Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Income Statement [Abstract]      
Net broadcast revenue $ 183,697 $ 183,180 $ 178,731
Net Internet and e-commerce revenue 40,906 33,474 27,304
Net publishing revenue 12,331 12,525 12,131
Total net revenue 236,934 229,179 218,166
Operating expenses:      
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $1,297, $1,357 and $1,386 for the years ended December 31, 2011, 2012 and 2013, respectively, paid to related parties) 122,862 120,772 115,482
Internet operating expenses, exclusive of depreciation and amortization shown below 28,378 25,145 20,889
Publishing operating expenses exclusive of depreciation and amortization shown below 13,289 12,288 11,475
Corporate expenses, exclusive of depreciation and amortization shown below (including $402, $386 and $239 for the years ended December 31, 2011, 2012 and 2013, respectively, paid to related parties) 21,430 18,892 17,503
Depreciation 12,448 12,343 12,520
Amortization 2,814 2,304 2,451
Impairment of indefinite-lived long-term assets other than goodwill 1,006 88  
Impairment of goodwill 438    
Impairment of long-lived assets   6,808  
(Gain) loss on the sale or disposal of assets (264) 49 (4,153)
Total operating expenses 202,401 198,689 176,167
Operating income (loss) from continuing operations 34,533 30,490 41,999
Other income (expense):      
Interest income 68 106 344
Interest expense (including $38, $427 and $154 for the years ended December 31, 2011, 2012 and 2013, respectively, due to related parties) (16,892) (24,911) (27,665)
Change in the fair value of interest rate swap 3,177    
Loss on early retirement of long-term debt (27,795) (1,088) (2,169)
Net miscellaneous income and (expenses) 18 79 (40)
Income (loss) from continuing operations before income taxes (6,891) 4,676 12,469
Provision for (benefit from) income taxes (4,192) 153 6,110
Income (loss) from continuing operations (2,699) 4,523 6,359
Loss from discontinued operations, net of tax (37) (95) (741)
Net income (loss) $ (2,736) $ 4,428 $ 5,618
Basic earnings per share data:      
Earnings (loss) per share from continuing operations $ (0.11) $ 0.18 $ 0.26
Earnings (loss) per share from discontinued operations     $ (0.03)
Basic earnings (loss) per share $ (0.11) $ 0.18 $ 0.23
Diluted earnings per share data:      
Earnings (loss) per share from continuing operations $ (0.11) $ 0.18 $ 0.26
Earnings (loss) from discontinued operations     $ (0.03)
Diluted earnings (loss) per share $ (0.11) $ 0.18 $ 0.23
Dividends per share $ 0.21 $ 0.14  
Basic weighted average shares outstanding 24,938,075 24,577,605 24,475,102
Diluted weighted average shares outstanding 24,938,075 24,986,966 24,683,644