Segment Information

The Company’s operations have historically been 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.

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, 2017, and in Note 1 to these condensed consolidated financial statements, are applied consistently across segments.




Three Months Ended August 31, 2017	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	41,764		$	846		$	238		$	42,848
Station operating expenses excluding and depreciation and amortization expense	29,881			1,104			2,919			33,904
Corporate expenses excluding depreciation and amortization expense	—			—			2,538			2,538
Depreciation and amortization	676			5			200			881
Gain on sale of assets, net of disposition costs	(76,745		)	39			—			(76,706		)
Loss on disposal of property and equipment	—			12			—			12
Operating income (loss)	$	87,952		$	(314	)	$	(5,419	)	$	82,219




Three Months Ended August 31, 2016	Radio		Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	45,972	$	12,619		$	183		$	58,774
Station operating expenses excluding LMA fees and depreciation and amortization expense	31,661		12,959			2,371			46,991
Corporate expenses excluding depreciation and amortization expense	—		—			2,453			2,453
Impairment loss on intangible assets	—		—			2,988			2,988
Depreciation and amortization	881		69			332			1,282
Loss on disposal of fixed assets	125		—			—			125
Operating income (loss)	$	13,305	$	(409	)	$	(7,961	)	$	4,935



Six Months Ended August 31, 2017	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	80,470		$	1,990		$	552		$	83,012
Station operating expenses excluding depreciation and amortization expense	56,015			2,459			6,660			65,134
Corporate expenses excluding depreciation and amortization expense	—			—			5,281			5,281
Depreciation and amortization	1,444			10			405			1,859
Gain on sale of assets, net of disposition costs	(76,745		)	39			—			(76,706		)
Loss on disposal of property and equipment	—			12			—			12
Operating income (loss)	$	99,756		$	(530	)	$	(11,794	)	$	87,432



Six Months Ended August 31, 2016	Radio		Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	88,671	$	25,711		$	394		$	114,776
Station operating expenses excluding depreciation and amortization expense	58,936		26,437			4,607			89,980
Corporate expenses excluding depreciation and amortization expense	—		—			5,497			5,497
Impairment loss	—		—			2,988			2,988
Depreciation and amortization	1,788		142			684			2,614
Loss on disposal of property and equipment	125		—			—			125
Operating income (loss)	$	27,822	$	(868	)	$	(13,382	)	$	13,572



Total Assets	Radio		Publishing		Corporate & Emerging Technologies		Consolidated
As of February 28, 2017	$	260,228	$	1,746	$	27,364	$	289,338
As of August 31, 2017	$	258,162	$	697	$	18,417	$	277,276