UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) | April 18, 2012 |
MEDIA GENERAL, INC. |
(Exact name of registrant as specified in its charter) |
Commonwealth of Virginia | 1-6383 | 54-0850433 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
333 E. Franklin St., Richmond, VA | 23219 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code | (804) 649-6000 |
N/A |
(Former name or former address, if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
On April 18, 2012, the Company issued a release announcing results for the first quarter of 2012. A copy of this release is furnished as Exhibit 99.1
Item 9.01 Financial Statements and Exhibits.
d) | Exhibits |
99.1 | Press Release issued by MEDIA GENERAL, INC., April 18, 2012. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MEDIA GENERAL, INC. | |||
(Registrant) | |||
Date | April 18, 2012 | ||
/s/ James F. Woodward | |||
James F. Woodward | |||
Vice President - Finance | |||
and Chief Financial Officer |
Media General Reports First-Quarter 2012 Results
RICHMOND, Va., April 18, 2012 /PRNewswire/ -- Media General, Inc. (NYSE: MEG), a multimedia provider of broadcast television, digital media and print products, today reported $3.2 million of operating income for the first quarter of 2012 compared with an operating loss of $4.2 million in the 2011 first quarter, excluding a noncash impairment charge of $10 million in the current quarter to write-off the remaining goodwill and other intangible assets related to DealTaker.com.
"The operating improvement is primarily the result of increased profits at our Broadcast television stations, as they generated 12 percent revenue growth from increased Political revenues and higher retransmission fees. Broadcast platform cash flow margin increased from 25 percent last year to 32 percent this year. Print cash flow increased nearly 30 percent, as our newspapers offset revenue decreases with expense reductions and we realized a significant benefit from the reengineering we implemented at The Tampa Tribune in late 2011. Total company operating costs, excluding impairment, decreased 4.5 percent, as a result of our continued aggressive cost management," said Marshall N. Morton, president and chief executive officer. "All of our geographic markets generated profit improvements over last year."
Net loss in the first quarter of 2012 was $34 million, or $1.53 per share, compared with a net loss of $26 million, or $1.15 per share, in the 2011 first quarter. First-quarter 2012 results included debt modification costs of $10 million related to the amendment of the company's bank credit facility, including legal, advisory and arrangement fees related to the refinancing. Interest expense in the first quarter of 2012 decreased 8.5 percent from last year.
EBITDA excluding impairment and debt modification costs was $16 million in the 2012 first quarter, compared with $9 million in the same period last year (EBITDA: income before interest, debt modification costs, taxes, depreciation and amortization, and noncash impairment).
Total revenues in the 2012 first quarter of $150 million increased 0.4 percent from last year on the strength of higher Broadcast revenues, partially offset by lower Print and Digital Media revenues. Political revenues were $6.2 million, compared with $188,000 last year. Cable and satellite retransmission fees increased 63 percent to $8.7 million from $5.3 million last year, as the result of rate increases in contract renewals.
"Our local media websites generated $7.8 million in revenues, up 5.4 percent, driven by nearly 13 percent growth in Local online advertising. Revenues from mobile, our fastest growing advertising category, were up nearly threefold, and mobile page views increased 93 percent," Mr. Morton said.
Market Segments
Virginia/Tennessee market profit increased 14 percent to $4.4 million from $3.8 million last year. A 5 percent decrease in expenses offset a 3.3 percent decline in revenues. Local revenues declined 2.8 percent, with increases at the market's websites and two television stations offset by lower Print revenues at the Richmond Times-Dispatch and the Charlottesville group. National revenues increased 1 percent, reflecting Super Bowl advertising on the Roanoke television station. Classified revenues were down 12 percent. Printing and distribution revenues increased 17 percent. Digital media revenues increased 8 percent, driven by Local banner advertising at all Print websites.
