Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |||
Jun. 30, 2014 | Jul. 29, 2014 | Jul. 29, 2014 | Jul. 29, 2014 | |
Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Entity Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-Q | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' | ' |
Trading Symbol | 'MSO | ' | ' | ' |
Entity Registrant Name | 'MARTHA STEWART LIVING OMNIMEDIA INC | ' | ' | ' |
Entity Central Index Key | '0001091801 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 57,072,962 | 31,588,337 | 25,484,625 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $14,052 | $21,884 |
Short-term investments | 47,637 | 19,268 |
Restricted cash and investments | 0 | 5,072 |
Accounts receivable, net | 23,225 | 39,694 |
Paper inventory | 999 | 2,901 |
Other current assets | 2,773 | 3,876 |
Total current assets | 88,686 | 92,695 |
PROPERTY AND EQUIPMENT, net | 4,579 | 7,961 |
GOODWILL | 850 | 850 |
OTHER INTANGIBLE ASSETS, net | 45,200 | 45,200 |
OTHER NONCURRENT ASSETS | 1,537 | 1,661 |
Total assets | 140,852 | 148,367 |
CURRENT LIABILITIES | ' | ' |
Accounts payable and accrued liabilities | 12,511 | 12,464 |
Accrued payroll and related costs | 5,677 | 8,665 |
Current portion of deferred subscription revenue | 6,412 | 7,632 |
Current portion of other deferred revenue | 17,673 | 17,227 |
Total current liabilities | 42,273 | 45,988 |
DEFERRED SUBSCRIPTION REVENUE | 2,306 | 3,587 |
OTHER DEFERRED REVENUE | 13,481 | 17,307 |
DEFERRED INCOME TAX LIABILITY | 7,333 | 7,094 |
OTHER NONCURRENT LIABILITIES | 3,634 | 3,916 |
Total liabilities | 69,027 | 77,892 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
SHAREHOLDERSb EQUITY | ' | ' |
Capital in excess of par value | 343,926 | 342,213 |
Accumulated deficit | -271,887 | -271,051 |
Accumulated other comprehensive loss | -10 | -479 |
Shareholders' equity before treasury stock | 72,600 | 71,250 |
Less: Class A treasury stock b 59,400 shares at cost | -775 | -775 |
Total shareholdersb equity | 71,825 | 70,475 |
Total liabilities and shareholdersb equity | 140,852 | 148,367 |
Class A Common Stock [Member] | ' | ' |
SHAREHOLDERSb EQUITY | ' | ' |
Common Stock | 316 | 307 |
Class B Common Stock [Member] | ' | ' |
SHAREHOLDERSb EQUITY | ' | ' |
Common Stock | $255 | $260 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Class A Common Stock [Member] | ' | ' |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, shares authorized | 350,000,000 | 350,000,000 |
Common Stock, shares issued | 31,641,859 | 30,704,491 |
Common Stock, shares outstanding | 31,582,459 | 30,645,091 |
Treasury stock, shares | 59,400 | 59,400 |
Class B Common Stock [Member] | ' | ' |
Common Stock, par value (in dollars per share) | $0.01 | $0.01 |
Common Stock, shares authorized | 150,000,000 | 150,000,000 |
Common Stock, shares issued | 25,484,625 | 25,984,625 |
Common Stock, shares outstanding | 25,484,625 | 25,984,625 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
REVENUES | ' | ' | ' | ' | |
Publishing | $22,229 | $24,190 | $41,735 | $48,672 | |
Merchandising | 14,719 | 16,116 | 27,803 | 27,623 | |
Broadcasting | 672 | 1,892 | 1,350 | 3,127 | |
Total revenues | 37,620 | 42,198 | 70,888 | 79,422 | |
Production, distribution and editorial | -15,296 | -19,139 | -30,709 | -39,753 | |
Selling and promotion | -10,165 | -12,296 | -18,262 | -21,947 | |
General and administrative | -9,086 | -10,156 | -17,995 | -21,359 | |
Depreciation and amortization | -829 | -1,126 | -3,868 | -2,093 | |
Restructuring charges | 0 | -152 | 0 | -675 | [1] |
Gain on sale of subscriber list, net | 0 | 35 | 0 | 2,724 | |
OPERATING INCOME / (LOSS) | 2,244 | -636 | 54 | -3,681 | |
Interest income / (expense) and other, net | -133 | -168 | -565 | -34 | |
INCOME / (LOSS) BEFORE INCOME TAXES | 2,111 | -804 | -511 | -3,715 | |
Income tax provision | -344 | -376 | -325 | -738 | |
NET INCOME / (LOSS) | $1,767 | ($1,180) | ($836) | ($4,453) | |
INCOME / (LOSS) PER SHARE b BASIC AND DILUTED | ' | ' | ' | ' | |
Net Income / (Loss) - Basic (in dollars per share) | $0.03 | ($0.02) | ($0.01) | ($0.07) | |
Net Income / (Loss) - Diluted (in dollars per share) | $0.03 | ($0.02) | ($0.01) | ($0.07) | |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ' | ' | ' | ' | |
Basic (in shares) | 56,964,079 | 67,371,869 | 56,823,235 | 67,302,986 | |
Diluted (in shares) | 57,729,551 | 67,371,869 | 56,823,235 | 67,302,986 | |
[1] | As disclosed on the Company's consolidated statements of cash flows, total non-cash equity compensation expense was $0.9 million in 2013. Included in non-cash equity compensation expense were net reversals of expense of approximately $0.03 million, which was generated in connection with restructuring activities. Accordingly, these amounts are reflected as restructuring charges in the Company's 2013 consolidated statements of operations. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income / (loss) | $1,767 | ($1,180) | ($836) | ($4,453) |
Other comprehensive income / (loss): | ' | ' | ' | ' |
Amounts reclassified for net realized losses on available-for-sale securities included in net loss | 0 | 302 | 491 | 367 |
Net unrealized gains / (losses) on available-for-sale securities occurring during the period | 16 | -153 | -22 | -294 |
Other comprehensive income | 16 | 149 | 469 | 73 |
Total comprehensive income / (loss) | $1,783 | ($1,031) | ($367) | ($4,380) |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Capital in Excess of Par Value [Member] | Accumulated deficit [Member] | Accumulated other comprehensive loss [Member] | Class A Treasury Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | |
In Thousands | Common Stock [Member] | Common Stock [Member] | ||||||
Balance at Dec. 31, 2013 | $70,475 | $342,213 | ($271,051) | ($479) | ($775) | $307 | $260 | |
