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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
OPERATING ACTIVITIES:    
Net income (loss) $ 26,666 $ 15,096
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 7,452 6,079
Amortization of deferred financing costs 2,209 2,404
Net deferred taxes (benefit) and other 16,097 9,608
Tax benefit on exercise of options 0 0
Provision for bad debts 1,129 918
Net (gain) loss on sale or disposal of assets (1,310) (717)
Non-cash stock-based compensation expense 4,660 4,097
Net (gain) loss on investments 0 0
Net (gain) loss on derivatives 0 0
Deferred rent 208 480
Unearned revenue - long-term 0 (10)
Net (gain) loss on extinguishment of debt 0 0
Deferred compensation 1,471 (22)
Tax benefit for vesting of restricted stock unit awards 0 0
Impairment loss 62 0
Net accretion expense for asset retirement obligations 23 13
Changes in assets and liabilities:    
Accounts receivable (5,390) (6,500)
Prepaid expenses and deposits (2,044) 46
Prepaid and refundable income taxes 0 0
Accounts payable and accrued liabilities (192) 5,159
Accrued interest expense 4,749 5,788
Accrued liabilities - long-term (1,639) (326)
Prepaid expenses - long-term (3,166) 660
Net cash provided by (used in) operating activities 50,985 42,773
INVESTING ACTIVITIES:    
Additions to property and equipment (4,316) (5,974)
Proceeds from sale of property, equipment, intangibles and other assets 7,118 406
Purchases of radio station assets (92) (81,652)
Deferred charges and other assets (223) (913)
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 2,487 (88,133)
FINANCING ACTIVITIES:    
Deferred financing expenses related to bank facility amendment 0 0
Proceeds from issuance of long-term debt 21,500 42,000
Proceeds from the financing method of lease obligations 102 0
Payments of long-term debt (65,262) (17,250)
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 194 0
Proceeds from the exercise of stock options 39 35
Purchase of vested employee restricted stock units (2,205) (1,527)
Realization of tax benefits for payment of dividend equivalents 0 0
Payment of dividend equivalents on vested restricted stock units (91) (7)
Payment of dividends on common stock (5,772) 0
Payment of fees associated with the issuance of preferred stock 0 (220)
Payments of dividends on preferred stock (1,238) 0
Net cash provided by (used in) financing activities (52,733) 23,031
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 739 (22,329)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 9,169 31,540
CASH AND CASH EQUIVALENTS, END OF PERIOD 9,908 9,211
Cash paid during the period for:    
Interest 21,046 20,538
Income taxes 339 81
Dividends on common stock 5,772 0
Dividends on preferred stock $ 1,238 $ 0