What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2023-05-10 compared with 2022-11-09 · 64 added, 128 removed, 163 unchanged (54% of the section changed)

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terrorist attacks;

the war in Ukraine, the effects of the ongoing COVID-19 pandemic, inflation;

the war in Ukraine, the effects of widespread outbreak of illness or disease, inflation;

increased energy costs;

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Station operating income is not a measure of liquidity or of performance in accordance with GAAP, and should be viewed as a supplement to, and not a substitute for our results of operations presented on a GAAP basis.

COVID-19 Impact and Response

As the circumstances around the COVID-19 pandemic remain fluid, we continue to actively monitor the pandemic’s impact to the Company, including our financial position, liquidity, results of operations and cash flows, while managing our response to the impacts and developments relating to the pandemic through collaboration with employees, customers, government authorities, health officials and other business partners.

Please see Part I, Item 1A, Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 for further information regarding the current and potential impact of health epidemics, including the COVID-19 pandemic, on the Company.

Financial Condition and Results of Operations

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We own or operate broadcast properties in 27 markets, including 79 FM and 33 AM radio stations and 80 metro signals.

We anticipate our corporate general and administrative expense to decrease from 2022 significantly because of approximately $3.8 million in expenses incurred related to the passing our of CEO, Edward Christian and payments required as a result of his death.

This reduction will be offset, however, by an increase in directors’ fees of $312,000 and by investments we anticipate making in corporate personnel, and sales and training initiatives.

Radio Stations

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The majority of our revenue is generated from local advertising, which is sold primarily by each radio market’s sales staff.

For the nine months ended September 30, 2022 and 2021, approximately 90% and 89%, respectively, of our radio stations’ gross revenue was from local advertising.

For the three months ended March 31, 2023 and 2022, approximately 90% and 91%, respectively, of our radio stations’ gross revenue was from local advertising.

To generate national advertising sales, we engage independent advertising sales representative firms that specialize in national sales for each of our broadcast markets.

Our revenue varies throughout the course of the year.

Our revenue varies throughout the year.

Advertising expenditures, our primary source of revenue, generally have been lowest during the winter months, which include the first quarter of each year.

Furthermore, we expect an increase in political advertising for 2022 due to the increased number of national, state and local elections in most of our markets as compared to the prior year.

Furthermore, we expect political revenue in 2023 to decrease from 2022 levels as a result of less elections at the national, state and local levels.

Our net operating revenue, station operating expense and operating income varies from market to market based upon each market’s rank or size which is based upon population and the available radio advertising revenue in that particular market.

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Our goal is to allow our listeners to connect with our brands on demand, wherever, however and whenever they choose.

We continue to create opportunities through targeted digital advertising and an array of digital services that include online promotions, mobile messaging, and email marketing.

During the nine months ended September 30, 2022 and 2021 and the years ended December 31, 2021 and 2020, our Columbus, Ohio;

We continue to create and expand opportunities through targeted digital advertising, online community news, entertainment and events and an array of digital services that include online promotions, mobile messaging, and email marketing.

During the three months ended March 31, 2023 and 2022 and the years ended December 31, 2022 and 2021, our Columbus, Ohio;

Des Moines, Iowa;

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Net Operating Revenue

the Nine Months Ended

the Three Months Ended

for the Years Ended

September 30,

Columbus, Ohio

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Portland, Maine

During the nine months ended September 30, 2022 and 2021 and the years ended December 31, 2021 and 2020, the radio stations in our five largest markets, when combined, represented approximately 44%, 43%, 43% and 52%, respectively, of our consolidated station operating income.

We note that the percentage of consolidated station operating income at December 31, 2020 is higher than what would normally be expected due to the impact of the COVID-19 pandemic on our markets.

During the three months ended March 31, 2023 and 2022 and the years ended December 31, 2022 and 2021, the radio stations in our five largest markets, when combined, represented approximately 40%, 44%, 44% and 43%, respectively, of our consolidated station operating income.

The following table describes the percentage of our consolidated station operating income represented by each of these markets:

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Station Operating Income(*)

for the Nine Months Ended

for the Three Months Ended

for the Years Ended

September 30,

Columbus, Ohio

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Operating income adjusted for corporate general and administrative expenses, depreciation and amortization, other operating (income) expenses, and impairment of intangible assets.

