Segment Information

6 Months Ended

Jun. 30, 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- and six-month periods ended June 30, 2014 and 2013. The Company evaluates the performance of its operating segments based on the following (in thousands):

	Three-Month Period									Six-Month Period
	Ended June 30,						%			Ended June 30,						%
		2014			2013		Change				2014			2013		Change
Net Revenue
Television	$	43,151		$	39,590			9	%	$	80,892		$	74,542			9	%
Radio		18,695			17,360			8	%		33,610			31,495			7	%
Consolidated		61,846			56,950			9	%		114,502			106,037			8	%
Direct operating expenses
Television		16,152			15,991			1	%		31,108			30,979			0	%
Radio		10,601			9,997			6	%		20,521			19,234			7	%
Consolidated		26,753			25,988			3	%		51,629			50,213			3	%
Selling, general and administrative expenses
Television		4,034			3,582			13	%		8,529			7,508			14	%
Radio		4,214			3,842			10	%		8,350			7,599			10	%
Consolidated		8,248			7,424			11	%		16,879			15,107			12	%
Depreciation and amortization
Television		2,671			3,114			(14	)%		5,386			6,331			(15	)%
Radio		832			706			18	%		1,632			1,444			13	%
Consolidated		3,503			3,820			(8	)%		7,018			7,775			(10	)%
Segment operating profit
Television		20,294			16,903			20	%		35,869			29,724			21	%
Radio		3,048			2,815			8	%		3,107			3,218			(3	)%
Consolidated		23,342			19,718			18	%		38,976			32,942			18	%
Corporate expenses		5,261			4,736			11	%		10,097			9,233			9	%
Operating income (loss)		18,081			14,982			21	%		28,879			23,709			22	%
Interest expense		(3,469	)		(7,881	)		(56	)%		(6,907	)		(15,665	)		(56	)%
Interest income		13			9			44	%		25			16			56	%
Gain (loss) on debt extinguishment		—			(130	)		(100	)%		—			(130	)		(100	)%
Income (loss) before income taxes	$	14,625		$	6,980			110	%	$	21,997		$	7,930			177	%
Capital expenditures
Television	$	1,662		$	1,769					$	2,574		$	3,555
Radio		831			544						1,755			686
Consolidated	$	2,493		$	2,313					$	4,329		$	4,241

	June 30,		December 31,
Total assets		2014		2013
Television	$	400,395	$	412,487
Radio		146,557		125,750
Consolidated	$	546,952	$	538,237