Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |||
Sep. 30, 2014 | Oct. 29, 2014 | Oct. 29, 2014 | Oct. 29, 2014 | |
Common Stock | Class A Common Stock | Class B Common Stock | ||
Entity Information | ' | ' | ' | ' |
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 | ' | ' | ' |
Document Type | '10-Q | ' | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Trading Symbol | 'MSO | ' | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 57,086,468 | 31,851,843 | 25,234,625 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS | ' | ' | |
Cash and cash equivalents | $5,747 | $21,884 | |
Short-term investments | 47,343 | 19,268 | |
Restricted cash and investments | 0 | 5,072 | |
Accounts receivable, net | 20,491 | 39,694 | |
Paper inventory | 317 | 2,901 | |
Other current assets | 4,301 | 3,876 | |
Total current assets | 78,199 | 92,695 | |
PROPERTY AND EQUIPMENT, net | 3,916 | 7,961 | |
GOODWILL | 0 | 850 | |
INTANGIBLE ASSET - TRADEMARKS | 34,700 | 45,200 | |
OTHER NONCURRENT ASSETS | 1,477 | 1,661 | |
Total assets | 118,292 | [1] | 148,367 |
CURRENT LIABILITIES | ' | ' | |
Accounts payable and accrued liabilities | 11,659 | 12,464 | |
Accrued payroll and related costs | 3,978 | 8,665 | |
Current portion of deferred subscription revenue | 6,357 | 7,632 | |
Current portion of other deferred revenue | 13,778 | 17,227 | |
Total current liabilities | 35,772 | 45,988 | |
DEFERRED SUBSCRIPTION REVENUE | 2,654 | 3,587 | |
OTHER DEFERRED REVENUE | 11,785 | 17,307 | |
DEFERRED INCOME TAX LIABILITY | 3,560 | 7,094 | |
OTHER NONCURRENT LIABILITIES | 3,341 | 3,916 | |
Total liabilities | 57,112 | 77,892 | |
COMMITMENTS AND CONTINGENCIES | ' | ' | |
SHAREHOLDERSb EQUITY | ' | ' | |
Capital in excess of par value | 344,346 | 342,213 | |
Accumulated deficit | -282,952 | -271,051 | |
Accumulated other comprehensive loss | -10 | -479 | |
Shareholders' equity before treasury stock | 61,955 | 71,250 | |
Less: Class A treasury stock b 59,400 shares at cost | -775 | -775 | |
Total shareholdersb equity | 61,180 | 70,475 | |
Total liabilities and shareholdersb equity | 118,292 | 148,367 | |
Class A Common Stock | ' | ' | |
SHAREHOLDERSb EQUITY | ' | ' | |
Common Stock | 319 | 307 | |
Class B Common Stock | ' | ' | |
SHAREHOLDERSb EQUITY | ' | ' | |
Common Stock | $252 | $260 | |
[1] | *** In accordance with ASC 280, Segment Reporting, total assets are disclosed as of September 30, 2014 in order to reflect the material change in the Merchandising segmentbs intangible asset and goodwill from the amount disclosed as of December 31, 2013. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Class A Common Stock | ' | ' |
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 | 31,911,243 | 30,704,491 |
Common Stock, shares outstanding | 31,851,843 | 30,645,091 |
Treasury stock, shares | 59,400 | 59,400 |
Class B Common Stock | ' | ' |
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 | 25,234,625 | 25,984,625 |
Common Stock, shares outstanding | 25,234,625 | 25,984,625 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||
REVENUES | ' | ' | ' | ' | |||
Publishing | $15,781 | $19,401 | $57,516 | $68,073 | |||
Merchandising | 13,691 | 14,153 | 41,494 | 41,776 | |||
Broadcasting | 139 | 294 | 1,489 | 3,421 | |||
Total revenues | 29,611 | [1] | 33,848 | 100,499 | [1] | 113,270 | |
Production, distribution and editorial | -13,988 | -16,579 | -44,697 | -56,332 | |||
Selling and promotion | -9,081 | -10,401 | -27,343 | -32,348 | |||
General and administrative | -9,259 | -10,097 | -27,254 | -31,456 | |||
Depreciation and amortization | -783 | -847 | -4,651 | -2,940 | |||
Impairment of trademark and goodwill | -11,350 | 0 | -11,350 | 0 | |||
Restructuring charges | 0 | 0 | 0 | -675 | [2] | ||
Gain on sale of subscriber list, net | 0 | 0 | 0 | 2,724 | |||
OPERATING LOSS | -14,850 | -4,076 | -14,796 | -7,757 | |||
Interest income / (expense) and other, net | 52 | 118 | -513 | 85 | |||
LOSS BEFORE INCOME TAXES | -14,798 | -3,958 | -15,309 | -7,672 | |||
Income tax benefit / (provision) | 3,733 | -337 | 3,408 | -1,076 | |||
NET LOSS | ($11,065) | ($4,295) | ($11,901) | ($8,748) | |||
LOSS PER SHARE b BASIC AND DILUTED | ' | ' | ' | ' | |||
Net loss (in usd per share) | ($0.19) | ($0.06) | ($0.21) | ($0.13) | |||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ' | ' | ' | ' | |||
Basic and diluted (in shares) | 57,074,872 | 67,490,820 | 56,908,036 | 67,366,285 | |||
[1] | * Included in revenues is the pro rata recognition of non-cash revenue that resulted from the return of 11 million shares of the Company's Class A Common Stock from J.C. Penney in October 2013 pursuant to a contract amendment with J.C. Penney, which resulted in an initial increase to deferred revenue of $24.9 million that is recognized ratably as non-cash revenue through June 30, 2017. For the three and nine months ended September 30, 2014, these non-cash revenues totaled $1.7 million and $5.0 million, respectively. | ||||||
[2] | ** As disclosed on the Company's Consolidated Statements of Cash Flows, total non-cash equity compensation expense was $1.4 million during the nine months ended September 30, 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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($11,065) | ($4,295) | ($11,901) | ($8,748) |
Other comprehensive income / (loss): | ' | ' | ' | ' |
Amounts reclassified for net realized losses on available-for-sale securities included in net loss | 0 | 6 | 491 | 373 |
Net unrealized losses on available-for-sale securities occurring during the period | 0 | -54 | -22 | -349 |
Other comprehensive (loss) / income | 0 | -48 | 469 | 24 |
Total comprehensive loss | ($11,065) | ($4,343) | ($11,432) | ($8,724) |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Capital in Excess of Par Value | Accumulated Deficit | Accumulated Other Comprehensive Loss | Class A Treasury Stock | Class A Common Stock | Class B Common Stock | |
