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, 2012
Dec. 31, 2011
Dec. 31, 2010
OPERATING ACTIVITIES      
Income from continuing operations $ 4,523 $ 6,359 $ 1,976
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:      
Non-cash stock-based compensation 1,368 950 1,437
Excess tax benefit from stock options exercised (228) (52) (338)
Depreciation and amortization 14,647 14,971 14,588
Amortization of bond issue costs and bank loan fees 1,291 1,556 1,639
Amortization and accretion of financing items 179 186 189
Provision for bad debts 2,554 2,069 2,198
Deferred income taxes (101) 5,404 2,387
Impairment of long-lived assets 6,896    
(Gain) loss on disposal of assets 49 (4,153) 255
Loss on early retirement of debt 1,088 2,169 1,832
Changes in operating assets and liabilities:      
Accounts receivable (2,556) (633) (4,407)
Prepaid expenses and other current assets 118 (81) (175)
Accounts payable and accrued expenses 3,291 980 710
Deferred revenue (2,240) (616) 849
Other liabilities   2,601 (446)
Income taxes payable (30) (5) 123
Net cash provided by continuing operating activities 30,849 31,705 22,817
INVESTING ACTIVITIES      
Capital expenditures (8,549) (7,522) (7,819)
Deposits on radio station acquisitions and equipment (725) 248 (193)
Purchases of broadcast assets and radio stations (3,330) (3,151) (3,090)
Purchases of Internet businesses and assets (7,365) (6,000) (4,470)
Proceeds from the disposal of assets 907 12,750 44
Deposit received on pending sale of broadcast business     1,000
Proceeds from eminent domain     996
Net cash outflows from related party residential purchase     (155)
Restricted cash 110 (10)  
Other (114) (826) (90)
Net cash used in investing activities of continuing operations (19,066) (4,511) (13,777)
FINANCING ACTIVITIES      
Payments of costs related to bank credit facilities (149) (597) (319)
Payments of bond issue costs   (43) (681)
Payments of bond premium in connection with early redemption (645) (1,044) (900)
Payments to redeem 95/8% Notes (21,500) (35,000) (30,000)
Proceeds from borrowings under credit facilities 154,169 108,400 54,000
Payments under credit facilities (144,669) (112,400) (34,000)
Proceeds from subordinated debt due to related parties 27,000 9,000  
Payments to subordinated debt due to related parties (21,000)    
Proceeds from exercise of stock options 409 24 338
Excess tax benefit from stock options exercised 228 52 338
Payment of cash dividend on common stock (3,412)   (4,840)
Payments on capital lease obligations (125) (116) (86)
Book overdraft (1,775) 3,650  
Net cash used in financing activities (11,469) (28,074) (16,150)
CASH FLOWS FROM DISCONTINUED OPERATIONS      
Operating cash flows (1) (625) (262)
Investing cash flows   744 (745)
Total cash inflows (outflows) from discontinued operations (1) 119 (1,007)
Net increase (decrease) in cash and cash equivalents 313 (761) (8,117)
Cash and cash equivalents at beginning of period 67 828 8,945
Cash and cash equivalents at end of period 380 67 828
Cash paid during the period for:      
Interest (including $0, $0 and $322 for the years ended December 31, 2010, 2011 and 2012, respectively, paid to related parties) 23,448 26,053 29,668
Income taxes 220 226 159
Non-cash investing and financing activities:      
Trade revenue 5,270 5,352 4,773
Trade expense 5,309 4,680 4,514
Note receivable acquired in exchange for radio station   1,000  
Assets acquired under capital leases $ 27 $ 25 $ 238