-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HxR1WwGZgrDzSQqDewK0coO7bURfmYKzgSstBeywI9ZIatAPdOCfl0H/zr70DL2l muS8MpAioR4ZwLZlsIxcUQ== 0000702808-95-000009.txt : 19951119 0000702808-95-000009.hdr.sgml : 19951119 ACCESSION NUMBER: 0000702808-95-000009 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: JACOR COMMUNICATIONS INC CENTRAL INDEX KEY: 0000702808 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 310978313 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-12404 FILM NUMBER: 95591452 BUSINESS ADDRESS: STREET 1: 1300 PNC CENTER STREET 2: 201 E FIFTH ST CITY: CINCINNATI STATE: OH ZIP: 45202 BUSINESS PHONE: 5136211300 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 0-12404 JACOR COMMUNICATIONS, INC. An Ohio Corporation Employer Identification No. 31-0978313 1300 PNC Center 201 East Fifth Street Cincinnati, Ohio 45202 Telephone (513) 621-1300 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past ninety days. Yes X No At November 10, 1995, 18,113,424 shares of common stock were outstanding. JACOR COMMUNICATIONS, INC. INDEX Page Number PART I. Financial Information Item 1. - Financial Statements Condensed Consolidated Balance Sheets as of September 30, 1995 and December 31, 1994 3 Condensed Consolidated Statements of Operations for the three months and nine months ended September 30, 1995 and 1994 4 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 1995 and 1994 5 Notes to Condensed Consolidated Financial Statements 6 Item 2. - Management's Discussion and Analysis of Financial Condition and Results of Operations 8 PART II. Other Information Item 6. - Exhibits and Reports on Form 8-K 13 Signatures 14 JACOR COMMUNICATIONS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, December 31, 1995 1994 (UNAUDITED) (AUDITED) ASSETS Current assets: Cash and cash equivalents $ 5,655,810 $ 26,974,838 Accounts receivable, less allowance for doubtful accounts of $1,759,000 in 1995 and $1,384,000 in 1994 25,342,062 24,500,652 Other current assets 4,900,736 4,650,301 Total current assets 35,898,608 56,125,791 Property and equipment, net 30,387,946 22,628,841 Intangible assets, net 114,738,417 89,543,301 Other assets 22,330,705 5,281,422 Total assets $203,355,676 $173,579,355 LIABILITIES Current liabilities: Accounts payable $ 6,276,924 $ 2,723,717 Accrued payroll 2,125,292 3,274,902 Accrued federal, state and local income tax 2,928,773 2,092,616 Other current liabilities 4,224,235 3,397,117 Total current liabilities 15,555,224 11,488,352 Long-term debt 33,500,000 Other liabilities 3,484,388 3,869,567 Deferred tax liability 8,825,456 9,177,456 Total liabilities 61,365,068 24,535,375 SHAREHOLDERS' EQUITY Common stock, no par value, $.10 per share stated value 1,853,843 1,959,038 Additional paid-in capital 122,690,571 137,404,815 Common stock warrants 388,055 390,167 Retained earnings 17,058,139 9,289,960 Total shareholders' equity 141,990,608 149,043,980 Total liabilities and shareholders' equity $203,355,676 $173,579,355 The accompanying notes are an integral part of the condensed consolidated financial statements.
JACOR COMMUNICATIONS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the three months and nine months ended September 30, 1995 and 1994 (UNAUDITED)
Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 Broadcast revenue $36,115,286 $31,912,183 $97,648,317 $87,543,871 Less agency commissions 3,821,724 3,413,707 10,472,272 9,253,147 Net revenue 32,293,562 28,498,476 87,176,045 78,290,724 Broadcast operating expenses 23,127,964 20,496,794 65,241,279 59,919,688 Depreciation and amortization 2,442,475 2,519,255 6,782,582 7,235,023 Corporate general and administrative expenses 823,651 698,212 2,564,180 2,506,449 Operating income 5,899,472 4,784,215 12,588,004 8,629,564 Interest expense (383,864) (137,591) (593,070) (428,065) Other income, net 347,697 286,660 1,052,246 797,601 Income before income taxes 5,863,305 4,933,284 13,047,180 8,999,100 Income tax expense (2,375,000) (2,303,900) (5,279,000) (4,215,900) Net income $ 3,488,305 $ 2,629,384 $ 7,768,180 $4,783,200 Income per common share $ 0.17 $ 0.12 $ 0.37 $ 0.22 Number of common shares used in per share computations 21,008,772 21,413,359 21,136,058 21,454,531 The accompanying notes are an integral part of the condensed consolidated financial statements.
