(Mark
One)
|
|
x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
Delaware
|
51-0405729
|
(State
or other jurisdiction of incorporation or organization)
|
(I.R.S.
Employer Identification No.)
|
PART I FINANCIAL INFORMATION | 3 |
ITEM 1. FINANCIAL STATEMENTS (unaudited) | 3 |
Consolidated Condensed Balance Sheets | 3 |
Consolidated Condensed Statements of Operations | 4 |
Consolidated Condensed Statements of Cash Flows | 5 |
Notes to Consolidated Condensed Financial Statements | 7 |
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 16 |
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 25 |
ITEM 4. CONTROLS AND PROCEDURES | 25 |
PART II OTHER INFORMATION | 25 |
ITEM 1. LEGAL PROCEEDINGS | 25 |
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 25 |
ITEM 6. EXHIBITS | 26 |
SIGNATURES | 27 |
EXHIBIT INDEX | 28 |
|
September
30,
|
December
31,
|
|||||
|
2005
|
2004
|
|||||
ASSETS
|
|||||||
Current
assets:
|
|||||||
Cash and cash equivalents
|
$
|
3,495
|
$
|
948
|
|||
Accounts receivable, net
|
77,234
|
74,908
|
|||||
Prepaid expenses and other current assets (including deferred income
tax
|
|||||||
assets of $23,838 as of September 30, 2005 and December 31,
2004)
|
26,622
|
26,369
|
|||||
Total current assets
|
107,351
|
102,225
|
|||||
Property
and equipment, net
|
86,610
|
93,816
|
|||||
FCC
licenses
|
1,460,002
|
1,438,448
|
|||||
Goodwill
|
658,984
|
661,067
|
|||||
Other
assets, net
|
18,923
|
20,142
|
|||||
Total assets
|
$
|
2,331,870
|
$
|
2,315,698
|
|||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||||
Current
liabilities:
|
|||||||
Accounts payable, accrued liabilities and other
liabilities
|
$
|
38,988
|
$
|
32,295
|
|||
Long
term liabilities:
|
|||||||
Senior debt
|
333,000
|
286,000
|
|||||
Convertible subordinated notes
|
330,000
|
330,000
|
|||||
Other long-term liabilities
|
23,710
|
38,968
|
|||||
Deferred income tax liabilities
|
285,223
|
248,052
|
|||||
Total liabilities
|
1,010,921
|
935,315
|
|||||
Commitments
and contingencies
|
|||||||
Shareholders'
equity:
|
|||||||
Preferred stock, $.01 par value – authorized, 200,000,000 shares
|
|||||||
at September 30, 2005 and December 31, 2004; no shares issued or
|
|||||||
outstanding at September 30, 2005 and December 31, 2004
|
-
|
-
|
|||||
Common stock, $.01 par value – authorized, 500,000,000 shares
at
|
|||||||
September 30, 2005 and December 31, 2004; issued,
133,752,212
|
|||||||
and 132,519,969 at September 30, 2005 and December 31, 2004;
|
|||||||
outstanding, 117,223,626 and 124,869,719 shares at
|
|||||||
September 30, 2005 and December 31, 2004
|
1,338
|
1,325
|
|||||
Treasury stock, at cost, 16,528,586 and 7,650,250 shares at
|
|||||||
September 30, 2005 and December 31, 2004
|
(222,413
|
)
|
(108,235
|
)
|
|||
Additional paid-in capital
|
1,662,281
|
1,645,691
|
|||||
Deferred compensation
|
(16,371
|
)
|
(601
|
)
|
|||
Accumulated deficit
|
(103,886
|
)
|
(157,797
|
)
|
|||
Total shareholders' equity
|
1,320,949
|
1,380,383
|
|||||
Total liabilities and shareholders’ equity
|
$
|
2,331,870
|
$
|
2,315,698
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
|
September
30,
|
September
30,
|
|||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Net
broadcasting revenue
|
$
|
109,632
|
$
|
107,524
|
$
|
311,580
|
$
|
301,726
|
|||||
Operating
Expenses:
|
|||||||||||||
Cost of revenues, exclusive of
|
|||||||||||||
depreciation and amortization shown separately below
|
29,995
|
29,584
|
85,759
|
83,500
|
|||||||||
Selling, general and administrative
|
29,594
|
29,617
|
89,240
|
90,103
|
|||||||||
