Segment Information

3 Months Ended

May 31, 2013

Segment Information

Note 8. Segment Information

The Company’s operations are aligned into two business segments: (i) Radio and (ii) Publishing. 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 results of operations of various sold businesses have been classified as discontinued operations and have been excluded from the segment disclosures below. See Note 1 for more discussion of our discontinued operations. 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, 2013, and in Note 1 to these condensed consolidated financial statements, are applied consistently across segments.

Three Months ended May 31, 2013	Radio		Publishing			Corporate			Consolidated
Net revenues	$	36,926	$	13,660		$	—		$	50,586
Station operating expenses excluding depreciation and amortization expense		22,911		14,801			—			37,712
Corporate expenses excluding depreciation and amortization expense		—		—			4,400			4,400
Hungary license litigation and related expenses		252		—			—			252
Depreciation and amortization		594		62			520			1,176
Operating income (loss)	$	13,169	$	(1,203	)	$	(4,920	)	$	7,046

Three Months ended May 31, 2012	Radio			Publishing			Corporate			Consolidated
Net revenues	$	34,876		$	14,092		$	—		$	48,968
Station operating expenses excluding depreciation and amortization expense		26,320			14,252			—			40,572
Corporate expenses excluding depreciation and amortization expense		—			—			4,972			4,972
Hungary license litigation and related expenses		204			—			—			204
Impairment loss		10,971			—			—			10,971
Depreciation and amortization		578			86			461			1,125
Gain on sale of fixed assets		(10,000	)		—			—			(10,000	)
Operating income (loss)	$	6,803		$	(246	)	$	(5,433	)	$	1,124
				As of February 28, 2013
	Radio			Publishing			Corporate			Consolidated
Assets — continuing operations	$	209,721		$	21,005		$	30,136		$	260,862
Assets — discontinued operations		630			132			—			762
Total assets	$	210,351		$	21,137		$	30,136		$	261,624
				As of May 31, 2013
	Radio			Publishing			Corporate			Consolidated
Assets — continuing operations	$	216,892		$	19,099		$	27,281		$	263,272
Assets — discontinued operations		528			—			—			528
Total assets	$	217,420		$	19,099		$	27,281		$	263,800