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, 2014

The table below presents financial information for each operating segment as of December 31, 2014, 2013 and 2012 based on the new composition of our operating segments:

	Broadcast			Digital Media			Publishing			Unallocated Corporate			Consolidated
	(Dollars in thousands)
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, impairment, change in estimated fair value of contingent earn-out consideration (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, impairments 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
Year Ended December 31, 2012
Net revenue	$	187,640		$	28,166		$	13,373		$			$	229,179
Operating expenses		126,514			22,848			13,339			14,396			177,097
Net operating income (loss) before depreciation, amortization, impairment and (gain) loss on the sale or disposal of assets	$	61,126		$	5,318		$	34		$	(14,396	)	$	52,082
Depreciation		8,274			2,438			423			1,208			12,343
Amortization		105			2,189			8			2			2,304
Impairment of indefinite-lived long-term assets other than goodwill								88						88
Impairment of long-lived assets		6,808												6,808
(Gain) loss on the sale or disposal of assets		84			(76	)					41			49
Net operating income (loss) from continuing operations	$	45,855		$	767		$	(485	)	$	(15,647	)	$	30,490

	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated
	(Dollars in thousands)
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
As of December 31, 2013
Property 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

Schedule of financial information by operating segment with a comparison of the results under the prior composition of operating segments as compared to new composition

The table below presents financial information for each operating segment as of December 31, 2014, 2013 and 2012 with a comparison of the results under the prior composition of our operating segments as compared to the new composition:

	Year Ending December 31,
	2012				2013				2014
	As Reported Original		As Updated New		As Reported Original		As Updated New		As updated Original		As Reported New
	(Dollars in Thousands)
Revenues by Segment:
Net Broadcast Revenue	$	183,180	$	187,640	$	183,697	$	188,544	$	187,815	$	192,923
Net Digital Media Revenue		33,474		28,166		40,906		35,156		55,519		46,862
Net Publishing Revenue		12,525		13,373		12,331		13,234		23,202		26,751
Total Net Revenue	$	229,179	$	229,179	$	236,934	$	236,934	$	266,536	$	266,536
Operating expenses by segment:
Broadcast Operating Expenses	$	120,772	$	126,514	$	122,862	$	129,857	$	130,875	$	138,564
Digital Media Operating Expenses		25,145		22,848		28,378		25,741		41,067		36,232
Publishing Operating Expenses		12,288		13,339		13,289		14,280		23,052		26,143
Unallocated Corporate Expenses		18,892		14,396		21,430		16,081		23,037		17,092
	$	177,097	$	177,097	$	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	$	52,082	$	52,082	$	50,975	$	50,975	$	48,505	$	48,505

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details