8-K 1 e8-k.txt CITADEL BROADCASTING COMPANY FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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 1, 2000 Citadel Broadcasting Company ---------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Nevada ---------------------------------------------------------- (State or Other Jurisdiction of Incorporation) 333-36771 86-0703641 ------------------------ --------------------------------- (Commission File Number) (IRS Employer Identification No.) City Center West, Suite 400 7201 West Lake Mead Boulevard Las Vegas, Nevada 89128 ---------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) (702) 804-5200 -------------------------------------------------- (Registrant's Telephone Number, Including Area Code) 2 This report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based largely on current expectations and projections about future events and financial trends affecting Citadel Broadcasting Company's business. The words "intends," "believes" and similar words are intended to identify forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances are forward-looking statements. The forward-looking statements in this report are subject to risks, uncertainties and assumptions including, among other things: o the realization of Citadel Broadcasting's business strategy, o general economic and business conditions, both nationally and in Citadel Broadcasting's radio markets, o Citadel Broadcasting's expectations and estimates concerning future financial performance, financing plans and the impact of competition, o anticipated trends in Citadel Broadcasting's industry, and o the impact of current or pending legislation and regulation and antitrust considerations. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this report might not transpire. Citadel Broadcasting undertakes no obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise. ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS On August 1, 2000, Citadel Broadcasting Company completed its acquisition from Liggett Broadcast, Inc., Rainbow Radio, LLC, New Tower, Inc. and LLJ Realty, LLC (each, a "Seller") of (i) four FM and two AM radio stations serving the Lansing/East Lansing, Michigan market, two FM radio stations serving the Saginaw/Bay City/Midland market and one FM radio station serving the Flint, Michigan market; (ii) the right to operate one AM radio station serving Flint under a Time Brokerage Agreement, as well as the right to acquire such station; and (iii) related assets used or to be used in connection with the operation of the stations (the "LBI Acquisition"). The aggregate purchase price was approximately $120.9 million in cash. The purchase price was paid with amounts borrowed under Citadel Broadcasting's credit facility with Credit Suisse First Boston, as Lead Arranger, Administrative Agent and Collateral Agent; FINOVA Capital Corporation, as Syndication Agent; First Union National Bank and Fleet National Bank, as Documentation Agents; and Credit Suisse First Boston, Bank of America, N.A., Bank of Montreal, The Bank of New York, Bank of Nova Scotia, The Chase Manhattan Bank, Credit Industrial et Commercial, FINOVA Capital Corporation, First Union National Bank, Fleet National Bank, The Industrial Bank of Japan, Limited, Webster Bank, Michigan National Bank, Natexis Banque Populaires (formerly known as Natexis Banque BFCE), US Bank National Association, ING (U.S.) Capital LLC, The Fuji Bank, Limited, Dai-Ichi Kangyo Bank Ltd., First Hawaiian Bank, General Electric Capital Corporation, Suntrust Bank, Inc., Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., "Rabobank Nederland", New York Branch, Summit Bank, Royal Bank of Canada, and National City Bank, as lenders. In addition to the stations and operating rights acquired in the LBI Acquisition, Citadel Broadcasting was assigned the rights under a purchase agreement to acquire the one AM radio station in Flint for which it acquired the operating rights discussed above. The aggregate consideration paid or to be paid for this AM radio station, including transaction expenses, is expected to be less than $0.6 million. The completion of this 3 transaction is subject to various conditions. Although Citadel Broadcasting believes that these closing conditions are generally customary for transactions of this type, there can be no assurances that the conditions will be satisfied. Closing of the LBI Acquisition had been delayed as Citadel Broadcasting received a request for additional information and documents from the United States Department of Justice relating to stations in Saginaw/Bay City/Midland. To resolve the Department of Justice's concerns, Citadel Broadcasting agreed to sell three radio stations serving Saginaw/Bay City/Midland, for which sale an initial grant was received from the Federal Communications Commission in July 2000. As a result, concurrently with the LBI Acquisition, Citadel Broadcasting sold to Wilks Broadcasting LLC one of the acquired FM radio stations and one additional FM radio station and one AM radio station, each serving Saginaw/Bay City/Midland, for the aggregate sale price of approximately $16.1 million. Citadel Broadcasting intends to operate the remaining acquired radio stations. The initial grant from the FCC for the sale of the three stations has not yet become a final order. Until an order becomes final, third parties may file a request for reconsideration or judicial review or the FCC may reconsider the grant on its own motion. Such action could expose Citadel Broadcasting to a modification or set aside of the initial approval. There can be no assurance that a modification or set aside will not occur. Following the closing of the LBI Acquisition, on August 1, 2000, Robert G. Liggett, Jr., who together with his immediate family members or trusts for the benefit of his immediate family members directly or indirectly owned at the time of the LBI Acquisition all or a majority of the equity interests of each Seller, was appointed as a director of each of Citadel Broadcasting and its parent, Citadel Communications Corporation. ITEM 5. OTHER EVENTS As discussed in Item 2 of this report, on August 1, 2000 Robert G. Liggett, Jr. was appointed as a director of each of Citadel Communications and Citadel Broadcasting. On July 26, 2000, each of Ken Maness and Wayne Leland were appointed as Vice Presidents of each of Citadel Communications and Citadel Broadcasting. Additionally, Mr. Maness was appointed as President of the Southeast Region of Citadel Broadcasting and Mr. Leland was appointed as President of the Northeast Region of Citadel Broadcasting. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (a) Financial Statements. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Exhibits. The following exhibit is filed as part of this report: 2.1 Asset Purchase Agreement dated December 3, 1999 by and among Liggett Broadcast, Inc., Rainbow Radio, LLC, New Tower, Inc., LLJ Realty, LLC, Robert G. Liggett, Jr., Citadel Communications Corporation, Citadel Broadcasting Company and Citadel License, Inc. (incorporated by reference to Exhibit 2.5 to Citadel Communications Corporation's Current Report on Form 8-K filed on December 10, 1999). 4 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CITADEL BROADCASTING COMPANY Date: August 9, 2000 By: /s/ Lawrence R. Wilson --------------------------------- Lawrence R. Wilson Chairman and Chief Executive Officer 5 EXHIBIT INDEX 2.1 Asset Purchase Agreement dated December 3, 1999 by and among Liggett Broadcast, Inc., Rainbow Radio, LLC, New Tower, Inc., LLJ Realty, LLC, Robert G. Liggett, Jr., Citadel Communications Corporation, Citadel Broadcasting Company and Citadel License, Inc. (incorporated by reference to Exhibit 2.5 to Citadel Communications Corporation's Current Report on Form 8-K filed on December 10, 1999).

