Delaware
(State or other jurisdiction of
incorporation or organization)
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52-1166660
(I.R.S. Employer Identification No.)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit Number
|
Description
|
|
99.1
|
Press release dated November 1, 2012: Radio One, Inc. Reports Third Quarter Results
|
RADIO ONE, INC.
|
||||||||||
/s/ Peter D. Thompson
|
||||||||||
November 05, 2012
|
Peter D. Thompson
|
|||||||||
Chief Financial Officer and Principal Accounting Officer
|
RESULTS OF OPERATIONS
|
|||||||||||||||
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||
STATEMENT OF OPERATIONS
|
(unaudited)
|
(unaudited)
|
|||||||||||||
(in thousands, except share data)
|
(in thousands, except share data)
|
||||||||||||||
NET REVENUE
|
$ | 109,952 | $ | 104,445 | $ | 318,910 | $ | 266,516 | |||||||
OPERATING EXPENSES
|
|||||||||||||||
Programming and technical, excluding stock-based compensation
|
32,454 | 32,742 | 96,577 | 82,291 | |||||||||||
Selling, general and administrative, excluding stock-based compensation
|
36,630 | 35,878 | 106,992 | 95,803 | |||||||||||
Corporate selling, general and administrative, excluding stock-based compensation
|
9,613 | 10,442 | 29,003 | 25,214 | |||||||||||
Stock-based compensation
|
37 | 759 | 127 | 2,895 | |||||||||||
Depreciation and amortization
|
9,685 | 11,504 | 29,112 | 25,825 | |||||||||||
Impairment of long-lived assets
|
- | - | 313 | - | |||||||||||
Total operating expenses
|
88,419 | 91,325 | 262,124 | 232,028 | |||||||||||
Operating income
|
21,533 | 13,120 | 56,786 | 34,488 | |||||||||||
INTEREST INCOME
|
108 | 103 | 155 | 120 | |||||||||||
INTEREST EXPENSE
|
22,179 | 22,973 | 68,854 | 65,222 | |||||||||||
GAIN ON INVESTMENT IN AFFILIATED COMPANY
|
- | - | - | 146,879 | |||||||||||
LOSS ON RETIREMENT OF DEBT
|
- | - | - | 7,743 | |||||||||||
EQUITY IN INCOME OF AFFILIATED COMPANY
|
- | - | - | 3,287 | |||||||||||
OTHER EXPENSE (INCOME), net
|
681 | (19 | ) | 1,284 | 3 | ||||||||||
(Loss) income before provision for (benefit from) income taxes, noncontrolling interest in income of subsidiaries and income (loss) from discontinued operations
|
(1,219 | ) | (9,731 | ) | (13,197 | ) | 111,806 | ||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES
|
9,051 | (2,325 | ) | 25,814 | 81,905 | ||||||||||
Net (loss) income from continuing operations
|
(10,270 | ) | (7,406 | ) | (39,011 | ) | 29,901 | ||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax
|
15 | 11 | 36 | (71 | ) | ||||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(10,255 | ) | (7,395 | ) | (38,975 | ) | 29,830 | ||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
2,809 | 2,483 | 10,663 | 5,403 | |||||||||||
CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (13,064 | ) | $ | (9,878 | ) | $ | (49,638 | ) | $ | 24,427 | ||||
AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
|||||||||||||||
NET (LOSS) INCOME FROM CONTINUING OPERATIONS
|
$ | (13,079 | ) | $ | (9,889 | ) | $ | (49,674 | ) | $ | 24,498 | ||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax
|
15 | 11 | 36 | (71 | ) | ||||||||||
CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (13,064 | ) | $ | (9,878 | ) | $ | (49,638 | ) | $ | 24,427 | ||||
Weighted average shares outstanding - basic2
|
50,019,048 | 50,270,550 | 50,010,406 | 51,072,480 | |||||||||||
Weighted average shares outstanding - diluted3
|
50,019,048 | 50,270,550 | 50,010,406 | 52,943,536 |
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
||||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||||
(unaudited)
|
(unaudited)
|
||||||||||||||
(in thousands, except per share data)
|
(in thousands, except per share data)
|
||||||||||||||
