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
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
OPERATING ACTIVITIES    
Net income (loss) from continuing operations $ (894) $ 3,644
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities:    
Non-cash stock-based compensation 696 481
Excess tax benefit from stock options exercised   (29)
Depreciation and amortization 7,198 7,502
Amortization of deferred financing costs 649 847
Amortization and accretion of financing items 90 94
Provision for bad debts 791 1,469
Deferred income taxes (1,041) 2,769
Impairment of long-lived assets 5,608  
(Gain) loss on disposal of assets (24) (4,375)
Loss on early redemption of long-term debt 893 1,090
Changes in operating assets and liabilities:    
Accounts receivable 2,171 (292)
Prepaid expenses and other current assets (325) (637)
Accounts payable and accrued expenses 368 1,745
Deferred revenue (3,443) (749)
Other liabilities   2,799
Income taxes payable 7 (96)
Net cash provided by operating activities 12,744 16,262
INVESTING ACTIVITIES    
Capital expenditures (4,846) (4,324)
Deposits on radio station acquisitions and equipment (307) 248
Release of restricted cash 110  
Purchases of broadcast assets and radio stations (2,180) (550)
Purchases of Internet businesses and assets (165) (6,000)
Proceeds from the disposal of assets 765 12,739
Other (34) (424)
Net cash provided by (used in) investing activities (6,657) 1,689
FINANCING ACTIVITIES    
Payments of costs related to bank credit facilities (134) (52)
Payments of bond issue costs   (43)
Payment of bond premium in connection with early redemption (525) (525)
Payments to redeem 95/8% Notes (17,500) (17,500)
Proceeds from borrowings under bank credit facility and subordinated debt 77,429 39,700
Payments on bank credit facility (61,842) (38,700)
Proceeds from lines of credits due to related parties 9,000  
Payments under lines of credits due to related parties (9,000)  
Proceeds from exercise of stock options 61 19
Excess tax benefit from stock options exercised   29
Payments on capital lease obligations (61) (60)
Payment of cash dividend on common stock (1,704)  
Book overdraft (1,580)  
Net cash used in financing activities (5,856) (17,132)
CASH FLOWS FROM DISCONTINUED OPERATIONS    
Operating cash flows 1 (189)
Investing cash flows   (88)
Net cash inflows (outflows) from discontinued operations 1 (277)
Net increase in cash and cash equivalents 232 542
Cash and cash equivalents at beginning of year 67 828
Cash and cash equivalents at end of period 299 1,370
Cash paid during the period for:    
Interest paid 11,937 13,497
Income taxes 206 233
Non-cash investing and financing activities:    
Trade Revenue 2,578 2,649
Trade Expense 2,590 2,105
Note receivable acquired in exchange for radio station   1,000
Assets acquired under capital leases   $ 25