Segment Information

6 Months Ended

Jun. 30, 2012

Segment Information [Abstract]

Segment Information

13. Segment Information

The Company reports financial data for two segments: television and radio. The television segment includes the operations of the Company’s 20 owned and/or operated television stations (including a 50%-owned television station) and the Company’s developing media business. The radio segment includes the operations of the Company’s three radio stations and one managed radio station. Prior to 2012, the Company also included Fisher Plaza as a reportable segment which included the operations of a communications center located near downtown Seattle that serves as home of the Company’s Seattle television operations, radio operations, the corporate offices and third-party tenants. In December 2011, the Company completed the sale of Fisher Plaza to Hines for $160.0 million in cash. The Company’s corporate headquarters and Seattle television, radio and developing media operations continue to be located at Fisher Plaza.

The Company discloses information about its reportable segments based on measures it uses in assessing the performance of its reportable segments. The Company uses “segment income from continuing operations” to measure the operating performance of its segments which represents income from continuing operations before depreciation and amortization, loss (gain) on sale of real estate, net and Plaza fire reimbursements, net. Additionally, the performance metric for segment income from continuing operations excludes the allocation of corporate costs and Fisher Plaza rent expense. Prior period financial information has been restated to conform to current period presentation.

Operating results and other financial data for each segment are as follows:

	Three months ended						Six months ended
	June 30,						June 30,
(dollars in thousands)	2012			2011			2012			2011
Revenue
Television	$	36,778		$	30,934		$	65,937		$	60,035
Radio		5,566			5,673			10,299			10,532
Fisher Plaza		—			3,811			—			7,508
Total segment revenue		42,344			40,418			76,236			78,075
Intercompany and other		(74	)		(68	)		(34	)		(173	)
	$	42,270		$	40,350		$	76,202		$	77,902
Segment income from continuing operations
Television	$	12,373		$	6,775		$	17,452		$	11,430
Radio		1,835			1,710			2,633			1,882
Fisher Plaza		—			2,451			—			4,652
Total segment income from continuing operations		14,208			10,936			20,085			17,964
Corporate, Fisher Plaza rent and other		(5,387	)		(4,125	)		(10,999	)		(8,995	)
	$	8,821		$	6,811		$	9,086		$	8,969
Depreciation and amortization
Television	$	1,490		$	1,162		$	2,977		$	2,326
Radio		30			24			59			47
Fisher Plaza		—			1,205			—			2,408
Total segment depreciation and amortization		1,520			2,391			3,036			4,781
Corporate and other		228			281			469			549
	$	1,748		$	2,672		$	3,505		$	5,330

	June 30,		December 31,
	2012		2011
Total assets
Television	$	115,302	$	122,357
Radio		14,898		13,435
Fisher Plaza		—		377
Total segment assets		130,200		136,169
Corporate and other		122,441		208,948
	$	252,641	$	345,117

Fisher Plaza rent expense of $1.3 million and $2.5 million is included in the Corporate, Fisher Plaza rent and other segment income from continuing operations for the three and six months ended June 30, 2012, respectively.

Intercompany and other non-segment revenue relates to sales between our television and radio stations and miscellaneous amounts not attributable to the operations of television or radio segments.

No geographic areas outside the United States were significant relative to consolidated revenue, segment income from continuing operations or total assets.

A reconciliation of segment income from continuing operations to income from continuing operations is as follows (dollars in thousands):

	Three months ended						Six months ended
	June 30,						June 30,
	2012			2011			2012			2011
Segment income from continuing operations	$	8,821		$	6,811		$	9,086		$	8,969
Adjustments:
(Loss) gain on sale of real estate, net		(209	)		4,089			164			4,089
Plaza fire reimbursements, net		—			105			—			183
Depreciation and amortization		(1,748	)		(2,672	)		(3,505	)		(5,330	)
Income from continuing operations	$	6,864		$	8,333		$	5,745		$	7,911