Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 130 $ 98
Trade accounts receivable (net of allowances of $13,479 in 2015 and $10,420 in 2016) 37,260 37,181
Other receivables (net of allowances of $371 in 2015 and $260 in 2016) 751 1,981
Inventories (net of reserves of $1,855 in 2015 and $2,226 in 2016) 670 893
Prepaid expenses 6,287 6,285
Deferred income taxes 9,411 9,813
Land held for sale 1,000 1,700
Total current assets 55,509 57,951
Notes receivable (net of allowance of $528 in 2015 and $564 in 2016) 65 173
Property and equipment (net of accumulated depreciation of $162,382 in 2015 and $156,024 in 2016) 102,790 105,483
Broadcast licenses 388,517 393,031
Goodwill 25,613 24,563
Other indefinite-lived intangible assets 332 833
Amortizable intangible assets (net of accumulated amortization of $39,454 in 2015 and $44,488 in 2016) 14,408 11,481
Deferred financing costs 82 151
Other assets 2,952 2,500
Total assets 590,268 596,166
Current liabilities:    
Accounts payable 4,968 5,177
Accrued expenses 15,658 14,032
Accrued compensation and related expenses 8,133 8,297
Accrued interest 77 16
Current portion of deferred revenue 9,491 11,549
Income taxes payable 223 73
Current portion of long-term debt and capital lease obligations 590 5,662
Total current liabilities 39,140 44,806
Long-term debt and capital lease obligations, less current portion 261,084 269,093
Fair value of interest rate swap 514 798
Deferred income taxes 60,769 57,082
Deferred rent expense 9,596 8,300
Deferred revenue less current portion 5,252 5,630
Other long-term liabilities 67 636
Total liabilities 376,422 386,345
Commitments and contingencies (Note 14)  
Stockholders' Equity:    
Additional paid-in capital 243,607 241,780
Accumulated earnings 3,963 1,768
Treasury stock, at cost (2,317,650 shares at December 31, 2015 and 2016) (34,006) (34,006)
Total stockholders' equity 213,846 209,821
Total liabilities and stockholders' equity 590,268 596,166
Common Class A [Member]    
Stockholders' Equity:    
Common stock 226 223
Total stockholders' equity 226 223
Common Class B [Member]    
Stockholders' Equity:    
Common stock 56 56
Total stockholders' equity $ 56 $ 56