EXHIBIT 99.1
[LOGO]
CUMULUS
For Release 7:30 a.m. Eastern Time, Tuesday February 22, 2005
CUMULUS MEDIA INC.
CUMULUS REPORTS FOURTH QUARTER 2004 RESULTS
ATLANTA, GA, February 22, 2005 - Cumulus Media Inc. (NASDAQ: CMLS) today
reported financial results for the three and twelve months ended December 31,
2004.
Lew Dickey, Chairman, President and Chief Executive Officer, commented,
"Q4 was a solid quarter that capped a strong year marked by substantial EBITDA
and free cash flow growth."
Historical results are attached. Historical or "as reported" financial
data of Cumulus Media Inc. are not comparable from year to year because of the
acquisition of radio stations by the Company during the periods covered.
Financial highlights (in thousands, except per share data and percentages) are
as follows:
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31, % DECEMBER 31, %
2004 2003 CHANGE 2004 2003 CHANGE
---- ---- ------ ---- ---- ------
AS REPORTED:
Net revenues $ 84,391 $ 74,911 12.7% $ 320,132 $ 281,971 13.5%
Station operating expenses 51,938 47,640 9.0% 202,441 179,536 12.8%
Station Operating Income (1) 32,453 27,271 19.0% 117,691 102,435 14.9%
Station Operating Income margin (2) 38.5% 36.4% 36.8% 36.3%
Adjusted EBITDA (3) 28,184 23,878 18.0% 102,056 89,061 14.6%
Income (loss) per common share:
Basic income per common share $ 0.14 $ 0.07 $ 0.44 $ 0.05
Diluted income per common share $ 0.14 $ 0.07 $ 0.43 $ 0.05
Free Cash Flow (4) $ 20,906 $ 15,625 33.8% $ 74,859 $ 55,046 36.0%
SAME STATION RESULTS: (5)
Net revenues $ 71,866 $ 69,023 4.1% $ 275,334 $ 262,580 4.9%
Station Operating Income (1) 28,639 25,583 11.9% 104,290 95,022 9.8%
Station Operating Income margin (2) 39.9% 37.1% 37.9% 36.2%
PRO FORMA RESULTS: (6)
Net revenues $ 83,920 $ 81,020 3.6% $ 322,828 $ 309,850 4.2%
Station Operating Income (1) 32,339 28,402 13.9% 118,124 106,570 10.8%
Station Operating Income margin (2) 38.5% 35.1% 36.6% 34.4%
Adjusted EBITDA (3) 28,070 25,009 12.2% 102,489 93,196 10.0%
Adjusted EBITDA margin (7) 33.4% 30.9% 31.7% 30.1%
(1) Station Operating Income is defined as operating income before
depreciation and amortization, LMA fees, corporate general and
administrative expenses, non-cash stock compensation and restructuring
charges (credits). Station Operating Income is not a measure of
performance calculated in accordance with accounting principles generally
accepted in the United States ("GAAP"). Please see the attached table for
a reconciliation of this measure to operating income, the most directly
comparable GAAP financial measure.
(2) Station Operating Income margin is defined as Station Operating Income as
a percentage of net revenues.
(3) Adjusted EBITDA is defined as operating income before depreciation and
amortization, LMA fees, non-cash stock compensation and restructuring
charges (credits). Adjusted EBITDA is not a measure of performance
calculated in accordance with GAAP. Please see the attached table for a
reconciliation of this measure to operating income, the most directly
comparable GAAP financial measure.
1
(4) Free Cash Flow is defined as Adjusted EBITDA less LMA fee expense, net
interest expense, dividends on the Series A Preferred Stock, income taxes
paid and maintenance/investment capital expenditures. Free Cash Flow is
not a measure of performance calculated in accordance with GAAP. Please
see the attached table for a reconciliation of Free Cash Flow to operating
income, the most directly comparable GAAP financial measure.
(5) Same station results include the 260 stations in 53 markets owned and
operated since January 1, 2003.
(6) Pro forma results include the results of i) all acquisitions entered into
during the period that were operated under the terms of local marketing
agreements; and ii) all acquisitions and dispositions consummated during
the period, as if such acquisitions and dispositions were completed at the
beginning of each period presented and exclude the results of Broadcast
Software International. As of December 31, 2004, the pro forma totals
include the results of 303 stations in 61 markets.
(7) Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of
net revenues.
