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 ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
OPERATING ACTIVITIES    
Net income $ 3,818,000 $ 1,694,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 487,000 932,000
Tax benefit related to stock options exercised 112,000 77,000
Depreciation and amortization 8,876,000 9,433,000
Amortization of bank loan fees 314,000 344,000
Accretion of acquisition-related deferred payments and contingent consideration 160,000 540,000
Provision for bad debts 911,000 1,510,000
Deferred income taxes 2,197,000 648,000
Change in the fair value of interest rate swap 976,000 2,469,000
Change in the estimated fair value of contingent earn-out consideration (189,000) 369,000
Loss on early retirement of long-term debt 41,000 8,000
Loss on the sale or disposal of assets 159,000 221,000
Changes in operating assets and liabilities:    
Accounts receivable 6,315,000 4,024,000
Prepaid expenses and other current assets (1,463,000) (407,000)
Accounts payable and accrued expenses (2,674,000) 3,512,000
Deferred revenue (4,359,000) (3,733,000)
Other liabilities 327,000 (767,000)
Income taxes payable (154,000) (38,000)
Net cash provided by operating activities 15,947,000 20,930,000
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (4,207,000) (5,980,000)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (947,000) (137,000)
Escrow deposits related to acquisitions (225,000) (50,000)
Purchases of broadcast assets and radio stations $ (5,186,000) (4,563,000)
Proceeds from the sale of assets   2,000
Other $ (390,000) (228,000)
Net cash used in investing activities $ (12,277,000) (16,859,000)
FINANCING ACTIVITIES    
Payments of costs related to bank credit facility   $ (14,000)
Payments of acquisition related contingent earn-out consideration $ (1,177,000)  
Payments of deferred installments due from acquisition activity (935,000)  
Proceeds from the exercise of stock options 298,000 $ 975,000
Payments on capital lease obligations (58,000) (62,000)
Payment of cash distributions on common stock (3,301,000) (2,958,000)
Book overdraft 978,000 (269,000)
Net cash used in financing activities (3,511,000) (3,904,000)
CASH FLOWS FROM DISCONTINUED OPERATIONS    
Net increase in cash and cash equivalents 159,000 167,000
Cash and cash equivalents at the beginning of year 33,000 65,000
Cash and cash equivalents at end of period 192,000 232,000
Cash paid during the period for:    
Cash paid for interest, net of capitalized interest 7,071,000 6,682,000
Cash paid for income taxes 316,000 238,000
Other supplemental disclosures of cash flow information:    
Trade revenue 3,189,000 3,524,000
Trade expense 2,960,000 3,379,000
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 947,000 $ 137,000
Non-cash capital expenditures for property & equipment acquired under trade agreements 11,000  
Estimated present value of contingent earn-out consideration $ 300,000 $ 2,047,000
Deferred payments due 2014 under asset purchase agreement   300,000
Present value of deferred cash payments (due 2015)   2,392,000
Present value of deferred cash payments (due 2016)   2,289,000
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of businesses and assets $ (1,322,000) (3,129,000)
Publishing [Member]    
INVESTING ACTIVITIES    
Purchases of businesses and assets   (2,774,000)
Term Loan B [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of bank loan fees $ 27,000  
Accretion of discount on Term Loan B 93,000 94,000
FINANCING ACTIVITIES    
Repayments of borrowings (2,000,000) (2,250,000)
Revolver [Member]    
FINANCING ACTIVITIES    
Repayments of borrowings (24,538,000) (25,718,000)
Proceeds from borrowings $ 27,222,000 $ 26,392,000