | 98,535 | ||||||
Citadel Broadcasting Company | Lafayette Depository-ZBA | JP Morgan Chase | ****58310 | — | — | ||||||
Citadel Broadcasting Company | Baton Rouge Depository-ZBA | JP Morgan Chase | ****58302 | — | 61,618 | ||||||
Radio Assets, LLC | Alphabet Acquisition Corp Concentration | JP Morgan Chase | ****58286 | Not currently in use | |||||||
Radio Assets, LLC | Alphabet Acquisition Corp Controlled Disbursement | JP Morgan Chase | ****58245 | Not currently in use | |||||||
Radio Networks, LLC | Radio Networks, LLC Network Controlled Disbursement | JP Morgan Chase | ****58252 | Not currently in use | |||||||
Citadel Broadcasting Corporation | Investment Account | Bank of America | ****9-1-0 | 75,950,830 | 75,950,830 | ||||||
Citadel Broadcasting Company | Medical Account - ZBA | Bank of America | ****6129 | 10,264 | 8,433 | ||||||
Citadel Broadcasting Company | Medical | JP Morgan Chase | ****32839 | Not currently in use | |||||||
Citadel Broadcasting Corporation | Corporate Trading Account | Credit Suisse Securities (USA) LLC | ****2N3FA | 317 | 317 | ||||||
Radio Networks, LLC | Radio Network, LLC DDA Account (ESPN) | Bank of America | ****58158 | 1,185,776 | 1,185,776 | ||||||
Citadel Broadcasting Corporation | Citadel Broadcasting Corporation Cash Collateral | JP Morgan Chase | ****24881 | 3,073,935 | 3,073,935 | ||||||
Citadel Broadcasting Company | Collateral for Merchant Accounts | Bank of America | ****56966 | 2,300,719 | 2,300,719 | ||||||
Citadel Broadcasting Company | Citadel Broadcasting Company Wood Escrow | JP Morgan Chase | ****26951 | 160,045 | 160,045 | ||||||
| 160,000 | 160,000 | ||||||||||
Citadel Broadcasting Company | Utility Escrow Account | JP Morgan Chase | ****15669 | 607,484 | 607,484 | ||||||
Radio Assets, LLC | Payroll | JP Morgan Chase | ****58229 | Not currently in use | |||||||
Radio Assets, LLC | Radio Assets, LLC | Bank of America | ****57397 | 38,112 | (162,542 | ) | |||||
Citadel Broadcasting Company | Las Vegas Payroll - ZBA | Bank of America | ****5955 | 190,014 | 190,559 | ||||||
MOR-1B
| In re: | Citadel Broadcasting Corporation, et al. | Case No. | 09-17442 (BRL) | |||
| Debtors | Reporting Period: | February 28, 2010 |
| February 28, 2010 | ||||||||||||
Debtor | Description | Bank | Acct # | Balance per Bank | Balance per G/L | |||||||
Citadel Broadcasting Company | Payroll Account | JP Morgan Chase | ****58211 | Not currently in use | ||||||||
| Total accounts | $ | 95,553,095 | ||||||||||
| Plus: Petty Cash | 24,798 | |||||||||||
| Less: Long-term portion of escrow account classified as Other Assets | (160,000 | ) | ||||||||||
| Total Cash per balance sheet at February 28, 2010 | $ | 95,417,893 | ||||||||||
Note:
All of the Debtors’ bank account reconciliations have been performed and are current. Copies of the reconciliations are available upon request.
