QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information [Text Block]

19.  QUARTERLY FINANCIAL DATA (UNAUDITED):

	Quarters Ended
	March 31			June 30			September 30			December 31(a)
	(In thousands, except share data)
2011:
Net revenue	$	65,009		$	97,062		$	104,445		$	98,093
Operating income (loss)		5,577			15,790			13,120			(9,001	)
Net (loss) income from continuing operations		(64,006	)		101,312			(7,406	)		(16,977	)
(Loss) income from discontinued operations		(36	)		(45	)		11			50
Consolidated net (loss) income attributable to common stockholders		(64,245	)		98,550			(9,878	)		(21,538	)
BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net (loss) income from continuing operations per share	$	(1.23	)	$	1.94		$	(0.20	)	$	(0.43	)
Net (loss) income from discontinued operations per share		(0.00	)		(0.00	)		0.00			0.00
Consolidated net (loss) income per share attributable to common stockholders	$	(1.23	)	$	1.94		$	(0.20	)	$	(0.43	)
DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net (loss) income from continuing operations per share	$	(1.23	)	$	1.86		$	(0.20	)	$	(0.43	)
Net (loss) income from discontinued operations per share		(0.00	)		(0.00	)		0.00			0.00
Consolidated net (loss) income per share attributable to common stockholders	$	(1.23	)	$	1.86		$	(0.20	)	$	(0.43	)
WEIGHTED AVERAGE SHARES OUTSTANDING
Weighted average shares outstanding — basic		52,117,552			50,831,560			50,270,550			49,782,016
Weighted average shares outstanding — diluted		52,117,552			52,905,060			50,270,550			49,782,016

(a) The net loss from continuing operations for the quarter ended December 31, 2011 includes approximately $22.3 million of pre-tax impairment charges.

In its previously filed consolidated financial statements, the Company improperly classified cash payments for TV One content assets as investing activities rather than operating activities in its consolidated statements of cash flows for the interim periods ended June 30, 2011 and September 30, 2011. The classification errors had no effect on the reported changes in cash and cash equivalents, and also had no effect on the consolidated balance sheets, the consolidated statements of operations, or the consolidated statements of stockholders’ equity. The reclassification adjustment decreased cash flows from operating activities and increase cash flows from investing activities by approximately $2.3 million for the six months ended June 30, 2011 and by approximately $12.8 million for the nine months ended September 30, 2011.

The following table summarizes the effects of the restatement adjustments on the consolidated statements of cash flows (in thousands):

	Six Months Ended June 30, 2011									Nine Months September 30, 2011
	As Previously Reported			Adjustments			As Restated			As Previously Reported			Adjustments			As Restated
CASH FLOWS FROM OPERATING ACTIVITIES:
Payments for content assets	$	-		$	(2,345	)	$	(2,345	)	$	-		$	(12,761	)	$	(12,761	)
Net cash flows provided by (used in) operating activities		2,136			(2,345	)		(209	)		29,111			(12,761	)		16,350
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for content assets		(2,345	)		2,345			-			(12,761	)		12,761			-
Net cash flows provided by (used in) investing activities		59,290			2,345			61,635			47,074			12,761			59,835
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash flows used in financing activities		(40,729	)		-			(40,729	)		(52,206	)		-			(52,206	)
INCREASE IN CASH AND CASH EQUIVALENTS	$	20,697		$	-		$	20,697		$	23,979		$	-		$	23,979

	Quarters Ended
	March 31			June 30			September 30			December 31(a)
	(In thousands, except share data)
2010:
Net revenue	$	58,980		$	75,194		$	74,430		$	71,163
Operating income (loss)		3,854			13,798			17,326			(19,739	)
Net (loss) income from continuing operations		(4,615	)		2,638			2,206			(26,523	)
Income (loss) from discontinued operations		18			(144	)		(158	)		(47	)
Consolidated net (loss) income attributable to common stockholders		(4,568	)		2,048			1,038			(27,151	)
BASIC NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net (loss) income from continuing operations per share	$	(0.09	)	$	0.04		$	0.02		$	(0.52	)
Net (loss) income from discontinued operations per share		(0.00	)		(0.00	)		(0.00	)		0.00
Consolidated net (loss) income per share attributable to common stockholders	$	(0.09	)	$	0.04		$	0.02		$	(0.52	)
DILUTED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
Net (loss) income from continuing operations per share	$	(0.09	)	$	0.04		$	0.02		$	(0.52	)
Net (loss) income from discontinued operations per share		(0.00	)		(0.00	)		(0.00	)		0.00
Consolidated net (loss) income per share attributable to common stockholders	$	(0.09	)	$	0.04		$	0.02		$	(0.52	)
WEIGHTED AVERAGE SHARES OUTSTANDING
Weighted average shares outstanding — basic		50,844,148			51,054,572			52,064,108			52,087,460
Weighted average shares outstanding — diluted		50,844,148			54,302,885			54,262,885			52,087,460

(a) The net loss from continuing operations for the quarter ended December 31, 2010 includes approximately $36.1 million of pre-tax impairment charges.