In Thousands | Common Stock | Common Stock | ||||||
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 | -11,901 | ' | -11,901 | ' | ' | ' | ' | |
Other comprehensive income | 469 | ' | ' | 469 | ' | ' | ' | |
Conversion of shares, shares | [1] | ' | ' | ' | ' | ' | 750 | -750 |
Conversion of shares | [1] | 0 | ' | ' | ' | ' | 8 | -8 |
Issuance of shares of stock in conjunction with stock option exercises, shares | ' | ' | ' | ' | ' | 282 | ' | |
Issuance of shares of stock in conjunction with stock option exercises | 910 | 907 | ' | ' | ' | 3 | ' | |
Issuance of shares of stock and restricted stock, net of cancellations and tax withholdings, shares | ' | ' | ' | ' | ' | 174 | ' | |
Issuance of shares of stock and restricted stock, net of cancellations and tax withholdings | -286 | -287 | ' | ' | ' | 1 | ' | |
Non-cash equity compensation | 1,513 | 1,513 | ' | ' | ' | ' | ' | |
Balance at Sep. 30, 2014 | $61,180 | $344,346 | ($282,952) | ($10) | ($775) | $319 | $252 | |
Balance, shares at Sep. 30, 2014 | ' | ' | ' | ' | -59 | 31,911 | 25,235 | |
[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 $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($11,901) | ($8,748) |
Adjustments to reconcile net loss to net cash provided by / (used in) operating activities: | ' | ' |
Non-cash revenue | -5,311 | -403 |
Depreciation and amortization | 4,651 | 2,940 |
Impairment of trademark and goodwill | 11,350 | 0 |
Non-cash equity compensation | 1,513 | 1,356 |
Deferred income tax (benefit) / expense | -3,534 | 925 |
Gain on sale of subscriber list, net | 0 | -2,724 |
Other non-cash charges, net | 1,209 | 60 |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable, net | 19,203 | 9,427 |
Paper inventory | 2,584 | 851 |
Accounts payable and accrued liabilities and other | -749 | 360 |
Accrued payroll and related costs | -4,687 | -4,460 |
Deferred subscription revenue | -2,208 | -4,956 |
Deferred revenue | -3,660 | -1,725 |
Other changes | -942 | -178 |
Total changes in operating assets and liabilities | 9,541 | -681 |
Net cash provided by / (used in) operating activities | 7,518 | -7,275 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital expenditures | -624 | -908 |
Purchases of short-term investments | -41,569 | -16,353 |
Sales of short-term investments | 17,337 | 19,270 |
Proceeds from the sale of subscriber list, net | 0 | 673 |
Net cash (used in) / provided by investing activities | -24,856 | 2,682 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds received from stock option exercises | 910 | 60 |
Shares withheld in payment of employee tax obligations | -286 | -443 |
Change in restricted cash | 577 | -470 |
Net cash provided by / (used in) financing activities | 1,201 | -853 |
Net decrease in cash | -16,137 | -5,446 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 21,884 | 19,925 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $5,747 | $14,479 |
General
General | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 | 9 Months Ended | |||||||||||||||
Sep. 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-Sep-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 | $ | 2,492 | $ | — | $ | — | $ | 2,492 | ||||||||
U.S. government and agency securities | — | 2,914 | — | 2,914 | ||||||||||||
Corporate obligations | — | 28,059 | — | 28,059 | ||||||||||||
Other fixed income securities | — | 437 | — | 437 | ||||||||||||
International securities | — | 12,894 | — | 12,894 | ||||||||||||
Municipal obligations | — | 547 | — | 547 | ||||||||||||
Total | $ | 2,492 | $ | 44,851 | $ | — | $ | 47,343 | ||||||||
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 7, 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 not required to be measured at fair value on a recurring basis. The Company evaluates the recoverability of its indefinite-lived intangible asset and goodwill by performing impairment tests on an annual basis, as of October 1st, or when events or changes in circumstances indicate that the carrying amounts may not be recoverable. Any resulting asset impairment requires that the asset be recorded at its fair value. The Company's valuation methods to determine fair value utilize significant Level 3 unobservable inputs, which include discount rates, long-term growth rates and royalty rates. | ||||||||||||||||
During the three months ended September 30, 2014, the Company performed an interim review of the indefinite-lived intangible asset and goodwill in our Merchandising segment associated with the Emeril Lagasse business. As a result, during the three and nine months ended September 30, 2014, the Company recorded an aggregate non-cash impairment charge of $11.4 million to write down the value of these assets to their fair value. See Note 6, Intangible Asset and Goodwill, for further information. |
ShortTerm_Investments
Short-Term Investments | 9 Months Ended |
Sep. 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" in 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" in the Consolidated Statements of Operations. The cost of securities sold is based on the specific identification method. | |
As of September 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 September 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 September 30, 2014 and December 31, 2013. Contractual maturities for the Company's available-for-sale securities are generally within two years of September 30, 2014. | |
During the three months ended September 30, 2014, the gross realized gains and losses on sales of available-for-sale marketable securities were insignificant. For the nine months ended September 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 | 9 Months Ended | |||||||
