UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE PERIOD ENDED SEPTEMBER 30, 2003
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
COMMISSION FILE NUMBER 001-13715
BIG CITY RADIO, INC.
(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 jurisdiction |
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(I.R.S. Employer |
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of incorporation or organization) |
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Identification Number) |
1888 Century Park East, Suite 212, Los Angeles, CA 90067
(Address and zip code of principal executive offices)
(310) 556-2489
(Registrant’s telephone number, including area code)
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 November 5, 2003, was 6,226,817 and 8,250,458, respectively.
BIG CITY RADIO, INC.
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PART 1 — FINANCIAL INFORMATION |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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PART II — OTHER INFORMATION |
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Section 302 Certifications |
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Exhibits |
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Part 1 — Financial Information
BIG CITY RADIO, INC.
(Unaudited)
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September 30, |
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December 31, |
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2003 |
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2002 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
457,000 |
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$ |
732,000 |
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Cash held in investment, restricted |
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— |
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1,085,000 |
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Marketable securities |
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29,893,000 |
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1,861,000 |
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Accounts receivable, net of allowance of $362,000 in 2002 |
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— |
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1,997,000 |
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Interest receivable |
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— |
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6,000 |
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Assets held for sale |
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426,000 |
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79,571,000 |
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Prepaid expenses and other current assets |
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270,000 |
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289,000 |
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Total current assets |
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31,046,000 |
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85,541,000 |
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Property and equipment, net |
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8,000 |
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376,000 |
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Deferred financing fees, net |
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— |
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1,441,000 |
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Other assets |
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7,000 |
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170,000 |
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Total assets |
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$ |
31,061,000 |
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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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$ |
612,000 |
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$ |
883,000 |
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Accrued expenses |
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4,087,000 |
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1,644,000 |
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Interest payable |
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— |
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15,983,000 |
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Senior discount notes |
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— |
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174,000,000 |
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Income tax payable |
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2,545,000 |
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— |
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Other current liabilities |
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— |
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74,000 |
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Total current liabilities |
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7,244,000 |
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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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6,000 |
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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, $0.01 par value. Authorized 20,000,000 shares issued and outstanding 8,250,458 shares in 2003 and 2002 |
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83,000 |
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83,000 |
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Additional paid-in capital |
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29,492,000 |
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29,492,000 |
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Other comprehensive loss |
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— |
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(8,000 |
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Accumulated deficit |
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(5,826,000 |
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(134,986,000 |
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23,811,000 |
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(105,357,000 |
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Total liabilities and stockholders' equity (deficiency) |
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$ |
31,061,000 |
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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
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2003 |
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2002 |
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2003 |
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2002 |
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(As Restated) |
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(As Restated) |
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Net revenues |
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$ |
— |
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$ |
— |
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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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1,276,000 |
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1,094,000 |
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5,963,000 |
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3,010,000 |
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Depreciation and amortization |
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6,000 |
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30,000 |
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56,000 |
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90,000 |
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Total operating expenses |
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1,282,000 |
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1,124,000 |
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6,019,000 |
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3,100,000 |
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Operating loss from continuing operations |
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(1,282,000 |
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