Exhibit 99.1

INTEREP NATIONAL RADIO SALES, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share information)

	September 30, 2004
	As Reported			Adjustment			Restated
	(unaudited)						(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	15,023		$	—		$	15,023
Receivables, less allowance for doubtful accounts of $754 and $808, respectively		21,685			—			21,685
Representation contract buyouts receivable		400			—			400
Current portion of deferred representation contract costs		13,866			—			13,866
Prepaid expenses and other current assets		1,205			—			1,205
Total current assets		52,179			—			52,179
Fixed assets, net		3,705			—			3,705
Deferred representation contract costs		35,865			—			35,865
Representation contract buyouts receivable		646			—			646
Investments and other assets		5,504			(561	)		4,943
Total assets	$	97,899		$	(561	)	$	97,338
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued expenses	$	25,836		$	—		$	25,836
Accrued interest		2,475			—			2,475
Representation contract buyouts payable		5,245			—			5,245
Accrued employee-related liabilities		2,643			—			2,643
Total current liabilities		36,199			—			36,199
Long-term debt		99,000			—			99,000
Representation contract buyouts payable		3,627			—			3,627
Other noncurrent liabilities		2,393			—			2,393
Shareholders’ deficit:
4% Series A cumulative convertible preferred stock, $0.01 par value – 400,000 shares authorized, 118,598 and 114,037 shares issued and outstanding at September 30, 2004 and December 31, 2003, respectively (aggregate liquidation preference – $11,859)		1			—			1
Class A common stock, $0.01 par value – 20,000,000 shares authorized, 6,626,270 and 6,189,460 shares issued and outstanding at September 30, 2004 and December 31, 2003, respectively		66			—			66
Class B common stock, $0.01 par value – 10,000,000 shares authorized, 4,225,871 and 4,058,699 shares issued and outstanding at September 30, 2004 and December 31, 2003, respectively		42			—			42
Additional paid-in-capital		52,330			—			52,330
Accumulated deficit		(95,759	)		(561	)		(96,320	)
Total shareholders’ deficit		(43,320	)		(561	)		(43,881	)
Total liabilities and shareholders’ deficit	$	97,899		$	(561	)	$	97,338

INTEREP NATIONAL RADIO SALES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

	Three months ended September 30, 2004
	As reported		Adjustment			Restated
Commission revenues	$	18,556	$	—		$	18,556
Contract termination revenue		18,844		—			18,844
Total revenues		37,400		—			37,400
Operating expenses:
Selling expenses		15,964		—			15,964
General and administrative expenses		3,576		—			3,576
Depreciation and amortization expense		4,829		—			4,829
Total operating expenses		24,369		—			24,369
Operating income		13,031		—			13,031
Interest expense, net		2,634		—			2,634
Income on investment		—		37			37
Income before income taxes and cumulative change in accounting principle		10,397		37			10,434
Income taxes		35					35
Income before cumulative change in accounting principle		10,362		37			10,399
Cumulative change in accounting principle		—		(598	)		(598	)
Net loss		10,362		(561	)		9,801
Preferred stock dividend		119		—			119
Net income (loss) applicable to common shareholders	$	10,243	$	(561	)	$	9,682
Basic and fully diluted income (loss) per share applicable to common shareholders	$	0.94	$	(0.05	)	$	0.89

INTEREP NATIONAL RADIO SALES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

	Nine month ended September 30, 2004
	As reported			Adjustment			Restated
Commission revenues	$	56,077		$	—		$	56,077
Contract termination revenue		20,008			—			20,008
Total revenues		76,085			—			76,085
Operating expenses:
Selling expenses		46,614			—			46,614
General and administrative expenses		10,972			—			10,972
Depreciation and amortization expense		15,045			—			15,045
Total operating expenses		72,631			—			72,631
Operating income		3,454			—			3,454
Interest expense, net		7,952			—			7,952
Income on investment		—			37			37
(Loss) income before income taxes and cumulative change in accounting principle		(4,498	)		37			(4,461	)
Income taxes		227						227
(Loss) income before cumulative change in accounting principle		(4,725	)		37			(4,688	)
Cumulative change in accounting principle		—			(598	)		(598	)
Net loss		(4,725	)		(561	)		(5,286	)
Preferred stock dividend		350			—			350
Net loss applicable to common shareholders	$	(5,075	)	$	(561	)	$	(5,636	)
Basic and fully diluted loss per share applicable to common shareholders	$	(0.48	)	$	(0.05	)	$	(0.53	)

INTEREP NATIONAL RADIO SALES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	Nine months ended September 30, 2004
	As reported			Adjustment			Restated
Cash flows from operating activities:
Net loss	$	(4,725	)	$	(561	)	$	(5,286	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		15,045			—			15,045
Income on investment		—			(37	)		(37	)
Cumulative change in accounting principle		—			598			598
Changes in assets and liabilities:
Receivables		5,900			—			5,900
Representation contract buyouts receivable		(578	)		—			(578	)
Prepaid expenses and other current assets		(93	)		—			(93	)
Other noncurrent assets		(202	)		—			(202	)
Accounts payable and accrued expenses		5,678			—			5,678
Accrued interest		(2,475	)		—			(2,475	)
Accrued employee-related liabilities		(670	)		—			(670	)
Other noncurrent liabilities		(1,487	)		—			(1,487	)
Net cash provided by operating activities		16,393			—			16,393
Cash flows from investing activities:
Additions to fixed assets		(817	)		—			(817	)
Increase in other investments		(5	)		—			(5	)
Net cash used in investing activities		(822	)		—			(822	)
Cash flows from financing activities:
Station representation contract payments		(5,289	)		—			(5,289	)
Gross borrowings on credit facility		21,650			—			21,650
Gross repayments on credit facility		(25,650	)		—			(25,650	)
Repayment of prior credit facility		—			—			—
Issuance of Class B common stock		1,080			—			1,080
Net borrowings on new credit facility, net of financing costs		—			—			—
Net cash used in financing activities		(8,209	)		—			(8,209	)
Net increase (decrease) in cash and cash equivalents		7,362			—			7,362
Cash and cash equivalents, beginning of period		7,661			—			7,661
Cash and cash equivalents, end of period	$	15,023		$	—		$	15,023
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest	$	10,146			—		$	10,146
Income taxes		227			—			227
Non-cash investing and financing activities:
Station representation contracts acquired	$	2,106			—		$	2,106
Preferred stock dividend		350			—			350