LIN Media LLC (“LIN Media” or the “Company”) (NYSE:LIN), a local
multimedia company, today reported results for its third quarter ended
September 30, 2013.
Summary of Results for the Third Quarter Ended September 30, 2013
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Net revenues increased 23% to $163.1 million, compared to $133.1
million in the third quarter of 2012.
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Local revenues, which include net local advertising revenues,
retransmission consent fee revenues and television station website
revenues, increased 44% to $105.5 million, compared to $73.1 million
in the third quarter of 2012.
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Net national revenues increased 26% to $32.8 million, compared to
$26.1 million in the third quarter of 2012.
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Interactive revenues, which include revenues from LIN Digital, Nami
Media, Inc., Dedicated Media, Inc. and HYFN, Inc., increased 81% to
$19.5 million, compared to $10.8 million in the third quarter of 2012.
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Net political revenues were $2.6 million, compared to $20.4 million
during the third quarter of 2012.
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Operating income decreased 48% to $23.2 million, compared to $44.4
million in the third quarter of 2012.
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Net income per diluted share was $2.63, which includes a $2.56 per
share benefit from special items, compared to $0.36 in the third
quarter of 2012, which included a charge of $0.05 per share.
Commenting on third quarter 2013 results, the Company’s President and
Chief Executive Officer Vincent L. Sadusky said: “We achieved another
quarter of significant growth in revenues from our digital businesses
and pay TV subscriber fees and our core time sales continue to gain
momentum. Excluding record political revenues and our estimate of
incremental Olympic revenues in 2012, core advertising revenues
increased 3% on a same station basis in the third quarter. Looking
forward, our long-term strategy and the increased demand for our
innovative multiscreen advertising solutions position us well for the
remainder of 2013 and the political year ahead."
Operating Highlights
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Core local and national time sales combined, which excludes political
time sales, increased 31% in the third quarter of 2013 compared to the
third quarter of 2012.
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The automotive category, which represented 27% of local and national
advertising sales in the third quarter of 2013, was flat compared to
the third quarter of 2012, and was up 4% on a same station basis
excluding our estimate of incremental Olympics automotive advertising
in 2012.
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According to comScore’s September 2013 Media Metrix report, the
Company’s unduplicated desktop reach equaled 78 million U.S. unique
visitors, reaching over 35% of the total U.S. Internet audience(1)
and the Company's advertising network, LIN Digital, ranked among the
Top 30 Ad Networks and Top 20 Video Networks.(2)
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According to comScore’s September 2013 Multi-Platform Media Metrix
report, 87% of the Company’s websites and mobile properties in
comScore measured markets, ranked number one or number two in their
local market for overall engagement versus the Company's measured
local broadcast competitors.(3)
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During the third quarter of 2013, the Company's full service digital
agency, HYFN, introduced its social media management platform, HYFN8,
and the Company’s mobile marketing company, LIN Mobile, introduced its
mobile analytics platform, SynergyMap and its HTML5-powered ad suite,
LIN ONE™.
Special Items
Tax Benefit Associated with the Merger
On July 30, 2013, LIN TV Corp., a Delaware corporation ("LIN TV"),
completed its merger with and into LIN Media, a Delaware limited
liability company and wholly owned subsidiary of LIN TV, with LIN Media
continuing as the surviving entity (the “Merger”) pursuant to the
Agreement and Plan of Merger, dated February 12, 2013, by and between
LIN TV and LIN Media. The Merger enabled the surviving entity to be
classified as a partnership for federal income tax purposes, and the
change in classification was treated as a liquidation of LIN TV for
federal income tax purposes, with the result that LIN TV realized a
capital loss in its 100% equity interest in LIN Television Corporation
("LIN Television").
