Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
OPERATING ACTIVITIES    
Net income from continuing operations $ 885 $ 2,559
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:    
Non-cash stock-based compensation 327 306
Excess tax benefit from stock options exercised   (30)
Depreciation and amortization 3,619 3,701
Amortization of bond issue costs and bank loan fees 322 425
Amortization and accretion of financing items 45 48
Provision for bad debts 417 672
Deferred income taxes 644 1,891
Gain on disposal of assets (169) (4,525)
Changes in operating assets and liabilities:    
Accounts receivable 1,964 1,983
Prepaid expenses and other current assets (208) (917)
Accounts payable and accrued expenses 3,761 4,123
Deferred revenue (1,297) (257)
Other liabilities   (74)
Income taxes payable 7 270
Net cash provided by operating activities 10,317 10,175
INVESTING ACTIVITIES    
Capital expenditures (2,761) (2,412)
Deposits on radio station acquisitions and equipment (30) 248
Release of restricted cash 110  
Purchases of broadcast assets and radio stations (2,150) (550)
Purchases of Internet businesses and assets   (6,000)
Proceeds from the sale of assets 765 12,716
Other (15) (459)
Net cash provided by (used in) investing activities (4,081) 3,543
FINANCING ACTIVITIES    
Payments of costs related to bank credit facilities (8) (50)
Payments of bond issue costs   (41)
Proceeds from borrowings under bank credit facilities 31,774 13,100
Payments under bank credit facilities (26,464) (29,100)
Payments under lines of credit due to related parties (9,000)  
Proceeds from exercise of stock options 11 19
Excess tax benefit from stock options exercised   30
Payments on capital lease obligations (30) (32)
Payment of cash dividend on common stock (850)  
Book overdraft (1,428) 1,916
Net cash used in financing activities (5,995) (14,158)
CASH FLOWS FROM DISCONTINUED OPERATIONS    
Operating cash flows 4 (86)
Investing cash flows   (39)
Net cash inflows (outflows) from discontinued operations 4 (125)
Net decrease in cash and cash equivalents 245 (565)
Cash and cash equivalents at beginning of year 67 828
Cash and cash equivalents at end of period 312 263
Cash paid during the period for:    
Interest paid 410 354
Income taxes 8 13
Non-cash investing and financing activities:    
Trade revenue 1,047 1,252
Trade expense 1,114 974
Note receivable acquired in exchange for radio station   1,000
Assets acquired under capital leases   $ 5