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SECURITIES AND EXCHANGE COMMISSION
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware State or other jurisdiction of incorporation or organization | 31-1492857 (I.R.S. Employer Identification No.) |
511 Walnut Street
Cincinnati, Ohio 45202
(Address of principal executive offices) (Zip Code)
Title of each class | Name of each exchange on which registered | |
Common Stock, $.01 par value per share | None | |
Large accelerated filero | Accelerated filero | Non-accelerated filero | Smaller reporting companyþ | |||
(Do not check if a smaller reporting company) |
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Exhibit 31(a) | ||||||||
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Exhibit 32(b) |
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• | a greater use of radio advertising compared to the national average; | ||
• | lower overall susceptibility to fluctuations in general economic conditions due to a lower percentage of national versus local advertising revenues; | ||
• | greater growth potential for advertising revenues as national and regional retailers expand into mid-sized markets; and | ||
• | less direct format competition due to a smaller number of owners in any given market. |
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• | greater revenue and station operating income diversity; | ||
• | improved station operating income through the consolidation of facilities and the elimination of redundant expenses; | ||
• | enhanced revenue by offering advertisers a broader range of advertising packages; | ||
• | improved negotiating leverage with various key vendors; | ||
• | enhanced appeal to top industry management talent; and | ||
• | increased overall scale, which should facilitate our capital raising activities. |
• | assess format quality and effectiveness so that we can refine or change station formats in order to increase audience and revenue share; | ||
• | upgrade transmission, audio processing and studio facilities; | ||
• | expand and strengthen sales staff through active recruiting and in-depth training; |
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• | convert acquired stations to our communications network and centralized networked accounting system; and | ||
• | establish revenue and expense budgets consistent with the programming and sales strategy and corresponding cost adjustments. |
• | The abbreviation “MSA” in the table means the market’s rank among the largest metropolitan statistical areas in the United States. | ||
• | The abbreviation “REV” in the table means the ranking of the market by BIAfn’s estimate of 2009 market gross radio advertising revenues in the United States. | ||
• | In the Primary Demographic Target column, the letter “A” designates adults, the letter “W” designates women and the letter “M” designates men. The numbers following each letter designate the range of ages included within the demographic group. | ||
• | Station Cluster Rank by Market Revenue Share in the table is the ranking, by radio cluster market revenue, of each of our radio clusters in its market among all other radio clusters in that market. | ||
• | We obtained all metropolitan statistical area rank information, market revenue information and station cluster market rank information for all of our markets from Investing in Radio 2009 Market Report, published by BIA Publications, Inc. |
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• | We obtained all audience share information from the Fall 2009 Radio Market Report published by The Arbitron Company, the radio broadcast industry’s principal ratings service. We derived station cluster audience share based on persons ages 12 and over, listening Monday through Sunday, 6:00 a.m. to 12:00 midnight. | ||
• | N/A indicates the market has no MSA rank and is not rated by Arbitron. |
Station | ||||||||||||||
Cluster | Station | |||||||||||||
Rank by | Cluster | |||||||||||||
Station | Primary | Market | 12+ | |||||||||||
Radio Market/ | MSA | REV | Programming | Demographic | Revenue | Audience | ||||||||
Station Call Letters | Rank | Rank | Format | Target | Share | Share | ||||||||
Albany, NY | 63 | 58 | 3 | 16.0 | ||||||||||
WQBJ-FM | Adult Oriented Rock | M 18-49 | ||||||||||||
WQBK-FM | Adult Oriented Rock | M 18-49 | ||||||||||||
WBZZ-FM | Adult Contemporary | W 25-54 | ||||||||||||
WGNA-FM | Country | A 25-54 | ||||||||||||
WTMM-FM | Sports/Talk | M 25+ | ||||||||||||
Bloomington, IL | 241 | 185 | 1 | 27.8 | ||||||||||
WJBC-AM | News/Talk | A 35-54 | ||||||||||||
WBNQ-FM | Hot Adult Contemporary | W 25-54 | ||||||||||||
WBWN-FM | Country | A 25-54 | ||||||||||||
WJBC-FM | News/Talk | A 35-54 | ||||||||||||
WJEZ-FM | Adult Contemporary | W 25-54 | ||||||||||||
Buffalo, NY | 52 | 41 | 3 | 24.7 | ||||||||||
WYRK-FM | Country | A 25-54 | ||||||||||||
WJYE-FM | Adult Contemporary | W 25-54 | ||||||||||||
WBUF-FM | JACK Adult Hits | A 18-34 | ||||||||||||
WBLK-FM | Urban AC | A 25-54 | ||||||||||||
El Paso, TX | 76 | 74 | 2 | 12.6 | ||||||||||
KSII-FM | Hot Adult Contemporary | W 18-49 | ||||||||||||
KLAQ-FM | Rock | M 18-49 | ||||||||||||
KROD-AM | News/Talk | A 35+ | ||||||||||||
Evansville, IN | 163 | 129 | 2 | 34.0 | ||||||||||
WKDQ-FM | Country | A 25-54 | ||||||||||||
WJLT-FM | Oldies | A 35+ | ||||||||||||
WDKS-FM | CHR | A 18-34 | ||||||||||||
WGBF-FM | Active Rock | M 18-49 | ||||||||||||
WGBF-AM | News/Talk | A 35+ | ||||||||||||
Flint, MI | 127 | 126 | 1 | 20.4 | ||||||||||
WCRZ-FM | Adult Contemporary | W 25-54 | ||||||||||||
WWBN-FM | Active Rock | M 18-34 | ||||||||||||
WFNT-AM | Adult Standards | A 35+ | ||||||||||||
WRCL-FM | Rhythmic CHR | A 18-34 | ||||||||||||
WQUS-FM | Classic Rock | A 25-54 | ||||||||||||
WLCO-AM | Classic Country | A 35+ | ||||||||||||
Ft. Collins-Greeley, CO. | 120 | 158 | 1 | 15.6 | ||||||||||
KUAD-FM | Country | A 25-54 | ||||||||||||
KTRR-FM | Adult Contemporary | W 25-54 | ||||||||||||
KMAX-FM | Classic Hits | A 25-54 | ||||||||||||
KKPL-FM | Hot AC | W 18-49 | ||||||||||||
KARS-FM | Classic Rock | A 25-54 |
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Station | ||||||||||||||
Cluster | Station | |||||||||||||
Rank by | Cluster | |||||||||||||
Station | Primary | Market | 12+ | |||||||||||
Radio Market/ | MSA | REV | Programming | Demographic | Revenue | Audience | ||||||||
Station Call Letters | Rank | Rank | Format | Target | Share | Share | ||||||||
Grand Rapids, MI | 67 | 66 | 3 | 17.0 | ||||||||||
WLHT-FM | Adult Contemporary | W 25-54 | ||||||||||||
WGRD-FM | New Rock | M 18-49 | ||||||||||||
WTRV-FM | Soft Adult Contemporary | W 35+ | ||||||||||||
WNWZ-AM | Spanish | A 25-54 | ||||||||||||
WFGR-FM | Classic Hits | A 35+ | ||||||||||||
Lafayette, LA | 105 | 95 | 1 | 28.4 | ||||||||||
KPEL-FM | News/Talk | A 35+ | ||||||||||||
KTDY-FM | Adult Contemporary | W 25-54 | ||||||||||||
KHXT-FM | Rhythmic CHR | A 18-34 | ||||||||||||
KFTE-FM | Alternative | M 18-34 | ||||||||||||
KMDL-FM | Country | A 25-54 | ||||||||||||
KPEL-AM | Sports | M 35+ | ||||||||||||
KROF-AM | Oldies | A 35+ | ||||||||||||
Owensboro, KY | N/A | N/A | N/A | N/A | ||||||||||
WOMI-AM | News/Talk | A 35+ | ||||||||||||
WBKR-FM | Country | A 25-54 | ||||||||||||
Peoria, IL | 152 | 122 | 2 | 23.2 | ||||||||||
WVEL-AM | Gospel | A 35+ | ||||||||||||
WGLO-FM | Classic Rock | M 25-54 | ||||||||||||
WIXO-FM | Active Rock | A 18-34 | ||||||||||||
WZPW-FM | Rhythmic CHR | A 18-34 | ||||||||||||
WFYR-FM | Country | A 25-54 | ||||||||||||
St. Cloud, MN | 216 | 172 | 2 | 30.1 | ||||||||||
KMXK-FM | Hot Adult Contemporary | W 18-49 | ||||||||||||
WWJO-FM | Country | A 25-54 | ||||||||||||
WJON-AM | News/Talk | A 35+ | ||||||||||||
KLZZ-FM | Classic Rock | M 25-54 | ||||||||||||
KZRV-FM | Active Rock | M 18-34 | ||||||||||||
KXSS-AM | Sports | M 35+ | ||||||||||||
Utica-Rome, NY | 164 | 209 | 1 | 37.4 | ||||||||||
WODZ-FM | Oldies | A 35+ | ||||||||||||
WLZW-FM | Adult Contemporary | W 25-54 | ||||||||||||
WFRG-FM | Country | A 25-54 | ||||||||||||
WIBX-AM | News/Talk | A 35+ |
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• | the supply of, and demand for, radio advertising time; | ||
• | a station’s share of audiences in the demographic groups targeted by advertisers, as measured by ratings surveys estimating the number of listeners tuned to the station at various times; and | ||
• | the number of stations in the market competing for the same demographic groups. |
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• | assigns frequency bands for broadcasting; | ||
• | determines the particular frequencies, locations, operating powers and other technical parameters of stations; | ||
• | issues, renews, revokes, conditions and modifies station licenses; | ||
• | determines whether to approve changes in ownership or control of station licenses; | ||
• | regulates equipment used by stations; and | ||
• | adopts and implements regulations and policies that directly or indirectly affect the ownership, operation and employment practices of stations. |
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Expiration | ||||||||||||||||||
Date of | ||||||||||||||||||
Station Call | FCC | HAAT in | Power in | FCC | ||||||||||||||
Market | Letters | Class | Meters | Kilowatts | Frequency | License | ||||||||||||
Albany, NY | WQBJ-FM | B | 150 | 50.0 | 103.5 MHz | 06/01/14 | ||||||||||||
WQBK-FM | A | 92 | 6.0 | 103.9 MHz | 06/01/14 | |||||||||||||
WBZZ-FM | B1 | 187 | 7.1 | 105.7 MHz | 06/01/14 | |||||||||||||
WGNA-FM | B | 300 | 12.5 | 107.7 MHz | 06/01/14 | |||||||||||||
WTMM-FM | A | 107 | 5.0 | 104.5 MHz | 06/01/14 |
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Expiration | ||||||||||||||||||
Date of | ||||||||||||||||||
Station Call | FCC | HAAT in | Power in | FCC | ||||||||||||||
Market | Letters | Class | Meters | Kilowatts | Frequency | License | ||||||||||||
Bloomington, IL | WJBC-AM | C | N/A | 1.0 | 1230 kHz | 12/01/12 | ||||||||||||
WBNQ-FM | B | 142 | 50.0 | 101.5 MHz | 12/01/12 | |||||||||||||
WBWN-FM | B1 | 100 | 25.0 | 104.1 MHz | 12/01/12 | |||||||||||||
WJBC-FM | B1 | 144 | 12.0 | 93.7 MHz | 12/01/12 | |||||||||||||
WJEZ-FM | A | 149 | 1.3 | 98.9 MHz | 12/01/12 | |||||||||||||
Buffalo, NY | WYRK-FM | B | 142 | 50.0 | 106.5 MHz | 06/01/14 | ||||||||||||
WJYE-FM | B | 154 | 47.0 | 96.1 MHz | 06/01/14 | |||||||||||||
WBUF-FM | B | 195 | 76.0 | 92.9 MHz | 06/01/14 | |||||||||||||
WBLK-FM | B | 154 | 47.0 | 93.7 MHz | 06/01/14 | |||||||||||||
El Paso, TX | KSII-FM | C | 433 | 100.0 | 93.1 MHz | 08/01/13 | ||||||||||||
KLAQ-FM | C | 424 | 100.0 | 95.5 MHz | 08/01/13 | |||||||||||||
KROD-AM | B | N/A | 5.0 | 600 kHz | 08/01/13 | |||||||||||||
Evansville, IN | WKDQ-FM | C | 300 | 100.0 | 99.5 MHz | 08/01/12 | ||||||||||||
WDKS-FM | A | 100 | 6.0 | 106.1 MHz | 08/01/12 | |||||||||||||
WJLT-FM | B | 150 | 50.0 | 105.3 MHz | 08/01/12 | |||||||||||||
WGBF-FM | A | 138 | 3.2 | 103.1 MHz | 08/01/12 | |||||||||||||
WGBF-AM | B | N/A | 5.0 daytime 1.0 night | 1280 kHz | 08/01/12 | |||||||||||||
Flint, MI | WCRZ-FM | B | 101 | 50.0 | 107.9 MHz | 10/01/12 | ||||||||||||
WWBN-FM | A | 149 | 1.8 | 101.5 MHz | 10/01/12 | |||||||||||||
WFNT-AM | B | N/A | 5.0 daytime 1.0 night | 1470 kHz | 10/01/12 | |||||||||||||
