UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): February 8, 2013
ENTERCOM COMMUNICATIONS CORP.
(Exact Name of Registrant as Specified in Charter)
Pennsylvania | 001-14461 | 23-1701044 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) | ||
401 City Avenue, Suite 809 Bala Cynwyd, Pennsylvania |
19004 | |||
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: (610) 660-5610
(Former Address of Principal Executive Offices)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
On February 8, 2013, Entercom Communications Corp. (the Company) issued a press release (the Press Release) announcing fourth quarter and year end 2012 results. Specifically, the Company announced that for the fourth quarter of 2012:
| net revenues of $102.1 million; |
| station operating expenses of $61.8 million; |
| corporate general and administrative expenses of $6.7 million; |
| operating income of $31.0 million; and |
| net income of $7.3 million. |
In addition, the Company announced that for the year ended December 31, 2012:
| net revenues of $388.9 million; |
| station operating expenses of $252.9 million; |
| corporate general and administrative expenses of $25.9 million; |
| operating income of $76.6 million; and |
| net income of $11.3 million. |
A copy of the Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K. The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto, shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01. Exhibits
(d) Exhibits
Exhibit No. |
Title | |
99.1 | Entercom Communications Corp.s Press Release, issued February 8, 2013. |
-2-
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Entercom Communications Corp. | ||||
By: | /s/ Stephen F. Fisher | |||
Stephen F. Fisher | ||||
Executive Vice President and | ||||
Chief Financial Officer |
Dated: February 8, 2013
-3-
EXHIBIT INDEX
Exhibit No. |
Title | |
99.1 | Entercom Communications Corp.s Press Release, issued February 8, 2013. |
-4-
Exhibit 99.1
Entercom Communications Corp.
Reports Fourth Quarter and Full Year Results
Fourth Quarter Revenue Grows 7% and Adjusted EBITDA Grows 17%
(Bala Cynwyd, Pa. February 8, 2013) Entercom Communications Corp. (NYSE: ETM) today reported financial results for the quarter and year ended December 31, 2012.
Fourth Quarter Highlights
| Net revenues for the quarter increased 7% to $102.1 million |
| Station expenses increased 2% to $61.7 million |
| Station operating income increased 16% to $40.4 million |
| Adjusted EBITDA increased 17% to $35.3 million |
| Adjusted net income per share increased 7% to $0.31 |
| Free cash flow increased 6% to $22.0 million |
Full Year Highlights
| Net revenues for the year increased 2% to $388.9 million |
| Station expenses decreased 4% to $252.4 million |
| Station operating income increased 14% to $136.6 million |
| Adjusted EBITDA increased 15% to $115.9 million |
| Adjusted net income per share decreased 19% to $0.79 |
| Free cash flow decreased to $63.1 million |
David J. Field, President and Chief Executive Officer stated: Entercom finished 2012 with a solid fourth quarter as Revenues grew by 7% and Adjusted EBITDA increased by 17%. For the year, prudent cost management drove expenses down by 4% and enabled a 15% increase in Adjusted EBITDA on 2% Revenue growth. We enter 2013 with a strong balance sheet, an outstanding lineup of great brands and content, and a powerful array of emerging digital platforms. We are also highly enthused by a number of positive industry developments over the past few months which bolster the industrys future prospects. Industry research continues to show robust radio listening levels and strong advertiser effectiveness, while recent announcements by Sprint, Nielsen and others reaffirm radios importance in todays media landscape.
Additional Information
During the quarter, the Company amended its credit facility and lowered the borrowing cost of its Term B loan. In connection with this amendment, the Company wrote-off $0.7 million of existing deferred financing fees.
Exhibit 99.1 - Page 1
The Company reduced its outstanding net senior debt by $19.3 million during the quarter. For the year, the Company reduced its outstanding net senior debt by $37.8 million and lowered its leverage ratio to 4.8x. As of December 31, 2012, the Company had $8.9 million in cash and $569.9 million of senior debt and senior notes.
During the quarter, the Company made a revision to its previously reported book income tax expense for 2011. This revision was made to correct an error in the accounting treatment of certain items when calculating income tax expense. The adjustment was non-cash, had no impact on the Companys operating income or statement of cash flows, and the Company believes the change is not material. The revised income tax expense affects both second quarter and full year 2011 results. The financial tables included in this release provide additional detail on the revision.
