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 $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
OPERATING ACTIVITIES    
Net income (loss) from continuing operations $ (18,582,000) $ 885,000
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities:    
Non-cash stock-based compensation 820,000 327,000
Depreciation and amortization 3,815,000 3,619,000
Amortization of bond issue costs and bank loan fees 343,000 322,000
Amortization and accretion of financing items 47,000 45,000
Provision for bad debts 802,000 417,000
Deferred income taxes (8,694,000) 644,000
Change in fair value of interest rate swaps 429,000  
Loss on early retirement of debt 27,721,000  
(Gain) loss on disposal of assets 4,000 (169,000)
Changes in operating assets and liabilities:    
Accounts receivable 1,070,000 1,964,000
Prepaid expenses and other current assets (703,000) (208,000)
Accounts payable and accrued expenses (3,631,000) 3,761,000
Deferred revenue (1,569,000) (1,297,000)
Other liabilities (9,000)  
Income taxes payable (14,000) 7,000
Net cash provided by (used in) operating activities 1,849,000 10,317,000
INVESTING ACTIVITIES    
Capital expenditures (2,343,000) (2,761,000)
Deposits on radio station acquisitions and broadcast equipment 424,000 (30,000)
Purchases of broadcast assets and radio stations (7,000,000) (2,150,000)
Proceeds from the disposal of assets   765,000
Release (payment) of restricted cash (970,000) 110,000
Other (26,000) (15,000)
Net cash provided by (used in) investing activities (9,915,000) (4,081,000)
FINANCING ACTIVITIES    
Payments to redeem 95/8% Notes (212,597,000)  
Proceeds from borrowings under Term Loan B and Revolver 307,037,000  
Payments under Revolver (4,537,000)  
Payments of costs related to bank credit facility (3,881,000) (8,000)
Proceeds from borrowings under terminated credit facilities and subordinated debt 24,070,000 31,774,000
Payments under terminated credit facilities and subordinated debt (87,220,000) (26,464,000)
Payments to subordinated debt due to related parties (15,000,000) (9,000,000)
Issuance of seller financed note 2,000,000  
Proceeds from exercise of stock options 129,000 11,000
Payments on capital lease obligations (31,000) (30,000)
Payment of cash dividend on common stock (1,234,000) (850,000)
Book overdraft (915,000) (1,428,000)
Net cash provided by (used in) financing activities 7,821,000 (5,995,000)
CASH FLOWS FROM DISCONTINUED OPERATIONS    
Operating cash flows (12,000) 4,000
Net cash inflows (outflows) from discontinued operations (12,000) 4,000
Net increase (decrease) in cash and cash equivalents (257,000) 245,000
Cash and cash equivalents at beginning of year 380,000 67,000
Cash and cash equivalents at end of period 123,000 312,000
Cash paid during the period for:    
Interest, including $113 and $296 paid to related parties during the quarters ending March 31, 2012 and 2013, respectively 5,895,000 410,000
Income taxes 23,000 8,000
Non-cash investing and financing activities:    
Trade revenue 1,109,000 1,047,000
Trade expense 1,085,000 1,114,000
Seller financed note $ 2,000,000