EX-99.1 2 dex991.htm MONTHLY OPERATING REPORT Monthly Operating Report

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

 

In re  

Citadel Broadcasting Corporation, et al.

   Case No. (Jointly Administered)  

09-17442 (BRL)

  Debtors   Reporting Period:  

December 20, 2009 to January 31, 2010

    Federal Tax I.D. #  

51-0405729

CORPORATE MONTHLY OPERATING REPORT

File with the Court and submit a copy to the United States Trustee within 30 days after the end of the month and submit a copy of the report to any official committee appointed in the case.

 

REQUIRED DOCUMENTS

   

Form No.

    Document
Attached		    Explanation
Attached

Schedule of Cash Receipts and Disbursements

    MOR-1A    X   

Bank Account Information

    MOR 1B    X   

Copies of bank statements (See Notes to MOR)

          X

Cash disbursements journals (See Notes to MOR)

          X

Statement of Operations

    MOR-2    X   

Balance Sheet

    MOR-3    X   

Status of Post-petition Taxes

    MOR-4       X

Copies of IRS Form 6123 or payment receipt

          X

Copies of tax returns filed during reporting period

          X

Summary of Unpaid Post-petition Debts

    MOR-4    X    X

Listing of Aged Accounts Payable

          X

Accounts Receivable Reconciliation and Aging

    MOR-5    X   

Taxes Reconciliation and Aging

    MOR-5       X

Payments to Insiders and Professionals

    MOR-6    X   

Post Petition Status of Secured Notes, Leases Payable

    MOR-6    X   

Debtor Questionnaire

    MOR-7    X   

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

 

/s/ RANDY L. TAYLOR

    

February 25, 2010

Signature of Authorized Individual*    

Randy Taylor, Chief Financial Officer

    
Printed Name of Authorized Individual    

 

* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

FORM MOR

 

Page 1 of 11

In re  

Citadel Broadcasting Corporation, et al.

   Case No. (Jointly Administered)  

09-17442 (BRL)

  Debtors   Reporting Period:  

Dec. 20, 2009 to Jan. 31, 2010

    Federal Tax I.D. #  

51-0405729

CORPORATE MONTHLY OPERATING REPORT

GENERAL:

The report includes activity as of December 20, 2009 and through January 31, 2010, for the following Debtors and related case numbers.

 

Debtor

    Case Number   

Debtor

    Case Number

Radio Today Entertainment, Inc.

    09-17441    NY Radio, LLC    09-17466

Citadel Broadcasting Corp.

    09-17442    Oklahoma Radio Partners, LLC    09-17467

Alphabet Acquisition Corp.

    09-17443    Radio Assets, LLC    09-17468

Atlanta Radio, LLC

    09-17444    Radio License Holding I, LLC    09-17469

Aviation I, LLC

    09-17445    Radio License Holding II, LLC    09-17470

Chicago FM Radio Assets, LLC

    09-17446    Radio License Holding III, LLC    09-17471

Chicago License, LLC

    09-17447    Radio License Holding IV, LLC    09-17472

Chicago Radio Assets, LLC

    09-17448    Radio License Holding V, LLC    09-17473

Chicago Radio Holding, LLC

    09-17449    Radio License Holding VI, LLC    09-17474

Chicago Radio, LLC

    09-17450    Radio License Holding VII, LLC    09-17475

Citadel Broadcasting Company

    09-17451    Radio License Holding VIII, LLC    09-17476

DC Radio Assets, LLC

    09-17452    Radio License Holding IX, LLC    09-17477

DC Radio, LLC

    09-17453    Radio License Holding X, LLC    09-17478

Detroit Radio, LLC

    09-17454    Radio License Holding XI, LLC    09-17479

International Radio, Inc.

    09-17455    Radio License Holding XII, LLC    09-17480

KLOS Radio, LLC

    09-17456    Radio Networks, LLC    09-17481

KLOS Syndications Assets, LLC

    09-17457    Radio Watermark, Inc.    09-17482

KLOS-FM Radio Assets, LLC

    09-17458    San Francisco Radio Assets, LLC    09-17483

LA License, LLC

    09-17459    San Francisco Radio, LLC    09-17484

LA Radio, LLC

    09-17460    SF License, LLC    09-17485

Minneapolis Radio Assets, LLC

    09-17461    WBAP-KSCS Acquisition Partner, LLC    09-17486

Minneapolis Radio, LLC

    09-17462    WBAP-KSCS Assets, LLC    09-17487

Network Licenses, LLC

    09-17463    WBAP-KSCS Radio Acquisition, LLC    09-17488

NY License, LLC

    09-17464    WBAP-KSCS Radio Group, Ltd.    09-17489

NY Radio Assets, LLC

    09-17465    WPLJ Radio, LLC    09-17490

General Notes:

The financial statements and supplemental information contained herein are preliminary, unaudited and may not comply in all material respects with accounting principles generally accepted in the United States (“GAAP”). In addition, the financial statements and supplemental information contained herein represent condensed consolidated information.

