a. Comment on Amortization of NBA Franchise and Other Intangible Assets. b. Would the discontinued operations be
Question:
a. Comment on Amortization of NBA Franchise and Other Intangible Assets.
b. Would the discontinued operations be included in projecting the future? Comment.
c. The costs and expenses include team costs and expenses. Speculate on the major reason for the increase in this expense between 1996 and 1997.
Transcribed Image Text:
BOSTON CELTICS LIMITED PARTNERSHIP II AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME For the Year Ended unc 30 1996 unc unc 1998 1997 S39,107,960 28,002,469 8,569,485 Basketball regular season S31,813,019 S35,249,625 22,071,992 7,458,651 64,780,268 Ticket sales Television and radio broadcast rights fees 7.915,626 62,997,804 Othe , principally promotional advertising Costs and expenses: Basketball regular season 40,401,64.3 2,820,107 13,464,566 4,819,478 40,941,156 2,386,042 13,913,893 4,680,168 189,324 27,891,264 2,606,218 15,053,333 2,973,488 140,894 Team General and administrative Selling and promotional Depreciation Amortization of NBA franchise and other 208,162 165,035 61,878,991 13,800,923 (6,017,737) 6,402,366 intangible assets 164,702 164,703 Interest expense Interest income Net realized gains (losses) on disposition (5,872,805) 6,609,541 15,950,368 (6,387,598) 8,175,184 of marketable securities and other short-term investments 35) (101,138) Income from continuing operations before income taxes Provision for income taxes 14,167,317 1,900,000 12,267,317 17,636,816 1,850,000 15,786,816 1,400,000 Income from continuing operations Discontinued operations: Income from discontinued operations (less applicable income taxes of $30,000) Gain from disposal of discontinued operations (less applicable income taxes of $17,770,000) 38,330,907 54,200,529 NET INCOME Net income applicable to interests of 12,267,317 General Partners 306,216 62,246 1,291,014 Net income applicable to interests of Limited Partners $11,961,101 unit: Income from continuing operat Income from continuing operations-diluted Net income-basic Net incom $2.45 $2.17 $2.45 2.17 $2.00 S 358,060 $0.07 0.07 $2.68 $2.59 $9.18 $8.89 1.50 ions-basic e diluted Distributions declared 50.06
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Financial Reporting & Analysis Using Financial Accounting Information
ISBN: 978-0324657425
11th edition
Authors: Charles H. Gibson
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