Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Net broadcast revenue $ 43,957 $ 42,730
Net Internet revenue 7,434 5,592
Net publishing revenue 2,893 2,841
Total revenue 54,284 51,163
Operating expenses:    
Broadcast operating expenses exclusive of depreciation and amortization shown below (including $324 for the quarters ended March 31, 2011 and 2012, respectively, paid to related parties) 29,142 27,802
Internet operating expenses exclusive of depreciation and amortization shown below 5,924 4,836
Publishing operating expenses exclusive of depreciation and amortization shown below 2,971 2,880
Corporate expenses exclusive of depreciation and amortization shown below (including $156 and $52 for the quarters ended March 31, 2011 and 2012, respectively, paid to related parties) 4,867 4,551
Depreciation (including $2,278, $528, $66 and $310 related to broadcast, Internet, publishing and corporate, respectively, for the quarter ended March 31, 2011 and including $2,078, $569, $96 and $287 related to broadcast, Internet, publishing and corporate, respectively for the quarter ended March 31, 2012) 3,030 3,182
Amortization (including $31, $434, $54 and $0 related to broadcast, internet, publishing and corporate, respectively, for the quarter ended March 31, 2011 and including $35, $551, $2 and $1 related to broadcast, Internet, publishing and corporate, respectively for the quarter ended March 31, 2012) 589 519
Gain on disposal of assets (169) (4,525)
Total operating expenses 46,354 39,245
Operating income from continuing operations 7,930 11,918
Other income (expense):    
Interest income 31 43
Interest expense (6,396) (7,235)
Other (income) expense, net 7 (11)
Income from continuing operations before income taxes 1,572 4,715
Provision for income taxes 687 2,156
Income from continuing operations 885 2,559
Income (loss) from discontinued operations, net of tax (42) 28
Net income $ 843 $ 2,587
Basic earnings per share data:    
Earnings per share from continuing operations $ 0.04 $ 0.10
Earnings (loss) per share from discontinued operations      
Basic earnings per share $ 0.03 $ 0.11
Diluted earnings per share data:    
Earnings per share from continuing operations $ 0.04 $ 0.10
Earnings (loss) per share from discontinued operations      
Diluted earnings per share $ 0.03 $ 0.10
Dividends per share $ 0.04  
Basic weighted average shares outstanding 24,564,947 24,520,858
Diluted weighted average shares outstanding 24,753,671 24,759,253