MOR-1B
In re: | Citadel Broadcasting Corporation, et al. | Case No. | 09-17442 (BRL) | |||
| Debtors | Reporting Period: | February 28, 2010 |
Citadel Broadcasting Corporation
Statement of Operations
For the Month of February 2010 and Cumulative from December 20, 2009
UNAUDITED
| Month Ended February 28, 2010 | December 20, 2009 - February 28, 2010 | ||||||
REVENUES | |||||||
Cash Revenues | $ | 51,980,810 | $ | 122,945,331 | |||
Trade Revenue | 1,460,509 | 3,467,636 | |||||
Net Revenue | 53,441,319 | 126,412,966 | |||||
OPERATING EXPENSES | |||||||
Advertising and Promotions | 359,932 | 795,969 | |||||
Bad Debts | 348,780 | 1,079,361 | |||||
Compensation and Benefits | 21,301,208 | 51,862,325 | |||||
Depreciation and Amortization | 2,246,646 | 5,527,695 | |||||
General and Administrative | 4,719,705 | 11,369,942 | |||||
Programming Costs | 6,145,883 | 15,653,884 | |||||
Real Estate, Property, and Other Taxes | 397,284 | 968,644 | |||||
Rent | 1,624,842 | 4,251,472 | |||||
Payroll Taxes | 1,632,327 | 4,082,705 | |||||
Trade Expenses | 1,473,592 | 3,480,375 | |||||
Utilities | 1,414,509 | 3,414,191 | |||||
Total Operating Expenses | 41,664,708 | 102,486,562 | |||||
Operating Income | 11,776,611 | 23,926,405 | |||||
Interest Expense, Net | 3,271,955 | 8,346,448 | |||||
Reorganization Items | 4,361,757 | 7,462,965 | |||||
Income Before Taxes | 4,142,899 | 8,116,992 | |||||
Income Taxes (1) | — | (626,584 | ) | ||||
Net Income | $ | 4,142,899 | $ | 8,743,575 | |||
Note:
| (1) | Income tax expense (benefit) is computed at the end of each quarter. The total expense will be recorded in the last month of each quarter. |
MOR-2
| In re: | Citadel Broadcasting Corporation, et al. | Case No. | 09-17442 (BRL) | |||
| Debtors | Reporting Period: | February 28, 2010 |
Citadel Broadcasting Corporation
Balance Sheets
As of February 28, 2010, January 31, 2010 and December 20, 2009
UNAUDITED
| February 28, 2010 | Prior Reporting Month January 31, 2010 | Petition Date December 20, 2009 | ||||||||||
ASSETS | ||||||||||||
CURRENT ASSETS | ||||||||||||
Cash (1) | $ | 95,417,893 | $ | 80,220,953 | $ | 49,145,742 | ||||||
Accounts Receivable (2) | 129,433,189 | 138,618,764 | 152,803,370 | |||||||||
Prepaid Expenses and Other Current Assets | 21,686,529 | 21,374,550 | 21,145,807 | |||||||||
Total Current Assets | 246,537,611 | 240,214,267 | 223,094,919 | |||||||||
PROPERTY & EQUIPMENT | ||||||||||||
Real Property and Improvements | 159,616,015 | 159,603,901 | 159,591,386 | |||||||||
Towers and Transmitters | 195,026,852 | 194,777,835 | 194,037,797 | |||||||||
Furniture, Fixtures and Office Equipment | 30,325,992 | 30,199,971 | 30,089,492 | |||||||||
Leasehold Improvements | 35,672,862 | 35,672,863 | 35,662,820 | |||||||||
Vehicles | 9,183,080 | 9,173,452 | 9,146,329 | |||||||||
Less: Accumulated Depreciation | (230,532,426 | ) | (229,299,598 | ) | (227,592,742 | ) | ||||||
Total Property and Equipment (Net) | 199,292,375 | 200,128,424 | 200,935,082 | |||||||||
OTHER ASSETS | ||||||||||||
FCC Licenses | 598,457,766 | 598,457,766 | 598,457,766 | |||||||||
Goodwill | 321,975,708 | 321,975,708 | 321,975,708 | |||||||||
Other Intangibles | 21,971,983 | 22,984,926 | 24,552,113 | |||||||||
Other Non Current Assets | 49,026,708 | 49,038,941 | 48,796,200 | |||||||||
Total Other Assets | 991,432,165 | 992,457,341 | 993,781,788 | |||||||||
Total Assets | $ | 1,437,262,151 | $ | 1,432,800,032 | $ | 1,417,811,789 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | ||||||||||||
LIABILITIES NOT SUBJECT TO COMPROMISE | ||||||||||||
Accounts Payable | $ | 5,154,758 | $ | 7,548,252 | $ | 1,774,066 | ||||||
Taxes Payable (refer to FORM MOR-4) | 1,316,785 | 1,516,546 | 1,378,237 | |||||||||
Compensation and Benefits Payable | 10,991,570 | 10,208,551 | 10,805,645 | |||||||||
Deferred Tax Liability | 180,390,310 | 180,390,310 | 180,390,310 | |||||||||
Other Liabilities | 23,473,943 | 19,629,178 | 11,953,046 | |||||||||
Total Liabilities Not Subject to Compromise | 221,327,366 | 219,292,837 | 206,301,304 | |||||||||
LIABILITIES SUBJECT TO COMPROMISE | ||||||||||||
AP and Accrued Liabilities | 75,558,458 | 77,625,577 | 76,779,522 | |||||||||
Notes Payable | 2,144,387,154 | 2,144,387,154 | 2,148,397,154 | |||||||||
Convertible Notes | 48,310,000 | 48,310,000 | 48,310,000 | |||||||||
Total Liabilities Subject to Compromise | 2,268,255,612 | 2,270,322,731 | 2,273,486,676 | |||||||||
Total Liabilities | 2,489,582,978 | 2,489,615,568 | 2,479,787,980 | |||||||||
SHAREHOLDERS’ EQUITY (DEFICIT) | ||||||||||||
Common Stock | 2,940,365 | 2,940,365 | 2,940,884 | |||||||||
Treasury Stock | (344,373,971 | ) | (344,373,971 | ) | (344,370,551 | ) | ||||||
Additional Paid-In Capital | 2,447,787,296 | 2,447,435,486 | 2,446,871,568 | |||||||||
Retained Deficit - Pre-Petition | (3,167,418,092 | ) | (3,167,418,092 | ) | (3,167,418,092 | ) | ||||||
Retained Earnings - Post-petition | 8,743,575 | 4,600,676 | — | |||||||||
Shareholders’ Deficit | (1,052,320,827 | ) | (1,056,815,536 | ) | (1,061,976,191 | ) | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | $ | 1,437,262,151 | $ | 1,432,800,032 | $ | 1,417,811,789 | ||||||
Notes:
| (1) | The Cash balance includes Restricted Cash of $6,142,183 at 2/28/10, $5,533,963 at 1/31/10 and $6,470,035 at 12/20/09. |
| (2) | Includes receivables from insiders of less than $75,000. |
MOR-3
In re | Citadel Broadcasting Corporation, et al. | Case No. | 09-17442 (BRL) | |||
| Debtors | Reporting Period: | February 28, 2010 |
STATUS OF POST-PETITION TAXES
The Debtors have paid and are paying all undisputed post petition taxes as they come due.
