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Boston Celtics Limited Partnership II and Subsidiaries presented these consolidated statements of income for 1998, 1997, and 1996.
BOSTON CELTICS LIMITED PARTNERSHIP II AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
For the Year Ended
Revenues:
June 30,1998
June 30,1997
June 30,1996
Basketball regular season
$39,107,960
$31,813,019
$35,249,625
Ticket sales
28,002,469
23,269,159
22,071,992
Television and radio broadcast rights fees
8,569,485
7,915,626
7,458,651
Other, principally promotional advertising
75,679,914
62,997,804
64,780,268
Costs and expenses:
Team
40,401,643
40,941,156
27,891,264
Game
2,820,107
2,386,042
2,606,218
General and administrative
13,464,566
13,913,893
15,053,333
Selling and promotional
4,819,478
4,680,168
2,973,488
Depreciation
208,162
189,324
140,894
Amortization of NBA franchise and other intangible assets
165,035
164,702
164,703
61,878,991
62,275,285
48,829,900
13,800,923
722,519
15,950,368
Interest expense
6,017,737
5,872,805
6,387,598
Interest income
6,402,366
6,609,541
8,175,184
Net realized gains (losses) on disposition of marketable
securities and other shortterm investments
Income from continuing operations before income taxes
Provision for income taxes
Income from continuing operations
Discontinued operations:
Income from discontinued operations (less applicable income taxes of $30,000)
82,806
Gain from disposal of discontinued operations (less applicable income taxes of $17,770,000)
38,330,907
NET INCOME
12,267,317
420,306
54,200,529
Net income applicable to interests of General Partners
306,216
62,246
1,291,014
Net income applicable to interests of Limited Partners
$11,961,101
$358,060
$52,909,515
Per unit:
Income from continuing operations-basic
$
2.45
0.07
2.68
Income from continuing operations-diluted
2.17
0.06
2.59
Net income-basic
9.18
Net income-diluted
8.89
Distributions declared
2
1
1.5
Required
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.
d. What were the major reasons for the increase in income from continuing operations between 1997 and 1998?
e. Speculate on why distributions declared were higher in 1998 than 1996. (Notice that net income was substantially higher in 1996.)
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