Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Net broadcast revenue $ 196,090 $ 192,923 $ 188,544
Net digital media revenue 45,855 46,862 35,156
Net publishing revenue 23,842 26,751 13,234
Total net revenue 265,787 266,536 236,934
Operating expenses:      
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $1,428, $1,454 and $1,509 for the years ended December 31, 2013, 2014 and 2015, respectively, paid to related parties) 140,230 138,564 129,857
Digital media operating expenses, exclusive of depreciation and amortization shown below 35,969 36,232 25,741
Publishing operating expenses exclusive of depreciation and amortization shown below 24,774 26,143 14,280
Unallocated corporate expenses, exclusive of depreciation and amortization shown below (including $239, $274 and $133 for the years ended December 31, 2013, 2014 and 2015, respectively, paid to related parties) 15,146 17,092 16,081
Depreciation 12,417 12,629 12,448
Amortization 5,324 6,196 2,814
Change in the estimated fair value of contingent earn-out consideration (1,715) 734 0
Impairment of indefinite-lived long-term assets other than goodwill 0 34 1,006
Impairment of goodwill 439 45 438
(Gain) loss on the sale or disposal of assets 181 251 (264)
Total operating expenses 232,765 237,920 202,401
Operating income from continuing operations 33,022 28,616 34,533
Other income (expense):      
Interest income 8 45 68
Interest expense, net of capitalized interest (including $154, $0 and $0 for the years ended December 31, 2013, 2014 and 2015, respectively, due to related parties) (15,429) (15,993) (16,892)
Change in the fair value of interest rate swap (1,273) (2,702) 3,177
Gain on bargain purchase 1,357 0 0
Loss on early retirement of long-term debt (41) (391) (27,795)
Net miscellaneous income and (expenses) 201 665 18
Income (loss) from continuing operations before income taxes 17,845 10,240 (6,891)
Provision for (benefit from) income taxes 6,695 4,765 (4,192)
Income (loss) from continuing operations 11,150 5,475 (2,699)
Loss from discontinued operations, net of tax 0 0 (37)
Net income (loss) $ 11,150 $ 5,475 $ (2,736)
Basic earnings (loss) per share data:      
Earnings (loss) per share from continuing operations $ 0.43 $ 0.21 $ (0.11)
Earnings (loss) per share from discontinued operations 0 0 0
Basic earnings (loss) per share 0.43 0.21 (0.11)
Diluted earnings (loss) per share data:      
Earnings (loss) per share from continuing operations 0.43 0.21 (0.11)
Earnings (loss) from discontinued operations 0 0 0
Diluted earnings (loss) per share 0.43 0.21 (0.11)
Distributions per share $ 0.26 $ 0.24 $ 0.21
Basic weighted average shares outstanding 25,426,732 25,336,809 24,938,075
Diluted weighted average shares outstanding 25,887,819 26,081,175 24,938,075