Salem Media Group, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)

9 Months Ended

Sep. 30, 2014

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 September 30, 2014
Net revenue	$	46,962		$	14,511	$	8,130		$	—		$	69,603
Operating expenses		32,596			10,931		6,766			5,254			55,547

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and gain on disposal of assets	$	14,366		$	3,580	$	1,364		$	(5,254	)	$	14,056

Depreciation		1,971			764		130			276			3,141
Amortization		23			1,202		304			1			1,530
Change in the estimated fair value of contingent earn-out consideration		—			58		487			—			545
Gain on disposal of assets		(7	)		—		—			—			(7	)

Net operating income (loss) from continuing operations	$	12,379		$	1,556	$	443		$	(5,531	)	$	8,847


Three Months Ended September 30, 2013
Net revenue	$	46,015		$	9,390	$	3,071		$	—		$	58,476
Operating expenses		30,847			6,644		3,301			4,951			45,743

Net operating income (loss) before depreciation, amortization, and (gain) loss on disposal of assets	$	15,168		$	2,746	$	(230	)	$	(4,951	)	$	12,733

Depreciation		1,986			702		115			286			3,089
Amortization		39			655		1			—			695
(Gain) loss on disposal of assets		(35	)		—		—			10			(25	)

Net operating income (loss) from continuing operations	$	13,178		$	1,389	$	(346	)	$	(5,247	)	$	8,974


	Radio Broadcast			Internet and e-commerce		Publishing			Corporate			Consolidated
	(Dollars in thousands)
Nine Months Ended September 30, 2014
Net revenue	$	140,393		$	41,811	$	18,369		$	—		$	200,573
Operating expenses		97,695			30,811		17,624			17,542			163,672

Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and loss on disposal of assets	$	42,698		$	11,000	$	745		$	(17,542	)	$	36,901

Depreciation		5,954			2,278		364			841			9,437
Amortization		75			3,682		909			1			4,667
Change in the estimated fair value of contingent earn-out consideration		—			275		639			—			914
Loss on disposal of assets		214			—		—			—			214

Net operating income (loss) from continuing operations	$	36,455		$	4,765	$	(1,167	)	$	(18,384	)	$	21,669


Nine Months Ended September 30, 2013
Net revenue	$	136,287		$	29,012	$	8,941		$	—		$	174,240
Operating expenses		91,258			20,372		9,776			15,839			137,245

Net operating income (loss) before depreciation, amortization, impairments and (gain) loss on disposal of assets	$	45,029		$	8,640	$	(835	)	$	(15,839	)	$	36,995

Depreciation		5,923			2,189		349			852			9,313
Amortization		117			1,954		5			—			2,076
Impairment of indefinite-lived long-term assets other than goodwill		—			—		345			—			345
Impairment of goodwill		—			—		438			—			438
(Gain) loss on disposal of assets		(30	)		—		—			10			(20	)

Net operating income (loss) from continuing operations	$	39,019		$	4,497	$	(1,972	)	$	(16,701	)	$	24,843


	Radio Broadcast		Internet and e-commerce		Publishing		Corporate		Consolidated
	(Dollars in thousands)
As of September 30, 2014
Inventories, net	$	—	$	292	$	334	$	—	$	626
Property, plant and equipment, net		82,889		7,091		2,017		8,299		100,296
Broadcast licenses		385,554		—		—		—		385,554
Goodwill		3,954		19,677		1,088		8		24,727
Other indefinite-lived intangible assets		—		—		868		—		868
Amortizable intangible assets, net		586		11,086		2,229		2		13,903

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

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details