Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of David Miller – Caris & Company
David Miller – Caris & Company
What was the Dick Clark number in the quarter? You have said in past announcements that you intend to do anything and everything at your disposal to remain listed on the New York Stock Exchange, other then a reverse stock split, I’m wondering what other alternatives you’re exploring.
Jeff Speed
On Dick Clark, obviously since its not a public company we don’t breakout its separate results, what I can say is I think we had mentioned before that on a LTM basis it was doing about $16, $17 million of EBITDA and we pick up 40% of that over the course of the year. The third quarter is one of its lighter quarters because it doesn’t have one of the core programs, it has the So You Think You Can Dance program running during that quarter.
Next quarter is the AMAs, then you’ve got New Years Rockin’ Eve, in the next quarter and then Golden Globes the next quarter and the Academy of Country Music Awards after that so the long and short is the third quarter is one of the lighter quarters for the pickup but on a run rate basis its about $7 million for the whole year so its slightly skewed to the other quarters though.
On the listing, really its going, we’re clearly focused on retaining our listing. We believe we will be able to retain our listing. Obviously in terms of the dollar requirement, reverse split is certainly a mechanical alternative to resolve that particular listing standard. There’s another listing standard having to do with $75 million equity market cap and as regard to that one, that’s going to be a function of what Mark alluded to basically that its something that we will address in the context of addressing comprehensively our balance sheet.
Mark Shapiro
Depending on what we do with the balance sheet the listing will take care of itself.
David Miller – Caris & Company
So that would imply though that you have something up your sleeves with regard to some sort of balance sheet mechanics sooner rather then later because the six months is coming up fairly soon, correct?
Jeff Speed
The six months only applies for the dollar stock price, first of all. The $75 million threshold is up to 18-month period.
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