Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2013
Term Loan B
Dec. 31, 2013
Revolver
OPERATING ACTIVITIES          
Income (loss) from continuing operations $ (2,699) $ 4,523 $ 6,359    
Adjustments to reconcile income (loss) from continuing operations to net cash provided by continuing operating activities:          
Non-cash stock-based compensation 1,849 1,368 950    
Tax benefit related to stock options exercised 339 228 52    
Depreciation and amortization 15,262 14,647 14,971    
Amortization of bond issue costs and bank loan fees 853 1,291 1,556    
Amortization and accretion of financing items 194 179 186    
Provision for bad debts 3,456 2,554 2,069    
Deferred income taxes (4,764) (329) 5,352    
Impairment of indefinite-lived long-term assets other than goodwill 1,006 88      
Impairment of goodwill 438        
Impairment of long-lived assets   6,808      
Change in the fair value of interest rate swaps (3,177)        
(Gain) loss on the sale or disposal of assets (264) 49 (4,153)    
Loss on early retirement of debt 27,795 1,088 2,169    
Changes in operating assets and liabilities:          
Accounts receivable (3,049) (2,556) (633)    
Prepaid expenses and other current assets (50) 118 (81)    
Accounts payable and accrued expenses (4,733) 3,291 980    
Deferred revenue (3,688) (2,240) (616)    
Other liabilities     2,601    
Income taxes payable (33) (30) (5)    
Net cash provided by continuing operating activities 28,735 31,077 31,757    
INVESTING ACTIVITIES          
Capital expenditures (10,639) (8,549) (7,522)    
Deposits (release) of cash held in escrow pursuant to acquisition and sale activity 81 (725) 248    
Purchases of broadcast assets and radio stations (5,500) (3,330) (3,151)    
Purchases of Internet businesses and assets (1,977) (7,365) (6,000)    
Proceeds from the sale of assets 477 907 12,750    
Restricted cash   110 (10)    
Other (179) (114) (826)    
Net cash used in investing activities of continuing operations (17,737) (19,066) (4,511)    
FINANCING ACTIVITIES          
Payments to redeem Terminated 95/8% Notes (213,500) (21,500) (35,000)    
Payments of bond premium in connection with early redemptions and repurchases of the Terminated 95/8% Notes (22,677) (645) (1,044)    
Proceeds from borrowings under Term Loan B and Revolver       298,500 30,961
Payments under Term Loan B and Revolver       (8,750) (30,961)
Payments of costs related to bank credit facility (4,394) (149) (597)    
Proceeds from borrowings under terminated credit facilities and subordinated debt 46,747 154,169 108,400    
Payments under terminated credit facilities and subordinated debt (87,220) (144,669) (112,400)    
Proceeds from Terminated Subordinated Debt due to Related Parties   27,000 9,000    
Payments to Terminated Subordinated Debt due to Related Parties (15,000) (21,000)      
Payments of bond issue costs     (43)    
Payment of seller financed note (2,000)        
Proceeds from exercise of stock options 1,422 409 24    
Payment of cash distribution on common stock (5,158) (3,412)      
Payments on capital lease obligations (122) (125) (116)    
Book overdraft 876 (1,775) 3,650    
Net cash used in financing activities (11,276) (11,697) (28,126)    
CASH FLOWS FROM DISCONTINUED OPERATIONS          
Operating cash flows (37) (1) (625)    
Investing cash flows     744    
Total cash inflows (outflows) from discontinued operations (37) (1) 119    
Net increase (decrease) in cash and cash equivalents (315) 313 (761)    
Cash and cash equivalents at beginning of period 380 67 828    
Cash and cash equivalents at end of period 65 380 67    
Cash paid during the period for:          
Cash paid for interest net of capitalized interest (including $0, $322 and $296 for the years ended December 31, 2011, 2012 and 2013, respectively, paid to related parties) 16,747 23,448 26,053    
Cash paid for income taxes 242 220 226    
Other supplemental disclosures of cash flow information:          
Trade revenue 5,627 5,270 5,352    
Trade expense 4,845 5,309 4,680    
Non-cash investing and financing activities:          
Net present value of advertising credits payable 2,427        
Note receivable acquired in exchange for radio station     1,000    
Seller financed note due directly to seller of station assets 2,000        
Net present value of contingent consideration 616        
Installment payments due 2014 under asset purchase agreement 300        
Assets acquired under capital leases $ 118 $ 27 $ 25