The unaudited financial statements have been derived from the books and records of Citadel Broadcasting Corporation and its affiliated debtors and debtors in possession (collectively, the “Debtors”) only and do not reflect the financial activity or the financial position for non-debtor affiliates of Citadel Broadcasting Corporation. This information has not been subject to certain procedures that would typically be applied to financial information in accordance with GAAP, and the Debtors believe that, upon application of such procedures, the financial information could be subject to change, which could be material. The information furnished in this report includes normal recurring adjustments but does not include all adjustments that would typically be made for financial information in accordance with GAAP. The results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the consolidated results of operations and financial positions of the Debtors in the future.

Notes to MOR

 

Page 2 of 11

In re  

Citadel Broadcasting Corporation, et al.

   Case No.  

09-17442 (BRL)

  Debtors   Reporting Period:  

Dec. 20, 2009 to Jan. 31, 2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

 

     OPER     PAYROLL     OTHER     CURRENT
MONTH ACTUAL
(TOTAL OF ALL
ACCOUNTS)		  

CASH BEGINNING OF PERIOD (12/20/09)

    $ 42,404,893      $ 270,813      $ 6,470,035      $ 49,145,742   
                                

RECEIPTS

         

CASH SALES

      —          —          —          —     

ACCOUNTS RECEIVABLE

      98,484,390        —          —          98,484,390   

TRANSFERS FROM OPERATIONS

      (29,419,903 )      26,345,985        3,073,918        —     
                                

TOTAL RECEIPTS

      69,064,487        26,345,985        3,073,918        98,484,390   
                                

DISBURSEMENTS

         

NET PAYROLL

      —          (17,523,782 )      —          (17,523,782 ) 

PAYROLL TAXES

      —          (8,877,139 )      —          (8,877,139 ) 

OPERATING EXPENSES

      (21,248,620 )      —          10        (21,248,610 ) 

RENT

      (2,083,045 )      —          —          (2,083,045 ) 

INTEREST & DEBT RELATED CHARGES

      (13,571,910 )      —          (4,010,000 )      (17,581,910 ) 

PROFESSIONAL FEES

      (35,544 )      —          —          (35,544 ) 

U.S. TRUSTEE QUARTERLY FEES

      (59,150 )      —          —          (59,150 ) 
                                

TOTAL DISBURSEMENTS

      (36,998,269 )      (26,400,921 )      (4,009,990 )      (67,409,179 ) 
                                

NET CASH FLOW (RECEIPTS LESS DISBURSEMENTS)

      32,066,219        (54,936 )      (936,072 )      31,075,211   
                                

CASH END OF MONTH (1/31/10)

    $ 74,471,112      $ 215,877      $ 5,533,963      $ 80,220,953   
                                

DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH ACTUAL COLUMN):

 

     Citadel
Broadcasting
Corporation		     Citadel
Broadcasting
Company		     Radio Assets,
LLC		     Radio Networks,
LLC		     Total  

TOTAL DISBURSEMENTS

    $ 17,582,690      $ 20,545,327      $ 19,436,965      $ 9,844,197      $ 67,409,179   

LESS: AMOUNTS INCLUDED IN CALCULATING U.S. TRUSTEE QUARTERLY FEES FOR Q4 2009

      (3,273,739 )      (4,505,190 )      (2,931,463 )      (5,984,390 )      (16,694,781 ) 
                                        

TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES

    $ 14,308,952      $ 16,040,138      $ 16,505,502      $ 3,859,807      $ 50,714,398   
                                        

Notes:

Cash is received as described in the Debtors’ Motion for an Order Authorizing the Debtors to (A) Continue to Operate the Cash Management System; (B) Honor Certain Prepetition Obligations Related to the Cash Management System; (C) Continue to Invest Excess Funds in the Investment Account on an Interim Basis Notwithstanding Section 345(B) of The Bankruptcy Code; (D) Maintain Existing Business Forms and (E) Grant Administrative Priority For Intercompany Claims and Perform Under Certain Intercompany Arrangements and Historical Practices (the “Cash Management Motion”) [Docket No. 5]. An order granting the Cash Management Motion was entered on February 3, 2010 [Docket No. 99].

