Delaware
(State or other jurisdiction of
incorporation or organization)
|
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
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Exhibit Number
|
Description
|
|
99.1
99.2
|
Press release dated March 15, 2012: Radio One, Inc. Reports Fourth Quarter Results.
Press release dated March 19, 2012: Radio One, Inc. Announces Barry Mayo Resigns as Radio Division President
|
RADIO ONE, INC.
|
||||||||||
/s/ Peter D. Thompson
|
||||||||||
March 21, 2012
|
Peter D. Thompson
|
|||||||||
Chief Financial Officer and Principal Accounting Officer
|
RESULTS OF OPERATIONS | ||||||||||||||||
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||
|
2011
|
2010
|
2011
|
2010
|
||||||||||||
(as adjusted)3
|
(as adjusted)3
|
|||||||||||||||
STATEMENT OF OPERATIONS
|
(unaudited)
|
(unaudited)
|
(audited)
|
|||||||||||||
(in thousands, except share data)
|
(in thousands, except share data)
|
|||||||||||||||
NET REVENUE
|
$ | 98,093 | $ | 71,163 | $ | 364,609 | $ | 279,720 | ||||||||
OPERATING EXPENSES
|
||||||||||||||||
Programming and technical, excluding stock-based compensation
|
32,898 | 18,260 | 115,189 | 74,852 | ||||||||||||
Selling, general and administrative, excluding stock-based compensation
|
29,889 | 24,848 | 125,692 | 102,231 | ||||||||||||
Corporate selling, general and administrative, excluding stock-based compensation
|
8,482 | 7,580 | 33,696 | 28,117 | ||||||||||||
Stock-based compensation
|
2,251 | 922 | 5,146 | 5,799 | ||||||||||||
Depreciation and amortization
|
11,243 | 3,229 | 37,069 | 17,385 | ||||||||||||
Impairment of long-lived assets
|
22,331 | 36,063 | 22,331 | 36,063 | ||||||||||||
Total operating expenses
|
107,094 | 90,902 | 339,123 | 264,447 | ||||||||||||
Operating (loss) income
|
(9,001 | ) | (19,739 | ) | 25,486 | 15,273 | ||||||||||
INTEREST INCOME
|
234 | 32 | 354 | 127 | ||||||||||||
INTEREST EXPENSE
|
23,108 | 15,775 | 88,330 | 46,834 | ||||||||||||
GAIN ON INVESTMENT IN AFFILIATED COMPANY
|
- | - | 146,879 | - | ||||||||||||
GAIN (LOSS) ON RETIREMENT OF DEBT
|
- | 6,646 | (7,743 | ) | 6,646 | |||||||||||
EQUITY IN INCOME OF AFFILIATED COMPANY
|
- | 1,726 | 3,287 | 5,558 | ||||||||||||
OTHER EXPENSE, net
|
321 | 127 | 324 | 3,061 | ||||||||||||
(Loss) income before (benefit from) provision for income taxes, noncontrolling interest in income of subsidiaries and income (loss) from discontinued operations
|
(32,196 | ) | (27,237 | ) | 79,609 | (22,291 | ) | |||||||||
(BENEFIT FROM) PROVISION FOR INCOME TAXES
|
(17,689 | ) | (714 | ) | 64,216 | 3,971 | ||||||||||
Net (loss) income from continuing operations
|
(14,507 | ) | (26,523 | ) | 15,393 | (26,262 | ) | |||||||||
GAIN (LOSS) FROM DISCONTINUED OPERATIONS, net of tax
|
50 | (47 | ) | (20 | ) | (363 | ) | |||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(14,457 | ) | (26,570 | ) | 15,373 | (26,625 | ) | |||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
4,611 | 581 | 10,014 | 2,008 | ||||||||||||
CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (19,068 | ) | $ | (27,151 | ) | $ | 5,359 | $ | (28,633 | ) | |||||
AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
||||||||||||||||
NET (LOSS) INCOME FROM CONTINUING OPERATIONS
|
$ | (19,118 | ) | $ | (27,104 | ) | $ | 5,379 | $ | (28,270 | ) | |||||
GAIN (LOSS) FROM DISCONTINUED OPERATIONS, net of tax
|
50 | (47 | ) | (20 | ) | (363 | ) | |||||||||
CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (19,068 | ) | $ | (27,151 | ) | $ | 5,359 | $ | (28,633 | ) | |||||
Weighted average shares outstanding - basic4
|
49,782,016 | 52,087,460 | 50,739,447 | 51,509,239 | ||||||||||||
Weighted average shares outstanding - diluted5
|
49,782,016 | 52,087,460 | 52,294,322 | 51,509,239 |
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
( as adjusted)3 |
(as adjusted)3
|
|||||||||||||||
(unaudited)
|
(unaudited)
|
(audited)
|
||||||||||||||
(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)
|
$ | (0.38 | ) | $ | (0.52 | ) | $ | 0.11 | $ | (0.55 | ) | |||||
Income (loss) from discontinued operations, net of tax (basic)
|
0.00 | (0.00 | ) | (0.00 | ) | (0.01 | ) | |||||||||
Consolidated net (loss) income attributable to common stockholders (basic)
|
$ | (0.38 | ) | $ | (0.52 | ) | $ | 0.11 | $ | (0.56 | ) | |||||
Net (loss) income from continuing operations (diluted)
|
$ | (0.38 | ) | $ | (0.52 | ) | $ | 0.10 | $ | (0.55 | ) | |||||
Income (loss) from discontinued operations, net of tax (diluted)
|
0.00 | (0.00 | ) | (0.00 | ) | (0.01 | ) | |||||||||
Consolidated net (loss) income attributable to common stockholders (diluted)
|
$ | (0.38 | ) | $ | (0.52 | ) | $ | 0.10 | $ | (0.56 | ) | |||||
SELECTED OTHER DATA
|
||||||||||||||||
Station operating income 1
|
$ | 35,306 | $ | 28,055 | $ | 123,728 | $ | 102,637 | ||||||||
Station operating income margin (% of net revenue)
|
36.0 | % | 39.4 | % | 33.9 | % | 36.7 | % | ||||||||
Station operating income reconciliation:
|
||||||||||||||||
Consolidated net (loss) income attributable to common stockholders
|
$ | (19,068 | ) | $ | (27,151 | ) | $ | 5,359 | $ | (28,633 | ) | |||||
Add back non-station operating income items included in consolidated net income (loss):
|
||||||||||||||||
Interest income
|
(234 | ) | (32 | ) | (354 | ) | (127 | ) | ||||||||
Interest expense
|
23,108 | 15,775 | 88,330 | 46,834 | ||||||||||||
(Benefit from) provision for income taxes
|
(17,689 | ) | (714 | ) | 64,216 | 3,971 | ||||||||||
Corporate selling, general and administrative expenses
|
8,482 | 7,580 | 33,696 | 28,117 | ||||||||||||
Stock-based compensation
|
2,251 | 922 | 5,146 | 5,799 | ||||||||||||
Gain on investment in affiliated company
|
- | - | (146,879 | ) | - | |||||||||||
(Gain) loss on retirement of debt
|
- | (6,646 | ) | 7,743 | (6,646 | ) | ||||||||||
Equity in income of affiliated company
|
- | (1,726 | ) | (3,287 | ) | (5,558 | ) | |||||||||
Other expense, net
|
321 | 127 | 324 | 3,061 | ||||||||||||