Earnings Conference Call and Company Information
Entercom will hold a conference call regarding the quarterly earnings release on Friday, February 8, 2013 at 10:00 AM Eastern Time. Investors will have the opportunity to submit questions to the Company regarding the fourth quarter earnings release by emailing their inquiries to questions@entercom.com. Questions should be sent at least 10 minutes prior to the call. The Company will only discuss inquiries made by email prior to the conference call. The public may access the conference call by dialing 888-889-0278 (passcode: Entercom). A replay of the conference call will be available and can be accessed either by dialing 866-462-8981 or by visiting the Companys website: www.entercom.com. Additional information and reconciliation of same station results are available on the Companys website at www.entercom.com.
Entercom Communications Corp. (NYSE: ETM), led by President and CEO David Field, is one of the largest radio broadcasting companies in the United States, with a nationwide portfolio of over 100 stations in 23 markets, including San Francisco, Boston, Seattle, Denver, Portland, Sacramento and Kansas City.
Known for developing unique and highly successful locally programmed stations, Entercom is home to some of radios most distinguished brands and compelling personalities. The company is also the radio broadcast partner of the Boston Red Sox, Boston Celtics, Buffalo Bills, Buffalo Sabres, Kansas City Royals, Memphis Grizzlies, New Orleans Saints, New Orleans Hornets, Oakland Athletics and San Jose Sharks.
Entercom focuses on creating effective multi-platform marketing solutions for its customers, incorporating the companys audio, digital and experiential assets. Additionally, the company has a long-standing commitment to responsible corporate citizenship and environmental stewardship. Entercom stations play a vital, hands-on role in improving their communities, providing over $100 million in annual support for local charitable organizations.
The companys radio stations have received numerous awards, including multiple Edward R. Murrow Awards for excellence in broadcast journalism, as well as the National Association of Broadcasters (NAB) Marconi Award for excellence in radio broadcasting. In 2012, Entercom was named by Information Week as one of the Top 500 Technology Innovators in the United States.
Exhibit 99.1 - Page 2
Certain Definitions
All references to per share data, unless stated otherwise, are presented as per diluted share. All references to shares outstanding, unless stated otherwise, are presented to exclude unvested restricted stock units. All references to net debt are outstanding debt net of cash on hand.
Station expenses consist of station operating expenses excluding non-cash compensation expense.
Corporate expenses consist of corporate general and administrative expenses excluding non-cash compensation expense.
Station operating income consists of operating income (loss) before: depreciation and amortization; time brokerage agreement fees (income); corporate general and administrative expenses; non-cash compensation expense (which is otherwise included in station operating expenses); impairment loss; merger and acquisition costs; and gain or loss on sale or disposition of assets.
Adjusted EBITDA consists of net income (loss), adjusted to exclude: income taxes (benefit); total other expense; depreciation and amortization; time brokerage agreement fees (income); non-cash compensation expense (which is otherwise included in station operating expenses and corporate G&A expenses); impairment loss; merger and acquisition costs; and gain or loss on sale or disposition of assets.
Free cash flow consists of operating income (loss): (i) plus depreciation and amortization, net (gain) loss on sale or disposal of assets; non-cash compensation expense (which is otherwise included in station operating expenses and corporate general and administrative expenses), impairment loss; merger and acquisition costs; and (ii) less net interest expense (excluding amortization of deferred financing costs), taxes paid and capital expenditures.
Adjusted net income consists of net income (loss) adjusted to exclude: (i) income taxes (benefit) as reported; (ii) gain/loss on sale of assets, derivative instruments and investments; (iii) non-cash compensation expense; (iv) other income; (v) impairment loss; (vi) merger and acquisition costs; and (vii) gain/loss on early extinguishment of debt. For purposes of comparability, income taxes are reflected at the expected statutory federal and state income tax rate of 42% without discrete items of tax.
Adjusted net income per share includes any dilutive equivalent shares when not anti-dilutive.
Same station is computed by comparing the performance of stations operated by the Company throughout the relevant period to the comparable performance in the prior years corresponding period (excluding non-cash compensation expense). Any acquisition or disposition of radio stations not deemed to be material by management are ignored for the purpose of computing this data. There were no material acquisitions during the periods presented in the above tables.
