UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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(MARK ONE) |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE PERIOD ENDED MARCH 31, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE TRANSITION PERIOD FROM TO |
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COMMISSION FILE NUMBER 001-13715 |
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BIG CITY RADIO, INC. |
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(Exact name of registrant as specified in its charter) |
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DELAWARE |
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13-3790661 |
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(State or other
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(I.R.S. Employer |
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1888 Century Park East, Suite 212, Los Angeles, CA 90067 |
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(Address and zip code of principal executive offices) |
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(310) 556-2489 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ý NO o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). YES o NO ý
The number of shares of the registrant’s Class A common stock and Class B common stock outstanding as of April 25, 2003 was 6,226,817 and 8,250,458, respectively.
BIG CITY RADIO, INC.
PART 1 - FINANCIAL INFORMATION
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Management’s
Discussion and Analysis of Financial |
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Exhibits |
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2
Part 1 - Financial Information
Item 1. Financial Statements
BIG CITY RADIO, INC.
(Unaudited)
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March 31, |
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December 31, |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
137,000 |
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$ |
732,000 |
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Cash held in investment, restricted |
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1,072,000 |
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1,085,000 |
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Marketable securities |
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619,000 |
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1,861,000 |
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Accounts receivable, net of allowance of $226,000 and $362,000 in 2003 and 2002, respectively |
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443,000 |
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1,997,000 |
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Interest receivable |
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3,000 |
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6,000 |
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Assets held for sale |
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79,571,000 |
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79,571,000 |
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Prepaid expenses and other current assets |
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926,000 |
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289,000 |
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Total current assets |
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82,771,000 |
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85,541,000 |
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Property and equipment, net |
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340,000 |
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376,000 |
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Deferred financing fees, net |
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307,000 |
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1,441,000 |
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Other assets |
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165,000 |
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170,000 |
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Total assets |
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$ |
83,583,000 |
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$ |
87,528,000 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
1,923,000 |
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$ |
883,000 |
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Accrued expenses |
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970,000 |
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1,644,000 |
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Interest payable |
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21,081,000 |
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15,983,000 |
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Senior discount notes |
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174,000,000 |
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174,000,000 |
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Other current liabilities |
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72,000 |
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74,000 |
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Total current liabilities |
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198,046,000 |
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192,584,000 |
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Long-term liabilities: |
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Other long-term liabilities |
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292,000 |
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301,000 |
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Stockholders’ equity (deficiency): |
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Preferred stock, $0.01 par value. Authorized 20,000,000 shares; zero shares issued and outstanding in 2003 and 2002 |
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— |
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— |
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Common stock, Class A, $0.01 par value. Authorized 80,000,000 shares issued and outstanding 6,226,817 shares in 2003 and 2002 |
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62,000 |
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62,000 |
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Common stock, Class B, $0.01 par value. Authorized 20,000,000 shares issued and outstanding 8,250,458 shares in 2003 and 2002 |
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83,000 |
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83,000 |
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Additional paid-in capital |
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29,492,000 |
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29,492,000 |
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Other comprehensive loss |
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— |
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(8,000 |
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Accumulated deficit |
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(144,392,000 |
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(134,986,000 |
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(114,755,000 |
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(105,357,000 |
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Total liabilities and stockholders’ equity (deficiency) |
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$ |
83,583,000 |
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$ |
87,528,000 |
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See accompanying notes to consolidated financial statements.
3
Big City Radio, Inc.
Consolidated Statements of Operations
Three months ended March 31, 2003 and 2002
(Unaudited)
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2003 |
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2002 |
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(As Restated) |
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Net revenues |
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$ |
— |
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$ |
— |
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Operating expenses: |
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Corporate, general and administrative expenses |
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2,178,000 |
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916,000 |
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Depreciation and amortization |
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30,000 |
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30,000 |
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Total operating expenses |
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2,208,000 |
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946,000 |
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Operating loss from continuing operations |
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(2,208,000 |
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(946,000 |
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Other income: |
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Interest income |
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5,000 |
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74,000 |
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Other, net |
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46,000 |
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16,000 |
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Total other income |
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51,000 |
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90,000 |
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Loss from continuing operations before income taxes |
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(2,157,000 |
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(856,000 |
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Income tax expense, net |
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(8,631,000 |
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Loss from continuing operations |
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(2,157,000 |
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(9,487,000 |
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Discontinued operations: |
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Radio operations |
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(7,249,000 |
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(6,806,000 |
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Publishing operations |
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(213,000 |
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Loss from discontinued operations, including income |
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(7,249,000 |
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