Depreciation and amortization
|
11,243 | 3,229 | 37,069 | 17,385 | ||||||||||||
Noncontrolling interest in income of subsidiaries
|
4,611 | 581 | 10,014 | 2,008 | ||||||||||||
Impairment of long-lived assets
|
22,331 | 36,063 | 22,331 | 36,063 | ||||||||||||
(Income) loss from discontinued operations, net of tax
|
(50 | ) | 47 | 20 | 363 | |||||||||||
Station operating income
|
$ | 35,306 | $ | 28,055 | $ | 123,728 | $ | 102,637 | ||||||||
Adjusted EBITDA2
|
$ | 26,824 | $ | 20,475 | $ | 90,032 | $ | 74,520 | ||||||||
Adjusted EBITDA reconciliation:
|
||||||||||||||||
Consolidated net (loss) income attributable to common stockholders
|
$ | (19,068 | ) | $ | (27,151 | ) | $ | 5,359 | $ | (28,633 | ) | |||||
Interest income
|
(234 | ) | (32 | ) | (354 | ) | (127 | ) | ||||||||
Interest expense
|
23,108 | 15,775 | 88,330 | 46,834 | ||||||||||||
(Benefit from) provision for income taxes
|
(17,689 | ) | (714 | ) | 64,216 | 3,971 | ||||||||||
Depreciation and amortization
|
11,243 | 3,229 | 37,069 | 17,385 | ||||||||||||
EBITDA
|
$ | (2,640 | ) | $ | (8,893 | ) | $ | 194,620 | $ | 39,430 | ||||||
Stock-based compensation
|
2,251 | 922 | 5,146 | 5,799 | ||||||||||||
Gain on investment in affiliated company
|
- | - | (146,879 | ) | - | |||||||||||
(Gain) loss on retirement of debt
|
- | (6,646 | ) | 7,743 | (6,646 | ) | ||||||||||
Equity in income of affiliated company
|
- | (1,726 | ) | (3,287 | ) | (5,558 | ) | |||||||||
Other expense, net
|
321 | 127 | 324 | 3,061 | ||||||||||||
Noncontrolling interest in income of subsidiaries
|
4,611 | 581 | 10,014 | 2,008 | ||||||||||||
Impairment of long-lived assets
|
22,331 | 36,063 | 22,331 | 36,063 | ||||||||||||
(Income) loss from discontinued operations, net of tax
|
(50 | ) | 47 | 20 | 363 | |||||||||||
Adjusted EBITDA
|
$ | 26,824 | $ | 20,475 | $ | 90,032 | $ | 74,520 |
December 31, 2011 | December 31, 2010 | |||||||
(as adjusted)3
|
||||||||
(unaudited)
|
||||||||
(in thousands)
|
||||||||
SELECTED BALANCE SHEET DATA:
|
||||||||
Cash and cash equivalents
|
$ | 35,939 | $ | 9,192 | ||||
Intangible assets, net
|
1,244,861 | 838,945 | ||||||
Total assets
|
1,486,482 | 999,212 | ||||||
Total debt (including current portion)
|
808,904 | 642,222 | ||||||
Total liabilities
|
1,053,071 | 774,242 | ||||||
Total stockholders' equity
|
413,068 | 194,335 | ||||||
Redeemable noncontrolling interest
|
20,343 | 30,635 | ||||||
Noncontrolling interest
|
205,063 | - | ||||||
Current Amount Outstanding
|
Applicable Interest Rate
|
|||||||
(in thousands)
|
||||||||
SELECTED LEVERAGE AND SWAP DATA:
|
||||||||
Senior bank term debt, net of original issue discount of approximately $6.7 million (subject to variable rates) (a)
|
$ | 376,357 | 7.50 | % | ||||
12 1/2%/15% senior subordinated notes (fixed rate)
|
312,800 | 15.00 | % | |||||
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 Rate plus a spread currently at 6.00% and incorporated into the applicable interest rate set forth above.
