30

[Top Row Test Missing]

INCOME STATEMENT
(Dollars in Thousands)

National Time Sales
1981 1982 1983 1984 1985 1986 1987(EX1)
$1,535 $2,214 $2,545 $3,576 $3,338 $2,763 $3,227

Local Time Sales
1981 1982 1983 1984 1985 1986 1987(EX1)
3,270 4,598 5,659 6,436 6,879 6,816 8,138

Sport Sales
1981 1982 1983 1984 1985 1986 1987(EX1)
-- -- -- -- -- -- --
TOTAL TIME SALES
1981 1982 1983 1984 1985 1986 1987(EX1)
4,805 6,812 8,204 10,012 10,217 9,599 11,365

Network Compensation
1981 1982 1983 1984 1985 1986 1987(EX1)
29 -- -- -- -- -- --

Barter Sales
1981 1982 1983 1984 1985 1986 1987(EX1)
52 59 129 153 126 131 154

Other Income
1981 1982 1983 1984 1985 1986 1987(EX1)
2 2 (1) 1 -- -- --

GROSS REVENUE
1981 1982 1983 1984 1985 1986 1987(EX1)
4,888 6,873 8,332 10,166 10,343 9,730 11,519

Agency Commissions
1981 1982 1983 1984 1985 1986 1987(EX1)
698 994 1,212 1,468 1,469 1,391 1,611

Rep Commissions
1981 1982 1983 1984 1985 1986 1987(EX1)
193 281 332 426 368 310 365

NET REVENUE
1981 1982 1983 1984 1985 1986 1987(EX1)
3,997 5,598 6,788 8,272 8,506 8,029 9,543

News Cost
1981 1982 1983 1984 1985 1986 1987(EX1)
120 172 196 216 256 293 362

Community Programs
1981 1982 1983 1984 1985 1986 1987(EX1)
38 35 31 37 55 56 58

Entertainment + Sports Programs
1981 1982 1983 1984 1985 1986 1987(EX1)
307 415 460 577 639 818 859

Program + Operations Depts
1981 1982 1983 1984 1985 1986 1987(EX1)
106 101 127 136 178 195 218

Barter Programs
1981 1982 1983 1984 1985 1986 1987(EX1)
6 6 42 47 36 30 56

Music License Fees
1981 1982 1983 1984 1985 1986 1987(EX1)
107 142 180 214 236 242 288

TOTAL PROGRAM EXPENSES
1981 1982 1983 1984 1985 1986 1987(EX1)
684 871 1,036 1,227 1,400 1,634 1,841

Technical - Labor
1981 1982 1983 1984 1985 1986 1987(EX1)
505 540 638 778 589 490 468

Technical - Depreciation
1981 1982 1983 1984 1985 1986 1987(EX1)
37 74 111 139 155 163 166

Technical - Other
1981 1982 1983 1984 1985 1986 1987(EX1)
68 92 218 196 228 220 212

Less Network Originations
1981 1982 1983 1984 1985 1986 1987(EX1)
-- -- -- -- -- -- --

TOTAL TECHNICAL EXPENSES
1981 1982 1983 1984 1985 1986 1987(EX1)
610 706 967 1,113 972 873 846

Sales Department
1981 1982 1983 1984 1985 1986 1987(EX1)
564 676 801 845 937 950 1,066

Advertising + Promotion
1981 1982 1983 1984 1985 1986 1987(EX1)
213 272 274 306 362 407 498

Barter Advertising
1981 1982 1983 1984 1985 1986 1987(EX1)
36 36 56 68 54 38 43

TOTAL MARKETING EXPENSES
1981 1982 1983 1984 1985 1986 1987(EX1)
813 984 1,131 1,219 1,353 1,395 1,607

G+A - Station
1981 1982 1983 1984 1985 1986 1987(EX1)
428 510 425 454 616 670 687

G+A - Barter Expenses - Other
1981 1982 1983 1984 1985 1986 1987(EX1)
25 18 23 37 41 47 54

TOTAL G&A EXPENSES
1981 1982 1983 1984 1985 1986 1987(EX1)
453 528 448 491 657 717 741

Total Station Expenses
1981 1982 1983 1984 1985 1986 1987(EX1)
2,560 3,089 3,582 4,050 4,382 4,619 5,035

OPERATING PROFIT
1981 1982 1983 1984 1985 1986 1987(EX1)
1,437 2,509 3,206 4,222 4,124 3,410 4,508

G+A - Division
1981 1982 1983 1984 1985 1986 1987(EX1)
347 164 150 158 189 220 189

G+A - Staff
1981 1982 1983 1984 1985 1986 1987(EX1)
112 168 180 216 275 335 132

Division and Staff Expense
1981 1982 1983 1984 1985 1986 1987(EX1)
459 332 330 374 464 555 321

PRETAX PROFIT
1981 1982 1983 1984 1985 1986 1987(EX1)
978 2,177 2,876 3,848 3,660 2,855 4,187

Capital Expenditures
1981 1982 1983 1984 1985 1986 1987(EX1)
272 964 137 41 158 37 0

(1) Based on actual unaudited results through June 30, 1987.