Beasley Broadcast (BBGI) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	BBGI
Entity Registrant Name	BEASLEY BROADCAST GROUP INC
Entity Central Index Key	1,099,160
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,578,893
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,662,743

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 11,095,942	$ 14,259,441
Accounts receivable, less allowance for doubtful accounts of $544,932 in 2014 and $582,584 in 2015	18,541,884	17,637,686
Prepaid expenses	2,802,457	636,552
Deferred tax assets	79,022	220,316
Other current assets	1,562,398	2,784,210
Total current assets	34,081,703	35,538,205
Notes receivable from related parties	1,468,608	1,748,092
Property and equipment, net	27,987,531	28,254,202
FCC broadcasting licenses	234,719,505	234,328,330
Goodwill	5,336,583	8,857,516
Other intangibles, net	679,479	1,358,026
Other assets	5,860,859	5,882,818
Total assets	310,134,268	315,967,189
Current liabilities:
Current portion of long-term debt	85,938	3,112,500
Accounts payable	2,403,133	1,120,434
Other current liabilities	8,335,147	9,794,234
Total current liabilities	10,824,218	14,027,168
Long-term debt, net of current portion	90,107,812	94,581,250
Deferred tax liabilities	77,036,439	75,996,813
Other long-term liabilities	1,055,367	819,670
Total liabilities	$ 179,023,836	$ 185,424,901
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued
Additional paid-in capital	$ 119,298,057	$ 118,535,400
Treasury stock, Class A common stock; 2,830,904 in 2014; 2,881,929 shares in 2015	(15,361,061)	(15,107,464)
Retained earnings	27,064,792	27,066,481
Accumulated other comprehensive income	82,521	21,933
Total stockholders' equity	131,110,432	130,542,288
Total liabilities and stockholders' equity	310,134,268	315,967,189
Class A Common Stock [Member]
Stockholders' equity:
Common stock	9,461	9,276
Class B Common Stock [Member]
Stockholders' equity:
Common stock	$ 16,662	$ 16,662

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Allowance for doubtful accounts	$ 582,584	$ 544,932
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Treasury stock, Class A common stock shares	2,881,929	2,830,904
Class A Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	9,460,822	9,275,746
Common stock, shares outstanding	6,578,893	6,444,842
Class B Common Stock [Member]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	16,662,743	16,662,743
Common stock, shares outstanding	16,662,743	16,662,743

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net revenue	$ 26,264,321	$ 13,047,411	$ 77,539,498	$ 40,143,834
Operating expenses:
Station operating expenses (including stock-based compensation of $175,558 in 2014 and $125,373 in 2015 and excluding depreciation and amortization shown separately below)	19,651,996	9,421,385	56,207,610	28,089,890
Corporate general and administrative expenses (including stock-based compensation of $325,528 in 2014 and $230,207 in 2015)	2,307,208	2,194,584	7,049,243	6,812,207
Radio station exchange transaction costs			349,917
Depreciation and amortization	863,867	492,568	2,822,594	1,436,537
Impairment loss	3,520,933		3,520,933
Total operating expenses	26,344,004	12,108,537	69,950,297	36,338,634
Operating income (loss)	(79,683)	938,874	7,589,201	3,805,200
Non-operating income (expense):
Interest expense	(1,064,069)	(1,080,812)	(2,953,078)	(3,404,616)
Loss on extinguishment of long-term debt		(6,970)		(30,569)
Other income (expense), net	1,880	261,058	492,379	302,081
Income (loss) from continuing operations before income taxes	(1,141,872)	112,150	5,128,502	672,096
Income tax expense (benefit)	(403,933)	119,868	2,036,015	834,353
Income (loss) from continuing operations	(737,939)	(7,718)	3,092,487	(162,257)
Income from discontinued operations (net of income taxes)		2,466,528		6,325,228
Net income (loss)	(737,939)	2,458,810	3,092,487	6,162,971
Other comprehensive income (loss):
Unrealized gain (loss) on securities (net of income tax expense of $14,646 in 2014 and income tax benefit of $3,779 in 2015)	(6,116)	22,756	60,588	5,530
Comprehensive income (loss)	$ (744,055)	$ 2,481,566	$ 3,153,075	$ 6,168,501
Basic net income (loss) per share:
Continuing operations			$ 0.14	$ (0.01)
Discontinued operations				0.28
Net income per share			0.14	0.27
Basic and diluted net income (loss) per share:
Continuing operations	$ (0.03)
Discontinued operations		$ 0.11
Net income (loss) per share	(0.03)	0.11
Diluted net income (loss) per share:
Continuing operations			0.13	(0.01)
Discontinued operations				0.28
Net income (loss) per share			0.13	0.27
Dividends declared per common share	$ 0.045	$ 0.045	$ 0.135	$ 0.135
Weighted average shares outstanding:
Basic	22,921,200	22,820,761	22,907,054	22,807,413
Diluted	22,999,488	22,908,376	22,995,350	22,908,208

