Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
OPERATING ACTIVITIES    
Net income $ 2,332,000 $ 3,709,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 1,425,000 324,000
Tax benefit related to stock options exercised 0 67,000
Depreciation and amortization 8,374,000 8,306,000
Amortization of deferred financing costs 357,000 318,000
Accretion of financing items 74,000 103,000
Accretion of acquisition-related deferred payments and contingent consideration 24,000 38,000
Provision for bad debts 796,000 268,000
Deferred income taxes 1,272,000 2,176,000
Change in the fair value of interest rate swap (357,000) 2,181,000
Change in the estimated fair value of contingent earn-out consideration (42,000) (262,000)
Impairment of long-lived assets 0 700,000
Impairment of indefinite-lived long-term assets other than goodwill 19,000 0
Loss on early retirement of long-term debt 2,775,000 14,000
Net gain on the sale or disposal of assets (505,000) (1,551,000)
Changes in operating assets and liabilities:    
Accounts receivable 2,669,000 7,421,000
Inventories (197,000) (10,000)
Prepaid expenses and other current assets (804,000) (30,000)
Accounts payable and accrued expenses (1,143,000) 1,234,000
Deferred rent 49,000 (6,429,000)
Deferred revenue (360,000) 1,086,000
Other liabilities (15,000) 0
Income taxes payable (164,000) 55,000
Net cash provided by operating activities 16,579,000 19,718,000
INVESTING ACTIVITIES    
Cash paid for capital expenditures net of tenant improvement allowances (4,768,000) (5,055,000)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (52,000) (448,000)
Escrow deposits related to acquisitions (42,000) (19,000)
Purchases of broadcast assets and radio stations (130,000) (718,000)
Proceeds from sale of broadcast assets 600,000 2,471,000
Other (289,000) (547,000)
Net cash used in investing activities (4,991,000) (7,122,000)
FINANCING ACTIVITIES    
Payments of acquisition-related contingent earn-out consideration (14,000) (88,000)
Payments of deferred installments due from acquisition activity (225,000) (3,071,000)
Proceeds from the exercise of stock options 455,000 336,000
Payments of capital lease obligations (62,000) (53,000)
Payment of cash distributions on common stock (3,388,000) (3,321,000)
Book overdraft (2,838,000) (2,168,000)
Payment of interest rate swap (783,000) 0
Proceeds from bond offering 255,000,000 0
Payment of debt issuance costs (6,368,000) 0
Net cash used in financing activities (11,699,000) (12,650,000)
CASH FLOWS FROM DISCONTINUED OPERATIONS    
Net decrease in cash and cash equivalents (111,000) (54,000)
Cash and cash equivalents at beginning of year 130,000 98,000
Cash and cash equivalents at end of period 19,000 44,000
Cash paid during the period for:    
Cash paid for interest, net of capitalized interest 4,849,000 7,099,000
Cash paid for income taxes 211,000 60,000
Other supplemental disclosures of cash flow information:    
Barter revenue 2,565,000 2,475,000
Barter expense 2,348,000 2,441,000
Non-cash investing and financing activities:    
Capital expenditures reimbursable under tenant improvement allowances 52,000 448,000
Current value of deferred cash payments (short-term) 0 1,300,000
Assets acquired under capital leases 16,000 0
Debt issuance costs accrued 465,000 0
Term Loan B [Member]    
FINANCING ACTIVITIES    
Payments on Term Loan B, Revolver and ABL Facility (263,000,000) (2,750,000)
Revolver [Member]    
FINANCING ACTIVITIES    
Payments on Term Loan B, Revolver and ABL Facility (24,583,000) (34,433,000)
Proceeds from borrowings under Revolver and ABL Facility 34,107,000 32,898,000
Digital Media [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses and assets (310,000) (2,803,000)
Publishing [Member]    
INVESTING ACTIVITIES    
Purchases of digital media businesses and assets $ 0 $ (3,000)