At the consummation of the Merger, LIN TV realized a capital loss of
approximately $344 million, which represents the difference between its
tax basis in the stock of LIN Television, and the fair market value of
such stock as of July 30, 2013. This capital loss and existing net
operating losses were used to offset a portion of the capital gain
recognized in the JV sale transaction earlier this year and, as a
result, during the third quarter the Company recognized cash income tax
savings of approximately $132.5 million and a remaining cash income tax
liability related to the JV sale transaction of $30.5 million (down from
our prior estimate of $48 million). Of the total income tax benefit, the
Company recognized $124.6 million as a discrete tax benefit for
accounting purposes during the three months ended September 30, 2013.
During October, the Company made a $29 million estimated state and
federal tax payment and expects to pay the remaining $1.5 million tax
liability during November.
Reversal of Valuation Allowance on Deferred Tax Assets
During the third quarter of 2013, after evaluating its ability to
recover certain net operating loss carryforwards, the Company concluded
that $18.2 million of its valuation allowance on deferred tax assets was
no longer required, and reversed the valuation allowance, resulting in a
corresponding tax benefit of $18.2 million.
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Three Months Ended
September 30, 2013
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Nine Months Ended
September 30, 2013
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(in millions)
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Net income excluding special items
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$
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4.1
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$
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10.8
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Add:
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Tax benefit as a result of the Merger
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124.6
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124.6
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Tax benefit as a result of reversal of valuation allowance
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18.2
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18.2
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Net income as reported
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$
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146.9
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$
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153.6
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Key Balance Sheet and Cash Flow Items
Total debt outstanding as of September 30, 2013, net of cash, was $914.6
million, compared to $843.9 million as of December 31, 2012.
Unrestricted cash and cash equivalent balances as of September 30, 2013
were $27.7 million, compared to $46.3 million as of December 31, 2012.
There were no amounts outstanding under the revolving credit facility as
of September 30, 2013 and December 31, 2012. As of September 30, 2013,
$75 million was available for borrowing under the revolving credit
facility. Consolidated net leverage, as defined in the credit agreement
governing the senior secured credit facility, was 4.1x as of September
30, 2013, compared to 3.3x as of December 31, 2012. Other components of
cash flow in the third quarter of 2013 include cash capital expenditures
of $7.5 million and cash payments for programming of $7.9 million.
Business Outlook
The Company has provided historical quarterly financial information for
its continuing operations and other key information on its website.
Interested parties should go to the Investor Relations section of www.linmedia.com.
The Company expects that net revenues for the fourth quarter of 2013
will decrease in the range of 7% to 9% (or $14.7 million to $17.7
million), as compared to net revenues of $196.2 million in the fourth
quarter of 2012, primarily as a result of the Company’s record political
revenue in 2012. On a same station basis, the Company expects that net
revenues will be down 16% to 17% compared to the fourth quarter of 2012,
due largely to the absence of significant political advertising.
The Company expects that its direct operating and selling, general and
administrative expenses, which include variable sales-related expenses,
will increase in the range of 20% to 21% (or $17.9 million to $18.9
million) in the fourth quarter of 2013 as compared to reported expenses
of $90.1 million in the fourth quarter of 2012. On a same station basis,
the Company expects that direct operating and SG&A expenses will
increase in the range of 4% to 6% compared to the fourth quarter of 2012.
The Company’s current outlook for revenues, expenses and cash flow items
for the fourth quarter of 2013, excluding special items, are anticipated
to be in the following ranges:
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Fourth Quarter of 2013
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Net broadcast revenues
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$154.0 to $156.0 million
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Interactive revenues
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$22.5 to $23.5 million
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Barter/Other revenues
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$2.0 million
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Total net revenues
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$178.5 to $181.5 million
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Direct operating and selling, general and administrative expenses(1) |
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$108.0 to $109.0 million
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Station non-cash share-based compensation expense
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$0.5 million
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Amortization of program rights
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$6.0 to $7.0 million
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Cash payments for programming
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$7.5 to $8.5 million
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Corporate expense(1) |
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$7.0 to $8.0 million
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Corporate non-cash share-based compensation expense
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$2.0 million
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Depreciation and amortization of intangibles
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$16.0 to $17.0 million
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Cash capital expenditures
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$8.0 to $11.0 million
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Cash interest expense
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$13.0 to $13.5 million
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Principal amortization of term loans and finance lease obligations
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$2.7 million
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Cash taxes (including the JV sale transaction liability)
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$30.0 to $31.0 million
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Effective tax rate
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40% to 42%
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(1) Includes non-cash share-based compensation expense.
