part two

Third Quarter 2009 Results
Revenues for the third quarter of 2009 totaled $3.35 billion compared to $3.38 billion for the same prioryear
quarter due to lower advertising sales largely offset by higher syndication sales.
Operating income before depreciation and amortization (“OIBDA”) for the third quarter of 2009 was
$565.6 million compared with a loss of $13.48 billion for last year’s third quarter. Operating income was
$418.2 million for the third quarter of 2009 versus an operating loss of $13.62 billion for the same quarter
last year.
Results for the third quarter of 2009 included a pre-tax non-cash impairment charge of $31.7 million
($23.1 million, net of tax) and results for 2008 included pre-tax non-cash impairment charges of $14.12
billion ($12.69 billion, net of tax). Before impairment charges, third quarter 2009 OIBDA was $597.3
million and operating income was $449.9 million compared with OIBDA of $638.8 million and operating
income of $499.1 million for the third quarter of 2008.
Net earnings for the third quarter of 2009 were $207.6 million versus a net loss of $12.46 billion for the
same quarter last year and diluted earnings per share were $.30 in 2009 compared to a loss of $18.58 per
diluted share in 2008. Before impairment charges, adjusted net earnings for the third quarter of 2008
were $265.9 million and adjusted diluted earnings per share were $.39.
Results for the third quarter of 2009 included three discrete items: the pre-tax non-cash impairment charge
of $31.7 million ($23.1 million, net of tax), which was related to the disposition of radio stations, offset
by a settlement of $28.0 million ($16.8 million, net of tax) related to the favorable resolution of certain
disputes regarding a previously disposed business and a tax benefit of $41.8 million resulting from the
settlement of federal and state income tax audits. Together, these items contributed $.05 to diluted
earnings per share for the third quarter of 2009.
Free cash flow for the third quarter of 2009 was a net cash outflow of $23.6 million versus a net cash
outflow of $38.1 million for the third quarter of 2008.