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
|
Press release dated February 20, 2013: Radio One, Inc. Reports Fourth Quarter Results.
|
RADIO ONE, INC.
|
||||||||||
/s/ Peter D. Thompson
|
||||||||||
February 21, 2013
|
Peter D. Thompson
|
|||||||||
Chief Financial Officer and Principal Accounting Officer
|
RESULTS OF OPERATIONS
|
|||||||||||||||
Three Months Ended December 31,
|
Year Ended December 31,
|
||||||||||||||
|
2012
|
2011
|
2012
|
2011
|
|||||||||||
(as adjusted)2
|
(as adjusted)2
|
||||||||||||||
STATEMENT OF OPERATIONS
|
(unaudited)
|
(unaudited)
|
(audited)
|
||||||||||||
(in thousands, except share data)
|
|||||||||||||||
NET REVENUE
|
$ | 105,885 | $ | 98,044 | $ | 424,573 | $ | 364,239 | |||||||
OPERATING EXPENSES
|
|||||||||||||||
Programming and technical, excluding stock-based compensation
|
39,347 | 32,825 | 135,781 | 114,912 | |||||||||||
Selling, general and administrative, excluding stock-based compensation
|
30,868 | 29,754 | 137,725 | 125,459 | |||||||||||
Corporate selling, general and administrative, excluding stock-based compensation
|
11,350 | 8,482 | 40,353 | 33,696 | |||||||||||
Stock-based compensation
|
44 | 2,251 | 171 | 5,146 | |||||||||||
Depreciation and amortization
|
9,603 | 11,243 | 38,715 | 37,069 | |||||||||||
Impairment of long-lived assets
|
- | 22,331 | 313 | 22,331 | |||||||||||
Total operating expenses
|
91,212 | 106,886 | 353,058 | 338,613 | |||||||||||
Operating income (loss)
|
14,673 | (8,842 | ) | 71,515 | 25,626 | ||||||||||
INTEREST INCOME
|
93 | 234 | 248 | 354 | |||||||||||
INTEREST EXPENSE
|
22,296 | 23,108 | 91,150 | 88,330 | |||||||||||
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, net
|
73 | 321 | 1,357 | 324 | |||||||||||
(Loss) income before provision for (benefit from) income taxes, noncontrolling interest in income of subsidiaries and loss from discontinued operations
|
(7,603 | ) | (32,037 | ) | (20,744 | ) | 79,749 | ||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES
|
7,421 | (15,219 | ) | 33,235 | 66,686 | ||||||||||
Net (loss) income from continuing operations
|
(15,024 | ) | (16,818 | ) | (53,979 | ) | 13,063 | ||||||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax
|
(117 | ) | (109 | ) | (137 | ) | (160 | ) | |||||||
CONSOLIDATED NET (LOSS) INCOME
|
(15,141 | ) | (16,927 | ) | (54,116 | ) | 12,903 | ||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
2,086 | 4,611 | 12,749 | 10,014 | |||||||||||
CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (17,227 | ) | $ | (21,538 | ) | $ | (66,865 | ) | $ | 2,889 | ||||
AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS |
|
||||||||||||||
NET (LOSS) INCOME FROM CONTINUING OPERATIONS
|
$ | (17,110 | ) | $ | (21,429 | ) | $ | (66,728 | ) | $ | 3,049 | ||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax
|
(117 | ) | (109 | ) | (137 | ) | (160 | ) | |||||||
CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (17,227 | ) | $ | (21,538 | ) | $ | (66,865 | ) | $ | 2,889 | ||||
Weighted average shares outstanding - basic3
|
50,042,751 | 49,782,016 | 50,015,252 | 50,739,447 | |||||||||||
Weighted average shares outstanding - diluted4
|
50,042,751 | 49,782,016 | 50,015,252 | 52,294,322 | |||||||||||
Three Months Ended December 31, | Year Ended December 31, 2012 | ||||||||||||||
2012
|
2011
|
2012
|
2011
|
||||||||||||
(as adjusted)2 | (as adjusted)2 | ||||||||||||||
PER SHARE DATA - basic and diluted:
|
(unaudited)
|
(unaudited)
|
(audited)
|
||||||||||||
(in thousands, except per share data) | |||||||||||||||
Net (loss) income from continuing operations (basic)
|
$ | (0.34 | ) | $ | (0.43 | ) | $ | (1.33 | ) | $ | 0.06 | ||||
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)
|
$ | (0.34 | ) | $ | (0.43 | ) | $ | (1.34 | ) * | $ | 0.06 | ||||
Net (loss) income from continuing operations (diluted)
|
$ | (0.34 | ) | $ | (0.43 | ) | $ | (1.33 | ) | $ | 0.06 | ||||
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)
|
$ | (0.34 | ) | $ | (0.43 | ) | $ | (1.34 | ) * | $ | 0.06 | ||||
SELECTED OTHER DATA