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The Company advises that all of the information and factors set forth
above are subject to risks, uncertainties and assumptions (see
“Forward-Looking Statements” below), which could individually or
collectively cause actual results to differ materially from those
projected above.
Conference Call
The Company will hold a conference call to discuss its third quarter
2013 results today, November 6, 2013, at 8:30 AM Eastern Time. To
participate in the call, please dial 1-888-389-5988 for U.S. callers and
1-719-325-2494 for international callers. The call-in pass code is
2710990. Callers who intend to participate in the call should dial-in 10
minutes before the start of the call to ensure access. The conference
call will also be webcast simultaneously from the Company’s website, www.linmedia.com,
and can be accessed there through a link on the home page. For those
unavailable to participate in the live teleconference, a replay will be
accessible via the Investor Relations section of www.linmedia.com
or by dialing 1-888-203-1112 and entering the same pass code as above.
The telephone replay will be available through November 20, 2013.
Access to Non-GAAP Financial Measures and Other
Supplemental Financial Data
The Company reports and discusses its operating results using financial
measures consistent with generally accepted accounting principles
(“GAAP”) and believes this should be the primary basis for evaluating
its performance. Non-GAAP financial measures such as Broadcast Cash Flow
(“BCF”), Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization (“EBITDA”) and Free Cash Flow (“FCF”) should not be viewed
as alternatives or substitutes for GAAP reporting. However, BCF,
Adjusted EBITDA and FCF are common supplemental measures of performance
used by investors, lenders, rating agencies and financial analysts. As a
result, these non-GAAP measures can provide certain additional insight
about the market value of the Company and its stations; the Company’s
ability to fund acquisitions, investments and working capital needs; the
Company’s ability to service its debt; the Company’s performance versus
other peer companies in its industry; and other operating performance
trends for its business. The Company makes available reconciliations of
its operating income, a GAAP reporting measure, to BCF, Adjusted EBITDA
and FCF on the Company’s website. In addition, the Company provides
additional information on its website, at the same location, regarding
historical revenue by source, pro forma income statement information and
certain other components of cash flow. Interested parties should go to
the Investor Relations section of www.linmedia.com.
Forward-Looking Statements
The information discussed in this press release, particularly in the
section with the heading “Business Outlook,” includes forward-looking
statements about the Company’s future operating results within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. The Company based these
forward-looking statements on its current assumptions, knowledge,
estimates and projections about factors that could affect its future
operations. Although the Company believes that its assumptions made in
connection with the forward-looking statements are reasonable, no
assurances can be given that those assumptions and expectations will
prove to be correct. Statements in this press release that are
forward-looking include, but are not limited to, local, national and
political advertising growth; changes in interactive, network
compensation, barter and other revenues; changes in direct operating,
selling, general and administrative, amortization of program rights and
corporate expenses; and cash programming, cash capital expenditures,
cash interest expense and principal amortization, cash tax payments and
effective tax rates. These forward-looking statements are subject to
various risks, uncertainties and assumptions which may cause these
expectations and assumptions not to occur or to differ materially from
those outcomes projected in the forward-looking statements. Such risks
and uncertainties include, but are not limited to, general economic
uncertainty; restrictions on the Company’s operations as a result of the
Company’s indebtedness; global or local events that could disrupt
television broadcasting; softening of the domestic advertising market;
further consolidation of national and local advertisers, and the
national sales representation market; risks associated with
acquisitions, and the integration of any acquired businesses; changes in
television viewing patterns, ratings and commercial viewing measurement;
increases in news and syndicated programming costs, and capital
expenditures; changes in television network affiliation agreements and
retransmission consent agreements; changes in government regulation;
competition; seasonality; effects of complying with accounting
standards; potential influence of certain shareholders, including HM
Capital Partners I, LP and its affiliates, and other risks discussed in
the Company’s Annual Report on Form 10-K and other filings made with the
SEC (which are available on the Investor Relations section of www.linmedia.com,
or at www.sec.gov),
which are incorporated in this release by reference. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, unless otherwise required to by applicable
law.