Balance, shares at Dec. 31, 2013 | ' | ' | ' | ' | -59 | 30,705 | 25,985 | |
Net loss | -836 | ' | -836 | ' | ' | ' | ' | |
Other comprehensive income | 469 | ' | ' | 469 | ' | ' | ' | |
Conversion of shares | [1] | 0 | ' | ' | ' | ' | 5 | -5 |
Conversion of shares, shares | [1] | ' | ' | ' | ' | ' | 500 | -500 |
Issuance of shares of stock in conjunction with stock option exercises | 910 | 907 | ' | ' | ' | 3 | ' | |
Issuance of shares of stock in conjunction with stock option exercises, shares | ' | ' | ' | ' | ' | 282 | ' | |
Issuance of shares of stock and restricted stock, net of cancellations and tax withholdings | -232 | -233 | ' | ' | ' | 1 | ' | |
Issuance of shares of stock and restricted stock, net of cancellations and tax withholdings, shares | ' | ' | ' | ' | ' | 155 | ' | |
Non-cash equity compensation | 1,039 | 1,039 | ' | ' | ' | ' | ' | |
Balance at Jun. 30, 2014 | $71,825 | $343,926 | ($271,887) | ($10) | ($775) | $316 | $255 | |
Balance, shares at Jun. 30, 2014 | ' | ' | ' | ' | -59 | 31,642 | 25,485 | |
[1] | The converted shares of Class B Common Stock were retired and returned to the authorized but unissued shares of Class B Common Stock. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income / (loss) | ($836) | ($4,453) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Non-cash revenue | -3,555 | -268 |
Depreciation and amortization | 3,868 | 2,093 |
Non-cash equity compensation | 1,039 | 937 |
Deferred income tax expense | 239 | 617 |
Gain on sale of subscriber list, net | 0 | -2,724 |
Other non-cash charges, net | 1,203 | 256 |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable, net | 16,469 | 9,912 |
Paper inventory | 1,902 | 1,614 |
Accounts payable and accrued liabilities and other | 104 | 496 |
Accrued payroll and related costs | -2,988 | -3,145 |
Deferred subscription revenue | -2,501 | -4,219 |
Deferred revenue | 175 | -1,911 |
Other changes | 365 | 352 |
Total changes in operating assets and liabilities | 13,526 | 3,099 |
Net cash provided by / (used in) operating activities | 15,484 | -443 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -505 | -546 |
Purchases of short-term investments | -35,713 | -13,461 |
Sales of short-term investments | 11,415 | 16,557 |
Proceeds from the sale of subscriber list, net | 0 | 673 |
Net cash (used in) / provided by investing activities | -24,803 | 3,223 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds received from stock option exercises | 910 | 27 |
Change in restricted cash | 577 | -423 |
Net cash provided by / (used in) financing activities | 1,487 | -396 |
Net (decrease) / increase in cash | -7,832 | 2,384 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 21,884 | 19,925 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $14,052 | $22,309 |
General
General | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
General | ' |
General | |
Martha Stewart Living Omnimedia, Inc., together with its subsidiaries, is herein referred to as “we,” “us,” “our,” or the “Company.” | |
The information included in the foregoing interim consolidated financial statements is unaudited. In the opinion of management, all adjustments, all of which are of a normal recurring nature and necessary for a fair presentation of the results of operations for the interim periods presented, have been reflected therein. The results of operations for interim periods do not necessarily indicate the results to be expected for the entire year. These unaudited consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) with respect to the Company’s fiscal year ended December 31, 2013 (the “2013 Form 10-K”) which may be accessed through the SEC’s website at http://www.sec.gov. | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Management does not expect such differences to have a material effect on the Company’s consolidated financial statements. |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
Recent accounting standards | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued an update on "Revenue from Contracts with Customers" (Topic 606), which completes the joint effort by the FASB and the International Accounting Standards Board to improve financial reporting by creating common revenue recognition guidance for GAAP and international financial reporting standards ("IFRS"). The joint project clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and IFRS. Specifically, it removes inconsistencies and weaknesses in revenue requirements, provides a more robust framework for addressing revenue issues, improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets, provides more useful information to users of financial statements through improved disclosure requirements and simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer. For the Company, this update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The update may be applied using one of two methods: retrospective application to each prior reporting period presented, or retrospective application with the cumulative effect of initially applying the update recognized at the date of initial application. The Company is currently evaluating the transition method that will be elected and the impact of the update on its financial statements and disclosures. | |
The Company’s significant accounting policies are discussed in detail in its 2013 Form 10-K. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The Company categorizes its assets measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are: | ||||||||||||||||
• | Level 1: Observable inputs such as quoted prices for identical assets and liabilities in active markets obtained from independent sources. | |||||||||||||||
• | Level 2: Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair values of the Company’s level 2 securities are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. | |||||||||||||||
• | Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the asset or liability. | |||||||||||||||
The Company has no liabilities that are measured at fair value on a recurring basis. The following tables present the Company’s assets that are measured at fair value on a recurring basis: | ||||||||||||||||
30-Jun-14 | ||||||||||||||||
(in thousands) | Quoted | Significant | Significant | Total | ||||||||||||
Market | Other | Unobservable | Fair Value | |||||||||||||
Prices in | Observable | Inputs | Measurements | |||||||||||||
Active | Inputs | (Level 3) | ||||||||||||||
Markets for | (Level 2) | |||||||||||||||
Identical | ||||||||||||||||
Assets | ||||||||||||||||
(Level 1) | ||||||||||||||||
Short-term investments: | ||||||||||||||||
Fixed income mutual fund | $ | 2,487 | $ | — | $ | — | $ | 2,487 | ||||||||
U.S. government and agency securities | — | 2,521 | — | 2,521 | ||||||||||||
Corporate obligations | — | 24,352 | — | 24,352 | ||||||||||||
Other fixed income securities | — | 531 | — | 531 | ||||||||||||
International securities | — | 16,697 | — | 16,697 | ||||||||||||
Municipal obligations | — | 1,049 | — | 1,049 | ||||||||||||
Total | $ | 2,487 | $ | 45,150 | $ | — | $ | 47,637 | ||||||||
31-Dec-13 | ||||||||||||||||
(in thousands) | Quoted | Significant | Significant | Total | ||||||||||||
Market | Other | Unobservable | Fair Value | |||||||||||||
Prices in | Observable | Inputs | Measurements | |||||||||||||
Active | Inputs | (Level 3) | ||||||||||||||
Markets for | (Level 2) | |||||||||||||||
Identical | ||||||||||||||||
Assets | ||||||||||||||||
(Level 1) | ||||||||||||||||
Short-term investments: | ||||||||||||||||
Fixed income mutual fund | $ | 2,485 | $ | — | $ | — | $ | 2,485 | ||||||||
U.S. government and agency securities | — | 2,233 | — | 2,233 | ||||||||||||
Corporate obligations | — | 14,159 | * | — | 14,159 | |||||||||||
Other fixed income securities | — | 361 | — | 361 | ||||||||||||
International securities | — | 3,048 | — | 3,048 | ||||||||||||
Municipal obligations | — | 1,477 | — | 1,477 | ||||||||||||
Total | $ | 2,485 | $ | 21,278 | $ | — | $ | 23,763 | ||||||||
* Included in this amount is a corporate obligation of $4.5 million used to collateralize the Company's line of credit with Bank of America, and was included in the line item "Restricted cash and investments," a component of current assets, on the consolidated balance sheet as of December 31, 2013. Pursuant to an amendment to the loan agreement with Bank of America, effective May 19, 2014, the line of credit is no longer secured by cash or investment collateral. See Note 6, Credit Facilities, for further details. | ||||||||||||||||
Assets measured at fair value on a nonrecurring basis | ||||||||||||||||
The Company’s non-financial assets, such as goodwill, intangible assets and property and equipment, are initially measured at cost or fair value. In the event there is an indicator of impairment, such asset's carrying value is adjusted to current fair value only when an impairment charge is recognized. Such impairment charges incorporate fair value measurements based on Level 3 inputs. |
ShortTerm_Investments
Short-Term Investments | 6 Months Ended |
Jun. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | ' |
Short-Term Investments | ' |
Short-Term Investments | |
The Company's investments consist of marketable debt securities that are classified as available-for-sale and presented as "Short-term investments," a component of current assets on the consolidated balance sheets. The Company's available-for-sale securities represent investments available for current operations and may be sold prior to their stated maturities for strategic or operational reasons. The available-for-sale debt securities are carried at fair value, with the unrealized gains and losses reported in "Accumulated other comprehensive loss." The amortized cost of the available-for-sale debt securities is adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest method. Such amortization is netted against the related interest income and both are included in "Interest income/(expense) and other, net" on the consolidated statements of operations. | |
Realized gains and losses are classified as other income or expense and included in "Interest income/(expense) and other, net" on the consolidated statements of operations. The cost of securities sold is based on the specific identification method. | |
As of June 30, 2014 and December 31, 2013, the Company's amortized cost of its available-for-sale securities approximated fair value. Gross unrealized losses of $(0.02) million as of June 30, 2014, were partially offset by gross unrealized gains of $0.01 million. As of December 31, 2013, gross unrealized losses of $(0.5) million were partially offset by gross unrealized gains of $0.03 million. The Company considered the declines in market value of its marketable available-for-sale securities investment portfolio to be temporary in nature and did not consider any of its investments other-than-temporarily impaired as of June 30, 2014 and December 31, 2013. Contractual maturities for the Company's available-for-sale securities are generally within two years of June 30, 2014. | |
During the three months ended June 30, 2014, the gross realized gains and losses on sales of available-for-sale marketable securities were insignificant. For the six months ended June 30, 2014, the gross realized gains and losses were $0.03 million and $(0.5) million, respectively, including amounts reclassified out of accumulated other comprehensive loss of $0.03 million and $(0.5) million, respectively. See Note 5, Accumulated Other Comprehensive Loss, for further information. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Accumulated Other Comprehensive Loss | ' | |||||||