PER SHARE DATA - basic and diluted:
|
|||||||||||||||
Net (loss) income from continuing operations (basic)
|
$ | (0.26 | ) | $ | (0.20 | ) | $ | (0.99 | ) | $ | 0.48 | ||||
Income (loss) from discontinued operations, net of tax (basic)
|
0.00 | 0.00 | 0.00 | (0.00 | ) | ||||||||||
Consolidated net (loss) income attributable to common stockholders (basic)
|
$ | (0.26 | ) | $ | (0.20 | ) | $ | (0.99 | ) | $ | 0.48 | ||||
Net (loss) income from continuing operations (diluted)
|
$ | (0.26 | ) | $ | (0.20 | ) | $ | (0.99 | ) | $ | 0.46 | ||||
Income (loss) from discontinued operations, net of tax (diluted)
|
0.00 | 0.00 | 0.00 | (0.00 | ) | ||||||||||
Consolidated net (loss) income attributable to common stockholders (diluted)
|
$ | (0.26 | ) | $ | (0.20 | ) | $ | (0.99 | ) | $ | 0.46 | ||||
SELECTED OTHER DATA
|
|||||||||||||||
Station operating income 1
|
$ | 40,868 | $ | 35,825 | $ | 115,341 | $ | 88,422 | |||||||
Station operating income margin (% of net revenue)
|
37.2 | % | 34.3 | % | 36.2 | % | 33.2 | % | |||||||
Station operating income reconciliation:
|
|||||||||||||||
Consolidated net (loss) income attributable to common stockholders
|
$ | (13,064 | ) | $ | (9,878 | ) | $ | (49,638 | ) | $ | 24,427 | ||||
Add back non-station operating income items included in consolidated net (loss) income:
|
|||||||||||||||
Interest income
|
(108 | ) | (103 | ) | (155 | ) | (120 | ) | |||||||
Interest expense
|
22,179 | 22,973 | 68,854 | 65,222 | |||||||||||
Provision for (benefit from) income taxes
|
9,051 | (2,325 | ) | 25,814 | 81,905 | ||||||||||
Corporate selling, general and administrative expenses
|
9,613 | 10,442 | 29,003 | 25,214 | |||||||||||
Stock-based compensation
|
37 | 759 | 127 | 2,895 | |||||||||||
Gain on investment in affiliated company
|
- | - | - | (146,879 | ) | ||||||||||
Loss on retirement of debt
|
- | - | - | 7,743 | |||||||||||
Equity in income of affiliated company
|
- | - | - | (3,287 | ) | ||||||||||
Other expense (income), net
|
681 | (19 | ) | 1,284 | 3 | ||||||||||
Depreciation and amortization
|
9,685 | 11,504 | 29,112 | 25,825 | |||||||||||
Noncontrolling interest in income of subsidiaries
|
2,809 | 2,483 | 10,663 | 5,403 | |||||||||||
Impairment of long-lived assets
|
- | - | 313 | - | |||||||||||
(Income) loss from discontinued operations, net of tax
|
(15 | ) | (11 | ) | (36 | ) | 71 | ||||||||
Station operating income
|
$ | 40,868 | $ | 35,825 | $ | 115,341 | $ | 88,422 | |||||||
Adjusted EBITDA4
|
$ | 31,255 | $ | 25,383 | $ | 86,338 | $ | 63,208 | |||||||
Adjusted EBITDA reconciliation:
|
|||||||||||||||
Consolidated net (loss) income attributable to common stockholders
|
$ | (13,064 | ) | $ | (9,878 | ) | $ | (49,638 | ) | $ | 24,427 | ||||
Interest income
|
(108 | ) | (103 | ) | (155 | ) | (120 | ) | |||||||
Interest expense
|
22,179 | 22,973 | 68,854 | 65,222 | |||||||||||
Provision for (benefit from) income taxes
|
9,051 | (2,325 | ) | 25,814 | 81,905 | ||||||||||
Depreciation and amortization
|
9,685 | 11,504 | 29,112 | 25,825 | |||||||||||
EBITDA
|
$ | 27,743 | $ | 22,171 | $ | 73,987 | $ | 197,259 | |||||||
Stock-based compensation
|
37 | 759 | 127 | 2,895 | |||||||||||
Gain on investment in affiliated company
|
- | - | - | (146,879 | ) | ||||||||||
Loss on retirement of debt
|
- | - | - | 7,743 | |||||||||||
Equity in income of affiliated company
|
- | - | - | (3,287 | ) | ||||||||||
Other expense (income), net
|
681 | (19 | ) | 1,284 | 3 | ||||||||||
Noncontrolling interest in income of subsidiaries
|
2,809 | 2,483 | 10,663 | 5,403 | |||||||||||
Impairment of long-lived assets
|
- | - | 313 | - | |||||||||||
(Income) loss from discontinued operations, net of tax
|
(15 | ) | (11 | ) | (36 | ) | 71 | ||||||||
