Citadel Communications Corporation and Citadel Broadcasting Company Report 2001 First Quarter Results.Business Editors LAS VEGAS--(BUSINESS WIRE)--April 25, 2001 Mid-sized market radio broadcaster Citadel Communications
Citadel Communications is a Bronxville, NY-based broadcaster that owns 4 television stations, including: DMA Rank Market Station ... Corporation (Nasdaq: CITC CITC Communications and Information Technology Commission (Saudi Arabia) CITC Cottage Industry Technology Center CITC Canadian Institute of Travel Counsellors CITC Cook Inlet Tribal Council (Anchorage, Alaska) ) ("the Company") and its operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Citadel Broadcasting
Citadel Broadcasting Corporation NYSE: CDL is a Las Vegas, Nevada based broadcast holding company. Investment house Forstmann Little & Company owns 27% of Citadel. Company ("Citadel"), today announced results for the first quarter ended March 31, 2001. The Company is a holding company for Citadel. For the three months ended March 31, 2001, consolidated net revenue increased 58.6% to $73.1 million, from $46.1 million in the same period of 2000. Broadcast cash flow (BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter ) (defined as station operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. excluding depreciation, amortization, corporate general and administrative expenses, non-recurring items and other non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. ) rose 50.4% to $20.0 million for the first quarter of 2001, compared to $13.3 million in the corresponding period of 2000. Earnings before interest, taxes, non-cash deferred compensation, depreciation and amortization and excluding $1.8 million in merger related costs (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) for the first quarter of 2001 was $17.5 million, up 54.9% from $11.3 million in the corresponding 2000 period. After-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. cash flow (ATCF ATCF After Tax Cash Flow ATCF Automated Tropical Cyclone Forecasting ATCF As The Crow Flies ATCF Automated Tropical Cyclone Forecast (meteorology) ATCF air traffic control facility ATCF Aero Touring Club de France ATCF Air Traffic Control Flight ) (defined as net income or loss, plus depreciation, amortization, non-recurring items and other non-cash charges less deferred tax benefit) declined to $(0.18) per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share in the first quarter of 2001, compared to $0.04 per diluted share in the first quarter of 2000, primarily as a result of higher interest expense related to recently completed acquisitions. Commenting on the results, Chairman and Chief Executive Officer, Larry Wilson Lawrence Frank Wilson (born May 24, 1938, in Rigby, Idaho) is a former American football free safety who played for the St. Louis Cardinals. Wilson attended Rigby High School, where a plaque now hangs noting his accomplishments. stated, "General conditions in the economy and the advertising markets were very difficult during the first quarter of 2001. While we benefited from our positioning in mid-sized markets, we were impacted by these industry-wide trends. We are confident that our continued focus on station operations, our core local advertising markets and the integration of the 77 stations we acquired during 2000 is the appropriate action in this challenging environment." On a same-station basis (generated from stations in markets where Citadel operated for the full 2001 and 2000 periods, excluding one market in the early stages of development and excluding trade revenue), first quarter 2001 net revenue declined 0.7% to $40.3 million, compared to $40.6 million in the first quarter of 2000. BCF, excluding trade revenue and trade expense, on this same-station basis, increased 4.8% to $13.2 million for the first quarter of 2001 from $12.6 million for the same period of 2000. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis - as if recently completed and pending transactions were completed on January January: see month. 1, 2000 and after giving effect to discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. - consolidated net revenue for the first quarter of 2001 would have been $73.0 million and BCF for that quarter would have been $20.3 million. Pro forma results reflect Citadel's acquisition and disposition of various radio stations on or prior to April 25, 2001, and include the pending acquisition of five stations in Tucson, Arizona Tucson (pronounced /ˈtusɑn/, Spanish: Tucsón [tuk'son] and the pending divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of three stations in Atlantic City, New Jersey “Atlantic City” redirects here. For other uses, see Atlantic City (disambiguation). Atlantic City is a city in Atlantic County, New Jersey, USA. Famous for its boardwalk and casino gambling, it is a resort community located on Absecon Island on the coast of the . For the first quarter of 2001, the Company reported a net loss applicable to common shares of $35.6 million, or $0.96 per share, compared to a net loss of $14.0 million, or $0.41 per share, in the first quarter of 2000. Citadel reported a net loss applicable to common shares of $35.6 million, or $790.64 per share, for