Three Months Ended September 30, 2022 Compared to Three Months Ended September 30, 2021

Three Months Ended March 31, 2023 Compared to Three Months Ended March 31, 2022

Results of Operations

The following table summarizes our results of operations for the three months ended September 30, 2022 and 2021.

Consolidated Results of Operations

The following table summarizes our results of operations for the three months ended March 31, 2023 and 2022.

Three Months Ended

September 30,

(In thousands, except percentages and per share information)

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Income tax expense

Net (loss) income

Earnings per share (diluted)

N/M = Not Meaningful

For the three months ended September 30, 2022, consolidated net operating revenue was $29,980,000 compared with $28,845,000 for the three months ended September 30, 2021, an increase of $1,135,000 or 3.9%.

We had increases in gross political revenue of $602,000, non-spot gross revenue of $381,000, gross local revenue of $160,000 and gross interactive revenue of $156,000, partially offset by an increase in agency commissions of $170,000, from the third quarter of 2021.

The gross political revenue increased due to an increase in the number of national, state and local elections.

The increase in non-spot gross revenue is primarily due to us hosting events again in 2022, whereas the number of events that were held in the third quarter of 2021 due to the COVID-19 pandemic was relatively very few.

The markets with the most significant increases in the third quarter in non-spot events were Des Moines, Iowa;

Milwaukee, Wisconsin;

Portland, Maine;

and Yankton, South Dakota.

The increase in gross interactive revenue is primarily due to an increase in our streaming and website content revenue.

The most significant increases in gross local revenue and agency commissions occurred in our Charleston, South Carolina;

Ithaca, New York;

and Ocala, Florida markets.

Station operating expense was $22,295,000 for the three months ended September 30, 2022, compared with $21,690,000 for the three months ended September 30, 2021, an increase of $605,000 or 2.8%.

The increase in operating expense was primarily a result of increases in compensation-related expense, sales rating survey expenses, and commission expense, of $318,000, $293,000, and $214,000, respectively, partially offset by a decrease in healthcare costs of $303,000, from the third quarter of 2021.

We had operating income for the three months ended September 30, 2022 of $1,055,000 compared to $4,619,000 for the three months ended September 30, 2021, a decrease of $3,564,000.

The decrease was a result of the increase in net operating revenue partially offset by the increase in station operating expense, noted above, an increase in other operating (income) expense, net of $35,000, offset by an increase in corporate general and administrative expenses of $4,129,000.

In the third quarter of 2022, we recorded a gain on the sale of fixed assets of $37,000 compared to a loss on the sale of fixed assets of $2,000 in the third quarter of 2022 in other operating (income) expense, net.

The increase in corporate general and administrative expenses was primarily attributable to expenses under the employment agreement we had with our founder and CEO, Mr.

Christian, upon his death of which $3.9 million was recorded in the third quarter, as well as an increase of $77,000 in FCC-related fees.

We generated a net loss of $104,000 ( ($0.01) per share on a fully diluted basis) during the three months ended September 30, 2022, compared to net income of $3,454,000 ($0.58 per share on a fully diluted basis) for the three months ended September 30, 2021, a decrease of $3,558,000.

The decrease in net income is primarily due to the decrease in operating income, described above, an increase in interest income of $130,000, partially offset by a decrease in interest expense of $41,000, a decrease in other income of $245,000 and a decrease in income tax expense of $80,000.

The increase in interest income is related to our short-term investments described in footnote 1 (Summary of Significant Accounting Policies).

The decrease in interest expense is due to no longer having any debt outstanding, after paying off the remaining balance in the fourth quarter of 2021.

The decrease in other income is due to the insurance gains received in 2021 versus.

the minimal other income earned in 2022.

The decrease in our income tax expense is due to the decrease in income before income tax and the permanent difference between book and taxable income related to the compensation paid to our founder and CEO as described above and in footnote 8 (Income Taxes).

Nine Months Ended September 30, 2022 Compared to Nine Months Ended September 30, 2021

Results of Operations

The following table summarizes our results of operations for the nine months ended September 30, 2022 and 2021.

Nine Months Ended

September 30,

(In thousands, except percentages and per share information)

Net operating revenue

Station operating expenses

Corporate general and administrative

Other operating (income) expense, net

Operating income

Interest expense

Interest income

Income before income tax expense

Income tax expense

Net (loss) income

Earnings per share (diluted)

N/M = Not Meaningful

For the nine months ended September 30, 2022, consolidated net operating revenue was $84,768,000 compared with $79,192,000 for the nine months ended September 30, 2021, an increase of $5,576,000 or 7.0%.