Florida market profit was $747,000, compared with a loss of $3.1 million in the prior year, a $3.9 million improvement. Excluding shutdown costs of nearly $1 million for closing a newspaper packaging and distribution center, Florida market operating profit was $1.7 million in the current quarter. Market expenses decreased 16 percent, including lower employee counts across all platforms, but principally at the Tampa newspaper operations. Total revenues decreased 5.8 percent, as an 8.5 percent increase in Broadcast revenues was offset by lower Print and Digital revenues. Political revenues were $709,000 compared with $79,000 in the prior year. Local revenues decreased 12 percent, reflecting weakness across all platforms. National revenues decreased less than 1 percent, reflecting a 13 percent increase in Broadcast advertiser spending offset by Print declines. Classified revenues decreased 14 percent. Circulation revenues grew 8.6 percent, due to higher Sunday and Daily single-copy sales and home delivery price increases.
Mid-South market profit increased 71 percent to $9.3 million from $5.4 million last year, mostly as a result of increased Political revenues in this Broadcast-intensive market. Total revenues increased 12 percent. Political revenues were $4.5 million, compared with virtually none last year, and were generated from South Carolina, Alabama and Mississippi primaries. Local advertising revenues decreased 2.7 percent, as spending increases at several television stations and higher digital media revenues were offset by lower Print revenues. National advertising grew 3.7 percent, with six out of 11 television stations generating increases. Classified revenues were down 12 percent. Printing and distribution revenues were up 51 percent. Digital media revenue growth of 23 percent was the best performance of the company's geographic markets and resulted from a local direct sales focus.
North Carolina market profit increased to $313,000 from $127,000 last year. Total market revenues rose 1.6 percent. Local revenues decreased 1.6 percent, primarily reflecting lower spending in Print. National revenues decreased 3.9 percent, as increases at the Raleigh television station were offset by declines at the Greenville station and in Print. Printing and distribution revenues rose 15 percent. Digital media revenues grew 2.6 percent.
Ohio/Rhode Island market profit increased 36 percent to $3.2 million from $2.3 million last year, due to increased Political revenues and higher Super Bowl revenues and new business initiatives. Revenues rose 7.9 percent. Political revenues were $673,000, compared with $98,000 in the prior year. Local revenues increased 11 percent as both Columbus and Providence experienced higher new business growth. National advertising decreased 6 percent, reflecting decreases in most major categories. Digital media revenues grew 2.2 percent.
A loss of $1.2 million in the Advertising Services and Other segment compared with a small loss in the prior year. The decrease was primarily attributable to lower results at DealTaker.com. DealTaker has suffered the adverse effects of a significant change in the way Internet search results are delivered by Google. The company's efforts to adjust its software to address this change have not been successful and further deterioration was experienced in the first quarter, particularly in March.
Other Results
Interest expense was approximately $15 million in the current quarter, down from $17 million last year, due primarily to a lower average rate following the prior-year maturation of interest rate swaps.
Corporate expense decreased 1.2 percent from last year, due to reductions in discretionary spending.
Newsprint expense decreased 8.4 percent from the 2011 first quarter. Consumption decreased 7.8 percent, while the average price per ton this year was flat.
The company recorded noncash income tax expense of $2.2 million in the first quarter, compared with $5.3 million in the 2011 quarter. Both periods reflected noncash tax expense related to the company's "naked credit" issue, as previously discussed in the company's 2011 Form 10-K. The lower tax expense in the current quarter was due primarily to a noncash tax benefit associated with impairment charge recorded in the first quarter.
Media General provides the non-GAAP financial metrics EBITDA excluding impairment, After-tax cash flow excluding impairment, Free cash flow excluding impairment, as well as Operating income adjusted for impairment, Operating costs adjusted for impairment, and Florida market Operating profit adjusted for shutdown costs. The company believes these metrics, along with the supplemental platform results, are alternative measures used by lenders, investors, financial analysts and rating agencies to evaluate a company's ability to service its debt requirements and to estimate the value of the company. A reconciliation of these metrics to amounts on the GAAP statements has been included in this news release.
Conference Call, Webcast and Financial Statements
The company will hold a conference call with financial analysts today at 11 a.m. ET. The conference call will be available to the media and general public through a limited number of listen-only dial-in conference lines and via simultaneous webcast. To dial in to the call, listeners may call 1-866-730-5764 about 10 minutes prior to the 11 a.m. start. The participant passcode is "Media General." Listeners may also access the live webcast by logging on to www.mediageneral.com and clicking on the "Live Webcast" link on the homepage about 10 minutes in advance. A replay of the webcast will be available online at www.mediageneral.com beginning at 1 p.m. today. A telephone replay is also available, beginning at 1 p.m. today, and ending at 11:59 p.m. on April 25, 2012, by dialing 1-888-286-8010 or 617-801-6888, and using the passcode 66127463.
