Segment Information

3 Months Ended

May 31, 2018

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, 2018, and in Note 1 to these condensed consolidated financial statements, are applied consistently across segments.



Three Months Ended May 31, 2018	Radio			Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	26,384		$	1,273		$	349		$	28,006
Station operating expenses excluding depreciation and amortization expense	17,693			1,199			2,639			21,531
Corporate expenses excluding depreciation and amortization expense	—			—			2,508			2,508
Depreciation and amortization	570			5			224			799
(Gain) loss on sale of assets, net of disposition costs	(32,398		)	331			—			(32,067		)
Operating income (loss)	$	40,519		$	(262	)	$	(5,022	)	$	35,235



Three Months Ended May 31, 2017	Radio		Publishing			Corporate & Emerging Technologies			Consolidated
Net revenues	$	38,706	$	1,144		$	314		$	40,164
Station operating expenses excluding depreciation and amortization expense	26,134		1,355			3,741			31,230
Corporate expenses excluding depreciation and amortization expense	—		—			2,743			2,743
Depreciation and amortization	768		5			205			978
Operating income (loss)	$	11,804	$	(216	)	$	(6,375	)	$	5,213



Total Assets	Radio		Publishing		Corporate & Emerging Technologies		Consolidated
As of February 28, 2018	$	249,044	$	1,293	$	20,807	$	271,144
As of May 31, 2018	$	220,343	$	593	$	25,239	$	246,175