RESULTS OF OPERATIONS
Three Months Ended December 31, 2004 Compared to Three Months Ended
December 31, 2003
Net revenues for the three months ended December 31, 2004 increased $9.5
million to $84.4 million, a 12.7% increase from the same period in 2003,
primarily as a result of revenues associated with station acquisitions completed
subsequent to December 31, 2003 and stations operated under the terms of local
marketing agreements during periods subsequent to December 31, 2003. Station
operating expenses increased $4.3 million to $51.9 million, an increase of 9.0%
over the same period in 2003, primarily as a result of expenses associated with
station acquisitions completed subsequent to December 31, 2003 and stations
operated under the terms of local marketing agreements during periods subsequent
to December 31, 2003. Station Operating Income (defined as operating income
before depreciation and amortization, LMA fees, corporate general and
administrative expenses, non-cash stock compensation and restructuring charges
(credits)) increased $5.2 million to $32.5 million, an increase of 19.0% from
the same period in 2003, for the reasons discussed above. Corporate general and
administrative expenses for the three months ended December 31, 2004 increased
$0.9 million to $4.3 million versus the same period in 2003. This increase was
primarily due to increased legal fees and professional fees incurred in the
current year related to the Company's Sarbanes Oxley compliance efforts.
On a pro forma basis, which includes the results of all stations operated
during the period under the terms of local marketing agreements and station
acquisitions and dispositions completed during the period as if each were
operated from or consummated at the beginning of the periods presented and
excluding the results of Broadcast Software International, net revenues for the
three months ended December 31, 2004 increased 3.6% to $83.9 million as compared
with the same period in 2003. Pro forma Station Operating Income (defined as
operating income before depreciation, amortization, LMA fees, corporate general
and administrative expenses, non-cash stock compensation and restructuring
charges (credits); and with the same exclusions) increased $3.9 million to $32.3
million, an increase of 13.9% from the same period in 2003. Pro forma Adjusted
EBITDA (defined as operating income before depreciation and amortization, LMA
fees, non-cash stock compensation and restructuring charges (credits); and with
the same exclusions) increased $3.1 million to $28.1 million, a 12.2% increase
from the same period in 2003.
Income tax expense totaled $6.3 million for the three months ended
December 31, 2004 as compared with $7.6 million in the prior period. Income tax
expense in the current year is comprised entirely of deferred tax expense and
relates primarily to the establishment of valuation allowances against net
operating loss carry-forwards generated during the period. Income tax expense in
the prior year is comprised of $6.1 million recorded to establish valuation
allowances against net operating loss carry-forwards generated during the period
and $1.5 million recorded to reserve for potential state income tax liabilities
as a result of changes in certain state tax laws.
Basic and diluted income per common share for the three months ended
December 31, 2004 was $0.14 versus $0.07 in the prior year.
Twelve Months Ended December 31, 2004 Compared to Twelve Months Ended
December 31, 2003
Net revenues for the twelve months ended December 31, 2004 increased $38.2
million to $320.1 million, a 13.5% increase from 2003, primarily as a result of
revenues associated with station acquisitions completed subsequent to December
31, 2003 and stations operated under the terms of local marketing agreements
during periods subsequent to December 31, 2003. Station operating expenses
increased $22.9 million to $202.4 million, an increase of 12.8% over 2003,
primarily as a result of expenses associated with station acquisitions completed
subsequent to December 31, 2003 and stations operated under the terms of local
marketing agreements during periods subsequent to December 31, 2003. Station
Operating Income (defined as operating income before depreciation and
amortization, LMA fees, corporate general and administrative expenses, non-cash
stock compensation and restructuring charges (credits)) increased $15.3 million
to $117.7 million, an increase of 14.9% from 2003. Corporate general and
administrative expenses for the twelve months ended December 31, 2004 increased
$2.3 million to $15.6 million versus the prior
2
year. This increase was primarily attributable to increased legal fees,
professional fees incurred in the current year related to the Company's Sarbanes
Oxley compliance efforts and increased state franchise taxes.
On a pro forma basis, which includes the results of all stations operated
during the period under the terms of local marketing agreements and station
acquisitions completed during the year as if each were operated from or
consummated at the beginning of the periods presented and excluding the results
of Broadcast Software International, net revenues for the twelve months ended
December 31, 2004 increased $13.0 million to $322.8 million, an increase of 4.2%
from 2003. Pro forma Station Operating Income (defined as operating income
(loss) before depreciation, amortization, LMA fees, corporate general and
administrative expenses, non-cash stock compensation and restructuring charges
(credits); and with the same exclusions) increased $11.6 million to $118.1
million, an increase of 10.8% from 2003. Pro forma Adjusted EBITDA (defined as
operating income before depreciation and amortization, LMA fees, non-cash stock
compensation and restructuring charges (credits); and with the same exclusions)
increased $9.3 million to $102.5 million, a 10.0% increase from 2003.
