MEDIA COMPANY
INTERNAL INCOME STATEMENT
December 200X
Actual		Budget			Actual						Actual		Budget			Actual
This Month		This Month	Variance		Last Year	Variance					Year to Date		Year to Date	Variance		Last Year to Date	Variance
								REVENUES:
$319,873		$300,350	6.5%		$296,178	8.0%		Local			$3,554,140		$3,350,000	6.1%		$3,275,962	8.5%
70,706		67,986	4.0%		68,713	2.9%		Regional			785,619		750,000	4.7%		765,412	2.6%
180,013		188,003	-4.3%		167,454	7.5%		National			2,000,147		2,100,000	-4.8%		1,854,973	7.8%
0		0	0.0%		0	0.0%		Political			475,612		500,000	-4.9%		203,147	134.1%
34,223		32,594	5.0%		39,247	-12.8%		Network			412,328		400,000	3.1%		482,657	-14.6%
15,788		15,403	2.5%		14,714	7.3%		Trade			156,320		150,000	4.2%		144,795	8.0%
11,334		8,752	29.5%		10,417	8.8%		Other			136,555		100,000	36.6%		125,689	8.6%
$631,937		$613,088	3.1%		$596,724	5.9%		TOTAL GROSS REVENUES			$7,520,721		$7,350,000	2.3%		$6,852,635	9.7%
(76,885)		(74,645)	3.0%		(71,189)	8.0%		Advertising Agency Commissions			(854,273)		(825,000)	3.5%		(790,258)	8.1%
(21,886)		(22,656)	-3.4%		(20,340)	7.6%		National Sales Rep. Commissions			(243,177)		(250,000)	-2.7%		(225,173)	8.0%
$533,167		$515,787	3.4%		$505,194	5.5%		TOTAL NET REVENUES			$6,423,271		$6,275,000	2.4%		$5,837,204	10.0%
								OPERATING EXPENSES:
$38,103		$37,174	2.5%		$36,993	3.0%		Engineering			$459,072		$450,000	2.0%		$444,256	3.3%
62,117		58,381	6.4%		58,381	6.4%		Programming			748,398		700,000	6.9%		705,618	6.1%
25,607		24,837	3.1%		24,575	4.2%		Production			308,516		300,000	2.8%		295,612	4.4%
84,956		85,383	-0.5%		82,722	2.7%		News			1,023,565		1,025,000	-0.1%		998,497	2.5%
77,045		74,368	3.6%		71,937	7.1%		Sales			856,055		825,000	3.8%		800,247	7.0%
14,954		12,514	19.5%		14,533	2.9%		Advertising & Promotion			180,171		150,000	20.1%		174,893	3.0%
97,426		101,486	-4.0%		94,314	3.3%		General & Administrative			1,173,813		1,225,000	-4.2%		1,136,870	3.2%
12,137		8,319	45.9%		11,670	4.0%		Trade			146,232		95,000	53.9%		140,287	4.2%
$412,346		$402,460	2.5%		$395,126	4.4%		TOTAL OPERATING EXPENSES			$4,895,822		$4,770,000	2.6%		$4,696,280	4.2%
$120,821		$113,327	6.6%		$110,069	9.8%		OPERATING CASH FLOW			$1,527,449		$1,505,000	1.5%		$1,140,924	33.9%
33,625		33,200	1.3%		31,426	7.0%		Corporate Overhead/Management Fees			405,124		400,000	1.3%		378,418	7.1%
$87,196		$80,127	8.8%		$78,643	10.9%		EBITDA			$1,122,325		$1,105,000	1.6%		$762,506	47.2%
71,058		70,550	0.7%		48,603	46.2%		Depreciation & Amortization Expense			856,123		850,000	0.7%		587,189	45.8%
$16,138		$9,577	68.5%		$30,040	-46.3%		EBIT			$266,202		$255,000	4.4%		$175,317	51.8%
11,672		11,672	0.0%		13,263	-12.0%		Interest Expense			145,896		145,896	0.0%		165,410	-11.8%
$4,466		($2,095)	-313.2%		$16,777	-73.4%		EARNINGS BEFORE TAXES			$120,306		$109,104	10.3%		$9,907	1114.4%
223		0	N/A		839	-73.4%		State Corporate Income Tax Expense			6,015		5,455	10.3%		495	1114.4%
1,485		0	N/A		5,578	-73.4%		Federal Corporate Income Tax Expense			40,002		36,277	10.3%		3,294	1114.4%
$2,758		($2,095)	-231.6%		$10,360	-73.4%		NET INCOME			$74,289		$67,372	10.3%		$6,118	1114.4%