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, 2017

The table below presents financial information for each operating segment as of March 31, 2017 and 2016 based on the new composition of our operating segments:

	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated
	(Dollars in thousands)
Three Months Ended March 31, 2017
Net revenue	$	47,804	$	10,686	$	6,490	$		$	64,980
Operating expenses		35,836		8,702		6,351		5,125		56,014
Net operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairments and (gain) loss on disposal of assets	$	11,968	$	1,984	$	139	$	(5,125)	$	8,966
Depreciation		1,819		777		194		190		2,980
Amortization		17		818		307				1,142
Change in the estimated fair value of contingent earn-out consideration				1						1
Impairment of indefinite-lived long-term assets other than goodwill						19				19
(Gain) loss on disposal of assets		(2)				7				5
Net operating income (loss)	$	10,134	$	388	$	(388)	$	(5,315)	$	4,819

Three Months Ended March 31, 2016
Net revenue	$	48,745	$	11,010	$	4,820	$		$	64,575
Operating expenses		36,150		9,024		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	$	12,595	$	1,986	$	(128)	$	(4,213)	$	10,240
Depreciation		1,862		767		150		212		2,992
Amortization		23		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)	$	10,531	$	254	$	(274)	$	(4,428)	$	6,083

	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated
	(Dollars in thousands)
As of March 31, 2017
Inventories, net	$		$	329	$	512	$		$	841
Property and equipment, net		86,350		6,595		1,537		8,076		102,558
Broadcast licenses		388,663								388,663
Goodwill		3,581		20,151		1,888		8		25,628
Other indefinite-lived intangible assets						313				313
Amortizable intangible assets, net		389		9,192		3,761		6		13,348

As of December 31, 2016
Inventories, net	$		$	300	$	370	$		$	670
Property and equipment, net		86,976		6,634		1,779		7,401		102,790
Broadcast licenses		388,517								388,517
Goodwill		3,581		20,136		1,888		8		25,613
Other indefinite-lived intangible assets						332				332
Amortizable intangible assets, net		407		9,927		4,069		5		14,408