Interest expense decreased by $2.7 million or 12.0% to $19.9 million for
the twelve months ended December 31, 2004 as compared with $22.6 million in the
prior year. This decrease was primarily due to lower interest expense incurred
as a result of the repurchase and redemption of all outstanding 10 3/8% Senior
Subordinated Notes due 2008 ("Notes") during 2003 and a lower average cost of
debt during 2004 on borrowings under the Company's credit facility.
Income tax expense totaled $25.5 million during the twelve months ended
December 31, 2004, as compared with $24.7 million during the prior year. Tax
expense incurred in the current and prior year, comprised primarily of deferred
tax expense, was recorded to establish valuation allowances against net
operating loss carry-forwards generated during the period.
Basic income per common share for the twelve months ended December 31,
2004 was $0.44 versus $0.05 in the prior year. Diluted income per common share
for the twelve months ended December 31, 2004 was $0.43 versus $0.05 in the
prior year.
LEVERAGE AND FINANCIAL POSITION
Capital expenditures for the three months ended December 31, 2004 totaled
$3.4 million.
On November 18, 2004, the Company completed an amendment and restatement
of its existing credit facility which provided for (a) an increase in the
existing revolving credit facility of $75.0 million to an aggregate principal
amount of $181.9 million and (b) a new $75.0 million term loan facility which
was fully funded at closing. The amended and restated credit facility also
provided for a decrease in the rate at which the revolving credit facility will
bear interest and an increase in the amount of cash proceeds that may be used to
purchase shares of the Company's Class A Common Stock from $15.0 million to
$100.0 million.
Leverage, defined under the terms of the Company's credit facility as
total indebtedness divided by trailing 12-month Adjusted EBITDA, as adjusted for
certain non-recurring expenses, was 4.7x at December 31, 2004.
Including the results of all pending acquisitions operated as of December
31, 2004, the ratio of net long-term debt to trailing 12-month pro forma
Adjusted EBITDA as of December 31, 2004 is approximately 4.85x.
3
OUTLOOK
The following statements and data are based on current expectations. These
statements are forward looking and actual results may differ materially.
Cumulus expects first quarter 2005 pro forma net revenue to grow by 3-4%
based on Q1 2004 pro forma net revenue of $69.5 million. We expect first quarter
2005 pro forma station operating expenses to grow by 2-2.2% based on Q1 2004 pro
forma station operating expenses of $49.6 million. Further, the following table
summarizes selected projected financial results for the first quarter of 2005
(dollars in millions):
Estimated
Q1 2005
-----------
Depreciation and amortization $ 5,605
LMA fees 750
Non-cash stock compensation 200
Interest expense 5,788
Interest income (200)
Income tax expense (non cash) 6,600
Weighted average diluted common shares 71,000,000
outstanding
NON-GAAP FINANCIAL MEASURES
Cumulus Media Inc. utilizes certain financial measures that are not
calculated in accordance with GAAP to assess financial performance and
profitability. The non-GAAP financial measures used in this release are Station
Operating Income, Adjusted EBITDA and Free Cash Flow. Station Operating Income
is defined as operating income before depreciation and amortization, LMA fees,
corporate general and administrative expenses, non-cash stock compensation and
restructuring charges (credits). Adjusted EBITDA is defined as operating income
before depreciation and amortization, LMA fees, non-cash stock compensation and
restructuring charges (credits). Free Cash Flow is defined as Adjusted EBITDA
less LMA fee expense, net interest expense, dividends on the Series A Preferred
Stock, income taxes paid and maintenance/investment capital expenditures.
Although Station Operating Income, Adjusted EBITDA and Free Cash Flow are
not measures calculated in accordance with GAAP, management believes that they
are useful to an investor in evaluating the Company because they are measures
that are widely used in the broadcasting industry to evaluate a radio company's
operating performance. Further, we use these measures as the key measurements of
operating efficiency, overall financial performance and profitability. More
specifically, Station Operating Income measures the amount of income generated
each period solely from the operations of the Company's stations that is
available to be used to fund corporate general and administrative expenses,
service debt, pay taxes, fund capital expenditures and fund acquisitions.
