Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
OPERATING ACTIVITIES      
Income (loss) from continuing operations $ 11,150 $ 5,475 $ (2,699)
Adjustments to reconcile income (loss) from continuing operations to net cash provided by continuing operating activities:      
Non-cash stock-based compensation 771 1,576 1,849
Tax benefit related to stock options exercised 133 120 339
Depreciation and amortization 17,741 18,825 15,262
Amortization of deferred financing costs 628 643 853
Accretion of financing items 188 187 194
Accretion of acquisition-related deferred payments and contingent earn-out consideration 349 576 0
Provision for bad debts 1,733 3,026 3,456
Deferred income taxes 6,313 4,375 (4,764)
Impairment of indefinite-lived long-term assets other than goodwill 0 34 1,006
Impairment of goodwill 439 45 438
Change in the fair value of interest rate swaps 1,273 2,702 (3,177)
Change in the estimated fair value of contingent earn-out consideration (1,715) 734 0
(Gain) loss on the sale or disposal of assets 181 251 (264)
Gain on bargain purchase (1,357) 0 0
Loss on early retirement of debt 41 391 27,795
Changes in operating assets and liabilities:      
Accounts receivable 1,958 4,756 (3,049)
Inventories (307) (27) 0
Prepaid expenses and other current assets (705) 237 (50)
Accounts payable and accrued expenses (3,090) 4,041 (4,733)
Deferred revenue (216) (4,929) (3,688)
Other liabilities 703 (1,125) 0
Income taxes payable (81) 12 (33)
Net cash provided by continuing operating activities 36,130 41,925 28,735
INVESTING ACTIVITIES      
Cash paid for capital expenditures net of tenant improvement allowances (8,833) (9,363) (10,639)
Capital expenditures reimbursable under tenant improvement allowances and trade agreements (3,034) (711) 0
Escrow deposits related to acquisitions 0 (65) 81
Purchases of broadcast assets and radio stations (12,411) (6,195) (5,500)
Proceeds from the sale of assets 10 1,370 477
Other (443) (283) (179)
Net cash used in investing activities (29,183) (21,734) (17,737)
FINANCING ACTIVITIES      
Payments to redeem Terminated 9 5/8% Notes 0 0 (213,500)
Payments of bond premium in connection with early redemptions and repurchases of the Terminated 9 5/8% Notes 0 0 (22,677)
Payments of costs related to bank credit facility 0 (13) (4,394)
Proceeds from borrowings under terminated credit facilities and subordinated debt 0 0 46,747
Payments under terminated credit facilities and subordinated debt 0 0 (87,220)
Payments to Terminated Subordinated Debt due to Related Parties 0 0 (15,000)
Payments of acquisition-related contingent earn-out consideration (1,204) (300) 0
Payments of deferred installments due from acquisition activity (935) 0 0
Payment of seller financed note 0 0 (2,000)
Proceeds from exercise of stock options 385 1,221 1,422
Payment of cash distribution on common stock (6,612) (6,183) (5,158)
Payments on capital lease obligations (112) (130) (122)
Book overdraft 2,075 (1,352) 876
Net cash used in financing activities (6,882) (20,223) (11,276)
CASH FLOWS FROM DISCONTINUED OPERATIONS      
Operating cash flows 0 0 (37)
Total cash outflows from discontinued operations 0 0 (37)
Net increase (decrease) in cash and cash equivalents 65 (32) (315)
Cash and cash equivalents at beginning of period 33 65 380
Cash and cash equivalents at end of period 98 33 65
Cash paid during the period for:      
Cash paid for interest net of capitalized interest (including $296, $0 and $0 for the years ended December 31, 2013, 2014 and 2015, respectively, of interest paid to related parties) 14,289 14,518 16,747
Cash paid for income taxes 330 257 242
Other supplemental disclosures of cash flow information:      
Barter revenue 6,204 6,227 5,917
Barter expense 5,990 6,052 4,897
Non-cash investing and financing activities:      
Present value of advertising credit payable 0 0 2,427
Seller financed note due directly to seller of station assets 0 0 2,000
Capital expenditures reimbursable under tenant improvement allowances 2,998 670 0
Non-cash capital expenditures for property & equipment acquired under barter arrangements 36 41 0
Estimated present value of contingent earn-out consideration 300 2,047 616
Current value of deferred cash payments (short-term) 21 600 300
Present value of deferred cash payments (due 2015) 0 893 0
Present value of deferred cash payments (due 2016) 0 2,289 0
Assets acquired under capital leases 0 64 118
Term Loan B [Member]      
FINANCING ACTIVITIES      
Payments under Term Loan B and Revolver (2,000) (15,250) (8,750)
Proceeds from borrowings under Term Loan B and Revolver 0 0 298,500
Revolver [Member]      
FINANCING ACTIVITIES      
Payments under Term Loan B and Revolver (58,698) (54,726) (30,961)
Proceeds from borrowings under Term Loan B and Revolver 60,219 56,510 30,961
Digital Media [Member]      
INVESTING ACTIVITIES      
Purchases of businesses and assets (4,472) (3,713) (1,977)
Publishing [Member]      
INVESTING ACTIVITIES      
Purchases of businesses and assets $ 0 $ (2,774) $ 0