| (Unaudited) | ||||
Years Ended December 31,
|
Three Months Ended December 31,
| |||
| - Advertisement -
2001
|
2000
|
2001
|
2000
| |
| NET REVENUES |
$ 50,154,801
|
$ 29,517,505
| - Advertisement -
$ 12,781,443
|
$ 11,505,240
|
| COST OF REVENUES |
32,320,649
|
14,536,114
| 8,417,970 |
8,030,211
|
Gross margin | - Advertisement -
17,834,152
|
14,981,391
|
4,363,473
|
3,475,029
|
| OPERATING EXPENSES: | ||||
| General and administrative |
6,994,030
|
11,182,180
|
2,352,389
|
3,324,907
|
| Selling and marketing |
4,348,183
|
9,593,871
| 1,184,475 |
1,535,973
|
| Salaries and benefits |
12,534,524
|
11,810,803
|
3,199,229
|
3,446,344
|
| Amortization of CBS advertising |
27,822,802
|
24,244,647
| 13,250,967 |
9,389,182
|
| Depreciation and amortization |
8,886,350
|
11,098,537
|
2,258,754
|
4,982,576
|
| Total operating expenses | 60,585,889 |
67,930,038
|
22,245,814
|
22,678,982
|
| Operating loss |
(42,751,737)
|
(52,948,647)
|
(17,882,341)
|
(19,203,953)
|
| EQUITY IN EARNINGS – INVESTMENTS |
1,470,392
|
1,906,132
|
571,332
|
(193,733)
|
| OTHER INCOME (EXPENSE): | ||||
| Interest, net |
(144,289)
|
(339,522)
|
37,177
|
(137,635)
|
| Other, net |
(94,403)
|
(54,434)
|
53,193
|
(89,033)
|
| Loss before minority interest |
(41,520,037)
|
(51,436,471)
|
(17,220,639)
|
(19,624,354)
|
| MINORITY INTEREST |
(309,868)
|
(411,029)
|
(43,197)
|
(134,033)
|
| NET LOSS |
$ (41,829,905)
|
$ (51,847,500)
|
$ (17,263,836)
|
$ (19,758,387)
|
| Basic and diluted net loss per common share |
$ (1.61)
|
$ (2.23)
|
$ (0.63)
|
$ (0.81)
|
| Weighted average shares outstanding |
26,056,911
|
23,270,862
|
27,273,889
|
24,326,058
|
| NET LOSS |
$ (41,829,905)
|
$ (51,847,500)
|
$ (17,263,836)
|
$ (19,758,387)
|
| Add Back: | ||||
| Amortization of CBS advertising – non-cash |
27,822,802
|
24,244,647
|
13,250,967
|
9,389,182
|
| Depreciation and amortization |
8,886,350
|
11,098,537
|
2,258,754
|
4,982,576
|
| Interest, net |
144,289
|
339,522
|
(37,177)
|
137,635
|
| Equity in loss of investments of less then 50% ownership * |
692,238
|
394,286
|
168,301
|
221,121
|
| Other non-cash |
1,123,395
|
412,078
|
465,926
|
117,612
|
| One-time expenses ** |
464,051
|
–
|
464,051
|
–
|
|
39,133,125
|
36,489,070
|
16,570,822
|
14,848,126
| |
| ADJUSTED EBITDA LOSS |
$ (2,696,780)
|
$ (15,358,430)
|
$ (693,014)
|
$ (4,910,261)
|
* Includes MovieTickets.com and Beach Wrestling LLC. | ||||
** Includes legal fees related to a prior acquisition and | ||||
a Red Cross donation by Broadway.com related to 9/11. | ||||
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CONDENSED CONSOLIDATED BALANCE SHEETS
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