We had increases in gross local revenue of $2,512,000, gross interactive revenue of $1,502,000, non-spot gross revenue of $1,352,000, gross political revenue of $873,000, and barter revenue of $271,000 partially offset by a decrease in gross national revenue of $658,000, and an increase in agency commissions of $393,000 for the comparable period of 2021.

The most significant increases in gross local revenue and agency commissions occurred in our Charleston, South Carolina;

Ithaca, New York;

Manchester, New Hampshire;

Milwaukee, Wisconsin;

and Portland, Maine markets.

The increase in gross interactive revenue is primarily due to an increase in our streaming and website content revenue.

The increase in non-spot gross revenue is primarily due to us hosting events again in 2022, whereas the number of events that were held in 2021 due to the COVID-19 pandemic was relatively very few.

The markets with the most significant increases in 2022 in non-spot events were Clarksville, Tennessee;

For the three months ended March 31, 2023, consolidated net operating revenue was $25,304,000 compared with $24,967,000 for the three months ended March 31, 2022, an increase of $337,000 or 1.3%.

We had increases in non-spot gross revenue of $243,000, gross interactive revenue of $158,000, gross national revenue of $157,000, gross political revenue of $73,000, and gross other revenue of $51,000 partially offset by a decrease in gross local revenue of $265,000, and an increase in agency commissions of $92,000 for the comparable period of 2022.

The markets with the most significant increases in 2023 in non-spot events were Bellingham, Washington;

Des Moines, Iowa;

Hilton Head, South Carolina;

Jonesboro, Arkansas;

Milwaukee, Wisconsin;

Portland, Maine and Yankton, South Dakota.

The gross political revenue increased due to an increase in the number of national, state and local elections.

The decrease in gross national revenue was attributable to decreases at the majority of markets due to the focus on local market advertisers offset by increases at our Columbus, Ohio;

Manchester, New Hampshire;

and Milwaukee, Wisconsin markets.

Station operating expense was $64,649,0000 for the nine months ended September 30, 2022, compared with $61,630,000 for the nine months ended September 30, 2021, an increase of $3,019,000 or 4.9%.

The increase in operating expense was primarily the result of increases in sales survey expenses, commission expenses, compensation related expenses, barter expenses, bad debt expenses, and music licensing fees of $1,111,000, $617,000, $449,000, $312,000, $297,000 and $219,000, respectively, for the comparable period of 2021.

We had operating income for the nine months ended September 30, 2022 of $8,146,000 compared to $10,117,000 for the nine months ended September 30, 2021, a decrease of $1,971,000.

The decrease was a result of the increase in net operating revenue, partially offset by an increase in station operating expense, as noted above, offset by an increase in corporate general and administrative expenses of $4,500,000 and an increase in other operating (income) expense of $28,000.

The increase in corporate general and administrative expenses was primarily attributable to expenses under the employment agreement we had with our founder and CEO, Mr.

Christian upon his death of which $3.9 million was recorded in the third quarter.

In addition, we had an increase in other compensation-related expenses (besides those related to our founder), legal expenses, transportation related costs and FCC-related fees of $290,000, $167,000, $115,000, and $77,000, respectively, from 2021.

Ocala, Florida;

and Yankton, South Dakota.

The increase in gross interactive revenue is primarily due to an increase in our streaming revenue.

The most significant increases in gross national revenue and agency commissions occurred in our Charlottesville, Virginia;

Columbus, Ohio;

Ocala, Florida;

Portland, Maine and Springfield, Massachusetts markets.

The gross political revenue increased due to an increase at our Harrisonburg, Virginia and Milwaukee, Wisconsin markets partially offset by decreases at our other markets.

We expected a decrease in the number of national, state and local elections, however, both of these markets experienced issue-related political revenue for the first quarter of 2023.

The increase in gross other revenue is primarily due to new lease income at our Norfolk, Virginia market.

The decrease in gross local revenue was attributable to decreases at our Columbus, Ohio;

Ithaca, New York and Milwaukee, Wisconsin markets partially offset by increases at the majority of rest of our markets.

