Segment Information

9 Months Ended

Sep. 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-based television, radio and developing media operations, the Company’s 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-based 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 September 30,						Nine months ended September 30,
(dollars in thousands)	2012			2011			2012			2011
Revenue
Television	$	34,663		$	30,522		$	100,600		$	90,557
Radio		5,225			5,344			15,524			15,876
Fisher Plaza		—			3,853			—			11,361
Total segment revenue		39,888			39,719			116,124			117,794
Intercompany and other		7			(19	)		(27	)		(192	)
	$	39,895		$	39,700		$	116,097		$	117,602
Segment income from continuing operations
Television	$	10,178		$	6,783		$	27,630		$	18,213
Radio		1,387			1,476			4,020			3,358
Fisher Plaza		—			2,286			—			6,938
Total segment income from continuing operations		11,565			10,545			31,650			28,509
Corporate and other		(5,065	)		(3,640	)		(13,540	)		(12,635	)
Fisher Plaza rent		(1,409	)		—			(3,933	)		—
	$	5,091		$	6,905		$	14,177		$	15,874
Depreciation and amortization
Television	$	1,486		$	1,200		$	4,463		$	3,526
Radio		29			23			88			70
Fisher Plaza		—			1,200			—			3,608
Total segment depreciation and amortization		1,515			2,423			4,551			7,204
Corporate and other		221			274			690			823
	$	1,736		$	2,697		$	5,241		$	8,027
	September 30, 2012			December 31, 2011
Total assets
Television	$	118,376		$	122,357
Radio		15,198			13,435
Fisher Plaza		—			377
Total segment assets		133,574			136,169
Corporate and other		134,327			208,948
	$	267,901		$	345,117

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 of significance 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 September 30,						Nine months ended September 30,
	2012			2011			2012			2011
Segment income from continuing operations	$	5,091		$	6,905		$	14,177		$	15,874
Adjustments:
Gain on sale of real estate, net		—			—			164			4,089
Plaza fire reimbursements, net		—			40			—			223
Depreciation and amortization		(1,736	)		(2,697	)		(5,241	)		(8,027	)
Income from continuing operations	$	3,355		$	4,248		$	9,100		$	12,159