GRUPO RADIO CENTRO, S.A. DE C.V. CONSOLIDATED UNAUDITED BALANCE SHEETS as of June 30, 2002 and 2001 in Mexican Pesos ("Ps.") with purchasing power as of June 30, 2002 (figures in thousands of Ps. And U.S. dollars ("U.S. $")(1), except per Share and per ADS amounts) June 30 2002 2001 U.S. $(1) Ps. Ps. ASSETS Current assets: Cash and temporary investments 5,931 59,308 24,197 Accounts receivable: Broadcasting 13,226 132,255 152,752 Other 641 6,409 8,782 Income tax recoverable 687 6,871 31,557 Value added tax recoverable 0 0 22,525 14,554 145,535 215,616 Guarantee deposit 692 6,915 14,627 Prepaid expenses 1,710 17,103 19,554 Total current assets 22,887 228,861 273,994 Prepaid expenses 10,987 109,863 124,295 Property and equipment 48,160 481,600 493,444 Deferred charges 1,491 14,912 16,427 Guarantee deposit 1,095 10,949 23,417 Excess of cost over book value of subsidiaries 83,018 830,160 851,568 Other assets 405 4,051 4,115 Total assets 168,043 1,680,396 1,787,260 LIABILITIES Short-Term: Notes payable 17,800 177,997 155,293 Advances from customers 7,813 78,132 89,096 Other accounts payable and accrued expenses 9,214 92,140 53,747 Taxes payable 552 5,522 5,007 Total short-term liabilities 35,379 353,791 303,143 Long-Term: Deferred income tax 7,868 78,676 89,689 Notes payable 19,400 193,996 259,139 Estimate for seniority premiums 2,127 21,268 18,297 Total liabilities 64,774 647,731 670,268 STOCKHOLDERS' EQUITY: Capital stock 100,263 1,002,614 1,009,002 Retained earnings 7,482 74,817 153,662 Provision for repurchase of shares 3,558 35,571 33,809 Accumulated effect of deferred income tax (8,469) (84,686) (83,801) Deficit on restatement of capital 390 3,895 3,895 Minority interest 45 454 425 Total stockholders' equity 103,269 1,032,665 1,116,992 Total liabilities and stockholders' equity 168,043 1,680,396 1,787,260 (1) Peso amounts have been translated into U.S. dollars, solely for the convenience of the reader, at the rate of Ps. 9.9998 per U.S. dollar, the noon buying rate for Mexican pesos on June 30, 2002 (the last reported rate for the quarter ending June 30, 2002). GRUPO RADIO CENTRO, S.A. DE C.V. CONSOLIDATED UNAUDITED STATEMENTS OF INCOME For the three-month and six-month periods ended June 30, 2002 and 2001 expressed in Mexican Pesos ("Ps.") with purchasing power as of June 30, 2002 (figures in thousands of Ps. and U.S. dollars ("U.S.$")(1), except per Share and per ADS amounts) 2nd Quarter First Half 2002 2001 2002 2001 U.S.$(1) Ps. Ps. U.S.$(1) Ps. Ps. Broadcasting revenue(2) 17,624 176,240 173,621 29,388 293,879 323,164 Broadcasting expenses, excluding depreciation, amortization and corporate expenses 12,735 127,344 112,212 24,562 245,619 221,426 Broadcasting income 4,889 48,896 61,409 4,826 48,260 101,738 Depreciation and amortization 2,348 23,480 24,002 4,648 46,477 47,102 Corporate general and administrative expenses 1,169 11,688 11,126 2,223 22,228 22,126 Operating (loss) income 1,372 13,728 26,281 (2,045) (20,445) 32,510 EBITDA 3,720 37,208 50,283 2,603 26,032 79,612 Comprehensive financing cost: Interest Expense (481) (4,814) (9,205) (946) (9,462)(19,898) Interest income(2) 69 686 328 77 770 2,275 Foreign exchange gain (loss), net (3,602) (36,023) 20,201 (3,179) (31,788) 23,001 Gain on monetary position 78 784 1,577 386 3,855 4,029 (3,936) (39,367) 12,901 (3,662) (36,625) 9,407 Other expenses, Net (1,465) (14,652) (16,082) (2,912) (29,118) (31,613) Income (loss) before the following provisions (4,029) (40,291) 23,100 (8,619) (86,188) 10,304 Provisions for income tax & employees' profit sharing 0 0 2,024 0 0 2,024 Net (loss) income (4,029) (40,291) 21,076 (8,619) (86,188) 8,280 Net (loss) income applicable to: Majority interest (4,029) (40,294) 21,104 (8,619) (86,190) 8,272 Minority interest 0 3 (28) 0 2 8 (4,029) (40,291) 21,076 (8,619) (86,188) 8,280 Net income for the LTM per Series A Share(3) ($0.047) (0.471) 0.837 Net income for the LTM per ADS(3) ($0.424) (4.239) 7.533 Weighted average common shares outstanding for the LTM (000's)(3) 163,819 165,570 (1) Peso amounts have been translated into U.S. dollars, solely for the convenience of the reader, at the rate of Ps. 9.9998 per U.S. dollar, the noon buying rate for Mexican pesos on June 30, 2002 (the last reported rate for the quarter ending June 30, 2002). (2) Broadcasting revenue for a particular period includes (as a reclassification of interest income) interest earned on funds received by the Company pursuant to advance sales of commercial air time to the extent that the underlying funds were earned by the Company during the period in question. Advances from advertisers are recognized as broadcasting revenue only when the corresponding commercial air time has been transmitted. Interest earned and treated as broadcasting revenue for the second quarter of 2002 and 2001 was Ps. 303,000 and Ps. 1,674,000, respectively. Interest earned and treated as broadcasting revenue for the six months ended June 30, 2002 and 2001 was Ps. 465,000 and Ps. 2,856,000, respectively. (3) Earnings per share calculations are made for the last twelve months as of the date of the income statement, as required by the Mexican Stock Exchange.