Station operating expense was $21,703,000 for the three months ended March 31, 2023, compared with $20,568,000 for the three months ended March 31, 2022, an increase of $1,135,000 or 5.5%.

The increase in operating expense was primarily the result of increases in compensation-related expenses, healthcare expenses, utility expenses, programming rights expenses, promotion expenses, credit card sales expenses, sales survey expenses, and sales training expenses, of $472,000, $272,000, $88,000, $80,000, $34,000, $26,000, $25,000 and $24,000, respectively, for the comparable period of 2022.

We had operating income for the three months ended March 31, 2023 of $905,000 compared to $1,710,000 for the three months ended March 31, 2022, a decrease of $805,000.

The decrease was a result of the increase in station operating expense, partially offset by an increase in net operating revenue, as noted above, offset by a decrease in corporate general and administrative expenses of $78,000 and an increase in other operating (income) expense of $85,000.

The decrease in corporate general and administrative expenses was primarily comprised of a decrease of $306,000 in compensation-related expense partially offset by an increase of $75,000 in directors fees and $90,000 in other consulting fees.

For our other operating (income) expense, net in 2023 we recorded a loss on the sale of fixed assets of $80,000 compared to a gain on the sale of fixed assets of $5,000 in 2022.

We generated net income of $4,923,000 ($0.82 per share on a fully diluted basis) during the nine months ended September 30, 2022, compared to $7,465,000 ($1.25 per share on a fully diluted basis) for the nine months ended September 30, 2021, a decrease of $2,542,000.

The decrease in net income is primarily due to the decrease in operating income, described above, an increase in interest income of $173,000 and an increase in income tax expense of $320,000, partially offset by a decrease in interest expense of $122,000, and a decrease in other income of $546,000.

The increase in interest income is related to our short-term investments described in footnote 1 (Summary of Significant Accounting Policies).

The increase in our income tax expense is due to the permanent difference between book and taxable income related to the compensation paid to our founder and CEO as described above and in footnote 8 (Income Taxes).

The decrease in interest expense is due to no longer having any debt outstanding, after paying off the remaining balance in the fourth quarter of 2021.

The decrease in other income is due to the insurance gains received in 2021 versus.

We generated net income of $920,000 ($0.15 per share on a fully diluted basis) during the three months ended March 31, 2023, compared to $1,204,000 ($0.20 per share on a fully diluted basis) for the three months ended March 31, 2022, a decrease of $284,000.

The decrease in net income is primarily due to the decrease in operating income, described above, an increase in interest expense of $11,000, partially offset by an increase in interest income of $285,000, an increase in other income of $117,000 and a decrease in income tax expense of $130,000.

The increase in interest expense is due to an increase in interest rates and amortization of bank fees.

The increase in interest income is related to higher rates of return on money market accounts reflected as cash equivalents and from our short-term investment accounts which began in May 2022.

The increase in other income is due to reimbursements from the FCC related to their spectrum auction of $115,000 described in footnote 13 (Other Income) versus.

the minimal other income earned in 2022.

The decrease in our income tax expense is due to lower income before income tax expense and a lower effective tax rate as a result of a reduction in non-deductible compensation over the prior period.

Liquidity and Capital Resources

Debt Arrangements and Debt Service Requirements

On August 18, 2015, we entered into a credit facility (the “Credit Facility”) with JPMorgan Chase Bank, N.A., The Huntington National Bank, Citizens Bank, National Association and J.P.

Morgan Securities LLC (collectively, the “Lenders”) pursuant to a credit agreement of even date (the “Credit Agreement”).

The Credit Facility consisted of a $100 million five-year revolving facility (the “Revolving Credit Facility”) and originally matured on August 18, 2020.

On June 27, 2018, the Company entered into a Second Amendment to its Credit Facility, (the “Second Amendment”), which had first been amended on September 1, 2017, extending the revolving credit maturity date under the Credit Agreement for five years after the date of the amendment to June 27, 2023.

On July 1, 2019, we elected to reduce our Revolving Credit Facility to $70 million.

On May 11, 2020, as part of our reincorporation as a Florida corporation, we entered into an assumption agreement and amendment of loan documents.

This amendment also included an alternative benchmark rate as a replacement to LIBOR in the event LIBOR is no longer available.

On November 2, 2021, we elected to further reduce our Revolving Credit Facility to $50 million.