JACOR COMMUNICATIONS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS for the nine months ended September 30, 1995 and 1994 (UNAUDITED)
1995 1994 Cash flows from operating activities: Net income $ 7,768,180 $ 4,783,200 Adjustments to reconcile net income to net cash used by operating activities: Depreciation 2,306,283 1,846,365 Amortization of intangibles 4,476,298 5,388,658 Provision for losses on accounts and notes receivable 747,852 920,192 Decrease in deferred tax liability (352,000) (561,700) Other 196,581 (597,897) Change in current assets and current liabilities net of effects of acquisitions and disposals: Increase in accounts receivable (1,894,111) (5,552,176) Increase in other current assets (265,434) (1,998,272) Increase in accounts payable 3,462,283 757,575 Increase in accrued payroll, accrued interest and other current liabilities 513,667 582,050 Net cash provided by operating activities 16,959,599 5,567,995 Cash flows from investing activities: Payments received on notes receivable 392,500 1,300,000 Capital expenditures (3,663,626) (1,471,367) Cash paid for acquisitions (33,338,344) (3,233,812) Purchase of intangible assets (15,182,893) (6,243,109) Net proceeds from the sale of assets 1,919,189 Loans originated and other (4,789,713) (3,652,440) Net cash used by investing activities (56,582,076) (11,381,539) Cash flows from financing activities: Proceeds from issuance of long-term debt 33,500,000 Proceeds from issuance of common stock 254,155 524,559 Repurchase of common stock (15,075,706) Payment of restructuring expenses (375,000) (69,729) Net cash provided by financing activities 18,303,449 454,830 Net decrease in cash and cash equivalents (21,319,028) (5,358,714) Cash and cash equivalents at beginning of period 26,974,838 28,617,599 Cash and cash equivalents at end of period $ 5,655,810 $23,258,885 The accompanying notes are an integral part of the condensed consolidated financial statements.
JACOR COMMUNICATIONS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. FINANCIAL STATEMENTS The financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Although certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, the Company believes that the disclosures are adequate to make the information presented not misleading and reflect all adjustments (consisting only of normal recurring adjustments) which are necessary for a fair presentation of results of operations for such periods. Results for interim periods may not be indicative of results for the full year. It is suggested that these financial statements be read in conjunction with the consolidated financial statements for the year ended December 31, 1994 and the notes thereto. 2. PER SHARE DATA Income per share for the nine months and three months ended September 30, 1995 and 1994 is based on the weighted average number of common shares outstanding and gives effect to both dilutive stock options and dilutive stock purchase warrants during the periods. Fully diluted earnings per share is not presented since it approximates primary earnings per share. 3. ACQUISITION OF LICENSE In September, 1995, a subsidiary of the Company exercised its purchase option to acquire ownership of the license of radio station KECR(FM) in San Diego, California for approximately $13,875,000 in cash. The license transfer is subject to FCC approval. Pending approval of the license transfer, the Company's subsidiary has entered into a Local Marketing Agreement which began September 23, 1995, and will expire upon approval of the license transfer. JACOR COMMUNICATIONS, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 4. ACQUISITION OF RADIO STATIONS In August 1995, a subsidiary of the Company acquired the business and certain operating assets of radio stations WJBT(FM) and WZAZ(AM) in Jacksonville, Florida for approximately $3,750,000 in cash. In August 1995, a subsidiary of the Company acquired the business and certain operating assets of radio station WSOL(FM) (formerly WHJX) in Jacksonville, Florida for approximately $4,500,000 in cash. In August 1995, a subsidiary of the Company acquired the business and certain operating assets of radio stations WDUV(FM) and WBRD(AM) in Tampa, Florida for approximately $14,000,000 in cash. 5. COMMON STOCK BUY BACK During the nine months ended September 30, 1995, the Company purchased and retired 1,090,300 shares of its own Common Stock at a cost of $15,075,706. Subsequent to September 30, 1995, the Company purchased and retired an additional 425,000 shares of its own Common Stock at a cost of $6,618,125. The Company's Board of Directors has authorized the Company to purchase up to an additional 1,000,000 shares of its own Common Stock from time to time in open-market or negotiated transactions. