Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Current assets:    
Cash and cash equivalents $ 67 $ 828
Restricted cash 110 100
Trade accounts receivable (less allowance for doubtful accounts of $10,026 in 2010 and $9,300 in 2011) 31,001 29,157
Other receivables 888 623
Prepaid expenses 3,395 3,314
Deferred income taxes 6,403 5,974
Assets of discontinued operations 102 962
Total current assets 41,966 40,958
Property, plant and equipment (net of accumulated depreciation of $117,211 in 2010 and $125,708 in 2011) 111,222 115,851
Broadcast licenses 371,420 378,362
Goodwill 20,092 18,108
Other indefinite-lived intangible assets 1,961 1,961
Amortizable intangible assets (net of accumulated amortization of $20,430 in 2010 and $22,817 in 2011) 6,469 5,053
Deferred financing costs 5,489 7,349
Notes receivable (net of allowance of $289 in 2010 and $100 in 2011) 1,459 2,327
Other assets 1,232 4,517
Total assets 561,310 574,486
Current liabilities:    
Accounts payable 4,565 961
Accrued expenses 5,542 6,020
Accrued compensation and related expenses 8,431 7,730
Accrued interest 1,127 1,264
Deferred revenue 7,521 6,513
Income tax payable 205 210
Affiliate lines of credit 9,000  
Current portion of long-term debt and capital lease obligations 124 111
Total current liabilities 36,515 22,809
Long-term debt and capital lease obligations, less current portion 265,679 304,416
Deferred income taxes 48,077 42,296
Deferred revenue 7,962 7,898
Other liabilities 29 663
Total liabilities 358,262 378,082
Commitments and contingencies (Note 10)      
Stockholders' Equity:    
Additional paid-in capital 231,972 230,947
Retained earnings (loss) 4,816 (802)
Treasury stock, at cost (2,317,650 shares at December 31, 2010 and 2011) (34,006) (34,006)
Total stockholders' equity 203,048 196,404
Total liabilities and stockholders' equity 561,310 574,486
Class A Common Stock
    
Stockholders' Equity:    
Common Stock 210 209
Class B Common stock
    
Stockholders' Equity:    
Common Stock $ 56 $ 56