Adjusted EBITDA
|
$ | 31,255 | $ | 25,383 | $ | 86,338 | $ | 63,208 |
September 30, 2012
|
December 31, 2011
|
|||||||
(unaudited)
|
||||||||
(in thousands)
|
||||||||
SELECTED BALANCE SHEET DATA:
|
||||||||
Cash and cash equivalents
|
$ | 48,660 | $ | 35,939 | ||||
Intangible assets, net
|
1,213,464 | 1,244,861 | ||||||
Total assets
|
1,478,923 | 1,486,482 | ||||||
Total debt (including current portion)
|
819,320 | 808,904 | ||||||
Total liabilities
|
1,094,422 | 1,055,541 | ||||||
Total equity
|
362,921 | 410,598 | ||||||
Redeemable noncontrolling interest
|
21,580 | 20,343 | ||||||
Noncontrolling interest
|
208,349 | 205,063 | ||||||
Current Amount Outstanding
|
Applicable Interest Rate
|
|||||||
(in thousands)
|
||||||||
SELECTED LEVERAGE DATA:
|
||||||||
Senior bank term debt, net of original issue discount of approximately $5.7 million (subject to variable rates) (a)
|
$ | 372,539 | 7.50 | % | ||||
12 1/2%/15% senior subordinated notes (fixed rate)
|
327,034 | 12.50 | % | |||||
6 3/8% senior subordinated notes (fixed rate)
|
747 | 6.38 | % | |||||
10% Senior Secured TV One Notes due March 2016 (fixed rate)
|
119,000 | 10.00 | % | |||||
(a)
|
Subject to variable Libor plus a spread currently at 7.50% and incorporated into the applicable interest rate set forth above.
|
Three Months Ended September 30, 2012
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Corporate/
|
||||||||||||||||||||||||
Reach
|
Cable
|
Eliminations/
|
||||||||||||||||||||||
Consolidated
|
Radio One
|
Media
|
Internet
|
Television
|
Other
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$ | 109,952 | $ | 61,823 | $ | 11,909 | $ | 4,452 | $ | 33,232 | $ | (1,464 | ) | |||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
32,454 | 12,232 | 5,961 | 2,104 | 13,168 | (1,011 | ) | |||||||||||||||||
Selling, general and administrative
|
36,630 | 21,411 | 3,898 | 2,784 | 9,263 | (726 | ) | |||||||||||||||||
Corporate selling, general and administrative
|
9,613 | - | 1,465 | - | 2,552 | 5,596 | ||||||||||||||||||
Stock-based compensation
|
37 | 20 | - | - | - | 17 | ||||||||||||||||||
Depreciation and amortization
|
9,685 | 1,589 | 293 | 795 | 6,708 | 300 | ||||||||||||||||||
Impairment of long-lived assets
|
- | - | - | - | - | - | ||||||||||||||||||
Total operating expenses
|
88,419 | 35,252 | 11,617 | 5,683 | 31,691 | 4,176 | ||||||||||||||||||
Operating income (loss)
|
21,533 | 26,571 | 292 | (1,231 | ) | 1,541 | (5,640 | ) | ||||||||||||||||
INTEREST INCOME
|
108 | - | 1 | - | 34 | 73 | ||||||||||||||||||
INTEREST EXPENSE
|
22,179 | 308 | - | - | 3,039 | 18,832 | ||||||||||||||||||
OTHER EXPENSE (INCOME), net
|
681 | 5 | - | - | 604 | 72 | ||||||||||||||||||
(Loss) income before provision for income taxes, noncontrolling interest in income of subsidiaries and income from discontinued operations
|
(1,219 | ) | 26,258 | 293 | (1,231 | ) | (2,068 | ) | (24,471 | ) | ||||||||||||||
PROVISION FOR INCOME TAXES
|
9,051 | 8,808 | 243 | - | - | - | ||||||||||||||||||
Net (loss) incomefrom continuing operations
|
(10,270 | ) | 17,450 | 50 | (1,231 | ) | (2,068 | ) | (24,471 | ) | ||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS, net of tax
|
15 | 15 | - | - | - | - | ||||||||||||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(10,255 | ) | 17,465 | 50 | (1,231 | ) | (2,068 | ) | (24,471 | ) | ||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
2,809 | - | - | - | - | 2,809 | ||||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (13,064 | ) | $ | 17,465 | $ | 50 | $ | (1,231 | ) | $ | (2,068 | ) | $ | (27,280 | ) | ||||||||
Adjusted EBITDA4
|
$ | 31,255 | $ | 28,180 | $ | 585 | $ | (436 | ) | $ | 8,249 | $ | (5,323 | ) |
Three Months Ended September 30, 2011
