XML 52 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
OPERATING ACTIVITIES:    
Net income (loss) $ 15,973 $ 16,517
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 5,797 6,557
Amortization of deferred financing costs 3,391 3,261
Net deferred taxes (benefit) and other 11,605 13,080
Provision for bad debts 899 657
Net (gain) loss on sale or disposal of assets (329) (1,625)
Non-cash stock-based compensation expense 3,751 2,980
Net (gain) loss on investments 0 0
Net (gain) loss on derivatives 0 0
Deferred rent 663 126
Unearned revenue - long-term (28) (61)
Net (gain) loss on extinguishment of debt 0 0
Deferred compensation 888 1,587
Tax benefit for vesting of restricted stock unit awards 0 0
Impairment loss 0 850
Net accretion expense for asset retirement obligations (18) 17
Other income 0 (93)
Changes in assets and liabilities:    
Accounts receivable (3,444) (1,217)
Prepaid expenses and deposits (817) (1,844)
Prepaid and refundable income taxes 0 0
Accounts payable and accrued liabilities 5,863 2,230
Accrued interest expense 5,602 4,311
Accrued liabilities - long-term (1,235) (1,055)
Prepaid expenses - long-term (406) 200
Net cash provided by (used in) operating activities 48,155 46,478
INVESTING ACTIVITIES:    
Additions to property and equipment (7,390) (3,502)
Proceeds from sale of property, equipment, intangibles and other assets 80 8
Purchases of radio station assets 0 0
Deferred charges and other assets (658) (4)
Purchases of investments 0 0
Proceeds from investments and capital projects 0 137
Proceeds from termination of radio station contract 0 0
Proceeds from insurance recovery 0 0
Net cash provided by (used in) investing activities (7,968) (3,361)
FINANCING ACTIVITIES:    
Deferred financing expenses related to bank facility amendment 0 0
Proceeds from issuance of long-term debt 15,500 23,000
Proceeds from the financing method of lease obligations 0 0
Payments of long-term debt (51,000) (67,523)
Net proceeds from the senior unsecured notes 0 0
Retirement of senior subordinated notes 0 0
Purchase of the Company's common stock 0 0
Proceeds from issuance of employee stock plan 0 0
Proceeds from the exercise of stock options 42 219
Purchase of vested employee restricted stock units (915) (1,167)
Realization of tax benefits for payment of dividend equivalents 0 0
Payment of dividend equivalents on vested restricted stock units 0 0
Payment of dividends 0 0
Net cash provided by (used in) financing activities (36,373) (45,471)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,814 (2,354)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 12,231 8,923
CASH AND CASH EQUIVALENTS, END OF PERIOD 16,045 6,569
Cash paid during the period for:    
Interest 20,998 26,378
Income taxes 79 69
Dividends $ 0 $ 0