Cash disbursements are centralized and are made by four Debtor entities for the benefit of all operating affiliates. The cash disbursements have been presented in a consolidated manner, with disbursements for each entity identified on the bottom of the schedule.

FORM MOR-1

 

Page 3 of 11

In re:  

Citadel Broadcasting Corporation, et al.

   Case No.  

09-17442 (BRL)

  Debtors   Reporting Period:  

January 31, 2010

 

                    1/31/10  

Debtor

   

Description

   

Bank

   

Acct #

    Balance per
Bank		    Balance per G/
L		  

Citadel Broadcasting Corporation

    Corporation Account    Bank of America    ****57878    $ 91,650    $ 91,650   

Radio Assets, LLC

    Alphabet Acquisition Corp - Concentration Account    Bank of America    ****57392      2,081,362      2,081,262   

Radio Assets, LLC

    Alphabet Acquisition Corp - Station Disbursement    Bank of America    ****2467      1,072,113      (74,971 ) 

Radio Networks, LLC

    Radio Networks LLC - Network Disbursement    Bank of America    ****844      2,046,225      (326,783 ) 

LA Radio, LLC

    LA Radio, LLC-ZBA    Bank of America    ****51876      —        —     

Chicago Radio Assets, LLC

    Chicago Radio Assets, LLC-ZBA    Bank of America    ****30008      —        75,605   

KLOS Syndications Assets, LLC

    KLOS Syndications Assets, LLC-ZBA    Bank of America    ****16875      —        —     

KLOS - FM Radio Assets, LLC

    KLOS - FM Radio Assets, LLC-ZBA    Bank of America    ****51877      —        —     

San Francisco Radio Assets, LLC

    San Francisco Radio Assets, LLC-ZBA    Bank of America    ****51886      —        151,163   

Chicago Radio Assets, LLC

    Chicago Radio Assets, LLC Lockbox-ZBA    Bank of America    ****03141      —        49,950   

Minneapolis Radio Assets, LLC

    Minneapolis Radio Assets, LLC-ZBA    Bank of America    ****73299      —        32,419   

WPLJ Radio, LLC

    WPLJ Radio, LLC-ZBA    Bank of America    ****93174      —        22,951,581   
              —        (22,931,885 ) 

NY Radio Assets, LLC

    NY Radio Assets, LLC-ZBA    Bank of America    ****93179      —        25,664,429   
              —        (25,644,620 ) 

Detroit Radio, LLC

    ABC Radio Detroit LLC - ZBA    Bank of America    ****16433      —        362,907   

Radio Networks, LLC

    Radio Networks, LLC (Dallas) - ZBA    Bank of America    ****72415      —        —     

Chicago Radio Assets, LLC

    Chicago FM Radio Assets, LLC - ZBA    Bank of America    ****61925      —        54,356   

WBAP-KSCS Assets, LLC

    WBAP-KSCS Assets, LLC (Dallas)    Bank of America    ****91381      —        —     

Atlanta Radio, LLC

    ABC Radio Atlanta, LLC (WKHX-FM and WYAY-FM Atlanta) - ZBA    Bank of America    ****91527      —        3,749   

Radio Networks, LLC

    Radio Networks, LLC (Dallas) - ZBA    Bank of America    ****01624      —        —     

DC Radio Assets, LLC

    DC Radio Assets, LLC - ZBA    Bank of America    ****43886      —        65,357   

Citadel Broadcasting Company

    Company Concentration Account    Bank of America    ****05912      3,321,227      3,547,605   

Citadel Broadcasting Company

    TN Utility Certificates of Deposit    Bank of America    ****3665      20,800      20,800   

Citadel Broadcasting Company

    TN Utility Certificates of Deposit    Bank of America    **** 3678      —        —     

Citadel Broadcasting Company

    Las Vegas Disbursement    Bank of America    ****462      718,498      (152,396 ) 

