76 Net Income FISCAL 1999 COMPARED TO FISCAL 1998 Radio Broadcasting Programming Net income increased from $7.4 million in 1999 to $156.0 million in 2000, an increase of 2,008%. The significant increase in net income was a result of the gain on sale of investments. Consolidated revenues increased from $146.2 million to $162.4 million, an increase of 11%. The increase in revenues was driven by the performance in the Programming Division, which increased $13.6 million. Operating, general and administrative expenses increased from $102.5 million to $113.3 million in 1999, an increase of 10.5%. The increased costs reflect the additional cost of programming expenses in the Programming Division. Income before interest, taxes, depreciation and amortiza- tion increased to $49.1 million from $43.7 million in 1998, an increase of 12.3%. Our EBITDA margins improved from 29.9% to 30.2%. Radio revenue was $51.6 million in 1999, compared to $51.6 million in 1998. The Radio Division was successful in maintaining its revenue at essentially the same level as fiscal 1998 despite increased competition from other stations, as well as the new specialty television services and an industry wide decline in national sales activity. Expenses increased from $33.8 million in 1998 to $34.1 million in 1999. The Company maintained its margins at 34% through effective cost control programs and EBITDA was $17.5 million. Programming revenues grew from $73.7 million in 1998 to $87.3 million in 1999,  an 18.5% increase. Despite the impact of competition and a general decline in national advertising activity in the last half of the fiscal year, YTV and CMT experi- enced advertising revenue growth of 8.6% and 17.3%, respectively. Treehouse TV, an advertising-free service targeted toward pre-school aged children, was launched on November 1, 1997 and completed a one-year free preview period on October 31, 1998. After that date, Treehouse commenced charging affiliate fees to cable 