Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
OPERATING ACTIVITIES      
Income (loss) from continuing operations $ 6,359 $ 1,976 $ (8,263)
Adjustments to reconcile income (loss) from continuing operations to net cash provided by operating activities:      
Non-cash stock-based compensation 950 1,437 588
Excess tax benefit from stock options exercised (52) (338)  
Depreciation and amortization 14,971 14,588 15,120
Amortization of bond issue costs and bank loan fees 1,556 1,639 1,400
Amortization and accretion of financing items 186 189 21
Provision for bad debts 2,069 2,198 4,881
Deferred income taxes 5,404 2,387 (3,161)
Change in fair value of interest rate swaps     781
Cost of denied tower site, abandoned projects and terminated transactions     1,111
Impairment of indefinite-lived intangible assets other than goodwill     27,409
Impairment of goodwill     587
(Gain) loss on disposal of assets (4,153) 255 1,676
Gain on bargain purchase     (1,634)
Loss on early retirement of debt 2,169 1,832 1,050
Non-cash interest charges related to interest rate swaps     1,841
Changes in operating assets and liabilities:      
Accounts receivable (633) (4,407) (3,618)
Prepaid expenses and other current assets (81) (175) (430)
Accounts payable and accrued expenses 980 710 643
Deferred revenue (616) 849 127
Other liabilities 2,601 (446) (401)
Income taxes payable (5) 123 (260)
Net cash provided by continuing operating activities 31,705 22,817 39,468
INVESTING ACTIVITIES      
Capital expenditures (7,522) (7,819) (3,731)
Deposits on radio station acquisitions and equipment 248 (193) 2,725
Purchases of broadcast assets and radio stations (3,151) (3,090) (3,745)
Purchases of Internet businesses and assets (6,000) (4,470)  
Proceeds from the disposal of assets 12,750 44 353
Deposit received on pending sale of broadcast business   1,000  
Proceeds from eminent domain   996  
Net cash outflows from related party residential purchase   (155)  
Reimbursement of tower relocation costs     1,742
Other (826) (90) (195)
Net cash used in investing activities of continuing operations (4,501) (13,777) (2,851)
FINANCING ACTIVITIES      
Payments of costs related to bank credit facilities (597) (319) (2,850)
Payments of bond issue costs (43) (681) (7,163)
Payments of bond premium in connection with early redemption (1,044) (900)  
Payments to terminate interest rate swap agreements     (8,679)
Proceeds from issuance 95/8% Notes, net of original issue discount     298,095
Proceeds from borrowings under credit facilities 108,400 54,000 15,000
Payments under credit facilities (112,400) (34,000) (232,468)
Proceeds from Affiliate Lines of Credit 9,000    
Proceeds from exercise of stock options 24 338  
Excess tax benefit from stock options exercised 52 338  
Payment of cash dividend on common stock   (4,840)  
Payments on capital lease obligations and seller financed note (116) (86) (1,371)
Restricted cash (10)   (100)
Book overdraft 3,650    
Net cash used in financing activities (28,084) (16,150) (29,481)
CASH FLOWS FROM DISCONTINUED OPERATIONS      
Operating cash flows (625) (262) (83)
Investing cash flows 744 (745)  
Total cash inflows (outflows) from discontinued operations 119 (1,007) (83)
Net increase (decrease) in cash and cash equivalents (761) (8,117) 7,053
Cash and cash equivalents at beginning of period 828 8,945 1,892
Cash and cash equivalents at end of period 67 828 8,945
Cash paid during the period for:      
Interest 26,053 29,668 14,200
Income taxes 263 295 314
Non-cash investing and financing activities:      
Trade revenue 5,352 4,773 5,076
Trade expense 4,680 4,514 4,585
Note receivable acquired in exchange for radio station 1,000    
Assets acquired under capital leases 25 238  
7 3/4% Notes
     
FINANCING ACTIVITIES      
Payments to redeem     (89,945)
9 5/8% Notes
     
FINANCING ACTIVITIES      
Payments to redeem $ (35,000) $ (30,000)