Citadel Broadcasting Company

    Des Moines - ZBA    Bank of America    ****10148      —        25,501   

Citadel Broadcasting Company

    New Orleans - ZBA    Bank of America    ****10162      —        15,058   

Citadel Broadcasting Company

    Tuscaloosa - ZBA    Bank of America    ****12914      —        —     

Citadel Broadcasting Company

    Albuquerque - ZBA    Bank of America    ****05917      —        75,686   

Citadel Broadcasting Company

    Reno - ZBA    Bank of America    ****05931      —        17,709   

Citadel Broadcasting Company

    Little Rock - ZBA    Bank of America    ****05936      —        244,805   

Citadel Broadcasting Company

    Lafayette - ZBA    Bank of America    ****05950      —        6,736   

Citadel Broadcasting Company

    Charleston - ZBA    Bank of America    ****05974      —        5,708   

Citadel Broadcasting Company

    Oklahoma City - ZBA    Bank of America    ****05993      —        228,035   

Citadel Broadcasting Company

    Boise - ZBA    Bank of America    ****05998      —        5,852   

Citadel Broadcasting Company

    Tri-cities - ZBA    Bank of America    ****06020      —        —     

Citadel Broadcasting Company

    Columbia - ZBA    Bank of America    ****06044      —        8,693   

Citadel Broadcasting Company

    Birmingham - ZBA    Bank of America    ****06063      —        36,095   

Citadel Broadcasting Company

    Nashville - ZBA    Bank of America    ****06082      —        163,071   

Citadel Broadcasting Company

    Knoxville - ZBA    Bank of America    ****06087      —        26,209   

Citadel Broadcasting Company

    Tucson - ZBA    Bank of America    ****06100      —        15,795   

Citadel Broadcasting Company

    Chattanooga - ZBA    Bank of America    ****06124      —        92,364   

Citadel Broadcasting Company

    Baton Rouge - ZBA    Bank of America    ****06143      —        5,923   

Citadel Broadcasting Company

    Memphis - ZBA    Bank of America    ****06148      —        216,479   

Citadel Broadcasting Company

    Modesto - ZBA    Bank of America    ****06167      —        27,082   

Citadel Broadcasting Company

    New London - ZBA    Bank of America    ****17313      —        31,893   

Citadel Broadcasting Company

    Dover (Portsmouth) - ZBA    Bank of America    ****17339      —        5,312   

Citadel Broadcasting Company

    Buffalo - ZBA    Bank of America    ****17342      —        170,985   

Citadel Broadcasting Company

    Kokomo - ZBA    Bank of America    ****17355      —        —     

Citadel Broadcasting Company

    Harrisburg - ZBA    Bank of America    ****17368      —        11,916   

Citadel Broadcasting Company

    Erie - ZBA    Bank of America    ****17371      —        34,944   

Citadel Broadcasting Company

    Augusta - ZBA    Bank of America    ****17397      —        3,515   

Citadel Broadcasting Company

    Portland - ZBA    Bank of America    ****17407      —        70,128   

Citadel Broadcasting Company

    Presque Isle - ZBA    Bank of America    ****17410      —        —     

Citadel Broadcasting Company

    Providence - ZBA    Bank of America    ****17423      —        203,374   

Citadel Broadcasting Company

    Worchester - ZBA    Bank of America    ****17449      —        31,175   

Citadel Broadcasting Company

    New Castle (Muncie) - ZBA    Bank of America    ****17452      —        —     

Citadel Broadcasting Company

    Binghamton - ZBA    Bank of America    ****17465      —        52,751   

FORM MOR 1B

 

Page 4 of 11

In re:  

Citadel Broadcasting Corporation, et al.

   Case No.  

09-17442 (BRL)

  Debtors   Reporting Period:  

January 31, 2010

 

                    1/31/10  

Debtor

   

Description

   

Bank

   

