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LIN TELEVISION CORP

SIC 4833 · Television Broadcasting Stations

LIN TELEVISION CORP

CIK:0000931058|SEC Filings

Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net revenues	$ 192,063	$ 163,110	$ 547,069	$ 468,448
Operating expenses:
Direct operating	76,029	62,504	220,950	180,695
Selling, general and administrative	44,306	41,319	137,554	118,657
Amortization of program rights	6,972	7,605	20,353	22,542
Corporate	8,521	10,682	29,718	30,047
Depreciation	10,892	11,429	32,665	34,387
Amortization of intangible assets	3,788	5,886	15,065	17,038
Impairment of broadcast licenses and goodwill	60,867	0	60,867	0
Charges	1,084	468	1,084	2,991
Loss (gain) from asset dispositions	42	(9)	141	173
Operating (loss) income	(20,438)	23,226	28,672	61,918
Other expense:
Interest expense, net	14,209	13,976	42,568	42,275
Share of loss in equity investments	0	0	100	25
Other (income) expense, net	(768)	2,055	(851)	2,115
Total other expense, net	13,441	16,031	41,817	44,415
(Loss) income before (benefit from) provision for income taxes	(33,879)	7,195	(13,145)	17,503
(Benefit from) provision for income taxes	(7,996)	(139,313)	813	(135,154)
Net (loss) income	(25,883)	146,508	(13,958)	152,657
Net income (loss) attributable to noncontrolling interests	517	(430)	(542)	(900)
Net (loss) income attributable to reporting entity	(26,400)	146,938	(13,416)	153,557
Basic net (loss) income per common share:
Net (loss) income (in dollars per share)	$ (0.49)	$ 2.78	$ (0.25)	$ 2.93
Weighted-average number of common shares outstanding used in calculating basic income (loss) per common share (in shares)	54,372	52,791	53,962	52,328
Diluted net (loss) income per common share:
Net (loss) income (in dollars per share)	$ (0.49)	$ 2.63	$ (0.25)	$ 2.77
Weighted-average number of common shares outstanding used in calculating diluted income per common share (in shares)	54,372	55,855	53,962	55,378
LIN Television Corporation
Net revenues	192,063	163,110	547,069	468,448
Operating expenses:
Direct operating	76,029	62,504	220,950	180,695
Selling, general and administrative	44,306	41,319	137,554	118,657
Amortization of program rights	6,972	7,605	20,353	22,542
Corporate	8,169	10,405	28,662	29,770
Depreciation	10,892	11,429	32,665	34,387
Amortization of intangible assets	3,788	5,886	15,065	17,038
Impairment of broadcast licenses and goodwill	60,867	0	60,867	0
Charges	1,084	468	1,084	2,991
Loss (gain) from asset dispositions	42	(9)	141	173
Operating (loss) income	(20,086)	23,503	29,728	62,195
Other expense:
Interest expense, net	14,231	13,976	42,631	42,275
Share of loss in equity investments	0	0	100	25
Other (income) expense, net	(768)	2,055	(851)	2,115
Total other expense, net	13,463	16,031	41,880	44,415
(Loss) income before (benefit from) provision for income taxes	(33,549)	7,472	(12,152)	17,780
(Benefit from) provision for income taxes	(7,996)	(139,313)	813	(135,154)
Net (loss) income	(25,553)	146,785	(12,965)	152,934
Net income (loss) attributable to noncontrolling interests	517	(430)	(542)	(900)
Net (loss) income attributable to reporting entity	$ (26,070)	$ 147,215	$ (12,423)	$ 153,834