We are currently working on extending our credit agreement with similar terms and conditions as the existing facility.We have pledged substantially all of our assets (excluding our FCC licenses and certain other assets) in support of the Credit Facility and each of our subsidiaries has guaranteed the Credit Facility and has pledged substantially all of their assets (excluding their FCC licenses and certain other assets) in support of the Credit Facility.

On December 19, 2022, we entered into a Third Amendment to our Credit Facility, (the “Third Amendment”), which extended the maturity date to December 19, 2027, reduced the lenders to JPMorgan Chase Bank, N.A., and the Huntington National Bank (the “Lenders”), established an interest rate equal to the secured overnight financing rate (“SOFR”) as administered by the SOFR Administrator (currently established as the Federal Reserve Bank of New York) as the interest base and increased the basis points.

We have pledged substantially all of our assets (excluding our FCC licenses and certain other assets) in support of the Credit Facility and each of our subsidiaries has guaranteed the Credit Facility and has pledged substantially all of their assets (excluding their FCC licenses and certain other assets) in support of the Credit Facility.

Approximately $266,000 of debt issuance costs related to the Credit Facility were capitalized and are being amortized over the life of the Credit Facility.

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As a result of the Second Amendment, the Company incurred an additional $120,000 of transaction fees related to the Credit Facility that were capitalized.

As a result of the Third Amendment, the Company incurred an additional $161,000 of transaction fees related to the Credit Facility that were capitalized.

The cumulative transaction fees are being amortized over the remaining life of the Credit Facility.

Interest rates under the Credit Facility are payable, at our option, at alternatives equal to LIBOR (3.065% at September 30, 2022), plus 1% to 2% or the base rate plus 0% to 1%.

The spread over LIBOR and the base rate vary from time to time, depending upon our financial leverage.

As previously noted, the May 11, 2020 amendment to the Credit Facility includes an alternative to LIBOR in the event LIBOR is no longer available.

Interest rates under the Credit Facility are payable, at our option, at alternatives equal to SOFR (4.870% at March 31, 2023), plus 1% to 2% or the base rate plus 0% to 1%.

The spread over SOFR and the base rate vary from time to time, depending upon our financial leverage.

Letters of credit issued under the Credit Facility will be subject to a participation fee (which is equal to the interest rate applicable to Eurocurrency Loans, as defined in the Credit Agreement) payable to each of the Lenders and a fronting fee equal to 0.25% per annum payable to the issuing bank.

We also pay quarterly commitment fees of 0.2% to 0.3% per annum on the unused portion of the Revolving Credit Facility.

The Credit Facility contains a number of financial covenants (all of which we were in compliance with at September 30, 2022) which, among other things, require us to maintain specified financial ratios and impose certain limitations on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances.

On October 27, 2021, we used $10 million from funds generated by operations to voluntarily pay down the remaining amount on our Revolving Credit Facility.

We had approximately $50 million of unused borrowing capacity under the Revolving Credit Facility at September 30, 2022.

Under the Third Amendment, we now pay quarterly commitment fees of 0.25% per annum on the used portion of the Credit Facility.

We previously paid quarterly commitment fees of 0.2% to 0.3% per annum on the unused portion of the Revolving Credit Facility.

The Credit Facility contains a number of financial covenants (all of which we were in compliance with at March 31, 2023) which, among other things, require us to maintain specified financial ratios and impose certain limitations on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances.

We have no debt outstanding at December 31, 2022 or March 31, 2023.

We have approximately $50 million of unused borrowing capacity under the Revolving Credit Facility at both March 31, 2023 and December 31, 2022.

Sources and Uses of Cash

During the nine months ended September 30, 2022 and 2021, we had net cash flows from operating activities of $14,362,000 and $13,905,000, respectively.

We believe that cash flow from operations will be sufficient to meet quarterly debt service requirements for payments of interest and principal under our Credit Facility if we borrow in the future.

During the three months ended March 31, 2023 and 2022, we had net cash flows from operating activities of $4,835,000 and $5,296,000, respectively.

We believe that cash flow from operations will be sufficient to meet quarterly debt service requirements for payments of interest and scheduled payments of principal under our Credit Facility if we borrow in the future.

However, if such cash flow is not sufficient we may be required to sell additional equity securities, refinance our obligations or dispose of one or more of our properties in order to make such scheduled payments.