Corporate general and administrative, exclusive of
|
|||||||||||||
non-cash stock compensation
|
|||||||||||||
of $279, $863, $879 and $3,463, respectively,
|
|||||||||||||
shown separately below
|
2,868
|
3,094
|
9,420
|
8,629
|
|||||||||
Non-cash stock compensation
|
279
|
863
|
879
|
3,463
|
|||||||||
Local marketing agreement fees
|
369
|
516
|
1,402
|
1,539
|
|||||||||
Depreciation and amortization
|
5,530
|
22,044
|
16,818
|
84,408
|
|||||||||
Non-cash charge related to contract obligations
|
-
|
16,449
|
-
|
16,449
|
|||||||||
Other, net
|
157
|
(781
|
)
|
(379
|
)
|
(953
|
)
|
||||||
Operating expenses
|
68,792
|
101,386
|
203,139
|
287,138
|
|||||||||
Operating
income
|
40,840
|
6,138
|
108,441
|
14,588
|
|||||||||
Non-operating
expenses:
|
|||||||||||||
Interest expense, net, including amortization of debt
|
|||||||||||||
issuance costs of $459, $482, $1,379 and
|
|||||||||||||
$1,517, respectively
|
5,677
|
3,688
|
15,067
|
13,406
|
|||||||||
Write off of deferred financing costs due to
|
|||||||||||||
extinguishment of debt
|
-
|
2,966
|
-
|
13,615
|
|||||||||
Non-operating
expenses, net
|
5,677
|
6,654
|
15,067
|
27,021
|
|||||||||
Income (loss) before income taxes
|
35,163
|
(516
|
)
|
93,374
|
(12,433
|
)
|
|||||||
Income
tax expense (benefit)
|
14,654
|
(90,582
|
)
|
39,463
|
(73,246
|
)
|
|||||||
Net
income
|
$
|
20,509
|
$
|
90,066
|
$
|
53,911
|
$
|
60,813
|
|||||
Net
income per share - basic
|
$
|
0.17
|
$
|
0.69
|
$
|
0.45
|
$
|
0.47
|
|||||
Net
income per share - diluted
|
$
|
0.16
|
$
|
0.62
|
$
|
0.42
|
$
|
0.44
|
|||||
Weighted
average common shares outstanding:
|
|||||||||||||
Basic
|
117,582,093
|
130,672,414
|
120,804,344
|
130,201,684
|
|||||||||
Diluted
|
132,268,365
|
146,473,239
|
135,552,482
|
143,758,133
|
|
Nine
Months Ended
|
||||||
|
September
30,
|
||||||
|
2005
|
2004
|
|||||
Cash
flows from operating activities:
|
|||||||
Net income
|
$
|
53,911
|
$
|
60,813
|
|||
Adjustments to reconcile net income to
|
|||||||
net cash provided by operating activities:
|
|||||||
Depreciation and amortization
|
16,818
|
84,408
|
|||||
Write off of deferred financing costs due to extinguishment of
debt
|
-
|
13,615
|
|||||
Amortization of debt issuance costs
|
1,379
|
1,517
|
|||||
Non-cash charge related to contract obligations
|
-
|
16,449
|
|||||
Gain on sale of assets
|
(404
|
)
|
(953
|
)
|
|||
Deferred income taxes
|
37,171
|
(75,201
|
)
|
||||
Stock compensation expense
|
879
|
3,463
|
|||||
Changes in operating assets and liabilities, net of
acquisitions:
|
|||||||
Accounts receivable
|
(2,659
|
)
|
2,202
|
||||
Prepaid expenses and other current assets
|
(566
|
)
|
(1,479
|
)
|
|||
Accounts payable, accrued liabilities and other
liabilities
|
(4,726
|
)
|
(2,125
|
)
|
|||
Net
cash provided by operating activities
|
101,803
|
102,709
|
|||||
Cash
flows from investing activities:
|
|||||||
Capital expenditures
|
(6,070
|
)
|
(6,981
|
)
|
|||
Cash paid to acquire stations
|
(44,781
|
)
|
(157,534
|
)
|
|||
Proceeds from sale of assets, net
|
12,388
|
8,054
|
|||||
Other assets, net
|
(511
|
)
|
1,754
|
||||
Net
cash used in investing activities
|
(38,974
|
)
|
(154,707
|
)
|
|||
Cash
flows from financing activities:
|
|||||||
Retirement of subordinated debt
|
-
|
(500,000
|
)
|
||||
Issuance of convertible subordinated notes
|
-
|
330,000
|
|||||
Debt issuance costs
|
-
|
(11,060
|
)
|
||||
Proceeds from senior debt
|
110,500
|
486,500
|
|||||
Principal payments on senior debt
|
(63,500
|
)
|
(370,611
|
)
|
|||
Principal payments on other long-term liabilities
|
(412
|
)
|
(428
|
)
|
|||