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
OPERATING ACTIVITIES:
Net (loss) income	$ (13,958)	$ 152,657
Adjustment to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	32,665	34,387
Amortization of intangible assets	15,065	17,038
Impairment of broadcast licenses and goodwill	60,867	0
Amortization of financing costs and note discounts	2,693	2,723
Amortization of program rights	20,353	22,542
Cash payments for programming	(20,444)	(23,994)
Share of loss in equity investments	100	25
Deferred income taxes, net	666	(7,144)
Extinguishment of income tax liability related to the 2013 LIN LLC Merger	0	(132,542)
Share-based compensation	6,111	6,766
Loss from asset dispositions	141	173
Other, net	2,679	1,291
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	9,526	3,191
Other assets	(7,685)	(597)
Accounts payable	(4,137)	(9,609)
Accrued interest expense	(598)	3,761
Other liabilities and accrued expenses	6,339	(12,163)
Net cash provided by operating activities	110,383	58,505
INVESTING ACTIVITIES:
Capital expenditures	(17,066)	(21,671)
Acquisition of broadcast towers	(7,257)	0
Payments for business combinations, net of cash acquired	(24,825)	(10,082)
Proceeds from the sale of assets	114	76
Contributions to equity investments	(100)	0
Purchase of marketable securities	(174)	0
Capital contribution to joint venture with NBCUniversal	0	(100,000)
Net cash used in investing activities	(49,308)	(131,677)
FINANCING ACTIVITIES:
Net proceeds on exercises of employee and director stock-based compensation	2,480	1,450
Tax benefit from exercises of share options	0	2,180
Proceeds from borrowings on long-term debt	45,000	101,000
Principal payments on long-term debt	(97,698)	(49,394)
Payment of long-term debt issue costs	0	(654)
Net cash (used in) provided by financing activities	(50,218)	54,582
Net increase (decrease) in cash and cash equivalents	10,857	(18,590)
Cash and cash equivalents at the beginning of the period	12,525	46,307
Cash and cash equivalents at the end of the period	23,382	27,717
LIN Television Corporation
OPERATING ACTIVITIES:
Net (loss) income	(12,965)	152,934
Adjustment to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	32,665	34,387
Amortization of intangible assets	15,065	17,038
Impairment of broadcast licenses and goodwill	60,867	0
Amortization of financing costs and note discounts	2,693	2,723
Amortization of program rights	20,353	22,542
Cash payments for programming	(20,444)	(23,994)
Share of loss in equity investments	100	25
Deferred income taxes, net	666	(7,144)
Extinguishment of income tax liability related to the 2013 LIN LLC Merger	0	(132,542)
Share-based compensation	6,111	6,766
Loss from asset dispositions	141	173
Other, net	2,679	1,291
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	9,625	3,113
Other assets	(7,685)	(597)
Accounts payable	(4,137)	(9,609)
Accrued interest expense	(598)	3,761
Other liabilities and accrued expenses	6,339	(12,163)
Net cash provided by operating activities	111,475	58,704
INVESTING ACTIVITIES:
Capital expenditures	(17,066)	(21,671)
Acquisition of broadcast towers	(7,257)	0
Payments for business combinations, net of cash acquired	(24,825)	(10,082)
Proceeds from the sale of assets	114	76
Contributions to equity investments	(100)	0
Purchase of marketable securities	(174)	0
Capital contribution to joint venture with NBCUniversal	0	(100,000)
Net cash used in investing activities	(49,308)	(131,677)
FINANCING ACTIVITIES:
Net proceeds on exercises of employee and director stock-based compensation	0	1,251
Tax benefit from exercises of share options	0	2,180
Proceeds from borrowings on long-term debt	45,000	101,000
Payment of dividend	(750)	(2,000)
Principal payments on long-term debt	(97,698)	(49,394)
Payment of long-term debt issue costs	0	(654)
Net cash (used in) provided by financing activities	(53,448)	52,383
Net increase (decrease) in cash and cash equivalents	8,719	(20,590)
Cash and cash equivalents at the beginning of the period	12,525	46,307
Cash and cash equivalents at the end of the period	$ 21,244	$ 25,717

Consolidated Balance Sheets (USD $)

Sep. 30, 2014

Dec. 31, 2013

Current assets:

Cash and cash equivalents

$ 23,382,000

$ 12,525,000

Marketable securities

174,000

0

Accounts receivable, less allowance for doubtful accounts (2014 - $4,748; 2013 - $3,188)

145,370,000

145,309,000

Deferred income tax assets

5,396,000

6,898,000

Other current assets

19,096,000

15,201,000

Total current assets

193,418,000

179,933,000

Property and equipment, net

214,378,000

221,078,000

Deferred financing costs

14,075,000

16,448,000

195,421,000

203,528,000

Broadcast licenses

491,062,000

536,515,000

Other intangible assets, net

44,730,000

47,049,000

12,127,000

12,299,000

1,165,211,000

^[1]