1999 ----------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 947,969 Accounts receivable, less allowance for doubtful accounts, $153,485 5,236,922 Other receivables 29,082 Prepaid expenses 161,645 Refundable income taxes 9,800 Deferred income taxes 214,000 ----------- Total current assets $ 6,599,418 ----------- INVESTMENTS AND OTHER ASSETS Prepaid expenses $ 20,833 Cash value of life insurance 52,743 Deferred compensation trust accounts 579,904 Deferred income taxes 292,000 ----------- $ 945,480 ----------- PROPERTY AND EQUIPMENT Land $ 756,458 Land improvements 31,104 Buildings and improvements 2,882,952 Technical and other equipment 9,667,909 Furniture and fixtures 1,376,027 Vehicles 649,651 ----------- $15,364,101 Less accumulated depreciation 10,665,102 ----------- $ 4,698,999 ----------- INTANGIBLES, at amortized cost $59,113,105 ----------- $71,357,002 =========== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Current maturities of long-term debt $ 2,200,000 Accounts payable 1,235,726 Accrued expenses 1,811,797 Income taxes payable 39,100 ------------ Total current liabilities $ 5,286,623 ------------ LONG-TERM DEBT, less current maturities Notes payable, bank $ 41,000,000 Notes payable, stockholders 18,593,230 ------------ $ 59,593,230 ------------ DEFERRED COMPENSATION $ 579,904 ------------ COMMITMENTS STOCKHOLDERS' EQUITY Capital stock: Preferred, 5% cumulative, Series A Convertible Participating; par value $.01 share; authorized 1,700,000 shares; issued and outstanding, 109,890 shares; ($12,087,900 aggregate liquidation preference) $ 1,099 Common, $.01 par value; authorized 300,000 shares, issued and outstanding, 11,477.40 shares 115 Retained earnings (deficit) (2,727,762) Accumulated other comprehensive income 70,599 Paid in capital 8,553,194 ------------ $ 5,897,245 ------------ $ 71,357,002 ============