Repayment of shareholder notes
|
51
|
1,283
|
|||||
Proceeds from public stock offerings, net of costs
incurred
|
-
|
175,669
|
|||||
Exercise of stock options, net of costs incurred
|
(13
|
)
|
142
|
||||
Net repurchases of unvested shares of common stock
|
(67
|
)
|
-
|
||||
Purchase of shares held in treasury
|
(106,841
|
)
|
(59,573
|
)
|
|||
Net
cash (used in) provided by financing activities
|
(60,282
|
)
|
51,922
|
||||
Net
increase (decrease) in cash and cash equivalents
|
2,547
|
(76
|
)
|
||||
Cash
and cash equivalents, beginning of period
|
948
|
3,467
|
|||||
Cash
and cash equivalents, end of period
|
$
|
3,495
|
$
|
3,391
|
|
Nine
Months Ended
|
||||||
|
September
30,
|
||||||
|
2005
|
2004
|
|||||
Supplemental
schedule of investing activities
|
|||||||
The
Company completed various radio station acquisitions during the
nine
months ended September 30, 2005 and 2004. In connection with
these
acquisitions, certain liabilities were assumed.
|
|||||||
Fair
value of assets acquired
|
$
|
45,421
|
$
|
158,217
|
|||
Cash
paid to acquire stations
|
(44,781
|
)
|
(157,534
|
)
|
|||
Liabilities assumed
|
$
|
640
|
$
|
683
|
|||
On
July 29, 2004, the Company completed its exchange of radio stations
in the
Bloomington, IL market for stations in the Harrisburg/Lancaster,
PA market
and the Erie, PA market, plus a cash payment to the company.
The non-cash
portion of this transaction is not reflected in the table
above.
|
|||||||
Non-cash
exchange of assets
|
$
|
-
|
$
|
39,647
|
|||
Supplemental
schedule of cash flow information
|
|||||||
Cash
Payments:
|
|||||||
Interest
|
$
|
14,615
|
$
|
11,124
|
|||
Income taxes
|
2,196
|
1,292
|
|||||
Barter
Transactions:
|
|||||||
Equipment purchases through barter
|
309
|
151
|
|||||
Barter Revenue - included in gross broadcasting revenue
|
6,778
|
6,779
|
|||||
Barter Expenses - included in cost of revenues
|
6,622
|
6,409
|
September
30,
2005
|
December
31,
2004
|
||||||
(in
thousands)
|
|||||||
Trade
receivables
|
$
|
79,984
|
$
|
78,285
|
|||
Allowance
for doubtful accounts
|
(2,750
|
)
|
(3,377
|
)
|
|||
Accounts
receivable, net
|
$
|
77,234
|
$
|
74,908
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(Amounts
in thousands, except
per share amounts)
|
|||||||||||||
(unaudited)
|
|||||||||||||
Net
income applicable to common shares, as reported
|
$
|
20,509
|
$
|
90,066
|
$
|
53,911
|
$
|
60,813
|
|||||
Add:
Corporate non-cash stock
compensation expense
|
279
|
863
|
879
|
3,463
|
|||||||||
Deduct:
Total stock-based employee
compensation expense determined
under fair value method
|
(2,191
|
)
|
(2,911
|
)
|
(6,990
|
)
|
(9,262
|
)
|
|||||
Incremental
tax impact
|
755
|
4,311
|
2,414
|
4,311
|
|||||||||
Net
income applicable to common shares, pro forma
|
$
|
19,352
|
$
|
92,329
|
$
|
50,214
|
$
|
59,325
|
|||||
Basic
net income per common share:
|
|||||||||||||
As reported
|
$
|
0.17
|
$
|
0.69
|
$
|
0.45
|
$
|
0.47
|
|||||
Pro forma
|
$
|
0.16
|
$
|
0.71
|
$
|
0.42
|
$
|
0.46
|
|||||
Diluted
net income per common share:
|
|||||||||||||
As reported
|
$
|
0.16
|
$
|
0.62
|
$
|
0.42
|
$
|
0.44
|
|||||
Pro forma
|
$
|
0.15
|
$
|
0.64
|
$
|
0.39
|
$
|
0.43
|
FCC
Licenses
|
Goodwill
|
||||||
(in
thousands)
|
|||||||
Balance,
January 1, 2005
|
$
|
1,438,448
|
$
|
661,067
|
|||
Station
acquisitions
|
41,792
|
978
|
|||||
Station
dispositions and other deletions
|
(20,238
|
)
|
(3,061
|
)
|
|||
Balance,
September 30, 2005
|
$
|
1,460,002
|
$
|
658,984
|
n |
Two
radio stations in the Providence, RI market for an aggregate cash
purchase
price of approximately $14.7 million.
