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)

3 Months Ended

Mar. 31, 2016

The table below presents financial information for each operating segment as of March 31, 2016 and 2015 based on the composition of our operating segments:

	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated
	(Dollars in thousands)
Three Months Ended March 31, 2016
Net revenue	$	48,471	$	11,284	$	4,820	$		$	64,575
Operating expenses		35,988		9,186		4,948		4,213		54,335
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets	$	12,483	$	2,098	$	(128)	$	(4,213)	$	10,240
Depreciation		1,848		782		150		212		2,992
Amortization		22		1,049		72				1,143
Change in the estimated fair value of contingent earn-out consideration				(70)		(58)				(128)
(Gain) loss on disposal of assets		179		(14)		(18)		3		150
Net operating income (loss)	$	10,434	$	351	$	(274)	$	(4,428)	$	6,083

Three Months Ended March 31, 2015
Net revenue	$	46,539	$	10,791	$	4,526	$		$	61,856
Operating expenses		33,917		9,000		4,497		3,991		51,405
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on disposal of assets	$	12,622	$	1,791	$	29	$	(3,991)	$	10,451
Depreciation		1,951		776		168		277		3,172
Amortization		23		1,170		136				1,329
Change in the estimated fair value of contingent earn-out consideration				33		85				118
(Gain) loss on disposal of assets		129				(1)		1		129
Net operating income (loss)	$	10,519	$	(188)	$	(359)	$	(4,269)	$	5,703

	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated
	(Dollars in thousands)
As of March 31, 2016
Inventories, net	$		$	461	$	410	$		$	871
Property and equipment, net		88,651		7,205		1,681		7,692		105,229
Broadcast licenses		393,074								393,074
Goodwill		3,581		20,151		1,044		8		24,784
Other indefinite-lived intangible assets						833				833
Amortizable intangible assets, net		469		11,970		1,316		5		13,760

As of December 31, 2015
Inventories, net	$		$	505	$	388	$		$	893
Property and equipment, net		88,788		7,033		1,742		7,920		105,483
Broadcast licenses		393,031								393,031
Goodwill		3,581		19,930		1,044		8		24,563
Other indefinite-lived intangible assets						833				833
Amortizable intangible assets, net		492		9,599		1,385		5		11,481