WRCL-FM | A | 133 | 3.5 | 93.7 MHz | 10/01/12 | |||||||||||||
WQUS-FM | A | 91 | 3.0 | 103.1 MHz | 10/01/12 | |||||||||||||
WLCO-AM | B | N/A | 5.0 daytime | 1530 kHz | 10/01/12 | |||||||||||||
Ft. Collins-Greeley, CO | KUAD-FM | C1 | 255 | 100.0 | 99.1 MHz | 04/01/13 | ||||||||||||
KTRR-FM | C2 | 234 | 17.0 | 102.5 MHz | 04/01/13 | |||||||||||||
KMAX-FM | C3 | 168 | 8.7 | 94.3 MHz | 04/01/13 | |||||||||||||
KKPL-FM | C2 | 150 | 50.0 | 99.9 MHz | 10/01/13 | |||||||||||||
KARS-FM1 | C | 372 | 100.0 | 102.9 MHz | 10/01/13 |
1 | Upon consummation of the assignment of the licenses from the trust which currently holds them to the Company, the license and assets for this station will be divested to a divestiture trust for eventual sale. |
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Expiration | ||||||||||||||||||||||||
Date of | ||||||||||||||||||||||||
Station Call | FCC | HAAT in | Power in | FCC | ||||||||||||||||||||
Market | Letters | Class | Meters | Kilowatts | Frequency | License | ||||||||||||||||||
Grand Rapids, MI | WLHT-FM | B | 168 | 40.0 | 95.7 MHz | 10/01/12 | ||||||||||||||||||
WGRD -FM | B | 180 | 13.0 | 97.9 MHz | 10/01/12 | |||||||||||||||||||
WTRV-FM | A | 92 | 3.5 | 100.5 MHz | 10/01/12 | |||||||||||||||||||
WNWZ -AM | D | N/A | 1.0 daytime .048 night | 1410 kHz | 10/01/12 | |||||||||||||||||||
WFGR-FM | A | 150 | 2.75 | 98.7 MHz | 10/01/12 | |||||||||||||||||||
Lafayette, LA | KMDL-FM | C2 | 171 | 38.0 | 97.3 MHz | 06/01/12 | ||||||||||||||||||
KHXT-FM | C1 | 263 | 100.0 | 107.9 MHz | 06/01/12 | |||||||||||||||||||
KFTE-FM | C2 | 163 | 42.0 | 96.5 MHz | 06/01/12 | |||||||||||||||||||
KTDY-FM | C | 300 | 100.0 | 99.9 MHz | 06/01/12 | |||||||||||||||||||
KPEL-FM2 | C3 | 89 | 25.0 | 105.1 MHz | 06/01/12 | |||||||||||||||||||
KPEL-AM | B | N/A | 1.0 daytime | 1420 kHz | 06/01/12 | |||||||||||||||||||
0.75 night | ||||||||||||||||||||||||
KROF-AM | D | N/A | 1.0 daytime | 960 kHz | 06/01/12 | |||||||||||||||||||
.095 night | ||||||||||||||||||||||||
Owensboro, KY | WOMI-AM | C | N/A | 0.83 | 1490 kHz | 08/01/12 | ||||||||||||||||||
WBKR-FM | C | 320 | 91.0 | 92.5 MHz | 08/01/12 | |||||||||||||||||||
Peoria, IL | WGLO-FM | B1 | 189 | 7.0 | 95.5 MHz | 12/01/12 | ||||||||||||||||||
WZPW-FM | B1 | 114 | 19.0 | 92.3 MHz | 12/01/12 | |||||||||||||||||||
WVEL-AM | D | N/A | 5.0 daytime | 1140 kHz | 12/01/12 | |||||||||||||||||||
WFYR-FM | B1 | 103 | 23.5 | 97.3 MHz | 12/01/12 | |||||||||||||||||||
WIXO-FM | B | 169 | 32.0 | 105.7 MHz | 12/01/12 | |||||||||||||||||||
St. Cloud, MN | KMXK-FM | C2 | 150 | 50.0 | 94.9 MHz | 04/01/13 | ||||||||||||||||||
WJON-AM | C | N/A | 1.0 | 1240 kHz | 04/01/13 | |||||||||||||||||||
WWJO-FM | C | 305 | 100.0 | 98.1 MHz | 04/01/13 | |||||||||||||||||||
KZRV-FM | C2 | 138 | 50.0 | 96.7 MHz | 04/01/13 | |||||||||||||||||||
KLZZ-FM | C3 | 126 | 9.0 | 103.7 MHz | 04/01/13 | |||||||||||||||||||
KXSS-AM | B | N/A | 2.5 daytime | 1390 kHz | 04/01/13 | |||||||||||||||||||
1.0 night | ||||||||||||||||||||||||
Utica-Rome, NY | WODZ-FM | B1 | 184 | 7.4 | 96.1 MHz | 06/01/14 | ||||||||||||||||||
WLZW-FM | B | 201 | 25.0 | 98.7 MHz | 06/01/14 | |||||||||||||||||||
WFRG-FM | B | 151 | 100.0 | 104.3 MHz | 06/01/14 | |||||||||||||||||||
WIBX-AM | B | N/A | 5.0 | 950 kHz | 06/01/14 |
2 | Upon consummation of the assignment of the licenses from the trust which currently holds them to the Company, the license and assets for this station will be divested to a divestiture trust for eventual sale. |
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• | compliance with the various rules limiting common ownership of media properties in a given market; | ||
• | the character of the licensee and those persons holding attributable interests in the licensee; and | ||
• | compliance with the Communications Act’s limitations on alien ownership as well as compliance with other FCC regulations and policies. |
• | in markets with 45 or more radio stations, ownership is limited to eight commercial stations, no more than five of which can be either AM or FM; | ||
• | in markets with 30 to 44 radio stations, ownership is limited to seven commercial stations, no more than four of which can be either AM or FM; | ||
• | in markets with 15 to 29 radio stations, ownership is limited to six commercial stations, no more than four of which can be either AM or FM; and | ||
• | in markets with 14 or fewer radio stations, ownership is limited to five commercial stations or no more than 50.0% of the market’s total, whichever is lower, and no more than three of which can be either AM or FM. |
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• | in markets where 20 media voices will remain after the consummation of the proposed transaction, an owner may own an additional five radio stations, or, if the owner only has one television station, an additional six radio stations; and | ||
• | in markets where ten media voices will remain after the consummation of the proposed transaction, an owner may own an additional three radio stations. |
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• | proposals to impose regulatory, spectrum use or other fees on FCC licensees; | ||
• | proposals regarding streaming fees for radio; | ||
• | changes to foreign ownership rules for broadcast licenses; | ||
• | revisions to political broadcasting rules, including requirements that broadcasters provide free air time to candidates; | ||
• | technical and frequency allocation matters; | ||
• | proposals to restrict or prohibit the advertising of beer, wine and other alcoholic beverages; | ||
• | further changes in the FCC’s attribution and multiple ownership policies; | ||
• | changes to broadcast technical requirements; and | ||
• | proposals to limit the tax deductibility of advertising expenses by advertisers. |
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• | changing economic conditions, both generally and relative to the radio broadcasting industry; | ||
• | shifts in population, listenership, demographics, or audience tastes; | ||
• | the level of competition for advertising revenues with other radio stations, satellite radio, television stations, newspapers, internet-based media, and other communications media; | ||
• | technological changes and innovations; | ||
• | the potential future imposition of fees or charges specific to the broadcasting industry; and | ||
• | changes in governmental regulations and policies and actions of federal regulatory bodies, including the U.S. Department of Justice, the Federal Trade Commission, and the Federal Communications Commission (FCC). |
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• | potential inability to obtain financing for acquisitions; |
• | reduction in the number of suitable acquisition targets resulting from continued industry consolidation; |
• | state of general broadcast industry valuations; |
• | inability to negotiate definitive purchase agreements on satisfactory terms; |
• | current adverse credit conditions; |
• | inability to sell any under-performing station; and |
• | failure or unanticipated delays in completing acquisitions due to difficulties in obtaining required regulatory approvals. |
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• | satellite-delivered digital audio radio service, which has resulted in the introduction of new subscriber-based satellite radio services with numerous niche formats; |
• | audio programming by cable systems, direct-broadcast satellite systems, personal communications systems, internet content providers and other digital audio broadcast formats; |
• | in-band on-channel digital radio, which provides multi-channel, multi-format digital radio services in the same bandwidth currently occupied by traditional AM and FM radio services; |
• | low-powered FM radio, which could result in additional FM radio broadcast outlets; and |
• | MP3 players and other personal audio systems that create new ways for individuals to listen to music and other content of their own choosing. |
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High | Low | |||||||
2009 | ||||||||
First quarter | $ | 0.22 | $ | 0.08 | ||||
Second quarter | $ | 0.30 | $ | 0.10 | ||||
Third quarter | $ | 0.54 | $ | 0.16 | ||||
Fourth quarter | $ | 0.82 | $ | 0.18 | ||||
2008 | ||||||||
First quarter | $ | 1.60 | $ | 0.85 | ||||
Second quarter | $ | 1.34 | $ | 0.82 | ||||
Third quarter | $ | 1.08 | $ | 0.46 | ||||
Fourth quarter | $ | 0.89 | $ | 0.07 |
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Approximate | ||||||||||||||||
Total Number of | Dollar Value of | |||||||||||||||
Total Number | Shares Purchased | Shares that May | ||||||||||||||
of Shares | Average Price Paid | as Part of Publicly | Yet be Purchased | |||||||||||||
Period | Purchased | per Share | Announced Plan(1) | Under the Plan(1) | ||||||||||||
(in thousands) | ||||||||||||||||
October 1, 2009 – October 31, 2009 | 2,080 | (2) | $ | 0.65 | 0 | $ | 1,593 | |||||||||
November 1, 2009 – November 30, 2009 | 0 | — | 0 | $ | 1,593 | |||||||||||
December 1, 2009 – December 31, 2009 | 0 | — | 0 | $ | 1,593 | |||||||||||
Total | 2,080 | $ | 0.65 | 0 | $ | 1,593 |
(1) | On June 1, 2000, Regent’s Board of Directors approved a stock buyback program which authorized the Company to repurchase shares of its common stock at certain market price levels. Through December 31, 2009, the Board has authorized the Company to repurchase approximately $56.7 million of Regent common stock, of which amount the Company has utilized approximately $55.1 million, leaving available repurchases of approximately $1.6 million, subject to the terms and conditions of the Company’s credit agreement. There were no repurchases of common stock under the program during 2009. | |
(2) | Represents shares of common stock surrendered for the payment of employee withholding taxes related to the vesting of shares granted under The Regent Communications, Inc. 2005 Incentive Compensation Plan. |
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SELECTED CONSOLIDATED FINANCIAL DATA (In thousands, except per share data) YEAR ENDED DECEMBER 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
OPERATING RESULTS(1) (3): | ||||||||||||||||||||
Net broadcast revenues | $ | 84,141 | $ | 96,340 | $ | 97,912 | $ | 82,706 | $ | 76,439 | ||||||||||
Operating loss | (30,686 | ) | (43,333 | ) | (141,681 | ) | (31,465 | ) | (8,020 | ) | ||||||||||
Loss from continuing operations before income taxes | (43,770 | ) | (65,013 | ) | (163,431 | ) | (36,956 | ) | (11,380 | ) | ||||||||||
Loss from continuing operations | (43,982 | ) | (119,402 | ) | (102,870 | ) | (22,522 | ) | (7,558 | ) | ||||||||||
Net income (loss) from discontinued operations | — | 411 | 296 | (4,074 | ) | 919 | ||||||||||||||
Net loss | $ | (43,982 | ) | $ | (118,991 | ) | $ | (102,574 | ) | $ | (26,596 | ) | $ | (6,639 | ) | |||||
NET LOSS PER COMMON SHARE: | ||||||||||||||||||||
Basic: | ||||||||||||||||||||
Loss from continuing operations | $ | (1.08 | ) | $ | (3.07 | ) | $ | (2.69 | ) | $ | (0.57 | ) | $ | (0.17 | ) | |||||
Income (loss) from discontinued operations | — | 0.01 | 0.01 | (0.10 | ) | 0.02 | ||||||||||||||
Net loss | $ | (1.08 | ) | $ | (3.06 | ) | $ | (2.68 | ) | $ | (0.67 | ) | $ | (0.15 | ) | |||||