Sep. 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 September 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 September 30, 2014 | $ | (10 | ) | $ | (10 | ) | ||
* Amounts reclassified for previously unrealized losses on available-for-sale securities are included in "Interest income/(expense) and other, net" in the Consolidated Statements of Operations. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
Goodwill and Intangible Assets Disclosure | ' | |||
Intangible Asset and Goodwill | ||||
Indefinite-lived intangible asset | ||||
The Company has an indefinite-lived intangible asset that is comprised of trademarks that were purchased on April 2, 2008 as part of the acquisition of the businesses owned and operated by Emeril Lagasse and certain affiliated parties, except for Emeril Lagasse’s restaurant-related business and foundation. This intangible asset, reported within the Merchandising segment, had carrying amounts as of December 31, 2013 and September 30, 2014 as set forth in the schedule below: | ||||
Intangible Asset - Trademarks | ||||
Balance at December 31, 2013 | $ | 45,200 | ||
Impairment Charge | (10,500 | ) | ||
Balance at September 30, 2014 | $ | 34,700 | ||
The Company's trademarks, which are classified as intangible assets with indefinite useful lives, are reviewed annually on October 1st, or more frequently if circumstances warrant, for impairment by applying a fair-value based test in accordance with Accounting Standards Codification ("ASC") 350, "Intangibles - Goodwill and Other" ("ASC 350"). The Company performs the impairment test by comparing the fair value of an intangible asset with its carrying amount. If the carrying amount of an intangible asset exceeds its fair value, an impairment charge for the excess value must be recorded. The Company estimates fair value using the discounted cash flow ("DCF") valuation methodology, in which future after-tax cash flows are discounted based on a market comparable weighted average cost of capital rate, adjusted for market and other risks where appropriate. The Company’s estimates, which are Level 3 unobservable inputs, are based on historical results and current economic and market trends, which drive key assumptions of revenue growth rates and operating margins, and therefore, are subject to uncertainty. | ||||
The Company’s annual test of its trademarks as of October 1, 2013 included a DCF analysis that was based on estimated long-term growth projections for the Emeril Lagasse business. At that time, the assumptions used for the 2014 fiscal year and beyond included growth in royalty revenue in the housewares and new food categories. | ||||
During the nine months ended September 30, 2014, the financial results of the Emeril Lagasse business were lower than expected, largely as a result of lower wholesale royalties in the housewares category that were impacted by a slower than expected start of certain new initiatives. In September 2014, in connection with the Company's 2015 budgeting process, the Company determined that: (1) the expected increase in wholesale royalties in the housewares category would be delayed; (2) the distribution of housewares products to wider retail outlets was less certain; and (3) new food licensing partnerships that were expected to generate long-term growth were not yet meeting expectations. Accordingly, the Company reduced its long-term projections with respect to both the housewares and new food licensing businesses. As a result of lower-than-expected financial results and lower long-term projections, and in conjunction with the overall evaluation of the business, the Company determined that a triggering event had occurred during the three months ended September 30, 2014. | ||||
The Company completed an evaluation of the fair value of its indefinite-lived trademarks as of September 30, 2014 using a DCF analysis, which included lower future growth assumptions, as discussed above. Other significant assumptions used in this DCF analysis included expected future margins, the discount rate and the perpetual growth rate. These assumptions are considered Level 3 unobservable inputs under the fair value hierarchy established by ASC 820, "Fair Value Measurements and Disclosures." As of September 30, 2014, the DCF analysis provided for a fair value of $34.7 million, which was below the carrying value of $45.2 million. This difference resulted in a non-cash intangible asset impairment charge of $10.5 million for the three months ended September 30, 2014. The impairment charge is included in "Impairment of trademark and goodwill" in the Consolidated Statements of Operations for the three and nine months ended September 30, 2014. | ||||
Although the Company considered all current information in calculating the amount of the impairment charge, future changes in events or circumstances could result in further decreases in the fair value of its indefinite-lived intangible asset. If actual results differ from the Company’s estimate of future cash flows, revenues, earnings and other factors, the Company may record additional impairment charges in the future. | ||||
Goodwill | ||||
The Company also had goodwill that was generated upon the April 2, 2008 acquisition of certain businesses owned and operated by Emeril Lagasse and certain affiliated parties. This goodwill, reported within the Merchandising segment, had carrying amounts as of December 31, 2013 and September 30, 2014 as set forth in the schedule below: | ||||
Goodwill | ||||
Balance at December 31, 2013 | $ | 850 | ||
Impairment charge | (850 | ) | ||
Balance at September 30, 2014 | $ | — | ||