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES The Company began 1995 with no outstanding debt and $27.0 million in cash and cash equivalents. During the first nine months of 1995 the Company used $53.3 million in cash for acquisitions of radio stations and licenses and for loans and $15.1 million in cash to purchase shares of its own Common Stock. These funds came from cash on hand together with cash provided from operating activities and draws under the Company's Credit Agreement aggregating $33.5 million. The Company's Credit Agreement provides for a senior secured reducing revolving credit facility with a commitment of $45 million ($40.4 million at September 30, 1995 - see following paragraph) that expires on December 31, 2000 (the "Revolver") and a senior secured acquisition facility with a commitment of $55 million (the "Acquisition Facility") that expires on September 30, 1996. The Credit Agreement contains restrictive covenants, and the indebtedness thereunder is collateralized by liens on substantially all of the assets of the Company and its operating subsidiaries and by a pledge of the operating subsidiaries' stock. The indebtedness under the Credit Agreement is guaranteed by those subsidiaries. Both facilities may be used for acquisitions permitted under conditions set forth in the Credit Agreement. Interest under the Credit Agreement is payable, at the option of the Company, at alternative rates equal to the Eurodollar rate plus 1.25% to 2.25% or the base rate announced by Banque Paribas plus 0.25% to 1.25%. The Credit Agreement requires that the commitment under the Revolver be reduced in the quarter commencing January 1, 1994 and continuing quarterly thereafter (reduced by $4.6 million as of September 30, 1995). After the Acquisition Facility commitment terminates on September 30, 1996, the Credit Agreement requires 17 equal quarterly amortization payments. The Credit Agreement further requires that, with certain exceptions, the Company prepay the loans and reduce the commitments under the Credit Agreement with excess cash flow and the net proceeds from certain sales of assets and capital stock. The Company entered into an interest rate protection agreement in March 1993 on a notional amount of $22.5 million for a three-year term for a cost of $0.1 million. This agreement provided protection against the rise in the three-month LIBOR interest rate beyond a level of 7.25%. The current three-month LIBOR interest rate is 5.88%. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Continued LIQUIDITY AND CAPITAL RESOURCES, Continued During the nine months ended September 30, 1995, the Company, through its subsidiaries, made capital expenditures of approximately $3.7 million. The Company expects to make acquisitions, loans and capital expenditures in the range of $10 million to $12 million for the remainder of the year ended December 31, 1995. Management believes that its existing cash balance, cash generated from operations and the availability of borrowings under the Credit Agreement will be sufficient to meet its liquidity and capital needs for the foreseeable future, under existing market conditions. CASH FLOW Cash flows provided by operating activities, inclusive of working capital were $17.0 million and $5.6 million for the first nine months of 1995 and 1994, respectively. The net cash provided of $17.0 million for the first nine months of 1995 results primarily from the add back of depreciation and amortization expense to net income for the period. The net cash provided of $5.6 million for the first nine months of 1994 results primarily from the net income of $4.8 million generated during that period. Cash flows used by investing activities were ($56.6) million and ($11.4) million