1999 ----------- Gross revenue $31,995,451 Deductions from revenue 3,691,927 ----------- Net revenue $28,303,524 ----------- Operating expenses: Selling expenses $ 6,242,113 Technical expenses 494,815 Program and production expenses 7,324,827 General and administrative expenses 10,976,326 ----------- $25,038,081 ----------- Operating income $ 3,265,443 ----------- Nonoperating income (expense): Interest income $ 36,931 Interest expense-lenders (5,830,009) Loss on dispositions of property and equipment and intangible assets (10,537) Other income 34,596 ----------- $(5,769,019) ----------- Loss before income taxes $(2,503,576) Federal and state income taxes (credits) (491,274) ----------- Net loss $(2,012,302) ===========

Accumulated Retained Other Preferred Earnings Comprehensive Paid-In Stock Common (Deficit) Income Capital Total ------ ---- ----------- ------- ---------- ----------- Balance, January 1, 1999 $1,099 $115 $ (715,460) $21,276 $8,553,194 $ 7,860,224 Net loss, 1999 -- -- (2,012,302) -- -- (2,012,302) New shares issued -- -- -- -- -- -- Unrealized gain on investments -- -- -- 49,323 -- 49,323 ------ ---- ----------- ------- ---------- ----------- Balance, December 31, 1999 $1,099 $115 $(2,727,762) $70,599 $8,553,194 $ 5,897,245 ====== ==== =========== ======= ========== ===========

1999 ----------- CASH FLOWS FROM OPERATING ACTIVITIES Net loss $(2,012,302) Adjustments to reconcile net (loss) to net cash provided by operating activities: Depreciation 955,504 Amortization 3,234,419 Provision for doubtful accounts 311,643 Deferred compensation 128,299 Loss on dispositions of property and equipment and intangible assets 10,537 Income earned in deferred compensation trust accounts (34,597) Increase in cash value of life insurance (1,869) Deferred income taxes (756,000) Interest expense added to notes payable 1,761,666 Change in assets and liabilities: (Increase) in accounts receivable (788,109) Decrease in other receivables 29,306 (Increase) decrease in prepaid expenses (82,770) (Increase) decrease in refundable income taxes 349,800 Increase (decrease) in accounts payable 869,439 Increase (decrease) in accrued expenses (56,915) (Decrease) in income received in advance (2,805) Increase (decrease) in income taxes payable 39,100 ----------- Net cash provided by operating activities $ 3,954,346 ----------- CASH FLOWS FROM INVESTING ACTIVITIES Life insurance premiums applied to increase in cash value of life insurance $ (6,500) Deposits to deferred compensation trust accounts (63,004) Proceeds from disposal of property and equipment 8,300 Purchase of property and equipment (654,040) Purchase of intangibles (2,941,365) ----------- Net cash (used in) investing activities $(3,656,609) ----------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term borrowings $ 3,000,000 Principal payments on long-term borrowings (2,950,000) Payments on capital lease obligations (5,453) ----------- Net cash provided by financing activities $ 44,547 ----------- Increase in cash and cash equivalents $ 342,284 Cash and cash equivalents: Beginning 605,685 ----------- Ending $ 947,969 =========== SUPPLEMENTAL CASH FLOW INFORMATION Cash payments for: Interest $ 4,055,517 =========== Income taxes (refunds) $ (124,182) =========== SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES Income reinvested in deferred compensation trust accounts $ (34,597) =========== Increase in cash value of life insurance $ (1,869) ===========