The Company reviews goodwill for impairment by applying a fair-value based test annually on October 1st, or more frequently if circumstances warrant, in accordance with ASC 350. Goodwill impairment is measured based upon a two-step process. In the first step, the Company compares the fair value of a reporting unit with its carrying amount, including goodwill, using a DCF valuation method. Future after-tax cash flows are discounted based on a market comparable weighted average cost of capital rate, adjusted for market and other risks where appropriate. The Company’s estimates, which are Level 3 unobservable inputs, are based on historical results and current economic and market trends, which drive key assumptions of revenue growth rates and operating margins, and therefore, are subject to uncertainty. If the fair value of a reporting unit exceeds its carrying value, the goodwill of the reporting unit is considered not impaired, thus rendering the second step in impairment testing unnecessary. If the fair value of the reporting unit is less than the carrying value, a second step is performed in which the implied fair value of the reporting unit's goodwill is compared to the carrying value of the goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. The estimated fair value of the reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the estimated fair value of the reporting unit was the purchase price paid. The implied fair value of the reporting unit’s goodwill is compared with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment charge for the excess value must be recorded. | ||||
As a result of the intangible asset impairment charge associated with the Emeril Lagasse trademarks, described above, the Company determined that a triggering event had also occurred with respect to the goodwill associated with the Emeril Lagasse business during the three months ended September 30, 2014. The Company considers all business related to Emeril Lagasse to be aggregated into a single reporting unit, which is a component of the Merchandising segment. The Company calculated the fair value of the reporting unit using a DCF analysis based upon updated long-term projections as of September 30, 2014, which included lowered expectations for both the housewares and new food categories and lower future growth assumptions. Other significant assumptions used in this DCF analysis included expected future margins, the discount rate and the perpetual growth rate. All these assumptions are considered Level 3 unobservable inputs under the fair value hierarchy established by ASC 820, "Fair Value Measurements and Disclosures." | ||||
The step one impairment test as of September 30, 2014 resulted in a fair value of the reporting unit that was less than its carrying value. Therefore, the Company performed the second step of the goodwill impairment test in which the implied fair value of the reporting unit’s goodwill was compared to the carrying value of its goodwill. The implied fair value of the reporting unit’s goodwill was determined based on the difference between the fair value of the reporting unit and the net fair value of its identifiable assets and liabilities, which included minimal accounts receivable, accounts payable and deferred revenue. The reporting unit’s identifiable assets also included the revalued indefinite-lived intangible asset described above. As a result of performing this goodwill impairment test as of September 30, 2014, the Company determined that the implied fair value of the Emeril Lagasse reporting unit’s goodwill was zero. Therefore, the Company also recorded a non-recurring, non-cash goodwill impairment charge of $0.9 million for the three-month period ended September 30, 2014. The impairment charge is included in "Impairment of trademark and goodwill" in the Consolidated Statements of Operations for the three and nine months ended September 30, 2014. |
Credit_Facilities
Credit Facilities | 9 Months Ended |
Sep. 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 September 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 | 9 Months Ended |
Sep. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ' |
Depreciation and Amortization | ' |
Depreciation and Amortization | |
Depreciation and amortization expense was $4.7 million for the nine months ended September 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 | 9 Months Ended |
Sep. 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 $3.4 million of net tax benefit during the nine months ended September 30, 2014. The benefit was primarily related to the tax impact from the impairment of an indefinite-lived intangible asset and goodwill (see Note 6, Intangible Asset and Goodwill, for further information). Due to the indefinite life of the intangible asset and goodwill for book purposes, the related deferred tax liability cannot serve as a source of taxable income to support deferred tax assets. Therefore, the impairment resulted in a reduction to the deferred tax liability previously recorded to the Consolidated Statements of Operations. In addition, the amount recorded during the nine months ended September 30, 2014 included a non-recurring tax benefit to revalue deferred tax liabilities as a result of the change in the state rate for which deferred taxes are measured. | |
ASC 740 further establishes guidance on the accounting for uncertain tax positions. As of September 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. |
Industry_Segments
Industry Segments | 9 Months Ended | |||||||||||||||||||
Sep. 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 include 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. | ||||||||||||||||||||