Forward-Looking Statements
This news release contains forward-looking statements that are subject to various risks and uncertainties and should be understood in the context of the company's publicly available reports filed with the Securities and Exchange Commission. Media General's future performance could differ materially from its current expectations.
About Media General
Media General is a leading provider of news, information and entertainment across multiple media platforms, serving consumers and advertisers in strong local markets, primarily in the Southeastern United States. The company is transforming itself over time to a digital media model, while continuing to effectively manage its larger, cash producing broadcast television and print platforms. Media General's operations are organized in five geographic market segments and a sixth segment that includes the company's interactive advertising services and certain other operations. The company's operations include 18 network-affiliated television stations and their associated websites and 23 newspapers and their associated websites. Media General operates three digital media advertising services companies: Blockdot, a specialty digital agency; DealTaker.com, a shopping website; and NetInformer, a wireless marketing services provider.
Media General, Inc. | ||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||
Thirteen Weeks Ending | ||||||||||||||||||
March 25, | March 27, | |||||||||||||||||
(Unaudited, in thousands except per share amounts) | 2012 | 2011 | ||||||||||||||||
Revenues | ||||||||||||||||||
Broadcast television | $ 73,442 | $ 65,326 | ||||||||||||||||
Digital media and other | 8,808 | 10,273 | ||||||||||||||||
67,264 | 73,344 | |||||||||||||||||
Total revenues | 149,514 | 148,943 | ||||||||||||||||
Operating costs: | ||||||||||||||||||
Employee compensation | 73,204 | 78,219 | ||||||||||||||||
Production | 35,599 | 35,756 | ||||||||||||||||
Selling, general and administrative | 25,003 | 26,196 | ||||||||||||||||
Depreciation and amortization | 12,494 | 13,019 | ||||||||||||||||
Goodwill and other asset impairment | 10,082 | --- | ||||||||||||||||
Total operating costs | 156,382 | 153,190 | ||||||||||||||||
Operating loss | (6,868) | (4,247) | ||||||||||||||||
Other income (expense): | ||||||||||||||||||
Interest expense | (15,152) | (16,564) | ||||||||||||||||
Debt modification costs | (10,408) | --- | ||||||||||||||||
Other, net | 200 | 265 | ||||||||||||||||
Total other expense | (25,360) | (16,299) | ||||||||||||||||
Loss before income taxes | (32,228) | (20,546) | ||||||||||||||||
Income tax expense | 2,196 | 5,258 | ||||||||||||||||
Net loss | $ (34,424) | $ (25,804) | ||||||||||||||||
Net loss per common share - basic and diluted | $ (1.53) | $ (1.15) | ||||||||||||||||
Weighted-average common shares outstanding: | ||||||||||||||||||
Basic and diluted | 22,555 | 22,400 | ||||||||||||||||
Media General, Inc. | ||||||||||
BUSINESS SEGMENTS | ||||||||||
(Unaudited, in thousands) | Revenues | Depreciation &
| Operating Profit
| |||||||
Thirteen Weeks Ending March 25, 2012 | ||||||||||
Virginia/Tennessee | $ 41,176 | $ (2,781) | $ 4,359 | |||||||
Florida | 31,963 | (1,426) | 747 | |||||||
Mid-South | 42,968 | (3,130) | 9,262 | |||||||
North Carolina | 17,916 | (1,341) | 313 | |||||||
Ohio/Rhode Island | 13,329 | (655) | 3,181 | |||||||
Advertising Services & Other | 2,504 | (172) | (1,180) | |||||||
Eliminations | (342) | - | - | |||||||
16,682 | ||||||||||
