Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2013

Condensed Consolidating Financial Statements [Abstract]

Consolidating Balance Sheet

Consolidating Balance Sheet

June 30, 2013

(In thousands)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated Total
ASSETS
Current assets
Cash and cash equivalents	$	40,748		$	—		$	318	$	—		$	41,066
Trade receivables, net of allowance for doubtful accounts		52,137			—			280		—			52,417
Prepaid expenses and other current assets		3,854			—			619		—			4,473
Total current assets		96,739			—			1,217		—			97,956
Property and equipment, net		56,478			—			2,692		—			59,170
Intangible assets subject to amortization, net		21,080			—			—		—			21,080
Intangible assets not subject to amortization		38,739			178,262			3,700		—			220,701
Goodwill		35,653			—			994		—			36,647
Investment in subsidiaries		160,895			—			—		(160,895	)		—
Other assets		13,002			—			10,496		(10,496	)		13,002
Total assets	$	422,586		$	178,262		$	19,099	$	(171,391	)	$	448,556
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current maturities of long-term debt	$	200		$	—		$	—	$	—		$	200
Advances payable, related parties		118			—			—		—			118
Accounts payable and accrued expenses		46,285			—			678		(9,139	)		37,824
Total current liabilities		46,603			—			678		(9,139	)		38,142
Long-term debt, less current maturities		340,835			—			—		—			340,835
Other long-term liabilities		6,934			—			—		—			6,934
Deferred income taxes		14,064			35,788			—		(1,357	)		48,495
Total liabilities		408,436			35,788			678		(10,496	)		434,406
Stockholders’ equity (deficit)
Class A common stock		6			—			—		—			6
Class B common stock		2			—			—		—			2
Class U common stock		1			—			—		—			1
Member’s capital		—			804,654			12,652		(817,306	)		—
Additional paid-in capital		935,446			—			—		—			935,446
Accumulated deficit		(921,305	)		(662,180	)		5,769		656,411			(921,305	)
Total stockholders’ equity (deficit)		14,150			142,474			18,421		(160,895	)		14,150
Total liabilities and stockholders’ equity (deficit)	$	422,586		$	178,262		$	19,099	$	(171,391	)	$	448,556

Consolidating Balance Sheet

December 31, 2012

(In thousands)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated Total
ASSETS
Current assets
Cash and cash equivalents	$	35,631		$	—		$	499	$	—		$	36,130
Trade receivables, net of allowance for doubtful accounts		47,779			—			251		—			48,030
Prepaid expenses and other current assets		3,778			—			467		—			4,245
Total current assets		87,188			—			1,217		—			88,405
Property and equipment, net		58,900			—			2,535		—			61,435
Intangible assets subject to amortization, net		22,349			—			—		—			22,349
Intangible assets not subject to amortization		38,739			178,262			3,700		—			220,701
Goodwill		35,653			—			994		—			36,647
Investment in subsidiaries		164,355			—			—		(164,355	)		—
Other assets		8,514			—			10,603		(10,603	)		8,514
Total assets	$	415,698		$	178,262		$	19,049	$	(174,958	)	$	438,051
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current maturities of long-term debt	$	150		$	—		$	—	$	—		$	150
Advances payable, related parties		118			—			—		—			118
Accounts payable and accrued expenses		47,537			—			742		(9,121	)		39,158
Total current liabilities		47,805			—			742		(9,121	)		39,426
Long-term debt, less current maturities		340,664			—			—		—			340,664
Other long-term liabilities		7,359			—			—		—			7,359
Deferred income taxes		14,469			32,214			—		(1,482	)		45,201
Total liabilities		410,297			32,214			742		(10,603	)		432,650
Stockholders’ equity (deficit)
Class A common stock		5			—			—		—			5
Class B common stock		2			—			—		—			2
Class U common stock		1			—			—		—			1
Member’s capital		—			804,654			12,652		(817,306	)		—
Additional paid-in capital		930,814			—			—		—			930,814
Accumulated deficit		(925,421	)		(658,606	)		5,655		652,951			(925,421	)
Total stockholders’ equity (deficit)		5,401			146,048			18,307		(164,355	)		5,401
Total liabilities and stockholders’ equity (deficit)	$	415,698		$	178,262		$	19,049	$	(174,958	)	$	438,051