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Corporate/
|
||||||||||||||||||||||||
Reach
|
Cable
|
Eliminations/
|
||||||||||||||||||||||
Consolidated
|
Radio One
|
Media
|
Internet
|
Television
|
Other
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$ | 104,445 | $ | 58,733 | $ | 13,427 | $ | 4,884 | $ | 29,545 | $ | (2,144 | ) | |||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
32,742 | 13,659 | 5,309 | 2,008 | 13,684 | (1,918 | ) | |||||||||||||||||
Selling, general and administrative
|
35,878 | 21,325 | 3,929 | 3,054 | 8,239 | (669 | ) | |||||||||||||||||
Corporate selling, general and administrative
|
10,442 | - | 1,252 | - | 1,380 | 7,810 | ||||||||||||||||||
Stock-based compensation
|
759 | 133 | - | 24 | - | 602 | ||||||||||||||||||
Depreciation and amortization
|
11,504 | 1,657 | 988 | 838 | 7,779 | 242 | ||||||||||||||||||
Total operating expenses
|
91,325 | 36,774 | 11,478 | 5,924 | 31,082 | 6,067 | ||||||||||||||||||
Operating income (loss)
|
13,120 | 21,959 | 1,949 | (1,040 | ) | (1,537 | ) | (8,211 | ) | |||||||||||||||
INTEREST INCOME
|
103 | - | 3 | - | 100 | - | ||||||||||||||||||
INTEREST EXPENSE
|
22,973 | - | 18 | - | 3,039 | 19,916 | ||||||||||||||||||
OTHER EXPENSE (INCOME), net
|
(19 | ) | (19 | ) | - | - | - | - | ||||||||||||||||
(Loss) income before (benefit from) provision for income taxes, noncontrolling interest in income of subsidiaries and income from discontinued operations
|
(9,731 | ) | 21,978 | 1,934 | (1,040 | ) | (4,476 | ) | (28,127 | ) | ||||||||||||||
(BENEFIT FROM) PROVISION FOR INCOME TAXES
|
(2,325 | ) | (2,833 | ) | 508 | - | - | - | ||||||||||||||||
Net (loss) income from continuing operations
|
(7,406 | ) | 24,811 | 1,426 | (1,040 | ) | (4,476 | ) | (28,127 | ) | ||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS, net of tax
|
11 | 11 | - | - | - | - | ||||||||||||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(7,395 | ) | 24,822 | 1,426 | (1,040 | ) | (4,476 | ) | (28,127 | ) | ||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
2,483 | - | - | - | - | 2,483 | ||||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (9,878 | ) | $ | 24,822 | $ | 1,426 | $ | (1,040 | ) | $ | (4,476 | ) | $ | (30,610 | ) | ||||||||
Adjusted EBITDA4
|
$ | 25,383 | $ | 23,749 | $ | 2,937 | $ | (178 | ) | $ | 6,242 | $ | (7,367 | ) |
Nine Months Ended September 30, 2012
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Corporate/
|
||||||||||||||||||||||||
Reach
|
Cable
|
Eliminations/
|
||||||||||||||||||||||
Consolidated
|
Radio One
|
Media
|
Internet
|
Television
|
Other
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$ | 318,910 | $ | 176,316 | $ | 34,008 | $ | 14,659 | $ | 97,722 | $ | (3,795 | ) | |||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
96,577 | 38,321 | 17,941 | 6,183 | 37,269 | (3,137 | ) | |||||||||||||||||
Selling, general and administrative
|
106,992 | 65,695 | 11,615 | 9,067 | 21,954 | (1,339 | ) | |||||||||||||||||
Corporate selling, general and administrative
|
29,003 | - | 5,075 | - | 6,670 | 17,258 | ||||||||||||||||||
Stock-based compensation
|
127 | 52 | - | - | - | 75 | ||||||||||||||||||
Depreciation and amortization
|
29,112 | 4,817 | 887 | 2,432 | 20,219 | 757 | ||||||||||||||||||
Impairment of long-lived assets
|
313 | 313 | - | - | - | - | ||||||||||||||||||
Total operating expenses
|
262,124 | 109,198 | 35,518 | 17,682 | 86,112 | 13,614 | ||||||||||||||||||
Operating income (loss)
|
56,786 | 67,118 | (1,510 | ) | (3,023 | ) | 11,610 | (17,409 | ) | |||||||||||||||
INTEREST INCOME
|
155 | - | 5 | - | 48 | 102 | ||||||||||||||||||
INTEREST EXPENSE
|
68,854 | 807 | - | - | 9,117 | 58,930 | ||||||||||||||||||
OTHER EXPENSE (INCOME), net
|