Acct #

    Balance per
Bank		    Balance per G/L  

Citadel Broadcasting Company

    Wilkes Barre - ZBA    Bank of America    ****17478    —        90,251   

Citadel Broadcasting Company

    Syracuse - ZBA    Bank of America    ****17481    —        48,038   

Citadel Broadcasting Company

    Allentown - ZBA    Bank of America    ****17494    —        113,681   

Citadel Broadcasting Company

    New Bedford - ZBA    Bank of America    ****17504    —        46,245   

Citadel Broadcasting Company

    Springfield - ZBA    Bank of America    ****38020    —        785   

Citadel Broadcasting Company

    Muskegon - ZBA    Bank of America    ****21941    —        1,390   

Citadel Broadcasting Company

    Lansing - ZBA    Bank of America    ****93979    —        92,698   

Citadel Broadcasting Company

    Saginaw - ZBA    Bank of America    ****93995    —        3,506   

Citadel Broadcasting Company

    Grand Rapids - ZBA    Bank of America    ****96840    —        92,443   

Citadel Broadcasting Company

    Concentration    US Bank    ****57798    108,930      108,930   

Citadel Broadcasting Company

    Colorado Springs Depository    US Bank    ****57806    —        76,807   

Citadel Broadcasting Company

    Salt Lake City Depository    US Bank    ****57814    —        286,518   

Citadel Broadcasting Company

    Birmingham    Wachovia    ****61601    286,188      332,978   

Citadel Broadcasting Company

    Tuscaloosa    Wachovia    ****84273    122,001      120,398   

Citadel Broadcasting Company

    Harrisburg    Susquehanna Bank    ****09801    2,048      95,672   

Citadel Broadcasting Company

    Birmingham Depository    First Commercial Bank    ****173-3    18,518      5,003   

Citadel Broadcasting Company

    Kokomo    Harris, N.A.    ****56039    12,590      20,503   

Citadel Broadcasting Company

    Muncie    Main Bank    ****22283    30,931      31,231   

Citadel Broadcasting Company

    Erie    PNC Bank    ****-8093    6,061      —     

Citadel Broadcasting Company

    Presque Isle    Key Bank    ****04366    75,700      115,141   

Minneapolis Radio Assets, LLC

    Minneapolis KQRS    Wells Fargo    ****04279    133,507      183,337   

Citadel Broadcasting Company

    Binghamton    M&T Bank    ****00819    43,451      (8,164 ) 

Citadel Broadcasting Corporation

    Corporation Account    JP Morgan Chase    ****58195    2,000      2,000   

Citadel Broadcasting Company

    Company Concentration    JP Morgan Chase    ****58203    230,125      230,125   

Citadel Broadcasting Company

    Medical    JP Morgan Chase    ****015    14,368      13,584   

Citadel Broadcasting Company

    Medical    JP Morgan Chase    ****58278    —        —     

Citadel Broadcasting Company

    Controlled Disbursement    JP Morgan Chase    ****58237    Not currently in use      —     

Citadel Broadcasting Company

    New Orleans Depository-ZBA    JP Morgan Chase    ****58328    —        26,897   

Citadel Broadcasting Company

    Lafayette Depository-ZBA    JP Morgan Chase    ****58310    —        —     

Citadel Broadcasting Company

    Baton Rouge Depository-ZBA    JP Morgan Chase    ****58302    —        200   

Radio Assets, LLC

    Alphabet Acquisition Corp Concentration    JP Morgan Chase    ****58286    Not currently in use      —     

Radio Assets, LLC

    Alphabet Acquisition Corp Controlled Disbursement    JP Morgan Chase    ****58245    Not currently in use      —     

Radio Networks, LLC

    Radio Networks, LLC Network Controlled Disbursement    JP Morgan Chase    ****58252    Not currently in use      —     

Citadel Broadcasting Corporation

    Investment Account    Bank of America    ****9-1-0    58,350,371      58,350,371   

Citadel Broadcasting Company

    Medical Account - ZBA    Bank of America    ****6129    24,731      18,309   

Citadel Broadcasting Company

    Medical    JP Morgan Chase    ****32839    Not currently in use      —     

Citadel Broadcasting Corporation

    Corporate Trading Account    Credit Suisse Securities (USA) LLC    ****2N3FA    317      317   

Radio Networks, LLC

    Radio Network, LLC DDA Account (ESPN)    Bank of America    ****58158    6,092,044      6,092,044   

Citadel Broadcasting Corporation

    Citadel Broadcasting Corporation Cash Collateral Account    JP Morgan Chase    ****24881    3,073,935      3,073,935   

Citadel Broadcasting Company

    Collateral for Merchant Accounts    Bank of America    ****56960    2,300,454      2,300,000   

Citadel Broadcasting Company

    Citadel Broadcasting Company Wood Escrow    JP Morgan Chase    ****26951    160,032      160,032   
            160,000      160,000   

Citadel Broadcasting Company

    Utility Escrow Account    JP Morgan Chase    ****15669    Not currently in use      —     

Radio Assets, LLC

    Payroll    JP Morgan Chase    ****58229    Not currently in use      —     
Radio Assets, LLC    Radio Assets, LLC    Bank of America    ****397    240,522      22,841   
Citadel Broadcasting Company    Las Vegas Payroll - ZBA    Bank of America    ****5955    181,472      193,036   
Citadel Broadcasting Company    Payroll Account    JP Morgan Chase    ****58211    Not currently in use      —     
                    
     

Total accounts

      80,356,054   
     

Plus: Petty Cash

      24,899   
     

Less: Long-term portion of escrow account classified as Other Assets

      (160,000 ) 
                    
     

Total Cash per balance sheet at 01/31/2010

    $ 80,220,953   
                    

Note:

All of the Debtors’ bank account reconciliations have been performed and are current. Copies of the reconciliations are available upon request.

FORM MOR 1B

 

Page 5 of 11

In re:  

Citadel Broadcasting Corporation, et al.

   Case No.  