Accumulated Other Comprehensive Loss | ||||||||
Accumulated other comprehensive income/(loss), included as a component of shareholders' equity, consists of unrealized gains and losses affecting equity that, under GAAP, are excluded from net income/(loss). For the Company, accumulated other comprehensive loss is impacted by unrealized gains/(losses) on available-for-sale securities as of the reporting period date and by reclassification adjustments resulting from sales or maturities of available-for-sale securities. The components of accumulated other comprehensive loss as of June 30, 2014 and December 31, 2013 are set forth in the schedule below: | ||||||||
(in thousands) | Unrealized Gains/(Losses) on Available-for-sale Securities | Total Accumulated Other Comprehensive Loss | ||||||
Balance at December 31, 2013 | $ | (479 | ) | $ | (479 | ) | ||
Amounts reclassified for net realized losses on available-for-sale securities included in net loss * | 491 | 491 | ||||||
Net unrealized losses on available-for-sale securities occurring during the period | (22 | ) | (22 | ) | ||||
Balance at June 30, 2014 | $ | (10 | ) | $ | (10 | ) | ||
* Amounts reclassified for previously unrealized losses on available-for-sale securities are included in "Interest income/(expense) and other, net" on the consolidated statements of operations. |
Credit_Facilities
Credit Facilities | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Credit Facilities | ' |
Credit Facilities | |
On May 19, 2014, the Company entered into an Amendment to the Amended and Restated Loan Agreement between the Company and Bank of America, N.A., dated February 14, 2012, (the "Amended Credit Agreement"), which provided for the continued arrangement for a line of credit with Bank of America, N.A. of $5.0 million. Borrowings under this line of credit are available for investment opportunities, working capital, and the issuance of letters of credit. The annual interest rate on outstanding amounts is equal to a floating rate of 1-month LIBOR Daily Floating Rate plus 1.85%. The annual unused commitment fee is equal to 0.25%. | |
Prior to the Amended Credit Agreement, the line of credit had been obligated to be secured by cash or investment collateral of at least $5.0 million. Accordingly, the Company maintained restricted investments of $4.5 million and restricted cash of $0.6 million as of December 31, 2013. The aggregate of these amounts was included in the line item "Restricted cash and investments," a component of current assets, on the consolidated balance sheet as of December 31, 2013. Effective with the May 19, 2014 amendment, the line of credit is no longer secured by cash or investment collateral; instead the Company must maintain unencumbered liquid assets having an aggregate market value of not less than 100% of any outstanding principal amounts, in addition to the aggregate standby letters of credit issued, under the facility. | |
The Amended Credit Agreement expires on June 30, 2015, at which time outstanding amounts borrowed under the agreement, if any, become due and payable. As of June 30, 2014 and December 31, 2013, the Company had no outstanding borrowings against its line of credit, but had outstanding letters of credit of $1.0 million and $1.6 million, respectively. |
Depreciation_and_Amortization
Depreciation and Amortization | 6 Months Ended |
Jun. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ' |
Depreciation and Amortization | ' |
Depreciation and Amortization | |
Depreciation and amortization expense was $3.9 million for the six months ended June 30, 2014, including $2.1 million from the non-recurring accelerated amortization of leasehold improvements related to the consolidation of the Company's primary office space during February 2014. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company follows ASC Topic 740, Income Taxes (“ASC 740”). Under the asset and liability method of ASC 740, deferred assets and liabilities are recognized for the future costs and benefits attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The Company periodically reviews the requirements for a valuation allowance and makes adjustments to such allowances when changes in circumstances result in changes in the Company’s judgment about the future realization of deferred tax assets. The Company intends to maintain a valuation allowance until evidence would support the conclusion that it is more likely than not that the deferred tax assets will be realized. The Company recorded $0.3 million of net tax expense during the six months ended June 30, 2014. The Company reduced its overall effective tax rate from 41% to 39% during the six months ended June 30, 2014 as a result of the 2014 New York corporate tax reform, which was enacted on March 31, 2014. The amount recorded includes a non-recurring tax benefit to revalue deferred tax liabilities as a result of the change in our effective rate and is offset by tax expense attributable to differences between the financial statement carrying amounts of past acquisitions of certain indefinite-lived intangible assets and their respective tax bases. | |
ASC 740 further establishes guidance on the accounting for uncertain tax positions. As of June 30, 2014, the Company had a liability for uncertain tax positions balance of $0.06 million, of which $0.04 million represented unrecognized tax benefits, which if recognized at some point in the future would favorably impact the effective tax rate, and $0.02 million of interest expense. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for the years before 2005 and state examinations for the years before 2003. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Earnings Per Share [Abstract] | ' | ||||
Earnings Per Share | ' | ||||