the first quarter of 2001, compared to a net loss of $14.0 million, or $311.48 per share, in the first quarter of 2000. The net loss is primarily due to higher non-cash depreciation and amortization expenses related to station acquisitions and higher interest expense. The Company's weighted average number of shares outstanding for the first quarters of 2001 and 2000 were 37,053,798 and 34,578,084, respectively. In January 2001, the Company agreed to be acquired by an affiliate of Forstmann Little & Co., a leading acquirer and owner of businesses, for $26 per share in cash, or a total transaction value of approximately $2.0 billion, including assumed and refinanced debt and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . The transaction, which has been approved by the Board of Directors of the Company, is expected to close late in the second quarter or early in the third quarter of 2001, following receipt of Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. (FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. ) and stockholder approval. About the Company and Conference Call Information Citadel is a radio broadcasting The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company that, upon completion of pending transactions, will own or operate 140 FM and 65 AM stations concentrated in 42 mid-sized markets. The Company and Citadel will host a conference call and simultaneous Webcast at 4:30 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT on April 25, 2001 that are open to the general public. Conference call dial-in numbers are 212/231-6041 and 415/904-7346. The Webcast of the call will be available at www.citadelcommunications.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This news announcement contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements are based on current expectations and projections about future events and financial trends. The words or phrase "is expected" and similar words or expressions are intended to identify such forward-looking statements. In addition, any statements that refer to expectations or other characterizations of future events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or are forward-looking statements. The forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including, among other things, general economic changes and changes in the radio broadcast industry, fluctuations in the demand for advertising, possible difficulties in integrating recently acquired radio stations, the timing of future acquisition closings and variations in interest rates. Other key risks are described in the Company's and Citadel's reports filed with the U.S. Securities and Exchange Commission. Except as otherwise stated in this news announcement, neither the Company nor Citadel undertakes any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.
CITADEL COMMUNICATIONS CORPORATION AND SUBSIDIARY
Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended
March 31,
----------------------------
2001 2000
---- ----
Net revenue $73,147 $46,137
Station operating expenses 53,119 32,831
---------- ----------
Broadcast cash flow (1) 20,028 13,306
Depreciation and amortization 26,700 12,605
Corporate general & administrative 4,369 2,027
Non-cash deferred compensation 1,827 3,208
---------- ----------
Operating loss (12,868) (4,534)
Interest expense 20,830 8,747
Interest income (99) (2,007)
Other income, net (84) (51)
---------- ----------
Net loss before income taxes (33,515) (11,223)
Income tax benefit (1,251) (735)
---------- ----------
Net loss from continuing operations $(32,264) $(10,488)
Net loss from discontinued
operations, net of tax - (564)
---------- ----------
Net loss (32,264) (11,052)
Dividend requirement for Exchangeable
Preferred Stock 3,315 2,965
---------- ----------
Net loss applicable to common shares $(35,579) $(14,017)
========== ==========
Net loss per common share $(0.96) $(0.41)
========== ==========
Weighted average common shares
outstanding 37,053,798 34,578,084
========== ==========
(1) Broadcast cash flow consists of station operating income
excluding depreciation, amortization, corporate general and
administrative expenses, non-recurring items and other non-cash
charges.
CITADEL COMMUNICATIONS CORPORATION AND SUBSIDIARY
Summary Data
(unaudited)
(dollars in thousands, except per share data)
Three Months Ended
March 31,
----------------------------
2001 2000
---- ----
Historical:
Net revenue $73,147 $46,137
Broadcast cash flow 20,028 13,306
BCF Margin 27.4% 28.8%
EBITDA 17,469 11,279
ATCF (Per diluted share) (0.18) 0.04
Same Station:
Net revenue $40,327 $40,555
Broadcast cash flow 13,150 12,558
BCF Margin 32.6% 31.0%
Pro Forma:
Net revenue $72,994 $74,549
Broadcast cash flow 20,348 21,403
BCF Margin 27.9% 28.7%
EBITDA 17,789 19,376
CITADEL COMMUNICATIONS CORPORATION AND SUBSIDIARY
Selected Balance Sheet Data
(in thousands)
----------------------------
Consolidated Balance Sheet Data March 31, December 31,
2001 2000
(unaudited) (audited)
----------------------------
Cash and cash equivalents $ 4,976 $ 8,092
Working capital 56,705 41,829
Total assets 1,443,904 1,485,564
Long term debt 857,914 864,131
Total stockholders' equity 380,125 414,271
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