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, 2013
Jun. 30, 2012
OPERATING ACTIVITIES    
Net loss from continuing operations $ (13,377,000) $ (894,000)
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities:    
Non-cash stock-based compensation 1,171,000 696,000
Tax benefit related to stock options exercised 113,000  
Depreciation and amortization 7,605,000 7,198,000
Amortization of bond issue costs and bank loan fees 511,000 649,000
Amortization and accretion of financing items 100,000 90,000
Provision for bad debts 1,521,000 791,000
Deferred income taxes (4,578,000) (1,041,000)
Impairment of indefinite-lived long-term assets other than goodwill 345,000  
Impairment of goodwill 438,000  
Impairment of long-lived assets   5,608,000
Change in fair value of interest rate swaps (3,578,000)  
Loss on early retirement of long-term debt 27,776,000 893,000
(Gain) loss on disposal of assets 5,000 (24,000)
Changes in operating assets and liabilities:    
Accounts receivable (278,000) 2,171,000
Prepaid expenses and other current assets (793,000) (325,000)
Accounts payable and accrued expenses (3,878,000) 368,000
Deferred revenue (1,045,000) (3,443,000)
Other liabilities (9,000)  
Income taxes payable (137,000) 7,000
Net cash provided by operating activities 11,912,000 12,744,000
INVESTING ACTIVITIES    
Capital expenditures (5,232,000) (4,846,000)
Deposits (release) on radio station acquisitions and broadcast equipment 370,000 (307,000)
Purchases of broadcast assets and radio stations (5,000,000) (2,180,000)
Purchases of Internet businesses and assets   (165,000)
Proceeds from the disposal of assets   765,000
Release (payment) of restricted cash   110,000
Other (162,000) (34,000)
Net cash used in investing activities (10,024,000) (6,657,000)
FINANCING ACTIVITIES    
Payments to redeem 95/8% Notes (213,500,000) (17,500,000)
Payment of bond premium in connection with early redemptions and repurchases of the 95/8% Notes (22,677,000) (525,000)
Proceeds from borrowings under Term Loan B and Revolver 310,000,000  
Payments under Term Loan B and Revolver (15,087,000)  
Payments of costs related to bank credit facility (4,364,000) (134,000)
Proceeds from borrowings under terminated credit facilities and subordinated debt 46,747,000 77,429,000
Payments under terminated credit facilities and subordinated debt (87,220,000) (61,842,000)
Proceeds from subordinated debt due to related parties   9,000,000
Payments to subordinated debt due to related parties (15,000,000) (9,000,000)
Proceeds from exercise of stock options 583,000 61,000
Payments on capital lease obligations (63,000) (61,000)
Payment of cash dividend on common stock (2,474,000) (1,704,000)
Book overdraft 875,000 (1,580,000)
Net cash used in financing activities (2,180,000) (5,856,000)
CASH FLOWS FROM DISCONTINUED OPERATIONS    
Operating cash flows (15,000) 1,000
Net cash inflows (outflows) from discontinued operations (15,000) 1,000
Net increase (decrease) in cash and cash equivalents (307,000) 232,000
Cash and cash equivalents at beginning of year 380,000 67,000
Cash and cash equivalents at end of period 73,000 299,000
Cash paid during the period for:    
Interest, including $113 and $296 paid to related parties during the six months ending June 30, 2012 and 2013, respectively 9,835,000 11,937,000
Income taxes 245,000 202,000
Other supplemental disclosure of cash flow information:    
Trade revenue 2,306,000 2,578,000
Trade expense 2,050,000 2,590,000
Non-cash investing and financing activities:    
Net present value of advertising credits payable 2,427,000  
Seller-financed note $ 2,000,000