Annual report pursuant to Section 13 and 15(d)

SEGMENT DATA

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SEGMENT DATA
 12 Months Ended
Dec. 31, 2012
SEGMENT DATA

NOTE 15. SEGMENT DATA

FASB ASC Topic 280 “Segment Reporting” requires companies to provide certain information about their operating segments. We have historically had one reportable operating segment—radio broadcasting. Our radio broadcasting segment operates radio stations throughout the United States, as well as various radio networks and our National sales group. Beginning with the first quarter of 2011, we separated our non-broadcast segment into two operating segments, Internet and Publishing. We believe that this information regarding our non-broadcast segment is useful to readers of our financial statements. Additionally, due to growth within our Internet operations, including the acquisition of WorshipHouseMedia.com on March 28, 2011, our Internet segment meets the threshold for disclosure as a reportable segment. All prior periods presented have been updated to separate these non-broadcast segments. Our Internet segment operates all of our websites and our consumer product sales. Our publishing segment operates our print magazine and Xulon Press, a print-on-demand book publisher.

 

Management uses operating income before depreciation, amortization, impairments of indefinite-lived intangible assets, (gain) loss on disposal of assets, and costs of denied towers, abandoned projects and terminated transactions as its measure of profitability for purposes of assessing performance and allocating resources.

 

     Radio
Broadcast		     Internet     Publishing     Corporate     Consolidated  
     (Dollars in thousands)  

Year Ended December 31, 2012

           

Net revenue

    $ 183,180      $ 33,474      $ 12,525      $ —        $ 229,179   

Operating expenses

      120,772        25,145        12,288        18,892        177,097   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss) before depreciation, amortization, impairment of long-lived assets and (gain) loss on disposal of assets

    $ 62,408      $ 8,329      $ 237      $ (18,892 )    $ 52,082   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Depreciation

      8,274        2,438        423        1,208        12,343   

Amortization

      105        2,189        8        2        2,304   

Impairment of long-lived assets

      6,808        —          88        —          6,896   

(Gain) loss on disposal of assets

      84        (76 )      —          41        49   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss)

    $ 47,137      $ 3,778      $ (282 )    $ (20,143 )    $ 30,490   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Year Ended December 31, 2011

           

Net revenue

    $ 178,731      $ 27,304      $ 12,131      $ —        $ 218,166   

Operating expenses

      115,482        20,889        11,475        17,503        165,349   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss) before depreciation, amortization and (gain) loss on disposal of assets

    $ 63,249      $ 6,415      $ 656      $ (17,503 )    $ 52,817   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Depreciation

      8,834        2,139        308        1,239        12,520   

Amortization

      136        2,186        127        2        2,451   

(Gain) loss on disposal of assets

      (4,332 )      (11 )      23        167        (4,153 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss)

    $ 58,611      $ 2,101      $ 198      $ (18,911 )    $ 41,999   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Year Ended December 31, 2010

           

Net revenue

    $ 174,933      $ 20,104      $ 11,421      $ —        $ 206,458   

Operating expenses

      110,421        16,722        11,226        16,613        154,982   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss) before depreciation, amortization and (gain) loss on disposal of assets

    $ 64,512      $ 3,382      $ 195      $ (16,613 )    $ 51,476   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Depreciation

      9,391        1,771        263        1,145        12,570   

Amortization

      102        1,637        274        5        2,018   

(Gain) loss on disposal of assets

      (10 )      7        55        203        255   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss)

    $ 55,029      $ (33 )    $ (397 )    $ (17,966 )    $ 36,633   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     Radio
Broadcast		      Internet      Publishing      Corporate      Consolidated  
     (Dollars in thousands)  

As of December 31, 2012

               

Property, plant and equipment, net

    $ 82,972       $ 6,309       $ 1,271       $ 8,915       $ 99,467   

Broadcast licenses

      373,720         —           —           —           373,720   

Goodwill

      3,881         17,157         1,337         8         22,383   

Other indefinite-lived intangible assets

      —           —           1,873         —           1,873   

Amortizable intangible assets, net

      106         8,634         11         2         8,753   

As of December 31, 2011

               

Total property, plant and equipment, net

    $ 95,295       $ 5,752       $ 1,233       $ 8,942       $ 111,222   

Broadcast licenses

      371,420         —           —           —           371,420   

Goodwill

      3,873         14,874         1,337         8         20,092   

Other indefinite-lived intangible assets

      —           —           1,961         —           1,961   

Amortizable intangible assets, net

      211         6,235         19         4         6,469