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 $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Term Loan B
Jun. 30, 2013
Term Loan B
Jun. 30, 2014
Revolver under senior credit facility
Jun. 30, 2013
Revolver under senior credit facility
Jun. 30, 2014
Due 2015
Jun. 30, 2014
Due 2016
Jun. 30, 2014
Internet business
Jun. 30, 2014
Publishing business
OPERATING ACTIVITIES                    
Net income (loss) from continuing operations $ 1,694 $ (13,377)                
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities:                    
Non-cash stock-based compensation 932 1,171                
Tax benefit related to stock options exercised 77 113                
Depreciation and amortization 9,433 7,605                
Amortization of bank loan fees 344 511                
Accretion of discount on Term Loan B     94 100            
Accretion of acquisition-related deferred payments and contingent consideration 540                  
Provision for bad debts 1,510 1,521                
Deferred income taxes 648 (4,578)                
Impairment of indefinite-lived long-term assets other than goodwill   345                
Impairment of goodwill   438                
Change in the fair value of interest rate swap 2,469 (3,578)                
Change in the estimated fair value of contingent earn-out consideration 369                  
Loss on early retirement of long-term debt 8 27,776                
Loss on the sale or disposal of assets 221 5                
Changes in operating assets and liabilities:                    
Accounts receivable 4,024 (278)                
Prepaid expenses and other current assets (407) (793)                
Accounts payable and accrued expenses 3,512 (3,878)                
Deferred revenue (3,733) (1,045)                
Other liabilities (767) (9)                
Income taxes payable (38) (137)                
Net cash provided by operating activities 20,930 11,912                
INVESTING ACTIVITIES                    
Capital expenditures (6,117) (5,232)                
Cash escrow deposits (paid) released related to acquisitions (50) 370                
Purchases of broadcast assets and radio stations (4,563) (5,000)                
Purchases of businesses and assets                 (3,129) (2,774)
Proceeds from the sale of assets 2                  
Other (228) (162)                
Net cash used in investing activities (16,859) (10,024)                
FINANCING ACTIVITIES                    
Payments to redeem Terminated 95/8% Notes   (213,500)                
Payment of bond premium in connection with early redemptions and repurchases of Terminated 95/8% Notes   (22,677)                
Proceeds from borrowings       298,500 26,392 11,500        
Repayments of borrowings     (2,250) (4,000) (25,718) (11,087)        
Payments of costs related to bank credit facility (14) (4,364)                
Proceeds from borrowings under terminated credit facilities and subordinated debt   46,747                
Payments under terminated credit facilities and subordinated debt   (87,220)                
Payments to Terminated Subordinated Debt due to Related Parties   (15,000)                
Proceeds from exercise of stock options 975 583                
Payments on capital lease obligations (62) (63)                
Payment of cash distribution on common stock (2,958) (2,474)                
Book overdraft (269) 875                
Net cash used in financing activities (3,904) (2,180)                
CASH FLOWS FROM DISCONTINUED OPERATIONS                    
Operating cash flows   (15)                
Net cash outflows from discontinued operations   (15)                
Net increase (decrease) in cash and cash equivalents 167 (307)                
Cash and cash equivalents at beginning of year 65 380                
Cash and cash equivalents at end of period 232 73                
Cash paid during the period for:                    
Cash paid for interest, net of capitalized interest (including $296 paid to related parties for the six months ending June 30, 2013) 6,682 9,835                
Cash paid for income taxes 238 245                
Other supplemental disclosures of cash flow information:                    
Trade revenue 3,524 2,530                
Trade expense 3,379 2,059                
Non-cash investing and financing activities:                    
Seller financed note due directly to seller of station assets   2,000                
Present value of advertising credits payable   2,427                
Estimated present value of contingent earn-out consideration 2,047                  
Deferred payments due 2014 under asset purchase agreement 300                  
Present value of deferred cash payments (due 2015)             893      
Present value of deferred cash payments (due 2016)               $ 2,289