Earnings Per Share | |||||
Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options and unvested restricted stock units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of the Company’s common stock can result in a greater dilutive effect from potentially dilutive securities. | |||||
The following table shows the computation of basic and diluted earnings per share for the three month period ended June 30, 2014 (in thousands, except share and per share amounts): | |||||
Three months ended June 30, 2014 | |||||
Numerator: | |||||
Net Income | $ | 1,767 | |||
Denominator: | |||||
Weighted-average shares outstanding | 56,964,079 | ||||
Effect of dilutive securities | 765,472 | ||||
Weighted-average diluted shares | 57,729,551 | ||||
Basic earnings per share | $ | 0.03 | |||
Diluted earnings per share | $ | 0.03 | |||
Potentially dilutive securities aggregating 3,365,436 were excluded from the computation of diluted earnings per share because their effect would have been antidilutive. |
Industry_Segments
Industry Segments | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Industry Segments | ' | |||||||||||||||||||
Industry Segments | ||||||||||||||||||||
The Company is an integrated media and merchandising company providing consumers with inspiring lifestyle content and well-designed, high-quality products. The Company is organized into three business segments: Publishing; Merchandising; and Broadcasting. | ||||||||||||||||||||
The Publishing segment primarily consists of the Company’s operations related to its magazines (Martha Stewart Living, Martha Stewart Weddings and special weddings issues) and books, as well as its digital operations, which includes the content-driven website, marthastewart.com, and the digital distribution of video content. Publishing segment results can vary from quarter to quarter due to publication schedules and seasonality of certain types of advertising. Certain costs vary from quarter to quarter, particularly newsstand marketing costs associated with the distribution of the Company's magazines. | ||||||||||||||||||||
The Merchandising segment primarily consists of the Company’s operations related to the design and branding of merchandise and related collateral and packaging materials that are manufactured and distributed by its retail and wholesale partners in exchange for royalty income. Revenues from the Merchandising segment can vary significantly from quarter to quarter due to changes in product mix, new product launches and the performance of certain seasonal product lines. The Merchandising segment also includes the licensing of talent services for television programming produced by or on behalf of third parties. | ||||||||||||||||||||
The Broadcasting segment consists of the Company's limited television production operations, television content library licensing and satellite radio operations. | ||||||||||||||||||||
Segment information for the three months ended June 30, 2014 and 2013 is as follows: | ||||||||||||||||||||
(in thousands) | Publishing | Merchandising | Broadcasting | Corporate | Consolidated | |||||||||||||||
2014 | ||||||||||||||||||||
Revenues | $ | 22,229 | $ | 14,719 | $ | 672 | $ | — | $ | 37,620 | ||||||||||
Non–cash equity compensation | (25 | ) | (26 | ) | — | (387 | ) | (438 | ) | |||||||||||
Depreciation and amortization | (153 | ) | (10 | ) | (1 | ) | (665 | ) | (829 | ) | ||||||||||
Operating (loss) / income | (1,750 | ) | 10,995 | (131 | ) | (6,870 | ) | 2,244 | ||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 24,190 | $ | 16,116 | $ | 1,892 | $ | — | $ | 42,198 | ||||||||||
Non–cash equity compensation | (101 | ) | (45 | ) | 1 | (234 | ) | (379 | ) | |||||||||||
Depreciation and amortization | (274 | ) | (12 | ) | (1 | ) | (839 | ) | (1,126 | ) | ||||||||||
Restructuring charges | (140 | ) | — | — | (12 | ) | (152 | ) | ||||||||||||
Gain on sale of subscriber list, net | 35 | — | — | — | 35 | |||||||||||||||
Operating (loss) / income | (5,744 | ) | 11,707 | 1,065 | (7,664 | ) | (636 | ) | ||||||||||||
Segment information for the six months ended June 30, 2014 and 2013 is as follows: | ||||||||||||||||||||
(in thousands) | Publishing | Merchandising | Broadcasting | Corporate | Consolidated | |||||||||||||||
2014 | ||||||||||||||||||||
Revenues | $ | 41,735 | $ | 27,803 | $ | 1,350 | $ | — | $ | 70,888 | ||||||||||
Non–cash equity compensation | (83 | ) | (79 | ) | (1 | ) | (876 | ) | (1,039 | ) | ||||||||||
Depreciation and amortization | (323 | ) | (29 | ) | (2 | ) | (3,514 | ) | (3,868 | ) | ||||||||||
Operating (loss) / income | (4,500 | ) | 20,295 | 62 | (15,803 | ) | 54 | |||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 48,672 | $ | 27,623 | $ | 3,127 | $ | — | $ | 79,422 | ||||||||||
Non–cash equity compensation * | (245 | ) | (124 | ) | (6 | ) | (587 | ) | (962 | ) | ||||||||||
Depreciation and amortization | (529 | ) | (27 | ) | (25 | ) | (1,512 | ) | (2,093 | ) | ||||||||||
Restructuring charges * | (140 | ) | (392 | ) | — | (143 | ) | (675 | ) | |||||||||||
Gain on sale of subscriber list, net | 2,724 | — | — | — | 2,724 | |||||||||||||||
Operating (loss) / income | (6,734 | ) | 17,393 | 2,026 | (16,366 | ) | (3,681 | ) | ||||||||||||
* As disclosed on the Company's consolidated statements of cash flows, total non-cash equity compensation expense was $0.9 million in 2013. Included in non-cash equity compensation expense were net reversals of expense of approximately $0.03 million, which was generated in connection with restructuring activities. Accordingly, these amounts are reflected as restructuring charges in the Company's 2013 consolidated statements of operations. |
Other_Information
Other Information | 6 Months Ended |
Jun. 30, 2014 | |
Other Information [Abstract] | ' |
Other Information | ' |
Other Information | |
