| (Unaudited) | |||
|
Three Months Ended March 31,
|
|||
| 2002 | 2001 | ||
| NET REVENUES | $12,910,753 | $10,877,772 | |
| COST OF REVENUES | 8,441,472 | 6,767,165 | |
| Gross margin | 4,469,281 | 4,110,607 | |
| OPERATING EXPENSES: | |||
| General and administrative | 1,628,521 | 1,696,733 | |
| Selling and marketing | 925,932 | 925,593 | |
| Salaries and benefits | 3,563,120 | 3,119,836 | |
| Amortization of CBS advertising | 4,577,598 | 5,048,292 | |
| Depreciation and amortization | 905,055 | 2,150,078 | |
| Exit and retail costs | 261,399 | (272,576) | |
| Total operating expenses | 11,861,625 | 12,667,956 | |
| Operating loss | (7,392,344) | (8,557,349) | |
| EQUITY IN EARNINGS – INVESTMENTS | 216,383 | 447,875 | |
| OTHER INCOME (EXPENSE): | |||
| Interest, net | (176,663) | (5,911) | |
| Other, net | 20,846 | 4,914 | |
| Loss before minority interest |
(7,331,778) | (8,110,471) | |
| MINORITY INTEREST | (204,000) | (44,873) | |
| NET LOSS | $(7,535,778) | $(8,155,344) | |
| Basic and diluted net loss per common share |
$(0.27) | $(0.33) | |
| Weighted average shares outstanding | 28,116,685 | 24,706,527 | |
| NET LOSS | $(7,535,778) | $(8,155,344) | |
| Add Back: | |||
| Amortization of CBS advertising – non-cash | 4,577,598 | 5,048,292 | |
| Depreciation and amortization | 905,055 | 2,150,078 | |
| Interest, net | 176,663 | 5,911 | |
| Equity in loss of investments of less then 50% ownership |
70,691 | 50,383 | |
| Other non-cash | 962,052 | 121,750 | |
| One-time charges | 261,399 | (272,576) | |
| 6,953,458 | 7,103,838 | ||
| ADJUSTED EBITDA LOSS | $(582,320) | $(1,051,506) | |
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