Exhibit 99.1
| Press Release |
|
For Immediate Release |
|
Contacts: Courtney Guertin, Public Relations Specialist
401-457-9501
courtney.guertin@lintv.com
Richard Schmaeling, Chief Financial Officer
401-457-9510
richard.schmaeling@lintv.com |
LIN TV Corp. Announces Third Quarter 2008 Results
Operating Income up 39%; Net Revenues up 5%
PROVIDENCE, RI, October 30, 2008 – LIN TV Corp. (NYSE: TVL) today reported results for the third quarter ended September 30, 2008.
Net revenues for the three months ended September 30, 2008 increased 5% to $98.8 million, compared to $93.7 million for the same period in 2007, reflecting growth in the Company’s political and digital revenues. Income from continuing operations for the three months ended September 30, 2008 increased by $7.6 million, to $10.2 million, compared to income from continuing operations of $2.6 million in the third quarter of 2007. The increase is primarily due to increases in political and digital revenues, and lower operating costs and interest expense.
Commenting on the third quarter, LIN TV’s President and Chief Executive Officer Vincent L. Sadusky said: “We are pleased to deliver strong results in the third quarter of 2008. Our leading news stations capitalized on significant political spending in a number of our markets and focused on maximizing digital revenue growth. Despite a challenging economic environment, operating income grew 39% and net revenues grew 5% versus the prior year. Also in the third quarter, we reduced debt by $23 million, further strengthening our balance sheet. We remain focused on our cost-discipline program and initiatives that drive bottom-line growth, including securing retransmission consent fees and building our new media business.”
Third Quarter 2008 Compared to Third Quarter 2007
Net revenues for the three months ended September 30, 2008 increased 5% to $98.8 million, compared to $93.7 million for the same period in 2007. The increase was primarily due to higher political advertising sales in this election year of $11.4 million, compared to $1.3 million for the prior year period, and to higher digital revenues. Digital revenues, which include Internet advertising revenues and retransmission consent fees, increased 88% to $8.1 million, compared to $4.3 million in the same period last year. These increases were partially offset by lower core advertising sales, which are comprised of local and national advertising sales, but exclude political advertising sales. LIN TV’s core advertising sales declined 8% for the third quarter of 2008 due primarily to television advertising marketplace declines in LIN TV’s markets.
General operating expenses for the three months ended September 30, 2008 decreased $1.3 million or 2% compared with the same quarter in 2007. The decrease was primarily due to lower corporate and compensation costs related to the Company’s cost management efforts.
Operating income for the three months ended September 30, 2008 was $24.5 million, reflecting a $6.8 million or 39% increase compared to operating income of $17.7 million for the same quarter in 2007. Net income for the three months ended September 30, 2008 was $10.0 million, compared to net income of $1.7 million for the same period last year. Diluted net income per share for the three months ended September 30, 2008 was $0.20 compared to $0.03 for the same period in 2007. The improvement in operating income, net income
and diluted net income per share is primarily due to increases in political and digital revenues, and lower operating costs and interest expense.
Operating Highlights
TV Station Ratings and Revenue
· According to Nielsen’s July ratings reports, 67% of LIN TV’s stations gained audience with adults 25-54 in at least one time period compared to the same time period in 2007. In addition, 70% of the Company’s CBS, NBC, ABC and FOX stations were once again ranked #1 or #2 in the prime daypart in households (Source: Nielsen Ratings for July 2008 compared to July 2007). The Nielsen data also showed that the Company’s stations outperformed the national networks in the category of household share by an average of 44%.
· Local advertising sales, which exclude political advertising sales, decreased 3% for the third quarter of 2008 compared to the same period in 2007. The decrease is due to the television advertising marketplace decline in LIN TV’s local markets resulting from general economic pressures. Local advertising sales represented 60% of total advertising sales for the third quarter of 2008.
