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Business Description
Citadel Broadcasting Corporation is a radio broadcasting company that owned and operated 145 frequency modulation (FM) and 58 amplitude modulation radio stations in 43 markets located in 24 states across the United States as of February 29, 2004. Citadel has a clustered radio station portfolio that is diversified by programming formats, geographic regions, audience demographics and advertising clients. The Company's radio stations are predominantly located in mid-sized markets. During the year ended December 31, 2003, Citadel completed seven acquisitions for a total of 20 radio stations. On September 8, 2003, it also completed the acquisition of five radio stations in the Des Moines, Iowa market, four radio stations in the New Orleans, Louisiana, market, and two radio stations in the Springfield, Missouri, market.

Financial Information
For the nine months ended 9/30/04, revenues increased 12% to $301.7 million. Net income totaled $60.8 million vs. a loss of $75.9 million. Revenues reflect higher revenues at the existing stations and the acquisitions completed in 2003 and 2004. Net income reflects a decrease in depreciation and amortization expense and non-cash stock compensation.