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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
OPERATING ACTIVITIES:    
Net income (loss) $ 15,246 $ 6,654
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 4,964 3,860
Amortization of deferred financing costs 1,503 1,588
Net deferred taxes (benefit) and other 8,544 4,622
Tax benefit on exercise of options 0 0
Provision for bad debts 743 564
Net (gain) loss on sale or disposal of assets (1,219) (567)
Non-cash stock-based compensation expense 3,019 2,542
Net (gain) loss on investments 0 0
Net (gain) loss on derivatives 0 0
Deferred rent 244 355
Unearned revenue - long-term 0 (10)
Net (gain) loss on extinguishment of debt 0 0
Deferred compensation 730 558
Tax benefit for vesting of restricted stock unit awards 0 0
Impairment loss 62 0
Net accretion expense for asset retirement obligations 12 7
Other income 0 0
Changes in assets and liabilities:    
Accounts receivable (4,898) (4,082)
Prepaid expenses and deposits (2,227) (993)
Prepaid and refundable income taxes 0 0
Accounts payable and accrued liabilities (442) 5,252
Accrued interest expense (835) (44)
Accrued liabilities - long-term (1,188) (1,050)
Prepaid expenses - long-term 340 656
Net cash provided by (used in) operating activities 24,598 19,912
INVESTING ACTIVITIES:    
Additions to property and equipment (2,038) (4,744)
Proceeds from sale of property, equipment, intangibles and other assets 7,114 406
Purchases of radio station assets 0 0
Deferred charges and other assets (151) (462)
Purchases of investments 0 0
Proceeds from investments and capital projects 0 0
Proceeds from termination of radio station contract 0 0
Proceeds from insurance recovery 0 0
Station acquisition deposits and costs 0 0
Net cash provided by (used in) investing activities 4,925 (4,800)
FINANCING ACTIVITIES:    
Deferred financing expenses related to bank facility amendment 0 0
Proceeds from issuance of long-term debt 14,500 0
Proceeds from the financing method of lease obligations 102 0
Payments of long-term debt (36,258) (1,500)
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 30 31
Purchase of vested employee restricted stock units (2,193) (1,520)
Realization of tax benefits for payment of dividend equivalents 0 0
Payment of dividend equivalents on vested restricted stock units (91) 0
Payment of dividends on common stock (2,886) 0
Payment of fees associated with the issuance of preferred stock 0 0
Payments of dividends on preferred stock (825) 0
Net cash provided by (used in) financing activities (27,621) (2,989)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,902 12,123
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 9,169 31,540
CASH AND CASH EQUIVALENTS, END OF PERIOD 11,071 43,663
Cash paid during the period for:    
Interest 18,307 17,456
Income taxes 208 81
Dividends on common stock 2,886 0
Dividends on preferred stock $ 825 $ 0