Exhibit 99.1 - Page 3
Non-GAAP Financial Measures
It is important to note that station operating income, station expense, corporate expense, same station net revenues, same station expenses, same station operating income, adjusted EBITDA, adjusted net income, adjusted net income per share and free cash flow are not measures of performance or liquidity calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these measures are useful as a way to evaluate the Company and the means for management to evaluate our radio stations performance and operations. Management believes that these measures are useful to an investor in evaluating our performance because they are widely used in the broadcast industry as a measure of a radio companys operating performance.
Certain adjusted non-GAAP financial measures are presented in this release (e.g., adjusted net income and adjusted net income per share). The adjustments exclude gain/loss on sale of assets, derivative instruments, and investments; non-cash compensation expense, other income, impairment loss and gain/loss on early extinguishment of debt. Management believes these adjusted non-GAAP measures provide useful information to Management and investors by excluding certain income, expenses and gains and losses that may not be indicative of the Companys core operating and financial results. Similarly, Management believes these adjusted measures are a useful performance measure because certain items included in the calculation of net income (loss) may either mask or exaggerate trends in the Companys ongoing operating performance. Further, the reconciliations corresponding to these adjusted measures, by identifying the individual adjustments, provide a useful mechanism for investors to consider these adjusted measures with some or all of the identified adjustments.
Management uses these non-GAAP financial measures on an ongoing basis to help track and assess the Companys financial performance. You, however, should not consider non-GAAP measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining our operating performance that is calculated in accordance with generally accepted accounting principles. These non-GAAP measures are not necessarily comparable to similarly titled measures employed by other companies. The accompanying financial tables provide reconciliations to the nearest GAAP measure of all non-GAAP measures provided in this release.
Note Regarding Forward-Looking Statements
The information in this news release is being widely disseminated in accordance with the Securities and Exchange Commissions Regulation FD.
This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited pro forma information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Additional information and key risks are described in
Exhibit 99.1 - Page 4
the Companys filings on Forms 8-K, 10-Q and 10-K with the Securities and Exchange Commission. Readers should note that these statements might be impacted by several factors including changes in the economic and regulatory climate and the business of radio broadcasting, in general. The unaudited pro forma information and same station operating data reflect adjustments and are presented for comparative purposes only and do not purport to be indicative of what has occurred or indicative of future operating results or financial position. Accordingly, the Companys actual performance may differ materially from those stated or implied herein. The Company assumes no obligation to publicly update or revise any unaudited pro forma or forward-looking statements.
Contact:
Steve Fisher
Executive Vice President and Chief Financial Officer
610-660-5647
Exhibit 99.1 - Page 5
Fourth Quarter 2012
Earnings Release
ENTERCOM COMMUNICATIONS CORP.
FINANCIAL DATA
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
STATEMENTS OF OPERATIONS |
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Net Revenues |
$ | 102,092 | $ | 95,134 | $ | 388,924 | $ | 382,727 | ||||||||
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Station Expenses |
61,663 | 60,255 | 252,350 | 262,644 | ||||||||||||
Station Expense - Non-Cash Compensation |
151 | 226 | 584 | 776 | ||||||||||||
Corporate Expenses |