Unallocated amounts: | ||||||||||
Acquisition intangibles amortization | - | (1,426) | (1,426) | |||||||
Corporate expense | - | (1,563) | (8,171) | |||||||
$ 149,514 | $ (12,494) | |||||||||
Corporate interest expense | (15,136) | |||||||||
Debt modification costs | (10,408) | |||||||||
Goodwill and other asset impairment | (10,082) | |||||||||
Other | (3,687) | |||||||||
Loss before income taxes | $ (32,228) | |||||||||
(Unaudited, in thousands) | Revenues | Depreciation &
| Operating Profit
| |||||||
Thirteen Weeks Ending March 27, 2011 | ||||||||||
Virginia/Tennessee | $ 42,580 | $ (3,177) | $ 3,837 | |||||||
Florida | 33,945 | (1,600) | (3,135) | |||||||
Mid-South | 38,292 | (2,957) | 5,412 | |||||||
North Carolina | 17,629 | (1,410) | 127 | |||||||
Ohio/Rhode Island | 12,357 | (773) | 2,344 | |||||||
Advertising Services & Other | 5,149 | (240) | (13) | |||||||
Eliminations | (1,009) | - | - | |||||||
8,572 | ||||||||||
Unallocated amounts: | ||||||||||
Acquisition intangibles amortization | - | (1,514) | (1,514) | |||||||
Corporate expense | - | (1,348) | (8,272) | |||||||
$ 148,943 | $ (13,019) | |||||||||
Corporate interest expense | (16,553) | |||||||||
Other | (2,779) | |||||||||
Loss before income taxes | $ (20,546) | |||||||||
Media General, Inc. | |||||
REVENUES DETAIL | |||||
Thirteen Weeks Ending | |||||
March 25, | March 27, | ||||
(Unaudited, in thousands) | 2012 | 2011 | % Change | ||
Virginia/Tennessee | |||||
Broadcast television | $ 5,584 | $ 4,881 | 14.4 % | ||
Digital media (local websites and other) | 2,932 | 2,715 | 8.0 % | ||
32,660 | 34,984 | (6.6)% | |||
Total Virginia/Tennessee revenues | 41,176 | 42,580 | (3.3)% | ||
Florida | |||||
Broadcast television | 13,970 | 12,881 | 8.5 % | ||
Digital media (local websites and other) | 1,616 | 1,758 | (8.1)% | ||
16,377 | 19,306 | (15.2)% | |||
Total Florida revenues | 31,963 | 33,945 | (5.8)% | ||
Mid-South | |||||
Broadcast television | 34,058 | 29,296 | 16.3 % | ||
Digital media (local websites and other) | 1,551 | 1,263 | 22.8 % | ||
7,359 | 7,733 | (4.8)% | |||
Total Mid-South revenues | 42,968 | 38,292 | 12.2 % | ||
North Carolina | |||||
Broadcast television | 5,828 | 5,117 | 13.9 % | ||
Digital media (local websites and other) | 1,160 | 1,131 | 2.6 % | ||
10,928 | 11,381 | (4.0)% | |||
Total North Carolina revenues | 17,916 | 17,629 | 1.6 % | ||
Ohio/Rhode Island | |||||
Broadcast television | 12,766 | 11,806 | 8.1 % | ||
Digital media (local websites and other) | 563 | 551 | 2.2 % | ||
Total Ohio/Rhode Island revenues | 13,329 | 12,357 | 7.9 % | ||
Advertising Services & Other | |||||
Broadcast television (equipment/design company) | 1,307 | 2,046 | (36.1)% | ||
Digital media and other | 1,197 | 3,103 | (61.4)% | ||
Total Advertising Services & Other revenues | 2,504 | 5,149 | (51.4)% | ||
Eliminations | (342) | (1,009) | (66.1)% | ||
Total revenues | $ 149,514 | $ 148,943 | 0.4 % | ||
Selected revenue categories | |||||
(Unaudited, in thousands) | |||||
Broadcast television revenues (gross) | |||||
Local | $ 42,328 | $ 42,540 | (0.5)% | ||
National | 21,036 | 20,189 | 4.2 % | ||
Political | 6,188 | 188 | --- | ||
Cable/Satellite (retransmission) fees | 8,714 | 5,341 | 63.2 % | ||
Digital media and other revenues | |||||
Local website revenues | |||||
Local | $ 4,546 | $ 4,037 | 12.6 % | ||
National | 698 | 816 | (14.5)% | ||
Classified | 2,483 | 2,480 | 0.1 % | ||
Advertising Services | 1,197 | 3,101 | (61.4)% | ||
Print revenues | |||||
Local | $ 29,244 | $ 32,382 | (9.7)% | ||