About LIN Media
LIN Media is a local multimedia company that operates or services 43
television stations and seven digital channels in 23 U.S. markets, along
with a diverse portfolio of websites, apps and mobile products that make
it more convenient to access its unique and relevant content on multiple
screens.
LIN Media’s highly-rated television stations deliver important local
news and community stories along with top-rated sports and entertainment
programming to 10.5% of U.S. television homes. LIN Media’s digital media
operations focus on emerging media and interactive technologies that
deliver performance-driven digital marketing solutions to some of the
nation’s most respected agencies and brands. LIN Media is traded on the
NYSE under the symbol “LIN”.
– financial tables follow –
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LIN Media LLC
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Consolidated Statements of Operations
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(unaudited)
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2013
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2012
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2013
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2012
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(in thousands, except per share data)
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Net revenues
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$
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163,110
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$
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133,076
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$
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468,448
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$
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357,292
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Operating expenses:
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Direct operating
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62,504
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38,152
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180,695
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110,554
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Selling, general and administrative
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41,319
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28,365
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118,657
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84,791
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Amortization of program rights
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7,605
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5,612
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22,542
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16,212
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Corporate
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10,682
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9,264
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30,047
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24,229
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General operating expenses
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122,110
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81,393
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351,941
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235,786
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Depreciation, amortization and other operating expenses:
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Depreciation
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11,429
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6,824
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34,387
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20,234
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Amortization of intangible assets
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5,886
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507
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17,038
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1,462
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Restructuring
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468
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-
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2,991
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-
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(Gain) loss from asset dispositions
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(9
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)
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(15
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)
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173
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(12
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)
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Operating income
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23,226
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44,367
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61,918
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99,822
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Other expense:
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Interest expense, net
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13,976
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9,310
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42,275
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28,946
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Share of loss in equity investments
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-
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4,156
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25
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4,309
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Loss on extinguishment of debt
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-
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-
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-
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2,099
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Other expense, net
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2,055
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88
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2,115
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176
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Total other expense, net
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16,031
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13,554
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44,415
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35,530
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Income before (benefit from) provision for income taxes
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7,195
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30,813
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17,503
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64,292
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(Benefit from) provision for income taxes
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(139,313
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)
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11,194
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(135,154
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)
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24,101
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Income from continuing operations
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146,508
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19,619
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152,657
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40,191
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Discontinued operations:
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Loss from discontinued operations, net of a benefit from income