5,096 | 4,752 | 20,704 | 19,714 | ||||||||||||
Corporate Expenses - Non-Cash Compensation |
1,619 | 1,219 | 5,170 | 6,895 | ||||||||||||
Depreciation And Amortization |
2,597 | 2,741 | 10,839 | 11,276 | ||||||||||||
Impairment Loss |
| | 22,307 | | ||||||||||||
Merger And Acquisition Costs |
| | | 1,542 | ||||||||||||
Net Time Brokerage Agreement Fees |
| | 238 | 244 | ||||||||||||
Net Loss On Sale Or Disposition of Assets |
15 | 21 | 138 | 163 | ||||||||||||
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Total Operating Expenses |
71,141 | 69,214 | 312,330 | 303,254 | ||||||||||||
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Operating Income |
30,951 | 25,920 | 76,594 | 79,473 | ||||||||||||
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Other Expense (Income) Items: |
||||||||||||||||
Net Interest Expense |
12,592 | 8,442 | 53,446 | 24,919 | ||||||||||||
Net Loss On Extinguishment Of Debt |
747 | 1,144 | 747 | 1,144 | ||||||||||||
Net (Gain) Loss On Derivative Instruments |
| 1,346 | (1,346 | ) | 1,346 | |||||||||||
Net Loss On Investments |
73 | 30 | 123 | 30 | ||||||||||||
Other Income |
(37 | ) | (16 | ) | (118 | ) | (32 | ) | ||||||||
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Total Other Expense |
13,375 | 10,946 | 52,852 | 27,407 | ||||||||||||
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Income Before Income Taxes (Benefit) |
17,576 | 14,974 | 23,742 | 52,066 | ||||||||||||
Income Taxes (Benefit) |
10,229 | 4,450 | 12,474 | (14,211 | ) | |||||||||||
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Net Income |
$ | 7,347 | $ | 10,524 | $ | 11,268 | $ | 66,277 | ||||||||
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Net Income Per Share - Basic |
$ | 0.20 | $ | 0.29 | $ | 0.31 | $ | 1.82 | ||||||||
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Net Income Per Share - Diluted |
$ | 0.19 | $ | 0.28 | $ | 0.30 | $ | 1.76 | ||||||||
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Weighted Common Shares Outstanding - Basic |
36,935 | 36,380 | 36,906 | 36,369 | ||||||||||||
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Weighted Common Shares Outstanding - Diluted |
37,837 | 37,473 | 37,810 | 37,764 | ||||||||||||
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SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
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Capital Expenditures |
$ | 1,901 | $ | 1,672 | $ | 3,688 | $ | 5,712 | ||||||||
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Income Taxes Paid |
$ | | $ | | $ | 99 | $ | 82 | ||||||||
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Cash Interest |
$ | 19,500 | $ | 4,708 | $ | 48,568 | $ | 18,393 | ||||||||
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Exhibit 99.1 - Page 6
December 31, | ||||||||
2012 | 2011 | |||||||
SELECTED BALANCE SHEET DATA |
||||||||
Cash And Cash Equivalents |
$ | 8,923 | $ | 3,625 | ||||
Total Assets |
$ | 915,581 | $ | 919,269 | ||||
Current Debt |
$ | 22,418 | $ | 3,778 | ||||
Senior Debt (including Current Debt) |
$ | 352,592 | $ | 385,121 | ||||
Senior Notes |
$ | 217,349 | $ | 217,103 | ||||
Total Shareholders Equity |
$ | 264,717 | $ | 248,911 |
OTHER FINANCIAL DATA
Three Months Ended December 31, |
Year Ended December 31, |
|||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Reconciliation Of GAAP Station Operating Expenses To Station Expenses |
||||||||||||||||
Station Operating Expenses |
$ | 61,814 | $ | 60,481 | $ | 252,934 | $ | 263,420 | ||||||||
Station Expenses - Non-Cash Compensation |
(151 | ) | (226 | ) | (584 | ) | (776 | ) | ||||||||
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Station Expenses |
$ | 61,663 | $ | 60,255 | $ | 252,350 | $ | 262,644 | ||||||||
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Reconciliation Of GAAP Corporate General & Administrative Expenses |
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To Corporate Expenses |
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Corporate General & Administrative Expenses |
$ | 6,715 | $ | 5,971 | $ | 25,874 | $ | 26,609 | ||||||||
Corporate Expenses - Non-Cash Compensation |
(1,619 | ) | (1,219 | ) | (5,170 | ) | (6,895 | ) | ||||||||
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Corporate Expenses |