for the first nine months of 1995 and 1994, respectively. The net cash used by investing activities for both nine-month periods results from payments made for acquisitions (including purchase of intangible assets), loans and capital expenditures. The 1994 amount is net of $3.2 million of payments received on notes and from the sale of assets. Cash flows provided by financing activities were $18.3 million for the first nine months of 1995 principally due to $33.5 million in borrowings under the Company's Credit Agreement net of the $15.1 million repurchase of the Company's common stock. Cash flows provided by financing activities were $0.5 million for the comparable 1994 period due primarily to the issuance of common stock. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Continued RESULTS OF OPERATIONS THE NINE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 1994 Broadcast revenue for the first nine months of 1995 was $97.6 million, an increase of $10.1 million or 11.5% from $87.5 million during the first six months of 1994. This increase resulted from an increase in advertising rates in both local and national advertising and from the revenue generated at those properties owned or operated during the 1995 first nine months but not during the comparable 1994 period. On a "same station" basis - reflecting results from stations operated in the first nine months of both 1995 and 1994 - broadcast revenue for the 1995 period was $92.6 million, an increase of $6.5 million or 7.5% from $86.1 million for the 1994 period. Agency commissions for the first nine months of 1995 were $10.5 million, an increase of $1.2 million or 13.2% from $9.3 million during the first nine months of 1994 due to the increase in broadcast revenue. Broadcast operating expenses for the first nine months of 1995 were $65.2 million, an increase of $5.3 million or 8.9% from $59.9 million during the first nine months of 1994. These expenses increased as a result of expenses incurred at those properties owned or operated during the first nine months of 1995 but not during the comparable 1994 period and, to a lesser extent, increased selling and other payroll costs and programming costs. On a "same station" basis, broadcast operating expenses for the 1995 period were $61.2 million, an increase of $3.3 million or 5.7% from $57.9 million for the 1994 period. Station operating income excluding depreciation and amortization for the nine months ended September 30, 1995 was $21.9 million, an increase of $3.5 million or 19.4% from the $18.4 million for the nine months ended September 30, 1994. The strike-shortened Major League Baseball seasons in 1995 and 1994 and the loss of the Atlanta Braves broadcast rights after the 1994 season impacts the comparability of broadcast revenue and operating expenses for the nine-month period. However, this did not have a material impact on station operating income. On a "same station" basis, station operating income excluding depreciation and amortization for the 1995 period was $21.5 million, an increase of $2.4 million or 12.4% from $19.1 million for the 1994 period. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Continued RESULTS OF OPERATIONS THE NINE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 1994, Continued Depreciation and amortization for the first nine months of 1995 and 1994 was $6.8 million and $7.2 million, respectively. Operating income for the first nine months of 1995 was $12.6 million, an increase of $4.0 million or 45.9% from an operating income of $8.6 million during the first nine months of 1994. Interest expense for the first nine months of 1995 and 1994 was $0.6 million and $0.4 million, respectively. Net income for the first nine months of 1995 was $7.8 million, compared to net income of $4.8 million for the first nine months of 1994. The 1995 period includes $5.3 million of income tax expense while the 1994 period includes $4.2 million of income tax expense. THE THREE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 1994 Broadcast revenue for the third quarter of 1995 was $36.1 million, an increase of $4.2 million or 13.2% from $31.9 million during the third quarter of 1994. This increase resulted from an increase in advertising rates in both local and national advertising and from the revenue generated at those properties owned or operated during the 1995 third quarter but not during the comparable 1994 period. On a "same station" basis - reflecting results from stations operated in the third quarter of both 1995 and 1994 - broadcast revenue for the 1995 and 1994 periods was $33.8 million and $31.0 million, respectively. Agency commissions for the third quarter of 1995 were $3.8 million, an increase of $0.4 million or 12.0% from $3.4 million during the third quarter of 1994 due to the increase in broadcast revenue. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, Continued RESULTS OF OPERATIONS THE THREE MONTHS ENDED SEPTEMBER 30, 1995 COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 1994, Continued Broadcast operating expenses for the third quarter of 1995 were $23.1 million, an increase of $2.6 million, or 12.8% from $20.5 million during the third quarter of 1994. These expenses increased as a result of expenses incurred at those properties owned or operated during the 1995 third quarter but not during the comparable 1994 period and, to a lesser extent, increased selling and other payroll costs and programming costs. However, this increase was reduced by a decrease in broadcast rights' fees for professional baseball due to the loss of the Atlanta Braves broadcast rights after the 1994 season. On a "same station" basis, broadcast operating expenses for the 1995 period were $21.4 million, an increase of $1.8 million or 9.5% from $19.6 million for the 1994 period. Station operating income excluding depreciation and amortization for the three months ended September 30, 1995 was $9.2 million, an increase of $1.2 million or 14.6% from the $8.0 million for the three months ended September 30, 1994. The strike-shortened Major League Baseball season in 1994 and the loss of the Atlanta Braves broadcast rights after the 1994 season impacts the comparability of broadcast revenue and operating expenses for the third quarter. On a "same station" basis, station operating income excluding depreciation and amortization for the 1995 period was $8.8 million, an increase of $0.7 million or 8.2% from $8.1 million for the 1994 period. Depreciation and amortization for the third quarter of 1995 and 1994 was $2.4 million and $2.5 million, respectively. Operating income for the third quarter of 1995 was $5.9 million, an increase of $1.1 million or 23.3% from $4.8 million during the third quarter of 1994. Interest expense for the second quarter of 1995 and 1994 was $0.4 million and $0.1 million, respectively. Net income for the third quarter of 1995 was $3.5 million, compared to net income of $2.6 million reported by the Company for the third quarter of 1994. The 1995 period includes $2.4 million of income tax expense while the 1994 period includes $2.3 million of income tax expense. JACOR COMMUNICATIONS, INC. AND SUBSIDIARIES PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits. Number Description Page 11 Statement re computation of consolidated income per common share 15 27 Financial Data Schedule 16 99 Press Release dated October 31, 1995 17 (b) Reports on Form 8-K None SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. JACOR COMMUNICATIONS, INC. (Registrant) DATED: November 13, 1995 BY /s/ R. Christopher Weber R. Christopher Weber, Senior Vice President and Chief Financial Officer JACOR COMMUNICATIONS, INC. AND SUBSIDIARIES EXHIBIT 11 Computation of Consolidated Income Per Common Share for the three months and nine months ended September 30, 1995 and 1994
Three Months Ended Nine Months Ended September 30 September 30 1995 1994 1995 1994 Income for primary and fully diluted computation: Income $3,488,305 $2,629,384 $7,768,180 $4,783,200 Primary (1): Weighted average common shares and all other dilutive securities: Common stock 18,774,420 19,589,120 19,167,343 19,566,685 Stock purchase warrants 1,045,958 779,639 889,537 822,893 Stock options 888,394 744,600 779,178 764,953 Contingently issuable common shares 300,000 300,000 300,000 300,000 21,008,772 21,413,359 21,136,058 21,454,531 Primary income per common share $ .17 $ .12 $ .37 $ .22 NOTES: 1. Fully diluted earnings per share is not presented since it approximates primary income per share.