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In March 2013, our board of directors authorized an increase to our Stock Buy-Back Program (the “Buy-Back Program”) to allow us to purchase up to $75.8 million of our Class A Common Stock.

From its inception in 1998 through September 30, 2022, we have repurchased 2.2 million shares of our Class A Common Stock for $57.4 million.

During the three and nine months ended September 30, 2022, we repurchased 273 shares for approximately $7,000 related to the Buy-Back Program.

Given the unprecedented uncertainty surrounding the current economic environment including interest rates, inflation and ongoing global turmoil we currently have no directions issued for any additional buybacks under our plan.

Our capital expenditures, exclusive of acquisitions, for the nine months ended September 30, 2022 were $4,731,000 (versus $2,687,000 in 2021).

From its inception in 1998 through March 31, 2023, we have repurchased 2.2 million shares of our Class A Common Stock for $57.6 million.

During the three months ended March 31, 2023, we did not repurchase any shares related to the Buy-Back Program.

We halted the directions issued for any additional buybacks under our plan in 2020.

We continue to monitor economic conditions to determine if and when it makes sense to make additional buybacks under our plan.

Our capital expenditures, exclusive of acquisitions, for the three months ended March 31, 2023 were $1,362,000 ($923,000 in 2022).

We anticipate capital expenditures in 2023 to be approximately $5.0 million to $5.5 million, which we expect to finance through funds generated from operations.

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The translators are start-up stations and therefore have no pro forma revenue and expenses.

On January 8, 2021, the Company closed on an agreement to purchase WBQL and W288DQ from Consolidated Media, LLC, for an aggregate purchase price of $175,000, of which $25,000 was paid in 2020 and the remaining $150,000 paid in 2021.

Management attributes the goodwill recognized in the acquisition to the power of the existing brands in the Clarksville, Tennessee market as well as synergies and growth opportunities expected through the combination with the Company’s existing stations.

On September 20, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.25 per share and a special cash dividend of $2.00 per share on its Classes A Common Stock.

This dividend, totaling approximately $13,600,000, was paid on October 21, 2022 to shareholders of record on October 3, 2022 and is recorded in dividends payable in our Condensed Consolidated Balance Sheet at September 30, 2022.

Subsequent to the quarter ending March 31, 2023, on May 9, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.25 per share on its Class A Common Stock.

This dividend, totaling approximately $1,500,000 will be paid on June 16, 2023 to shareholders of record on May 22, 2023.

On March 1, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.25 per share on its Class A Common Stock.

This dividend, totaling approximately $1,500,000, was paid on April 7, 2023 to shareholders of record on March 20, 2023 and is recorded in dividends payables in our Condensed Consolidated Balance Sheet at March 31, 2023.

On December 7, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.25 per share and a special cash dividend of $2.00 per share on its Class A Common Stock.

This dividend, totaling approximately $13,800,000, was paid on January 13, 2023 to shareholders of record on December 21, 2022 and is recorded in dividends payable in our Condensed Consolidated Balance Sheet at December 31, 2022.

On September 20, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.25 per share and a special cash dividend of $2.00 per share on its Class A Common Stock.

This dividend, totaling approximately $13,600,000, was paid on October 21, 2022 to shareholders of record on October 3, 2022.

On June 6, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.20 per share on its Classes A and B Common Stock.

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This dividend, totaling approximately $970,000, was paid on April 8, 2022 to shareholders of record on March 21, 2022.

On December 14, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share and special cash dividend of $0.50 per share on its Classes A and B Common Stock.

This dividend, totaling approximately $3,988,000, was paid on January 14, 2022 to shareholders of record on December 27, 2021.

On September 28, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share on its Classes A and B Common Stock.

This dividend, totaling approximately $960,000, was paid on October 22, 2021 to shareholders of record on October 8, 2021.

On June 18, 2021, the Company’s Board of Directors declared a quarterly cash dividend of $0.16 per share on its Classes A and B Common Stock.

This dividend, totaling approximately $960,000, was paid on July 16, 2021 to shareholders of record on June 30, 2021 and was recorded in dividends payable on the Company’s Condensed Consolidated Balance sheet at June 30, 2021.

The Company had previously temporarily suspended the quarterly cash dividend in response to the uncertainty of the ongoing impact of COVID-19 as of June 18, 2020.

We continue to actively seek and explore opportunities for expansion through the acquisitions of additional broadcast properties.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis