Quarterly Results of Operations (Unaudited)

12 Months Ended

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.