Quarterly report pursuant to Section 13 or 15(d)

Significant Transactions (Tables)

v2.4.0.6
Significant Transactions (Tables)
 9 Months Ended
Sep. 30, 2012
Business Acquisitions and Asset Purchases

A summary of our business acquisitions and asset purchases for the nine months ended September 30, 2012, none of which were material to our condensed consolidated financial position as of the respective date of acquisition, is as follows:

 

Acquisition Date

    Description    Total Cost  
          (Dollars in thousands)  
August 31, 2012    WLCC-AM, Tampa, Florida    $ 1,150   
August 30, 2012    Sermonspice.com      3,000   
May 15, 2012    Churchangel.com and rchurch.com      165   
April 10, 2012    WKDL-AM, Warrenton, Virginia      30   
January 13, 2012    KTNO-AM, Dallas, Texas      2,150   
     

 

 

  
      $ 6,495   
     

 

 

  
Total Acquisition Consideration Allocated to Net Assets Acquired

The total acquisition consideration was allocated to the net assets acquired as follows:

 

     Broadcast
Assets
Acquired		      Internet
Assets
Acquired		     Net Assets
Acquired		  
     (Dollars in thousands)  

Asset

        

Property and equipment

    $ 2,235       $ 89      $ 2,324   

Broadcast licenses

      1,086         —          1,086   

Goodwill

      9         1,231        1,240   

Customer lists and contracts

      —           157        157   

Software

      —           309        309   

Customer relationships

      —           927        927   

Domain and brand names

      —           479        479   

Liabilities

        

Subscriber liabilities assumed

      —           (27 )      (27 ) 
  

 

 

     

 

 

    

 

 

  
   $ 3,330       $ 3,165      $ 6,495   
  

 

 

     

 

 

    

 

 

  
Income (Loss) from Discontinued Operations

The following table sets forth the components of income (loss) from discontinued operations:

 

     Three Months Ended September 30,     Nine Months Ended September 30,  
     2011     2012     2011     2012  
     (Dollars in thousands)  

Net revenues

    $ 393      $ 11      $ 1,705      $ 22   

Operating expenses

      (694 )      (76 )      (1,938 )      (178 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss)

    $ (301 )    $ (65 )    $ (233 )    $ (156 ) 

Provision for (benefit from) income taxes

      (97 )      (26 )      (72 )      (62 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from discontinued operations, net of tax

    $ (204 )    $ (39 )    $ (161 )    $ (94 )