Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 299 $ 67
Restricted cash   110
Trade accounts receivable (less allowance for doubtful accounts of $9,300 in 2011 and $8,687 in 2012) 32,189 31,001
Other receivables 126 888
Prepaid expenses 3,720 3,395
Deferred income taxes 9,797 6,403
Assets held for sale 2,900  
Assets of discontinued operations 46 102
Total current assets 49,077 41,966
Notes receivable (less allowance for doubtful accounts of $100 in 2011 and $174 in 2012) less current portion 1,936 1,459
Property, plant and equipment (net of accumulated depreciation of $125,708 in 2011 and $131,009 in 2012) 102,341 111,222
Broadcast licenses 372,211 371,420
Goodwill 20,097 20,092
Other indefinite-lived intangible assets 1,961 1,961
Amortizable intangible assets (net of accumulated amortization of $22,817 in 2011 and $23,948 in 2012) 5,436 6,469
Deferred financing costs 4,687 5,489
Other assets 1,554 1,232
Total assets 559,300 561,310
Current liabilities:    
Accounts payable 4,399 4,565
Accrued expenses 5,233 5,542
Accrued compensation and related expenses 7,705 8,431
Accrued interest 1,113 1,127
Deferred revenue 7,987 7,521
Income tax payable 212 205
Subordinated debt due to related parties 9,000 9,000
Current portion of long-term debt and capital lease obligations 120 124
Total current liabilities 35,769 36,515
Long-term debt and capital lease obligations, less current portion 263,880 265,679
Deferred income taxes 50,430 48,077
Deferred revenue 8,040 7,962
Other liabilities 29 29
Total liabilities 358,148 358,262
Commitments and contingencies (Note 15)      
Stockholders' equity:    
Additional paid-in capital 232,728 231,972
Retained earnings 2,163 4,816
Treasury stock, at cost (2,317,650 shares at December 31, 2011 and June 30, 2012) (34,006) (34,006)
Total stockholders' equity 201,152 203,048
Total liabilities and stockholders' equity 559,300 561,310
Class A common stock
    
Stockholders' equity:    
Common stock 211 210
Class B common stock
    
Stockholders' equity:    
Common stock $ 56 $ 56