1,216,850,000

^[1]

Current liabilities:

Current portion of long-term debt

20,383,000

17,364,000

Accounts payable

15,485,000

14,002,000

Income taxes payable

258,000

1,420,000

Accrued expenses

64,197,000

51,696,000

Program obligations

7,428,000

7,027,000

Total current liabilities

107,751,000

91,509,000

Long-term debt, excluding current portion

871,931,000

927,328,000

Deferred income tax liabilities

50,712,000

64,686,000

Program obligations

2,941,000

4,146,000

Other liabilities

21,294,000

27,209,000

Total liabilities

1,054,629,000

^[1]

1,114,878,000

^[1]

Commitments and Contingencies

Redeemable noncontrolling interest

15,165,000

12,845,000

Stockholders' equity:

Treasury shares, 4,947,659 shares of class A common shares as of September 30, 2014 and December 31, 2013, at cost

(21,984,000)

(21,984,000)

Accumulated deficit

(1,019,738,000)

(1,006,322,000)

Accumulated other comprehensive loss

(25,009,000)

(25,526,000)

Total stockholders' deficit

95,417,000

89,127,000

95,417,000

89,127,000

Total liabilities, redeemable noncontrolling interest and shareholders’ equity

1,165,211,000

1,216,850,000

Class A common stock

Stockholders' equity:

643,783,000

624,564,000

Class B common stock

Stockholders' equity:

518,365,000

518,395,000

Class C common stock

Stockholders' equity:

0

0

LIN Television Corporation

Current assets:

Cash and cash equivalents

21,244,000

12,525,000

Marketable securities

174,000

0

Accounts receivable, less allowance for doubtful accounts (2014 - $4,748; 2013 - $3,188)

145,371,000

145,409,000

Deferred income tax assets

5,396,000

6,898,000

Other current assets

19,096,000

15,201,000

Total current assets

191,281,000

180,033,000

Property and equipment, net

214,378,000

221,078,000

Deferred financing costs

14,075,000

16,448,000

195,421,000

203,528,000

Broadcast licenses

491,062,000

536,515,000

Other intangible assets, net

44,730,000

47,049,000

12,127,000

12,299,000

1,163,074,000

^[1]

1,216,950,000

^[1]

Current liabilities:

Current portion of long-term debt

20,383,000

17,364,000

Accounts payable

15,485,000

14,002,000

Income taxes payable

258,000

1,420,000

Accrued expenses

64,197,000

51,696,000

Program obligations

7,428,000

7,027,000

Total current liabilities

107,751,000

91,509,000

Long-term debt, excluding current portion

873,931,000

929,328,000

Deferred income tax liabilities

50,712,000

64,686,000

Program obligations

2,941,000

4,146,000

Other liabilities

21,294,000

27,209,000

Total liabilities

1,056,629,000

^[1]

1,116,878,000

^[1]

Commitments and Contingencies

Redeemable noncontrolling interest

15,165,000

12,845,000

Stockholders' equity:

0

0

Investment in parent company’s shares, at cost

(21,984,000)

(21,984,000)

Additional paid-in capital

1,157,079,000

1,140,370,000

Accumulated deficit

(1,018,806,000)

(1,005,633,000)

Accumulated other comprehensive loss

(25,009,000)

(25,526,000)

Total stockholders' deficit

91,280,000

87,227,000

Noncontrolling interest

0

0

91,280,000

87,227,000

Total liabilities, redeemable noncontrolling interest and shareholders’ equity

$ 1,163,074,000

$ 1,216,950,000

[1]

Our consolidated assets as of September 30, 2014 and December 31, 2013 include total assets of: $54,207 and $56,056, respectively, of variable interest entities (“VIEs”) that can only be used to settle the obligations of the VIEs. These assets include broadcast licenses and other intangible assets of: $43,477 and $44,677 and program rights of: $1,664 and $2,186 as of September 30, 2014 and December 31, 2013, respectively. Our consolidated liabilities as of September 30, 2014 and December 31, 2013 include $3,248 and $4,126, respectively, of total liabilities of the VIEs for which the VIEs’ creditors have no recourse to the Company, including $1,986 and $2,727, respectively, of program obligations. See further description in Note 1 — “Basis of Presentation and Summary of Significant Accounting Policies.”