Salem Media Group, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)

12 Months Ended

Dec. 31, 2015

The table below presents financial information for each operating segment as of December 31, 2015, 2014 and 2013 based on the new composition of our operating segments:

	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated
	(Dollars in thousands)
Year Ended December 31, 2015
Net revenue	$	196,090	$	45,855	$	23,842	$		$	265,787
Operating expenses		140,230		35,969		24,774		15,146		216,119
Net operating income (loss) before depreciation, amortization, impairments, change in estimated fair value of contingent earn-out consideration (gain) loss on the sale or disposal of assets	$	55,860	$	9,886	$	(932)	$	(15,146)	$	49,668
Depreciation		7,659		3,158		637		963		12,417
Amortization		91		4,690		542		1		5,324
Impairment of goodwill		439								439
Change in estimated fair value of contingent earn-out consideration				(478)		(1,237)				(1,715)
(Gain) loss on the sale or disposal of assets		219		11		(58)		9		181
Net operating income (loss) from continuing operations	$	47,452	$	2,505	$	(816)	$	(16,119)	$	33,022
Year Ended December 31, 2014
Net revenue	$	192,923	$	46,862	$	26,751	$		$	266,536
Operating expenses		138,564		36,232		26,143		17,092		218,031
Net operating income (loss) before depreciation, amortization, impairments and (gain) loss on the sale or disposal of assets	$	54,359	$	10,630	$	608	$	(17,092)	$	48,505
Depreciation		7,923		3,052		529		1,125		12,629
Amortization		98		4,885		1,212		1		6,196
Impairment of indefinite-lived long-term assets other than goodwill						34				34
Impairment of goodwill						45				45
Change in estimated fair value of contingent earn-out consideration				325		409				734
(Gain) loss on the sale or disposal of assets		231		25		(5)				251
Net operating income (loss) from continuing operations	$	46,107	$	2,343	$	(1,616)	$	(18,218)	$	28,616

Year Ended December 31, 2013
Net revenue	$	188,544	$	35,156	$	13,234	$		$	236,934
Operating expenses		129,857		25,741		14,280		16,081		185,959
Net operating income (loss) before depreciation, amortization, impairment and (gain) loss on the sale or disposal of assets	$	58,687	$	9,415	$	(1,046)	$	(16,081)	$	50,975
Depreciation		7,934		2,904		444		1,166		12,448
Amortization		154		2,654		6				2,814
Impairment of indefinite-lived long-term assets other than goodwill						1,006				1,006
Impairment of goodwill						438				438
(Gain) loss on the sale or disposal of assets		(274)						10		(264)
Net operating income (loss) from continuing operations	$	50,873	$	3,857	$	(2,940)	$	(17,257)	$	34,533

	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated
	(Dollars in thousands)
As of December 31, 2015
Inventories, net	$		$	505	$	388	$		$	893
Property and equipment, net		88,788		7,033		1,742		7,920		105,483
Broadcast licenses		393,031								393,031
Goodwill		3,581		19,930		1,044		8		24,563
Other indefinite-lived intangible assets						833				833
Amortizable intangible assets, net		492		9,599		1,385		5		11,481
As of December 31, 2014
Inventories, net	$		$	222	$	350	$		$	572
Property and equipment, net		81,948		7,111		1,941		8,227		99,227
Broadcast licenses		385,726								385,726
Goodwill		3,955		19,677		1,044		8		24,684
Other indefinite-lived intangible assets						833				833
Amortizable intangible assets, net		583		9,884		1,926		2		12,395

Schedule Of Financial Information By Operating Segment With Comparison Of Results Under Prior Composition Of Operating Segments As Compared To New Composition [Table Text Block]

The table below presents financial information for each operating segment as of December 31, 2014 and 2013 with a comparison of the results under the prior composition of our operating segments as compared to the new composition:

	Year Ending December 31,
	2013				2014
	As Reported Original		As Updated New		As updated Original		As Reported New
	(Dollars in thousands)
Revenues by Segment:
Net Broadcast Revenue	$	183,697	$	188,544	$	187,815	$	192,923
Net Digital Media Revenue		40,906		35,156		55,519		46,862
Net Publishing Revenue		12,331		13,234		23,202		26,751
Total Net Revenue	$	236,934	$	236,934	$	266,536	$	266,536
Operating expenses by segment:
Broadcast Operating Expenses	$	122,862	$	129,857	$	130,875	$	138,564
Digital Media Operating Expenses		28,378		25,741		41,067		36,232
Publishing Operating Expenses		13,289		14,280		23,052		26,143
Unallocated Corporate Expenses		21,430		16,081		23,037		17,092
	$	185,959	$	185,959	$	218,031	$	218,031
Net operating income (loss) before depreciation, amortization, impairments and (gain) loss on the sale or disposal of assets	$	50,975	$	50,975	$	48,505	$	48,505