Subsequent to the Company's fiscal quarter ended September 30, 2014, the Company entered into two agreements on October 14, 2014 with Meredith Corporation (“Meredith”), whereby Meredith will assume responsibility for advertisement sales, circulation and production in the United States and Canada of the Martha Stewart Living, Martha Stewart Weddings and related special weddings magazines, and will host, operate, maintain, and provide advertisement sales and related functions for marthastewart.com, marthastewartweddings.com and the Company's related digital assets, including its vast video library. The Company will continue to create and provide all editorial content for these magazines and digital properties. The agreements are effective November 1, 2014 and Meredith will begin delivering editions starting with the February 2015 issue of Martha Stewart Living and the Winter 2015 issue of Martha Stewart Weddings. See Note 13, Subsequent Events, for further discussion of these Publishing segment agreements. | ||||||||||||||||||||
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 September 30, 2014 and 2013 is as follows: | ||||||||||||||||||||
(in thousands) | Publishing | Merchandising | Broadcasting | Corporate | Consolidated | |||||||||||||||
2014 | ||||||||||||||||||||
Revenues * | $ | 15,781 | $ | 13,691 | $ | 139 | $ | — | $ | 29,611 | ||||||||||
Non–cash equity compensation | (28 | ) | (10 | ) | — | (436 | ) | (474 | ) | |||||||||||
Depreciation and amortization | (135 | ) | (11 | ) | (1 | ) | (636 | ) | (783 | ) | ||||||||||
Impairment of trademark and goodwill | — | (11,350 | ) | — | — | (11,350 | ) | |||||||||||||
Operating loss | (6,246 | ) | (1,548 | ) | (36 | ) | (7,020 | ) | (14,850 | ) | ||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 19,401 | $ | 14,153 | $ | 294 | $ | — | $ | 33,848 | ||||||||||
Non–cash equity compensation | (85 | ) | (57 | ) | (1 | ) | (276 | ) | (419 | ) | ||||||||||
Depreciation and amortization | (200 | ) | (12 | ) | (1 | ) | (634 | ) | (847 | ) | ||||||||||
Operating (loss) / income | (6,260 | ) | 9,479 | (214 | ) | (7,081 | ) | (4,076 | ) | |||||||||||
Segment information for the nine months ended September 30, 2014 and 2013 is as follows: | ||||||||||||||||||||
(in thousands) | Publishing | Merchandising | Broadcasting | Corporate | Consolidated | |||||||||||||||
2014 | ||||||||||||||||||||
Revenues * | $ | 57,516 | $ | 41,494 | $ | 1,489 | $ | — | $ | 100,499 | ||||||||||
Non–cash equity compensation | (111 | ) | (89 | ) | (1 | ) | (1,312 | ) | (1,513 | ) | ||||||||||
Depreciation and amortization | (458 | ) | (40 | ) | (3 | ) | (4,150 | ) | (4,651 | ) | ||||||||||
Impairment of trademark and goodwill | — | (11,350 | ) | — | — | (11,350 | ) | |||||||||||||
Operating (loss) / income | (10,746 | ) | 18,747 | 26 | (22,823 | ) | (14,796 | ) | ||||||||||||
Total Assets *** | 13,230 | 43,451 | 894 | 60,717 | 118,292 | |||||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 68,073 | $ | 41,776 | $ | 3,421 | $ | — | $ | 113,270 | ||||||||||
Non–cash equity compensation ** | (330 | ) | (181 | ) | (7 | ) | (863 | ) | (1,381 | ) | ||||||||||
Depreciation and amortization | (729 | ) | (39 | ) | (26 | ) | (2,146 | ) | (2,940 | ) | ||||||||||
Restructuring charges ** | (140 | ) | (392 | ) | — | (143 | ) | (675 | ) | |||||||||||
Gain on sale of subscriber list, net | 2,724 | — | — | — | 2,724 | |||||||||||||||
Operating (loss) / income | (12,994 | ) | 26,872 | 1,812 | (23,447 | ) | (7,757 | ) | ||||||||||||
* Included in revenues is the pro rata recognition of non-cash revenue that resulted from the return of 11 million shares of the Company's Class A Common Stock from J.C. Penney in October 2013 pursuant to a contract amendment with J.C. Penney, which resulted in an initial increase to deferred revenue of $24.9 million that is recognized ratably as non-cash revenue through June 30, 2017. For the three and nine months ended September 30, 2014, these non-cash revenues totaled $1.7 million and $5.0 million, respectively. | ||||||||||||||||||||
** As disclosed on the Company's Consolidated Statements of Cash Flows, total non-cash equity compensation expense was $1.4 million during the nine months ended September 30, 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. | ||||||||||||||||||||
*** In accordance with ASC 280, Segment Reporting, total assets are disclosed as of September 30, 2014 in order to reflect the material change in the Merchandising segment’s intangible asset and goodwill from the amount disclosed as of December 31, 2013. See Note 6, Intangible Asset and Goodwill, for discussion of the impairment charges which reduced these asset values. |
Other_Information
Other Information | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On October 14, 2014, the Company and Meredith Corporation entered into the Magazine, Content Creation and Licensing Agreement (the “MS Living Agreement”). | |
Pursuant to the MS Living Agreement, Meredith will assume responsibility for advertisement sales, circulation and production in the United States and Canada of the Martha Stewart Living magazine and host, operate, maintain, and provide advertisement sales and related functions for www.marthastewart.com, www.marthastewartweddings.com and MSLO’s related digital assets, including its vast video library. The Company will continue to create and provide all editorial content for Martha Stewart Living and www.marthastewart.com. Pursuant to the MS Living Agreement: (1) Meredith will pay the Company for content for Martha Stewart Living; (2) the Company will share in digital advertising revenues, including video advertising revenues, received by Meredith; and (3) Meredith will pay the Company a share of the operating profit from producing and distributing Martha Stewart Living. | |
Concurrently with the MS Living Agreement, the parties also entered into the Magazine Publishing Agreement (the “MS Weddings Agreement”), under which Meredith will assume responsibility for advertisement sales, circulation and production in the United States and Canada of the Martha Stewart Weddings magazine and related special publications, including Martha Stewart’s Real Weddings. The MS Weddings Agreement provides that Meredith will provide such services on a cost-plus basis. | |
