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. Our radio operations in New York, including the LMA fee we receive from a subsidiary of Disney, accounted for approximately 40% of our radio revenues for the year ended February 28, 2018. The Company’s segments operate exclusively in the United States.

During the year ended February 28, 2017, we sold our radio cluster in Terre Haute, Indiana and sold five of our six magazines. During the year ended February 28, 2018, we sold our radio station in Los Angeles and announced the sale of our radio stations in St. Louis. See Note 7 and Note 16 for more discussion of our dispositions.

The accounting policies as described in the summary of significant accounting policies included in Note 1 to these consolidated financial statements, are applied consistently across segments.



Year Ended February 28, 2018	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	142,852		$	4,521		$	1,114		$	148,487
Station operating expenses excluding depreciation and amortization expense	102,413			5,035			12,310			119,758
Corporate expenses excluding depreciation and amortization expense	—			—			10,712			10,712
Impairment loss	265			—			—			265
Depreciation and amortization	2,792			19			817			3,628
Gain on sale of radio and publishing assets, net of disposition costs	(76,745		)	141			—			(76,604		)
(Gain) loss on disposal of fixed assets	(82		)	13			—			(69		)
Operating income (loss)	$	114,209		$	(687	)	$	(22,725	)	$	90,797



Year Ended February 28, 2017	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	165,148		$	48,559		$	861		$	214,568
Station operating expenses excluding depreciation and amortization expense	115,366			51,063			13,656			180,085
Corporate expenses excluding depreciation and amortization expense	—			—			11,359			11,359
Impairment loss	6,855			—			2,988			9,843
Depreciation and amortization	3,462			230			1,114			4,806
Gain on sale of radio and publishing assets, net of disposition costs	(3,478		)	(20,079		)	—			(23,557		)
Loss on sale of fixed assets	124			—			—			124
Operating income (loss)	$	42,819		$	17,345		$	(28,256	)	$	31,908



Year Ended February 29, 2016	Radio		Publishing		Corporate & Emerging Technologies			Consolidated
Net revenues	$	169,228	$	60,992	$	1,213		$	231,433
Station operating expenses excluding depreciation and amortization expense	116,862		58,891		7,641			183,394
Corporate expenses excluding depreciation and amortization expense	—		—		13,023			13,023
Impairment loss	5,440		—		4,059			9,499
Depreciation and amortization	3,345		266		2,186			5,797
Loss on sale of fixed assets	54		—		2			56
Operating income (loss)	$	43,527	$	1,835	$	(25,698	)	$	19,664



Total Assets	Radio		Publishing		Corporate & Emerging Technologies		Consolidated
As of February 28, 2017	$	260,228	$	1,746	$	27,364	$	289,338
As of February 28, 2018	249,044		1,293		20,807		271,144