$ | 5,096 | $ | 4,752 | $ | 20,704 | $ | 19,714 | ||||||||
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Reconciliation Of GAAP Operating Income To Station Operating Income |
||||||||||||||||
Operating Income |
$ | 30,951 | $ | 25,920 | $ | 76,594 | $ | 79,473 | ||||||||
Corporate Expenses |
5,096 | 4,752 | 20,704 | 19,714 | ||||||||||||
Corporate Expenses - Non-Cash Compensation |
1,619 | 1,219 | 5,170 | 6,895 | ||||||||||||
Station Expenses - Non-Cash Compensation |
151 | 226 | 584 | 776 | ||||||||||||
Depreciation And Amortization |
2,597 | 2,741 | 10,839 | 11,276 | ||||||||||||
Impairment Loss |
| | 22,307 | | ||||||||||||
Merger And Acquisition Costs |
| | | 1,542 | ||||||||||||
Net Time Brokerage Agreement Fees |
| | 238 | 244 | ||||||||||||
Net Loss On Sale Or Disposition of Assets |
15 | 21 | 138 | 163 | ||||||||||||
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Station Operating Income |
$ | 40,429 | $ | 34,879 | $ | 136,574 | $ | 120,083 | ||||||||
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Reconciliation Of GAAP Net Income To Adjusted EBITDA |
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Net Income |
$ | 7,347 | $ | 10,524 | $ | 11,268 | $ | 66,277 | ||||||||
Income Taxes (Benefit) |
10,229 | 4,450 | 12,474 | (14,211 | ) | |||||||||||
Total Other Expense |
13,375 | 10,946 | 52,852 | 27,407 | ||||||||||||
Corporate Expenses - Non-Cash Compensation |
1,619 | 1,219 | 5,170 | 6,895 | ||||||||||||
Station Expenses - Non-Cash Compensation |
151 | 226 | 584 | 776 | ||||||||||||
Depreciation And Amortization |
2,597 | 2,741 | 10,839 | 11,276 | ||||||||||||
Impairment Loss |
| | 22,307 | | ||||||||||||
Merger And Acquisition Costs |
| | | 1,542 | ||||||||||||
Net Time Brokerage Agreement Fees |
| | 238 | 244 | ||||||||||||
Net Loss On Sale Or Disposition of Assets |
15 | 21 | 138 | 163 | ||||||||||||
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Adjusted EBITDA |
$ | 35,333 | $ | 30,127 | $ | 115,870 | $ | 100,369 | ||||||||
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Exhibit 99.1 - Page 7
Three Months Ended December 31, |
Year Ended December 31, |
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2012 | 2011 | 2012 | 2011 | |||||||||||||
Reconciliation Of GAAP Net Income To Free Cash Flow |
||||||||||||||||
Net Income |
$ | 7,347 | $ | 10,524 | $ | 11,268 | $ | 66,277 | ||||||||
Depreciation And Amortization |
2,597 | 2,741 | 10,839 | 11,276 | ||||||||||||
Deferred Financing Costs Included In Interest Expense |
1,122 | 742 | 4,405 | 3,567 | ||||||||||||
Amortization Of Original Issue Discount Included In Interest Expense |
64 | 25 | 246 | 25 | ||||||||||||
Non-Cash Compensation Expense |
1,770 | 1,445 | 5,754 | 7,671 | ||||||||||||
Net Loss On Sale Or Disposition of Assets |
15 | 21 | 138 | 163 | ||||||||||||
Net Loss On Early Extinguishment Of Debt |
747 | 1,144 | 747 | 1,144 | ||||||||||||
Impairment Loss |
| | 22,307 | | ||||||||||||
Merger And Acquisition Costs |
| | | 1,542 | ||||||||||||
Net (Gain) Loss On Derivative Instruments |
| 1,346 | (1,346 | ) | 1,346 | |||||||||||
Net Loss On Investments |
73 | 30 | 123 | 30 | ||||||||||||
Other Income |
(37 | ) | (16 | ) | (118 | ) | (32 | ) | ||||||||
Income Taxes (Benefit) |
10,229 | 4,450 | 12,474 | (14,211 | ) | |||||||||||
Capital Expenditures |
(1,901 | ) | (1,672 | ) | (3,688 | ) | (5,712 | ) | ||||||||
Income Taxes Paid |
| | (99 | ) | (82 | ) | ||||||||||
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Free Cash Flow |
$ | 22,026 | $ | 20,780 | $ | 63,050 | $ | 73,004 | ||||||||
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Reconciliation Of GAAP Operating Income To Free Cash Flow: |
||||||||||||||||
Operating Income |
$ | 30,951 | $ | 25,920 | $ | 76,594 | $ | 79,473 | ||||||||
Depreciation and Amortization |
2,597 | 2,741 | 10,839 | 11,276 | ||||||||||||
Non-Cash Compensation Expense |
1,770 | 1,445 | 5,754 | 7,671 | ||||||||||||
Impairment Loss |
| | 22,307 | | ||||||||||||
Merger And Acquisition Costs |
| | | 1,542 | ||||||||||||
Interest Expense, Net of Interest Income, Deferred Financing Costs & OID |
(11,406 | ) | (7,675 | ) | (48,795 | ) | (21,327 | ) | ||||||||
Capital Expenditures |