|
n |
Six
radio stations in the Tuscaloosa, AL market and one radio station
in the
Birmingham, AL market, all of which had been operating under a
local
marketing agreement since March 1, 2005, for an aggregate cash
purchase
price of approximately $29.5
million.
|
Asset
Description
|
Acquisition
of Tuscaloosa/ Birmingham Radio Stations
|
Other
Radio Station Acquisitions
|
Total
|
Asset
lives
|
|||||||||
(in
thousands)
|
|||||||||||||
Property
and equipment, net
|
$
|
1,230
|
$
|
199
|
$
|
1,429
|
3-10
years
|
||||||
FCC
licenses
|
26,784
|
15,008
|
41,792
|
non-amortizing
|
|||||||||
Goodwill
|
903
|
75
|
978
|
non-amortizing
|
|||||||||
Other
intangibles, net
|
592
|
630
|
1,222
|
6
to 84 months
|
|||||||||
Liabilities
assumed
|
(5
|
)
|
(635
|
)
|
(640
|
)
|
|||||||
Total
aggregate purchase price
|
$
|
29,504
|
$
|
15,277
|
$
|
44,781
|
Pro
Forma Three Months Ended
September
30,
|
Pro
Forma Nine Months Ended
September
30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Net
broadcasting revenue
|
$
|
109,632
|
$
|
108,351
|
$
|
311,936
|
$
|
308,169
|
|||||
Net
income
|
20,484
|
89,561
|
53,391
|
58,265
|
|||||||||
Basic
net income per common share
|
0.17
|
0.69
|
0.44
|
0.45
|
|||||||||
Diluted
net income per common share
|
0.16
|
0.62
|
0.41
|
0.42
|
September
30, 2005
|
December
31, 2004
|
||||||||||||
Amount
of
|
Interest
|
Amount
of
|
Interest
|
||||||||||
Type
of Borrowing
|
Borrowing
|
Rate
|
Borrowing
|
Rate
|
|||||||||
(in
thousands)
|
(in
thousands)
|
||||||||||||
Revolving
Loan
|
$
|
333,000
|
2.76
to 4.72
|
%
|
$
|
286,000
|
2.35
to 3.05
|
%
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
NUMERATOR:
|
(in
thousands, except per share data)
|
||||||||||||
Income
available to common shareholders
|
$
|
20,509
|
$
|
90,066
|
$
|
53,911
|
$
|
60,813
|
|||||
Effect
of dilutive securities:
|
|||||||||||||
Convertible subordinated notes
|
936
|
944
|
2,808
|
2,328
|
|||||||||
Numerator
for net income per common share - diluted
|
$
|
21,445
|
$
|
91,010
|
$
|
56,719
|
$
|
63,141
|
|||||
DENOMINATOR:
|
|||||||||||||
Weighted
average common shares
|
117,582
|
130,672
|
120,804
|
130,202
|
|||||||||
Effect
of dilutive securities:
|
|||||||||||||
Options
|
1,745
|
2,860
|
1,807
|
2,882
|
|||||||||
Convertible subordinated notes
|
12,941
|
12,941
|
12,941
|
10,674
|
|||||||||
Denominator
for net income per common share - diluted
|
132,268
|
146,473
|
135,552
|
143,758
|
|||||||||
Net
income per common share:
|
|||||||||||||
Net income - Basic
|
$
|
0.17
|
$
|
0.69
|
$
|
0.45
|
$
|
0.47
|
|||||
Net income - Diluted
|
$
|
0.16
|
$
|
0.62
|
$
|
0.42
|
$
|
0.44
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
%
Change
|
||||||||||
(Amounts
in millions)
|
|||||||||||||
Net
revenues:
|
|||||||||||||
Local
|
$
|
95.0
|
$
|
92.1
|
$
|
2.9
|
3.1
|
%
|
|||||
National
|
14.6
|
15.4
|
(0.8
|
)
|
-5.2
|
%
|
|||||||
Net
broadcasting revenue
|
$
|
109.6
|
$
|
107.5
|
$
|
2.1
|
2.0
|
%
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
%
Change
|
||||||||||
(Amounts
in millions)
|
|||||||||||||
Cost
of revenues (exclusive of depreciation and
|
|||||||||||||
amortization
shown separately below)
|
$
|
30.0
|
$
|
29.6
|
$
|
0.4
|
1.4
|
%
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
%
Change
|
||||||||||
(Amounts
in millions)
|
|||||||||||||
Selling,
general and administrative expenses
|
$
|
29.6
|
$
|
29.6
|
$
|
-
|
0.0
|
%