Consolidating Statement of Operations

Consolidating Statement of Operations

Three-Month Period Ended June 30, 2013

(In thousands)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Net revenue	$	56,669		$	—		$	841		$	(560	)	$	56,950
Expenses:
Direct operating expenses		26,072			—			476			(560	)		25,988
Selling, general and administrative expenses		7,255			—			169			—			7,424
Corporate expenses		4,736			—			—			—			4,736
Depreciation and amortization		3,692			—			128			—			3,820
		41,755			—			773			(560	)		41,968
Operating income (loss)		14,914			—			68			—			14,982
Interest expense		(7,881	)		—			—			—			(7,881	)
Interest income		9			—			—			—			9
Gain (loss) on debt extinguishment		(130	)		—			—			—			(130	)
Income (loss) before income taxes		6,912			—			68			—			6,980
Income tax (expense) benefit		(83	)		(1,787	)		(37	)		—			(1,907	)
Income (loss) before equity in net income (loss) of subsidiaries		6,829			(1,787	)		31			—			5,073
Equity in income (loss) of subsidiaries		(1,756	)		—			—			1,756			—
Net income (loss) applicable to common stockholders	$	5,073		$	(1,787	)	$	31		$	1,756		$	5,073

Consolidating Statement of Operations

Three-Month Period Ended June 30, 2012

(In thousands)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Net revenue	$	54,360		$	—		$	496		$	(365	)	$	54,491
Expenses:
Direct operating expenses		22,859			—			382			(365	)		22,876
Selling, general and administrative expenses		9,516			—			119			—			9,635
Corporate expenses		4,181			—			—			—			4,181
Depreciation and amortization		3,898			—			178			—			4,076
		40,454			—			679			(365	)		40,768
Operating income (loss)		13,906			—			(183	)		—			13,723
Interest expense		(8,959	)		—			—			—			(8,959	)
Interest income		9			—			—			—			9
Gain (loss) on debt extinguishment		(1,230	)		—			—			—			(1,230	)
Income (loss) before income taxes		3,726			—			(183	)		—			3,543
Income tax (expense) benefit		(570	)		(1,010	)		103			—			(1,477	)
Income (loss) before equity in net income (loss) of subsidiaries		3,156			(1,010	)		(80	)		—			2,066
Equity in income (loss) of subsidiaries		(1,090	)		—			—			1,090			—
Net income (loss) applicable to common stockholders	$	2,066		$	(1,010	)	$	(80	)	$	1,090		$	2,066

Consolidating Statement of Operations

Six-Month Period Ended June 30, 2013

(In thousands)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Net revenue	$	105,426		$	—		$	1,667		$	(1,056	)	$	106,037
Expenses:
Direct operating expenses		50,446			—			823			(1,056	)		50,213
Selling, general and administrative expenses		14,790			—			317			—			15,107
Corporate expenses		9,233			—			—			—			9,233
Depreciation and amortization		7,505			—			270			—			7,775
		81,974			—			1,410			(1,056	)		82,328
Operating income (loss)		23,452			—			257			—			23,709
Interest expense		(15,665	)		—			—			—			(15,665	)
Interest income		16			—			—			—			16
Gain (loss) on debt extinguishment		(130	)		—			—			—			(130	)
Income (loss) before income taxes		7,673			—			257			—			7,930
Income tax (expense) benefit		(97	)		(3,574	)		(143	)		—			(3,814	)
Income (loss) before equity in net income (loss) of subsidiaries		7,576			(3,574	)		114			—			4,116
Equity in income (loss) of subsidiaries		(3,460	)		—			—			3,460			—
Net income (loss) applicable to common stockholders	$	4,116		$	(3,574	)	$	114		$	3,460		$	4,116

Consolidating Statement of Operations

Six-Month Period Ended June 30, 2012

(In thousands)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Net revenue	$	100,309		$	—		$	1,342		$	(636	)	$	101,015
Expenses:
Direct operating expenses		44,379			—			767			(636	)		44,510
Selling, general and administrative expenses		18,761			—			246			—			19,007
Corporate expenses		8,062			—			—			—			8,062
Depreciation and amortization		8,059			—			364			—			8,423
		79,261			—			1,377			(636	)		80,002
Operating income (loss)		21,048			—			(35	)		—			21,013
Interest expense		(18,059	)		—			—			—			(18,059	)
Interest income		13			—			—			—			13
Gain (loss) on debt extinguishment		(1,230	)		—			—			—			(1,230	)
Income (loss) before income taxes		1,772			—			(35	)		—			1,737
Income tax (expense) benefit		(1,066	)		(2,020	)		20			—			(3,066	)
Income (loss) before equity in net income (loss) of subsidiaries		706			(2,020	)		(15	)		—			(1,329	)
Equity in income (loss) of subsidiaries		(2,035	)		—			—			2,035			—
Net income (loss) applicable to common stockholders	$	(1,329	)	$	(2,020	)	$	(15	)	$	2,035		$	(1,329	)

