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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Separate Financial Data for Each of Company's Operating Segment

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 foreign currency (gain) loss. The Company generated 15% and 19% of its revenue outside the United States during the three-month periods ended March 31, 2019 and March 31, 2018, respectively. The Company evaluates the performance of its operating segments based on the following (in thousands):

 

 

 

Three-Month Period

 

 

 

 

 

 

 

Ended March 31,

 

 

%

 

 

 

 

2019

 

 

 

2018

 

 

Change

 

Net revenue

 

 

 

 

 

 

 

 

 

 

 

 

Television

 

$

38,253

 

 

$

34,491

 

 

 

11

%

Radio

 

 

11,955

 

 

 

14,103

 

 

 

(15

)%

Digital

 

 

14,472

 

 

 

18,244

 

 

 

(21

)%

Consolidated

 

 

64,680

 

 

 

66,838

 

 

 

(3

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue - digital media

 

 

7,642

 

 

 

10,625

 

 

 

(28

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Television

 

 

14,927

 

 

 

15,550

 

 

 

(4

)%

Radio

 

 

9,508

 

 

 

10,674

 

 

 

(11

)%

Digital

 

 

4,495

 

 

 

4,809

 

 

 

(7

)%

Consolidated

 

 

28,930

 

 

 

31,033

 

 

 

(7

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

 

Television

 

 

5,814

 

 

 

5,972

 

 

 

(3

)%

Radio

 

 

4,775

 

 

 

4,606

 

 

 

4

%

Digital

 

 

3,225

 

 

 

2,716

 

 

 

19

%

Consolidated

 

 

13,814

 

 

 

13,294

 

 

 

4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

Television

 

 

2,260

 

 

 

2,204

 

 

 

3

%

Radio

 

 

332

 

 

 

619

 

 

 

(46

)%

Digital

 

 

1,324

 

 

 

1,116

 

 

 

19

%

Consolidated

 

 

3,916

 

 

 

3,939

 

 

 

(1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating profit (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Television

 

 

15,252

 

 

 

10,765

 

 

 

42

%

Radio

 

 

(2,660

)

 

 

(1,796

)

 

 

48

%

Digital

 

 

(2,214

)

 

 

(1,022

)

 

 

117

%

Consolidated

 

 

10,378

 

 

 

7,947

 

 

 

31

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate expenses

 

 

6,894

 

 

 

5,975

 

 

 

15

%

Change in fair value contingent consideration

 

 

359

 

 

 

2,100

 

 

 

(83

)%

Foreign currency (gain) loss

 

 

132

 

 

 

213

 

 

 

(38

)%

Other operating (gain) loss

 

 

(1,996

)

 

 

(22

)

 

*

 

Operating income (loss)

 

 

4,989

 

 

 

(319

)

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

(3,490

)

 

$

(3,398

)

 

 

3

%

Interest income

 

 

919

 

 

 

913

 

 

 

1

%

Dividend income

 

 

255

 

 

 

128

 

 

 

99

%

Income (loss) before income taxes

 

 

2,673

 

 

 

(2,676

)

 

*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

 

 

 

 

 

 

Television

 

$

6,341

 

 

$

2,080

 

 

 

 

 

Radio

 

 

382

 

 

 

81

 

 

 

 

 

Digital

 

 

119

 

 

 

66

 

 

 

 

 

Consolidated

 

$

6,842

 

 

$

2,227

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

 

 

Total assets

 

 

2019

 

 

 

2018

 

 

 

 

 

Television

 

 

507,024

 

 

 

487,929

 

 

 

 

 

Radio

 

 

137,488

 

 

 

121,020

 

 

 

 

 

Digital

 

 

75,676

 

 

 

81,460

 

 

 

 

 

Consolidated

 

$

720,188

 

 

$

690,409

 

 

 

 

 

 

 

 

*

Percentage not meaningful.