Production, distribution and editorial expenses; selling and promotion expenses; and general and administrative expenses are each presented exclusive of depreciation and amortization, restructuring charges and gain on sale of subscriber list, net, which are disclosed separately on the Company's consolidated statements of operations. Additionally, certain prior year amounts have been reclassified to conform to the current year presentation. |
Legal_Matters
Legal Matters | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Legal Matters | ' |
Legal Matters | |
The Company is party to legal proceedings in the ordinary course of business, including product liability claims for which the Company is indemnified by its licensees. None of these proceedings is deemed material. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Assets Measured At Fair Value | ' | |||||||||||||||
The following tables present the Company’s assets that are measured at fair value on a recurring basis: | ||||||||||||||||
30-Jun-14 | ||||||||||||||||
(in thousands) | Quoted | Significant | Significant | Total | ||||||||||||
Market | Other | Unobservable | Fair Value | |||||||||||||
Prices in | Observable | Inputs | Measurements | |||||||||||||
Active | Inputs | (Level 3) | ||||||||||||||
Markets for | (Level 2) | |||||||||||||||
Identical | ||||||||||||||||
Assets | ||||||||||||||||
(Level 1) | ||||||||||||||||
Short-term investments: | ||||||||||||||||
Fixed income mutual fund | $ | 2,487 | $ | — | $ | — | $ | 2,487 | ||||||||
U.S. government and agency securities | — | 2,521 | — | 2,521 | ||||||||||||
Corporate obligations | — | 24,352 | — | 24,352 | ||||||||||||
Other fixed income securities | — | 531 | — | 531 | ||||||||||||
International securities | — | 16,697 | — | 16,697 | ||||||||||||
Municipal obligations | — | 1,049 | — | 1,049 | ||||||||||||
Total | $ | 2,487 | $ | 45,150 | $ | — | $ | 47,637 | ||||||||
31-Dec-13 | ||||||||||||||||
(in thousands) | Quoted | Significant | Significant | Total | ||||||||||||
Market | Other | Unobservable | Fair Value | |||||||||||||
Prices in | Observable | Inputs | Measurements | |||||||||||||
Active | Inputs | (Level 3) | ||||||||||||||
Markets for | (Level 2) | |||||||||||||||
Identical | ||||||||||||||||
Assets | ||||||||||||||||
(Level 1) | ||||||||||||||||
Short-term investments: | ||||||||||||||||
Fixed income mutual fund | $ | 2,485 | $ | — | $ | — | $ | 2,485 | ||||||||
U.S. government and agency securities | — | 2,233 | — | 2,233 | ||||||||||||
Corporate obligations | — | 14,159 | * | — | 14,159 | |||||||||||
Other fixed income securities | — | 361 | — | 361 | ||||||||||||
International securities | — | 3,048 | — | 3,048 | ||||||||||||
Municipal obligations | — | 1,477 | — | 1,477 | ||||||||||||
Total | $ | 2,485 | $ | 21,278 | $ | — | $ | 23,763 | ||||||||
* Included in this amount is a corporate obligation of $4.5 million used to collateralize the Company's line of credit with Bank of America, and was included in the line item "Restricted cash and investments," a component of current assets, on the consolidated balance sheet as of December 31, 2013. Pursuant to an amendment to the loan agreement with Bank of America, effective May 19, 2014, the line of credit is no longer secured by cash or investment collateral. See Note 6, Credit Facilities, for further details. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||
The components of accumulated other comprehensive loss as of June 30, 2014 and December 31, 2013 are set forth in the schedule below: | ||||||||
(in thousands) | Unrealized Gains/(Losses) on Available-for-sale Securities | Total Accumulated Other Comprehensive Loss | ||||||
Balance at December 31, 2013 | $ | (479 | ) | $ | (479 | ) | ||
Amounts reclassified for net realized losses on available-for-sale securities included in net loss * | 491 | 491 | ||||||
Net unrealized losses on available-for-sale securities occurring during the period | (22 | ) | (22 | ) | ||||
Balance at June 30, 2014 | $ | (10 | ) | $ | (10 | ) | ||
* Amounts reclassified for previously unrealized losses on available-for-sale securities are included in "Interest income/(expense) and other, net" on the consolidated statements of operations. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Earnings Per Share [Abstract] | ' | ||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||
The following table shows the computation of basic and diluted earnings per share for the three month period ended June 30, 2014 (in thousands, except share and per share amounts): | |||||
Three months ended June 30, 2014 | |||||
Numerator: | |||||
Net Income | $ | 1,767 | |||
Denominator: | |||||
Weighted-average shares outstanding | 56,964,079 | ||||
Effect of dilutive securities | 765,472 | ||||
Weighted-average diluted shares | 57,729,551 | ||||
Basic earnings per share | $ | 0.03 | |||
Diluted earnings per share | $ | 0.03 | |||
Industry_Segments_Tables
Industry Segments (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Segment information for the three months ended June 30, 2014 and 2013 is as follows: | ||||||||||||||||||||
(in thousands) | Publishing | Merchandising | Broadcasting | Corporate | Consolidated | |||||||||||||||
2014 | ||||||||||||||||||||
Revenues | $ | 22,229 | $ | 14,719 | $ | 672 | $ | — | $ | 37,620 | ||||||||||
Non–cash equity compensation | (25 | ) | (26 | ) | — | (387 | ) | (438 | ) | |||||||||||
Depreciation and amortization | (153 | ) | (10 | ) | (1 | ) | (665 | ) | (829 | ) | ||||||||||
Operating (loss) / income | (1,750 | ) | 10,995 | (131 | ) | (6,870 | ) | 2,244 | ||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 24,190 | $ | 16,116 | $ | 1,892 | $ | — | $ | 42,198 | ||||||||||
Non–cash equity compensation | (101 | ) | (45 | ) | 1 | (234 | ) | (379 | ) | |||||||||||
