Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v2.3.0.15
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
OPERATING ACTIVITIES    
Net income $ 5,172 $ 1,245
Adjustments to reconcile net income to net cash provided by operating activities:    
Non-cash stock-based compensation 646 1,109
Excess tax benefit from stock options exercised (29) (135)
Depreciation and amortization 11,385 10,890
Amortization of deferred financing costs 1,253 1,214
Amortization and accretion of financing items 140 141
Provision for bad debts 2,242 1,280
Deferred income taxes 3,316 1,113
(Gain) loss on disposal of assets (4,343) 13
Loss on early retirement of long-term debt 1,395 1,050
Changes in operating assets and liabilities:    
Accounts receivable (1,745) (2,068)
Prepaid expenses and other current assets (1,334) (449)
Accounts payable and accrued expenses 5,473 5,271
Deferred revenue (182) 690
Other liabilities 2,799 (368)
Income taxes payable (203) (62)
Net cash provided by operating activities 25,985 20,934
INVESTING ACTIVITIES    
Capital expenditures (6,032) (5,866)
Deposits on radio station acquisitions and equipment 248  
Purchases of broadcast assets and radio stations (550) (3,090)
Purchases of Internet businesses and assets (6,000) (5,245)
Deposit received on pending sale of broadcast business   1,000
Proceeds from eminent domain   996
Proceeds from disposal of assets 12,744 36
Related party residential purchase   (676)
Other (592) (67)
Net cash used in investing activities (182) (12,912)
FINANCING ACTIVITIES    
Payments of costs related to bank credit facility (52) (96)
Payments of bond issue costs (43) (659)
Payment of bond premium in connection with early retirement (669) (525)
Payments to redeem 95/8% Notes (22,500) (17,500)
Proceeds from borrowings under bank credit facility 52,700 29,000
Payments on bank credit facility (57,200) (26,500)
Proceeds from exercise of stock options 19 278
Excess tax benefit from stock options exercised 29 135
Payments on capital lease obligations (86) (65)
Release of restricted cash 100  
Book overdraft 1,090  
Net cash used in financing activities (26,612) (15,932)
Net increase (decrease) in cash and cash equivalents (809) (7,910)
Cash and cash equivalents at beginning of year 828 8,945
Cash and cash equivalents at end of period 19 1,035
Cash paid during the period for:    
Interest 13,937 15,982
Income taxes 250 270
Non-cash activities:    
Note receivable acquired in exchange for radio station 1,000  
Assets acquired under capital leases 8 189
Trade revenue 3,967 3,703
Trade expense $ 3,416 $ 3,539