Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Total net revenue $ 65,774 $ 68,682 $ 129,263 $ 131,291
Operating expenses:        
Broadcast operating expenses, exclusive of depreciation and amortization shown below (including $453 and $586 for the three months ended June 30, 2022 and 2023, respectively, and $901 and $1,068 for the six months ended June 30, 2022 and 2023, respectively, paid to related parties) 43,518 41,538 86,327 79,659
Legal settlement 0 951 0 951
Digital media operating expenses, exclusive of depreciation and amortization shown below 9,026 8,273 18,020 16,746
Publishing operating expenses exclusive of depreciation and amortization shown below 6,026 5,432 11,402 9,899
Unallocated corporate expenses exclusive of depreciation and amortization shown below (including $159 and $8 for the three months ended June 30, 2022 and 2023, respectively, and $168 and $17 for the six months ended June 30, 2022 and 2023, respectively, paid to related parties) 4,655 4,781 9,651 9,591
Debt modification costs 0 20 0 248
Depreciation 2,874 2,858 5,724 5,800
Amortization 647 332 1,190 666
Change in the estimated fair value of contingent earn-out consideration 0 0 (2) (5)
Impairment of indefinite-lived long-term assets other than goodwill 1,139 3,935 3,263 3,935
Impairment of goodwill 1,847 127 1,847 127
Net (gain) loss on the disposition of assets 143 (6,893) 122 (8,628)
Total operating expenses 69,875 61,354 137,544 118,989
Operating income (loss) (4,101) 7,328 (8,281) 12,302
Other income (expense):        
Interest income 13 149 26 149
Interest expense (3,539) (3,389) (6,970) (6,783)
Gain (loss) on early retirement of long-term debt 0 35 (60) (18)
Earnings (loss) from equity method investment (19) 3,913 (11) 3,913
Net miscellaneous income and (expenses) (9) (1) 211 0
Net income (loss) before income taxes (7,655) 8,035 (15,085) 9,563
Benefit from income taxes (561) (1,082) (2,837) (1,293)
Net income (loss) $ (7,094) $ 9,117 $ (12,248) $ 10,856
Basic income (loss) per share data:        
Basic income per share $ (0.26) $ 0.33 $ (0.45) $ 0.39
Diluted income (loss) per share data:        
Diluted income per share $ (0.26) $ 0.33 $ (0.45) $ 0.39
Basic weighted average shares outstanding 27,216,787 27,214,787 27,216,787 27,196,081
Diluted weighted average shares outstanding 27,216,787 27,570,881 27,216,787 27,590,644
Broadcast Revenue [Member]        
Total net revenue $ 49,680 $ 52,452 $ 98,020 $ 100,884
Digital Media [Member]        
Total net revenue 10,860 10,804 21,370 21,104
Publishing [Member]        
Total net revenue $ 5,234 $ 5,426 $ 9,873 $ 9,303