EXHIBIT 99 JACOR REPORTS CONTINUED IMPROVEMENTS IN BROADCAST CASH FLOW; BOARD AUTHORIZES ADDITIONAL SHARE REPURCHASE CINCINNATI, OCTOBER 31 - Jacor Communications, Inc. (NASDAQ: JCOR), owner and operator of radio stations in seven U.S. markets, today reported a 19-percent increase in broadcast cash flow during the nine months ended September 30, 1995, and a 15-percent increase in broadcast cash flow for the third quarter of 1995. Jacor's broadcast cash flow for the 1995-nine month period rose 19 percent to $21.9 million from $18.4 million in the same nine-month period of 1994. Third quarter broadcast cash flow rose 15 percent to $9.2 million in 1995 from $8.0 million in the same quarter of 1994. Net revenues for the nine-month period rose 11 percent to $87.2 million from $78.3 million in the 1994 period. Third quarter 1995 net revenues rose 13 percent to $32.3 million from $28.5 million in the 1994 period. The strike-shortened Major League Baseball seasons in 1994 and 1995 and the loss of the Atlanta Braves broadcast rights after the 1994 season impacted the comparability of broadcast revenue and broadcast cash flow for the nine-month period and third quarter. On a "same station" basis - reflecting results from stations operated in the first nine months of both 1995 and 1994 - Jacor's broadcast cash flow rose 12 percent to $21.5 million for the first nine months of 1995 from $19.1 million in the same period last year. Broadcast cash flow on the "same station" basis for the third quarter of 1995 rose 8 percent to $8.8 million from $8.1 million for the third quarter of 1994. On a "same station" basis, adjusted for the 1994 Atlanta Braves broadcast rights, Jacor's 1995 year-to-date and third quarter broadcast cash flow rose 19 percent and 12 percent, respectively, over those of the comparable 1994 periods. The Company reported net income of $7.8 million or 37 cents per share, during the first nine months of 1995. Results for the same period last year reflected net income of $4.8 million, or 22 cents per share. Net income for the third quarter of 1995 was $3.5 million or 17 cents per share, an increase of 33 percent from the net income of $2.6 million or 12 cents per share reported by the Company for the third quarter of 1994. The Company also announced that it has completed its previously authorized share repurchase program. The Company purchased and retired 1,515,300 shares of its common stock at a cost of $21,693,832 or an average price of $14.32 per share. Further, its Board of Directors has authorized the Company to purchase up to 1,000,000 additional shares of its own common stock from time to time in open-market or negotiated transactions. Jacor Communications, Inc., headquartered in Cincinnati, is the nation's eighth largest radio group. The Company plans to pursue growth through continued acquisitions of complementary stations in its existing markets, and radio groups or individual stations with significant presence in attractive markets. CONTACT: Chris Weber 513/621-1300 or Kirk Brewer 312/466-4096 JACOR COMMUNICATIONS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the three months and nine months ended September 30, 1995 and 1994 (UNAUDITED)
Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 Broadcast revenue $ 36,115,286 $31,912,183 $97,648,317 $87,543,871 Less agency commissions 3,821,724 3,413,707 10,472,272 9,253,147 Net revenue 32,293,562 28,498,476 87,176,045 78,290,724 Broadcast operating expenses 23,127,964 20,496,794 65,241,279 59,919,688 Broadcast cash flow (1) 9,165,598 8,001,682 21,934,766 18,371,036 Depreciation and amortization 2,442,475 2,519,255 6,782,582 7,235,023 Corporate general and administrative expenses 823,651 698,212 2,564,180 2,506,449 Operating income 5,899,472 4,784,215 12,588,004 8,629,564 Interest expense (383,864) (137,591) (593,070) (428,065) Other income, net 347,697 286,660 1,052,246 797,601 Income before income taxes 5,863,305 4,933,284 13,047,180 8,999,100 Income tax expense (2,375,000) (2,303,900) (5,279,000) (4,215,900) Net income $ 3,488,305 $ 2,629,384 $ 7,768,180 $ 4,783,200 Income per common share $ 0.17 $ 0.12 $ 0.37 $ 0.22 Number of common shares used in per share computations 21,008,772 21,413,359 21,136,058 21,454,531 (1) Operating income before depreciation and amortization and corporate general and administrative expenses.
EX-27 2
5 1000 9-MOS DEC-31-1995 SEP-30-1995 5,656 0 27,101 1,759 0 35,899 37,165 6,777 203,356 15,555 33,500 1,854 0 0 140,137 203,356 0 97,648 0 75,714 9,347 748 0 13,047 5,279 0 0 0 0 7,768 .37 .37
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