Citadel Broadcasting announces financial projections through 2014

By Caroline Salls

Pittsburgh, May 10 - Citadel Broadcasting Corp. announced its financial projections for 2010 through 2014 in an 8-K filed Monday with the Securities and Exchange Commission.

The company said the projections were originally provided confidentially to common stockholders Aurelius Capital Partners, LP, Aurelius Capital Master, Ltd. and Aurelius Convergence Master, Ltd., as well as to counsel for the statutory committee of unsecured creditors appointed in the company's Chapter 11 bankruptcy case and counsel for lender agent JPMorgan Chase Bank, NA in connection with Aurelius' plan objection.

According to the filing, the company will have a projected $232.4 million EBITDA for 2010, $237.1 million for 2011, $239 million for 2012, $241.6 million for 2013 and $248.5 million for 2014.

Total net revenue for 2010 is projected to be $737.2 million, as well as $750.6 million for 2011, $766.7 million for 2012, $738.8 million for 2013 and $801.2 million for 2014.

Citadel projects $485.6 million in total operating expenses for 2010, $493.9 million for 2011, $507.5 million for 2012, $521.6 million for 2013 and $531.7 million for 2014.

Total segment operating income is expected to be $251.6 million for 2010, $256.7 million for 2011, $259.2 million for 2012, $262.2 million for 2013 and $269.5 million for 2014.

Citadel, a Las Vegas-based radio broadcasting company, filed for bankruptcy on Dec. 20 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 09-17442.

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