An Evaluation of Financial Statements

The Company appears to be in excellent overall financial health, with 199 sales of $178.5 (millions) and a 1-year sales growth rate in 1999 of 31.8 percent. Net income for 1999 was $9.0 (millions); a total of 1,970 employees were associated with the Company in 1999, with a 1-year employee growth rate of 25.8 percent. The Chairman, President and Chief Executive Office (CEO) of the Company is Lawrence R. Wilson (Hoover's Online, 2000).

First-quarter 2000 financials also indicate continued growth For the three months ended March 1, 2000, consolidated net revenue increased 47.8 percent to $46.1 million from $31.2 million in the same period of 1999. Broadcast cash flow (BCF), defined as station operating income including depreciation, amortization and corporate general and administrative expenses) rose 70.5 percent to $13.3 million in the first quarter o

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e position has been provided by Allen Dick, President and CEO of Dick Broadcasting (recently acquired by the Company). Allen stated that Citadel is renowned in the industry for its operating prowess and its treatment of people, has a record of broadcast excellence, and serves its host communities and markets well. The firm targets expansion into markets that are recognized as "growth markets" and which are found throughout the continental U.S. (Business Wire, 2000b). The cluster strategy adopted by the firm seeks to position the firm intensively in a geographic market area or region and to achieve dominance in that cluster. All of the Company's acquisitions are subject to Federal Communication Commission (FCC) approval and are pending upon the expiration of the applicable Hart-Scott-Rodino waiting period (for investigation of fairness) and other customary closing conditions (Business Wire, 2000b). The Company's 1999 Annual Report (Citadel Communications Corporation, 1999) states that the Company was formed August 21, 1991 as a Nevada Corporation. As of 1997, the firm acquired ownership of and began operating an Internet Service Provider which it plans to sell. With a number of pending transactions at the end of 1999, the Com
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