XML 72 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
OPERATING ACTIVITIES:      
Net income (loss) $ 11,268 $ 66,277 $ 46,436
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 10,839 11,276 12,660
Amortization of deferred financing costs 4,651 3,592 3,912
Net deferred taxes (benefit) and other 13,296 (12,568) 23,053
Tax benefit on exercise of options 0 0 0
Provision for bad debts 390 1,672 990
Net (gain) loss on sale or disposal of assets 138 163 228
Non-cash stock-based compensation expense 5,754 7,671 5,528
Net (gain) loss on investments 123 30 174
Net (gain) loss on derivatives (1,346) 1,346 0
Deferred rent 516 191 (34)
Unearned revenue - long-term (15) 5 0
Net (gain) loss on extinguishment of debt 747 1,144 62
Deferred compensation 1,552 202 1,614
Tax benefit for vesting of restricted stock unit awards 0 0 0
Impairment loss 22,307 0 0
Net accretion expense for asset retirement obligations (87) 88 0
Other income (118) (32) (49)
Changes in assets and liabilities:      
Accounts receivable (2,138) 208 (3,532)
Prepaid expenses and deposits 1,692 (6) 15,828
Prepaid and refundable income taxes 271 493 6,818
Accounts payable and accrued liabilities (535) 524 (20,012)
Accrued interest expense 302 2,926 (195)
Accrued liabilities - long-term (562) (214) (2,561)
Prepaid expenses - long-term 657 537 (510)
Net cash provided by (used in) operating activities 69,702 85,525 90,410
INVESTING ACTIVITIES:      
Additions to property and equipment (3,688) (5,712) (2,744)
Proceeds from sale of property, equipment, intangibles and other assets 29 231 151
Purchases of radio station assets (25,325) (9,000) 0
Deferred charges and other assets (857) (1,185) (368)
Purchases of investments 0 0 0
Proceeds from investments and capital projects 482 32 49
Proceeds from termination of radio station contract 0 0 0
Proceeds from insurance recovery 0 0 0
Station acquisition deposits and costs 0 1,350 (1,350)
Net cash provided by (used in) investing activities (29,359) (14,284) (4,262)
FINANCING ACTIVITIES:      
Deferred financing expenses related to bank facility amendment (1,241) (19,937) (5,155)
Proceeds from issuance of long-term debt 36,000 587,500 37,500
Proceeds from the financing method of lease obligations 0 0 0
Payments of long-term debt (68,529) (852,527) (116,525)
Net proceeds from the senior unsecured notes 0 217,078 0
Retirement of senior subordinated notes 0 0 (6,579)
Purchase of the Company's common stock 0 0 0
Proceeds from issuance of employee stock plan 0 0 0
Proceeds from the exercise of stock options 135 71 130
Purchase of vested employee restricted stock units (1,367) (3,057) (1,628)
Realization of tax benefits for payment of dividend equivalents 0 0 0
Payment of dividend equivalents on vested restricted stock units (43) (512) (874)
Payment of dividends 0 0 0
Net cash provided by (used in) financing activities (35,045) (71,384) (93,131)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 5,298 (143) (6,983)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,625 3,768 10,751
CASH AND CASH EQUIVALENTS, END OF PERIOD 8,923 3,625 3,768
Cash paid during the period for:      
Interest 48,568 18,393 27,100
Income taxes 99 82 83
Dividends $ 0 $ 0 $ 0