The Debtors have paid and are paying prepetition taxes in accordance with the Order (A) Authorizing, but not Directing, the Debtors to Pay Taxes and Fees and (B) Authorizing Financial Institutions to Honor All Related Checks and Electronic Payments Requests (the “Tax Order”) which was entered on February 3, 2010 [Docket No. 102].
SUMMARY OF UNPAID POST-PETITION DEBTS
| Number of Days Past Due | |||||||||||||||
| Current | 0-30 | 31-60 | 61+ | Total | |||||||||||
Accounts Payable | $ | 435,287 | $ | 3,734,809 | $ | 730,612 | $ | 254,050 | $ | 5,154,758 | |||||
The Debtors are paying all undisputed amounts that come due on a post-petition basis in the ordinary course of business. The Debtors have sufficient cash to pay their post-petition obligations in the ordinary course as they come due.
MOR-4
| In re | Citadel Broadcasting Corporation, et al. | Case No. | 09-17442 (BRL) | |||
| Debtors | Reporting Period: | February 28, 2010 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation | Amount | |||
Total Accounts Receivable at the beginning of the month | $ | 147,385,003 | ||
Plus: Amounts billed during the period | 59,710,229 | |||
Less: Amounts collected during the period | (69,717,300 | ) | ||
Less: Bad Debt Write-offs | (260,669 | ) | ||
Plus/Less: Increase (Decrease) in Other Accounts Receivable | 1,216,500 | |||
Total Accounts Receivable at the end of the month | $ | 138,333,763 | ||
Accounts Receivable Aging | Total | |||
0 - 30 days old | $ | 47,461,286 | ||
31 - 60 days old | 32,804,324 | |||
61 - 90 days old | 27,997,206 | |||
91+ days old | 18,857,345 | |||
Total Trade Accounts Receivable | 127,120,161 | |||
Other Accounts Receivable (1) | 11,213,602 | |||
Total Accounts Receivable | 138,333,763 | |||
Less: Bad Debts (Amount considered uncollectible) | (8,900,574 | ) | ||
Net Accounts Receivable at February 28, 2010 | $ | 129,433,189 | ||
Note:
| (1) | Other Accounts Receivable represents items other than standard trade receivables, including income tax receivables, barter receivables, amounts due pursuant to the Debtors’ national representation agreement, and amounts due from content providers on account of sales of advertising. |
MOR-5
| In re | Citadel Broadcasting Corporation, et al. | Case No. | 09-17442 (BRL) | |||
| Debtors | Reporting Period: | February 28, 2010 |
PAYMENTS TO INSIDERS AND PROFESSIONALS
PAYMENTS TO INSIDERS
NAME | TYPE OF PAYMENT | AMOUNT PAID | TOTAL PAID TO DATE | |||||
Ellis, Jesse | Compensation | $ | 6,333 | $ | 15,833 | |||
Ellis, Judith | Compensation | 39,616 | 99,041 | |||||
Forstmann, J. Anthony | Directors Fees | — | 12,500 | |||||
Mayer, Kenneth R. | Compensation | 15,840 | 39,870 | |||||
Miles, Michael A. | Directors Fees | — | 13,750 | |||||
Orr, Jacquelyn J. | Compensation | 27,713 | 57,768 | |||||
Regan, Michael J. | Directors Fees | — | 13,750 | |||||
Reifenheiser, Thomas | Directors Fees | — | 12,500 | |||||
Rosso, John J. | Compensation | 31,572 | 67,455 | |||||
Smith, Wayne T. | Directors Fees | — | 12,500 | |||||
Stratford, Patricia | Compensation | 15,841 | 39,602 | |||||
Suleman, Farid | Compensation | 91,688 | 216,858 | |||||
Taylor, Randy | Compensation | 28,531 | 71,292 | |||||
TOTAL PAYMENTS TO INSIDERS | $ | 257,135 | $ | 672,720 | ||||
PAYMENTS TO PROFESSIONALS
NAME | AMOUNT PAID | TOTAL PAID TO DATE | ||||
FTI Consulting Inc | $ | 250,000 | $ | 250,000 | ||
Kelley Drye & Warren LLP | 26,873 | 26,873 | ||||
Kurtzman Carson Consultants | 954,383 | 989,927 | ||||
Simpson Thacher & Bartlett LLP | 107,368 | 107,368 | ||||
TOTAL PAYMENTS TO PROFESSIONALS | $ | 1,338,625 | $ | 1,374,169 | ||
POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE
AND ADEQUATE PROTECTION PAYMENTS
NAME OF CREDITOR | SCHEDULED MONTHLY PAYMENT DUE | AMOUNT PAID DURING MONTH | TOTAL UNPAID POST-PETITION | ||||||
