Quarterly report pursuant to Section 13 or 15(d)

SEGMENT DATA

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SEGMENT DATA
 3 Months Ended
Mar. 31, 2014
Segment Reporting [Abstract]  
SEGMENT DATA

NOTE 17. SEGMENT DATA

FASB ASC Topic 280 Segment Reporting requires companies to provide certain information about their operating segments. We operate in three segments — radio broadcasting, Internet and publishing — of which our radio broadcasting and Internet segment are reportable segments. Our radio broadcasting segment operates radio stations throughout the United States, as well as various radio networks and our National sales group. Our Internet segment operates all of our websites, digital publications and consumer product sales. Our publishing segment operates Regnery Publishing, our print magazines and Xulon Press, a print-on-demand book publisher.

 

Management uses operating income before depreciation, amortization, impairments and (gain) loss on sale or disposal of assets, as its measure of profitability for purposes of assessing performance and allocating resources.

 

     Radio
Broadcast		     Internet and
e-commerce		      Publishing     Corporate     Consolidated  
     (Dollars in thousands)  

Three Months Ended March 31, 2014

            

Net revenue

    $ 45,576      $ 12,910       $ 3,847      $ —        $ 62,333   

Operating expenses

      31,189        9,817         4,419        6,830        52,255   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

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

    $ 14,387      $ 3,093       $ (572 )    $ (6,830 )    $ 10,078   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Depreciation

      1,988        753         101        287        3,129   

Amortization

      28        1,278         302        —          1,608   

Change in estimated fair value of contingent earn-out consideration

      —          127         —          —          127   

(Gain) loss on disposal of assets

      (117 )      —           —          —          (117 ) 
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Operating income (loss) from continuing operations

    $ 12,488      $ 935       $ (975 )    $ (7,117 )    $ 5,331   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Three Months Ended March 31, 2013

            

Net revenue

    $ 43,247      $ 9,716       $ 2,665      $ —        $ 55,628   

Operating expenses

      29,567        6,841         3,023        5,796        45,227   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

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

    $ 13,680      $ 2,875       $ (358 )    $ (5,796 )    $ 10,401   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Depreciation

      1,973        743         116        290        3,122   

Amortization

      35        656         2        —          693   

(Gain) loss on disposal of assets

      4        —           —          —          4   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  

Operating income (loss) from continuing operations

    $ 11,668      $ 1,476       $ (476 )    $ (6,086 )    $ 6,582   
  

 

 

    

 

 

     

 

 

    

 

 

    

 

 

  
     Radio
Broadcast		     Internet and
e-commerce 		     Publishing     Corporate     Consolidated  
     (Dollars in thousands)  

As of March 31, 2014

            

Inventories

    $ —        $ 387       $ 177      $ —        $ 564   

Property, plant and equipment, net

      82,291        6,960         2,006        8,382        99,639   

Broadcast licenses

      383,606        —           —          —          383,606   

Goodwill

      3,936        19,677         1,088        8        24,709   

Other indefinite-lived intangible assets

      —          —           868        —          868   

Amortizable intangible assets, net

      633        13,454         2,809        1        16,897   

As of December 31, 2013

            

Property, plant and equipment, net

    $ 82,457      $ 6,402       $ 1,596      $ 8,473      $ 98,928   

Broadcast licenses

      381,836        —           —          —          381,836   

Goodwill

      3,917        17,550         899        8        22,374   

Other indefinite-lived intangible assets

      —          —           868        —          868   

Amortizable intangible assets, net

      661        8,119         11        2        8,793