Quarterly report pursuant to Section 13 or 15(d)

SEGMENT DATA

v2.4.0.6
SEGMENT DATA
 3 Months Ended
Mar. 31, 2012
SEGMENT DATA

NOTE 15. SEGMENT DATA

FASB ASC Topic 280 “Segment Reporting” requires companies to provide certain information about their operating segments. We have historically had one reportable operating segment—radio broadcasting. Our radio broadcasting segment operates radio stations throughout the United States, as well as various radio networks and our National sales group. Beginning with the first quarter of 2011, we separated our non-broadcast segment into two operating segments, Internet and Publishing. We believe that this information regarding our non-broadcast segment is useful to readers of our financial statements. Additionally, due to growth within our Internet operations, including the acquisition of WorshipHouse Media on March 28, 2011, our Internet segment meets the threshold for disclosure as a reportable segment. All prior periods have been updated to separate these non-broadcast segments. Our Internet segment operates all of our websites and our consumer product sales. Our publishing segment operates our print magazine and Xulon Press, a print-on-demand book publisher.

Management uses operating income before depreciation, amortization, impairments of indefinite-lived intangible assets, (gain) loss on disposal of assets, and costs of denied towers, abandoned projects and terminated transactions as its measure of profitability for purposes of assessing performance and allocating resources.

 

     Radio
Broadcast 		    Internet     Publishing     Corporate     Consolidated  
     (Dollars in thousands)  

Three Months Ended March 31, 2012

           

Net revenue

    $ 43,957      $ 7,434      $ 2,893      $ —        $ 54,284   

Operating expenses

      29,142        5,924        2,971        4,867        42,904   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss) before depreciation, amortization and (gain) loss on disposal of assets

    $ 14,815      $ 1,510      $ (78 )    $ (4,867 )    $ 11,380   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Depreciation

      2,078        569        96        287        3,030   

Amortization

      35        551        2        1        589   

(Gain) loss on disposal of assets

      (179 )      7        —          3        (169 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss) from continuing operations

    $ 12,881      $ 383      $ (176 )    $ (5,158 )    $ 7,930   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Three Months Ended March 31, 2011

           

Net revenue

    $ 42,730      $ 5,592      $ 2,841      $ —        $ 51,163   

Operating expenses

      27,802        4,836        2,880        4,551        40,069   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss) before depreciation, amortization and (gain) loss on disposal of assets

    $ 14,928      $ 756      $ (39 )    $ (4,551 )    $ 11,094   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Depreciation

      2,278        528        66        310        3,182   

Amortization

      31        434        54        —          519   

(Gain) loss on disposal of assets

      (4,540 )      15        —          —          (4,525 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss) from continuing operations

    $ 17,159      $ (221 )    $ (159 )    $ (4,861 )    $ 11,918   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     Radio
Broadcast 		    Internet     Publishing     Corporate     Consolidated  
     (Dollars in thousands)  

As of March 31, 2012

           

Property, plant and equipment, net

    $ 95,797      $ 5,925      $ 1,234      $ 8,805      $ 111,761   

Broadcast licenses

      372,181        —          —          —          372,181   

Goodwill

      3,877        14,874        1,337        8        20,096   

Other indefinite-lived intangible assets

      —          —          1,961        —          1,961   

Amortizable intangible assets, net

      176        5,684        17        4        5,881   

As of December 31, 2011

           

Property, plant and equipment, net

    $ 95,295      $ 5,752      $ 1,233      $ 8,942      $ 111,222   

Broadcast licenses

      371,420        —          —          —          371,420   

Goodwill

      3,873        14,874        1,337        8        20,092   

Other indefinite-lived intangible assets

      —          —          1,961        —          1,961   

Amortizable intangible assets, net

      211        6,235        19        4        6,469