Adjusted EBITDA measures the amount of income generated each period that could
be used to service debt, pay taxes, fund capital expenditures and fund
acquisitions after the incurrence of corporate general and administrative
expenses. Free Cash Flow measures the amount of income generated each period
that is available and could be used to make future payments of contractual
obligations, fund acquisitions or make discretionary repayments of debt, after
the incurrence of station and corporate expenses, funding of capital
expenditures, payment of LMA fees and debt service. Nevertheless, these measures
should not be considered in isolation or as substitutes for net income (loss),
operating income, cash flows from operating activities or any other measure for
determining the Company's operating performance or liquidity that is calculated
in accordance with GAAP. As these measures are not calculated in accordance with
GAAP, they may not be comparable to similarly titled measures employed by other
companies.
FORWARD-LOOKING STATEMENTS
Certain statements in this release, including statements relating to the
integration of acquisitions and any earnings or revenue projections, are
"forward-looking" statements, which are statements that relate to Cumulus Media
Inc.'s future plans, revenues, station operating income, earnings, objectives,
expectations, performance, and similar projections, as well as any facts or
assumptions underlying these statements or projections. Actual results may
differ materially from the results expressed or implied in these forward-looking
statements, due to various risks, uncertainties or other factors. These factors
include competition within the radio broadcasting industry, advertising demand
in our markets, the possibility that advertisers may cancel or postpone
schedules in response to national or world events, competition for audience
share, our success in executing and integrating acquisitions, our ability to
generate sufficient cash flow to meet our debt service obligations and finance
operations, and other risk factors described from time to
4
time in Cumulus Media Inc.'s filings with the Securities and Exchange
Commission, including Cumulus Media Inc.'s Form 10-K for the year ended December
31, 2003. Cumulus Media Inc. assumes no responsibility to update the
forward-looking statements contained in this release as a result of new
information, future events or otherwise.
Cumulus Media Inc. is the second largest radio company in the United
States based on station count. Giving effect to the completion of all announced
pending acquisitions and divestitures, Cumulus Media Inc. will own and operate
304 radio stations in 61 mid-size and smaller U.S. media markets. The Company's
headquarters are in Atlanta, Georgia, and its web site is www.cumulus.com.
Cumulus Media Inc. shares are traded on the NASDAQ National Market under the
symbol: CMLS.
Cumulus Media Inc. will host a teleconference later today at 10:00 a.m.
Eastern Time to discuss fourth quarter results. To access this teleconference
live, please visit the company's web site at www.cumulus.com or dial (800)
811-7286 for domestic and international callers. The pass code for the call is
CUMULUS. Immediately after completion of the call, a replay can be accessed
until 11:59 PM March 8, 2005. Domestic and international callers can access the
replay by dialing (719) 457-0820, passcode 6826416.
FOR FURTHER INFORMATION, PLEASE CONTACT: Marty Gausvik, (404) 949-0700
5
CUMULUS MEDIA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share data)
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
December 31, December 31, December 31, December 31,
2004 2003 2004 2003
------------ ------------ ------------- -------------
Net revenues $ 84,391 $ 74,911 $ 320,132 $ 281,971
Operating expenses:
Station operating expenses, excluding depreciation,
amortization and LMA fees 51,938 47,640 202,441 179,536
Depreciation and amortization 5,896 5,121 21,168 19,445
LMA fees 943 383 3,002 1,591
Corporate general and administrative (excluding
non-cash stock compensation expense) 4,269 3,393 15,635 13,374
Non-cash stock compensation 63 272 (375) 490
Restructuring charges (credits) (67) (66) (108) (334)
--------- --------- --------- ---------
Total operating expenses 63,042 56,743 241,763 214,102
--------- --------- --------- ---------
Operating income 21,349 18,168 78,369 67,869
--------- --------- --------- ---------
Nonoperating income (expense):
Interest expense (4,709) (5,098) (19,870) (22,586)
Interest income 181 101 673 602
Loss on early extinguishments of debt (21) -- (2,557) (15,243)
Other income (expense), net (689) (668) (699) (923)
--------- --------- --------- ---------
Total nonoperating expenses, net (5,238) (5,665) (22,453) (38,150)
--------- --------- --------- ---------
Income before income taxes 16,111 12,503 55,916 29,719
Income tax expense (6,260) (7,606) (25,547) (24,678)
--------- --------- --------- ---------
Net income 9,851 4,897 30,369 5,041
Preferred stock dividends and redemption premiums -- -- -- 1,908
--------- --------- --------- ---------
Net income attributable to common stockholders $ 9,851 $ 4,897 $ 30,369 $ 3,133
========= ========= ========= =========
Basic income per common share $ 0.14 $ 0.07 $ 0.44 $ 0.05
========= ========= ========= =========
Diluted income per common share $ 0.14 $ 0.07 $ 0.43 $ 0.05
========= ========= ========= =========
Weighted average basic common shares outstanding 68,983 65,518 68,789 64,306
========= ========= ========= =========
Weighted average diluted common shares outstanding 70,839 68,629 71,308 66,934
========= ========= ========= =========
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP COUNTERPARTS
The following table reconciles operating income, the most directly
comparable financial measure calculated and presented in accordance with GAAP,
to Station Operating Income and Adjusted EBITDA (dollars in thousands).