taxes of $541 for the nine months ended September 30, 2012
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-
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-
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-
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(1,018
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)
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Gain on the sale of discontinued operations, net of a provision for
income taxes of $6,223 for the nine months ended September 30, 2012
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-
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-
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-
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11,389
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Net income
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146,508
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19,619
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152,657
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50,562
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Net loss attributable to noncontrolling interests
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(430
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)
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(40
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)
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(900
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)
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(481
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)
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Net income attributable to LIN Media LLC
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$
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146,938
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$
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19,659
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$
|
153,557
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|
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$
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51,043
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Basic income per common share attributable to LIN Media LLC:
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Income from continuing operations attributable to LIN Media LLC
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$
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2.78
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$
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0.37
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$
|
2.93
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|
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$
|
0.74
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|
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Loss from discontinued operations, net of tax
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|
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|
-
|
|
|
|
-
|
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-
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|
|
|
(0.02
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)
|
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Gain on the sale of discontinued operations, net of tax
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|
|
|
|
|
-
|
|
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|
-
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-
|
|
|
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0.21
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Net income attributable to LIN Media LLC
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$
|
2.78
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$
|
0.37
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|
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$
|
2.93
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$
|
0.93
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|
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Weighted-average number of common shares outstanding
|
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|
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|
|
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used in calculating basic income per common share
|
|
|
|
|
|
52,791
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|
|
|
53,066
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|
|
|
52,328
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|
|
|
54,715
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|
|
|
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|
|
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|
|
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|
Diluted income per common share attributable to LIN Media LLC:
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|
|
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|
|
|
|
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|
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Income from continuing operations attributable to LIN Media LLC
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|
|
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$
|
2.63
|
|
|
$
|
0.36
|
|
|
$
|
2.77
|
|
|
$
|
0.73
|
|
|
Loss from discontinued operations, net of tax
|
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
(0.02
|
)
|
|
Gain on the sale of discontinued operations, net of tax
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.20
|
|
|
Net income attributable to LIN Media LLC
|
|
|
|
|
$
|
2.63
|
|
|
$
|
0.36
|
|
|
$
|
2.77
|
|
|
$
|
0.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of common shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
used in calculating diluted income per common share
|
|
|
|
|
|
55,855
|
|
|
|
54,353
|
|
|
|
55,378
|
|
|
|
55,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIN Media LLC
|
|
Consolidated Balance Sheets
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
December 31,
2012
|
|
|
|
|
|
|
(in thousands, except share data)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
27,717
|
|
|
$
|
46,307
|
|
|
Accounts receivable, less allowance for doubtful accounts (2013 -
$3,676; 2012 - $3,599)
|
|
|
|
|
|
131,160
|
|
|
|
126,150
|
|
|
Deferred income tax assets
|
|
|
|
|
|
3,562
|
|
|
|
—
|
|
|
Other current assets
|
|
|
|
|
|
7,070
|
|
|
|
6,863
|
|
|
Total current assets
|
|
|
|
|
|
169,509
|
|
|
|
179,320
|
|
|
Property and equipment, net
|
|
|
|
|
|
227,422
|
|
|
|
241,491
|
|
|
Deferred financing costs
|
|
|
|
|
|
17,256
|
|
|
|
19,135
|
|
|
Goodwill
|
|
|
|
|
|
203,470
|
|
|
|
192,514
|
|
|
Broadcast licenses, net
|
|
|
|
|
|
536,515
|
|
|
|
536,515
|
|
|
Other intangible assets, net
|
|
|
|
|
|
52,141
|
|
|
|
59,554
|
|
|
Other assets
|
|
|
|
|
|
11,075
|
|
|
|
12,885
|
|
|
Total assets
|
|
|
|
|
$
|
1,217,388
|
|
|
$
|
1,241,414
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND MEMBERS’
EQUITY (DEFICIT)
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
|
|
|
$
|
15,801
|
|
|
$
|
10,756
|
|
|
Accounts payable
|
|
|
|
|
|
13,072
|
|
|
|
18,955
|
|
|
Income taxes payable
|
|
|
|
|
|
31,019
|
|
|
|
766
|
|
|
Accrued expenses
|
|
|
|
|
|
50,988
|
|
|
|
153,246
|
|
|
Deferred income tax liabilities
|
|
|
|
|
|
—
|
|
|
|
168,219
|
|
|
Program obligations
|
|
|
|
|
|
7,933
|
|
|
|
10,770
|
|
|
Total current liabilities
|
|
|
|
|
|
118,813
|
|
|
|
362,712
|
|
|
Long-term debt, excluding current portion
|
|
|
|
|
|
926,551
|
|
|
|
879,471
|
|
|
Deferred income tax liabilities
|
|
|
|
|
|
44,182
|
|
|
|
40,556
|
|
|
Program obligations
|
|
|
|
|
|
3,597
|
|
|
|
4,281
|
|
|
Other liabilities
|
|
|
|
|
|
37,708
|
|
|
|
42,716
|
|
|
Total liabilities
|
|
|
|
|
|
1,130,851
|
|
|
|
1,329,736
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest
|
|
|
|
|
|
13,442
|
|
|
|
3,242
|
|
|
|
|
|
|
|
|
|
|
|
LIN Media LLC members’ equity (deficit):
|
|
|
|
|
|
|
|
|
Class A common shares, 100,000,000 shares authorized, Issued:
38,929,602 and 35,672,528 shares
|
|
|
|
|
|
|
|
|
|
|
|
|
as of September 30, 2013 and December 31, 2012, respectively.
