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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
3 Months Ended | |
|---|---|---|
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Mar. 31, 2015
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Mar. 31, 2014
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|
| OPERATING ACTIVITIES | ||
| Net income from operations | $ 295,000us-gaap_NetIncomeLoss | $ 431,000us-gaap_NetIncomeLoss |
| Adjustments to reconcile net income from operations to net cash provided by operating activities: | ||
| Non-cash stock-based compensation | 331,000us-gaap_ShareBasedCompensation | 603,000us-gaap_ShareBasedCompensation |
| Tax benefit related to stock options exercised | 60,000us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities | 69,000us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities |
| Depreciation and amortization | 4,501,000us-gaap_DepreciationDepletionAndAmortization | 4,737,000us-gaap_DepreciationDepletionAndAmortization |
| Amortization of bank loan fees | 158,000us-gaap_AmortizationOfFinancingCosts | 172,000us-gaap_AmortizationOfFinancingCosts |
| Accretion of acquisition-related deferred payments and contingent consideration | 91,000us-gaap_AccretionExpense | 214,000us-gaap_AccretionExpense |
| Provision for bad debts | 385,000us-gaap_ProvisionForDoubtfulAccounts | 686,000us-gaap_ProvisionForDoubtfulAccounts |
| Deferred income taxes | 35,000us-gaap_DeferredIncomeTaxExpenseBenefit | (28,000)us-gaap_DeferredIncomeTaxExpenseBenefit |
| Change in the fair value of interest rate swap | 1,420,000us-gaap_UnrealizedGainLossOnDerivatives | 1,096,000us-gaap_UnrealizedGainLossOnDerivatives |
| Change in the estimated fair value of contingent earn-out consideration | 118,000us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 | 127,000us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 |
| Loss on early retirement of long-term debt | 41,000us-gaap_GainsLossesOnExtinguishmentOfDebt | 8,000us-gaap_GainsLossesOnExtinguishmentOfDebt |
| (Gain) loss on the sale or disposal of assets | 129,000us-gaap_GainLossOnDispositionOfAssets | (117,000)us-gaap_GainLossOnDispositionOfAssets |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 5,870,000us-gaap_IncreaseDecreaseInAccountsReceivable | 5,084,000us-gaap_IncreaseDecreaseInAccountsReceivable |
| Prepaid expenses and other current assets | (520,000)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets | 231,000us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets |
| Accounts payable and accrued expenses | (1,770,000)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | 680,000us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
| Deferred revenue | (4,432,000)us-gaap_IncreaseDecreaseInDeferredRevenue | (3,364,000)us-gaap_IncreaseDecreaseInDeferredRevenue |
| Other liabilities | 327,000us-gaap_IncreaseDecreaseInOtherOperatingLiabilities | (424,000)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities |
| Income taxes payable | 53,000us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable | 49,000us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable |
| Net cash provided by operating activities | 7,138,000us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations | 10,300,000us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations |
| INVESTING ACTIVITIES | ||
| Cash paid for capital expenditures net of tenant improvement allowances | (2,040,000)salm_PaymentForCapitalExpendituresNetOfTenantImprovementAllowances | (2,935,000)salm_PaymentForCapitalExpendituresNetOfTenantImprovementAllowances |
| Capital expenditures reimbursable under tenant improvement allowances and non-cash transactions from trade agreements | (767,000)salm_PaymentForCapitalExpendituresReimbursableUnderTenantImprovementAllowancesAndNonCashTransactionsFromTradeAgreements | (75,000)salm_PaymentForCapitalExpendituresReimbursableUnderTenantImprovementAllowancesAndNonCashTransactionsFromTradeAgreements |
| Escrow deposits related to acquisitions | (188,000)us-gaap_PaymentsForProceedsFromOtherDeposits | |
| Purchases of broadcast assets and radio stations | (1,235,000)us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment | (1,784,000)us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment |
| Proceeds from the sale of assets | 2,000us-gaap_ProceedsFromSaleOfProductiveAssets | |
| Other | (245,000)us-gaap_PaymentsForProceedsFromOtherInvestingActivities | 129,000us-gaap_PaymentsForProceedsFromOtherInvestingActivities |
| Net cash used in investing activities | (4,597,000)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations | (8,836,000)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations |
| FINANCING ACTIVITIES | ||
| Payments of costs related to bank credit facility | (4,000)us-gaap_PaymentsOfLoanCosts | |
| Payments of acquisition related contingent earn-out consideration | (300,000)salm_PaymentsOfContingentEarnOutConsideration | |
| Proceeds from the exercise of stock options | 175,000us-gaap_ProceedsFromStockOptionsExercised | 467,000us-gaap_ProceedsFromStockOptionsExercised |
| Payments on capital lease obligations | (30,000)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations | (32,000)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations |
| Payment of cash distributions on common stock | (1,647,000)us-gaap_PaymentsOfDividendsCommonStock | (1,444,000)us-gaap_PaymentsOfDividendsCommonStock |
| Book overdraft | 2,711,000us-gaap_ProceedsFromRepaymentsOfBankOverdrafts | (307,000)us-gaap_ProceedsFromRepaymentsOfBankOverdrafts |
| Net cash used in financing activities | (2,392,000)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations | (1,251,000)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations |
| Net increase in cash and cash equivalents | 149,000us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 213,000us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
| Cash and cash equivalents at the beginning of year | 33,000us-gaap_CashAndCashEquivalentsAtCarryingValue | 65,000us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Cash and cash equivalents at end of period | 182,000us-gaap_CashAndCashEquivalentsAtCarryingValue | 278,000us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Cash paid during the period for: | ||
| Cash paid for interest, net of capitalized interest | 3,512,000us-gaap_InterestPaid | 3,350,000us-gaap_InterestPaid |
| Cash paid for income taxes | 4,000us-gaap_IncomeTaxesPaidNet | 8,000us-gaap_IncomeTaxesPaidNet |
| Other supplemental disclosures of cash flow information: | ||
| Trade revenue | 1,683,000salm_SupplementalNoncashTradeRevenue | 1,686,000salm_SupplementalNoncashTradeRevenue |
| Trade expense | 1,591,000salm_SupplementalNoncashTradeExpense | 1,387,000salm_SupplementalNoncashTradeExpense |
| Non-cash investing and financing activities: | ||
| Capital expenditures reimbursable under tenant improvement allowances | 756,000salm_CapitalExpendituresReimbursableUnderTenantImprovementAllowances | 75,000salm_CapitalExpendituresReimbursableUnderTenantImprovementAllowances |
| Non-cash capital expenditures for property & equipment acquired under trade agreements | 11,000salm_NonCashCapitalExpendituresForPropertyAndEquipmentAcquiredUnderTradeAgreements | |
| Estimated present value of contingent earn-out consideration | 158,000salm_NetPresentValueOfContingentConsideration | 2,047,000salm_NetPresentValueOfContingentConsideration |
| Deferred payments due 2014 under asset purchase agreement | 200,000us-gaap_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1 | |
| Present value of deferred cash payments (due 2015) | 2,392,000salm_NetPresentValueOfDeferredCashPaymentsCurrent | |
| Present value of deferred cash payments (due 2016) | 2,289,000salm_NetPresentValueOfDeferredCashPaymentsNonCurrent | |
| Digital Media [Member] | ||
| INVESTING ACTIVITIES | ||
| Purchases of businesses and assets |
(122,000)us-gaap_PaymentsToAcquireBusinessesGross / us-gaap_StatementBusinessSegmentsAxis = salm_InternetMember |
(2,899,000)us-gaap_PaymentsToAcquireBusinessesGross / us-gaap_StatementBusinessSegmentsAxis = salm_InternetMember |
| Publishing [Member] | ||
| INVESTING ACTIVITIES | ||
| Purchases of businesses and assets |
(1,274,000)us-gaap_PaymentsToAcquireBusinessesGross / us-gaap_StatementBusinessSegmentsAxis = salm_PublishingMember |
|
| Term Loan B [Member] | ||
| Adjustments to reconcile net income from operations to net cash provided by operating activities: | ||
| Amortization of bank loan fees |
27,000us-gaap_AmortizationOfFinancingCosts / us-gaap_DebtInstrumentAxis = salm_TermBLoanMember |
27,000us-gaap_AmortizationOfFinancingCosts / us-gaap_DebtInstrumentAxis = salm_TermBLoanMember |
| Accretion of discount on Term Loan B |
46,000us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments / us-gaap_DebtInstrumentAxis = salm_TermBLoanMember |
46,000us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments / us-gaap_DebtInstrumentAxis = salm_TermBLoanMember |
| FINANCING ACTIVITIES | ||
| Repayments of borrowings |
(2,000,000)us-gaap_RepaymentsOfLongTermLinesOfCredit / us-gaap_DebtInstrumentAxis = salm_TermBLoanMember |
(2,250,000)us-gaap_RepaymentsOfLongTermLinesOfCredit / us-gaap_DebtInstrumentAxis = salm_TermBLoanMember |