The MS Living Agreement and the MS Weddings Agreement are each effective November 1, 2014 and Meredith will begin delivering editions starting with the February 2015 issue of Martha Stewart Living and the Winter 2015 issue of Martha Stewart Weddings. | |
During the three months ending December 31, 2014, the Company expects to incur restructuring charges, principally for severance, of approximately $2.0 million to $3.0 million. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 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-Sep-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 | $ | 2,492 | $ | — | $ | — | $ | 2,492 | ||||||||
U.S. government and agency securities | — | 2,914 | — | 2,914 | ||||||||||||
Corporate obligations | — | 28,059 | — | 28,059 | ||||||||||||
Other fixed income securities | — | 437 | — | 437 | ||||||||||||
International securities | — | 12,894 | — | 12,894 | ||||||||||||
Municipal obligations | — | 547 | — | 547 | ||||||||||||
Total | $ | 2,492 | $ | 44,851 | $ | — | $ | 47,343 | ||||||||
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 7, Credit Facilities, for further details. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||
The components of accumulated other comprehensive loss as of September 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 September 30, 2014 | $ | (10 | ) | $ | (10 | ) | ||
* Amounts reclassified for previously unrealized losses on available-for-sale securities are included in "Interest income/(expense) and other, net" in the Consolidated Statements of Operations. |
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
Schedule of Acquired Indefinite-lived Intangible Assets by Major Class | ' | |||
The Company has an indefinite-lived intangible asset that is comprised of trademarks that were purchased on April 2, 2008 as part of the acquisition of the businesses owned and operated by Emeril Lagasse and certain affiliated parties, except for Emeril Lagasse’s restaurant-related business and foundation. This intangible asset, reported within the Merchandising segment, had carrying amounts as of December 31, 2013 and September 30, 2014 as set forth in the schedule below: | ||||
Intangible Asset - Trademarks | ||||
Balance at December 31, 2013 | $ | 45,200 | ||
Impairment Charge | (10,500 | ) | ||
Balance at September 30, 2014 | $ | 34,700 | ||
Schedule of Goodwill | ' | |||
Goodwill | ||||
Balance at December 31, 2013 | $ | 850 | ||
Impairment charge | (850 | ) | ||
Balance at September 30, 2014 | $ | — | ||
Industry_Segments_Tables
Industry Segments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Segment information for the three months ended September 30, 2014 and 2013 is as follows: | ||||||||||||||||||||
(in thousands) | Publishing | Merchandising | Broadcasting | Corporate | Consolidated | |||||||||||||||
2014 | ||||||||||||||||||||
Revenues * | $ | 15,781 | $ | 13,691 | $ | 139 | $ | — | $ | 29,611 | ||||||||||
Non–cash equity compensation | (28 | ) | (10 | ) | — | (436 | ) | (474 | ) | |||||||||||
Depreciation and amortization | (135 | ) | (11 | ) | (1 | ) | (636 | ) | (783 | ) | ||||||||||
Impairment of trademark and goodwill | — | (11,350 | ) | — | — | (11,350 | ) | |||||||||||||
Operating loss | (6,246 | ) | (1,548 | ) | (36 | ) | (7,020 | ) | (14,850 | ) | ||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 19,401 | $ | 14,153 | $ | 294 | $ | — | $ | 33,848 | ||||||||||
Non–cash equity compensation | (85 | ) | (57 | ) | (1 | ) | (276 | ) | (419 | ) | ||||||||||
Depreciation and amortization | (200 | ) | (12 | ) | (1 | ) | (634 | ) | (847 | ) | ||||||||||
Operating (loss) / income | (6,260 | ) | 9,479 | (214 | ) | (7,081 | ) | (4,076 | ) | |||||||||||
Segment information for the nine months ended September 30, 2014 and 2013 is as follows: | ||||||||||||||||||||
(in thousands) | Publishing | Merchandising | Broadcasting | Corporate | Consolidated | |||||||||||||||
2014 | ||||||||||||||||||||
Revenues * | $ | 57,516 | $ | 41,494 | $ | 1,489 | $ | — | $ | 100,499 | ||||||||||
Non–cash equity compensation | (111 | ) | (89 | ) | (1 | ) | (1,312 | ) | (1,513 | ) | ||||||||||
Depreciation and amortization | (458 | ) | (40 | ) | (3 | ) | (4,150 | ) | (4,651 | ) | ||||||||||
Impairment of trademark and goodwill | — | (11,350 | ) | — | — | (11,350 | ) | |||||||||||||
Operating (loss) / income | (10,746 | ) | 18,747 | 26 | (22,823 | ) | (14,796 | ) | ||||||||||||
Total Assets *** | 13,230 | 43,451 | 894 | 60,717 | 118,292 | |||||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 68,073 | $ | 41,776 | $ | 3,421 | $ | — | $ | 113,270 | ||||||||||
Non–cash equity compensation ** | (330 | ) | (181 | ) | (7 | ) | (863 | ) | (1,381 | ) | ||||||||||
Depreciation and amortization | (729 | ) | (39 | ) | (26 | ) | (2,146 | ) | (2,940 | ) | ||||||||||
Restructuring charges ** | (140 | ) | (392 | ) | — | (143 | ) | (675 | ) | |||||||||||
Gain on sale of subscriber list, net | 2,724 | — | — | — | 2,724 | |||||||||||||||
Operating (loss) / income | (12,994 | ) | 26,872 | 1,812 | (23,447 | ) | (7,757 | ) | ||||||||||||
* Included in revenues is the pro rata recognition of non-cash revenue that resulted from the return of 11 million shares of the Company's Class A Common Stock from J.C. Penney in October 2013 pursuant to a contract amendment with J.C. Penney, which resulted in an initial increase to deferred revenue of $24.9 million that is recognized ratably as non-cash revenue through June 30, 2017. For the three and nine months ended September 30, 2014, these non-cash revenues totaled $1.7 million and $5.0 million, respectively. | ||||||||||||||||||||
