Segment Information

6 Months Ended

Aug. 31, 2014

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company’s operations are aligned into three business segments: (i) Radio, (ii) Publishing and (iii) Corporate & Emerging Technologies. Emerging Technologies includes our TagStation, NextRadio and Digonex businesses. These business segments are consistent with the Company’s management of these businesses and its financial reporting structure. Corporate expenses are not allocated to reportable segments. The Company’s segments operate exclusively in the United States. Beginning in the quarter ended August 31, 2014, the Company reports results of its Emerging Technologies activities with its Corporate activities. Results from Emerging Technologies were reclassified from the Radio segment in the prior periods presented below and are not material.

The accounting policies as described in the summary of significant accounting policies included in the Company’s Annual Report filed on Form 10-K, for the year ended February 28, 2014, and in Note 1 to these condensed consolidated financial statements, are applied consistently across segments.

Three Months Ended August 31, 2014	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	47,598			14,113			113			$	61,824
Station operating expenses excluding LMA fees and depreciation and amortization expense	31,170			14,513			610			46,293
Corporate expenses excluding depreciation and amortization expense	—			—			3,341			3,341
LMA fees	383			—			—			383
Hungary license litigation and related expenses	192			—			—			192
Depreciation and amortization	839			61			691			1,591
Gain on contract settlement	(2,500		)	—			—			(2,500		)
Gain on sale of fixed assets	—			—			—			—
Operating income (loss)	$	17,514		$	(461	)	$	(4,529	)	$	12,524

Three Months Ended August 31, 2013	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	41,237			13,708			22			$	54,967
Station operating expenses excluding depreciation and amortization expense	27,449			13,938			551			41,938
Corporate expenses excluding depreciation and amortization expense	—			—			5,070			5,070
Hungary license litigation and related expenses	1,043			—			—			1,043
Depreciation and amortization	604			61			548			1,213
Gain on sale of fixed assets	(1		)	—			—			(1		)
Operating income (loss)	$	12,142		$	(291	)	$	(6,147	)	$	5,704

Six Months Ended August 31, 2014	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	92,588			28,791			169			$	121,548
Station operating expenses excluding LMA fees and depreciation and amortization expense	58,530			29,453			1,236			89,219
Corporate expenses excluding depreciation and amortization expense	—			—			8,231			8,231
LMA fees	4,208			—			—			4,208
Hungary license litigation and related expenses	284			—			—			284
Depreciation and amortization	1,509			118			1,317			2,944
Gain on contract settlement	(2,500		)	—			—			(2,500		)
Gain on sale of fixed assets	(3		)	—			—			(3		)
Operating income (loss)	$	30,560		$	(780	)	$	(10,615	)	$	19,165

Six Months Ended August 31, 2013	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	78,156			27,368			29			$	105,553
Station operating expenses excluding depreciation and amortization expense	50,193			28,739			718			79,650
Corporate expenses excluding depreciation and amortization expense	—			—			9,470			9,470
Hungary license litigation and related expenses	1,295			—			—			1,295
Depreciation and amortization	1,198			123			1,068			2,389
Gain on sale of fixed assets	(1		)	—			—			(1		)
Operating income (loss)	$	25,471		$	(1,494	)	$	(11,227	)	$	12,750

	As of February 28, 2014
	Radio		Publishing		Corporate & Emerging Technologies		Consolidated
Total assets	$	210,161	$	21,809	$	33,378	$	265,348
	As of August 31, 2014
	Radio		Publishing		Corporate & Emerging Technologies		Consolidated
Total assets	$	357,030	$	21,659	$	119,456	$	498,145

The increase in Radio segment assets primarily relates to the acquisition of WBLS-FM and WLIB-AM. The increase in Corporate and Emerging Technologies segment assets primarily relates to the restricted cash held for the second closing of our acquisition of WBLS-FM and WLIB-AM. See Note 2 for more discussion of our acquisitions.