· National advertising sales, which exclude political advertising sales, decreased 15% for the third quarter of 2008 compared to the same period in 2007. The decrease is also due to the television advertising marketplace decline in LIN TV’s markets, which has impacted most national advertising categories, particularly automotive spending. National advertising sales represented 29% of total advertising sales for the third quarter of 2008.
· Core local and national advertising sales combined, which excludes political advertising sales, decreased 8% for the third quarter of 2008 compared to the same period in 2007.
· Advertising categories for which revenues decreased for the third quarter of 2008, compared to the same quarter last year, were automotive, restaurants, media/telecommunications, services, financial services and entertainment. Advertising categories for which revenues increased for the third quarter of 2008 included political, medical and education. The automotive category, which represented 25% of the Company’s core advertising sales for the third quarter of 2008, decreased 20% compared to the same quarter last year.
· The Company’s political advertising sales were $11.4 million for the third quarter of 2008, compared to $1.3 million in the same period last year. Political advertising sales represented 11% of total advertising sales for the third quarter of 2008.
Digital and Interactive Initiatives
· Retransmission consent fees increased 91% in the third quarter of 2008 compared to the same quarter last year. During the third quarter of 2008, the Company reached a new retransmission consent agreement for both its analog and high-definition channels with Charter Communications.
· Internet advertising and other interactive revenues increased 81% for the third quarter of 2008 compared to the same quarter last year. Total page views for the Company’s web sites were 134.5 million in the third quarter of 2008, compared to 99.3 million in the third quarter of 2007, representing a 35% increase. Unique visitors for the Company’s web sites were 16.0 million in the third quarter of 2008, compared to 11.6 million in the third quarter of 2007, representing a 38% increase.
Key Balance Sheet and Cash Flow Items
Total debt outstanding at September 30, 2008 was $760.8 million. Cash and cash equivalent balances at September 30, 2008 were $16.3 million. The Company paid $7.5 million of principal on its term loan balances and paid $15.0 million on its revolving credit balances during the quarter ended September 30, 2008. The Company’s outstanding revolving credit facility balance was $85.0 million at September 30, 2008, with $140.0 million available for borrowing under that facility. Consolidated leverage, as defined in the Company’s credit agreement, was approximately 5.7x as of September 30, 2008 compared to 6.5x as of December 31, 2007. Other components of cash flow for the third quarter of 2008 were cash capital expenditures of $8.1 million and cash payments for programming of $6.2 million.
Business Outlook
The results presented in this release, including all of the amounts discussed in this Business Outlook section, reflect the classification of the operations of Banks Broadcasting, Inc. and the Puerto Rico operations as discontinued operations for all periods presented. The Company has provided historical quarterly financial information for its continuing operations on its web site. Interested parties should go to www.lintv.com and in the “Investor Relations” section, click on “Financial Reports & Releases,” then “Quarterly and Other Reports” and then “Supplemental Financial Data.”
Based on current sales order pacings, which reflect the challenging economic environment and market decline for both local and national advertising spending, the Company currently expects that fourth quarter 2008 net revenues will decrease in the range of 6.0% to 9.0% (or $6.5 million to $9.8 million), compared to reported net revenues of $108.6 million for the fourth quarter of 2007. Core advertising pacings are currently down in the high 20s and gross political advertising is expected to approximate $25 million for the fourth quarter 2008.
