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
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES    
Net income $ 5,895 $ 5,437
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 657 1,276
Tax benefit related to stock options exercised 114 78
Depreciation and amortization 13,342 14,104
Amortization of bank loan fees 471 516
Accretion of acquisition-related deferred payments and contingent consideration 286 486
Provision for bad debts 1,746 2,186
Deferred income taxes 3,489 3,133
Change in the fair value of interest rate swap 2,486 1,423
Change in the estimated fair value of contingent earn-out consideration (792) 914
Loss on early retirement of long-term debt 41 26
Loss on the sale or disposal of assets 156 214
Changes in operating assets and liabilities:    
Accounts receivable 1,896 (1,476)
Inventories (487) (81)
Prepaid expenses and other current assets (2,044) (507)
Accounts payable and accrued expenses (1,457) 4,035
Deferred revenue (801) (4,218)
Other liabilities 448 (428)
Income taxes payable (154) 27
Net cash provided by operating activities 25,432 27,286
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (6,317) (7,631)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (2,735) (279)
Escrow deposits related to acquisitions (112) (120)
Purchases of broadcast assets and radio stations (8,686) (4,570)
Proceeds from the sale of assets 10 2
Other (429) (271)
Net cash used in investing activities $ (22,598) (18,977)
FINANCING ACTIVITIES    
Payments of costs related to bank credit facility (14)
Payments of acquisition-related contingent earn-out consideration $ (1,193) $ (300)
Payments of deferred installments due from acquisition activity (935)
Proceeds from the exercise of stock options 314 $ 1,095
Payments on capital lease obligations (87) (92)
Payment of cash distributions on common stock (4,956) (4,537)
Book overdraft 1,905 276
Net cash used in financing activities (2,681) (8,063)
CASH FLOWS FROM DISCONTINUED OPERATIONS    
Net increase in cash and cash equivalents 153 246
Cash and cash equivalents at the beginning of year 33 65
Cash and cash equivalents at end of period 186 311
Cash paid during the period for:    
Cash paid for interest, net of capitalized interest 10,675 10,804
Cash paid for income taxes 327 254
Other supplemental disclosures of cash flow information:    
Trade revenue 4,701 4,919
Trade expense 4,358 4,827
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 2,709 $ 279
Non-cash capital expenditures for property & equipment acquired under trade agreements 20
Estimated present value of contingent earn-out consideration $ 300 $ 2,047
Deferred payments due 2014 under asset purchase agreement 300
Present value of deferred cash payments (due 2015) 2,392
Present value of deferred cash payments (due 2016) 2,289
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of businesses and assets $ (4,329) (3,334)
Publishing [Member]    
INVESTING ACTIVITIES    
Purchases of businesses and assets (2,774)
Term Loan B [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of discount on Term Loan B $ 140 141
FINANCING ACTIVITIES    
Repayments of borrowings (2,000) (7,250)
Revolver [Member]    
FINANCING ACTIVITIES    
Repayments of borrowings (40,059) (41,897)
Proceeds from borrowings $ 44,330 $ 44,656