|
Three Months Ended December 31, 2011 | ||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Corporate/
|
||||||||||||||||||||||||
Reach
|
Cable
|
Eliminations/
|
||||||||||||||||||||||
Consolidated
|
Radio One
|
Media
|
Internet
|
Television
|
Other
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$ | 98,093 | $ | 54,245 | $ | 10,454 | $ | 4,823 | $ | 31,313 | $ | (2,742 | ) | |||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
32,898 | 14,131 | 5,287 | 1,872 | 13,628 | (2,020 | ) | |||||||||||||||||
Selling, general and administrative
|
29,889 | 21,129 | 1,876 | 3,132 | 4,963 | (1,211 | ) | |||||||||||||||||
Corporate selling, general and administrative
|
8,482 | - | 1,517 | - | 1,974 | 4,991 | ||||||||||||||||||
Stock-based compensation
|
2,251 | 384 | - | 75 | - | 1,792 | ||||||||||||||||||
Depreciation and amortization
|
11,243 | 1,615 | 989 | 819 | 7,582 | 238 | ||||||||||||||||||
Impairment of long-lived assets
|
22,331 | 14,509 | 7,822 | - | - | - | ||||||||||||||||||
Total operating expenses
|
107,094 | 51,768 | 17,491 | 5,898 | 28,147 | 3,790 | ||||||||||||||||||
Operating (loss) income
|
(9,001 | ) | 2,477 | (7,037 | ) | (1,075 | ) | 3,166 | (6,532 | ) | ||||||||||||||
INTEREST INCOME
|
234 | - | 3 | - | 198 | 33 | ||||||||||||||||||
INTEREST EXPENSE
|
23,108 | 426 | 18 | - | 2,424 | 20,240 | ||||||||||||||||||
OTHER EXPENSE, net
|
321 | 321 | - | - | 8 | (8 | ) | |||||||||||||||||
(Loss) income before (benefit from) provision for income taxes, noncontrolling interest in income of subsidiaries and income from discontinued operations
|
(32,196 | ) | 1,730 | (7,052 | ) | (1,075 | ) | 932 | (26,731 | ) | ||||||||||||||
(BENEFIT FROM) PROVISION FOR INCOME TAXES
|
(17,689 | ) | (15,134 | ) | (2,555 | ) | - | - | - | |||||||||||||||
Net (loss) income from continuing operations
|
(14,507 | ) | 16,864 | (4,497 | ) | (1,075 | ) | 932 | (26,731 | ) | ||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS, net of tax
|
50 | 48 | - | 2 | - | - | ||||||||||||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(14,457 | ) | 16,912 | (4,497 | ) | (1,073 | ) | 932 | (26,731 | ) | ||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
4,611 | - | - | - | - | 4,611 | ||||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (19,068 | ) | $ | 16,912 | $ | (4,497 | ) | $ | (1,073 | ) | $ | 932 | $ | (31,342 | ) | ||||||||
Adjusted EBITDA2
|
$ | 26,824 | $ | 18,985 | $ | 1,774 | $ | (181 | ) | $ | 10,748 | $ | (4,502 | ) |
Three Months Ended December 31, 2010 | ||||||||||||||||||||
(in thousands, unaudited, as adjusted)3
|
||||||||||||||||||||
Corporate/
|
||||||||||||||||||||
Reach
|
Eliminations/
|
|||||||||||||||||||
Consolidated
|
Radio One
|
Media
|
Internet
|
Other
|
||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||
NET REVENUE
|
$ | 71,163 | $ | 59,884 | $ | 9,250 | $ | 3,697 | $ | (1,668 | ) | |||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||
Programming and technical
|
18,260 | 12,859 | 4,787 | 2,353 | (1,739 | ) | ||||||||||||||
Selling, general and administrative
|
24,848 | 21,284 | 1,374 | 2,560 | (370 | ) | ||||||||||||||
Corporate selling, general and administrative
|
7,580 | - | 1,310 | - | 6,270 | |||||||||||||||
Stock-based compensation
|
922 | 137 | - | 24 | 761 | |||||||||||||||
Depreciation and amortization
|
