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 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Net broadcast revenue $ 46,372 $ 45,406 $ 90,329 $ 88,136
Net Internet revenue 8,035 6,890 15,469 12,482
Net publishing revenue 3,219 3,144 6,112 5,985
Total revenue 57,626 55,440 111,910 106,603
Operating expenses:        
Broadcast operating expenses exclusive of depreciation and amortization shown below (including $324 and $335 for the three months ended June 30, 2011 and 2012, respectively, and $648 and $659 for the six months ended June 30, 2011 and 2012, respectively, paid to related parties) 30,519 29,054 59,661 56,856
Internet operating expenses exclusive of depreciation and amortization shown below 6,109 5,541 12,033 10,377
Publishing operating expenses exclusive of depreciation and amortization shown below 3,000 2,771 5,971 5,651
Corporate expenses exclusive of depreciation and amortization shown below (including $170 and $148 for the three months ended June 30, 2011 and 2012, and $326 and $200 for the six months ended June 30, 2011 and 2012, respectively, paid to related parties) 4,804 4,204 9,671 8,755
Depreciation 3,037 3,117 6,067 6,299
Amortization 542 683 1,131 1,202
Impairment of long-lived assets 5,608   5,608  
(Gain) loss on disposal of assets 145 150 (24) (4,375)
Total operating expenses 53,764 45,520 100,118 84,765
Operating income (loss) from continuing operations 3,862 9,920 11,792 21,838
Other income (expense):        
Interest income 28 54 59 97
Interest expense including $39 and $114 respectively, for the three months ended June 30, 2012 paid to related parties. (6,264) (7,064) (12,660) (14,299)
Loss on early redemption of long-term debt (893) (1,090) (893) (1,090)
Other income (expense), net 4 (12) 11 (23)
Income (loss) from continuing operations before income taxes (3,263) 1,808 (1,691) 6,523
Provision for (benefit from) income taxes (1,484) 723 (797) 2,879
Income (loss) from continuing operations (1,779) 1,085 (894) 3,644
Income (loss) from discontinued operations (13) 15 (55) 43
Net income (loss) $ (1,792) $ 1,100 $ (949) $ 3,687
Basic earnings per share data:        
Earnings (loss) per share from continuing operations $ (0.07) $ 0.04 $ (0.04) $ 0.15
Earnings (loss) per share from discontinued operations            
Basic earnings (loss) per share $ (0.07) $ 0.05 $ (0.04) $ 0.15
Diluted earnings per share data:        
Earnings (loss) per share from continuing operations $ (0.07) $ 0.04 $ (0.04) $ 0.15
Earnings (loss) per share from discontinued operations            
Diluted earnings (loss) per share $ (0.07) $ 0.04 $ (0.04) $ 0.15
Dividends per share $ 0.04   $ 0.07  
Basic weighted average shares outstanding 24,356,298 24,279,251 24,460,623 24,400,054
Diluted weighted average shares outstanding 24,356,298 24,491,530 24,460,623 24,625,391