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
%
Change
|
||||||||||
(Amounts
in millions)
|
|||||||||||||
Corporate
general and administrative expenses
|
$
|
2.9
|
$
|
3.1
|
$
|
(0.2
|
)
|
-6.5
|
%
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
%
Change
|
||||||||||
(Amounts
in millions)
|
|||||||||||||
Depreciation
and amortization:
|
|||||||||||||
Depreciation
|
$
|
4.9
|
$
|
4.9
|
$
|
-
|
0.0
|
%
|
|||||
Amortizaton
|
0.6
|
17.1
|
(16.5
|
)
|
-96.5
|
%
|
|||||||
Total
depreciation and amortization
|
$
|
5.5
|
$
|
22.0
|
$
|
(16.5
|
)
|
-75.0
|
%
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
%
Change
|
||||||||||
(Amounts
in millions)
|
|||||||||||||
Interest
expense, net
|
$
|
5.7
|
$
|
3.7
|
$
|
2.0
|
54.1
|
%
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
||||||||
(Amounts
in millions)
|
||||||||||
Income
tax expense (benefit)
|
$
|
14.7
|
$
|
(90.6
|
)
|
$
|
105.3
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
%
Change
|
||||||||||
(Amounts
in millions)
|
|||||||||||||
Net
revenues:
|
|||||||||||||
Local
|
$
|
268.5
|
$
|
258.0
|
$
|
10.5
|
4.1
|
%
|
|||||
National
|
43.1
|
43.7
|
(0.6
|
)
|
-1.4
|
%
|
|||||||
Net
broadcasting revenue
|
$
|
311.6
|
$
|
301.7
|
$
|
9.9
|
3.3
|
%
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
%
Change
|
||||||||||
(Amounts
in millions)
|
|||||||||||||
Cost
of revenues (exclusive of depreciation and
|
|||||||||||||
amortization
shown separately below)
|
$
|
85.8
|
$
|
83.5
|
$
|
2.3
|
2.8
|
%
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
%
Change
|
||||||||||
(Amounts
in millions)
|
|||||||||||||
Selling,
general and administrative expenses
|
$
|
89.2
|
$
|
90.1
|
$
|
(0.9
|
)
|
-1.0
|
%
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
%
Change
|
||||||||||
(Amounts
in millions)
|
|||||||||||||
Corporate
general and administrative expenses
|
$
|
9.4
|
$
|
8.6
|
$
|
0.8
|
9.3
|
%
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
%
Change
|
||||||||||
(Amounts
in millions)
|
|||||||||||||
Depreciation
and amortization:
|
|||||||||||||
Depreciation
|
$
|
15.1
|
$
|
14.9
|
$
|
0.2
|
1.3
|
%
|
|||||
Amortizaton
|
1.7
|
69.5
|
(67.8
|
)
|
-97.6
|
%
|
|||||||
Total
depreciation and amortization
|
$
|
16.8
|
$
|
84.4
|
$
|
(67.6
|
)
|
-80.1
|
%
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
%
Change
|
||||||||||
(Amounts
in millions)
|
|||||||||||||
Interest
expense, net
|
$
|
15.1
|
$
|
13.4
|
$
|
1.7
|
12.7
|
%
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
||||||||
(Amounts
in millions)
|
||||||||||
Income
tax expense (benefit)
|
$
|
39.5
|
$
|
(73.2
|
)
|
$
|
112.7
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
%
Change
|
||||||||||
(Amounts
in millions)
|
|||||||||||||
Net
cash provided by operating activities
|
$
|
101.8
|
$
|
102.7
|
$
|
(0.9
|
)
|
-0.9
|
%
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
%
Change
|
||||||||||
(Amounts
in millions)
|
|||||||||||||
Net
cash used in investing activities
|
$
|
(39.0
|
)
|
$
|
(154.7
|
)
|
$
|
115.7
|
-74.8
|
%
|
September
30, 2005
|
September
30, 2004
|
$
Change
|
||||||||
(Amounts
in millions)
|
||||||||||
Net
cash (used in) provided by financing activities
|
$
|
(60.3
|
)
|
$
|
51.9
|
$
|
(112.2
|
)
|
Balance
Outstanding
|
|||||||
Commitment
|
(as
of September 30, 2005)
|
||||||
(in
thousands)
|
|||||||
Revolving
credit facility
|
$
|
600,000
|
$
|
333,000
|
n |
Two