09-17442 (BRL)

  Debtors   Reporting Period:  

Dec. 20, 2009 to Jan. 31, 2010

Citadel Broadcasting Corporation

Statement of Operations

For the Month of January 2010 &

Cumulative from December 20, 2009

UNAUDITED

 

     Month of
January 31, 2010		    December 20, 2009 -
January 31, 2010		     December 20 -
December 31, 2009		  

REVENUES

        

Cash Revenues

    $ 47,461,302    $ 70,964,521      $ 23,503,219   

Trade Revenue

      1,249,954      2,007,127        757,173   
                       

Net Revenue

      48,711,256      72,971,647        24,260,391   

OPERATING EXPENSES

        

Advertising and Promotions

      243,348      436,037        192,689   

Bad Debts

      423,931      730,581        306,650   

Compensation and Benefits

      21,253,782      30,561,117        9,307,335   

Depreciation and Amortization

      2,320,851      3,281,049        960,198   

General and Administrative

      4,617,743      6,650,237        2,032,494   

Programming Costs

      6,701,158      9,508,001        2,806,843   

Real Estate, Property, and Other Taxes

      411,355      571,360        160,005   

Rent

      1,708,119      2,626,630        918,511   

Payroll Taxes

      2,043,592      2,450,378        406,786   

Trade Expenses

      1,198,117      2,006,783        808,666   

Utilities

      1,442,529      1,999,682        557,153   
                       

Total Operating Expenses

      42,364,525      60,821,854        18,457,329   
                       

Operating Income

      6,346,731      12,149,794        5,803,062   

Interest Expense, Net

      3,632,634      5,074,493        1,441,859   

Reorganization Items

      2,642,536      3,101,208        458,672   
                       

Income Before Taxes

      71,561      3,974,093        3,902,531   

Income Taxes (1)

      —        (626,584 )      (626,584 ) 
                       

Net Income

    $ 71,561    $ 4,600,676      $ 4,529,115   
                       

Note:

 

(1) Income tax expense (benefit) is computed at the end of each quarter. The total expense will be recorded in the last month of each quarter.

FORM MOR-2

 

Page 6 of 11

In re:  

Citadel Broadcasting Corporation, et al.

   Case No.  

09-17442 (BRL)

  Debtors   Reporting Period:  

Dec. 20, 2009 to Jan. 31, 2010

Citadel Broadcasting Corporation

Balance Sheet

As of January 31, 2010 and December 20, 2009

UNAUDITED

 

     January 31, 2010     December 20, 2009
Petition
Date 		 

ASSETS

     

CURRENT ASSETS

     

Cash (1)

    $ 80,220,953      $ 49,145,742   

Accounts Receivable (2)

      138,618,764        152,803,370   

Prepaid Expenses and Other Current Assets

      21,374,550        21,145,807   
                

Total Current Assets

      240,214,267        223,094,919   

PROPERTY & EQUIPMENT

     

Real Property and Improvements

      159,603,901        159,591,386   

Towers and Transmitters

      194,777,835        194,037,797   

Furniture, Fixtures and Office Equipment

      30,199,971        30,089,492   

Leasehold Improvements

      35,672,863        35,662,820   

Vehicles

      9,173,452        9,146,329   

Less: Accumulated Depreciation

      (229,299,598 )      (227,592,742 ) 
                

Total Property and Equipment (Net)

      200,128,424        200,935,082   

OTHER ASSETS

     

FCC Licenses

      598,457,766        598,457,766   

Goodwill

      321,975,708        321,975,708   

Other Intangibles

      22,984,926        24,552,113   

Other Non Current Assets

      49,038,941        48,796,200   
                

Total Other Assets

      992,457,341        993,781,788   
                

Total Assets

    $ 1,432,800,032      $ 1,417,811,789   
                

LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

     

LIABILITIES NOT SUBJECT TO COMPROMISE

     

Accounts Payable

    $ 7,548,252      $ 1,774,066   

Taxes Payable (refer to FORM MOR-4)

      1,516,546        1,378,237   

Compensation and Benefits Payable

      10,208,551        10,805,645   

Deferred Tax Liability

      180,390,310        180,390,310   

Other Liabilities

      19,629,178        11,953,046   
                

Total Liabilities Not Subject to Compromise

      219,292,837        206,301,304   

LIABILITIES SUBJECT TO COMPROMISE

     

AP and Accrued Liabilities

      77,625,577        76,779,522   

Notes Payable

      2,144,387,154        2,148,397,154   

Convertible Notes

      48,310,000        48,310,000   
                

Total Liabilities Subject to Compromise

      2,270,322,731        2,273,486,676   
                

Total Liabilities

      2,489,615,568        2,479,787,980   

SHAREHOLDERS’ EQUITY (DEFICIT)