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
December 31, December 31, December 31, December 31,
------------ ------------ ------------- -------------
2004 2003 2004 2003
------------ ------------ ------------- -------------
Operating income $ 21,349 $ 18,168 $ 78,369 $ 67,869
Non cash stock compensation 63 272 (375) 490
Restructuring charges (67) (66) (108) (334)
LMA fees 943 383 3,002 1,591
Depreciation and amortization 5,896 5,121 21,168 19,445
--------- --------- --------- ---------
Adjusted EBITDA $ 28,184 $ 23,878 $ 102,056 $ 89,061
Corporate general and administrative 4,269 3,393 15,635 13,374
Station Operating Income $ 32,453 $ 27,271 $ 117,691 $ 102,435
========= ========= ========= =========
The following table reconciles operating income, the most directly
comparable financial measure calculated and presented in accordance with GAAP,
to Free Cash Flow (dollars in thousands).
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
December 31, December 31, December 31, December 31,
------------ ------------ ------------- -------------
2004 2003 2004 2003
------------ ------------ ------------- -------------
Operating income $ 21,349 $ 18,168 $ 78,369 $ 67,869
Add:
Non cash stock compensation 63 272 (375) 490
Restructuring charges (67) (66) (108) (334)
Depreciation and amortization 5,896 5,121 21,168 19,445
Less:
Interest expense, net of interest income (4,528) (4,997) (19,197) (21,984)
Capital expenditures (1,806) (2,873) (4,998) (9,629)
Income taxes paid -- -- -- (153)
Preferred dividends -- -- -- (658)
--------- --------- --------- ---------
Free Cash Flow $ 20,907 $ 15,625 $ 74,859 $ 55,046
========= ========= ========= =========
7
CUMULUS MEDIA INC.
RECONCILIATION BETWEEN HISTORICAL GAAP RESULTS
AND PRO FORMA RESULTS FOR THE THREE MONTHS ENDED
DECEMBER 31, 2004
(DOLLARS IN THOUSANDS)
Historical Pro Forma
GAAP Adjustments Results
---------- ----------- ---------
Net Revenue $ 84,391 $(471) (1) $ 83,920
Station Operating Expenses $ 51,938 $(357) (2) $ 51,581
Station Operating Income $ 32,453 $(114) $ 32,340
Corporate Overhead $ 4,269 -- $ 4,269
Adjusted EBITDA $ 28,184 $(114) $ 28,071
(1) Reflects the elimination of revenues from Broadcast Software International.
(2) Reflects the elimination of operating expenses from Broadcast Software
International.
CUMULUS MEDIA INC.
RECONCILIATION BETWEEN HISTORICAL GAAP RESULTS
AND PRO FORMA RESULTS FOR THE TWELVE MONTHS ENDED
DECEMBER 31, 2004
(DOLLARS IN THOUSANDS)
Historical Pro Forma
GAAP Adjustments Results
---------- ----------- ---------
Net Revenue $ 320,132 $ 2,696 (3) $ 322,828
Station Operating Expenses $ 202,441 $ 2,263 (4) $ 204,704
Station Operating Income $ 117,691 $ 433 $ 118,124
Corporate Overhead $ 15,635 -- $ 15,635
Adjusted EBITDA $ 102,056 $ 433 $ 102,489
(3) Reflects the addition of revenues from Rochester, Minnesota, Sioux Falls,
South Dakota, Blacksburg, Virginia and Columbia-Jefferson City, Missouri, all of
which the Company commenced operation of under the terms of a local marketing
agreement or acquired during Q1 2004 ($4,477), offset by the elimination of
revenues from Broadcast Software International ($1,781).
