Salem Media Group, Inc. Quarterly report pursuant to Section 13 or 15(d)

SEGMENT DATA (Tables)

9 Months Ended

Sep. 30, 2016

	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated
	(Dollars in thousands)
Three Months Ended September 30, 2016
Net revenue	$	51,052	$	11,999	$	8,221	$		$	71,272
Operating expenses		37,434		9,172		8,020		4,147		58,773
Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and the (gain) loss on the sale or disposal of assets	$	13,618	$	2,827	$	201	$	(4,147)	$	12,499
Depreciation		1,753		840		174		209		2,976
Amortization		22		1,091		228				1,341
Change in the estimated fair value of contingent earn-out consideration				(13)		(183)				(196)
(Gain) loss on the sale or disposal of assets		(633)		176						(457)
Operating income (loss)	$	12,476	$	733	$	(18)	$	(4,356)	$	8,835

Three Months Ended September 30, 2015
Net revenue	$	49,451	$	11,128	$	6,912	$		$	67,491
Operating expenses		35,538		8,630		6,966		3,697		54,831
Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and loss on disposal of assets	$	13,913	$	2,498	$	(54)	$	(3,697)	$	12,660
Depreciation		1,947		820		153		216		3,136
Amortization		23		1,171		136				1,330
Change in the estimated fair value of contingent earn-out consideration				(105)		(498)				(603)
Loss on disposal of assets		35		11		(57)		8		(3)
Operating income (loss)	$	11,908	$	601	$	212	$	(3,921)	$	8,800

Nine Months Ended September 30, 2016
Net revenue	$	149,768	$	34,056	$	19,802	$		$	203,626
Operating expenses		109,455		26,815		19,951		11,928		168,149
Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment of long-lived assets and (gain) loss on the sale or disposal of assets	$	40,313	$	7,241	$	(149)	$	(11,928)	$	35,477
Depreciation		5,431		2,392		489		638		8,950
Amortization		67		3,233		372		1		3,673
Change in the estimated fair value of contingent earn-out consideration				(119)		(339)				(458)
Impairment of long-lived assets		700								700
(Gain) loss on the sale or disposal of assets		(2,175)		182		(21)		6		(2,008)
Operating income (loss)	$	36,290	$	1,553	$	(650)	$	(12,573)	$	24,620

Nine Months Ended September 30, 2015
Net revenue	$	145,609	$	32,859	$	18,172	$		$	196,640
Operating expenses		104,958		26,081		17,932		11,206		160,177
Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets	$	40,651	$	6,778	$	240	$	(11,206)	$	36,463
Depreciation		5,821		2,344		488		715		9,368
Amortization		73		3,493		407		1		3,974
Change in the estimated fair value of contingent earn-out consideration				(316)		(476)				(792)
(Gain) loss on the sale or disposal of assets		194		11		(58)		9		156
Operating income (loss)	$	34,563	$	1,246	$	(121)	$	(11,931)	$	23,757

	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated
	(Dollars in thousands)
As of September 30, 2016
Inventories, net	$		$	324	$	422	$		$	746
Property and equipment, net		87,369		6,680		1,757		7,516		103,322
Broadcast licenses		394,043								394,043
Goodwill		3,581		20,167		1,968		8		25,724
Other indefinite-lived intangible assets						833				833
Amortizable intangible assets, net		425		10,883		4,376		6		15,690

As of December 31, 2015
Inventories, net	$		$	505	$	388	$		$	893
Property and equipment, net		88,894		6,927		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