1,284 | (10 | ) | - | - | 605 | 689 | |||||||||||||||||
(Loss) income before provision for (benefit from) income taxes, noncontrolling interest in income of subsidiaries and income from discontinued operations
|
(13,197 | ) | 66,321 | (1,505 | ) | (3,023 | ) | 1,936 | (76,926 | ) | ||||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES
|
25,814 | 26,196 | (382 | ) | - | - | - | |||||||||||||||||
Net (loss) income from continuing operations
|
(39,011 | ) | 40,125 | (1,123 | ) | (3,023 | ) | 1,936 | (76,926 | ) | ||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS, net of tax
|
36 | 36 | - | - | - | - | ||||||||||||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(38,975 | ) | 40,161 | (1,123 | ) | (3,023 | ) | 1,936 | (76,926 | ) | ||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
10,663 | - | - | - | - | 10,663 | ||||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (49,638 | ) | $ | 40,161 | $ | (1,123 | ) | $ | (3,023 | ) | $ | 1,936 | $ | (87,589 | ) | ||||||||
Adjusted EBITDA4
|
$ | 86,338 | $ | 72,300 | $ | (623 | ) | $ | (591 | ) | $ | 31,829 | $ | (16,577 | ) |
Nine Months Ended September 30, 2011
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Corporate/
|
||||||||||||||||||||||||
Reach
|
Cable
|
Eliminations/
|
||||||||||||||||||||||
Consolidated
|
Radio One
|
Media
|
Internet
|
Television
|
Other
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$ | 266,516 | $ | 167,152 | $ | 37,928 | $ | 12,705 | $ | 54,711 | $ | (5,980 | ) | |||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
82,291 | 39,764 | 15,919 | 6,692 | 25,455 | (5,539 | ) | |||||||||||||||||
Selling, general and administrative
|
95,803 | 63,101 | 12,228 | 8,209 | 14,053 | (1,788 | ) | |||||||||||||||||
Corporate selling, general and administrative
|
25,214 | - | 4,598 | - | 1,297 | 19,319 | ||||||||||||||||||
Stock-based compensation
|
2,895 | 452 | - | 82 | - | 2,361 | ||||||||||||||||||
Depreciation and amortization
|
25,825 | 5,091 | 2,961 | 2,875 | 14,208 | 690 | ||||||||||||||||||
Total operating expenses
|
232,028 | 108,408 | 35,706 | 17,858 | 55,013 | 15,043 | ||||||||||||||||||
Operating income (loss)
|
34,488 | 58,744 | 2,222 | (5,153 | ) | (302 | ) | (21,023 | ) | |||||||||||||||
INTEREST INCOME
|
120 | - | 12 | - | 105 | 3 | ||||||||||||||||||
INTEREST EXPENSE
|
65,222 | - | 46 | - | 6,187 | 58,989 | ||||||||||||||||||
GAIN ON INVESTMENT IN AFFILIATED COMPANY
|
146,879 | - | - | - | - | 146,879 | ||||||||||||||||||
LOSS ON RETIREMENT OF DEBT
|
7,743 | - | - | - | - | 7,743 | ||||||||||||||||||
EQUITY IN INCOME OF AFFILIATED COMPANY
|
3,287 | - | - | - | - | 3,287 | ||||||||||||||||||
OTHER EXPENSE (INCOME), net
|
3 | (6 | ) | - | - | - | 9 | |||||||||||||||||
Income (loss) before provision for income taxes, noncontrolling interest in income of subsidiaries and (loss) income from discontinued operations
|
111,806 | 58,750 | 2,188 | (5,153 | ) | (6,384 | ) | 62,405 | ||||||||||||||||
PROVISION FOR INCOME TAXES
|
81,905 | 81,319 | 586 | - | - | - | ||||||||||||||||||
Net income (loss) from continuing operations
|
29,901 | (22,569 | ) | 1,602 | (5,153 | ) | (6,384 | ) | 62,405 | |||||||||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of tax
|
(71 | ) | (72 | ) | - | 1 | - | - | ||||||||||||||||
CONSOLIDATED NET INCOME (LOSS)
|
29,830 | (22,641 | ) | 1,602 | (5,152 | ) | (6,384 | ) | 62,405 | |||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
5,403 | - | - | - | - | 5,403 | ||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | 24,427 | $ | (22,641 | ) | $ | 1,602 | $ | (5,152 | ) | $ | (6,384 | ) | $ | 57,002 | |||||||||
Adjusted EBITDA4
|
$ | 63,208 | $ | 64,287 | $ | 5,183 | $ | (2,196 | ) | $ | 13,906 | $ | (17,972 | ) |