Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.4.0.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
OPERATING ACTIVITIES    
Net income $ 353 $ 295
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 199 331
Tax benefit related to stock options exercised (10) 60
Depreciation and amortization 4,135 4,501
Amortization of bank loan fees 160 158
Accretion of discount on Term Loan B 52 46
Accretion of acquisition-related deferred payments and contingent consideration 29 91
Provision for bad debts 135 385
Deferred income taxes 121 35
Change in the fair value of interest rate swap 1,758 1,420
Change in the estimated fair value of contingent earn-out consideration (128) 118
Loss on early retirement of long-term debt 9 41
Loss on the sale or disposal of assets 150 129
Changes in operating assets and liabilities:    
Accounts receivable 6,777 5,870
Inventories 22 (69)
Prepaid expenses and other current assets 145 (451)
Accounts payable and accrued expenses 1,741 (1,513)
Deferred revenue (4,759) (4,432)
Other liabilities 0 70
Income taxes payable 189 53
Net cash provided by operating activities 11,078 7,138
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances and non-cash transactions from trade agreements (2,427) (2,040)
Capital expenditures reimbursable under tenant improvement allowances and non-cash transactions from trade agreements (200) (767)
Escrow deposits related to acquisitions (122) (188)
Purchases of broadcast assets and radio stations 0 (1,235)
Purchases of publishing businesses assets (3) 0
Other (226) (245)
Net cash used in investing activities (5,678) (4,597)
FINANCING ACTIVITIES    
Payments of acquisition related contingent earn-out consideration (83) (300)
Payments of deferred installments on acquisitions (2,521) 0
Proceeds from the exercise of stock options 31 175
Payments of capital lease obligations (27) (30)
Payment of cash distributions on common stock 0 (1,647)
Book overdraft (950) 2,711
Net cash used in financing activities (5,414) (2,392)
CASH FLOWS FROM DISCONTINUED OPERATIONS    
Net increase in cash and cash equivalents (14) 149
Cash and cash equivalents at the beginning of year 98 33
Cash and cash equivalents at end of period 84 182
Cash paid during the period for:    
Cash paid for interest, net of capitalized interest 3,547 3,512
Cash paid (received) for income taxes (131) 4
Other supplemental disclosures of cash flow information:    
Trade revenue 1,040 1,683
Trade expense 1,055 1,591
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 200 756
Non-cash capital expenditures for property & equipment acquired under trade agreements 0 11
Estimated present value of contingent earn-out consideration 0 158
Current value of deferred cash payments (short-term) 1,300 0
Term Loan B [Member]    
FINANCING ACTIVITIES    
Payments under Term Loan B and Revolver (1,559) (2,000)
Revolver [Member]    
FINANCING ACTIVITIES    
Payments under Term Loan B and Revolver (13,207) (9,715)
Proceeds from borrowings under Revolver 12,902 8,414
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of publishing businesses assets $ (2,700) $ (122)