In addition, due to sales variable costs, the Company expects that its station direct operating and SG&A expenses will decrease in the range of 1.0% to 2.0% (or $0.6 million to $1.2 million) for the fourth quarter of 2008 compared to reported expenses of $60.8 million for the fourth quarter of 2007. The Company’s current outlook for revenues, expenses and cash flow items for the fourth quarter and full year 2008, excluding special items, are anticipated to be in the following ranges:
| | Fourth Quarter 2008 | | Full Year 2008 |
| | | | |
Net advertising revenues | | $87.2 to $89.5 million | | |
| | | | |
Net digital revenues | | $8.7 to $9.2 million | | |
| | | | |
Network compensation | | $0.9 to $1.0 million | | |
| | | | |
Other revenue | | $0.9 to $1.1 million | | |
| | | | |
Barter revenue | | $1.1 to $1.3 million | | |
| | | | |
Total net revenues | | $98.8 to $102.1 million | | |
| | | | |
Direct operating and SG&A expenses(1) | | $59.6 to $60.2 million | | $232.0 to $236.0 million |
| | | | |
Station non-cash stock-based compensation expense | | $0.5 to $0.7 million | | $1.6 to $2.4 million |
| | | | |
Amortization of program rights | | $6.1 to $6.5 million | | $23.0 to $25.0 million |
Cash payments for programming | | $6.9 to $7.3 million | | $26.0 to $28.0 million |
| | | | |
Corporate expense(1) | | $5.1 to $6.1 million | | $20.0 to $22.0 million |
| | | | |
Corporate non-cash stock-based compensation expense | | $0.8 to $1.0 million | | $2.9 to $3.9 million |
| | | | |
Depreciation and amortization of intangibles | | $7.5 to $8.5 million | | $30.0 to $34.0 million |
| | | | |
Cash capital expenditures | | $12.0 to $14.0 million | | $27.0 to $29.0 million |
| | | | |
Cash interest expense | | $11.6 to $12.4 million | | $48.9 to $49.7 million |
| | | | |
Principal amortization of the term loans | | $5.5 million | | $21.0 million |
| | | | |
Cash taxes | | $0.1 to $0.3 million | | $1.3 to $1.5 million |
| | | | |
Effective tax rate | | 25.0% to 35.0% | | 25.0% to 35.0% |
| | | | |
Distributions from equity investments | | $0.0 million | | $2.6 million |
(1) Includes non-cash stock-based compensation expense.
LIN TV advises that all of the information and factors set forth above are subject to risks, uncertainties and assumptions (see the “Forward Looking Statements” heading below), which could individually or collectively cause actual results to differ materially from those projected above.
Anticipated Fourth Quarter Special Items
In light of the impact of the financial crisis on the economy and on the demand for advertising and LIN TV’s transition to digital and new media, the Company is currently reevaluating its cost structure as part of an overall strategic business review and anticipates taking a restructuring charge in the fourth quarter of 2008.
The Company is required under the accounting rules to test the indefinite-lived intangible assets, including broadcast licenses and goodwill, on an annual basis or whenever events or changes in circumstances (so called “trigger events”) indicate that these assets might be impaired. As disclosed in our second quarter earnings release, LIN TV performed an interim test at June 30, 2008 and recorded an impairment charge of $297 million for the period ending June 30, 2008. The Company has determined that there were no trigger events in the third quarter that would require the Company to test its intangible assets for further impairment. As a result of the current economic and credit environment, the Company could have a further impairment charge in the fourth quarter as a result of its annual impairment test under the accounting rules.
Conference Call
LIN TV will hold a conference call to discuss its third quarter results today, October 30, 2008, at 9:30 AM Eastern Time. To participate in the call, please call 1-888-205-6458 (U.S. callers) or 1-913-312-0672 (international callers) at least 10 minutes prior to the scheduled start of the call and use the passcode 6304532. The conference call will also be webcast simultaneously from LIN TV Corp.’s web site, www.lintv.com, and can be accessed there through a link on the home page (under the “Latest News” section).
For those unavailable to participate in the live teleconference, a replay can be accessed via the Investor Relations section of www.lintv.com or by dialing 1-888-203-1112 and entering the same passcode as above. The telephone replay will be available through November 12, 2008.