|
|||||||||||||||
Station operating income 1
|
$ | 35,670 | $ | 35,465 | $ | 151,067 | $ | 123,868 | |||||||
Station operating income margin (% of net revenue)
|
33.7 | % | 36.2 | % | 35.6 | % | 34.0 | % | |||||||
Station operating income reconciliation:
|
|||||||||||||||
Consolidated net (loss) income attributable to common stockholders
|
$ | (17,227 | ) | $ | (21,538 | ) | $ | (66,865 | ) | $ | 2,889 | ||||
Add back non-station operating income items included in consolidated net (loss) income: | |||||||||||||||
Interest income
|
(93 | ) | (234 | ) | (248 | ) | (354 | ) | |||||||
Interest expense
|
22,296 | 23,108 | 91,150 | 88,330 | |||||||||||
Provision for (benefit from) income taxes
|
7,421 | (15,219 | ) | 33,235 | 66,686 | ||||||||||
Corporate selling, general and administrative expenses
|
11,350 | 8,482 | 40,353 | 33,696 | |||||||||||
Stock-based compensation
|
44 | 2,251 | 171 | 5,146 | |||||||||||
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, net
|
73 | 321 | 1,357 | 324 | |||||||||||
Depreciation and amortization
|
9,603 | 11,243 | 38,715 | 37,069 | |||||||||||
Noncontrolling interest in income of subsidiaries
|
2,086 | 4,611 | 12,749 | 10,014 | |||||||||||
Impairment of long-lived assets
|
- | 22,331 | 313 | 22,331 | |||||||||||
Loss from discontinued operations, net of tax
|
117 | 109 | 137 | 160 | |||||||||||
Station operating income
|
$ | 35,670 | $ | 35,465 | $ | 151,067 | $ | 123,868 | |||||||
Adjusted EBITDA5
|
$ | 24,320 | $ | 26,983 | $ | 110,714 | $ | 90,172 | |||||||
Adjusted EBITDA reconciliation:
|
|||||||||||||||
Consolidated net (loss) income attributable to common stockholders
|
$ | (17,227 | ) | $ | (21,538 | ) | $ | (66,865 | ) | $ | 2,889 | ||||
Interest income
|
(93 | ) | (234 | ) | (248 | ) | (354 | ) | |||||||
Interest expense
|
22,296 | 23,108 | 91,150 | 88,330 | |||||||||||
Provision for (benefit from) income taxes
|
7,421 | (15,219 | ) | 33,235 | 66,686 | ||||||||||
Depreciation and amortization
|
9,603 | 11,243 | 38,715 | 37,069 | |||||||||||
EBITDA
|
$ | 22,000 | $ | (2,640 | ) | $ | 95,987 | $ | 194,620 | ||||||
Stock-based compensation
|
44 | 2,251 | 171 | 5,146 | |||||||||||
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, net
|
73 | 321 | 1,357 | 324 | |||||||||||
Noncontrolling interest in income of subsidiaries
|
2,086 | 4,611 | 12,749 | 10,014 | |||||||||||
Impairment of long-lived assets
|
- | 22,331 | 313 | 22,331 | |||||||||||
Loss from discontinued operations, net of tax
|
117 | 109 | 137 | 160 | |||||||||||
Adjusted EBITDA
|
$ | 24,320 | $ | 26,983 | $ | 110,714 | $ | 90,172 | |||||||
Per share amounts do not add due to rounding*
|
December 31, 2012
|
December 31, 2011
|
|||||
(unaudited)
|
||||||
(in thousands)
|
||||||
SELECTED BALANCE SHEET DATA:
|
||||||
Cash and cash equivalents
|
$ | 57,255 | $ | 35,939 | ||
Intangible assets, net
|
1,202,562 | 1,244,861 | ||||
Total assets
|
1,460,770 | 1,486,482 | ||||
Total debt (including current portion)
|
818,718 | 808,904 | ||||
Total liabilities
|
1,093,419 | 1,055,541 | ||||
Total equity
|
354,498 | 410,598 | ||||
Redeemable noncontrolling interest
|
12,853 | 20,343 | ||||
Noncontrolling interest
|
210,698 | 205,063 | ||||
Current Amount Outstanding
|
Applicable Interest Rate
|
|||||
(in thousands)
|
||||||
SELECTED LEVERAGE DATA:
|
||||||
Senior bank term debt, net of original issue discount of approximately $5.4 million (subject to variable rates) (a)
|
$ | 371,937 | 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 December 31, 2012
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Corporate/
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Eliminations/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Internet
|
Television
|
Other
|
|||||||||||||||||||
STATEMENT OF OPERATIONS: |
|
|||||||||||||||||||||||
NET REVENUE
|
$ | 105,885 | $ | 60,184 | $ | 8,272 | $ | 5,193 | $ | 33,455 | $ | (1,219 | ) | |||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
39,347 | 12,486 | 5,923 | 1,452 | 20,826 | (1,340 | ) | |||||||||||||||||