3,229 | 789 | 1,089 | 1,089 | 262 | |||||||||||||||
Impairment of long-lived assets
|
36,063 | 19,949 | 16,114 | - | - | |||||||||||||||
Total operating expenses
|
90,902 | 55,018 | 24,674 | 6,026 | 5,184 | |||||||||||||||
Operating (loss) income
|
(19,739 | ) | 4,866 | (15,424 | ) | (2,329 | ) | (6,852 | ) | |||||||||||
INTEREST INCOME
|
32 | - | 20 | - | 12 | |||||||||||||||
INTEREST EXPENSE
|
15,775 | - | 23 | - | 15,752 | |||||||||||||||
GAIN ON RETIREMENT OF DEBT
|
6,646 | - | - | - | 6,646 | |||||||||||||||
EQUITY IN INCOME OF AFFILIATED COMPANY
|
1,726 | - | - | - | 1,726 | |||||||||||||||
OTHER EXPENSE, net
|
127 | 148 | - | (27 | ) | 6 | ||||||||||||||
(Loss) income before (benefit from) provision for income taxes, noncontrolling interest in income of subsidiaries and loss from discontinued operations
|
(27,237 | ) | 4,718 | (15,427 | ) | (2,302 | ) | (14,226 | ) | |||||||||||
(BENEFIT FROM) PROVISION FOR INCOME TAXES
|
(714 | ) | (788 | ) | 74 | - | - | |||||||||||||
Net (loss) income from continuing operations
|
(26,523 | ) | 5,506 | (15,501 | ) | (2,302 | ) | (14,226 | ) | |||||||||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax
|
(47 | ) | (46 | ) | - | (1 | ) | - | ||||||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(26,570 | ) | 5,460 | (15,501 | ) | (2,303 | ) | (14,226 | ) | |||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
581 | - | - | - | 581 | |||||||||||||||
CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (27,151 | ) | $ | 5,460 | $ | (15,501 | ) | $ | (2,303 | ) | $ | (14,807 | ) | ||||||
Adjusted EBITDA2
|
$ | 20,475 | $ | 25,741 | $ | 1,779 | $ | (1,216 | ) | $ | (5,829 | ) |
Year Ended December 31, 2011 | ||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Corporate/
|
||||||||||||||||||||||||
Reach
|
Cable
|
Eliminations/
|
||||||||||||||||||||||
Consolidated
|
Radio One
|
Media
|
Internet
|
Television
|
Other
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$ | 364,609 | $ | 221,396 | $ | 48,382 | $ | 17,529 | $ | 86,024 | $ | (8,722 | ) | |||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
115,189 | 53,895 | 21,206 | 8,563 | 39,082 | (7,557 | ) | |||||||||||||||||
Selling, general and administrative
|
125,692 | 84,230 | 14,105 | 11,342 | 19,016 | (3,001 | ) | |||||||||||||||||
Corporate selling, general and administrative
|
33,696 | - | 6,115 | - | 3,271 | 24,310 | ||||||||||||||||||
Stock-based compensation
|
5,146 | 836 | - | 157 | - | 4,153 | ||||||||||||||||||
Depreciation and amortization
|
37,069 | 6,705 | 3,952 | 3,694 | 21,790 | 928 | ||||||||||||||||||
Impairment of long-lived assets
|
22,331 | 14,509 | 7,822 | - | - | - | ||||||||||||||||||
Total operating expenses
|
339,123 | 160,175 | 53,200 | 23,756 | 83,159 | 18,833 | ||||||||||||||||||
Operating income (loss)
|
25,486 | 61,221 | (4,818 | ) | (6,227 | ) | 2,865 | (27,555 | ) | |||||||||||||||
INTEREST INCOME
|
354 | - | 15 | - | 303 | 36 | ||||||||||||||||||
INTEREST EXPENSE
|
88,330 | 426 | 64 | - | 8,611 | 79,229 | ||||||||||||||||||
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, net
|
324 | 266 | - | - | 8 | 50 | ||||||||||||||||||
Income (loss) before provision for income taxes, noncontrolling interest in income of subsidiaries and (loss) income from discontinued operations
|
79,609 | 60,529 | (4,867 | ) | (6,227 | ) | (5,451 | ) | 35,625 | |||||||||||||||