Weighted average number of common shares used in basic calculation | 40,588 | 38,872 | 38,308 | 39,807 | 43,214 | |||||||||||||||
Diluted: | ||||||||||||||||||||
Loss from continuing operations | $ | (1.08 | ) | $ | (3.07 | ) | $ | (2.69 | ) | $ | (0.57 | ) | $ | (0.17 | ) | |||||
Income (loss) from discontinued operations | — | 0.01 | 0.01 | (0.10 | ) | 0.02 | ||||||||||||||
Net loss | $ | (1.08 | ) | $ | (3.06 | ) | $ | (2.68 | ) | $ | (0.67 | ) | $ | (0.15 | ) | |||||
Weighted average number of common shares used in fully diluted calculation:(2) | 40,588 | 38,872 | 38,308 | 39,807 | 43,214 | |||||||||||||||
DECEMBER 31, | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
BALANCE SHEET DATA(1) (3): | ||||||||||||||||||||
Current assets | $ | 25,756 | $ | 16,880 | $ | 25,813 | $ | 22,721 | $ | 16,053 | ||||||||||
Total assets | 165,887 | 205,284 | 339,250 | 451,645 | 374,481 | |||||||||||||||
Current liabilities | 206,769 | 191,866 | 12,175 | 9,311 | 12,441 | |||||||||||||||
Long-term debt and capital leases, less current portion | 128 | 126 | 202,866 | 213,923 | 78,349 | |||||||||||||||
Total stockholders’ (deficit) equity | (43,318 | ) | (126 | ) | 117,614 | 219,160 | 262,056 |
(1) | Acquisitions and dispositions affect comparability among years (see Note 3 in Notes to Consolidated Financial Statements, as well as our prior Annual Reports on Form 10-K). | |
(2) | Shares for fully diluted are the same as basic in years 2009, 2008, 2007, 2006 and 2005, as the effect of outstanding common stock options and warrants was antidilutive in those years. In 2009, we implemented accounting guidance related to participating securities. There was no impact to our computation of earnings per share for any period shown in the table above, as we recorded a net loss in each period presented. | |
(3) | Impairment of indefinite-lived intangible assets recorded in 2009, 2008, 2007, 2006 and 2005 will affect comparability among years (see Note 8 in Notes to Consolidated Financial Statements, as well as our prior Annual Reports on Form 10-K). |
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• | Over the past year, Regent, like many radio, television and newspaper companies, has experienced declining profitability as a result of the cyclical economic downturn and secular changes in the industry. Like its competitors, Regent derives substantially all of its revenue from advertising. The financial crisis, with its particular impact on consumer driven segments, has had a significant negative impact on advertising. Significant sources of Regent’s advertising revenues relate to several beleaguered consumer driven sectors, such as auto, financial services and entertainment. In addition, advertising has decreased due to other factors such as the shift in advertising expenditures to online media. |
• | We performed our annual impairment analysis on our indefinite-lived intangible assets and goodwill during the fourth quarter of 2009. Based primarily on decreases in the long term market revenue growth rates, we determined that the fair value of goodwill and FCC licenses for certain markets were less than the carrying values recorded in our financial statements. Consequently, we recorded a pre-tax impairment charge of $11.8 million for FCC licenses and approximately $1.0 million for goodwill. |
• | As a result of lower long-term interest rates at the end of 2009, we recorded an unrealized loss of approximately $3.2 million related to the interest rate swap agreements we had in place on the term loan portions of our credit agreement. In addition, we recorded a realized loss of approximately $6.1 million in 2009 related to lower short-term interest rates compared to our fixed interest rates. At December 31, 2009 the value of the swaps was approximately $7.8 million. |
• | In the second half of 2009, we and our advisors, Bank of America, N.A., in its capacity as Administrative Agent, BMO Capital Markets, General Electric Capital Corporation, various affiliates of Oaktree Capital Management, L.P., SunTrust Robinson Humphrey and Wells Fargo Foothill, among others, engaged in ongoing negotiations and analyses concerning a restructuring of our business. In late February 2010, we and holders of at least 76.3% of the principal amount of the loans outstanding under the credit agreement and counter parties to our interest rate swap agreements agreed on detailed terms regarding the parameters of a global financial restructuring in the form of a Chapter 11 plan of reorganization, which would result in the elimination of approximately $86.7 million in indebtedness in 2010. |
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• | On March 1, 2010, the Company and its wholly owned subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code, in the United States Bankruptcy Court for the District of Delaware. From the period commencing from March 1, 2010 and through the Effective Date (as defined below), we operated our businesses and managed our properties as debtors-in-possession, subject to the jurisdiction of the bankruptcy court and in accordance with the applicable provisions of the Bankruptcy Code. On March 22, 2010 we filed a First Amended Disclosure Statement and a First Amended Joint Plan of Reorganization with the bankruptcy court. On April 12, 2010, the Bankruptcy Court entered an order confirming the Plan as modified by the Court’s order. On April 27, 2010 (the “Effective Date”) we satisfied all of the conditions of the Plan and emerged from the Chapter 11 Cases. On the Effective Date, the Company issued 100% of its new common stock, as reorganized under the Plan, to U.S. holders of first lien debt claims under the old credit agreement and the swap agreements, and warrants to purchase new common stock to non-U.S. holders of such claims, each on a basis pro rata to the amount of their claims. |
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(Decrease) | ||||||||
increase in net | ||||||||
broadcast | % | |||||||
revenue | Change | |||||||
Local revenue | $ | (8,662 | ) | (10.9 | )% | |||
National revenue | (2,038 | ) | (20.6 | )% | ||||
Political revenue | (1,557 | ) | (81.6 | )% | ||||
Barter revenue | 127 | 3.6 | % | |||||
Other | (68 | ) | (4.9 | )% | ||||
Net broadcast revenue variance | $ | (12,198 | ) | (12.7 | )% | |||
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Decrease | ||||||||
(increase) in | ||||||||
station operating | % | |||||||
expense | Change | |||||||
Technical expense | $ | 217 | 6.4 | % | ||||
Programming expense | 694 | 4.0 | % | |||||
Promotion expense | 687 | 32.4 | % | |||||
Interactive expense | (62 | ) | (4.9 | )% | ||||
Sales expense | 1,710 | 8.9 | % | |||||
Administrative expense | 952 | 6.4 | % | |||||
Barter expense | (112 | ) | (3.2 | %) | ||||
Station operating expense variance | $ | 4,086 | 6.7 | % | ||||
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2009 | 2008 | |||||||
Net broadcast revenue | — | $ | 182 | |||||
Station operating expense | — | 156 | ||||||
Depreciation and amortization expense | — | — | ||||||
Allocated interest expense | — | 15 | ||||||
Gain on sale of radio stations | — | (638 | ) | |||||
Gain before income taxes | — | 649 | ||||||
Income tax expense | — | (238 | ) | |||||
Net income | — | $ | 411 | |||||
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(Decrease) | ||||||||
increase in net | ||||||||
broadcast | % | |||||||
revenue | Change | |||||||
Local revenue | $ | (1,248 | ) | (1.6 | )% | |||
National revenue | (1,588 | ) | (13.8 | )% | ||||
Political revenue | 1,320 | 224.1 | % | |||||
Barter revenue | (33 | ) | (0.9 | )% | ||||
Other | (23 | ) | (1.0 | )% | ||||
Net broadcast revenue variance | $ | (1,572 | ) | (1.6 | )% | |||
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Decrease | ||||||||
(increase) in | ||||||||
station operating | % | |||||||
expense | Change | |||||||
Technical expense | $ | 155 | 4.4 | % | ||||
Programming expense | 383 | 2.2 | % | |||||
Promotion expense | 1,136 | 34.9 | % | |||||
Interactive expense | (522 | ) | (71.0 | )% | ||||
Sales expense | 549 | 2.8 | % | |||||
Administrative expense | (3 | ) | (0.0 | )% | ||||
Barter expense | 8 | 0.2 | % | |||||
Station operating expense variance | $ | 1,706 | 2.7 | % | ||||
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2008 | 2007 | |||||||
Net broadcast revenue | $ | 182 | $ | 2,410 | ||||
Station operating expense | 156 | 1,739 | ||||||
Depreciation and amortization expense | — | 91 | ||||||
Allocated interest expense | 15 | 145 | ||||||
Gain on sale of radio stations | (638 | ) | (49 | ) | ||||
Gain before income taxes | 649 | 484 | ||||||
Income tax expense | (238 | ) | (188 | ) | ||||
Net income | $ | 411 | $ | 296 | ||||
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Total | ||||||||||||
Term Loan | Revolver | Paydowns | ||||||||||
2010 | $ | 712,500 | $ | 0 | $ | 712,500 |
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Index to Financial Statements
Page | ||||
Financial Statements: | ||||
58 | ||||
59 | ||||
60 | ||||
61 | ||||
62 | ||||
63 | ||||
64 | ||||
Financial Statement Schedule: | ||||
For each of the three years in the period ended December 31, 2009: | ||||
97 |
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• | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; |
• | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorization of management and directors of the Company; and |
• | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements. |
/s/ Steven Price | ||
/s/ Stuart Rosenstein |
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/s/ Deloitte & Touche LLP | ||
May 14, 2010 |
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YEAR ENDED DECEMBER 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
Broadcast revenues, net of agency commissions of $8,339, $10,044 and $10,291 for the years ended December 31, 2009, 2008 and 2007, respectively | $ | 84,141 | $ | 96,340 | $ | 97,912 | ||||||
Station operating expenses | 57,272 | 61,358 | 63,064 | |||||||||
Depreciation and amortization | 3,804 | 4,157 | 4,982 | |||||||||
Corporate general and administrative expenses | 9,085 | 6,876 | 7,296 | |||||||||
Activist defense costs | — | — | 599 | |||||||||
Impairment of indefinite-lived intangible assets and goodwill | 44,620 | 67,522 | 163,600 | |||||||||
Gain on sale of radio stations | — | (507 | ) | — | ||||||||
Loss on sale of long-lived assets and other | 46 | 267 | 52 | |||||||||
Operating loss | (30,686 | ) | (43,333 | ) | (141,681 | ) | ||||||
Interest expense | (10,283 | ) | (11,818 | ) | (16,757 | ) | ||||||
Realized and unrealized (loss) gain on derivatives | (2,936 | ) | (8,717 | ) | (5,155 | ) | ||||||
Impairment of note receivable and other, net | 135 | (1,145 | ) | 162 | ||||||||
Loss from continuing operations before income taxes | (43,770 | ) | (65,013 | ) | (163,431 | ) | ||||||
Income tax (expense) benefit | (212 | ) | (54,389 | ) | 60,561 | |||||||
Loss from continuing operations | (43,982 | ) | (119,402 | ) | (102,870 | ) | ||||||
Discontinued operations: | ||||||||||||
Results from operations of discontinued operations, net of income taxes | — | 7 | 266 | |||||||||
Gain on sale of discontinued operations, net of income taxes | — | 404 | 30 | |||||||||
Gain on discontinued operations, net of income taxes | — | 411 | 296 | |||||||||
