Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
OPERATING ACTIVITIES    
Net income $ 3,709 $ 3,818
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 324 487
Tax benefit related to stock options exercised 67 112
Depreciation and amortization 8,306 8,876
Amortization of debt issuance costs 318 314
Accretion of discount on Term Loan B 103 93
Accretion of acquisition-related deferred payments and contingent consideration 38 160
Provision for bad debts 268 911
Deferred income taxes 2,176 2,197
Change in the fair value of interest rate swap 2,181 976
Change in the estimated fair value of contingent earn-out consideration (262) (189)
Loss on early retirement of long-term debt 14 41
Impairment of long-lived assets 700 0
(Gain) loss on the sale or disposal of assets (1,551) 159
Changes in operating assets and liabilities:    
Accounts receivable 7,081 6,315
Inventories (10) (272)
Prepaid expenses and other current assets (30) (1,191)
Accounts payable and accrued expenses 1,440 (2,674)
Deferred revenue (5,209) (4,359)
Other liabilities 0 327
Income taxes payable 55 (154)
Net cash provided by operating activities 19,718 15,947
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances and non-cash transactions from trade agreements (5,055) (4,207)
Capital expenditures reimbursable under tenant improvement allowances and non-cash transactions from trade agreements (448) (947)
Escrow deposits related to acquisitions (19) (225)
Purchases of broadcast assets and radio stations (718) (5,186)
Purchases of publishing businesses assets (3) 0
Proceeds from sale of broadcast assets 2,471 0
Other (547) (390)
Net cash used in investing activities (7,122) (12,277)
FINANCING ACTIVITIES    
Payments of acquisition related contingent earn-out consideration (88) (1,177)
Payments of deferred installments on acquisitions (3,071) (935)
Proceeds from the exercise of stock options 336 298
Payments of capital lease obligations (53) (58)
Payment of cash distributions on common stock (3,321) (3,301)
Book overdraft (2,168) 978
Net cash used in financing activities (12,650) (3,511)
CASH FLOWS FROM DISCONTINUED OPERATIONS    
Net increase (decrease) in cash and cash equivalents (54) 159
Cash and cash equivalents at the beginning of year 98 33
Cash and cash equivalents at end of period 44 192
Cash paid during the period for:    
Cash paid for interest, net of capitalized interest 7,099 7,071
Cash paid for income taxes 60 316
Other supplemental disclosures of cash flow information:    
Barter revenue 2,475 3,189
Barter expense 2,441 2,960
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 448 947
Non-cash capital expenditures for property & equipment acquired under trade agreements 0 11
Estimated present value of contingent earn-out consideration 0 300
Current value of deferred cash payments (short-term) 1,300 0
Term Loan B [Member]    
FINANCING ACTIVITIES    
Repayments of borrowings (2,750) (2,000)
Revolver [Member]    
FINANCING ACTIVITIES    
Repayments of borrowings (34,433) (24,538)
Proceeds from borrowings under Revolver 32,898 27,222
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses and assets $ (2,803) $ (1,322)