PROVISION FOR INCOME TAXES
|
64,216 | 66,185 | (1,969 | ) | - | - | - | |||||||||||||||||
Net income (loss) from continuing operations
|
15,393 | (5,656 | ) | (2,898 | ) | (6,227 | ) | (5,451 | ) | 35,625 | ||||||||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of tax
|
(20 | ) | (24 | ) | - | 4 | - | - | ||||||||||||||||
CONSOLIDATED NET INCOME (LOSS)
|
15,373 | (5,680 | ) | (2,898 | ) | (6,223 | ) | (5,451 | ) | 35,625 | ||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
10,014 | - | - | - | - | 10,014 | ||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | 5,359 | $ | (5,680 | ) | $ | (2,898 | ) | $ | (6,223 | ) | $ | (5,451 | ) | $ | 25,611 | ||||||||
Adjusted EBITDA2
|
$ | 90,032 | $ | 83,271 | $ | 6,956 | $ | (2,376 | ) | $ | 24,655 | $ | (22,474 | ) |
Year Ended December 31, 2010 | ||||||||||||||||||||
(in thousands, unaudited, as adjusted)3
|
||||||||||||||||||||
Corporate/
|
||||||||||||||||||||
Reach
|
Eliminations/
|
|||||||||||||||||||
Consolidated
|
Radio One
|
Media
|
Internet
|
Other
|
||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||
NET REVENUE
|
$ | 279,720 | $ | 229,314 | $ | 41,773 | $ | 16,027 | $ | (7,394 | ) | |||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||
Programming and technical
|
74,852 | 51,899 | 19,888 | 9,514 | (6,449 | ) | ||||||||||||||
Selling, general and administrative
|
102,231 | 83,076 | 8,786 | 13,063 | (2,694 | ) | ||||||||||||||
Corporate selling, general and administrative
|
28,117 | - | 6,143 | - | 21,974 | |||||||||||||||
Stock-based compensation
|
5,799 | 834 | - | 160 | 4,805 | |||||||||||||||
Depreciation and amortization
|
17,385 | 7,080 | 4,249 | 4,942 | 1,114 | |||||||||||||||
Impairment of long-lived assets
|
36,063 | 19,949 | 16,114 | - | - | |||||||||||||||
Total operating expenses
|
264,447 | 162,838 | 55,180 | 27,679 | 18,750 | |||||||||||||||
Operating income (loss)
|
15,273 | 66,476 | (13,407 | ) | (11,652 | ) | (26,144 | ) | ||||||||||||
INTEREST INCOME
|
127 | - | 71 | - | 56 | |||||||||||||||
INTEREST EXPENSE
|
46,834 | - | 78 | - | 46,756 | |||||||||||||||
GAIN ON RETIREMENT OF DEBT
|
6,646 | - | - | - | 6,646 | |||||||||||||||
EQUITY IN INCOME OF AFFILIATED COMPANY
|
5,558 | - | - | - | 5,558 | |||||||||||||||
OTHER EXPENSE (INCOME), net
|
3,061 | (84 | ) | - | 133 | 3,012 | ||||||||||||||
(Loss) income before provision for income taxes, noncontrolling interest in income of subsidiaries and (loss) income from discontinued operations
|
(22,291 | ) | 66,560 | (13,414 | ) | (11,785 | ) | (63,652 | ) | |||||||||||
PROVISION FOR INCOME TAXES
|
3,971 | 3,137 | 834 | - | - | |||||||||||||||
Net (loss) income from continuing operations
|
(26,262 | ) | 63,423 | (14,248 | ) | (11,785 | ) | (63,652 | ) | |||||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of tax
|
(363 | ) | (624 | ) | - | 261 | - | |||||||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(26,625 | ) | 62,799 | (14,248 | ) | (11,524 | ) | (63,652 | ) | |||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
2,008 | - | - | - | 2,008 | |||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (28,633 | ) | $ | 62,799 | $ | (14,248 | ) | $ | (11,524 | ) | $ | (65,660 | ) | ||||||
Adjusted EBITDA2
|
$ | 74,520 | $ | 94,339 | $ | 6,956 | $ | (6,550 | ) | $ | (20,225 | ) |