NET LOSS | $ | (43,982 | ) | $ | (118,991 | ) | $ | (102,574 | ) | |||
BASIC AND DILUTED LOSS PER COMMON SHARE: | ||||||||||||
Loss from continuing operations | $ | (1.08 | ) | $ | (3.07 | ) | $ | (2.69 | ) | |||
Discontinued operations | — | 0.01 | 0.01 | |||||||||
Net loss | $ | (1.08 | ) | $ | (3.06 | ) | $ | (2.68 | ) | |||
Weighted average number of common shares used in basic and diluted calculation | 40,588 | 38,872 | 38,308 |
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DECEMBER 31, | ||||||||
2009 | 2008 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 9,888 | $ | 1,094 | ||||
Restricted cash | 300 | — | ||||||
Accounts receivable, net of allowance of $512 and $527 at December 31, 2009 and 2008, respectively | 12,794 | 13,914 | ||||||
Assets held for sale | 156 | 156 | ||||||
Other current assets | 2,618 | 1,716 | ||||||
Total current assets | 25,756 | 16,880 | ||||||
Property and equipment, net | 29,538 | 32,651 | ||||||
Intangible assets, net | 97,729 | 135,252 | ||||||
Goodwill | 11,172 | 18,392 | ||||||
Deferred tax assets | — | — | ||||||
Other assets | 1,692 | 2,109 | ||||||
Total assets | $ | 165,887 | $ | 205,284 | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
Current liabilities: | ||||||||
Current portion of long-term debt | $ | 187,730 | $ | 185,128 | ||||
Accounts payable | 1,386 | 1,329 | ||||||
Accrued compensation | 967 | 1,399 | ||||||
Other current liabilities | 16,686 | 4,010 | ||||||
Total current liabilities | 206,769 | 191,866 | ||||||
Long-term debt, less current portion | — | — | ||||||
Other long-term liabilities | 2,436 | 13,544 | ||||||
Total liabilities | 209,205 | 205,410 | ||||||
Commitments and Contingencies (Note 14) | ||||||||
Stockholders’ deficit: | ||||||||
Common stock, $.01 par value, 100,000,000 shares authorized; 50,082,342 and 49,151,642 shares issued at December 31, 2009 and 2008, respectively | 501 | 492 | ||||||
Treasury stock, 7,774,163 and 9,169,465 shares, at cost at December 31, 2009 and 2008, respectively | (40,780 | ) | (49,203 | ) | ||||
Additional paid-in capital | 339,331 | 346,973 | ||||||
Accumulated deficit | (342,370 | ) | (298,388 | ) | ||||
Total stockholders’ deficit | (43,318 | ) | (126 | ) | ||||
Total liabilities and stockholders’ deficit | $ | 165,887 | $ | 205,284 | ||||
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YEAR ENDED DECEMBER 31, | ||||||||||||
2009 | 2008 | 2007 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net loss | $ | (43,982 | ) | $ | (118,991 | ) | $ | (102,574 | ) | |||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||
Impairment of indefinite-lived intangible assets and goodwill | 44,620 | 67,522 | 163,600 | |||||||||
Depreciation and amortization | 3,804 | 4,157 | 5,073 | |||||||||
Provision for doubtful accounts | 694 | 446 | 286 | |||||||||
Deferred income tax expense (benefit) | — | 54,326 | (60,590 | ) | ||||||||
Non-cash interest expense | 465 | 582 | 556 | |||||||||
Non-cash charge for compensation | 690 | 1,155 | 1,124 | |||||||||
Unrealized (gain) loss on derivatives | (3,190 | ) | 6,540 | 6,150 | ||||||||
Gain on sale of radio stations, net | — | (1,155 | ) | (49 | ) | |||||||
(Gain) loss on sale of long-lived assets | (87 | ) | 179 | 52 | ||||||||
Impairment of note receivable and other, net | 39 | 996 | (105 | ) | ||||||||
Changes in operating assets and liabilities, net of acquisitions and dispositions: | ||||||||||||
Accounts receivable | 448 | 1,380 | 458 | |||||||||
Other assets | (1,001 | ) | 21 | (309 | ) | |||||||
Current and long-term liabilities | 4,512 | (1,772 | ) | (60 | ) | |||||||
Net cash provided by operating activities | 7,012 | 15,386 | 13,612 | |||||||||
Cash flows from investing activities: | ||||||||||||
Acquisitions of radio stations, acquisition-related costs, and escrow deposits on pending acquisitions, net of cash acquired | — | — | (4,630 | ) | ||||||||
Capital expenditures | (645 | ) | (2,375 | ) | (3,064 | ) | ||||||
Proceeds from the sale of radio stations | — | 7,888 | — | |||||||||
Investment in restricted cash | (300 | ) | — | — | ||||||||
Proceeds from sale of long-lived assets and other | 245 | 136 | 67 | |||||||||
Net cash (used in) provided by investing activities | (700 | ) | 5,649 | (7,627 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Proceeds from issuance of common stock | 10 | 71 | 165 | |||||||||
Proceeds from borrowings of long-term debt | 13,500 | 10,000 | 5,500 | |||||||||
Principal payments on long-term debt | (10,898 | ) | (31,222 | ) | (14,150 | ) | ||||||
Payment of financing costs | — | — | (175 | ) | ||||||||
Treasury stock purchases | (16 | ) | (68 | ) | (84 | ) | ||||||
Repayment of capital lease obligations | (114 | ) | (113 | ) | (100 | ) | ||||||
Net cash provided by (used in) financing activities | 2,482 | (21,332 | ) | (8,844 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 8,794 | (297 | ) | (2,859 | ) | |||||||
Cash and cash equivalents at beginning of year | 1,094 | 1,391 | 4,250 | |||||||||
Cash and cash equivalents at end of year | $ | 9,888 | $ | 1,094 | $ | 1,391 | ||||||
Supplemental schedule of non-cash investing and financing activities: | ||||||||||||
Capital lease obligations for property and equipment | $ | 129 | $ | 61 | $ | 221 | ||||||
Accrued capital expenditures | $ | 0 | $ | 37 | $ | 108 | ||||||
Supplemental data: | ||||||||||||
Cash paid for interest | $ | 6,892 | $ | 11,542 | $ | 16,646 | ||||||
Cash paid for income taxes | $ | 238 | $ | 124 | $ | 184 | ||||||
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Accumulated | Total | |||||||||||||||||||||||
Additional | Other | Stockholders’ | ||||||||||||||||||||||
Common | Treasury | Paid-In | Accumulated | Comprehensive | (Deficit) | |||||||||||||||||||
Stock | Stock | Capital | Deficit | Loss | Equity | |||||||||||||||||||
Balance, December 31, 2006 | $ | 483 | $ | (53,099 | ) | $ | 348,518 | $ | (76,742 | ) | $ | — | $ | 219,160 | ||||||||||
Cumulative effect of FIN 48 adoption | — | — | — | (81 | ) | — | (81 | ) | ||||||||||||||||
Issuance of 270,900 nonvested shares, net of forfeitures | 3 | — | (3 | ) | — | — | — | |||||||||||||||||
Amortization of nonvested shares | — | — | 508 | — | — | 508 | ||||||||||||||||||
Issuance of 160,449 shares of treasury stock for 401(k) match | — | 826 | (336 | ) | — | — | 490 | |||||||||||||||||
Issuance of 76,443 shares of treasury stock for employee stock purchase plan | — | 387 | (222 | ) | — | — | 165 | |||||||||||||||||
Purchase of 28,771 shares of treasury stock | — | (84 | ) | — | — | — | (84 | ) | ||||||||||||||||
Stock-based compensation expense related to employee stock purchase plan | — | — | 30 | — | — | 30 | ||||||||||||||||||
Net loss | — | — | — | (102,574 | ) | — | (102,574 | ) | ||||||||||||||||
Balance, December 31, 2007 | 486 | (51,970 | ) | 348,495 | (179,397 | ) | — | 117,614 | ||||||||||||||||
Issuance of 536,450 nonvested shares, net of forfeitures | 6 | — | (6 | ) | — | — | — | |||||||||||||||||
Stock bonus award (54,923 shares) | — | 258 | (183 | ) | — | — | 75 | |||||||||||||||||
Amortization of nonvested shares | — | — | 641 | — | — | 641 | ||||||||||||||||||
Issuance of 491,827 shares of treasury stock for 401(k) match | — | 2,218 | (1,707 | ) | — | — | 511 | |||||||||||||||||
Issuance of 78,506 shares of treasury stock for employee stock purchase plan | — | 359 | (288 | ) | — | — | 71 | |||||||||||||||||
Purchase of 49,626 shares of treasury stock | — | (68 | ) | — | — | — | (68 | ) | ||||||||||||||||
Stock-based compensation expense related to employee stock purchase plan | — | — | 21 | — | — | 21 | ||||||||||||||||||
Net loss | — | — | — | (118,991 | ) | — | (118,991 | ) | ||||||||||||||||
Balance, December 31, 2008 | 492 | (49,203 | ) | 346,973 | (298,388 | ) | — | (126 | ) | |||||||||||||||
Issuance of 930,700 nonvested shares, net of forfeitures | 9 | — | (9 | ) | — | — | — | |||||||||||||||||
Amortization of nonvested shares | — | — | 667 | — | — | 667 | ||||||||||||||||||
Issuance of 1,361,013 shares of treasury stock for 401(k) match | — | 7,739 | (7,610 | ) | — | — | 129 | |||||||||||||||||
Issuance of 126,213 shares of treasury stock for employee stock purchase plan | — | 700 | (690 | ) | — | — | 10 | |||||||||||||||||
Purchase of 91,924 shares of treasury stock | — | (16 | ) | — | — | — | (16 | ) | ||||||||||||||||
Net loss | — | — | — | (43,982 | ) | — | (43,982 | ) | ||||||||||||||||
Balance, December 31, 2009 | $ | 501 | $ | (40,780 | ) | $ | 339,331 | $ | (342,370 | ) | $ | — | $ | (43,318 | ) | |||||||||
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1. | SUBSEQUENT EVENT — CHAPTER 11 REORGANIZATION |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2. | BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES |
a. | CONSOLIDATION: |
b. | DESCRIPTION OF BUSINESS: |
c. | USE OF ESTIMATES: |
d. | CASH AND CASH EQUIVALENTS: |
e. | PROPERTY AND EQUIPMENT: |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
f. | GOODWILL AND OTHER INTANGIBLE ASSETS: |
g. | IMPAIRMENT OF LONG-LIVED ASSETS: |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
h. | DEFERRED FINANCING COSTS: |
i. | CONCENTRATIONS OF CREDIT RISK: |
j. | REVENUE RECOGNITION: |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
k. | FAIR VALUE OF FINANCIAL INSTRUMENTS: |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
l. | INCOME TAXES: |
m. | ADVERTISING AND PROMOTION COSTS: |
n. | ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS: |
o. | VARIABLE INTEREST ENTITIES: |
p. | STOCK-BASED COMPENSATION PLANS: |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
q. | DISCONTINUED OPERATIONS: Disposal of Markets |
2008 | 2007 | |||||||
Net revenue | $ | 182 | $ | 2,410 | ||||
Depreciation and amortization | — | 91 | ||||||
Allocated interest expense | 15 | 145 | ||||||
Gain before income taxes | 649 | 484 |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2009 | December 31, 2008 | |||||||
Land and improvements | $ | 39 | $ | 39 | ||||
Building and improvements | 137 | 137 | ||||||
Equipment | — | — | ||||||
FCC licenses | — | — | ||||||
Goodwill | — | — | ||||||
176 | 176 | |||||||
Accumulated depreciation | (20 | ) | (20 | ) | ||||
$ | 156 | $ | 156 | |||||
r. | BUSINESS SEGMENTS: |
s. | ASSET RETIREMENT OBLIGATIONS: |
t. | INTERNAL USE SOFTWARE: |
3. | ACQUISITIONS AND DISPOSITIONS |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
4. | LONG-TERM DEBT |
2009 | 2008 | |||||||
Senior secured Term A Loan | $ | 41,386 | $ | 46,013 | ||||
Senior secured Term B Loan | 105,844 | 109,165 | ||||||
Senior secured revolving credit facility | 40,500 | 29,950 | ||||||
187,730 | 185,128 | |||||||
Less: current portion of long-term debt | (187,730 | ) | (185,128 | ) | ||||
$ | — | $ | — | |||||
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Excess cash | ||||
flow | ||||
Consolidated leverage ratio | percentage | |||
Greater than 6.75:1.00 | 75 | % | ||
5.00:1.00 to 6.74:1.00 | 50 | % | ||
Less than 5.00:1.00 | 0 | % |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
5. | CAPITAL STOCK |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
6. | STOCK-BASED COMPENSATION PLANS |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
WEIGHTED | ||||||||
AVERAGE | ||||||||
SHARES | EXERCISE PRICE | |||||||
Company options held by employees and Directors: | ||||||||