Access to Non-GAAP Financial Measures and Other Supplemental Financial Data
The Company reports and discusses its operating results using financial measures consistent with generally accepted accounting principles (GAAP) and believes this should be the primary basis for evaluating its performance. Non-GAAP financial measures such as Broadcast Cash Flow (BCF), Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Free Cash Flow (FCF) should not be viewed as alternatives or substitutes for GAAP reporting. However, BCF, Adjusted EBITDA and FCF are common supplemental measures of performance used by investors, lenders, rating agencies and financial analysts. As a result, these non-GAAP measures can provide certain additional insight about the market value of the Company and its stations; the Company’s ability to fund acquisitions, investments and working capital needs; the Company’s ability to service its debt; the Company’s performance versus other peer companies in its industry; and other operating performance trends for its business. The Company makes available reconciliations of its operating income (loss), a GAAP reporting measure, to BCF, Adjusted EBITDA and FCF on the Company’s web site. In addition, the Company provides additional information on its web site, at the same location, regarding historical revenue by source, pro forma income statement information and certain other components of cash flow. Interested parties should go to www.lintv.com and in the “Investor Relations” section, click on “Financial Reports & Releases”, then “Quarterly and Other Reports” and then “Supplemental Financial Data”.
Forward-Looking Statements
The information discussed in this press release, particularly in the section with the heading Business Outlook, includes forward-looking statements about the Company’s future operating results within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company based these forward-looking statements on its current assumptions, knowledge, estimates and projections about factors that could affect its future operations. Although LIN TV believes that its assumptions made in connection with the forward-looking statements are reasonable, no assurances can be given that those assumptions and expectations will prove to be correct. Statements in this press release that are forward-looking include, but are not limited to, statements regarding quarter and full year station time sales order pacings; local, national and political advertising growth; digital, network compensation, barter and other revenue growth; direct operating, SG&A, barter, amortization of program rights and corporate expense growth; and cash programming, cash capital expenditures, cash interest expense and principal amortization, cash tax payments and effective tax rates and distributions from equity investments. These forward-looking statements are subject to various risks, uncertainties and assumptions which may cause these expectations and assumptions not to occur or to differ materially from those outcomes projected in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the potential continuing deterioration of national and/or local economies; global or local events that could disrupt TV broadcasting; continuing softening of the domestic advertising market; further consolidation of national and local advertisers, and the national sales representation market; risks associated with acquisitions, including integration of acquired businesses; changes in TV viewing patterns, ratings and commercial viewing measurement; the execution and timing of retransmission consent agreements relating to digital revenues; increases in news and syndicated programming costs, and capital expenditures; changes in television network affiliation agreements; changes in government regulation; competition; seasonality; restrictions on the Company’s operations as a result of the Company’s indebtedness; effects of complying with accounting standards; effects of the Company’s control relationships, including the control of HM Capital Partners LLC and its affiliates, and other risks discussed in the Company’s Annual Report on Form 10-K and other filings made with the Securities and Exchange Commission (which are available on the Company’s web site, www.lintv.com, in the Investor Relations section), or at www.sec.gov, which discussions are incorporated in
this release by reference. LIN TV undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required to by applicable law.
About LIN TV
LIN TV Corp., along with its subsidiaries, is a local television and digital media company, owning and/or operating 29 television stations in 17 U.S. markets, all of which are affiliated with a national broadcast network. LIN TV’s highly-rated stations deliver important local news and community stories, along with top-rated sports and entertainment programming, to 9% of U.S. television homes, reaching an average of 10 million households per week.
LIN TV is also a leader in the convergence of local broadcast television and the Internet through its television station web sites and a growing number of local online innovations that reach 15% of U.S. broadband households. LIN TV is traded on the New York Stock Exchange under the symbol “TVL”. Financial information about the company is available at www.lintv.com.
– financial tables follow –
LIN TV Corp.