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock-based compensation			$ 913,878	$ 1,101,970
Unrealized gain (loss) on securities, income tax expense (benefit)	$ (3,779)	$ 14,646	37,434	4,086
Station Operating Expenses [Member]
Stock-based compensation	41,791	46,804	125,373	175,558
Corporate General and Administrative Expenses [Member]
Stock-based compensation	$ 230,207	$ 325,528	$ 788,505	$ 919,047

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 3,092,487	$ 6,162,971
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	913,878	1,101,970
Provision for bad debts	462,392	362,942
Depreciation and amortization	2,822,594	1,857,548
Impairment loss	3,520,933
Amortization of loan fees	253,098	287,193
Loss on notes receivable from related party		332,034
Loss on extinguishment of long-term debt		30,569
Deferred income taxes	1,241,508	4,202,800
Change in operating assets and liabilities:
Accounts receivable	(1,366,590)	469,397
Prepaid expenses	(2,165,905)	(1,140,901)
Other assets	1,122,560	86,637
Accounts payable	1,282,699	(556,925)
Other liabilities	(1,333,025)	(86,939)
Other operating activities	70,730	53,587
Net cash provided by operating activities	9,917,359	13,162,883
Cash flows from investing activities:
Capital expenditures	(1,807,699)	(2,612,640)
Payments for translator licenses	(391,175)	(155,000)
Payments for investments	(166,667)	(104,167)
Repayment of notes receivable from related parties	279,484	283,404
Net cash used in investing activities	(2,086,057)	(2,588,403)
Cash flows from financing activities:
Principal payments on indebtedness	(7,500,000)	(7,903,125)
Payments of loan fees		(401,736)
Tax benefit (shortfall) from vesting of restricted stock	(151,036)	107,088
Dividends paid	(3,090,168)	(3,077,039)
Payments for treasury stock	(253,597)	(377,480)
Net cash used in financing activities	(10,994,801)	(11,652,292)
Net decrease in cash and cash equivalents	(3,163,499)	(1,077,812)
Cash and cash equivalents at beginning of period	14,259,441	14,299,013
Cash and cash equivalents at end of period	11,095,942	13,221,201
Cash paid for interest	2,699,980	3,117,423
Cash paid for income taxes	5,166,327	2,550,245
Supplement disclosure of non-cash investing and financing activities:
Property and equipment acquired through placement of advertising airtime	112,330	63,500
Property and equipment acquired through a logo agreement		179,980
Dividends declared but unpaid	$ 1,031,636	$ 1,027,116

Interim Financial Statements

Interim Financial Statements	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Statements	(1) Interim Financial Statements The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of Beasley Broadcast Group, Inc. and its subsidiaries (the “Company”) included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. These financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the financial statements reflect all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented and all such adjustments are of a normal and recurring nature. The Company’s results are subject to seasonal fluctuations therefore the results shown on an interim basis are not necessarily indicative of results for the full year.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	(2) Recent Accounting Pronouncements In April 2015, the FASB issued guidance to simplify presentation of debt issuance costs. The guidance requires debt issuance related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB issued guidance to simplify the presentation of debt issuance costs related to line of credit agreements. The guidance allows debt issuance costs related to line of credit agreements to be presented as an asset and amortized over the term of the line of credit agreement. The new guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. Upon adoption of the guidance, the Company will present all debt issuance costs as a deduction from long-term debt in the balance sheet. Debt issuance costs totaled $1.3 million as of September 30, 2015. In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. In August 2015, the FASB delayed the effective date of the new guidance to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is now permitted after the original effective date of December 15, 2016. The Company has not determined the impact of adoption on its financial statements. In April 2014, the FASB issued guidance that changes the requirements for reporting discontinued operations. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: 1. The component of an entity or group of components of an entity meets the criteria to be classified as held for sale. 2. The component of an entity or group of components of an entity is disposed of by sale. 3. The component of an entity or group of components of an entity is disposed of other than by sale. The guidance also requires additional disclosures about discontinued operations. The new guidance is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted the new guidance in the third quarter of 2014. See Note 3 for discontinued operations reported under the new guidance.