     

Common Stock

      2,940,365        2,940,884   

Treasury Stock

      (344,373,971 )      (344,370,551 ) 

Additional Paid-In Capital

      2,447,435,486        2,446,871,568   

Retained Earnings - Pre-Petition

      (3,167,418,092 )      (3,167,418,092 ) 

Retained Earnings - Post-petition

      4,600,676        —     
                

Shareholders’ Equity (Deficit)

      (1,056,815,536 )      (1,061,976,191 ) 
                

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)

    $ 1,432,800,032      $ 1,417,811,789   
                

Notes:

 

(1) The Cash balance includes Restricted Cash of $5,533,964 at 1/31/10 and $6,470,035 at 12/20/09.
(2) Includes receivables from insiders of less than $75,000.

FORM MOR-3

 

Page 7 of 11

In re  

Citadel Broadcasting Corporation, et al.

   Case No.  

09-17442 (BRL)

  Debtors   Reporting Period:  

Dec. 20, 2009 to Jan. 31, 2010

STATUS OF POST-PETITION TAXES

The Debtors have paid and are paying all undisputed post petition taxes as they come due.

The Debtors have paid and are paying prepetition taxes in accordance with the Order (A) Authorizing, but not Directing, the Debtors to Pay Taxes and Fees and (B) Authorizing Financial Institutions to Honor All Related Checks and Electronic Payments Requests (the “Tax Order”) which was entered on February 3, 2010 [Docket No. 102].

SUMMARY OF UNPAID POST-PETITION DEBTS

 

          Number of Days Past Due     
     Current    0-30    31-60    61-90    Over 91    Total

Accounts Payable

    7,202,882    345,370    —      —      —      7,548,252

The Debtors are paying all undisputed amounts that come due on a postpetition basis in the ordinary course of business. The Debtors have sufficient cash to pay their postpetition obligations in the ordinary course as they come due.

FORM MOR-4

 

Page 8 of 11

In re  

Citadel Broadcasting Corporation, et al.

  
  Debtors  

 

  Case No.  

09-17442 (BRL)

  Reporting Period:  

Dec. 20, 2009 to Jan. 31, 2010

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

 

Accounts Receivable Reconciliation

    Amount  

Total Accounts Receivable at the beginning of the reporting period (12/20/09)

    $ 161,422,650   

Plus: Amounts billed during the period

      86,240,628   

Less: Amounts collected during the period

      (98,484,390 ) 

Less: Bad Debt Write-offs

      (756,848 ) 

Plus/Less: Increase (Decrease) in Other Accounts Receivable

      (1,037,037 ) 
        

Total Accounts Receivable at the end of the reporting period (1/31/10)

    $ 147,385,003   
        

 

Accounts Receivable Aging

    Total  

0 - 30 days old

    $ 42,688,848   

31 - 60 days old

      42,732,057   

61 - 90 days old

      35,898,218   

91+ days old

      16,068,777   
        

Total Trade Accounts Receivable

      137,387,900   

Other Accounts Receivable (1)

      9,997,103   
        

Total Accounts Receivable

      147,385,003   

Less: Bad Debts (Amount considered uncollectible)

      (8,766,239 ) 
        

Net Accounts Receivable at 1/31/10

    $ 138,618,764   
        

Note:

 

(1) Other Accounts Receivable represents items other than standard trade receivables, including income tax receivables, barter receivables, amounts due pursuant to the Debtors’ national representation agreement, and amounts due from content providers on account of sales of advertising.

FORM MOR-5

 

Page 9 of 11

In re  

Citadel Broadcasting Corporation, et al.

   Case No.  

09-17442 (BRL)

  Debtors   Reporting Period:  

Dec. 20, 2009 to Jan. 31, 2010

PAYMENTS TO INSIDERS AND PROFESSIONALS

PAYMENTS TO INSIDERS

 

NAME

  

TYPE OF

PAYMENT

    AMOUNT
PAID		    TOTAL PAID TO
DATE

Ellis, Jesse

   Compensation    $ 9,500    $ 9,500

Ellis, Judith

   Compensation      59,425      59,425

Forstmann, J. Anthony

   Directors Fees      12,500      12,500

Mayer, Kenneth R.

   Compensation      24,030      24,030

Miles, Michael A.

   Directors Fees      13,750      13,750

Orr, Jacquelyn J.

   Compensation      30,055      30,055

Regan, Michael J.