Selling, general and administrative
|
30,868 | 22,238 | 1,506 | 4,478 | 2,814 | (168 | ) | |||||||||||||||||
Corporate selling, general and administrative
|
11,350 | - | 1,666 | - | 1,829 | 7,855 | ||||||||||||||||||
Stock-based compensation
|
44 | 15 | - | - | - | 29 | ||||||||||||||||||
Depreciation and amortization
|
9,603 | 1,553 | 291 | 778 | 6,645 | 336 | ||||||||||||||||||
Total operating expenses
|
91,212 | 36,292 | 9,386 | 6,708 | 32,114 | 6,712 | ||||||||||||||||||
Operating income (loss)
|
14,673 | 23,892 | (1,114 | ) | (1,515 | ) | 1,341 | (7,931 | ) | |||||||||||||||
INTEREST INCOME
|
93 | - | 1 | - | 57 | 35 | ||||||||||||||||||
INTEREST EXPENSE
|
22,296 | 400 | - | - | 3,039 | 18,857 | ||||||||||||||||||
OTHER EXPENSE (INCOME), net
|
73 | (5 | ) | - | - | - | 78 | |||||||||||||||||
(Loss) income before provision for (benefit from) income taxes, noncontrolling interest in income of subsidiaries and loss from discontinued operations
|
(7,603 | ) | 23,497 | (1,113 | ) | (1,515 | ) | (1,641 | ) | (26,831 | ) | |||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES
|
7,421 | 7,739 | (318 | ) | - | - | - | |||||||||||||||||
Net (loss) income from continuing operations
|
(15,024 | ) | 15,758 | (795 | ) | (1,515 | ) | (1,641 | ) | (26,831 | ) | |||||||||||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax
|
(117 | ) | (117 | ) | - | - | - | - | ||||||||||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(15,141 | ) | 15,641 | (795 | ) | (1,515 | ) | (1,641 | ) | (26,831 | ) | |||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
2,086 | - | - | - | - | 2,086 | ||||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (17,227 | ) | $ | 15,641 | $ | (795 | ) | $ | (1,515 | ) | $ | (1,641 | ) | $ | (28,917 | ) | |||||||
Adjusted EBITDA5
|
$ | 24,320 | $ | 25,460 | $ | (823 | ) | $ | (737 | ) | $ | 7,986 | $ | (7,566 | ) | |||||||||
Three Months Ended December 31, 2011
|
||||||||||||||||||||||||
(in thousands, unaudited, as adjusted)2
|
||||||||||||||||||||||||
Corporate/
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Eliminations/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Internet
|
Television
|
Other
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$ | 98,044 | $ | 54,196 | $ | 10,454 | $ | 4,823 | $ | 31,313 | $ | (2,742 | ) | |||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
32,825 | 14,058 | 5,287 | 1,872 | 13,628 | (2,020 | ) | |||||||||||||||||
Selling, general and administrative
|
29,754 | 20,994 | 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
|
106,886 | 51,560 | 17,491 | 5,898 | 28,147 | 3,790 | ||||||||||||||||||
Operating (loss) income
|
(8,842 | ) | 2,636 | (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 (INCOME), net
|
321 | 321 | - | - | 8 | (8 | ) | |||||||||||||||||
(Loss) income before benefit from income taxes, noncontrolling interest in income of subsidiaries and (loss) income from discontinued operations
|
(32,037 | ) | 1,889 | (7,052 | ) | (1,075 | ) | 932 | (26,731 | ) | ||||||||||||||
BENEFIT FROM INCOME TAXES
|
(15,219 | ) | (12,664 | ) | (2,555 | ) | - | - | - | |||||||||||||||
Net (loss) income from continuing operations
|
(16,818 | ) | 14,553 | (4,497 | ) | (1,075 | ) | 932 | (26,731 | ) | ||||||||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of tax
|
(109 | ) | (111 | ) | - | 2 | - | - | ||||||||||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(16,927 | ) | 14,442 | (4,497 | ) | (1,073 | ) | 932 | (26,731 | ) | ||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
4,611 | - | - | - | - | 4,611 | ||||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (21,538 | ) | $ | 14,442 | $ | (4,497 | ) | $ | (1,073 | ) | $ | 932 | $ | (31,342 | ) | ||||||||
Adjusted EBITDA5
|
$ | 26,983 | $ | 19,144 | $ | 1,774 | $ | (181 | ) | $ | 10,748 | $ | (4,502 | ) | ||||||||||
Year Ended December 31, 2012
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Corporate/
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Eliminations/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Internet