Asset Exchange

Asset Exchange	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Asset Exchange	(3) Asset Exchange On December 1, 2014, the Company completed an asset exchange with CBS Radio Stations, Inc. (“CBS Radio”) under which the Company agreed to exchange all of the assets used or useful in the operations of WRDW-FM and WXTU-FM in Philadelphia, PA and WKIS-FM, WPOW-FM and WQAM-AM in Miami, FL previously owned and operated by the Company for all of the assets used or useful in the operations of WIP-AM in Philadelphia, PA, WHFS-AM, WHFS-FM, WLLD-FM, WQYK-FM, WRBQ-FM and WYUU-FM in Tampa, FL and WBAV-FM, WBCN-AM, WFNZ-AM, WKQC-FM, WNKS-FM, WPEG-FM and WSOC-FM in Charlotte, NC previously owned and operated by CBS Radio. The asset exchange substantially broadened and diversified the Company’s local radio broadcasting platform and revenue base with fourteen new stations that are geographically complementary to the Company’s ongoing operations, while also presenting financial and operating synergies with the Company’s ongoing station portfolio and digital operations. The following pro forma information for the three and nine months ended September 30, 2014 assumes that the asset exchange had occurred on January 1, 2014. This pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of what would have occurred had the asset exchange actually been completed on January 1, 2014 or of results that may occur in the future. Three months Nine months ended Net revenue $ 27,492,007 $ 83,280,536 Operating income 4,703,066 15,037,743 Net income 2,282,416 6,671,622 Basic and diluted net income per share 0.10 0.29 Discontinued Operations After completion of the asset exchange, the Company has significantly decreased operations in the Philadelphia, PA radio market and no longer has any operations in the Miami-Fort Lauderdale, FL radio market. Therefore, the results of operations of WRDW-FM, WXTU-FM, WKIS-FM, WPOW-FM and WQAM-AM have been reported as discontinued operations for the three and nine months ended September 30, 2014. A summary of discontinued operations is as follows: Three months Nine months ended Net revenue $ 11,502,333 $ 34,500,964 Station operating expenses 7,344,422 22,168,457 Depreciation and amortization 141,668 421,011 Other (income) expense, net — 330,416 Income from discontinued operations before income taxes 4,016,243 11,581,080 Income tax expense 1,549,715 5,255,852 Income from discontinued operations $ 2,466,528 $ 6,325,228 A summary of operating and investing cash flows of discontinued operations for the nine months ended September 30, 2014 is as follows: Cash flows from operating activities: Income from discontinued operations $ 6,325,228 Adjustments to reconcile income from discontinued operations to net cash used in operating activities: Provision for bad debts 108,994 Depreciation and amortization 421,011 Loss on notes receivable from related party 332,034 Change in operating assets and liabilities Accounts receivable (263,602 ) Prepaid expenses 33,579 Other assets (100,084 ) Accounts payable (287,269 ) Other liabilities 4,723,219 Other operating activities (12,456,661 ) Net cash used in operating activities $ (1,163,551 ) Cash flows from investing activities: Capital expenditures $ (300,892 ) Repayment of notes receivable from related parties 11,003 Net cash used in investing activities $ (289,889 )

FCC Broadcasting Licenses

FCC Broadcasting Licenses	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
FCC Broadcasting Licenses	(4) FCC Broadcasting Licenses The change in the carrying amount of FCC broadcasting licenses for the nine months ended September 30, 2015 is as follows: Balance as of December 31, 2014 $ 234,328,330 Translator licenses 391,175 Balance as of September 30, 2015 $ 234,719,505 On June 25, 2015, the Company completed the acquisition of two FM translator licenses from the University of Northwestern for $0.2 million. These translator licenses allow the Company to rebroadcast the programming of one of its radio stations in Tampa, FL and one of its radio stations in Fort Myers, FL on the FM band over an expanded area of coverage. On February 27, 2015, the Company completed the acquisition of one FM translator license from Reach Communications, Inc. for $0.2 million. This translator license allows the Company to rebroadcast the programming of one of its radio stations in Boca Raton, FL on the FM band over an expanded area of coverage. Translator licenses are generally granted for renewable terms of eight years and are tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that they might be impaired.

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	(5) Goodwill The change in the carrying amount of goodwill for the nine months ended September 30, 2015 is as follows: Balance as of December 31, 2014 $ 8,857,516 Impairment loss (3,520,933 ) Balance as of September 30, 2015 $ 5,336,583 Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the Company’s goodwill might be impaired. For the purpose of testing its goodwill for impairment, the Company has identified its market clusters as its reporting units. As a result of its qualitative assessment during the third quarter of 2015, the Company determined it was more likely than not that the fair value of the Wilmington market cluster was less than its carrying amount. The Company determined that the Wilmington market cluster would not meet its cash flow projections for 2015 primarily due to a continuing decrease in cash flows and a decline in ratings during the third quarter of 2015. Therefore the Company performed the first step of the two-step impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. The first step test indicated that the carrying amount of the goodwill in the Wilmington market cluster exceeded its fair value, therefore the Company was required to perform the second step of the two-step goodwill impairment test to measure the amount of the impairment loss. As a result of the second step test, the Company recorded an impairment loss of $3.5 million, which reflects 100% of the goodwill in its Wilmington market cluster, during the third quarter of 2015. The fair value of the Wilmington market cluster was estimated using an income approach. The income approach is based upon discounted cash flow analyses incorporating variables such as projected revenues, projected growth rate for revenues, projected station operating income margins, and a discount rate. The key assumptions in the discounted cash flow analyses are as follows: Long-term revenue growth rate 2.5% Station operating income margins 23.5% - 50% Discount rate 9.5%

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	(6) Long-Term Debt Long-term debt is comprised of the following: December 31, September 30, Term loan $ 97,693,750 $ 90,193,750 Revolving credit facility — — 97,693,750 90,193,750 Less current installments (3,112,500 ) (85,938 ) $ 94,581,250 $ 90,107,812 As of September 30, 2015, the credit facility consisted of a term loan with a remaining balance of $90.2 million and a revolving credit facility with a maximum commitment of $20.0 million. As of September 30, 2015, the Company had $4.5 million in available commitments under its revolving credit facility. At the Company’s election, the credit facility may bear interest at either (i) adjusted LIBOR, as defined in the credit agreement, plus a margin ranging from 2.75% to 4.75% that is determined by the Company’s consolidated total debt ratio, as defined in the credit agreement or (ii) the base rate, as defined in the credit agreement, plus a margin ranging from 1.75% to 3.75% that is determined by the Company’s consolidated total debt ratio. Interest on adjusted LIBOR loans is payable at the end of each applicable interest period and, for those interest periods with a duration in excess of three months, the three month anniversary of the beginning of such interest period. Interest on base rate loans is payable quarterly in arrears. The credit facility carried interest, based on adjusted LIBOR, at 3.9% as of September 30, 2015 and matures on August 9, 2019. As of December 31, 2014, the credit facility consisted of a term loan with a remaining balance of $97.7 million and a revolving credit facility with a maximum commitment of $20.0 million. The credit facility carried interest, based on adjusted LIBOR, at 3.4% as of December 31, 2014. The credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the credit agreement, when the Company’s consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the credit agreement. Prepayments of excess cash flow are not required when the Company’s consolidated total debt is less than three times its consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances. The credit agreement requires the Company to comply with certain financial covenants which are defined in the credit agreement. These financial covenants include: • Consolidated Total Debt Ratio. • Interest Coverage Ratio. The credit facility is secured by a first-priority lien on substantially all of the Company’s assets and the assets of substantially all of its subsidiaries and is guaranteed jointly and severally by the Company and substantially all of its subsidiaries. The guarantees were issued to the Company’s lenders for repayment of the outstanding balance of the credit facility. If the Company defaults under the terms of the credit agreement, the Company and its applicable subsidiaries may be required to perform under their guarantees. As of September 30, 2015, the maximum amount of undiscounted payments the Company and its applicable subsidiaries would have been required to make in the event of default was $90.2 million. The guarantees for the credit facility expire on August 9, 2019. The aggregate scheduled principal repayments of the credit facility for the remainder of 2015 and the next four years are as follows: 2015 $ — 2016 2,003,126 2017 7,668,752 2018 8,946,876 2019 71,574,996 Total $ 90,193,750 Failure to comply with financial covenants, scheduled interest payments, scheduled principal repayments, or any other terms of its credit agreement could result in the acceleration of the maturity of its outstanding debt. The Company believes that it will have sufficient liquidity and capital resources to permit it to meet its financial obligations for at least the next twelve months. As of September 30, 2015, the Company was in compliance with all applicable financial covenants under its credit agreement.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	(7) Stock-Based Compensation The Beasley Broadcast Group, Inc. 2007 Equity Incentive Award Plan (the “2007 Plan”) permits the Company to issue up to 4.0 million shares of Class A common stock. The 2007 Plan allows for eligible employees, directors and certain consultants of the Company to receive shares of restricted stock, stock options or other stock-based awards. The restricted stock awards that have been granted under the 2007 Plan generally vest over one to five years of service. A summary of restricted stock activity under the 2007 Plan for the three months ended September 30, 2015 is as follows: Shares Weighted- Grant-Date Unvested as of July 1, 2015 323,901 $ 5.96 Granted — — Vested (7,500 ) 8.49 Forfeited — — Unvested as of September 30, 2015 316,401 $ 5.90 As of September 30, 2015, there was $1.1 million of total unrecognized compensation cost related to restricted stock granted under the 2007 Plan. That cost is expected to be recognized over a weighted-average period of 1.8 years.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	(8) Income Taxes The Company’s effective tax rate was approximately 35% and 40% for the three and nine months ended September 30, 2015, respectively. These rates differ from the federal statutory rate of 35% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes. The Company’s effective tax rate for continuing and discontinued operations combined was approximately 40% and 50% for the three and nine months ended September 30, 2014, respectively. These rates differ from the federal statutory rate of 35% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes. The effective tax rate for the nine months ended September 30, 2014 also reflects a $1.4 million increase from a change to the Company’s federal tax rate based on a projected increase in taxable income for 2014 and a $0.3 million decrease from a change to the Company’s effective state tax rate. The Company evaluated its taxable income projections during the first quarter of 2014 and determined, based on certain changes in facts and circumstances related to the projections, that the federal tax rate should increase from 34% to 35%. The change in the federal tax rate has been accounted for as a change in accounting estimate during the nine months ended September 30, 2014.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	(9) Related Party Transactions On April 3, 2015, the Company contributed an additional $166,667 to Digital PowerRadio, LLC which maintained its ownership interest at approximately 20% of the outstanding units. The Company may be called upon to make additional pro rata cash contributions to Digital PowerRadio, LLC in the future. Digital PowerRadio, LLC is managed by Fowler Radio Group, LLC which is partially-owned by Mark S. Fowler, an independent director of the Company.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2015
Investments, All Other Investments [Abstract]
Financial Instruments	(10) Financial Instruments The carrying amount of notes receivable from related parties with a fixed rate of interest of 2.57% was $1.5 million as of September 30, 2015, compared with a fair value of $1.4 million based on current market interest rates. The carrying amount of notes receivable from related parties was $1.7 million as of December 31, 2014, compared with a fair value of $1.7 million based on market rates at that time. The carrying amount of long term debt, including the current installments, was $90.2 million as of September 30, 2015 and approximated fair value based on current market interest rates. The carrying amount of long-term debt was $97.7 million as of December 31, 2014 and approximated fair value based on market rates at that time.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	(11) Fair Value Measurements The Company has certain assets that are measured at fair value on a non-recurring basis and are adjusted to fair value only when the carrying values exceed the fair values. The categorization of the framework used to price the assets is considered Level 3, due to the subjective nature of the unobservable inputs used to determine the fair value. During the third quarter of 2015, the Company estimated the fair value of goodwill in its Wilmington market cluster using significant unobservable inputs (Level 3) and recorded an impairment loss of $3.5 million.

Recent Accounting Pronounceme18

Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	In April 2015, the FASB issued guidance to simplify presentation of debt issuance costs. The guidance requires debt issuance related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. In August 2015, the FASB issued guidance to simplify the presentation of debt issuance costs related to line of credit agreements. The guidance allows debt issuance costs related to line of credit agreements to be presented as an asset and amortized over the term of the line of credit agreement. The new guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. Upon adoption of the guidance, the Company will present all debt issuance costs as a deduction from long-term debt in the balance sheet. Debt issuance costs totaled $1.3 million as of September 30, 2015. In May 2014, the FASB issued guidance to clarify the principles for recognizing revenue. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a comprehensive framework for revenue recognition that supersedes current general revenue guidance and most industry-specific guidance. In addition, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. An entity should apply the guidance either retrospectively to each prior reporting period presented or retrospectively with the cumulative adjustment at the date of the initial application. In August 2015, the FASB delayed the effective date of the new guidance to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is now permitted after the original effective date of December 15, 2016. The Company has not determined the impact of adoption on its financial statements. In April 2014, the FASB issued guidance that changes the requirements for reporting discontinued operations. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs: 1. The component of an entity or group of components of an entity meets the criteria to be classified as held for sale. 2. The component of an entity or group of components of an entity is disposed of by sale. 3. The component of an entity or group of components of an entity is disposed of other than by sale. The guidance also requires additional disclosures about discontinued operations. The new guidance is effective for all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company early adopted the new guidance in the third quarter of 2014. See Note 3 for discontinued operations reported under the new guidance.

Asset Exchange (Tables)

Asset Exchange (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Summary of Pro forma Information	The following pro forma information for the three and nine months ended September 30, 2014 assumes that the asset exchange had occurred on January 1, 2014. This pro forma information has been prepared based on estimates and assumptions, which management believes are reasonable, and is not necessarily indicative of what would have occurred had the asset exchange actually been completed on January 1, 2014 or of results that may occur in the future. Three months Nine months ended Net revenue $ 27,492,007 $ 83,280,536 Operating income 4,703,066 15,037,743 Net income 2,282,416 6,671,622 Basic and diluted net income per share 0.10 0.29
Summary of Discontinued Operations	A summary of discontinued operations is as follows: Three months Nine months ended Net revenue $ 11,502,333 $ 34,500,964 Station operating expenses 7,344,422 22,168,457 Depreciation and amortization 141,668 421,011 Other (income) expense, net — 330,416 Income from discontinued operations before income taxes 4,016,243 11,581,080 Income tax expense 1,549,715 5,255,852 Income from discontinued operations $ 2,466,528 $ 6,325,228
Summary of Operating and Investing Cash Flows of Discontinued Operations	A summary of operating and investing cash flows of discontinued operations for the nine months ended September 30, 2014 is as follows: Cash flows from operating activities: Income from discontinued operations $ 6,325,228 Adjustments to reconcile income from discontinued operations to net cash used in operating activities: Provision for bad debts 108,994 Depreciation and amortization 421,011 Loss on notes receivable from related party 332,034 Change in operating assets and liabilities Accounts receivable (263,602 ) Prepaid expenses 33,579 Other assets (100,084 ) Accounts payable (287,269 ) Other liabilities 4,723,219 Other operating activities (12,456,661 ) Net cash used in operating activities $ (1,163,551 ) Cash flows from investing activities: Capital expenditures $ (300,892 ) Repayment of notes receivable from related parties 11,003 Net cash used in investing activities $ (289,889 )

FCC Broadcasting Licenses (Tabl

FCC Broadcasting Licenses (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Carrying Amount of Broadcasting Licenses	The change in the carrying amount of FCC broadcasting licenses for the nine months ended September 30, 2015 is as follows: Balance as of December 31, 2014 $ 234,328,330 Translator licenses 391,175 Balance as of September 30, 2015 $ 234,719,505

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Carrying Amount of Goodwill	The change in the carrying amount of goodwill for the nine months ended September 30, 2015 is as follows: Balance as of December 31, 2014 $ 8,857,516 Impairment loss (3,520,933 ) Balance as of September 30, 2015 $ 5,336,583
Schedule of Key Assumptions in Discounted Cash Flow Analysis	The fair value of the Wilmington market cluster was estimated using an income approach. The income approach is based upon discounted cash flow analyses incorporating variables such as projected revenues, projected growth rate for revenues, projected station operating income margins, and a discount rate. The key assumptions in the discounted cash flow analyses are as follows: Long-term revenue growth rate 2.5% Station operating income margins 23.5% - 50% Discount rate 9.5%

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt is comprised of the following: December 31, September 30, Term loan $ 97,693,750 $ 90,193,750 Revolving credit facility — — 97,693,750 90,193,750 Less current installments (3,112,500 ) (85,938 ) $ 94,581,250 $ 90,107,812
Scheduled Repayments of Credit Facility	The aggregate scheduled principal repayments of the credit facility for the remainder of 2015 and the next four years are as follows: 2015 $ — 2016 2,003,126 2017 7,668,752 2018 8,946,876 2019 71,574,996 Total $ 90,193,750

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Restricted Stock Activity	A summary of restricted stock activity under the 2007 Plan for the three months ended September 30, 2015 is as follows: Shares Weighted- Grant-Date Unvested as of July 1, 2015 323,901 $ 5.96 Granted — — Vested (7,500 ) 8.49 Forfeited — — Unvested as of September 30, 2015 316,401 $ 5.90

Recent Accounting Pronounceme24

Recent Accounting Pronouncements - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Debt issuance costs	$ 1.3

Asset Exchange - Additional Inf

Asset Exchange - Additional Information (Detail)	Dec. 01, 2014Radio_Stations
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract]
Number of radio stations acquired through asset exchange	14

Asset Exchange - Summary of Pro

Asset Exchange - Summary of Pro forma Information (Detail) - CBS Radio [Member] - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Business Acquisition [Line Items]
Net revenue	$ 27,492,007	$ 83,280,536
Operating income	4,703,066	15,037,743
Net income	$ 2,282,416	$ 6,671,622
Basic and diluted net income per share	$ 0.10	$ 0.29

Asset Exchange - Summary of Dis

Asset Exchange - Summary of Discontinued Operations (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]
Net revenue	$ 11,502,333	$ 34,500,964
Station operating expenses	7,344,422	22,168,457
Depreciation and amortization	141,668	421,011
Other (income) expense, net		330,416
Income from discontinued operations before income taxes	4,016,243	11,581,080
Income tax expense	1,549,715	5,255,852
Income from discontinued operations	$ 2,466,528	$ 6,325,228

Asset Exchange - Summary of Ope

Asset Exchange - Summary of Operating and Investing Cash Flows of Discontinued Operations (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Income from discontinued operations		$ 2,466,528		$ 6,325,228
Adjustments to reconcile income from discontinued operations to net cash used in operating activities:
Provision for bad debts			$ 462,392	362,942
Depreciation and amortization	$ 863,867	$ 492,568	2,822,594	1,436,537
Loss on notes receivable from related party				332,034
Change in operating assets and liabilities
Accounts receivable			(1,366,590)	469,397
Prepaid expenses			(2,165,905)	(1,140,901)
Other assets			1,122,560	86,637
Accounts payable			1,282,699	(556,925)
Other liabilities			(1,333,025)	(86,939)
Other operating activities			70,730	53,587
Cash flows from investing activities:
Capital expenditures			(1,807,699)	(2,612,640)
Repayment of notes receivable from related parties			$ 279,484	283,404
Discontinued Operations [Member]
Cash flows from operating activities:
Income from discontinued operations				6,325,228
Adjustments to reconcile income from discontinued operations to net cash used in operating activities:
Provision for bad debts				108,994
Depreciation and amortization				421,011
Loss on notes receivable from related party				332,034
Change in operating assets and liabilities
Accounts receivable				(263,602)
Prepaid expenses				33,579
Other assets				(100,084)
Accounts payable				(287,269)
Other liabilities				4,723,219
Other operating activities				(12,456,661)
Net cash used in operating activities				(1,163,551)
Cash flows from investing activities:
Capital expenditures				(300,892)
Repayment of notes receivable from related parties				11,003
Net cash used in investing activities				$ (289,889)

FCC Broadcasting Licenses - Car

FCC Broadcasting Licenses - Carrying Amount of Broadcasting Licenses (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)
FCC Broadcasting Licenses [Line Items]
Beginning Balance	$ 234,328,330
Ending Balance	234,719,505
FCC Broadcasting License [Member]
FCC Broadcasting Licenses [Line Items]
Beginning Balance	234,328,330
Translator licenses	391,175
Ending Balance	$ 234,719,505

FCC Broadcasting Licenses - Add

FCC Broadcasting Licenses - Additional Information (Detail) $ in Millions	Jun. 25, 2015USD ($)License	Feb. 27, 2015USD ($)License	Sep. 30, 2015
FCC Broadcasting Licenses [Line Items]
Translator licenses renewable term			8 years
Reach Communications, Inc. [Member]
FCC Broadcasting Licenses [Line Items]
Number of translator licenses acquired | License		1
Acquisition of translator licenses		$ 0.2
University of Northwestern [Member]
FCC Broadcasting Licenses [Line Items]
Number of translator licenses acquired | License	2
Acquisition of translator licenses	$ 0.2

Goodwill - Summary of Carrying

Goodwill - Summary of Carrying Amount of Goodwill (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning Balance		$ 8,857,516
Impairment loss	$ (3,520,933)	(3,520,933)
Ending Balance	$ 5,336,583	$ 5,336,583

Goodwill - Additional Informati

Goodwill - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment loss	$ 3,520,933	$ 3,520,933
Percentage of impairment loss of goodwill	100.00%

Goodwill - Schedule of Key Assu

Goodwill - Schedule of Key Assumptions in Discounted Cash Flow Analysis (Detail)	9 Months Ended
	Sep. 30, 2015
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Long-term revenue growth rate	2.50%
Discount rate	9.50%
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Station operating income margins	23.50%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Station operating income margins	50.00%

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Long-term debt	$ 90,193,750	$ 97,693,750
Less current installments	(85,938)	(3,112,500)
Long-term debt, net of current portion	90,107,812	94,581,250
Long-term debt	90,193,750	97,693,750
Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt	90,193,750	97,693,750
Long-term debt	90,193,750	97,693,750
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility	$ 0	$ 0

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Long-term debt	$ 90,193,750	$ 97,693,750
Revolving credit loan and term loan carried interest		3.40%
Mandatory prepayments of consolidated excess cash flow due period	120 days
Mandatory prepayments of consolidated excess cash flow required by credit agreement	The credit agreement requires mandatory prepayments equal to 50% of consolidated excess cash flow, as defined in the credit agreement, when the Company's consolidated total debt is equal to or greater than three times its consolidated operating cash flow, as defined in the credit agreement. Prepayments of excess cash flow are not required when the Company's consolidated total debt is less than three times its consolidated operating cash flow. Mandatory prepayments of consolidated excess cash flow are due 120 days after year end. The credit agreement also requires mandatory prepayments for defined amounts from net proceeds of asset sales, net insurance proceeds, and net proceeds of debt issuances.
First Mortgage [Member] | Must Not Be Less Than [Member]
Line of Credit Facility [Line Items]
Interest Coverage Ratio	2
Term Loan [Member]
Line of Credit Facility [Line Items]
Long-term debt	$ 90,193,750	$ 97,693,750
Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility maximum commitment	20,000,000	$ 20,000,000
Remaining commitments under the revolving credit loan facility	$ 4,500,000
Fiscal Quarter Through December 31, 2015 [Member] | First Mortgage [Member] | Must Not Exceed [Member] | Forecast [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio	4
January 1, 2016 Through December 31, 2016 [Member] | First Mortgage [Member] | Maximum [Member] | Forecast [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio	3.75
January 1, 2017 Through December 31, 2017 [Member] | First Mortgage [Member] | Maximum [Member] | Forecast [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio	3.25
January 1, 2018 Through Thereafter [Member] | First Mortgage [Member] | Maximum [Member] | Forecast [Member]
Line of Credit Facility [Line Items]
Long-term Debt Covenants Aggregate Leverage Ratio	3
Credit Facility [Member]
Line of Credit Facility [Line Items]
Long-term debt	$ 90,200,000
Revolving credit loan and term loan carried interest	3.90%
Revolving credit facility and term loan maturity date	Aug. 9, 2019
Mandatory prepayments of excess cash flow	50.00%
Credit Facility [Member] | Revolving Credit Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility, Interest Rate Description	At the Company's election, the credit facility may bear interest at either (i) adjusted LIBOR, as defined in the credit agreement, plus a margin ranging from 2.75% to 4.75% that is determined by the Company's consolidated total debt ratio, as defined
Credit Facility [Member] | Revolving Credit Loan [Member] | Maximum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	4.75%
Credit Facility [Member] | Revolving Credit Loan [Member] | Maximum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	3.75%
Credit Facility [Member] | Revolving Credit Loan [Member] | Minimum [Member] | LIBOR [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	2.75%
Credit Facility [Member] | Revolving Credit Loan [Member] | Minimum [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Credit facility interest rate margins	1.75%
Credit Facility [Member] | Revolving Credit Loan and Term Loan [Member]
Line of Credit Facility [Line Items]
Revolving credit facility and term loan maturity date	Aug. 9, 2019

Long-Term Debt - Scheduled Repa

Long-Term Debt - Scheduled Repayments of Credit Facility (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,015	$ 0
2,016	2,003,126
2,017	7,668,752
2,018	8,946,876
2,019	71,574,996
Total	$ 90,193,750	$ 97,693,750

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - 2007 Plan [Member] $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to restricted stock granted	$ 1.1
Cost expected to be recognized over a weighted-average period	1 year 9 months 18 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards, vest, period	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards, vest, period	5 years
Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized | shares	4,000,000

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Activity (Detail) - 2007 Plan [Member]	3 Months Ended
	Sep. 30, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Shares, Beginning Balance | shares	323,901
Granted, Shares | shares	0
Vested, Shares | shares	(7,500)
Forfeited, Shares | shares	0
Unvested Shares, Ending Balance | shares	316,401
Unvested, Weighted-Average Grant-Date Fair Value, Beginning Balance	$ 5.96
Granted, Weighted-Average Grant-Date Fair Value	0
Vested, Weighted-Average Grant-Date Fair Value	8.49
Forfeited, Weighted-Average Grant-Date Fair Value	0
Unvested, Weighted-Average Grant-Date Fair Value, Ending Balance	$ 5.90

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Effective tax rate	35.00%	40.00%	40.00%	50.00%
Federal statutory rate	35.00%	35.00%	35.00%	35.00%	34.00%
Increase from a change to the Company's federal tax rate based on a projected increase in taxable income				$ 1.4
Decrease from a change to the Company's effective state tax rate				$ (0.3)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Digital PowerRadio LLC [Member]	Apr. 03, 2015USD ($)
Related Party Transaction [Line Items]
Additional contribution to related party	$ 166,667
Percentage of outstanding units ownership interest to Digital PowerRadio	20.00%

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument Fair Value Carrying Value [Abstract]
Percentage of fixed rate of interest carrying amount of notes receivables	2.57%
Notes receivable from related parties	$ 1,468,608	$ 1,748,092
Fair value of notes receivable	1,400,000	1,700,000
Long-term debt	$ 90,193,750	$ 97,693,750

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Impairment loss	$ 3,520,933	$ 3,520,933