| SEGMENT DATA |
NOTE 15. SEGMENT
DATA
FASB ASC Topic
280 “Segment Reporting” requires companies to provide
certain information about their operating segments. We have two
reportable operating segments, radio broadcasting and Internet. The
remaining non-reportable segment consists of our publishing
businesses, Salem Publishing and Xulon Press™, which do not
meet the reportable segment quantitative thresholds. The
radio-broadcasting segment also owns and operates radio
networks.
Management uses
operating income before depreciation, amortization and (gain) loss
on disposal of assets, as its measure of profitability for purposes
of assessing performance and allocating resources.
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Radio
Broadcast |
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|
Internet |
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Publishing |
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|
Corporate |
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Consolidated |
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| |
|
(Dollars in
thousands) |
|
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Three Months Ended
September 30, 2011
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|
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|
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|
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Net revenue
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$ |
44,793 |
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|
$ |
7,079 |
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|
$ |
3,024 |
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$ |
— |
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|
$ |
54,896 |
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Operating
expenses
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|
|
29,198 |
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|
|
5,724 |
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|
|
2,890 |
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|
|
4,285 |
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|
|
42,097 |
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Operating income (loss)
before depreciation, amortization and (gain) loss on disposal of
assets
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|
$ |
15,595 |
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|
$ |
1,355 |
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|
$ |
134 |
|
|
$ |
(4,285 |
) |
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$ |
12,799 |
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Depreciation
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2,182 |
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|
522 |
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|
87 |
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|
311 |
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|
3,102 |
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Amortization
|
|
|
35 |
|
|
|
627 |
|
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|
18 |
|
|
|
— |
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|
680 |
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(Gain) loss on disposal of
assets
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|
53 |
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(28 |
) |
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— |
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7 |
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|
32 |
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Operating income
(loss)
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$ |
13,325 |
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|
$ |
234 |
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|
$ |
29 |
|
|
$ |
(4,603 |
) |
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$ |
8,985 |
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Three Months Ended
September 30, 2010
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Net revenue
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$ |
43,507 |
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$ |
5,052 |
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$ |
2,832 |
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$ |
— |
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$ |
51,391 |
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Operating
expenses
|
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|
27,940 |
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|
4,432 |
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|
2,962 |
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|
4,154 |
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39,488 |
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Operating income (loss)
before depreciation, amortization and (gain) loss on disposal of
assets
|
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$ |
15,567 |
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|
$ |
620 |
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|
$ |
(130 |
) |
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$ |
(4,154 |
) |
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$ |
11,903 |
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Depreciation
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|
2,329 |
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|
443 |
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|
61 |
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|
293 |
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|
3,126 |
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Amortization
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|
22 |
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|
496 |
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|
68 |
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1 |
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|
587 |
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(Gain) loss on disposal of
assets
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9 |
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7 |
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2 |
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— |
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18 |
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Operating income
(loss)
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$ |
13,207 |
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$ |
(326 |
) |
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$ |
(261 |
) |
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$ |
(4,448 |
) |
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$ |
8,172 |
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| |
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Radio
Broadcast |
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|
Internet |
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|
Publishing |
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|
Corporate |
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|
Consolidated |
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| |
|
(Dollars in
thousands) |
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Nine months Ended
September 30, 2011
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Net revenue
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$ |
132,929 |
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$ |
20,873 |
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$ |
9,009 |
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$ |
— |
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$ |
162,811 |
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Operating
expenses
|
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|
86,054 |
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|
17,243 |
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|
8,541 |
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|
13,040 |
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|
124,878 |
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Operating income (loss)
before depreciation, amortization and (gain) loss on disposal of
assets
|
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$ |
46,875 |
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$ |
3,630 |
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$ |
468 |
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$ |
(13,040 |
) |
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$ |
37,933 |
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Depreciation
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|
6,670 |
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|
1,574 |
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|
224 |
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|
935 |
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|
9,403 |
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Amortization
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|
101 |
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|
1,766 |
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|
114 |
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1 |
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|
1,982 |
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(Gain) loss on disposal of
assets
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(4,487 |
) |
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(12 |
) |
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— |
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|
156 |
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(4,343 |
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Operating income
(loss)
|
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$ |
44,591 |
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|
$ |
302 |
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$ |
130 |
|
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$ |
(14,132 |
) |
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$ |
30,891 |
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|
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Nine months Ended
September 30, 2010
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Net revenue
|
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$ |
130,386 |
|
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$ |
14,254 |
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$ |
8,198 |
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|
$ |
— |
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$ |
152,838 |
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Operating
expenses
|
|
|
82,921 |
|
|
|
12,246 |
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|
8,270 |
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|
12,140 |
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|
115,577 |
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Operating income (loss)
before depreciation, amortization and (gain) loss on disposal of
assets
|
|
$ |
47,465 |
|
|
$ |
2,008 |
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$ |
(72 |
) |
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$ |
(12,140 |
) |
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$ |
37,261 |
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Depreciation
|
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|
7,100 |
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|
1,277 |
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|
187 |
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|
|
851 |
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|
9,415 |
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Amortization
|
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|
58 |
|
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|
1,196 |
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|
217 |
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|
4 |
|
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|
1,475 |
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(Gain) loss on disposal of
assets
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(9 |
) |
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|
7 |
|
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|
10 |
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|
5 |
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|
13 |
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|
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Operating income
(loss)
|
|
$ |
40,316 |
|
|
$ |
(472 |
) |
|
$ |
(486 |
) |
|
$ |
(13,000 |
) |
|
$ |
26,358 |
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| |
|
Radio
Broadcast |
|
|
Internet |
|
|
Publishing |
|
|
Corporate |
|
|
Consolidated |
|
| |
|
(Dollars in
thousands) |
|
|
As of September 30,
2011
|
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|
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Total property, plant and
equipment, net
|
|
$ |
96,089 |
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$ |
5,910 |
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|
$ |
1,179 |
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$ |
9,204 |
|
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$ |
112,382 |
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|
Goodwill
|
|
|
3,871 |
|
|
|
15,127 |
|
|
|
1,337 |
|
|
|
8 |
|
|
|
20,343 |
|
|
As of December 31,
2010
|
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|
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|
|
|
|
|
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|
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|
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Total property, plant and
equipment, net
|
|
$ |
99,621 |
|
|
$ |
5,517 |
|
|
$ |
969 |
|
|
$ |
9,760 |
|
|
$ |
115,867 |
|
|
Goodwill
|
|
|
4,006 |
|
|
|
13,010 |
|
|
|
1,337 |
|
|
|
8 |
|
|
|
18,361 |
|