At December 31, 2006 | 4,169,039 | $ | 5.92 | |||||
Granted | — | — | ||||||
Exercised | — | — | ||||||
Forfeited/expired | (86,000 | ) | $ | 6.28 | ||||
Company options held by employees and Directors: | ||||||||
At December 31, 2007 | 4,083,039 | $ | 5.91 | |||||
Granted | — | — | ||||||
Exercised | — | — | ||||||
Forfeited/expired | (1,504,988 | ) | $ | 5.23 | ||||
Company options held by employees and Directors: | ||||||||
At December 31, 2008 | 2,578,051 | $ | 6.31 | |||||
Granted | — | — | ||||||
Exercised | — | — | ||||||
Forfeited/expired | (353,678 | ) | $ | 5.38 | ||||
Company options held by employees and Directors: | ||||||||
At December 31, 2009 | 2,224,373 | $ | 6.46 | |||||
OPTIONS OUTSTANDING | OPTIONS EXERCISABLE | |||||||||||||||||||
WEIGHTED | ||||||||||||||||||||
AVERAGE | WEIGHTED | WEIGHTED | ||||||||||||||||||
REMAINING | AVERAGE | AVERAGE | ||||||||||||||||||
EXERCISE | CONTRACTUAL | EXERCISE | EXERCISE | |||||||||||||||||
PRICE | SHARES | LIFE (YEARS) | PRICE | SHARES | PRICE | |||||||||||||||
$5.90 – $7.83 | 1,331,623 | 2.4 | $ | 7.04 | 1,331,623 | $ | 7.04 | |||||||||||||
$5.01 – $5.89 | 892,750 | 4.1 | $ | 5.58 | 892,750 | $ | 5.58 | |||||||||||||
2,224,373 | 2,224,373 | |||||||||||||||||||
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
WEIGHTED AVERAGE | ||||||||
GRANT-DATE FAIR | ||||||||
SHARES | VALUE | |||||||
Company nonvested shares held by employees and Directors: | ||||||||
At December 31, 2006 | 250,500 | $ | 4.65 | |||||
Granted | 282,900 | $ | 2.85 | |||||
Vested | (80,125 | ) | $ | 4.43 | ||||
Forfeited/expired | (12,000 | ) | $ | 3.53 | ||||
Company nonvested shares held by employees and Directors: | ||||||||
At December 31, 2007 | 441,275 | $ | 3.57 | |||||
Granted | 553,600 | $ | 1.37 | |||||
Vested | (134,850 | ) | $ | 3.60 | ||||
Forfeited/expired | (17,150 | ) | $ | 2.24 | ||||
Company nonvested shares held by employees and Directors: | ||||||||
At December 31, 2008 | 842,875 | $ | 2.15 | |||||
Granted | 946,600 | $ | 0.09 | |||||
Vested | (265,700 | ) | $ | 2.45 | ||||
Forfeited/expired | (15,900 | ) | $ | 0.48 | ||||
Company nonvested shares held by employees and Directors: | ||||||||
At December 31, 2009 | 1,507,875 | $ | 0.83 | |||||
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
7. | EARNINGS PER SHARE |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Year Ended | Year Ended | Year Ended | ||||||||||
December 31, | December 31, | December 31, | ||||||||||
2009 | 2008 | 2007 | ||||||||||
Numerator: | ||||||||||||
Loss from continuing operations | $ | (43,982 | ) | $ | (119,402 | ) | $ | (102,870 | ) | |||
Gain on discontinued operations, net of taxes | — | 411 | 296 | |||||||||
Net loss | $ | (43,982 | ) | $ | (118,991 | ) | $ | (102,574 | ) | |||
Less: dividends declared | — | — | — | |||||||||
Undistributed earnings | $ | (43,982 | ) | $ | (118,991 | ) | $ | (102,574 | ) | |||
Percentage allocated to common shares(1) | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Undistributed earnings — common shares | $ | (43,982 | ) | $ | (118,991 | ) | $ | (102,574 | ) | |||
Add: dividends declared — common shares | — | — | — | |||||||||
Numerator for basic and diluted loss per share | $ | (43,982 | ) | $ | (118,991 | ) | $ | (102,574 | ) | |||
Denominator: | ||||||||||||
Weighted-average basic common shares | 40,588 | 38,872 | 38,308 | |||||||||
Dilutive effect of stock options and warrants | — | — | — | |||||||||
Weighted-average diluted common shares | 40,588 | 38,872 | 38,308 | |||||||||
Net basic and diluted loss per common share: | ||||||||||||
Net loss from continuing operations | $ | (1.08 | ) | $ | (3.07 | ) | $ | (2.69 | ) | |||
Discontinued operations | — | 0.01 | 0.01 | |||||||||
Net loss | $ | (1.08 | ) | $ | (3.06 | ) | $ | (2.68 | ) | |||
(1) Weighted-average common shares outstanding: | 40,588 | 38,872 | 38,308 | |||||||||
Weighted-average nonvested shares (participating securities) | — | (2) | — | (2) | — | (2) | ||||||
Total | 40,588 | 38,872 | 38,308 | |||||||||
Percentage allocated to common shares | 100.0 | % | 100.0 | % | 100.0 | % |
(2) | As the Company was in a net loss position for the indicated period, nonvested shares are not included in the allocation of loss for the numerator in the calculation of earnings per share. |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
8. | GOODWILL AND OTHER INTANGIBLE ASSETS |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2009 | December 31, 2008 | |||||||||||||||
Gross | Gross | |||||||||||||||
Carrying | Accumulated | Carrying | Accumulated | |||||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||||
Non-compete agreements | $ | — | $ | — | $ | 219 | $ | 171 | ||||||||
Sports rights, employment agreements, favorable leasehold interests and advertiser lists and relationships | 17 | 3 | 779 | 690 | ||||||||||||
Total | $ | 17 | $ | 3 | $ | 998 | $ | 861 | ||||||||
FCC Licenses | ||||
Balance as of December 31, 2007 | $ | 201,685 | ||
Miscellaneous adjustments | 20 | |||
Impairment of FCC licenses | (66,600 | ) | ||
Balance as of December 31, 2008 | 135,105 | |||
Impairment of FCC licenses | (37,400 | ) | ||
Balance as of December 31, 2009 | $ | 97,705 | ||
Goodwill | ||||
Balance as of December 31, 2007 | $ | 19,272 | ||
Impairment of goodwill | (922 | ) | ||
Acquisition-related adjustment | 42 | |||
Balance as of December 31, 2008 | 18,392 | |||
Impairment of goodwill | (7,220 | ) | ||
Balance as of December 31, 2009 | $ | 11,172 | ||
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2009 | 2008 | |||||||
(in thousands) | ||||||||
Balance as of January 1: | ||||||||
Goodwill | $ | 57,036 | $ | 57,036 | ||||
Accumulated asset impairment and disposal charges | (38,644 | ) | (37,597 | ) | ||||
Goodwill net of impairment at January 1 | 18,392 | 19,439 | ||||||
Asset impairment and disposal charges | (7,220 | ) | (1,047 | ) | ||||
Balance as of December 31: | ||||||||
Goodwill | 57,036 | 57,036 | ||||||
Accumulated asset impairment and disposal charges | (45,864 | ) | (38,644 | ) | ||||
Goodwill net of impairment at December 31 | $ | 11,172 | $ | 18,392 |
9. | INCOME TAXES |
2009 | 2008 | 2007 | ||||||||||
Current federal | $ | — | $ | — | $ | 49 | ||||||
Current state | 212 | 301 | 168 | |||||||||
Total current | 212 | 301 | 217 | |||||||||
Deferred federal | (13,704 | ) | (20,913 | ) | (54,165 | ) | ||||||
Deferred state | (1,882 | ) | (2,992 | ) | (6,400 | ) | ||||||
Total deferred | (15,586 | ) | (23,905 | ) | (60,565 | ) | ||||||
Valuation allowance | 15,586 | 77,993 | (213 | ) | ||||||||
Net income tax expense (benefit) | $ | 212 | $ | 54,389 | $ | (60,561 | ) | |||||
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2009 | 2008 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carryforwards | $ | 43,637 | $ | 33,609 | ||||
Miscellaneous accruals and credits | 1,031 | 827 | ||||||
Derivative financial instruments | 2,999 | 4,236 | ||||||
Intangible and long-lived assets | 50,443 | 43,416 | ||||||
Accounts receivable reserve | 197 | 203 | ||||||
Total deferred tax assets | 98,307 | 82,291 | ||||||
Valuation allowance | (96,486 | ) | (80,899 | ) | ||||
Net deferred tax assets | 1,821 | 1,392 | ||||||
Deferred tax liabilities: | ||||||||
Property and equipment | (1,821 | ) | (1,392 | ) | ||||
Total deferred tax liabilities | (1,821 | ) | (1,392 | ) | ||||
Net deferred tax assets | $ | — | $ | — | ||||
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2009 | 2008 | 2007 | ||||||||||
Federal tax expense at statutory rate | (34.0 | )% | (34.0 | )% | (34.0 | )% | ||||||
Other non-deductible expenses | 1.7 | 0.3 | 0.8 | |||||||||
Increase (decrease) in valuation allowance | 35.6 | 120.0 | (0.1 | ) | ||||||||
Expiration of net operating losses | 1.1 | 1.8 | 0.2 | |||||||||
State tax, net of federal tax benefit | (4.0 | ) | (4.4 | ) | (3.9 | ) | ||||||
Other | 0.1 | 0.0 | (0.1 | ) | ||||||||
Effective tax rate | 0.5 | % | 83.7 | % | (37.1 | )% | ||||||
2009 | 2008 | |||||||
Gross unrecognized tax benefits — Beginning of year | $ | 430,701 | $ | 388,077 | ||||
Decrease based on tax positions settled | (42,624 | ) | — | |||||
Increase based on tax positions related to current year | — | 42,624 | ||||||
Gross unrecognized tax benefits — End of year | $ | 388,077 | $ | 430,701 | ||||
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
10. | DERIVATIVE FINANCIAL INSTRUMENTS |
11. | SAVINGS PLANS |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
12. | OTHER FINANCIAL INFORMATION |
2009 | 2008 | |||||||
Equipment | $ | 40,978 | $ | 40,743 | ||||
Furniture and fixtures | 2,651 | 2,696 | ||||||
Building and improvements | 14,208 | 14,210 | ||||||
Land and improvements | 4,140 | 4,140 | ||||||
61,977 | 61,789 | |||||||
Less accumulated depreciation | (32,439 | ) | (29,138 | ) | ||||
Net property and equipment | $ | 29,538 | $ | 32,651 | ||||
2009 | 2008 | |||||||
Accrued interest | $ | 2,967 | $ | 50 | ||||
Accrued professional fees | 640 | 137 | ||||||
Deferred revenue | 870 | 511 | ||||||
Accrued medical and dental costs | 653 | 732 | ||||||
Accrued state, local, franchise and property taxes | 246 | 373 | ||||||
Deferred compensation plan obligation | 805 | 558 | ||||||
Accrued national representation fees | 228 | 318 | ||||||
Derivative mark-to-market and interest payable | 9,146 | — | ||||||
Accrued other | 1,131 | 1,331 | ||||||
$ | 16,686 | $ | 4,010 | |||||
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13. | FAIR VALUE OF FINANCIAL INSTRUMENTS |
Quoted Market | Significant | |||||||||||||||
Prices for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
Financial and Non-Financial Asset | December 31, | Assets - | Inputs - | Inputs - | ||||||||||||
(Liability) | 2009 | Level 1 | Level 2 | Level 3 | ||||||||||||
Recurring Valuations: | ||||||||||||||||
Assets: | ||||||||||||||||
Marketable securities | $ | 826 | $ | 826 | ||||||||||||
Liabilities: | ||||||||||||||||
Derivative interest rate swap agreements | $ | (7,890 | ) | $ | (7,890 | ) | ||||||||||
Non-recurring Valuations: | ||||||||||||||||
Assets: | ||||||||||||||||
Goodwill | $ | 1,020 | $ | 1,020 | ||||||||||||
FCC Licenses | $ | 71,700 | $ | 71,700 |
Quoted Market | Significant | |||||||||||||||
Prices for | Other | Significant | ||||||||||||||
Identical | Observable | Unobservable | ||||||||||||||
December 31, | Assets - | Inputs - | Inputs - | |||||||||||||
Financial Asset (Liability) | 2008 | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets: | ||||||||||||||||
Short-term investments | $ | 5 | $ | 5 | ||||||||||||
Marketable securities | $ | 572 | $ | 572 | ||||||||||||
Liabilities: | ||||||||||||||||
Derivative interest rate swap agreements | $ | (10,980 | ) | $ | (10,980 | ) |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
14. | COMMITMENTS AND CONTINGENCIES |
Operating | Capital | |||||||
Leases | Leases | |||||||
2010 | $ | 1,549 | $ | 112 | ||||
2011 | 1,269 | 83 | ||||||
2012 | 1,203 | 36 | ||||||
2013 | 1,122 | 11 | ||||||
2014 | 1,067 | 3 | ||||||
Thereafter | 3,269 | 2 | ||||||
Total minimum payments | $ | 9,479 | 247 | |||||
Amount representing interest | 18 | |||||||
Present value of net minimum lease payments | $ | 229 | ||||||
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15. | QUARTERLY FINANCIAL INFORMATION (UNAUDITED): |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||||||