** As disclosed on the Company's Consolidated Statements of Cash Flows, total non-cash equity compensation expense was $1.4 million during the nine months ended September 30, 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. | ||||||||||||||||||||
*** In accordance with ASC 280, Segment Reporting, total assets are disclosed as of September 30, 2014 in order to reflect the material change in the Merchandising segment’s intangible asset and goodwill from the amount disclosed as of December 31, 2013. See Note 6, Intangible Asset and Goodwill, for discussion of the impairment charges which reduced these asset values. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets Measured At Fair Value) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | $47,343 | ' | $47,343 | ' | $23,763 | |
Asset Impairment Charges | -11,350 | 0 | -11,350 | 0 | ' | |
Fixed Income Mutual Fund | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | 2,492 | ' | 2,492 | ' | 2,485 | |
U.S. Government And Agency Securities | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | 2,914 | ' | 2,914 | ' | 2,233 | |
Corporate Obligations | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | 28,059 | ' | 28,059 | ' | 14,159 | |
Other Fixed Income Securities | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | 437 | ' | 437 | ' | 361 | |
International Securities | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | 12,894 | ' | 12,894 | ' | 3,048 | |
Municipal Obligations | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | 547 | ' | 547 | ' | 1,477 | |
Quoted Market Prices in Active Markets for Identical Assets (Level 1) | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | 2,492 | ' | 2,492 | ' | 2,485 | |
Quoted Market Prices in Active Markets for Identical Assets (Level 1) | Fixed Income Mutual Fund | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | 2,492 | ' | 2,492 | ' | 2,485 | |
Significant Other Observable Inputs (Level 2) | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | 44,851 | ' | 44,851 | ' | 21,278 | |
Significant Other Observable Inputs (Level 2) | U.S. Government And Agency Securities | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | 2,914 | ' | 2,914 | ' | 2,233 | |
Significant Other Observable Inputs (Level 2) | Corporate Obligations | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | 28,059 | ' | 28,059 | ' | 14,159 | [1] |
Significant Other Observable Inputs (Level 2) | Corporate Obligations | Line of Credit | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | ' | ' | ' | ' | 4,500 | |
Significant Other Observable Inputs (Level 2) | Other Fixed Income Securities | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | 437 | ' | 437 | ' | 361 | |
Significant Other Observable Inputs (Level 2) | International Securities | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | 12,894 | ' | 12,894 | ' | 3,048 | |
Significant Other Observable Inputs (Level 2) | Municipal Obligations | ' | ' | ' | ' | ' | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' | ' | ' | ' | |
Short-term investments | $547 | ' | $547 | ' | $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 7, Credit Facilities, for further details. |
ShortTerm_Investments_Details
Short-Term Investments (Details) (Debt Securities, USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities | ' | ' |
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 | ' |
Reclassification out of Accumulated Other Comprehensive Income | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale debt securities, gross realized gain | 0.03 | ' |
Available-for-sale debt securities, gross realized loss | ($0.50) | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | ||
In Thousands, unless otherwise specified | Unrealized Gains/(Losses) on Available-for-Sale Securities | Unrealized Gains/(Losses) on Available-for-Sale Securities | Net Realized Losses on Available-for-Sale Securities Included in Net Loss | Net Realized Losses on Available-for-Sale Securities Included in Net Loss | Net Unrealized Losses on Available-for-Sale Securities | Net Unrealized Losses on Available-for-Sale Securities | ||||
Unrealized Gains/(Losses) on Available-for-Sale Securities | Unrealized Gains/(Losses) on Available-for-Sale Securities | |||||||||
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" in the Consolidated Statements of Operations. |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill (Details) (USD $) | 3 Months Ended |
Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $34,700,000 |
Goodwill, Fair Value Disclosure | 0 |
Indefinite-lived trademarks | 45,200,000 |
Impairment charge | -10,500,000 |
Goodwill impairment charge | ($850,000) |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill (Trademarks) (Details) (Certain Emeril Lagasse Businesses, Trademarks, Merchandising, USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Certain Emeril Lagasse Businesses | Trademarks | Merchandising | ' |
Indefinite-lived Intangible Assets [Roll Forward] | ' |
Balance at December 31, 2013 | $45,200 |
Impairment Charge | -10,500 |
Balance at September 30, 2014 | $34,700 |
Intangible_Assets_and_Goodwill4
Intangible Assets and Goodwill (Goodwill) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Certain Emeril Lagasse Businesses | |||
Merchandising | |||
Goodwill [Roll Forward] | ' | ' | ' |
Balance at December 31, 2013 | ' | $850 | $850 |
Goodwill impairment charge | -850 | ' | -850 |
Balance at September 30, 2014 | $0 | $850 | $0 |
Credit_Facilities_Details
Credit Facilities (Details) (USD $) | 0 Months Ended | ||||
19-May-14 | Sep. 30, 2014 | 19-May-14 | Dec. 31, 2013 | 31-May-13 | |
Debt Disclosure [Abstract] | ' | ' | ' | ' | ' |
Line of credit facility, current borrowing capacity | ' | ' | $5,000,000 | ' | ' |