2000 1999 ----------- ----------- Gross revenue $ 7,669,466 $ 6,380,873 Deductions from revenue 901,148 788,673 ----------- ----------- Net revenue $ 6,768,318 $ 5,592,200 ----------- ----------- Operating expenses: Selling expenses $ 1,630,821 $ 1,289,331 Technical expenses 135,213 122,882 Program and production expenses 1,993,725 1,693,972 General and administrative expenses 2,910,723 2,386,808 ----------- ----------- $ 6,670,482 $ 5,492,993 ----------- ----------- Operating income $ 97,836 $ 99,207 ----------- ----------- Nonoperating income (expense): Interest income $ 31,516 $ 7,675 Interest expense (1,567,399) (1,383,452) Other income 1,888 500 ----------- ----------- $(1,533,995) $(1,375,277) ----------- ----------- Loss before income tax benefit $(1,436,159) $(1,276,070) Federal and state income tax benefit (450,600) (347,900) ----------- ----------- Net loss $ (985,559) $ (928,170) =========== ===========

Accumulated Retained Other Preferred Common Earnings Comprehensive Paid-In Stock Stock (Deficit) Income Capital Total --------- ------ ----------- ------------- ---------- ---------- Balance, January 1, 2000 $1,099 $115 $(2,727,762) $70,599 $8,553,194 $5,897,245 Net Loss, 2000 -- -- (985,559) -- -- (985,559) Unrealized gain on investments -- -- -- 21,138 -- 21,138 ------ ---- ----------- ------- ---------- ---------- Balance, March 31, 2000 $1,099 $115 $(3,713,321) $91,737 $8,553,194 $4,932,824 ====== ==== =========== ======= ========== ==========

2000 1999 ----------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (985,559) $ (928,170) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 1,177,422 1,012,819 Provision for doubtful accounts 6,613 (18,352) Deferred compensation 32,026 2,143 Gain on dispositions of property and equipment -- (500) Deferred income taxes (461,000) (386,000) Interest expense added to notes payable 453,223 410,282 Change in assets and liabilities: Decrease in accounts receivable 439,987 683,302 (Increase) decrease in other receivables (12,671) 50,146 (Increase) decrease in prepaid expenses 91,915 (71,547) (Increase) decrease in refundable income taxes (29,300) 314,957 (Increase) in deferred compensation trust accounts (1,888) -- Increase in accounts payable 138,030 21,135 (Decrease) in accrued expenses (598,423) (591,757) Increase (decrease) in income taxes payable (27,700) 38,100 ----------- ---------- Net cash provided by operating activities $ 222,675 $ 536,558 ----------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from disposal of property and equipment $ -- $ 500 Purchase of property and equipment (928,778) (39,143) Purchase of intangibles (5,766,133) (56,765) Proceeds from cancellation of life insurance policy 52,743 -- ----------- ---------- Net cash (used in) investing activities $(6,642,168) $ (95,408) ----------- ----------

2000 1999 ---------- --------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings $7,000,000 $ -- Principal payments on borrowings (550,000) (250,000) Payments on capital lease obligations -- (1,413) ---------- --------- Net cash provided by (used in) financing activities $6,450,000 $(251,413) ---------- --------- Increase in cash and cash equivalents $ 30,507 $ 189,737 Cash and cash equivalents: Beginning 947,969 605,685 ---------- --------- Ending $ 978,476 $ 795,422 ========== ========= SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash payments for: Interest $1,114,175 $ 993,055 ========== ========= Income taxes, net of refunds received 1999: $298,500 $ 78,915 $(201,096) ========== =========