|
Television
|
Other
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$ | 424,573 | $ | 236,278 | $ | 42,280 | $ | 19,852 | $ | 131,178 | $ | (5,015 | ) | |||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
135,781 | 50,664 | 23,865 | 7,636 | 58,094 | (4,478 | ) | |||||||||||||||||
Selling, general and administrative
|
137,725 | 87,799 | 13,121 | 13,543 | 24,768 | (1,506 | ) | |||||||||||||||||
Corporate selling, general and administrative
|
40,353 | - | 6,740 | - | 8,499 | 25,114 | ||||||||||||||||||
Stock-based compensation
|
171 | 67 | - | - | - | 104 | ||||||||||||||||||
Depreciation and amortization
|
38,715 | 6,371 | 1,177 | 3,210 | 26,864 | 1,093 | ||||||||||||||||||
Impairment of long-lived assets
|
313 | 313 | - | - | - | - | ||||||||||||||||||
Total operating expenses
|
353,058 | 145,214 | 44,903 | 24,389 | 118,225 | 20,327 | ||||||||||||||||||
Operating income (loss)
|
71,515 | 91,064 | (2,623 | ) | (4,537 | ) | 12,953 | (25,342 | ) | |||||||||||||||
INTEREST INCOME
|
248 | - | 5 | - | 106 | 137 | ||||||||||||||||||
INTEREST EXPENSE
|
91,150 | 1,206 | - | - | 12,156 | 77,788 | ||||||||||||||||||
OTHER EXPENSE (INCOME), net
|
1,357 | (15 | ) | - | - | 605 | 767 | |||||||||||||||||
(Loss) income before provision for (benefit from) income taxes, noncontrolling interest in income of subsidiaries and loss from discontinued operations
|
(20,744 | ) | 89,873 | (2,618 | ) | (4,537 | ) | 298 | (103,760 | ) | ||||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES
|
33,235 | 33,935 | (700 | ) | - | - | - | |||||||||||||||||
Net (loss) income from continuing operations
|
(53,979 | ) | 55,938 | (1,918 | ) | (4,537 | ) | 298 | (103,760 | ) | ||||||||||||||
LOSS FROM DISCONTINUED OPERATIONS, net of tax
|
(137 | ) | (137 | ) | - | - | - | - | ||||||||||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(54,116 | ) | 55,801 | (1,918 | ) | (4,537 | ) | 298 | (103,760 | ) | ||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
12,749 | - | - | - | - | 12,749 | ||||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (66,865 | ) | $ | 55,801 | $ | (1,918 | ) | $ | (4,537 | ) | $ | 298 | $ | (116,509 | ) | ||||||||
Adjusted EBITDA5
|
$ | 110,714 | $ | 97,815 | $ | (1,446 | ) | $ | (1,327 | ) | $ | 39,817 | $ | (24,145 | ) | |||||||||
Year Ended December 31, 2011
|
||||||||||||||||||||||||
(in thousands, unaudited, as adjusted)2
|
||||||||||||||||||||||||
Corporate/
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Eliminations/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Internet
|
Television
|
Other
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$ | 364,239 | $ | 221,026 | $ | 48,382 | $ | 17,529 | $ | 86,024 | $ | (8,722 | ) | |||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
114,912 | 53,618 | 21,206 | 8,563 | 39,082 | (7,557 | ) | |||||||||||||||||
Selling, general and administrative
|
125,459 | 83,997 | 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
|
338,613 | 159,665 | 53,200 | 23,756 | 83,159 | 18,833 | ||||||||||||||||||
Operating income (loss)
|
25,626 | 61,361 | (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 (benefit from) income taxes, noncontrolling interest in income of subsidiaries and (loss) income from discontinued operations
|
79,749 | 60,669 | (4,867 | ) | (6,227 | ) | (5,451 | ) | 35,625 | |||||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES
|
66,686 | 68,655 | (1,969 | ) | - | - | - | |||||||||||||||||
Net income (loss) from continuing operations
|
13,063 | (7,986 | ) | (2,898 | ) | (6,227 | ) | (5,451 | ) | 35,625 | ||||||||||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of tax
|
(160 | ) | (164 | ) | - | 4 | - | - | ||||||||||||||||
CONSOLIDATED NET INCOME (LOSS)
|
12,903 | (8,150 | ) | (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
|
$ | 2,889 | $ | (8,150 | ) | $ | (2,898 | ) | $ | (6,223 | ) | $ | (5,451 | ) | $ | 25,611 | ||||||||
Adjusted EBITDA5
|
$ | 90,172 | $ | 83,411 | $ | 6,956 | $ | (2,376 | ) | $ | 24,655 | $ | (22,474 | ) | ||||||||||