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 letters of credit | ' | 1,000,000 | ' | 1,600,000 | ' |
Outstanding borrowing under line of credit | ' | $0 | ' | $0 | ' |
Interest rate description | '1-month LIBOR Daily Floating Rate plus 1.85% | ' | ' | ' | ' |
Depreciation_and_Amortization_
Depreciation and Amortization (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Property, Plant and Equipment | ' | ' | ' | ' |
Depreciation and amortization | $783 | $847 | $4,651 | $2,940 |
Leasehold Improvements | ' | ' | ' | ' |
Property, Plant and Equipment | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | $2,100 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Tax (benefit) / provision | $3,733,000 | ($337,000) | $3,408,000 | ($1,076,000) |
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 | ' |
Industry_Segments_Industry_Inf
Industry Segments (Industry Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||
Share data in Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 14, 2014 | Oct. 31, 2013 | |||||||||||||||
Publishing | Publishing | Publishing | Publishing | Merchandising | Merchandising | Merchandising | Merchandising | Broadcasting | Broadcasting | Broadcasting | Broadcasting | Corporate | Corporate | Corporate | Corporate | Subsequent Event | Class A Common Stock | ||||||||||||||||||||||
Publishing | |||||||||||||||||||||||||||||||||||||||
Segment Reporting Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Sales, circulation, and production agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | |||||||||||||||
Revenues | $29,611,000 | [1] | $33,848,000 | $100,499,000 | [1] | $113,270,000 | ' | ' | $15,781,000 | [1] | $19,401,000 | $57,516,000 | [1] | $68,073,000 | $13,691,000 | [1] | $14,153,000 | $41,494,000 | [1] | $41,776,000 | $139,000 | [1] | $294,000 | $1,489,000 | [1] | $3,421,000 | $0 | [1] | $0 | $0 | [1] | $0 | ' | ' | |||||
Nonbcash equity compensation | -474,000 | -419,000 | -1,513,000 | -1,381,000 | [2] | ' | ' | -28,000 | -85,000 | -111,000 | -330,000 | [2] | -10,000 | -57,000 | -89,000 | -181,000 | [2] | 0 | -1,000 | -1,000 | -7,000 | [2] | -436,000 | -276,000 | -1,312,000 | -863,000 | [2] | ' | ' | ||||||||||
Depreciation and amortization | -783,000 | -847,000 | -4,651,000 | -2,940,000 | ' | ' | -135,000 | -200,000 | -458,000 | -729,000 | -11,000 | -12,000 | -40,000 | -39,000 | -1,000 | -1,000 | -3,000 | -26,000 | -636,000 | -634,000 | -4,150,000 | -2,146,000 | ' | ' | |||||||||||||||
Impairment of trademark and goodwill | -11,350,000 | 0 | -11,350,000 | 0 | ' | ' | 0 | ' | 0 | ' | -11,350,000 | ' | -11,350,000 | ' | 0 | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' | |||||||||||||||
Restructuring charges | 0 | 0 | 0 | -675,000 | [2] | ' | ' | ' | ' | ' | -140,000 | [2] | ' | ' | ' | -392,000 | [2] | ' | ' | ' | 0 | [2] | ' | ' | ' | -143,000 | [2] | ' | ' | ||||||||||
Gain on sale of subscriber list, net | 0 | 0 | 0 | 2,724,000 | ' | ' | ' | ' | ' | 2,724,000 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ' | |||||||||||||||
Operating loss | -14,850,000 | -4,076,000 | -14,796,000 | -7,757,000 | ' | ' | -6,246,000 | -6,260,000 | -10,746,000 | -12,994,000 | -1,548,000 | 9,479,000 | 18,747,000 | 26,872,000 | -36,000 | -214,000 | 26,000 | 1,812,000 | -7,020,000 | -7,081,000 | -22,823,000 | -23,447,000 | ' | ' | |||||||||||||||
Total Assets | 118,292,000 | [3] | ' | 118,292,000 | [3] | ' | 148,367,000 | ' | 13,230,000 | [3] | ' | 13,230,000 | [3] | ' | 43,451,000 | [3] | ' | 43,451,000 | [3] | ' | 894,000 | [3] | ' | 894,000 | [3] | ' | 60,717,000 | [3] | ' | 60,717,000 | [3] | ' | ' | ' | |||||
Stock Returned and Retired During Period, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | |||||||||||||||
Deferred Revenue | ' | ' | ' | ' | ' | 24,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Deferred Revenue, Revenue Recognized | 1,700,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Share-based compensation | ' | ' | 1,513,000 | 1,356,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Share-based compensation, net reversals of expense related to restructuring activities | ' | ' | ' | $30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
[1] | * Included in revenues is the pro rata recognition of non-cash revenue that resulted from the return of 11 million shares of the Company's Class A Common Stock from J.C. Penney in October 2013 pursuant to a contract amendment with J.C. Penney, which resulted in an initial increase to deferred revenue of $24.9 million that is recognized ratably as non-cash revenue through June 30, 2017. For the three and nine months ended September 30, 2014, these non-cash revenues totaled $1.7 million and $5.0 million, respectively. | ||||||||||||||||||||||||||||||||||||||
[2] | ** As disclosed on the Company's Consolidated Statements of Cash Flows, total non-cash equity compensation expense was $1.4 million during the nine months ended September 30, 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. | ||||||||||||||||||||||||||||||||||||||
[3] | *** In accordance with ASC 280, Segment Reporting, total assets are disclosed as of September 30, 2014 in order to reflect the material change in the Merchandising segmentbs intangible asset and goodwill from the amount disclosed as of December 31, 2013. |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | |
Scenario, Forecast | Scenario, Forecast | ||||||
Minimum [Member] | Maximum [Member] | ||||||
Subsequent Event | Subsequent Event | ||||||
Subsequent Event | ' | ' | ' | ' | ' | ' | |
Restructuring Charges | $0 | $0 | $0 | $675 | [1] | $2,000 | $3,000 |
[1] | ** As disclosed on the Company's Consolidated Statements of Cash Flows, total non-cash equity compensation expense was $1.4 million during the nine months ended September 30, 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. |