ended | ended | ended | ended | Total | ||||||||||||||||
March 31 | June 30 | Sept. 30 | Dec. 31 | Year | ||||||||||||||||
2009 | ||||||||||||||||||||
Net broadcast revenues | $ | 18,263 | $ | 22,766 | $ | 21,811 | $ | 21,301 | $ | 84,141 | ||||||||||
Operating (loss) income | (30,355 | ) | 5,026 | 3,648 | (9,005 | ) | (30,686 | ) | ||||||||||||
(Loss) income from continuing operations | (32,507 | ) | 3,171 | (442 | ) | (14,204 | ) | (43,982 | ) | |||||||||||
NET (LOSS) INCOME: | $ | (32,507 | ) | 3,171 | (442 | ) | (14,204 | ) | (43,982 | ) | ||||||||||
BASIC AND DILUTED NET (LOSS) INCOME PER COMMON SHARE(1)(2): | ||||||||||||||||||||
Net (loss) income per common share | $ | (0.81 | ) | $ | 0.08 | $ | (0.01 | ) | $ | (0.35 | ) | $ | (1.08 | ) | ||||||
2008 | ||||||||||||||||||||
Net broadcast revenues | $ | 20,833 | $ | 26,482 | $ | 25,328 | $ | 23,697 | $ | 96,340 | ||||||||||
Operating income (loss) | 3,610 | 7,091 | (60,165 | ) | 6,131 | (43,333 | ) | |||||||||||||
(Loss) income from continuing operations | (3,369 | ) | 5,609 | (46,265 | ) | (75,377 | ) | (119,402 | ) | |||||||||||
NET (LOSS) INCOME: | $ | (3,010 | ) | 5,679 | (46,292 | ) | (75,368 | ) | (118,991 | ) | ||||||||||
BASIC AND DILUTED NET (LOSS) INCOME PER COMMON SHARE(1)(2): | ||||||||||||||||||||
Net (loss) income per common share | $ | (0.08 | ) | $ | 0.15 | $ | (1.19 | ) | $ | (1.93 | ) | $ | (3.06 | ) |
(1) | The sum of the quarterly net (loss) income per share amounts may not equal the annual amount reported, as per share amounts are computed independently for each quarter. | |
(2) | Despite net income for each of the second quarters of 2009 and 2008, net income per common share was the same for both the basic and diluted calculation. |
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16. | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
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ADDITIONS | |||||||||||||||||||||
BALANCE | CHARGED | CHARGED | BALANCE | ||||||||||||||||||
AT | TO | TO | AT | ||||||||||||||||||
BEGINNING | COSTS AND | OTHER | THE END | ||||||||||||||||||
OF PERIOD | EXPENSES | ACCOUNTS | DEDUCTIONS(1) | OF PERIOD | |||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||
2009 | $ | 527 | 694 | — | 709 | $ | 512 | ||||||||||||||
2008 | $ | 651 | 446 | — | 570 | $ | 527 | ||||||||||||||
2007 | $ | 898 | 286 | — | 533 | $ | 651 | ||||||||||||||
Deferred tax asset valuation allowance: | |||||||||||||||||||||
Years ended December 31, | |||||||||||||||||||||
2009 | $ | 80,899 | 16,081 | (2) | — | 495 | (3) | $ | 96,485 | ||||||||||||
2008 | $ | 2,906 | 79,127 | (4) | — | 1,134 | (5) | $ | 80,899 | ||||||||||||
2007 | $ | 3,119 | 64 | (6) | — | 277 | (7) | $ | 2,906 |
(1) | Represents accounts written off to the reserve. | |
(2) | Represents a valuation allowance recorded for change in net deferred tax assets, principally related to the impairment of indefinite-lived intangible assets. | |
(3) | Represents the release of valuation allowance for federal and state net operating loss carryforwards that expired or were utilized in 2009. | |
(4) | Represents a valuation allowance recorded for net deferred tax assets. | |
(5) | Represents the release of valuation allowance for federal and state net operating loss carryforwards that expired or were utilized in 2008. | |
(6) | Represents a valuation allowance recorded for state net operating loss carryforwards generated in 2007 and scheduled to expire prior to 2017. | |
(7) | Represents the release of valuation allowance for federal and state net operating loss carryforwards that expired or were utilized in 2007. |
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ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. |
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• | Regent’s Board of Directors accepted the recommendations of the Nominating and Corporate Committee to reduce the size of the Board to six directors and continuing thereafter until such time as the Board may take further action to either increase or decrease the size of the Board; |
• | The Board accepted the recommendations of the Nominating and Corporate Governance Committee that all of Regent’s incumbent directors, other than Mr. Sutter, be nominated for re-election to Regent’s Board of Directors at the 2009 Annual Meeting, and that John H. Wyant be appointed Chairman of the Board effective immediately; |
• | Riley will not nominate any person for election to Regent’s Board in connection with Regent’s 2009 Annual Meeting of Stockholders, will not call for any special meeting of Regent’s stockholders, and will not nominate any person for election to Regent’s Board at any special or annual meeting of Regent’s stockholders or form or join a group or act in concert with any person or entity to change the composition of Regent’s Board through December 31, 2009; |
• | Unless approved by a majority of Regent’s Board, including the approval of either Mr. Ahn or Mr. DeLorenzo, Regent’s bylaws will not be amended with respect to calling a special meeting of stockholders until at least two months after no designees of Riley serve on Regent’s Board; and |
• | Except as otherwise specifically provided in the agreement, unless Regent’s Board fails to take the actions specified above, all covenants and restrictions set forth in the agreement will lapse and be of no further effect as of 11:59 p.m. on December 31, 2009. |
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• | Our Audit Committee oversees financial risk exposures, including monitoring the integrity of the financial statements, internal controls over financial reporting, and the independence of the independent auditor of the Company. The Audit Committee also assists the Board of Directors in fulfilling its oversight responsibility with respect to compliance with legal and regulatory matters related to the Company’s financial statements and meets quarterly with our financial management, independent auditors and legal advisors for updates on risks related to our financial reporting function. The Audit Committee also monitors our whistleblower hot line with respect to financial reporting matters. Our Audit Committee oversees financial, credit and liquidity risk by working with our treasury function to evaluate elements of financial and credit risk and advise on our financial strategy, capital structure and long-term liquidity needs, and the implementation of risk mitigating strategies. Our chief financial officer and treasurer meet periodically with our Audit Committee to discuss and advise on elements of risks related to our credit risk and function. Our Audit Committee oversees risk by working with management to adopt codes of conduct and business ethics designed to encourage the highest standards of business ethics Our employees receive regular, annual guidance from senior management on our Code of Conduct, and we believe that adherence to our Code of Conduct has been exemplary. |
• | Our Nominating and Governance committee oversees governance related risks by working with management to establish corporate governance guidelines applicable to the Company, including recommendations regarding director nominees, the determination of director independence, Board leadership structure and membership on Board Committees. |
• | Our Compensation Committee oversees risk management by participating in the creation of compensation structures that create incentives that encourage a level of risk-taking behavior consistent with the Company’s business strategy. While in the past we have included equity grants as a means to incentive management over the long term, most compensation paid to management consists of salary and annual cash bonuses, and we do not view equity grants as creating any material risk to the Company’s continued operating performance or financial condition. |
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Name | Age | Position | ||||
William L. Stakelin | 67 | President and Chief Executive Officer | ||||
Anthony A. Vasconcellos | 45 | Executive Vice President and Chief Financial Officer |
Name | Age | Position | ||||
Steven Price | 48 | Chairman, President and Chief Executive Officer | ||||
Stuart Rosenstein | 49 | Executive Vice President and Chief Financial Officer |
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Change in | ||||||||||||||||||||||||||||||||||||
Pension Value | ||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||
Name | Non-Equity | Nonqualified | ||||||||||||||||||||||||||||||||||
and | Stock | Option | Incentive Plan | Deferred | All Other | |||||||||||||||||||||||||||||||
Principal | Salary | Bonus | Awards(2) | Awards | Compensation | Compensation | Compensation(1) | Total | ||||||||||||||||||||||||||||
Position | Year | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||
William L. Stakelin, President and Chief Executive | 2009 | $ | 366,057 | $ | 146,423 | $ | 18,000 | $ | 0 | $ | 0 | $ | 0 | $ | 20,567 | $ | 551,047 | |||||||||||||||||||
Officer | 2008 | $ | 366,057 | $ | 52,712 | $ | 213,000 | $ | 0 | $ | 105,424 | $ | 0 | $ | 25,033 | $ | 762,226 | |||||||||||||||||||
Anthony A. Vasconcellos, Executive Vice President and Chief Financial | 2009 | $ | 277,172 | $ | 110,869 | $ | 15,750 | $ | 0 | $ | 0 | $ | 0 | $ | 14,428 | $ | 418,219 | |||||||||||||||||||
Officer | 2008 | $ | 277,172 | $ | 39,913 | $ | 142,000 | $ | 0 | $ | 79,826 | $ | 0 | $ | 19,224 | $ | 558,135 |
(1) | All Other Compensation consists of auto allowances and insurance, employer match under the Company’s 401(k) Profit Sharing and Deferred Compensation Plans, and employer-paid premiums for medical, dental and short-term disability insurance. | |
(2) | Amounts shown represent the aggregate grant date fair value of stock awards granted to the Named Executives in 2008 and 2009, calculated in accordance with FASB ASC Topic 718. The value of each share subject to stock awards was based upon the closing price of the Company’s common stock on the OTC Bulletin Board or Nasdaq Global Market (or its predecessor, the Nasdaq National Market) on the date of grant. For Mr. Stakelin, the amounts include a January 4, 2008 grant of 150,000 shares at a grant date fair value of $1.42 per share; and a January 2, 2009 grant of 200,000 shares at a grant date fair value of $0.09 per share. For Mr. Vasconcellos, the amounts include a January 4, 2008 grant of 100,000 shares at a grant date fair value of $1.42 per share; and a January 2, 2009 grant of 175,000 shares at a grant date fair value of $0.09 per share. |
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Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||
Incentive | ||||||||||||||||||||||||||||||||||||
Plan | ||||||||||||||||||||||||||||||||||||
Equity | Awards: | |||||||||||||||||||||||||||||||||||
Incentive | Market | |||||||||||||||||||||||||||||||||||
Plan | or Payout | |||||||||||||||||||||||||||||||||||
Equity | Awards: | Value of | ||||||||||||||||||||||||||||||||||
Incentive | Market | Number of | Unearned | |||||||||||||||||||||||||||||||||
Plan | Value of | Unearned | Shares, | |||||||||||||||||||||||||||||||||
Awards: | Number of | Shares or | Shares, | Units or | ||||||||||||||||||||||||||||||||
