Quarterly report pursuant to Section 13 or 15(d)

SEGMENT DATA

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SEGMENT DATA
3 Months Ended
Mar. 31, 2014
Segment Reporting [Abstract]  
SEGMENT DATA

NOTE 17. SEGMENT DATA

FASB ASC Topic 280 Segment Reporting requires companies to provide certain information about their operating segments. We operate in three segments — radio broadcasting, Internet and publishing — of which our radio broadcasting and Internet segment are reportable segments. Our radio broadcasting segment operates radio stations throughout the United States, as well as various radio networks and our National sales group. Our Internet segment operates all of our websites, digital publications and consumer product sales. Our publishing segment operates Regnery Publishing, our print magazines and Xulon Press, a print-on-demand book publisher.

 

Management uses operating income before depreciation, amortization, impairments and (gain) loss on sale or disposal of assets, as its measure of profitability for purposes of assessing performance and allocating resources.

 

     Radio
Broadcast
    Internet and
e-commerce
     Publishing     Corporate     Consolidated  
     (Dollars in thousands)  

Three Months Ended March 31, 2014

           

Net revenue

   $ 45,576      $ 12,910       $ 3,847      $ —        $ 62,333   

Operating expenses

     31,189        9,817         4,419        6,830        52,255   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

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

   $ 14,387      $ 3,093       $ (572   $ (6,830   $ 10,078   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Depreciation

     1,988        753         101        287        3,129   

Amortization

     28        1,278         302        —          1,608   

Change in estimated fair value of contingent earn-out consideration

     —          127         —          —          127   

(Gain) loss on disposal of assets

     (117     —           —          —          (117
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Operating income (loss) from continuing operations

   $ 12,488      $ 935       $ (975   $ (7,117   $ 5,331   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Three Months Ended March 31, 2013

           

Net revenue

   $ 43,247      $ 9,716       $ 2,665      $ —        $ 55,628   

Operating expenses

     29,567        6,841         3,023        5,796        45,227   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

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

   $ 13,680      $ 2,875       $ (358   $ (5,796   $ 10,401   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Depreciation

     1,973        743         116        290        3,122   

Amortization

     35        656         2        —          693   

(Gain) loss on disposal of assets

     4        —           —          —          4   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Operating income (loss) from continuing operations

   $ 11,668      $ 1,476       $ (476   $ (6,086   $ 6,582   
  

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 
     Radio
Broadcast
    Internet and
e-commerce
     Publishing     Corporate     Consolidated  
     (Dollars in thousands)  

As of March 31, 2014

           

Inventories

   $ —        $ 387       $ 177      $ —        $ 564   

Property, plant and equipment, net

     82,291        6,960         2,006        8,382        99,639   

Broadcast licenses

     383,606        —           —          —          383,606   

Goodwill

     3,936        19,677         1,088        8        24,709   

Other indefinite-lived intangible assets

     —          —           868        —          868   

Amortizable intangible assets, net

     633        13,454         2,809        1        16,897   

As of December 31, 2013

           

Property, plant and equipment, net

   $ 82,457      $ 6,402       $ 1,596      $ 8,473      $ 98,928   

Broadcast licenses

     381,836        —           —          —          381,836   

Goodwill

     3,917        17,550         899        8        22,374   

Other indefinite-lived intangible assets

     —          —           868        —          868   

Amortizable intangible assets, net

     661        8,119         11        2        8,793