Segment Information

3 Months Ended

Mar. 31, 2014

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 58 primary television stations located primarily in California, Colorado, Connecticut, Florida, Massachusetts, Nevada, New Mexico, Texas and the Washington, D.C. area.

Radio Broadcasting

The Company owns and operates 49 radio stations (38 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. There were no significant sources of revenue generated outside the United States during the three-month periods ended March 31, 2014 and 2013. The Company evaluates the performance of its operating segments based on the following (in thousands):

	Three-Month Period
	Ended March 31,						%
		2014			2013		Change
Net Revenue
Television	$	37,741		$	34,952			8	%
Radio		14,915			14,135			6	%
Consolidated		52,656			49,087			7	%
Direct operating expenses
Television		14,956			14,988			(0	)%
Radio		9,920			9,237			7	%
Consolidated		24,876			24,225			3	%
Selling, general and administrative expenses
Television		4,495			3,926			14	%
Radio		4,136			3,757			10	%
Consolidated		8,631			7,683			12	%
Depreciation and amortization
Television		2,715			3,217			(16	)%
Radio		800			738			8	%
Consolidated		3,515			3,955			(11	)%
Segment operating profit (loss)
Television		15,575			12,821			21	%
Radio		59			403			(85	)%
Consolidated		15,634			13,224			18	%
Corporate expenses		4,836			4,497			8	%
Operating income (loss)		10,798			8,727			24	%
Interest expense		(3,438	)		(7,784	)		(56	)%
Interest income		12			7			71	%
Income (loss) before income taxes	$	7,372		$	950			676	%
Capital expenditures
Television	$	911		$	1,786
Radio		923			142
Consolidated	$	1,834		$	1,928
	March 31,			December 31,
Total assets		2014			2013
Television	$	410,786		$	412,487
Radio		123,991			125,750
Consolidated	$	534,777		$	538,237