Consolidating Statement of Cash Flows

Consolidating Statement of Cash Flows

Six-Month Period Ended June 30, 2013

(In thousands)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Cash flows from operating activities:
Net income (loss)	$	4,116		$	(3,574	)	$	114		$	3,460		$	4,116
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		7,505			—			270			—			7,775
Deferred income taxes		(405	)		3,574			125			—			3,294
Amortization of debt issue costs		1,030			—			—			—			1,030
Amortization of syndication contracts		302			—			—			—			302
Payments on syndication contracts		(651	)		—			—			—			(651	)
Non-cash stock-based compensation		2,241			—			—			—			2,241
Other income (loss)		—			—			—			—			—
(Gain) loss on debt extinguishment		130			—			—			—			130
Changes in assets and liabilities, net of effect of acquisitions and dispositions:
(Increase) decrease in accounts receivable		(4,298	)		—			(29	)		—			(4,327	)
(Increase) decrease in amounts due from related party		18			—			(18	)		—			—
(Increase) decrease in prepaid expenses and other assets		(302	)		—			(152	)		—			(454	)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(573	)		—			(64	)		—			(637	)
Net cash provided by (used in) operating activities		9,113			—			246			3,460			12,819
Cash flows from investing activities:
Investment in subsidiaries		3,460			—			—			(3,460	)		—
Purchases of property and equipment and intangibles		(4,178	)		—			(427	)		—			(4,605	)
Net cash provided by (used in) investing activities		(718	)		—			(427	)		(3,460	)		(4,605	)
Cash flows from financing activities:
Proceeds from issuance of common stock		2,392			—			—			—			2,392
Payments on long-term debt		(50	)		—			—			—			(50	)
Payments of deferred debt and offering costs		(5,620	)		—			—			—			(5,620	)
Net cash provided by (used in) financing activities		(3,278	)		—			—			—			(3,278	)
Net increase (decrease) in cash and cash equivalents		5,117			—			(181	)		—			4,936
Cash and cash equivalents:
Beginning		35,631			—			499			—			36,130
Ending	$	40,748		$	—		$	318		$	—		$	41,066

Consolidating Statement of Cash Flows

Six-Month Period Ended June 30, 2012

(In thousands)

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated Total
Cash flows from operating activities:
Net income (loss)	$	(1,329	)	$	(2,020	)	$	(15	)	$	2,035		$	(1,329	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		8,059			—			364			—			8,423
Deferred income taxes		580			2,020			(195	)		—			2,405
Amortization of debt issue costs		1,137			—			—			—			1,137
Amortization of syndication contracts		381			—			—			—			381
Payments on syndication contracts		(934	)		—			—			—			(934	)
Non-cash stock-based compensation		998			—			—			—			998
(Gain) loss on debt extinguishment		1,230			—			—			—			1,230
Changes in assets and liabilities, net of effect of acquisitions and dispositions:
(Increase) decrease in accounts receivable		(3,684	)		—			(87	)		—			(3,771	)
(Increase) decrease in amounts due from related party		(15	)		—			15			—			—
(Increase) decrease in prepaid expenses and other assets		(223	)		—			46			—			(177	)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		(1,698	)		—			(300	)		—			(1,998	)
Net cash provided by (used in) operating activities		4,502			—			(172	)		2,035			6,365
Cash flows from investing activities:
Investment in subsidiaries		2,035			—			—			(2,035	)		—
Purchases of property and equipment and intangibles		(3,641	)		—			(6	)		—			(3,647	)
Net cash provided by (used in) investing activities		(1,606	)		—			(6	)		(2,035	)		(3,647	)
Cash flows from financing activities:
Payments on long-term debt		(20,600	)		—			—			—			(20,600	)
Payments of deferred debt and offering costs		(80	)		—			—			—			(80	)
Net cash provided by (used in) financing activities		(20,680	)		—			—			—			(20,680	)
Net increase (decrease) in cash and cash equivalents		(17,784	)		—			(178	)		—			(17,962	)
Cash and cash equivalents:
Beginning		58,276			—			443			—			58,719
Ending	$	40,492		$	—		$	265		$	—		$	40,757