Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Current assets:    
Cash and cash equivalents $ 380 $ 67
Restricted cash   110
Trade accounts receivable (net of allowance for doubtful accounts of $9,300 in 2011 and $8,926 in 2012) 32,874 31,001
Other receivables 609 888
Prepaid expenses 3,277 3,395
Deferred income taxes 6,248 6,403
Assets held for sale 1,964  
Assets of discontinued operations 8 102
Total current assets 45,360 41,966
Property, plant and equipment (net of accumulated depreciation of $125,708 in 2011 and $135,823 in 2012) 99,467 111,222
Broadcast licenses 373,720 371,420
Goodwill 22,383 20,092
Other indefinite-lived intangible assets 1,873 1,961
Amortizable intangible assets (net of accumulated amortization of $22,817 in 2011 and $25,121 in 2012) 8,753 6,469
Deferred financing costs 4,002 5,489
Notes receivable (net of allowance of $100 in 2011 and $702 in 2012) 1,662 1,459
Other assets 2,007 1,232
Total assets 559,227 561,310
Current liabilities:    
Accounts payable 4,440 4,565
Accrued expenses 6,627 5,542
Accrued compensation and related expenses 8,668 8,431
Accrued interest 1,110 1,127
Deferred revenue 7,396 7,521
Income tax payable 175 205
Subordinated debt due related parties 15,000 9,000
Current portion of long-term debt and capital lease obligations 5,108 124
Total current liabilities 48,524 36,515
Long-term debt and capital lease obligations, less current portion 248,872 265,679
Deferred income taxes 47,593 48,077
Deferred revenue 8,140 7,962
Other liabilities 29 29
Total liabilities 353,158 358,262
Commitments and contingencies (Note 9)      
Stockholders' Equity:    
Additional paid-in capital 233,974 231,972
Retained earnings 5,832 4,816
Treasury stock, at cost (2,317,650 shares at December 31, 2011 and 2012) (34,006) (34,006)
Total stockholders' equity 206,069 203,048
Total liabilities and stockholders' equity 559,227 561,310
Class A Common Stock
    
Stockholders' Equity:    
Common stock 213 210
Class B common stock
    
Stockholders' Equity:    
Common stock $ 56 $ 56