Number of | Number of | Number of | Shares or | Units of | Unit or | Other | ||||||||||||||||||||||||||||||
Securities | Securities | Securities | Units of | Stock | Other | Rights | ||||||||||||||||||||||||||||||
Underlying | Underlying | Underlying | Stock That | That | Rights | That | ||||||||||||||||||||||||||||||
Unexercised | Unexercised | Unexercised | Option | Option | Have Not | Have Not | That Have | Have Not | ||||||||||||||||||||||||||||
Options # | Options # | Unearned | Exercise | Expiration | Vested | Vested | Not Vested | Vested | ||||||||||||||||||||||||||||
Name | Exercisable | Unexercisable | Options (#) | Price ($) | Date | (#) | ($) | (#) | ($) | |||||||||||||||||||||||||||
William L. Stakelin | ||||||||||||||||||||||||||||||||||||
100,000 | 0 | 0 | $ | 7.76 | 5/17/2011 | |||||||||||||||||||||||||||||||
100,000 | 0 | 0 | $ | 6.93 | 1/4/2012 | |||||||||||||||||||||||||||||||
100,000 | 0 | 0 | $ | 5.86 | 1/3/2013 | |||||||||||||||||||||||||||||||
100,000 | 0 | 0 | $ | 6.46 | 1/2/2014 | |||||||||||||||||||||||||||||||
125,000 | 0 | 0 | $ | 5.33 | 1/7/2015 | |||||||||||||||||||||||||||||||
18,750 | (1) | 4,875 | (2) | |||||||||||||||||||||||||||||||||
37,500 | (3) | 9,750 | (2) | |||||||||||||||||||||||||||||||||
112,500 | (4) | 29,250 | (2) | |||||||||||||||||||||||||||||||||
200,000 | (5) | 52,000 | (2) | |||||||||||||||||||||||||||||||||
Anthony A. Vasconcellos | ||||||||||||||||||||||||||||||||||||
100,000 | 0 | 0 | $ | 7.76 | 5/17/2011 | |||||||||||||||||||||||||||||||
75,000 | 0 | 0 | $ | 6.93 | 1/4/2012 | |||||||||||||||||||||||||||||||
75,000 | 0 | 0 | $ | 5.86 | 1/3/2013 | |||||||||||||||||||||||||||||||
75,000 | 0 | 0 | $ | 6.46 | 1/2/2014 | |||||||||||||||||||||||||||||||
75,000 | 0 | 0 | $ | 5.33 | 1/7/2015 | |||||||||||||||||||||||||||||||
12,500 | (6) | 3,250 | (2) | |||||||||||||||||||||||||||||||||
25,000 | (7) | 6,500 | (2) | |||||||||||||||||||||||||||||||||
75,000 | (8) | 19,500 | (2) | |||||||||||||||||||||||||||||||||
175,000 | (9) | 45,500 | (2) |
(1) | On January 3, 2006, the above Named Executive was awarded 75,000 nonvested shares, of which, 18,750 shares vested on January 3, 2007, 18,750 vested on January 3, 2008, and 18,750 vested on January 3, 2009. The remaining 18,750 nonvested shares would have vested on January 3, 2010. | |
(2) | The value of nonvested shares awarded to the above Named Executive was calculated using a price of $0.26, the closing price of a share of Regent Communications, Inc. common stock on the last business day of the 2009 calendar year. | |
(3) | On January 3, 2007, the above Named Executive was awarded 75,000 nonvested shares, of which, 18,750 shares vested on January 3, 2008 and 18,750 vested on January 3, 2009. The remaining nonvested shares would have vested in two equal annual installments of 18,750 shares through 2011. |
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(4) | On January 4, 2008, the Named Executive was awarded 150,000 nonvested shares, of which, 37,500 shares vested on January 4, 2009. The remaining nonvested shares would have vested in three equal annual installments of 37,500 shares through 2012. | |
(5) | The nonvested shares awarded to the above Named Executive on January 2, 2009, would have vested in four equal annual installments of 50,000 shares through 2013. | |
(6) | On January 3, 2006, the above Named Executive was awarded 50,000 nonvested shares, of which, 12,500 shares vested on January 3, 2007, 12,500 shares vested January 3, 2008, and 12,500 shares vested January 3, 2009. The remaining 12,500 nonvested shares would have vested on January 3, 2010. | |
(7) | On January 3, 2007, the above Named Executive was awarded 50,000 nonvested shares, of which, 12,500 shares vested on January 3, 2008 and 12,500 shares vested on January 3, 2009. The remaining nonvested shares would have vested in two equal annual installments of 12,500 shares through 2011. | |
(8) | On January 4, 2008, the Named Executive was awarded 100,000 nonvested shares, of which, 25,000 shares vested on January 4, 2009. The remaining nonvested shares would have vested in three equal annual installments of 25,000 shares through 2012. | |
(9) | The nonvested shares awarded to the above Named Executive on January 4, 2008, would have vested in four equal annual installments of 43,750 shares through 2013. |
• | A $1,000 monthly retainer; |
• | A Board Committee meeting fee of $2,000 for each on-site Board Committee meeting attended ($1,000 for attendance by telephone); |
• | A Board Committee meeting fee of $1,000 for each telephonic Board Committee meeting attended; |
• | The Chairman of the Board and Chair of each Board Committee receives the following fees: |
• | Chairman of the Board — annual fee of $15,000 |
• | Audit Committee Chair — annual fee of $10,000 |
• | Nominating and Corporate Governance Committee Chair — annual fee of $5,000 |
• | Compensation Committee Chair — annual fee of $5,000 |
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Change in | ||||||||||||||||||||||||
Pension Value | ||||||||||||||||||||||||
and | ||||||||||||||||||||||||
Non-equity | Nonqualified | |||||||||||||||||||||||
Fees Earned or | Stock | Incentive Plan | Deferred | All Other | ||||||||||||||||||||
Paid in Cash | Awards | Compensation | Compensation | Compensation | Total | |||||||||||||||||||
Name | ($) | ($)(1) | ($) | ($) | ($) | ($) | ||||||||||||||||||
John J. Ahn | $ | 24,000 | $ | 1,400 | $ | 0 | $ | 0 | $ | 0 | $ | 25,400 | ||||||||||||
John F. DeLorenzo | $ | 29,000 | $ | 1,400 | $ | 0 | $ | 0 | $ | 0 | $ | 30,400 | ||||||||||||
Andrew L. Lewis, IV | $ | 32,944 | $ | 1,400 | $ | 0 | $ | 0 | $ | 0 | $ | 34,344 | ||||||||||||
Timothy M. Mooney | $ | 43,000 | $ | 1,400 | $ | 0 | $ | 0 | $ | 0 | $ | 44,400 | ||||||||||||
William P. Sutter, Jr.(2) | $ | 19,771 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 19,771 | ||||||||||||
John H. Wyant | $ | 40,833 | $ | 1,400 | $ | 0 | $ | 0 | $ | 0 | $ | 42,233 |
(1) | Amounts shown represent the aggregate grant date fair value of stock awards granted to the Director in 2009, calculated in accordance with FASB ASC Topic 718. The value of each share subject to stock awards was based upon the closing price of the Company’s common stock on the Nasdaq Global Market (or its predecessor, the Nasdaq National Market) on the date of grant. | |
(2) | Effective March 17, 2009, Mr. Sutter resigned from the Board of Directors and from the Board’s Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. Mr. Sutter also resigned as Chairman of the Board and as Chairman of the Nominating and Corporate Governance Committee. Effective upon his resignation, the Board of Directors approved the payment to Mr. Sutter of all director fees earned through the date of his resignation, the additional sum of $8,000 (which represents the director, Board Chairman and Nominating and Corporate Governance Committee Chairman retainer fees as would have been payable to him if he had remained on the Board through the date of the 2009 Annual Meeting) and the acceleration of vesting for 16,250 shares of nonvested common stock that were previously granted to Mr. Sutter as part of his compensation for serving on the Board of Directors. |
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Executive Benefits and | Involuntary | |||||||||||||||||||||||
Payments Upon | Voluntary | For Cause | Not for Cause | Change in | ||||||||||||||||||||
Termination | Termination | Termination | Termination(1) | Disability | Death | Control | ||||||||||||||||||
Base salary(2) | $ | 0 | $ | 0 | $ | 732,114 | $ | 366,057 | $ | 0 | $ | 732,114 | ||||||||||||
Senior Management Bonus Plan | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 292,845 | ||||||||||||
Life and disability insurance, medical, dental and hospitalizations | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Nonvested stock, unvested and accelerated(3) | $ | 0 | $ | 0 | $ | 95,875 | $ | 95,875 | $ | 95,875 | $ | 95,875 | ||||||||||||
Total | $ | 0 | $ | 0 | $ | 827,989 | $ | 461,932 | $ | 95,875 | $ | 1,120,834 | ||||||||||||
(1) | Assumes the named Executive’s benefit under an involuntary not for cause termination is equal to the remaining amount of base salary through December 31, 2011, the expiration of the Named Executive’s employment agreement, and the full vesting of any nonvested shares of Regent common stock assuming a price of $0.26, based upon the price of a share of the Company’s common stock on the last business day in 2009. | |
(2) | For analysis purposes, the named Executive’s base salary was equal to the salary in place for the 2009 fiscal year. | |
(3) | Under the terms of the Regent Communications, Inc. 2005 Incentive Compensation Plan, any unvested shares of nonvested stock will automatically accelerate to 100% vested in the instances of an employee’s death, permanent disability, or a change in control of the Company. |
Executive Benefits and | Involuntary | |||||||||||||||||||||||
Payments Upon | Voluntary | For Cause | Not for Cause | Change in | ||||||||||||||||||||
Termination | Termination | Termination | Termination(1) | Disability | Death | Control | ||||||||||||||||||
Base salary(2) | $ | 0 | $ | 0 | $ | 554,344 | $ | 277,172 | $ | 0 | $ | 554,344 | ||||||||||||
Senior Management Bonus Plan | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 221,737 | ||||||||||||
Life and disability insurance, medical, dental and hospitalization(3) | $ | 0 | $ | 0 | $ | 16,144 | $ | 16,144 | $ | 0 | $ | 16,144 | ||||||||||||
Nonvested stock, unvested and accelerated(4) | $ | 0 | $ | 0 | $ | 68,250 | $ | 68,250 | $ | 68,250 | $ | 68,250 | ||||||||||||
Total | $ | 0 | $ | 0 | $ | 638,738 | $ | 361,566 | $ | 68,250 | $ | 860,475 | ||||||||||||
(1) | Assumes the named Executive’s benefit under an involuntary not for cause termination is equal to the remaining amount of base salary through December 31, 2011, the expiration of the Named Executive’s employment agreement, and the full vesting of any nonvested shares of Regent common stock assuming a price of $0.26, based upon the price of a share of the Company’s common stock on the last business day in 2009. |
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(2) | For analysis purposes, the named Executive’s base salary was equal to the salary in place for the 2009 fiscal year. | |
(3) | The Named Executive is entitled to Company-paid life, and disability insurance, medical, dental and hospitalization premiums for the lesser of 12 months or the number of months until the executive attains the age of 65. For purposes of the calculation, the Company used the total cost of premiums paid for such plans as of December 31, 2009. | |
(4) | Under the terms of the Regent Communications, Inc. 2005 Incentive Compensation Plan, any unvested shares of nonvested stock will automatically accelerate to 100% vested in the instances of an employee’s death, permanent disability, or a change in control of the Company. |
Number of | ||||||||||||
Number of | securities | |||||||||||
securities to be | remaining available | |||||||||||
issued upon | Weighted average | for issuance under | ||||||||||
exercise of | exercise price of | equity compensation | ||||||||||
outstanding | outstanding | plans (excluding | ||||||||||
