Salem Media Group, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)

6 Months Ended

Jun. 30, 2016

The table below presents financial information for each operating segment as of June 30, 2016 and 2015 based on the composition of our operating segments:

	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated

	(Dollars in thousands)
Three Months Ended June 30, 2016
Net revenue	$	49,707	$	11,311	$	6,761	$		$	67,779
Operating expenses		35,709		8,781		6,983		3,568		55,041
Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment of long-lived assets and (gain) loss on the sale or disposal of assets	$	13,998	$	2,530	$	(222)	$	(3,568)	$	12,738
Depreciation		1,802		798		165		217		2,982
Amortization		23		1,093		72		1		1,189
Change in the estimated fair value of contingent earn-out consideration				(36)		(98)				(134)
Impairment of long-lived assets		700								700
(Gain) loss on the sale or disposal of assets		(1,721)		20		(3)		3		(1,701)
Operating income (loss)	$	13,194	$	655	$	(358)	$	(3,789)	$	9,702

Three Months Ended June 30, 2015
Net revenue	$	49,060	$	11,499	$	6,734	$		$	67,293
Operating expenses		35,187		8,767		6,469		3,518		53,941
Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and loss on disposal of assets	$	13,873	$	2,732	$	265	$	(3,518)	$	13,352
Depreciation		1,889		782		167		222		3,060
Amortization		23		1,156		135		1		1,315
Change in the estimated fair value of contingent earn-out consideration				(244)		(63)				(307)
Loss on disposal of assets		30								30
Operating income (loss)	$	11,931	$	1,038	$	26	$	(3,741)	$	9,254

Six Months Ended June 30, 2016
Net revenue	$	98,178	$	22,595	$	11,581	$		$	132,354
Operating expenses		71,697		17,967		11,931		7,781		109,376
Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration, impairment of long-lived assets and (gain) loss on the sale or disposal of assets	$	26,481	$	4,628	$	(350)	$	(7,781)	$	22,978
Depreciation		3,650		1,580		315		429		5,974
Amortization		45		2,142		144		1		2,332
Change in the estimated fair value of contingent earn-out consideration				(106)		(156)				(262)
Impairment of long-lived assets		700								700
(Gain) loss on the sale or disposal of assets		(1,542)		6		(21)		6		(1,551)
Operating income (loss)	$	23,628	$	1,006	$	(632)	$	(8,217)	$	15,785

Six Months Ended June 30, 2015
Net revenue	$	95,599	$	22,290	$	11,260	$		$	129,149
Operating expenses		69,104		17,767		10,966		7,509		105,346
Operating income (loss) before depreciation, amortization, change in the estimated fair value of contingent earn-out consideration and (gain) loss on the sale or disposal of assets	$	26,495	$	4,523	$	294	$	(7,509)	$	23,803
Depreciation		3,840		1,558		335		499		6,232
Amortization		46		2,326		271		1		2,644
Change in the estimated fair value of contingent earn-out consideration				(211)		22				(189)
(Gain) loss on the sale or disposal of assets		159				(1)		1		159
Operating income (loss)	$	22,450	$	850	$	(333)	$	(8,010)	$	14,957

	Broadcast		Digital Media		Publishing		Unallocated Corporate		Consolidated
	(Dollars in thousands)
As of June 30, 2016
Inventories, net	$		$	388	$	515	$		$	903
Property and equipment, net		88,155		7,131		1,625		7,648		104,559
Broadcast licenses		393,566								393,566
Goodwill		3,581		20,160		1,044		8		24,793
Other indefinite-lived intangible assets						833				833
Amortizable intangible assets, net		447		11,522		1,244		7		13,220

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