National | 3,103 | 3,902 | (20.5)% | ||
Classified | 13,706 | 15,614 | (12.2)% | ||
Circulation | 15,977 | 16,147 | (1.1)% | ||
Printing/Distribution | 4,357 | 3,993 | 9.1 % | ||
Media General, Inc. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
March 25, | December 25, | |||||||
(Unaudited, in thousands) | 2012 | 2011 | ||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ 12,177 | $ 23,141 | ||||||
Accounts receivable - net | 83,263 | 96,961 | ||||||
Inventories | 6,105 | 5,704 | ||||||
Other | 18,953 | 21,251 | ||||||
Total current assets | 120,498 | 147,057 | ||||||
Other assets | 38,536 | 33,413 | ||||||
Property, plant and equipment - net | 364,724 | 374,713 | ||||||
Goodwill and other intangibles - net | 519,350 | 530,858 | ||||||
Total assets | $ 1,043,108 | $ 1,086,041 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ 24,603 | $ 26,595 | ||||||
Accrued expenses and other liabilities | 68,228 | 74,069 | ||||||
Total current liabilities | 92,831 | 100,664 | ||||||
Long-term debt | 658,444 | 658,216 | ||||||
Deferred income taxes | 46,334 | 45,954 | ||||||
Other liabilities and deferred credits | 245,482 | 247,254 | ||||||
Stockholders' equity | 17 | 33,953 | ||||||
Total liabilities and stockholders' equity | $ 1,043,108 | $ 1,086,041 | ||||||
SUPPLEMENTAL INFORMATION | |||||||||||||||||
Media General, Inc. | |||||||||||||||||
EBITDA, After-tax Cash Flow, and Free Cash Flow (excluding non-cash impairment charge) | |||||||||||||||||
Thirteen Weeks Ending | |||||||||||||||||
March 25, | March 27, | ||||||||||||||||
(Unaudited, in thousands) | 2012 | 2011 | |||||||||||||||
Net loss | $ (34,424) | $ (25,804) | |||||||||||||||
Interest | 15,152 | 16,564 | |||||||||||||||
Debt modification costs | 10,408 | - | |||||||||||||||
Taxes | 2,196 | 5,258 | |||||||||||||||
Depreciation and amortization | 12,494 | 13,019 | |||||||||||||||
Non-cash impairment charge | 10,082 | - | |||||||||||||||
EBITDA, excluding non-cash impairment charge | $ 15,908 | $ 9,037 | |||||||||||||||
Net loss | $ (34,424) | $ (25,804) | |||||||||||||||
Taxes * | 2,196 | 5,258 | |||||||||||||||
Depreciation and amortization | 12,494 | 13,019 | |||||||||||||||
Non-cash impairment charge | 10,082 | - | |||||||||||||||
After-tax cash flow, excluding non-cash impairment charge | $ (9,652) | $ (7,527) | |||||||||||||||
After-tax cash flow, excluding non-cash impairment charge | $ (9,652) | $ (7,527) | |||||||||||||||
Capital expenditures | 1,516 | 4,612 | |||||||||||||||
Free cash flow, excluding non-cash impairment charge | $ (11,168) | $ (12,139) | |||||||||||||||
* The Company's income taxes are non-cash in nature and have been added back accordingly. | |||||||||||||||||
See 2011 Form 10-K for further discussion. | |||||||||||||||||
Operating income adjusted for impairment | |||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||
(Unaudited, in thousands) | March 25, 2012 | ||||||||||||||||
Operating loss | $ (6,868) | ||||||||||||||||
Non-cash impairment charge | 10,082 | ||||||||||||||||
Operating income adjusted for impairment | $ 3,214 | ||||||||||||||||
Operating costs adjusted for impairment | |||||||||||||||||
Thirteen Weeks Ended | Thirteen Weeks Ended | ||||||||||||||||
(Unaudited, in thousands) | March 25, 2012 | March 27, 2011 | |||||||||||||||
Operating costs | $ 156,382 | $ 153,190 | |||||||||||||||
Non-cash impairment charge | (10,082) | - | |||||||||||||||
Operating costs adjusted for impairment | $ 146,300 | $ 153,190 | |||||||||||||||
