Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
OPERATING ACTIVITIES      
Net income $ 8,873 $ 11,150 $ 5,475
Adjustments to reconcile net income to net cash provided by operating activities:      
Non-cash stock-based compensation 582 771 1,576
Tax benefit related to stock options exercised 255 133 120
Depreciation and amortization 17,276 17,741 18,825
Amortization of deferred financing costs 631 628 643
Accretion of financing items 206 188 187
Accretion of acquisition-related deferred payments and contingent earn-out consideration 70 349 576
Provision for bad debts 941 1,733 3,026
Deferred income taxes 4,089 6,313 4,375
Impairment of long-lived assets 700 0 0
Impairment of indefinite-lived long-term assets other than goodwill 7,041 0 34
Impairment of goodwill 32 439 45
Impairment of amortizable intangible assets 8 0 0
Change in the fair value of interest rate swap (285) 1,273 2,702
Change in the estimated fair value of contingent earn-out consideration (689) (1,715) 734
(Gain) loss on the sale or disposal of assets (1,901) 181 251
Gain on bargain purchase (95) (1,357) 0
Loss on early retirement of debt 87 41 391
Changes in operating assets and liabilities:      
Accounts receivable 4,236 1,461 4,101
Inventories 223 (307) (27)
Prepaid expenses and other current assets (2) (705) 237
Accounts payable and accrued expenses (819) (6,482) 538
Deferred rent 1,330 3,745 643
Deferred revenue (4,106) (72) (1,414)
Other liabilities 33 703 (1,125)
Income taxes payable 150 (81) 12
Net cash provided by operating activities 38,866 36,130 41,925
INVESTING ACTIVITIES      
Cash paid for capital expenditures net of tenant improvement allowances (9,414) (8,833) (9,363)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (620) (3,034) (711)
Escrow deposits related to acquisitions (36) 0 (65)
Deposit received under option agreement for radio station sales 450 0 0
Purchases of broadcast assets and radio stations (1,758) (12,411) (6,195)
Proceeds from the sale of assets 3,147 10 1,370
Other (606) (443) (283)
Net cash used in investing activities (15,493) (29,183) (21,734)
FINANCING ACTIVITIES      
Payments of costs related to bank credit facility 0 0 (13)
Payments of acquisition-related contingent earn-out consideration (111) (1,204) (300)
Payments of deferred installments due from acquisition activity (3,621) (935) 0
Proceeds from exercise of stock options 993 385 1,221
Payment of cash distribution on common stock (6,678) (6,612) (6,183)
Payments on capital lease obligations (107) (112) (130)
Book overdraft 12 2,075 (1,352)
Net cash used in financing activities (23,341) (6,882) (20,223)
CASH FLOWS FROM DISCONTINUED OPERATIONS      
Net increase (decrease) in cash and cash equivalents 32 65 (32)
Cash and cash equivalents at beginning of year 98 33 65
Cash and cash equivalents at end of year 130 98 33
Cash paid during the year for:      
Cash paid for interest net of capitalized interest 14,038 14,289 14,518
Cash paid for income taxes 78 330 257
Other supplemental disclosures of cash flow information:      
Barter revenue 5,470 6,204 6,227
Barter expense 5,341 5,990 6,052
Non-cash investing and financing activities:      
Capital expenditures reimbursable under tenant improvement allowances 620 2,998 670
Non-cash capital expenditures for property & equipment acquired trade agreements 0 36 41
Estimated present value of contingent earn-out consideration 66 300 2,047
Current value of deferred cash payments (short-term) 1,640 21 600
Present value of deferred cash payments (due 2015) 0 0 893
Present value of deferred cash payments (due 2016) 0 0 2,289
Assets acquired under capital leases 0 0 64
Term Loan B [Member]      
FINANCING ACTIVITIES      
Payments on Term Loan B and Revolver (11,000) (2,000) (15,250)
Revolver [Member]      
FINANCING ACTIVITIES      
Payments on Term Loan B and Revolver (46,738) (58,698) (54,726)
Proceeds from borrowings under Term Loan B and Revolver 43,909 60,219 56,510
Digital Media [Member]      
INVESTING ACTIVITIES      
Purchases of digital media businesses and assets (3,253) (4,472) (3,713)
Publishing [Member]      
INVESTING ACTIVITIES      
Purchases of digital media businesses and assets $ (3,403) $ 0 $ (2,774)