Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Net broadcast revenue $ 183,180 $ 178,731 $ 174,933
Net Internet revenue 33,474 27,304 20,104
Net publishing revenue 12,525 12,131 11,421
Total net revenue 229,179 218,166 206,458
Operating expenses:      
Broadcast operating expenses exclusive of depreciation and amortization 120,772 115,482 110,421
Internet operating expenses exclusive of depreciation and amortization shown below 25,145 20,889 16,722
Publishing operating expenses exclusive of depreciation and amortization shown below 12,288 11,475 11,226
Corporate expenses exclusive of depreciation and amortization 18,892 17,503 16,613
Depreciation 12,343 12,520 12,570
Amortization 2,304 2,451 2,018
Impairment of long-lived assets 6,896    
(Gain) loss on disposal of assets 49 (4,153) 255
Total operating expenses 198,689 176,167 169,825
Operating income (loss) 30,490 41,999 36,633
Other income (expense):      
Interest income 106 344 183
Interest expense (24,911) (27,665) (30,297)
Loss on early retirement of long-term debt (1,088) (2,169) (1,832)
Other income (expense), net 79 (40) (16)
Income from continuing operations before income taxes 4,676 12,469 4,671
Provision for income taxes 153 6,110 2,695
Income from continuing operations 4,523 6,359 1,976
Loss from discontinued operations, net of tax (95) (741) (44)
Net income $ 4,428 $ 5,618 $ 1,932
Basic earnings per share data:      
Earnings per share from continuing operations $ 0.18 $ 0.26 $ 0.08
Earnings (loss) per share from discontinued operations   $ (0.03)  
Basic earnings per share $ 0.18 $ 0.23 $ 0.08
Diluted earnings per share data:      
Earnings per share from continuing operations $ 0.18 $ 0.26 $ 0.08
Earnings (loss) from discontinued operations   $ (0.03)  
Diluted earnings per share $ 0.18 $ 0.23 $ 0.08
Dividends per share $ 0.14   $ 0.20
Basic weighted average shares outstanding 24,577,605 24,475,102 24,086,829
Diluted weighted average shares outstanding 24,986,966 24,683,644 24,653,465