| SEGMENT DATA |
NOTE 16. SEGMENT
DATA
FASB ASC Topic
280 “Segment Reporting” requires companies to provide
certain information about their operating segments. We have
historically had one reportable operating segment—radio
broadcasting. Our radio broadcasting segment operates radio
stations throughout the United States, as well as various radio
networks and our National sales group. Beginning with the first
quarter of 2011, we separated our non-broadcast segment into two
operating segments, Internet and Publishing. We believe that this
information regarding our non-broadcast segment is useful to
readers of our financial statements. Additionally, due to growth
within our Internet operations, including the acquisition of
WorshipHouse Media on March 28, 2011, our Internet segment
meets the threshold for disclosure as a reportable segment. All
prior periods have been updated to separate these non-broadcast
segments. Our Internet segment operates all of our websites and our
consumer product sales. Our publishing segment operates our print
magazine and Xulon Press, a print-on-demand book
publisher.
Management uses
operating income before depreciation, amortization, impairments of
indefinite-lived intangible assets, (gain) loss on disposal of
assets, and costs of denied towers, abandoned projects and
terminated transactions as its measure of profitability for
purposes of assessing performance and allocating
resources.
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Radio
Broadcast |
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Internet |
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Publishing |
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Corporate |
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Consolidated |
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(Dollars in
thousands) |
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Year Ended
December 31, 2011
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Net revenue
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$ |
178,731 |
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$ |
27,304 |
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$ |
12,131 |
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$ |
— |
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$ |
218,166 |
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Operating
expenses
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|
115,482 |
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|
20,889 |
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11,475 |
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17,503 |
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165,349 |
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Operating income (loss)
before depreciation, amortization and (gain) loss on disposal of
assets
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$ |
63,249 |
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$ |
6,415 |
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$ |
656 |
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$ |
(17,503 |
) |
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$ |
52,817 |
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Depreciation
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8,834 |
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2,139 |
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|
308 |
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1,239 |
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12,520 |
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Amortization
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|
136 |
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2,186 |
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|
127 |
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2 |
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2,451 |
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(Gain) loss on disposal of
assets
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(4,332 |
) |
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(11 |
) |
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23 |
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167 |
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(4,153 |
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Operating income
(loss)
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$ |
58,611 |
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$ |
2,101 |
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$ |
198 |
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$ |
(18,911 |
) |
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$ |
41,999 |
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Year Ended
December 31, 2010
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Net revenue
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$ |
174,933 |
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$ |
20,104 |
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$ |
11,421 |
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$ |
— |
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$ |
206,458 |
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Operating
expenses
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110,421 |
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16,722 |
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11,226 |
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16,613 |
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154,982 |
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Operating income (loss)
before depreciation, amortization and (gain) loss on disposal of
assets
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$ |
64,512 |
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$ |
3,382 |
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$ |
195 |
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$ |
(16,613 |
) |
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$ |
51,476 |
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Depreciation
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9,391 |
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1,771 |
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263 |
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1,145 |
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12,570 |
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Amortization
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|
102 |
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1,637 |
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|
274 |
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5 |
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2,018 |
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(Gain) loss on disposal of
assets
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(10 |
) |
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7 |
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55 |
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|
203 |
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255 |
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Operating income
(loss)
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$ |
55,029 |
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$ |
(33 |
) |
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$ |
(397 |
) |
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$ |
(17,966 |
) |
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$ |
36,633 |
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Year Ended
December 31, 2009
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Net revenue
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$ |
172,055 |
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$ |
16,232 |
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$ |
10,926 |
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$ |
— |
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$ |
199,213 |
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Operating
expenses
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108,106 |
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|
13,361 |
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10,237 |
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|
14,005 |
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145,709 |
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Operating income (loss)
before depreciation, amortization and (gain) loss on disposal of
assets
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$ |
63,949 |
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$ |
2,871 |
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$ |
689 |
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$ |
(14,005 |
) |
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$ |
53,504 |
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Depreciation
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10,418 |
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1,709 |
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|
256 |
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1,058 |
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13,441 |
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Amortization
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|
45 |
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1,187 |
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|
437 |
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10 |
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1,679 |
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Costs of denied tower site,
abandoned projects and terminated transactions
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|
1,111 |
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— |
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— |
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— |
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1,111 |
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Impairment of
indefinite-live intangible assets
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26,837 |
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— |
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1,159 |
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— |
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27,996 |
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(Gain) loss on disposal of
assets
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1,666 |
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12 |
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— |
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(2 |
) |
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1,676 |
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Operating income
(loss)
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$ |
23,872 |
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$ |
(37 |
) |
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$ |
(1,163 |
) |
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$ |
(15,071 |
) |
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$ |
7,601 |
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Radio
Broadcast |
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Internet |
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Publishing |
|
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Corporate |
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Consolidated |
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| |
|
(Dollars in
thousands) |
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|
As of December 31,
2011
|
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Total property, plant and
equipment, net
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$ |
95,295 |
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$ |
5,752 |
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$ |
1,233 |
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$ |
8,942 |
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$ |
111,222 |
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Goodwill
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3,873 |
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|
14,874 |
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|
1,337 |
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8 |
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|
20,092 |
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As of December 31,
2010
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Total property, plant and
equipment, net
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$ |
99,621 |
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$ |
5,501 |
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$ |
969 |
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$ |
9,760 |
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$ |
115,851 |
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Goodwill
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4,006 |
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|
12,757 |
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1,337 |
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8 |
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|
18,108 |
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