Depreciation and amortization | (274 | ) | (12 | ) | (1 | ) | (839 | ) | (1,126 | ) | ||||||||||
Restructuring charges | (140 | ) | — | — | (12 | ) | (152 | ) | ||||||||||||
Gain on sale of subscriber list, net | 35 | — | — | — | 35 | |||||||||||||||
Operating (loss) / income | (5,744 | ) | 11,707 | 1,065 | (7,664 | ) | (636 | ) | ||||||||||||
Segment information for the six months ended June 30, 2014 and 2013 is as follows: | ||||||||||||||||||||
(in thousands) | Publishing | Merchandising | Broadcasting | Corporate | Consolidated | |||||||||||||||
2014 | ||||||||||||||||||||
Revenues | $ | 41,735 | $ | 27,803 | $ | 1,350 | $ | — | $ | 70,888 | ||||||||||
Non–cash equity compensation | (83 | ) | (79 | ) | (1 | ) | (876 | ) | (1,039 | ) | ||||||||||
Depreciation and amortization | (323 | ) | (29 | ) | (2 | ) | (3,514 | ) | (3,868 | ) | ||||||||||
Operating (loss) / income | (4,500 | ) | 20,295 | 62 | (15,803 | ) | 54 | |||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 48,672 | $ | 27,623 | $ | 3,127 | $ | — | $ | 79,422 | ||||||||||
Non–cash equity compensation * | (245 | ) | (124 | ) | (6 | ) | (587 | ) | (962 | ) | ||||||||||
Depreciation and amortization | (529 | ) | (27 | ) | (25 | ) | (1,512 | ) | (2,093 | ) | ||||||||||
Restructuring charges * | (140 | ) | (392 | ) | — | (143 | ) | (675 | ) | |||||||||||
Gain on sale of subscriber list, net | 2,724 | — | — | — | 2,724 | |||||||||||||||
Operating (loss) / income | (6,734 | ) | 17,393 | 2,026 | (16,366 | ) | (3,681 | ) | ||||||||||||
* As disclosed on the Company's consolidated statements of cash flows, total non-cash equity compensation expense was $0.9 million in 2013. Included in non-cash equity compensation expense were net reversals of expense of approximately $0.03 million, which was generated in connection with restructuring activities. Accordingly, these amounts are reflected as restructuring charges in the Company's 2013 consolidated statements of operations. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets Measured At Fair Value) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | $47,637 | $23,763 | |
Fixed Income Mutual Fund [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | 2,487 | 2,485 | |
U.S. Government And Agency Securities [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | 2,521 | 2,233 | |
Corporate Obligations [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | 24,352 | 14,159 | |
Other Fixed Income Securities [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | 531 | 361 | |
International Securities [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | 16,697 | 3,048 | |
Municipal Obligations [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | 1,049 | 1,477 | |
Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | 2,487 | 2,485 | |
Quoted Market Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Mutual Fund [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | 2,487 | 2,485 | |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | 45,150 | 21,278 | |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government And Agency Securities [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | 2,521 | 2,233 | |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Obligations [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | 24,352 | 14,159 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Obligations [Member] | Line of Credit [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | ' | 4,500 | |
Significant Other Observable Inputs (Level 2) [Member] | Other Fixed Income Securities [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | 531 | 361 | |
Significant Other Observable Inputs (Level 2) [Member] | International Securities [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | 16,697 | 3,048 | |
Significant Other Observable Inputs (Level 2) [Member] | Municipal Obligations [Member] | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | |
Short-term investments | $1,049 | $1,477 | |
[1] | Included in this amount is a corporate obligation of $4.5 million used to collateralize the Company's line of credit with Bank of America, and was included in the line item "Restricted cash and investments," a component of current assets, on the consolidated balance sheet as of December 31, 2013. Pursuant to an amendment to the loan agreement with Bank of America, effective May 19, 2014, the line of credit is no longer secured by cash or investment collateral. See Note 6, Credit Facilities, for further details. |
ShortTerm_Investments_Details
Short-Term Investments (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale debt securities, gross unrealized loss | ($0.02) | ($0.50) |
Available-for-sale debt securities, gross unrealized gain | 0.01 | 0.03 |
Contractual maturity | '2 years | ' |
Available-for-sale debt securities, gross realized gain | 0.03 | ' |
Available-for-sale debt securities, gross realized loss | -0.5 | ' |
Accumulated Gross Realized Gain [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Interest income/(expense) and other, net | 0.03 | ' |
Accumulated Gross Realized Loss [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Interest income/(expense) and other, net | ($0.50) | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | ||
In Thousands, unless otherwise specified | Unrealized Gains/(Losses) on Available-for-sale Securities [Member] | Unrealized Gains/(Losses) on Available-for-sale Securities [Member] | Net Realized Losses on Available-for-Sale Securities Included in Net Loss [Member] | Net Realized Losses on Available-for-Sale Securities Included in Net Loss [Member] | Net Unrealized Losses on Available-for-Sale Securities [Member] | Net Unrealized Losses on Available-for-Sale Securities [Member] | ||||