radio stations in the Providence, RI market for an aggregate cash
purchase
price of approximately $14.7 million.
|
n |
Six
radio stations in the Tuscaloosa, AL market and one radio station
in the
Birmingham, AL market, all of which had been operating under a local
marketing agreement since March 1, 2005, for an aggregate cash purchase
price of approximately $29.5
million.
|
REGISTRANT
PURCHASES OF EQUITY SECURITIES (1)
|
|||||||||||||
Period
|
Total
Number of Shares Purchased
|
Average
Price Paid per Share
|
Total
Number of Shares Purchased as Part of Publicly Announced
Plan
|
Maximum
Dollar Value of Shares that May Yet Be Purchased Under the
Plan
|
|||||||||
July
1, 2005 through July 31, 2005
|
2,739,500
|
$
|
11.79
|
2,739,500
|
$
|
200,175,728
|
|||||||
August
1, 2005 through August 31, 2005
|
873,200
|
13.00
|
873,200
|
188,820,884
|
|||||||||
September
1, 2005 through September 30, 2005
|
886,200
|
13.19
|
886,200
|
177,134,554
|
|||||||||
Total
|
4,498,900
|
|
12.30
|
4,498,900
|
|||||||||
Notes:
|
|||||||||||||
1)
On June 29, 2004 and November 3, 2004, the Company's board of directors
authorized the Company to repurchase up to $100.0 million and $300.0
million, respectively, of its outstanding common stock. No assurance
can
be given as to the time period over which the shares will be repurchased
or as to whether and to what extent the share repurchase will be
consummated.
|
Exhibit
Number
|
Exhibit
Description
|
10.1
|
The
Registrant’s Form of Restricted Stock Agreement under the Amended and
Restated 2002 Long-Term Incentive Plan (incorporated by reference
to
Exhibit 99.1 to the Registrant’s Form 8-K filed on October 27,
2005).
|
31.1
|
Certification
of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a)
under
the Securities and Exchange Act of 1934, as Adopted Pursuant to Section
302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification
of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a)
under the Securities and Exchange Act of 1934, as Adopted Pursuant
to
Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification
of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as
Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
32.2 | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
CITADEL BROADCASTING CORPORATION | ||
|
|
|
Date: November 9, 2005 | By: | /s/ FARID SULEMAN |
|
||
Farid
Suleman
|
||
Chief Executive Officer | ||
(Principal Executive Officer) |
|
|
|
Date: November 9, 2005 | By: | /s/ PATRICIA STRATFORD |
|
||
Patricia
Stratford
|
||
Acting Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |
Exhibit
Number
|
Exhibit
Description
|
10.1
|
The
Registrant’s Form of Restricted Stock Agreement under the Amended and
Restated 2002 Long-Term Incentive Plan (incorporated by reference
to
Exhibit 99.1 to the Registrant’s Form 8-K filed on October 27,
2005).
|
31.1
|
Certification
of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a)
under
the Securities and Exchange Act of 1934, as Adopted Pursuant to Section
302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification
of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a)
under the Securities and Exchange Act of 1934, as Adopted Pursuant
to
Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification
of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as
Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
32.2 | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |