The reclassifications have no effect on net income as previously reported. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year. The acquisition included 12 network-affiliated television stations and one UPN affiliate which is operated under a local marketing agreement. The transaction will be accounted for as a purchase and the Company's results of operations will include the results of Spartan from the date of acquisition. Purchase price will be allocated to the assets acquired based on an appraisal of estimated fair values.
Inventories are principally raw materials.
It is expected these post-closing items will be resolved during the second quarter of this year and could result in a small additional gain for the Company.