   Directors Fees      13,750      13,750

Reifenheiser, Thomas

   Directors Fees      12,500      12,500

Rosso, John J.

   Compensation      35,883      35,883

Smith, Wayne T.

   Directors Fees      12,500      12,500

Stratford, Patricia

   Compensation      23,761      23,761

Suleman, Farid

   Compensation      125,170      125,170

Taylor, Randy

   Compensation      42,761      42,761
               

TOTAL PAYMENTS TO INSIDERS

    $ 415,585    $ 415,585
               

PAYMENTS TO PROFESSIONALS

 

NAME

    AMOUNT
PAID		    TOTAL PAID TO
DATE

Kurtzman Carson Consultants

    $ 35,544    $ 35,544
             

TOTAL PAYMENTS TO PROFESSIONALS

    $ 35,544    $ 35,544
             

POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE

AND ADEQUATE PROTECTION PAYMENTS

 

NAME OF CREDITOR

    SCHEDULED
MONTHLY
PAYMENT DUE		    AMOUNT PAID
DURING MONTH		    TOTAL UNPAID
POST-
PETITION

JP Morgan Chase Bank

    17,581,910    17,581,910    355,556
            

TOTAL PAYMENTS

    17,581,910    355,556
            

Notes:

In the schedule of payments to professionals, the Debtors have not included amounts paid to or incurred by Ordinary Course Professionals (the “OCPs”).

The schedule of Post Petition Status of Secured Notes, Leases Payable and Adequate Protection Payments includes all payments made pursuant to the Interim Order Pursuant to 11 U.S.C. §§ 361 and 363 (A) Authorizing Use of Cash Collateral, (B) Granting Adequate Protection to Prepetition Secured Parties and (C) Scheduling a Final Hearing (the “Interim Cash Collateral Order”) [Docket No. 22] which was entered on December 21, 2009, with the exception of payments to the secured lenders' professionals, which are included on the schedule of payments to professionals.

The unpaid post-petition amount included in the schedule of Post Petition Secured Lenders represents a portion of January 2010 interest that is due in February 2010.

FORM MOR-6

 

Page 10 of 11

In re  

Citadel Broadcasting Corporation, et al.

   Case No.  

09-17442 (BRL)

  Debtors   Reporting Period:  

Dec. 20, 2009 to Jan. 31, 2010

DEBTOR QUESTIONNAIRE

 

   Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed explanation of each item. Attach additional sheets if necessary.    Yes / No
1    Have any assets been sold or transferred outside the normal course of business this reporting period?    No
2    Have any funds been disbursed from any account other than a debtor in possession account this reporting period?    No
3    Is the Debtor delinquent in the timely filing of any post-petition tax returns?    Yes
4    Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?    No
5    Is the Debtor delinquent in paying any insurance premium payment?    No
6    Have any payments been made on pre-petition liabilities this reporting period?    Yes
7    Are any post petition receivables (accounts, notes or loans) due from related parties?    No
8    Are any post petition payroll taxes past due?    No
9    Are any post petition State or Federal income taxes past due?    No
10    Are any post petition real estate taxes past due?    No
11    Are any other post petition taxes past due?    No
12    Have any pre-petition taxes been paid during this reporting period?    No
13    Are any amounts owed to post petition creditors delinquent?    No
14    Are any wage payments past due?    Yes
15    Have any post petition loans been received by the Debtor from any party?    No
16    Is the Debtor delinquent in paying any U.S. Trustee fees?    No
17    Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?    No
18    Have the owners or shareholders received any compensation outside of the normal course of business?    No
Explanations for “Yes” responses:   
3    The Debtors have paid and are paying certain prepetition taxes in accordance with the Tax Order. As of January 31, 2010, the Debtors were delinquent in the timely filing of certain post-petition tax returns while awaiting final court approval of the Tax Order. The Company filed and made any payments relating to any delinquent returns subsequent to the approval of the Tax Order.
6    The Debtors have made court-approved payments on pre-petition liabilities during the current reporting period.
14    The Debtors received authority from the Bankruptcy Court to pay certain employee wages in amounts not exceeding $10,950 [See Order Authorizing, but not Directing, Debtors (A) to Pay Certain Prepetition Wages and Reimbursable Employee Expenses, (B) to Pay and Honor Employee Medical and Other Benefits and (C) To Continue Employee Benefits Programs and Authorizing Financial Institutions to Honor all Related Checks and Electronic Payment Requests (Docket No. 100)]. Certain amounts owing to employees in excess of $10,950 remain unpaid.

FORM MOR-7

 

Page 11 of 11