Percentage change from prior-year quarter | (4.5)% | ||||||||||||||||
Florida market operating profit adjusted for shutdown costs | |||||||||||||||||
Thirteen Weeks Ended | |||||||||||||||||
(Unaudited, in thousands) | March 25, 2012 | ||||||||||||||||
Florida market operating profit | $ 747 | ||||||||||||||||
Shutdown costs | 956 | ||||||||||||||||
Florida market operating profit adjusted for shutdown costs | $ 1,703 | ||||||||||||||||
SUPPLEMENTAL INFORMATION | |||||||||||||||||
Media General, Inc. | |||||||||||||||||
RESULTS BY PLATFORM | |||||||||||||||||
The Company manages its operations and financial performance in five geographic market segments and a sixth segment that includes the Company's interactive advertising services and certain other operations. Although the Company is principally managed geographically, its operations generally
fall into the following three platforms: Broadcast Television, Digital Media and Print. The Broadcast Television platform consists of 18 network–affiliated television stations; its tax basis approximates $460 million. The Print platform includes 23 daily newspapers and more than 200 specialty publications including weekly newspapers and niche publications; its tax basis approximates $215 million. The Digital Media platform consists of all of the websites associated with the Broadcast Television and Print properties along with three advertising services companies: Blockdot, which specializes in interactive entertainment and advergaming technologies; DealTaker.com, a coupon and shopping website; and NetInformer, a provider of wireless media and mobile marketing services.
| |||||||||||||||||
(Unaudited, In thousands) | Revenues | Depreciation
| Operating
| Platform Cash Flow | |||||||||||||
Three Months Ended March 25, 2012 | |||||||||||||||||
Broadcast television | $ 73,442 | $ (4,940) | $ 18,446 | $ 23,386 | (1) | ||||||||||||
Digital media and other | 8,808 | (176) | (642) | (466) | |||||||||||||
67,264 | (5,018) | (1,122) | 3,896 | ||||||||||||||
16,682 | $ 26,816 | ||||||||||||||||
Unallocated amounts: | |||||||||||||||||
Acquisitions intangibles amortization | - | (1,426) | (1,426) | ||||||||||||||
Corporate expense | - | (934) | (8,171) | ||||||||||||||
$ 149,514 | $ (12,494) | ||||||||||||||||
Corporate interest expense | (15,136) | ||||||||||||||||
Debt modification costs | (10,408) | ||||||||||||||||
Goodwill and other asset impairment | (10,082) | ||||||||||||||||
Other | (3,687) | ||||||||||||||||
Loss before income taxes | $ (32,228) | ||||||||||||||||
(Unaudited, In thousands) | Revenues | Depreciation
| Operating
| Platform Cash Flow | |||||||||||||
Three Months Ended March 27, 2011 | |||||||||||||||||
Broadcast television | $ 65,326 | $ (5,090) | $ 11,496 | $ 16,586 | |||||||||||||
Digital media and other | 10,273 | (239) | (379) | (140) | |||||||||||||
73,344 | (5,556) | (2,545) | 3,011 | ||||||||||||||
8,572 | $ 19,457 | ||||||||||||||||
Unallocated amounts: | |||||||||||||||||
Acquisitions intangibles amortization | - | (1,514) | (1,514) | ||||||||||||||
Corporate expense | - | (620) | (8,272) | ||||||||||||||
$ 148,943 | $ (13,019) | ||||||||||||||||
Corporate interest expense | (16,553) | ||||||||||||||||
Other | (2,779) | ||||||||||||||||
Loss before income taxes | $ (20,546) | ||||||||||||||||
(1) In the first quarter of 2012, 80% of broadcast platform cash flow was generated by 10 television stations. |
CONTACT: Investor Contact: Lou Anne Nabhan, +1-804-649-6103, or Media Contact: Ray Kozakewicz, +1-804-649-6748