Unrealized Gains/(Losses) on Available-for-sale Securities [Member] | Unrealized Gains/(Losses) on Available-for-sale Securities [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ||
Beginning balance | ($10) | ($479) | ($10) | ($479) | ' | ' | ' | ' | ||
Reclassifications from accumulated other comprehensive income (loss) | ' | ' | ' | ' | 491 | [1] | 491 | [1] | -22 | -22 |
Ending balance | ($10) | ($479) | ($10) | ($479) | ' | ' | ' | ' | ||
[1] | Amounts reclassified for previously unrealized losses on available-for-sale securities are included in "Interest income/(expense) and other, net" on the consolidated statements of operations. |
Credit_Facilities_Details
Credit Facilities (Details) (USD $) | 0 Months Ended | ||||
19-May-14 | Jun. 30, 2014 | 19-May-14 | Dec. 31, 2013 | 31-May-13 | |
Debt Disclosure [Abstract] | ' | ' | ' | ' | ' |
Line of credit facility, current borrowing capacity | ' | ' | $5,000,000 | ' | ' |
Interest rate description | '1-month LIBOR Daily Floating Rate plus 1.85% | ' | ' | ' | ' |
Spread over LIBOR | 1.85% | ' | ' | ' | ' |
Unused commitment fees | 0.25% | ' | ' | ' | ' |
Cash or investment collateral, amount | 5,000,000 | ' | ' | ' | ' |
Restricted investments | ' | ' | ' | 4,500,000 | ' |
Restricted cash | ' | ' | ' | 600,000 | ' |
Unencumbered asset value required to outstanding debt amount, percentage | ' | ' | ' | ' | 100.00% |
Outstanding borrowing under line of credit | ' | 0 | ' | 0 | ' |
Outstanding letters of credit | ' | $1,000,000 | ' | $1,600,000 | ' |
Depreciation_and_Amortization_
Depreciation and Amortization (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | $829 | $1,126 | $3,868 | $2,093 |
Leasehold Improvements [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | $2,100 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Tax (benefit) / provision | $344,000 | $376,000 | $325,000 | $738,000 | ' |
Effective income tax rate | ' | ' | 39.00% | ' | 41.00% |
Unrecognized tax benefits | 60,000 | ' | 60,000 | ' | ' |
Unrecognized tax benefits, which if recognized would impact on effective tax rate | 40,000 | ' | 40,000 | ' | ' |
Interest on income tax | ' | ' | $20,000 | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income / (loss) | $1,767 | ($1,180) | ($836) | ($4,453) |
Weighted-average shares outstanding (in shares) | 56,964,079 | 67,371,869 | 56,823,235 | 67,302,986 |
Effect of dilutive securities (in shares) | 765,472 | ' | ' | ' |
Weighted-average diluted shares (in shares) | 57,729,551 | 67,371,869 | 56,823,235 | 67,302,986 |
Basic earnings per share (in dollars per share) | $0.03 | ($0.02) | ($0.01) | ($0.07) |
Diluted earnings per share (in dollars per share) | $0.03 | ($0.02) | ($0.01) | ($0.07) |
Antidilutive securities excluded from computation of diluted earnings per share (in shares) | 3,365,436 | ' | ' | ' |
Industry_Segments_Details
Industry Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Revenues | $37,620,000 | $42,198,000 | $70,888,000 | $79,422,000 | |
Non-cash equity compensation | -438,000 | -379,000 | -1,039,000 | -962,000 | [1] |
Depreciation and amortization | -829,000 | -1,126,000 | -3,868,000 | -2,093,000 | |
Restructuring charges | 0 | -152,000 | 0 | -675,000 | [1] |
Gain on sale of subscriber list, net | 0 | 35,000 | 0 | 2,724,000 | |
Operating (loss) / income | 2,244,000 | -636,000 | 54,000 | -3,681,000 | |
Share-based compensation | ' | ' | 1,039,000 | 937,000 | |
Share-based compensation, net reversals of expense related to restructuring activities | ' | ' | ' | 30,000 | |
Publishing [Member] | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Revenues | 22,229,000 | 24,190,000 | 41,735,000 | 48,672,000 | |
Non-cash equity compensation | -25,000 | -101,000 | -83,000 | -245,000 | [1] |
Depreciation and amortization | -153,000 | -274,000 | -323,000 | -529,000 | |
Restructuring charges | ' | -140,000 | ' | -140,000 | [1] |
Gain on sale of subscriber list, net | ' | 35,000 | ' | 2,724,000 | |
Operating (loss) / income | -1,750,000 | -5,744,000 | -4,500,000 | -6,734,000 | |
Merchandising [Member] | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Revenues | 14,719,000 | 16,116,000 | 27,803,000 | 27,623,000 | |
Non-cash equity compensation | -26,000 | -45,000 | -79,000 | -124,000 | [1] |
Depreciation and amortization | -10,000 | -12,000 | -29,000 | -27,000 | |
Restructuring charges | ' | 0 | ' | -392,000 | [1] |
Gain on sale of subscriber list, net | ' | 0 | ' | 0 | |
Operating (loss) / income | 10,995,000 | 11,707,000 | 20,295,000 | 17,393,000 | |
Broadcasting [Member] | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Revenues | 672,000 | 1,892,000 | 1,350,000 | 3,127,000 | |
Non-cash equity compensation | 0 | 1,000 | -1,000 | -6,000 | [1] |
Depreciation and amortization | -1,000 | -1,000 | -2,000 | -25,000 | |
Restructuring charges | ' | 0 | ' | 0 | [1] |
Gain on sale of subscriber list, net | ' | 0 | ' | 0 | |
Operating (loss) / income | -131,000 | 1,065,000 | 62,000 | 2,026,000 | |
Corporate [Member] | ' | ' | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | |
Revenues | 0 | 0 | 0 | 0 | |
Non-cash equity compensation | -387,000 | -234,000 | -876,000 | -587,000 | [1] |
Depreciation and amortization | -665,000 | -839,000 | -3,514,000 | -1,512,000 | |
Restructuring charges | ' | -12,000 | ' | -143,000 | [1] |
Gain on sale of subscriber list, net | ' | 0 | ' | 0 | |
Operating (loss) / income | ($6,870,000) | ($7,664,000) | ($15,803,000) | ($16,366,000) | |
[1] | As disclosed on the Company's consolidated statements of cash flows, total non-cash equity compensation expense was $0.9 million in 2013. Included in non-cash equity compensation expense were net reversals of expense of approximately $0.03 million, which was generated in connection with restructuring activities. Accordingly, these amounts are reflected as restructuring charges in the Company's 2013 consolidated statements of operations. |