(4) Reflects the addition of expenses from Rochester, Minnesota, Sioux Falls,
South Dakota, Blacksburg, Virginia and Columbia-Jefferson City, Missouri, all of
which the Company commenced operation of under the terms of a local marketing
agreement or acquired during Q1 2004 ($3,668), offset by the elimination of
operating expenses from Broadcast Software International ($1,405).
8
CAPITALIZATION
(DOLLARS IN THOUSANDS)
DECEMBER 31, 2004 DECEMBER 31, 2004
ACTUAL PRO FORMA(1)
----------------- -----------------
Cash and cash equivalents $ 31,960 $ --
========== ==========
Long-term debt, including current maturities:
Bank Debt 482,102 497,592
---------- ----------
Total Stockholders' equity 876,333 876,333
---------- ----------
Total capitalization $1,358,435 $1,373,925
========== ==========
(1) Pro forma for cash borrowings needed to complete the pending acquisitions.
Net Debt to TTM Pro Forma Adjusted EBITDA (2) 4.85x
(2) Ratio calculated as (dollars in thousands):
Funded debt as of December 31, 2004 $482,102
Plus: Cash required to complete pending acquisitions operated
at December 31, 2004 47,450
Less: Cash balance as of December 31, 2004 less operating reserve (31,960)
--------
Net Debt as of December 31, 2004 497,592
Divided by Trailing Twelve Months Pro Forma Adjusted EBITDA
(includes the results of all pending acquisitions) 102,489
Ratio 4.85x
9
CUMULUS MEDIA INC.
2004 Quarterly Results
Station Operating Income Margin Composition Analysis
(dollars in thousands)
The following analysis of our market portfolio separates each market into one of
six categories based upon trailing twelve month Station Operating Income
performance for analytical purposes only. We believe this analytical
distribution of our markets is helpful in assessing the portfolio's financial
and operational development.
PRO FORMA FOR THE TRAILING TWELVE MONTHS ENDED DECEMBER 31, 2004:
STATION OPERATING STATION OPERATING AVG STATION
- ----------------- ----------------- ------------------
INCOME MARGIN % # OF MARKETS REVENUE INCOME OPERATING INCOME %
- ----------------- ------------ -------- ----------------- ------------------
> 35.0% 26 $178,383 $84,479 47.4%
25.0% to 34.9% 18 76,381 23,488 30.8%
20.0% to 24.9% 5 15,863 3,587 22.6%
10.0% to 19.9% 6 16,027 2,690 16.8%
0.0% to 9.9% 3 6,516 301 4.6%
< 0.0% 3 4,414 (1,403) (31.8)%
-- -------- ------- ------
SUBTOTAL 61 297,584 113,142 38.0%
Trade, Other -- 25,244 4,982 19.7%
-------- ------- ------
TOTALS 61 322,828 118,124 36.6%
PRO FORMA FOR THE TRAILING TWELVE MONTHS ENDED SEPTEMBER 30, 2004:
STATION OPERATING STATION OPERATING AVG STATION
- ----------------- ----------------- ------------------
INCOME MARGIN % # OF MARKETS REVENUE INCOME OPERATING INCOME %
- ----------------- ------------ -------- ----------------- ------------------
> 35.0% 27 $180,809 $ 83,713 46.3%
25.0% to 34.9% 19 77,011 23,224 30.2%
20.0% to 24.9% 1 4,653 1,142 24.5%
10.0% to 19.9% 8 21,802 3,621 16.6%
0.0% to 9.9% 1 1,997 189 9.5%
< 0.0% 5 8,353 (1,684) -20.2%
-- -------- -------- -----
SUBTOTAL 61 $294,625 $110,205 37.4%
Trade, Other -- 25,303 3,982 15.7%
-------- -------- -----
TOTALS 61 $319,928 $114,187 35.7%
STATION OPERATING ACTIVITY FOR Q4 2004
- ----------------- MARKETS MARKETS MARKETS NET CHANGE MARKETS
INCOME MARGIN % AT 9/30/04 MOVING OUT MOVING IN IN CATEGORY AT 12/31/04
- ----------------- ---------- ---------- --------- ---------- -----------
> 35.0% 27 2 1 (1) 26
25.0% to 34.9% 19 3 2 (1) 18
20.0% to 24.9% 1 -- 4 4 5
10.0% to 19.9% 8 3 1 (2) 6
0.0% to 9.9% 1 1 3 2 3
< 0.0% 5 2 -- (2) 3
TOTAL 61 11 11 -- 61
10