(1,901 | ) | (1,672 | ) | (3,688 | ) | (5,712 | ) | ||||||||
Net Loss On Sale Or Disposition of Assets |
15 | 21 | 138 | 163 | ||||||||||||
Income Taxes Paid |
| | (99 | ) | (82 | ) | ||||||||||
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Free Cash Flow |
$ | 22,026 | $ | 20,780 | $ | 63,050 | $ | 73,004 | ||||||||
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Reconciliation Of GAAP Net Income To Adjusted Net Income |
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Net Income |
$ | 7,347 | $ | 10,524 | $ | 11,268 | $ | 66,277 | ||||||||
Income Taxes (Benefit) |
10,229 | 4,450 | 12,474 | (14,211 | ) | |||||||||||
Net Loss On Sale Or Disposition of Assets |
15 | 21 | 138 | 163 | ||||||||||||
Net Loss On Extinguishment Of Debt |
747 | 1,144 | 747 | 1,144 | ||||||||||||
Impairment Loss |
| | 22,307 | | ||||||||||||
Merger And Acquisition Costs |
| | | 1,542 | ||||||||||||
Net (Gain) Loss On Derivative Instruments |
| 1,346 | (1,346 | ) | 1,346 | |||||||||||
Net Loss On Investments |
73 | 30 | 123 | 30 | ||||||||||||
Other Income |
(37 | ) | (16 | ) | (118 | ) | (32 | ) | ||||||||
Non-Cash Compensation Expense |
1,770 | 1,445 | 5,754 | 7,671 | ||||||||||||
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Adjusted Income Before Income Taxes |
20,144 | 18,944 | 51,347 | 63,930 | ||||||||||||
Income Taxes |
8,460 | 7,956 | 21,566 | 26,850 | ||||||||||||
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Adjusted Net Income |
$ | 11,684 | $ | 10,988 | $ | 29,781 | $ | 37,080 | ||||||||
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Weighted Average Diluted Shares Outstanding |
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Weighted Average Diluted Shares Outstanding - Diluted, As Reported |
37,837 | 37,473 | 37,810 | 37,764 | ||||||||||||
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Adjusted Net Income Per Share - Diluted |
$ | 0.31 | $ | 0.29 | $ | 0.79 | $ | 0.98 | ||||||||
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Exhibit 99.1 - Page 8
Effect Of Correction On Consolidated Statements Of Operations And Balance Sheet
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Year Ended December 31, 2011 | ||||||||||||
As Previously Reported |
Adjustment | As Revised |
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(amounts in thousands, except per share data) | ||||||||||||
Income taxes (benefit) |
$ | (16,444 | ) | $ | 2,233 | $ | (14,211 | ) | ||||
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Net income (loss) |
$ | 68,510 | $ | (2,233 | ) | $ | 66,277 | |||||
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Net income per share: |
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Basic |
$ | 1.88 | $ | (0.06 | ) | $ | 1.82 | |||||
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Diluted |
$ | 1.81 | $ | (0.05 | ) | $ | 1.76 | |||||
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Quarter Ended June 30, 2011 | ||||||||||||
As Previously Reported |
Adjustment | As Revised |
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(amounts in thousands, except per share data) | ||||||||||||
Income taxes (benefit) |
$ | (29,968 | ) | $ | 2,233 | $ | (27,735 | ) | ||||
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Net income (loss) |
$ | 48,734 | $ | (2,233 | ) | $ | 46,501 | |||||
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Net income per share: |
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Basic |
$ | 1.34 | $ | (0.06 | ) | $ | 1.28 | |||||
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Diluted |
$ | 1.29 | $ | (0.06 | ) | $ | 1.23 | |||||
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December 31, 2011 | ||||||||||||
As Previously Reported |
Adjustment | As Revised |
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(amounts in thousands) | ||||||||||||
Deferred tax liabilities |
$ | 11,317 | $ | 2,233 | $ | 13,550 | ||||||
Total long-term liabilities |
$ | 636,752 | $ | 2,233 | $ | 638,985 | ||||||
Total liabilities |
$ | 668,125 | $ | 2,233 | $ | 670,358 | ||||||
Accumulated deficit |
$ | (346,565 | ) | $ | (2,233 | ) | $ | (348,798 | ) | |||
Total shareholders equity |
$ | 251,144 | $ | (2,233 | ) | $ | 248,911 |
Exhibit 99.1 - Page 9