Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information

Segment Information

3. SEGMENT INFORMATION

The Company operates in two reportable segments: television broadcasting and radio broadcasting.

Television Broadcasting

The Company owns and/or operates 53 primary television stations located primarily California, Colorado, Connecticut, Florida, Massachusetts, Nevada, New Mexico, Texas and Washington, D.C

Radio Broadcasting

The Company owns and operates 48 radio stations (37 FM and 11 AM) located primarily in Arizona, California, Colorado, Florida, Nevada, New Mexico and Texas.

Separate financial data for each of the Company's operating segments are provided below. Segment operating profit (loss) is defined as operating profit (loss) before corporate expenses and impairment charge. There were no significant sources of revenue generated outside the United States during the three- and six-month periods ended June 30, 2011 and 2010. The Company evaluates the performance of its operating segments based on the following (in thousands):

	Three-Month Period									Six-Month Period
	Ended June 30,						% Change			Ended June 30,						% Change
	2011			2010			2011 to 2010			2011			2010			2011 to 2010
Net Revenue
Television	$	33,118		$	34,819			(5	)%	$	63,786		$	64,464			(1	)%
Radio		17,147			18,612			(8	)%		30,523			32,040			(5	)%
Consolidated		50,265			53,431			(6	)%		94,309			96,504			(2	)%
Direct operating expenses
Television		13,665			13,825			(1	)%		26,324			26,854			(2	)%
Radio		8,822			8,337			6	%		16,984			16,076			6	%
Consolidated		22,487			22,162			1	%		43,308			42,930			1	%
Selling, general and administrative expenses
Television		4,991			5,079			(2	)%		10,162			10,007			2	%
Radio		4,295			3,856			11	%		8,367			7,984			5	%
Consolidated		9,286			8,935			4	%		18,529			17,991			3	%
Depreciation and amortization
Television		3,539			3,940			(10	)%		7,374			7,669			(4	)%
Radio		886			934			(5	)%		1,783			1,928			(8	)%
Consolidated		4,425			4,874			(9	)%		9,157			9,597			(5	)%
Segment operating profit
Television		10,923			11,975			(9	)%		19,926			19,934			(0	)%
Radio		3,144			5,485			(43	)%		3,389			6,052			(44	)%
Consolidated		14,067			17,460			(19	)%		23,315			25,986			(10	)%
Corporate expenses		3,772			3,477			8	%		7,517			7,225			4	%
Operating income (loss)		10,295			13,983			(26	)%		15,798			18,761			(16	)%
Interest expense		(9,459	)		(5,263	)		80	%		(18,902	)		(10,777	)		75	%
Interest income		—			84			(100	)%		2			167			(99	)%
Other income (loss)		—			—			*			687			—			*
Income (loss) before income taxes	$	836		$	8,804			(91	)%	$	(2,415	)	$	8,151			*
Capital expenditures
Television	$	1,413		$	1,671					$	4,030		$	4,030
Radio		186			215						336			557
Consolidated	$	1,599		$	1,886					$	4,366		$	4,587
										June 30, 2011			December 31, 2010
Total assets
Television										$	362,153		$	367,474
Radio											125,965			123,336
Consolidated										$	488,118		$	490,810

* Percentage not meaningful.