|
(Unaudited)
|
||||
|
|
|
|
|
|
|
Six Months Ended June 30,
|
Three Months Ended June 30,
|
|||
|
|
|
|
|
|
|
2002
|
2001
|
2002
|
2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET REVENUES |
$ 29,433,438
|
$ 26,357,466
|
$ 16,522,685
|
$ 15,479,694
|
|
|
|
|
|
|
| COST OF REVENUES |
19,909,513
|
17,361,275
|
11,468,041
|
10,594,110
|
|
|
|
|
|
|
| Gross margin |
9,523,925
|
8,996,191
|
5,054,644
|
4,885,584
|
|
|
|
|
|
|
| OPERATING EXPENSES: |
|
|
|
|
| General and administrative |
2,836,262
|
3,412,919
|
1,245,679
|
1,716,746
|
| Selling and marketing |
1,787,711
|
2,032,495
|
861,779
|
1,106,902
|
| Salaries and benefits |
7,053,087
|
6,223,580
|
3,489,967
|
3,103,744
|
| Amortization of CBS advertising |
9,602,743
|
9,810,064
|
5,025,145
|
4,761,772
|
| Depreciation and amortization |
1,847,736
|
4,387,449
|
942,681
|
2,237,371
|
| Exit and retail costs |
261,399
|
(289,801)
|
–
|
(17,785)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
23,388,938
|
25,576,706
|
11,565,251
|
12,908,750
|
|
|
|
|
|
|
| Operating loss |
(13,865,013)
|
(16,580,515)
|
(6,510,607)
|
(8,023,166)
|
|
|
|
|
|
|
| EQUITY IN EARNINGS – INVESTMENTS |
230,958
|
476,634
|
14,575
|
28,759
|
|
|
|
|
|
|
| OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
|
|
| Interest, net |
(445,097)
|
(155,745)
|
(230,496)
|
(149,834)
|
| Other, net |
2,400
|
(168,175)
|
(18,446)
|
(173,089)
|
|
|
|
|
|
|
| Loss before minority interest |
(14,076,752)
|
(16,427,801)
|
(6,744,974)
|
(8,317,330)
|
|
|
|
|
|
|
| MINORITY INTEREST |
(393,411)
|
(101,997)
|
(189,411)
|
(57,124)
|
|
|
|
|
|
|
| NET LOSS |
$ (14,470,163)
|
$ (16,529,798)
|
$ (6,934,385)
|
$ (8,374,454)
|
|
|
|
|
|
|
| Basic and diluted net loss per common share |
$ (0.51)
|
$ (0.66)
|
$ (0.25)
|
$ (0.33)
|
|
|
|
|
|
|
| Weighted average shares outstanding |
28,197,227
|
25,226,067
|
28,276,884
|
25,739,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET LOSS |
$ (14,470,163)
|
$ (16,529,798)
|
$ (6,934,385)
|
$ (8,374,454)
|
|
|
|
|
|
|
| Add Back: |
|
|
|
|
| Amortization of CBS advertising – non-cash |
9,602,743
|
9,810,064
|
5,025,145
|
4,761,772
|
| Depreciation and amortization |
1,847,736
|
4,387,449
|
942,681
|
2,237,371
|
| Interest, net |
445,097
|
155,745
|
230,496
|
149,834
|
| Equity in loss of investments of less then 50% ownership |
124,036
|
306,167
|
53,345
|
255,784
|
| Other non-cash |
1,661,561
|
553,621
|
699,509
|
431,871
|
| One-time charges |
261,399
|
(289,801)
|
–
|
(17,785)
|
|
|
|
|
|
|
|
13,942,572
|
14,923,245
|
6,951,176
|
7,818,847
|
|
|
|
|
|
|
|
| ADJUSTED EBITDA |
$ (527,591)
|
$ (1,606,553)
|
$ 16,791
|
$ (555,607)
|
|
|
|
|
|
|
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