CITADEL BROADCASTING ADJUSTMENTS ACTUAL ADJUSTMENTS AS ADJUSTED FOR PRO FORMA CITADEL FOR RECENT 2000 FOR RECENT 2000 THE PENDING CITADEL BROADCASTING TRANSACTIONS (1) TRANSACTIONS TRANSACTIONS (2) BROADCASTING -------------- ---------------- ------------ ---------------- -------------- ASSETS Cash and cash equivalents $ 212,187 $ (191,126) $ 21,061 $ (4,320) $ 16,741 Accounts and notes receivable, net 45,255 5,207 50,462 -- 50,462 Prepaid expenses 4,090 89 4,179 -- 4,179 Net assets of discontinued operations 2,861 -- 2,861 -- 2,861 --------- ---------- ---------- ---------- ---------- Total current assets 264,393 (185,830) 78,563 (4,320) 74,243 Property and equipment, net 68,521 21,050 89,571 17,127 106,698 Intangible assets, net 556,140 394,457 950,597 387,193 1,337,790 Restricted cash 30,055 (30,055) -- -- -- Other assets 8,201 618 8,819 -- 8,819 --------- ---------- ---------- ---------- ---------- TOTAL ASSETS $ 927,310 $ 200,240 $1,127,550 $ 400,000 $1,527,550 ========= ========== ========== ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable and accrued liabilities $ 17,465 $ 3,390 $ 20,855 $ -- $ 20,855 Current maturities of other long-term obligations 834 -- 834 -- 834 --------- ---------- ---------- ---------- ---------- Total current liabilities 18,299 3,390 21,689 -- 21,689 Notes payable, less current maturities 120,000 160,000 280,000 400,000 680,000 Senior subordinated notes 210,620 -- 210,620 -- 210,620 Other long-term obligations, less current maturities 2,311 -- 2,311 -- 2,311 Deferred tax liability 44,794 36,850 81,644 -- 81,644 Exchangeable preferred stock 88,382 -- 88,382 -- 88,382 Common stock and additional paid-in capital 516,695 -- 516,695 -- 516,695 Deferred compensation (23,716) -- (23,716) -- (23,716) Accumulated deficit/ retained earnings (50,075) -- (50,075) -- (50,075) --------- ---------- ---------- ---------- ---------- TOTAL LIABILITIES AND $ 927,310 $ 200,240 $1,127,550 $ 400,000 $1,527,550 SHAREHOLDERS' EQUITY ========= ========== ========== ========== ==========

CITADEL BROADCASTING ADJUSTMENTS ACTUAL ADJUSTMENTS AS ADJUSTED FOR PRO FORMA CITADEL FOR COMPLETED FOR COMPLETED THE PENDING CITADEL BROADCASTING TRANSACTIONS (1) TRANSACTIONS TRANSACTIONS (2) BROADCASTING -------------- ---------------- ------------ ---------------- -------------- Net revenue $ 46,137 $ 17,802 $ 63,939 $ 10,263 $ 74,202 Station operating expenses 32,831 13,150 45,981 7,874 53,855 Depreciation and amortization 12,605 7,312 19,917 6,779 26,696 Corporate general and administrative 5,235 -- 5,235 -- 5,235 ---------- --------- --------- -------- --------- Operating expenses 50,671 20,462 71,133 14,653 85,786 ---------- --------- --------- -------- --------- Operating income (loss) (4,534) (2,660) (7,194) (4,390) (11,584) Interest expense 8,747 5,127 13,874 7,811 21,685 Other (income) expense, net (2,058) -- (2,058) (75) (2,133) ---------- --------- --------- -------- --------- Income (loss) from continuing operations before income taxes (11,223) (7,787) (19,010) (12,126) (31,136) Income taxes (benefit) (735) (614) (1,349) -- (1,349) Net income (loss) from continuing operations (10,488) (7,173) (17,661) (12,126) (29,787) Net (loss) from discontinued operations, net of tax (564) -- (564) -- (564) Net income (11,052) (7,173) (18,225) (12,126) (30,351) Dividend requirement for exchangeable preferred stock (2,965) -- (2,965) -- (2,965) ---------- --------- --------- -------- --------- Income (loss) applicable to common shares $ (14,017) $ (7,173) $ (21,190) $(12,126) $ (33,316) ========== ========= ========= ======== =========

BLOOMINGTON WWFX BPH ACQUISITION ACQUISITION TRANSACTIONS ----------- ----------- ------------ Net revenue $ 6,768 $ 485 $ 9,375 Station operating expenses 5,091 255 6,972 Depreciation and amortization 3,510 219 3,240 Corporate general and administrative -- -- -- -------- ------ -------- Operating expenses 8,601 474 10,212 -------- ------ -------- Operating income (loss) (1,833) 11 (837) Interest expense 3,434 249 3,189 Other (income) expenses, net -- -- -- -------- ------ -------- Income (loss) from continuing operations before income taxes (5,267) (238) (4,026) Income taxes (benefit) (614) -- -- -------- ------ -------- Net income (loss) from continuing operations $ (4,653) $ (238) $ (4,026) ======== ====== ========

WORC AND ADJUSTMENTS LAFAYETTE WXLO FOR THE THE COMPLETED ACQUISITION ACQUISITION 2000 OFFERING TRANSACTIONS ----------- ----------- ------------- ------------ Net revenue $ 688 $ 486 $ -- $17,802 Station operating expenses 464 368 -- 13,150 Depreciation and amortization 158 185 -- 7,312 Corporate general and administrative -- -- -- -- -------- -------- ---------- --------- Operating expenses 622 553 -- 20,462 -------- -------- ---------- --------- Operating income (loss) 66 (67) -- (2,660) Interest expense 166 178 (2,089) 5,127 Other (income) expenses, net -- -- -- -- -------- -------- ---------- --------- Income (loss) from continuing operations before income taxes (100) (245) 2,089 (7,787) Income tax (benefit) -- -- -- (614) -------- -------- ---------- --------- Net income (loss) from continuing operations (100) (245) 2,089 (7,173) ======== ======== ========== =========

MICHIGAN DICK PENDING TRANSACTIONS ACQUISITION TRANSACTIONS Net revenue $ 3,221 $ 7,042 $ 10,263 Station operating expenses 1,840 6,034 7,874 Depreciation and amortization 1,743 5,036 6,779 -------- -------- --------- Operating expenses 3,583 11,070 14,653 -------- -------- --------- Operating income (loss) (362) (4,028) (4,390) Interest expense 1,953 5,858 7,811 Other (income) expenses, net -- (75) (75) -------- -------- --------- Income (loss) from continuing operations before income taxes (2,315) (9,811) (12,126) Income tax (benefit) -- -- -- -------- -------- --------- Net income (loss) from continuing operations $ (2,315) $ (9,811) $ (12,126) ======== ========= =========

CITADEL BROADCASTING ADJUSTMENTS ACTUAL ADJUSTMENTS AS ADJUSTED FOR PRO FORMA CITADEL FOR COMPLETED FOR COMPLETED THE PENDING CITADEL BROADCASTING TRANSACTIONS (1) TRANSACTIONS TRANSACTIONS (2) BROADCASTING -------------- ---------------- ------------ ---------------- -------------- Net revenue $ 178,495 $ 98,716 $277,211 $ 49,553 $326,764 Station operating expenses 115,312 65,112 180,424 34,458 214,882 Depreciation and amortization 35,749 42,433 78,182 27,032 105,214 Corporate general and administrative 7,010 (131) 6,879 -- 6,879 Non-cash deferred compensation 1,727 -- 1,727 -- 1,727 --------- -------- -------- -------- -------- Operating expenses 159,798 107,414 267,212 61,490 328,702 --------- -------- -------- -------- -------- Operating income (loss) 18,697 (8,698) 9,999 (11,937) (1,938) Interest expense 25,385 16,801 42,186 31,240 73,426 Other (income) expense, net (388) (9,638) (10,026) 1,232 (8,794) --------- -------- -------- -------- -------- Income (loss) from continuing operations before income taxes (6,300) (15,861) (22,161) (44,409) (66,570) Income tax (benefit) (1,647) (3,307) (4,954) -- (4,954) Net income (loss) from continuing operations (4,653) (12,554) (17,207) (44,409) (61,616) Net (loss) from discontinued operations, net of tax (4,275) -- (4,275) -- (4,275) Net income (8,928) (12,554) (21,482) (44,409) (65,891) Dividend requirement for exchangeable preferred stock (14,103) 3,324 (10,779) -- (10,779) --------- -------- -------- -------- -------- Income (loss) applicable to common shares $ (23,031) (9,230) (32,261) (44,409) (76,670) ========= ======== ======== ======== ========