Outstanding: 33,483,657 and
|
|
|
|
|
|
|
|
|
|
|
|
|
30,724,869 shares as of September 30, 2013 and December 31, 2012,
respectively
|
|
|
|
|
|
622,170
|
|
|
|
313
|
|
|
Class B common shares, 50,000,000 shares authorized, 20,901,726
and 23,401,726 shares as of
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2013 and December 31, 2012, respectively, issued and
outstanding; convertible into
|
|
|
|
|
|
|
|
|
|
|
|
|
an equal number of shares of class A common or class C common
shares
|
|
|
|
|
|
518,394
|
|
|
|
235
|
|
|
Class C common shares, 50,000,000 shares authorized, 2 shares as
of September 30, 2013 and
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012, issued and outstanding; convertible into an
equal number of shares of class A
|
|
|
|
|
|
|
|
|
|
|
|
|
common shares
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
Treasury shares, 4,947,659 shares of class A common shares as of
September 30, 2013 and
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2012, at cost
|
|
|
|
|
|
(21,984
|
)
|
|
|
(21,984
|
)
|
|
Additional paid-in capital
|
|
|
|
|
|
—
|
|
|
|
1,129,691
|
|
|
Accumulated deficit
|
|
|
|
|
|
(1,010,878
|
)
|
|
|
(1,164,435
|
)
|
|
Accumulated other comprehensive loss
|
|
|
|
|
|
(34,607
|
)
|
|
|
(35,384
|
)
|
|
Total members’ equity (deficit)
|
|
|
|
|
|
73,095
|
|
|
|
(91,564
|
)
|
|
Total liabilities, redeemable noncontrolling interest and members’
equity (deficit)
|
|
|
|
|
$
|
1,217,388
|
|
|
$
|
1,241,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIN Media LLC
|
|
Consolidated Statements of Cash Flows
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
(in thousands)
|
|
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
|
152,657
|
|
|
$
|
50,562
|
|
|
Loss from discontinued operations
|
|
|
|
|
|
—
|
|
|
|
1,018
|
|
|
Gain on the sale of discontinued operations
|
|
|
|
|
|
—
|
|
|
|
(11,389
|
)
|
|
Adjustment to reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
34,387
|
|
|
|
20,234
|
|
|
Amortization of intangible assets
|
|
|
|
|
|
17,038
|
|
|
|
1,462
|
|
|
Amortization of financing costs and note discounts
|
|
|
|
|
|
2,723
|
|
|
|
1,746
|
|
|
Amortization of program rights
|
|
|
|
|
|
22,542
|
|
|
|
16,212
|
|
|
Cash payments for programming
|
|
|
|
|
|
(23,994
|
)
|
|
|
(17,202
|
)
|
|
Loss on extinguishment of debt
|
|
|
|
|
|
—
|
|
|
|
871
|
|
|
Share of loss in equity investments
|
|
|
|
|
|
25
|
|
|
|
4,309
|
|
|
Deferred income taxes, net
|
|
|
|
|
|
(132,542
|
)
|
|
|
—
|
|
|
Extinguishment of income tax liability related to the Merger
|
|
|
|
|
|
(7,144
|
)
|
|
|
23,256
|
|
|
Share-based compensation
|
|
|
|
|
|
6,766
|
|
|
|
5,308
|
|
|
Loss from asset dispositions
|
|
|
|
|
|
173
|
|
|
|
(12
|
)
|
|
Other, net
|
|
|
|
|
|
1,291
|
|
|
|
1,293
|
|
|
Changes in operating assets and liabilities, net of acquisitions:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
|
|
3,191
|
|
|
|
(6,371
|
)
|
|
Other assets
|
|
|
|
|
|
(597
|
)
|
|
|
(1,634
|
)
|
|
Accounts payable
|
|
|
|
