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
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
OPERATING ACTIVITIES    
Net income from continuing operations $ 2,513 $ 5,333
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:    
Non-cash stock-based compensation 995 646
Excess tax benefit from stock options exercised   (29)
Depreciation and amortization 10,775 11,233
Amortization of deferred financing costs 970 1,253
Amortization and accretion of financing items 134 140
Provision for bad debts 1,860 2,099
Deferred income taxes (2,041) 3,316
Impairment of long-lived assets 5,608  
(Gain) loss on disposal of assets 563 (4,343)
Loss on early redemption of long-term debt 893 1,395
Changes in operating assets and liabilities:    
Accounts receivable (1,579) (1,392)
Prepaid expenses and other current assets (509) (1,311)
Accounts payable and accrued expenses 3,968 5,473
Deferred revenue (1,752) (182)
Other liabilities   2,799
Income taxes payable (37) (203)
Net cash provided by operating activities 22,361 26,227
INVESTING ACTIVITIES    
Capital expenditures (6,407) (5,931)
Deposits on radio station acquisitions and equipment (250) 248
Release of restricted cash 110 100
Purchases radio stations and broadcast assets (3,330) (550)
Purchases of Internet businesses and assets (3,165) (6,000)
Proceeds from the disposal of assets 768 12,744
Other (110) (587)
Net cash provided by (used in) investing activities (12,384) 24
FINANCING ACTIVITIES    
Payments of costs related to bank credit facilities (148) (52)
Payments of bond issue costs   (43)
Payment of bond premium in connection with early redemption (525) (669)
Payments to redeem 95/8% Notes (17,500) (22,500)
Proceeds from borrowings under bank credit facility and subordinated debt 108,932 52,700
Payments on bank credit facility (101,813) (57,200)
Proceeds from lines of credits due to related parties 18,000  
Payments under lines of credits due to related parties (12,000)  
Proceeds from exercise of stock options 68 19
Excess tax benefit from stock options exercised   29
Payments on capital lease obligations (93) (86)
Payment of cash dividend on common stock (2,558)  
Book overdraft (2,212) 1,090
Net cash used in financing activities (9,849) (26,712)
CASH FLOWS FROM DISCONTINUED OPERATIONS    
Operating cash flows   (242)
Investing cash flows   (106)
Net cash inflows (outflows) from discontinued operations   (348)
Net increase in cash and cash equivalents 128 (809)
Cash and cash equivalents at beginning of year 67 828
Cash and cash equivalents at end of period 195 19
Cash paid during the period for:    
Interest (including $150 paid to related parties during the nine months ending September 30, 2012) 12,417 13,937
Income taxes 251 250
Non-cash investing and financing activities:    
Trade Revenue 4,006 4,089
Trade Expense 4,012 3,443
Note receivable acquired in exchange for radio station   1,000
Assets acquired under capital leases $ 27 $ 8