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Quarterly Results of Operations (Unaudited) | 12 Months Ended
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Dec. 31, 2014
Quarterly Results of Operations (Unaudited) | NOTE 14 – QUARTERLY RESULTS OF OPERATIONS (Unaudited) (In thousands, except per share data)
|  | Three Months Ended March 31, |  |  | Three Months Ended June 30, |  |  | Three Months Ended September 30, |  |  | Three Months Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Revenue |  | $ | 1,342,548 |  |  | $ | 1,343,058 |  |  | $ | 1,630,154 |  |  | $ | 1,618,097 |  |  | $ | 1,630,034 |  |  | $ | 1,587,522 |  |  | $ | 1,715,797 |  |  | $ | 1,694,367 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct operating expenses |  |  | 597,688 |  |  |  | 599,310 |  |  |  | 644,870 |  |  |  | 635,528 |  |  |  | 648,409 |  |  |  | 651,413 |  |  |  | 649,983 |  |  |  | 678,769 |
Selling, general and administrative expenses |  |  | 414,636 |  |  |  | 401,833 |  |  |  | 418,928 |  |  |  | 408,399 |  |  |  | 427,259 |  |  |  | 408,684 |  |  |  | 419,800 |  |  |  | 420,012 |
Corporate expenses |  |  | 72,705 |  |  |  | 80,800 |  |  |  | 82,197 |  |  |  | 75,328 |  |  |  | 78,202 |  |  |  | 89,574 |  |  |  | 87,227 |  |  |  | 67,812 |
Depreciation and amortization |  |  | 174,871 |  |  |  | 182,182 |  |  |  | 174,062 |  |  |  | 179,734 |  |  |  | 175,865 |  |  |  | 177,330 |  |  |  | 186,100 |  |  |  | 191,582 |
Impairment charges |  |  | - |  |  |  | - |  |  |  | 4,902 |  |  |  | - |  |  |  | 35 |  |  |  | - |  |  |  | 19,239 |  |  |  | 16,970 |
Other operating income, net |  |  | 165 |  |  |  | 2,395 |  |  |  | (1,628) |  |  |  | 1,113 |  |  |  | 47,172 |  |  |  | 6,186 |  |  |  | (5,678) |  |  |  | 13,304 |
Operating income |  |  | 82,813 |  |  |  | 81,328 |  |  |  | 303,567 |  |  |  | 320,221 |  |  |  | 347,436 |  |  |  | 266,707 |  |  |  | 347,770 |  |  |  | 332,526 |
Interest expense |  |  | 431,114 |  |  |  | 385,525 |  |  |  | 440,605 |  |  |  | 407,508 |  |  |  | 432,616 |  |  |  | 438,404 |  |  |  | 437,261 |  |  |  | 418,014 |
Gain (loss) on marketable securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 130,898 |  |  |  | - |  |  |  | 31 |  |  |  | - |  |  |  | (50) |
Equity in earnings (loss) of nonconsolidated affiliates |  |  | (13,326) |  |  |  | 3,641 |  |  |  | (16) |  |  |  | 5,971 |  |  |  | 3,955 |  |  |  | 3,983 |  |  |  | (29) |  |  |  | (91,291) |
Gain (loss) on extinguishment of debt |  |  | (3,916) |  |  |  | (3,888) |  |  |  | (47,503) |  |  |  | - |  |  |  | (4,840) |  |  |  | - |  |  |  | 12,912 |  |  |  | (83,980) |
Other income (expense), net |  |  | 1,541 |  |  |  | (1,000) |  |  |  | 12,157 |  |  |  | (18,098) |  |  |  | 2,617 |  |  |  | 1,709 |  |  |  | (7,211) |  |  |  | (4,591) |
Income (loss) before income taxes |  |  | (364,002) |  |  |  | (305,444) |  |  |  | (172,400) |  |  |  | 31,484 |  |  |  | (83,448) |  |  |  | (165,974) |  |  |  | (83,819) |  |  |  | (265,400) |
Income tax benefit (expense) |  |  | (68,388) |  |  |  | 96,325 |  |  |  | 621 |  |  |  | (11,477) |  |  |  | (24,376) |  |  |  | 73,802 |  |  |  | 33,654 |  |  |  | (36,833) |
Consolidated net income (loss) |  |  | (432,390) |  |  |  | (209,119) |  |  |  | (171,779) |  |  |  | 20,007 |  |  |  | (107,824) |  |  |  | (92,172) |  |  |  | (50,165) |  |  |  | (302,233) |
Less amount attributable to noncontrolling interest |  |  | (8,200) |  |  |  | (6,116) |  |  |  | 14,852 |  |  |  | 12,805 |  |  |  | 7,028 |  |  |  | 9,683 |  |  |  | 17,923 |  |  |  | 6,994 |
Net income (loss) attributable to the Company |  | $ | (424,190) |  |  | $ | (203,003) |  |  | $ | (186,631) |  |  | $ | 7,202 |  |  | $ | (114,852) |  |  | $ | (101,855) |  |  | $ | (68,088) |  |  | $ | (309,227) |
Net income (loss) to the Company per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (5.06) |  |  | $ | (2.47) |  |  | $ | (2.22) |  |  | $ | 0.09 |  |  | $ | (1.37) |  |  | $ | (1.22) |  |  | $ | (0.81) |  |  | $ | (3.70) |
Diluted |  | $ | (5.06) |  |  | $ | (2.47) |  |  | $ | (2.22) |  |  | $ | 0.09 |  |  | $ | (1.37) |  |  | $ | (1.22) |  |  | $ | (0.81) |  |  | $ | (3.70) |
The Company’s Class A common shares are quoted for trading on the OTC Bulletin Board under the symbol IHRT.

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