Question-and-Answer Session
Operator
(Operator Instructions) Our first question is from Bishop Cheen - Wachovia.
Bishop Cheen - Wachovia
The cash balance, the exact debt numbers, but especially the cash seems important at 12/31, and also if there any significant cash inflows or outflows other than normal operations, that you anticipate or have already occurred in Q1, that would be helpful.
James A. Morgan
At December 31, our senior bank debt was $341.6 million. Subordinated debt, debt issue, which are the two issues, the 10% and the 8.75% is $486.1 million, cash balance at the end of the 12/31 was $62.9 million. With respect to your other question, are there any unusual or strange payments in and out that we have to account for, no, there aren’t. We don’t have anything peculiar or that would affect that.
Bishop Cheen - Wachovia
So, follow-up to your clarification, the BCF numbers that we have in the press release right now, the station operating performance numbers, are they still relevant?
James A. Morgan
Yes, the SOP numbers are relevant, Bishop. Those are the SOP numbers for continuing operations. They exclude KRON. As you are well aware, because of the SEC’s rules, we have no longer actually calculated out BCF.
We give other financial data to enable those people that want to still figure that out, which I think are probably many people, to figure it out, and I realize that by strictly following the balance sheet, income statement and statement of cash uses, we put numbers which I think are totally confusing some people who try to take those numbers on down to BCF line. That’s why we’re going to put a corrected one.
Bishop Cheen - Wachovia
Understood, and then I don’t know if you plan to do this, would be issuing a restatement of prior Qs for ?07 and ?06 with out KRON because it would be helpful when trying to do our LTM kind of tracking.
James A. Morgan
Yes, when we put out the 10-K, we will have in there a complete build-up for KRON. I’ll have to make sure. I will check that right now, Bishop.
Bishop Cheen - Wachovia
The way it used to work in a more normalized world from program payments, let’s say you sell KRON and the buyer doesn’t want to take the program obligations and you’re sort of stuck with the program obligations. But you find, or the syndicators help find somebody else to take the obligations, and it’s a debits and credits onto your books as to your program obligations. Is that possible this time around, or does the program obligations that you carry have to go with KRON?
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