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 $)
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
OPERATING ACTIVITIES    
Net income (loss) from continuing operations $ (8,043,000) $ 2,513,000
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities:    
Non-cash stock-based compensation 1,529,000 995,000
Tax benefit related to stock options exercised 117,000  
Depreciation and amortization 11,389,000 10,775,000
Amortization of bond issue costs and bank loan fees 682,000 970,000
Amortization and accretion of financing items 148,000 134,000
Provision for bad debts 2,490,000 1,860,000
Deferred income taxes (5,815,000) (2,041,000)
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 the fair value of interest rate swaps (2,545,000)  
Loss on early retirement of long-term debt 27,792,000 893,000
(Gain) loss on the sale or disposal of assets (20,000) 563,000
Changes in operating assets and liabilities:    
Accounts receivable 1,717,000 (1,579,000)
Prepaid expenses and other current assets (860,000) (509,000)
Accounts payable and accrued expenses (3,756,000) 3,968,000
Deferred revenue (4,148,000) (1,752,000)
Other liabilities (9,000)  
Income taxes payable (75,000) (37,000)
Net cash provided by operating activities 21,376,000 22,361,000
INVESTING ACTIVITIES    
Capital expenditures (7,792,000) (6,407,000)
Deposits (release) of cash in escrow related to acquisitions 170,000 (250,000)
Purchases of broadcast assets and radio stations (7,000,000) (3,330,000)
Purchases of Internet businesses and assets (707,000) (3,165,000)
Proceeds from the sale of assets   768,000
Release of restricted cash   110,000
Other (117,000) (110,000)
Net cash used in investing activities (15,446,000) (12,384,000)
FINANCING ACTIVITIES    
Payments to redeem Terminated 95/8% Notes (213,500,000) (17,500,000)
Payment of bond premium in connection with early redemptions and repurchases of the Terminated 95/8% Notes (22,677,000) (525,000)
Proceeds from borrowings under Term Loan B and Revolver 319,012,000  
Payments under Term Loan B and Revolver (26,052,000)  
Payments of costs related to bank credit facility (4,384,000) (148,000)
Proceeds from borrowings under terminated credit facilities and subordinated debt 46,747,000 108,932,000
Payments under terminated credit facilities and subordinated debt (87,220,000) (101,813,000)
Proceeds from Terminated Subordinated Debt due to Related Parties   18,000,000
Payments to Terminated Subordinated Debt due to Related Parties (15,000,000) (12,000,000)
Proceeds from exercise of stock options 978,000 68,000
Payments on capital lease obligations (92,000) (93,000)
Payment of cash distribution on common stock (2,474,000) (2,558,000)
Book overdraft (196,000) (2,212,000)
Net cash used in financing activities (4,858,000) (9,849,000)
CASH FLOWS FROM DISCONTINUED OPERATIONS    
Operating cash flows (26,000)  
Net cash outflows from discontinued operations (26,000)  
Net increase in cash and cash equivalents 1,046,000 128,000
Cash and cash equivalents at beginning of year 380,000 67,000
Cash and cash equivalents at end of period 1,426,000 195,000
Cash paid during the period for:    
Interest, including $150 and $296 paid to related parties during the nine months ending September 30, 2012 and 2013, respectively 13,384,000 12,417,000
Income taxes 250,000 246,000
Other supplemental disclosures of cash flow information:    
Trade revenue 3,962,000 4,006,000
Trade expense 3,261,000 4,012,000
Non-cash investing and financing activities:    
Net present value of advertising credits payable 2,427,000  
Assets acquired under capital leases $ 97,000 $ 27,000