Condensed Consolidated Statements of Operations
(unaudited)
| | Three months ended September 30, | | Nine months ended September 30, | |
| | 2008 | | 2007 | | 2008 | | 2007 | |
| | (in thousands, except per share data) | |
Net revenues | | $ | 98,804 | | $ | 93,740 | | $ | 295,571 | | $ | 287,297 | |
| | | | | | | | | |
Operating costs and expenses: | | | | | | | | | |
Direct operating | | 28,977 | | 29,016 | | 88,666 | | 86,353 | |
Selling, general and administrative | | 28,321 | | 26,928 | | 85,157 | | 84,188 | |
Amortization of program rights | | 5,856 | | 6,382 | | 17,620 | | 18,523 | |
Corporate | | 3,683 | | 5,844 | | 14,922 | | 16,374 | |
General operating expenses | | 66,837 | | 68,170 | | 206,365 | | 205,438 | |
| | | | | | | | | |
Depreciation, amortization and other operating charges (benefits): | | | | | | | | | |
Depreciation | | 7,308 | | 6,876 | | 22,125 | | 23,088 | |
Amortization of intangible assets | | 44 | | 523 | | 228 | | 1,669 | |
Impairment of goodwill and broadcast licenses | | — | | — | | 296,972 | | — | |
Restructuring benefit | | — | | (165 | ) | — | | (74 | ) |
Loss (gain) from asset dispositions | | 74 | | 679 | | (296 | ) | 1,382 | |
Operating income (loss) | | 24,541 | | 17,657 | | (229,823 | ) | 55,794 | |
| | | | | | | | | |
Other expense (income): | | | | | | | | | |
Interest expense, net | | 13,241 | | 15,567 | | 41,554 | | 49,213 | |
Share of expense (income) in equity investments | | (662 | ) | (420 | ) | (861 | ) | (1,172 | ) |
Gain on derivative instruments | | — | | (1,384 | ) | (375 | ) | (918 | ) |
Loss on extinguishment of debt | | 491 | | — | | 4,195 | | 551 | |
Other, net | | 1,036 | | 159 | | 997 | | (104 | ) |
Total other expense, net | | 14,106 | | 13,922 | | 45,510 | | 47,570 | |
| | | | | | | | | |
Income (loss) from continuing operations before provision for (benefit from) income taxes | | 10,435 | | 3,735 | | (275,333 | ) | 8,224 | |
Provision for (benefit from) income taxes | | 218 | | 1,177 | | (70,666 | ) | 3,155 | |
| | | | | | | | | |
Income (loss) from continuing operations | | 10,217 | | 2,558 | | (204,667 | ) | 5,069 | |
Discontinued operations: | | | | | | | | | |
(Loss) income from discontinued operations, net of (benefit from) provision for income taxes of $74 and $93 for the three months ended September 30, 2008 and 2007, respectively, and net of (benefit from) provision for income taxes of $215 and $(338) for the nine months ended September 30, 2008 and 2007, respectively | | (196 | ) | (324 | ) | 184 | | (1,256 | ) |
| | | | | | | | | |
(Loss) gain from the sale of discontinued operations, net of benefit from income taxes of $355 and $2,620 for the three and nine months ended September 30, 2007 | | — | | (501 | ) | — | | 22,166 | |
Net income (loss) | | $ | 10,021 | | $ | 1,733 | | $ | (204,483 | ) | $ | 25,979 | |
Basic income (loss) per common share: | | | | | | | | | |
Income (loss) from continuing operations | | $ | 0.20 | | $ | 0.05 | | $ | (4.04 | ) | $ | 0.10 | |
(Loss) income from discontinued operations, net of tax | | — | | (0.01 | ) | 0.01 | | (0.03 | ) |
(Loss) gain from the sale of discontinued operations, net of tax | | — | | (0.01 | ) | — | | 0.46 | |
Net income (loss) | | $ | 0.20 | | $ | 0.03 | | $ | (4.03 | ) | $ | 0.53 | |
Weighted - average number of common shares outstanding used in calculating basic (loss) income per common share | | 50,620 | | 49,687 | | 50,714 | | 49,300 | |
| | | | | | | | | |
Diluted income (loss) per common share: | | | | | | | | | |
Income (loss) from continuing operations | | $ | 0.20 | | $ | 0.05 | | $ | (4.04 | ) | $ | 0.11 | |
(Loss) income from discontinued operations, net of tax | | — | | (0.01 | ) | 0.01 | | (0.02 | ) |
(Loss) gain from the sale of discontinued operations, net of tax | | — | | (0.01 | ) | — | | 0.40 | |
Net income (loss) | | $ | 0.20 | | $ | 0.03 | | $ | (4.03 | ) | $ | 0.49 | |
| | | | | | | | | |
Weighted - average number of common shares outstanding used in calculating diluted (loss) income per common share | | 50,620 | | 51,232 | | 50,714 | | 54,792 | |
LIN TV Corp.
