Form: 8-K

Current report filing

June 14, 2001

Documents

EXHIBIT 99.3

Published on June 14, 2001


EXHIBIT 99.3


SUBSTANTIAL ORGANIC GROWTH POTENTIAL



NUMBER OF TYPICAL
CATEGORY STATIONS BCF MARGINS
- -------- -------- -----------

MATURE 16 50%+

DEVELOPED WITH UPSIDE 23 30% TO 49%

UNDERDEVELOPED 23 0% TO 29%

STICK 17 NEGATIVE


- - A Q1 BCF MARGIN IMPROVEMENT FROM 34% TO 45% WOULD RESULT IN
APPROXIMATELY $13 MILLION OF ANNUALIZED INCREMENTAL BCF

- - FOCUS ON IMPROVING SAME STATION REVENUE AND BCF AND ACHIEVING ABOVE
INDUSTRY AVERAGE CASH FLOW GROWTH

- - FOCUS ON IMPROVING PERFORMANCE OF RECENTLY ACQUIRED RADIO STATIONS

- - STICK AND UNDERDEVELOPED RADIO STATIONS REPRESENT SIGNIFICANT ASSET
VALUE NOT YET REFLECTED IN CASH FLOWS