|
|
(9,609
|
)
|
|
|
(3,730
|
)
|
|
Accrued interest expense
|
|
|
|
|
|
3,761
|
|
|
|
1,865
|
|
|
Other liabilities and accrued expenses
|
|
|
|
|
|
(12,163
|
)
|
|
|
121
|
|
|
Net cash provided by operating activities, continuing operations
|
|
|
|
|
|
58,505
|
|
|
|
87,919
|
|
|
Net cash used in operating activities, discontinued operations
|
|
|
|
|
|
—
|
|
|
|
(2,736
|
)
|
|
Net cash provided by operating activities
|
|
|
|
|
|
58,505
|
|
|
|
85,183
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
|
(21,671
|
)
|
|
|
(19,337
|
)
|
|
Change in restricted cash
|
|
|
|
|
|
—
|
|
|
|
255,159
|
|
|
Payments for business combinations, net of cash acquired
|
|
|
|
|
|
(10,082
|
)
|
|
|
(34,325
|
)
|
|
Proceeds from the sale of assets
|
|
|
|
|
|
76
|
|
|
|
62
|
|
|
Shortfall loans to joint venture with NBCUniversal
|
|
|
|
|
|
—
|
|
|
|
(2,292
|
)
|
|
Capital contribution to joint venture with NBCUniversal
|
|
|
|
|
|
(100,000
|
)
|
|
|
—
|
|
|
Net cash (used in) provided by investing activities, continuing
operations
|
|
|
|
|
|
(131,677
|
)
|
|
|
199,267
|
|
|
Net cash provided by investing activities, discontinued operations
|
|
|
|
|
|
—
|
|
|
|
29,520
|
|
|
Net cash (used in) provided by investing activities
|
|
|
|
|
|
(131,677
|
)
|
|
|
228,787
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net proceeds on exercises of employee and director share-based
compensation
|
|
|
|
|
|
1,450
|
|
|
|
652
|
|
|
Tax benefit from exercises of share options
|
|
|
|
|
|
2,180
|
|
|
|
—
|
|
|
Proceeds from borrowings on long-term debt
|
|
|
|
|
|
101,000
|
|
|
|
20,000
|
|
|
Principal payments on long-term debt
|
|
|
|
|
|
(49,394
|
)
|
|
|
(308,128
|
)
|
|
Payment of long-term debt issue costs
|
|
|
|
|
|
(654
|
)
|
|
|
(359
|
)
|
|
Treasury shares purchased
|
|
|
|
|
|
—
|
|
|
|
(11,386
|
)
|
|
Net cash provided by (used in) financing activities
|
|
|
|
|
|
54,582
|
|
|
|
(299,221
|
)
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
|
|
|
(18,590
|
)
|
|
|
14,749
|
|
|
Cash and cash equivalents at the beginning of the period
|
|
|
|
|
|
46,307
|
|
|
|
18,057
|
|
|
Cash and cash equivalents at the end of the period
|
|
|
|
|
$
|
27,717
|
|
|
$
|
32,806
|
|
_________________________
(1) comScore Media Metrix, Audience Duplication, September
2013 including LIN Media, LIN Digital and Dedicated Media.
(2) comScore Media Metrix, Display Ad Ecosystem, Advertising
Networks, and Buy Side Adv Network. comScore Video Metrix, Video
Advertising Networks - Actual Reach, September 2013 referencing LIN
Digital.
(3) comScore Media Metrix Multi-Platform data; September
2013. Overall engagement references comScore's average minutes per
visitors. The basis for comparison is calculated against the Company’s
and local media competitors’ self-defined classification from within the
comScore dictionary, excluding LIN market’s not currently measured by
comScore; Birmingham, Mobile, Wichita, Savannah, Topeka, Mason City,
Terre Haute and Lafayette.
Copyright Business Wire 2013