JP Morgan Chase Bank | $ | 3,319,035 | $ | 3,319,035 | $ | 362,905 | |||
TOTAL PAYMENTS | $ | 3,319,035 | $ | 362,905 | |||||
Notes:
In the schedule of payments to professionals, the Debtors have not included amounts paid to or incurred by Ordinary Course Professionals (the “OCPs”). Amounts paid include invoices applied to pre-petition retainers for FTI Consulting Inc., Kelley Drye & Warren LLP and Simpson Thacher & Bartlett LLC.
The schedule of Post Petition Status of Secured Notes, Leases Payable and Adequate Protection Payments includes all payments made pursuant to theInterim Order Pursuant to 11 U.S.C. §§ 361 and 363 (A) Authorizing Use of Cash Collateral, (B) Granting Adequate Protection to Prepetition Secured Parties and (C) Scheduling a Final Hearing (the “Interim Cash Collateral Order”) [Docket No. 22] which was entered on December 21, 2009, with the exception of payments to the secured lenders’ professionals, which are included on the schedule of payments to professionals.
The unpaid post-petition amount included in the schedule of Post Petition Secured Lenders represents a portion of February 2010 interest that is due in March 2010.
MOR-6
In re: | Citadel Broadcasting Corporation, et al. | Case No. | 09-17442 (BRL) | |||
| Debtors | Reporting Period: | February 28, 2010 |
DEBTOR QUESTIONNAIRE
Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed explanation of | Yes / No | |||
| 1. | Have any assets been sold or transferred outside the normal course of business this reporting period? | No | ||
| 2. | Have any funds been disbursed from any account other than a debtor in possession account this reporting period? | No | ||
| 3. | Is the Debtor delinquent in the timely filing of any post-petition tax returns? | No | ||
| 4. | Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies? | No | ||
| 5. | Is the Debtor delinquent in paying any insurance premium payment? | No | ||
| 6. | Have any payments been made on pre-petition liabilities this reporting period? | Yes | ||
| 7. | Are any post petition receivables (accounts, notes or loans) due from related parties? | No | ||
| 8. | Are any post petition payroll taxes past due? | No | ||
| 9. | Are any post petition State or Federal income taxes past due? | No | ||
| 10. | Are any post petition real estate taxes past due? | No | ||
| 11. | Are any other post petition taxes past due? | No | ||
| 12. | Have any pre-petition taxes been paid during this reporting period? | Yes | ||
| 13. | Are any amounts owed to post petition creditors delinquent? | No | ||
| 14. | Are any wage payments past due? | Yes | ||
| 15. | Have any post petition loans been received by the Debtor from any party? | No | ||
| 16. | Is the Debtor delinquent in paying any U.S. Trustee fees? | No | ||
| 17. | Is the Debtor delinquent with any court ordered payments to attorneys or other professionals? | No | ||
| 18. | Have the owners or shareholders received any compensation outside of the normal course of business? | No | ||
| Explanations for “Yes” responses: | ||||
| 6. | The Debtors have made court-approved payments on pre-petition liabilities during the current reporting period. | |||
| 12. | The Debtors have made court-approved tax payments on pre-petition liabilities during the current reporting period. | |||
| 14. | The Debtors received authority from the Bankruptcy Court to pay certain employee wages in amounts not exceeding $10,950 [SeeOrder Authorizing, but not Directing, Debtors (A) to Pay Certain Prepetition Wages and Reimbursable Employee Expenses, (B) to Pay and Honor Employee Medical and Other Benefits and (C) To Continue Employee Benefits Programs and Authorizing Financial Institutions to Honor all Related Checks and Electronic Payment Requests(Docket No. 100)]. Certain amounts owing to employees in excess of $10,950 remain unpaid. | |||
MOR-7