Condensed Consolidated Balance Sheets
(unaudited)
| | September 30, | | December 31, | |
| | 2008 | | 2007 | |
| | (in thousands, except share data) | |
| | | | | |
ASSETS | | | | | |
Current assets: | | | | | |
Cash and cash equivalents | | $ | 16,270 | | $ | 40,031 | |
Accounts receivable, less allowance for doubtful accounts (2008 - $1,723; 2007 - $1,640) | | 76,040 | | 87,301 | |
Program rights | | 3,751 | | 4,360 | |
Assets held for sale | | 501 | | 289 | |
Other current assets | | 6,647 | | 4,857 | |
Total current assets | | 103,209 | | 136,838 | |
Property and equipment, net | | 187,549 | | 191,250 | |
Deferred financing costs | | 9,673 | | 14,406 | |
Equity investments | | 53,693 | | 55,480 | |
Program rights | | 4,144 | | 6,776 | |
Goodwill | | 424,122 | | 535,418 | |
Broadcast licenses and other intangible assets, net | | 835,385 | | 1,021,290 | |
Assets held for sale | | 8,567 | | 9,180 | |
Other assets | | 7,936 | | 11,330 | |
Total assets | | $ | 1,634,278 | | $ | 1,981,968 | |
| | | | | |
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | | | | | |
Current liabilities: | | | | | |
Current portion of long-term debt | | $ | 21,600 | | $ | 24,300 | |
Accounts payable | | 4,593 | | 11,415 | |
Accrued compensation | | 8,495 | | 6,754 | |
Accrued interest expense | | 13,907 | | 5,018 | |
Accrued contract costs | | 6,360 | | 6,934 | |
Other accrued expenses | | 18,532 | | 13,573 | |
Program obligations | | 11,302 | | 11,944 | |
Liabilities held for sale | | 563 | | 549 | |
Total current liabilities | | 85,352 | | 80,487 | |
Long-term debt, excluding current portion | | 739,163 | | 808,476 | |
Deferred income taxes, net | | 303,680 | | 374,548 | |
Program obligations | | 6,626 | | 11,551 | |
Liabilities held for sale | | 41 | | 198 | |
Other liabilities | | 35,481 | | 41,564 | |
Total liabilities | | 1,170,343 | | 1,316,824 | |
| | | | | |
Preferred stock of Banks Broadcasting, Inc., $0.01 par value, 173,822 shares issued and outstanding at September 30, 2008 and December 31, 2007 | | 7,095 | | 9,046 | |
Stockholders’ equity: | | | | | |
Class A common stock, $0.01 par value, 100,000,000 shares authorized, 29,670,829 shares at September 30, 2008 and 29,130,173 shares at December 31, 2007, respectively, issued and outstanding | | 293 | | 292 | |
Class B common stock, $0.01 par value, 50,000,000 shares authorized, 23,502,059 shares at September 30, 2008 and December 31, 2007, issued and outstanding; convertible into an equal number of shares of Class A or Class C common stock | | 235 | | 235 | |
Class C common stock, $0.01 par value, 50,000,000 shares authorized, 2 shares at September 30, 2008 and December 31, 2007, respectively, issued and outstanding; convertible into an equal number of shares of Class A common stock | | — | | — | |
Treasury stock, 1,806,428 shares of Class A common stock at September 30, 2008 and December 31, 2007, at cost | | (18,005 | ) | (18,005 | ) |
Additional paid-in capital | | 1,101,354 | | 1,096,455 | |
Accumulated deficit | | (613,209 | ) | (408,726 | ) |
Accumulated other comprehensive loss | | (13,828 | ) | (14,153 | ) |
Total stockholders’ equity | | 456,840 | | 656,098 | |
Total liabilities, preferred stock and stockholders’ equity | | $ | 1,634,278 | | $ | 1,981,968 | |
LIN TV Corp.
Condensed Consolidated Statements of Cash Flows
(unaudited)
| | Nine months ended September 30, | |
| | 2008 | | 2007 | |
| | (in thousands) | |
OPERATING ACTIVITIES: | | | | | |
Net (loss) income | | $ | (204,483 | ) | $ | 25,979 | |
(Income) loss from discontinued operations | | (184 | ) | 1,256 | |
Gain from sale of discontinued operations | | — | | (22,166 | ) |
Adjustment to reconcile net (loss) income to net cash provided by operating activities: | | | | | |
Depreciation | | 22,125 | | 23,088 | |
Amortization of intangible assets | | 228 | | 1,669 | |
Impairment of goodwill and intangible assets | | 296,972 | | — | |
Amortization of financing costs and note discounts | | 4,782 | | 6,468 | |
Amortization of program rights | | 17,620 | | 18,523 | |
Program payments | | (19,909 | ) | (20,745 | ) |
Loss on extinguishment of debt | | 4,195 | | 551 | |
Gain on derivative instruments | | (375 | ) | (918 | ) |
Share of income in equity investments | | (861 | ) | (1,172 | ) |
Deferred income taxes, net | | (71,082 | ) | 11,215 | |
Stock-based compensation | | 3,583 | | 4,452 | |
(Gain) loss from asset dispositions | | (296 | ) | 1,382 | |
Other, net | | 400 | | (1,290 | ) |
Changes in operating assets and liabilities, net of acquisitions and disposals: | | | | | |
Accounts receivable | | 11,602 | | 2,575 | |
Other assets | | 2,104 | | 271 | |
Accounts payable | | (6,822 | ) | (2,547 | ) |
Accrued interest expense | | 8,889 | | 10,031 | |
Other accrued expenses | | (2,076 | ) | (14,710 | ) |
Net cash provided by operating activities, continuing operations | | 66,412 | | 43,912 | |
Net cash used in operating activities, discontinued operations | | (1,142 | ) | (16,966 | ) |
Net cash provided by operating activities | | 65,270 | | 26,946 | |
| | | | | |
INVESTING ACTIVITIES: | | | | | |
Capital expenditures | | (16,314 | ) | (9,074 | ) |
Distributions from equity investments | | 2,649 | | 2,806 | |
Payments for business combinations | | — | | (52,250 | ) |
Other investments, net | | 401 | | (620 | ) |
Net cash used in investing activities, continuing operations | | (13,264 | ) | (59,138 | ) |
Net cash (used in) provided by investing activities, discontinued operations | | (693 | ) | 135,791 | |
Net cash (used in) provided by investing activities | | (13,957 | ) | 76,653 | |
| | | | | |
FINANCING ACTIVITIES: | | | | | |
Net proceeds on exercises of employee stock options and phantom stock units and employee stock purchase plan issuances | | 1,183 | | 1,749 | |
Proceeds from borrowings on long-term debt | | 115,000 | | 60,000 | |
Principal payments on long-term debt | | (190,025 | ) | (145,000 | ) |
Payment of long-term debt financing costs | | (1,232 | ) | — | |
Net cash used in financing activities, continuing operations | | (75,074 | ) | (83,251 | ) |
Net cash used in financing activities | | (75,074 | ) | (83,251 | ) |
| | | | | |
Net (decrease) increase in cash and cash equivalents | | (23,761 | ) | 20,348 | |
Cash and cash equivalents at the beginning of the period | | 40,031 | | 12,329 | |
Cash and cash equivalents at the end of the period | | $ | 16,270 | | $ | 32,677 | |
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