| Revolver [Member] | ||
| FINANCING ACTIVITIES | ||
| Repayments of borrowings |
(9,715,000)us-gaap_RepaymentsOfLongTermLinesOfCredit / us-gaap_DebtInstrumentAxis = us-gaap_RevolvingCreditFacilityMember |
(6,291,000)us-gaap_RepaymentsOfLongTermLinesOfCredit / us-gaap_DebtInstrumentAxis = us-gaap_RevolvingCreditFacilityMember |
| Proceeds from borrowings |
$ 8,414,000us-gaap_ProceedsFromLongTermLinesOfCredit / us-gaap_DebtInstrumentAxis = us-gaap_RevolvingCreditFacilityMember |
$ 8,610,000us-gaap_ProceedsFromLongTermLinesOfCredit / us-gaap_DebtInstrumentAxis = us-gaap_RevolvingCreditFacilityMember |
| X | ||||||||||
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- Definition
Represents amount of capital expenditures reimbursable under tenant improvement allowances. No definition available.
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- Details
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| X | ||||||||||
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- Definition
Net Present Value Of Contingent Consideration. No definition available.
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- Definition
Net Present Value Of Deferred Cash Payments Current No definition available.
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| X | ||||||||||
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- Definition
Net Present Value Of Deferred Cash Payments Non Current No definition available.
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| X | ||||||||||
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- Definition
Represents non-cash capital expenditures for property & equipment acquired under trade agreements. No definition available.
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- Definition
The cash outflow for capital expenditures net of tenant improvement allowances. No definition available.
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- Definition
The cash outflow reimbursable under tenant improvement allowances and non-cash transactions from trade agreements. No definition available.
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| X | ||||||||||
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- Definition
Payments Of Contingent Earn Out Consideration No definition available.
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| X | ||||||||||
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- Definition
Barter expense for goods or services received during the reporting period in exchange for advertising time or space. No definition available.
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| X | ||||||||||
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- Definition
Barter revenue from the exchange of advertising time or space for goods or services during the reporting period. No definition available.
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| X | ||||||||||
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- Definition
The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount recognized for the passage of time, typically for liabilities, that have been discounted to their net present values. Excludes accretion associated with asset retirement obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash outflow for realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The value of an asset or business acquired in a noncash (or part noncash) acquisition. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Net cash outflow or inflow from other deposits that are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash outflow or inflow from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow for loan origination associated cost which is usually collected through escrow. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow for acquisition of or capital improvements of property, plant and equipment, used to produce goods or deliver services, and not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from the excess drawing from an existing cash balance, which will be honored by the bank but reflected as a loan to the drawer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow for the obligation for a lease meeting the criteria for capitalization (with maturities exceeding one year or beyond the operating cycle of the entity, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow for the settlement of obligation drawn from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Details
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- Details
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