options, warrants | options, warrants | securities | ||||||||||
and rights | and rights | reflected in column (a)) | ||||||||||
(a) | (b) | (c) | ||||||||||
Equity compensation plans approved by security holders | 2,224,373 | $ | 6.46 | 3,972,526 | ||||||||
Equity compensation plans not approved by security holders | - | - | - | |||||||||
Total | 2,224,373 | $ | 6.46 | 3,972,526 |
Amount and | ||||||||
Nature of | ||||||||
Beneficial | Percent of | |||||||
Name and Address of Beneficial Owner(2) | Ownership | Class | ||||||
Regent Holdings LLC | 1,000 Shares | 100 | % | |||||
Oaktree Capital Management, L.P. | 549 | 54.9 | %(1) | |||||
Stephen Kaplan | 549 | 54.9 | %(1) | |||||
B. James Ford | 549 | 54.9 | %(1) | |||||
Andrew Salter | 549 | 54.9 | %(1) | |||||
David Quick | 549 | 54.9 | %(1) | |||||
Steven Price | 0 | * | ||||||
Stuart Rosenstein | 0 | * | ||||||
All Executives Officers and Directors as a group | 549 | 54.9 | %(1) |
* | Less than 1%. |
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December 31, | December 31, | |||||||
2009 | 2008 | |||||||
Audit Fees | $ | 379,500 | (a) | $ | 395,000 | (a) | ||
Audit-Related Fees | 15,000 | (b) | 15,000 | (b) | ||||
Tax Fees | — | — | ||||||
All Other Fees | 1,500 | (c) | 1,500 | (c) | ||||
Total | $ | 396,000 | $ | 411,500 | ||||
(a) | Includes fees for professional services rendered for the audit of the consolidated financial statements of the Company, the audit of management’s assessment of internal control over financial reporting, the audit of stand-alone financial statements for significant acquisitions, issuance of consents and assistance with review of documents filed with the Securities and Exchange Commission. | |
(b) | Represents fees for services related to research and application of various accounting requirements. | |
(c) | Represents the annual charge for online access to an accounting, auditing and reporting library. |
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TOWNSQUARE MEDIA, INC. | ||||
Date: May 14, 2010 | By: | /s/ Steven Price | ||
Steven Price, President and | ||||
Chief Executive Officer | ||||
Signature | Title | Date | ||
/s/ Steven Price | President, Chief Executive Officer, and Director (Principal Executive Officer) | May 14, 2010 | ||
/s/ Stuart Rosenstein | Executive Vice President and Chief Financial Officer (Principal Financial and Principal Accounting Officer) | May 14, 2010 | ||
/s/ Stephen Kaplan | Director | May 14, 2010 | ||
/s/ B. James Ford | Director | May 14, 2010 | ||
/s/ Andrew Salter | Director | May 14, 2010 | ||
/s/ David Quick | Director | May 14, 2010 |
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EXHIBIT | ||||
NUMBER | EXHIBIT DESCRIPTION | |||
2(a) | * | First Amended Joint Plan of Reorganization of Regent Communications, Inc. dated March 22, 2010 (previously filed as Exhibit 99.2 to the Registrant’s Form 8-K filed March 25, 2010 and incorporated herein by this reference) | ||
2(b) | * | First Amended Disclosure Statement for the First Amended Joint Plan of Reorganization of Regent Communications, Inc. dated March 22, 2010 (previously filed as Exhibit 99.1 to the Registrant’s Form 8-K filed March 25, 2010 and incorporated herein by this reference) | ||
2(c) | * | Findings of Fact, Conclusions of Law and Order Confirming First Amended Joint Plan of Reorganization dated April 12, 2010 (previously filed as Exhibit 2.2 to the Registrant’s Form 8-K filed April 13, 2010 and incorporated herein by reference) | ||
3(a) | * | Certificate of Amendment of Amended and Restated Certificate of Incorporation of Regent Communications, Inc. filed with the Delaware Secretary of State on March 13, 2002 (previously filed as Exhibit 3(h) to the Registrant’s Form 10-K for the year ended December 31, 2001 and incorporated herein by this reference) | ||
3(b) | * | Amended and Restated Certificate of Incorporation dated April 27, 2010 (previously filed as Exhibit No. 3.1 to the Registrant’s Form 8-K filed April 27, 2010 and incorporated herein by this reference) | ||
3(c) | * | Amended and Restated Certificate of Incorporation dated April 27, 2010 (previously filed as Exhibit No. 3.1 to the Registrant’s Form 8-K filed April 30, 2010 and incorporated herein by this reference) | ||
3(d) | * | Certificate of Amendment to Certificate of Incorporation of Regent Communications, Inc. dated April 30, 2010 (previously filed as Exhibit 3.1 to the Registrant’s Form 8-K filed May 6, 2010 and incorporated herein by this reference) | ||
3(e) | * | Amended and Restated By-Laws of Regent Communications, Inc. adopted October 24, 2007 (previously filed as Exhibit 3(i) to the Registrant’s Form 10-Q for the quarter ended September 30, 2007 and incorporated herein by this reference) | ||
3(f) | * | Amended and Restated By-Laws of Regent Communications, Inc. dated April 27, 2010 (previously filed as Exhibit No. 3.2 to the Registrant’s Form 8-K filed April 27, 2010 and incorporated herein by this reference) | ||
4(a) | * | Credit Agreement dated as of November 21, 2006 among Regent Broadcasting, LLC, Regent Communications, Inc. and the lenders identified therein (without schedules and exhibits, which Regent has determined are not material) (previously filed as Exhibit 4 to the Registrant’s Form 8-K filed November 28, 2006 and incorporated herein by this reference) |
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EXHIBIT | ||||
NUMBER | EXHIBIT DESCRIPTION | |||
4(b) | * | Amendment No. 1 to the Credit Agreement, dated as of February 23, 2007 among Regent Broadcasting, LLC, Regent Communications, Inc. and the lenders identified therein (without schedules and exhibits, which Regent has determined are not material) (previously filed as Exhibit 4(a) to the Registrant’s Form 8-K filed March 1, 2007 and incorporated herein by this reference) | ||
4(c) | * | Amendment No. 2 to the Credit Agreement, dated as of November 15, 2007 by and among Regent Broadcasting, LLC, Regent Communications, Inc. and the lenders identified therewith (without schedules and exhibits, which Regent has determined are not material) (previously filed as Exhibit 4(a) to the Registrant’s Form 8-K filed November 21, 2007 and incorporated herein by this reference) | ||
4(d) | * | Rights Agreement dated as of May 19, 2003 between Regent Communications, Inc. and Fifth Third Bank (previously filed as Exhibit 4.1 to the Registrant’s Form 8-K filed May 20, 2003 and incorporated herein by this reference) | ||
4(e) | * | First Amendment to Rights Agreement dated and effective as of February 27, 2004 between Regent Communications, Inc., Fifth Third Bank, and Computershare Services, LLC (previously filed as Exhibit 4(c) to the Registrant’s Form 10-Q for the quarter ended September 30, 2004 and incorporated herein by this reference) | ||
4(f) | Credit Agreement dated as of April 27, 2010 among Regent Broadcasting, LLC as Borrower, Regent Communications, Inc., as one of the Guarantors, and the lenders identified therein (without schedules and exhibits, which Regent has determined are not material) | |||
4(g) | Subordinated Notes Agreement dated as of April 27, 2010 among Regent Broadcasting, LLC, as Company, Regent Communications, Inc., as One of the Guarantors, and The Subordinated Noteholders identified therein (without schedules and exhibits, which Regent has determined are not material) | |||
10(a) | *# | Regent Communications, Inc. 1998 Management Stock Option Plan, as amended through May 17, 2001 and restated as of October 24, 2002 (previously filed as Exhibit 10(b) to the Registrant’s Form 10-Q for the quarter ended September 30, 2002 and incorporated herein by this reference) | ||
10(b) | *# | Regent Communications, Inc. Employee Stock Purchase Plan, as amended on October 24, 2002 and effective January 1, 2003 (previously filed as Exhibit 10(a) to the Registrant’s Form 10-Q for the quarter ended September 30, 2002 and incorporated herein by this reference) | ||
10(c) | *# | Regent Communications, Inc. Deferred Compensation Plan dated July 25, 2002 and effective October 1, 2002 (previously filed as Exhibit 10(e) to the Registrant’s Form 10-K for the year ended December 31, 2002 and incorporated herein by this reference) |
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EXHIBIT | ||||
NUMBER | EXHIBIT DESCRIPTION | |||
10(d) | *# | Employment Agreement between Regent Communications, Inc. and William L. Stakelin (previously filed as Exhibit 10.1 to the Registrant’s Form 8-K filed January 4, 2008 and incorporated herein by this reference) | ||
10(e) | *# | Amendment No. 1 to Employment Agreement between Regent Communications, Inc. and William L. Stakelin dated January 22, 2009 (previously filed as Exhibit 10(o) to the Registrant’s Form 10-K for the year ended December 31, 2008 and incorporated herein by this reference) | ||
10(f) | *# | Employment Agreement between Regent Communications, Inc. and Anthony A. Vasconcellos (previously filed as Exhibit 10.2 to the Registrant’s Form 8-K filed January 4, 2008 and incorporated herein by this reference) | ||
10(g) | *# | Amendment No. 1 to Employment Agreement between Regent Communications, Inc. and Anthony A. Vasconcellos dated January 22, 2009 (previously filed as Exhibit 10(q) to the Registrant’s Form 10-K for the year ended December 31, 2008 and incorporated herein by this reference) | ||
10(h) | *# | Employment Agreement between Regent Communications, Inc. and William L. Stakelin (previously filed as Exhibit 10.1 to the Registrant’s Form 8-K filed January 7, 2010 and incorporated herein by this reference) | ||
10(i) | *# | Employment Agreement between Regent Communications, Inc. and Anthony A. Vasconcellos (previously filed as Exhibit 10.2 to the Registrant’s Form 8-K filed January 7, 2010 and incorporated herein by this reference) | ||
10(j) | * | Settlement Agreement dated September 14, 2007, among Regent Communications, Inc., Riley Investment Management LLC, Riley Investment Partners Master Fund, L.P., SMH Capital Inc. and other parties to the agreement, including Release as Exhibit A thereto (previously filed as Exhibit 10.1 to the Registrant’s Form 8-K filed September 17, 2007 and incorporated herein by this reference) | ||
10(k) | * | Standstill Agreement dated March 17, 2009, among Regent Communications, Inc., Riley Investment Management LLC and Riley Investment Partners Master Fund, L.P. (previously filed as Exhibit 10.1 to the Registrant’s Form 8-K filed March 19, 2009 and incorporated herein by this reference) | ||
10(l) | (#) | Amendment No. 1 to Executive Employment Agreement between Regent Communications, Inc. and Anthony A. Vasconcellos dated February 28, 2010 | ||
10(m) | (#) | Amendment No. 1 to Executive Employment Agreement between Regent Communications, Inc. and William L. Stakelin dated February 28, 2010 | ||
21 | Subsidiaries of Registrant | |||
31 | (a) | Chief Executive Officer Rule 13a-14(a)/15d-14(a) Certification | ||
31 | (b) | Chief Financial Officer Rule 13a-14(a)/15d-14(a) Certification | ||
32 | (a) | Chief Executive Officer Section 1350 Certification | ||
32 | (b) | Chief Financial Officer Section 1350 Certification |
* | Incorporated by reference. | |
# | Constitutes a management contract or compensatory plan or arrangement. |
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