PORTSMOUTH/ CHARLESTON/ DOVER/ BINGHAMTON/ OKLAHOMA ROCHESTER/ MUNCIE/ BLOOMINGTON BPH CITY PORTLAND KOKOMO ACQUISITION TRANSACTIONS ACQUISITION ACQUISITION ACQUISITION ----------- ------------ ----------- ----------- ----------- Net Revenue $ 28,304 $ 42,061 $ 9,736 $ 10,642 $ 9,543 Station operating expenses 19,354 28,997 6,402 6,021 6,711 Depreciation and amortization 14,041 12,961 4,298 3,628 2,685 Corporate general and administrative -- -- -- -- -- -------- -------- ------- -------- ------- Operating expenses 33,395 41,958 10,700 9,649 9,396 -------- -------- ------- -------- ------- Operating income (loss) (5,091) 103 (964) 993 147 Interest expense 13,738 12,757 4,282 2,994 2,343 Other (income) expenses, net -- -- -- -- -- -------- -------- ------- -------- ------- Income (loss) from continuing operations before income taxes (18,829) (12,654) (5,246) (2,001) (2,196) Income tax (benefit) (2,457) -- -- (724) -- Net income (loss) from continuing operations (16,372) (12,654) (5,246) (1,277) (2,196) Net (loss) from discontinued operations, net of tax -- -- -- -- -- Net income (loss) (16,372) (12,654) (5,246) (1,277) (2,196) Dividend requirement for exchangeable preferred stock -- -- -- -- -- -------- -------- ------- -------- ------- Income (loss) applicable to common shares (16,372) (12,654) $(5,246) (1,277) $(2,196) ======== ======== ======= ======== =======

CARLISLE ACQUISITION, CAPSTAR TRANSACTI0NS, KOOJ ACQUISITION WXL0 ACQUISITION, ADJUSTMENTS LAFAYETTE FOR THE ACQUISITION, 1999 OFFERING, WORC ACQUISITION, THE PREFERRED BATON ROUGE/ SAGINAW/ WWFX ACQUISITION AND REDEMPTION LAFAYETTE BAY CITY MARATHON AND THE THE COMPLETED ACQUISITION ACQUISITION DISPOSITION 2000 OFFERING TRANSACTIONS ----------- ----------- ----------- ------------- ------------ Net Revenue $1,371 $ 526 $(3,467) $ -- $ 98,716 Station operating expenses 1,275 486 (4,134) -- 65,112 Depreciation and amortization 628 202 3,990 -- 42,433 Corporate general and administrative -- -- (131) -- (131) ------ ----- ------- -------- --------- Operating expenses 1,903 688 (275) -- 107,414 ------ ----- ------- -------- --------- Operating income (loss) (532) (162) (3,192) -- (8,698) Interest expense -- -- 2,395 (21,708) 16,801 Other (income) expenses, net -- -- (9,638) -- (9,638) ------ ----- ------- -------- --------- Income (loss) from continuing operations before income taxes (532) (162) 4,051 21,708 (15,861) Income tax (benefit) (126) -- -- -- (3,307) Net income (loss) from continuing operations (406) (162) 4,051 21,708 (12,554) Net (loss) from discontinued operations, net of tax -- -- -- -- -- Net income (loss) (406) (162) 4,051 21,708 (12,554) Dividend requirement for exchangeable preferred stock -- -- -- 3,324 3,324 ------ ----- ------- -------- --------- Income (loss) applicable to common shares $ (406) $(162) 4,051 $ 25,032 (9,230) ====== ===== ======= ======== =========

MICHIGAN DICK PENDING TRANSACTIONS ACQUISITION TRANSACTIONS ------------ ----------- ------------ Net Revenue $15,264 $ 34,289 $ 49,553 Station operating expenses 8,071 26,387 34,458 Depreciation and amortization 6,889 20,143 27,032 ------- -------- -------- Operating expenses 14,960 46,530 61,490 ------- -------- -------- Operating income (loss) 304 (12,241) (11,937) Interest expense 7,810 23,430 31,240 Other (income) expense, net -- 1,232 1,232 ------- -------- -------- Income (loss) from continuing operations before income taxes (7,506) (36,903) (44,409) Income tax (benefit) -- -- -- ------- -------- -------- Net income (loss) from continuing operations $(7,506) $(36,903) $(44,409) ======= ======== ========

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