LBI MEDIA HOLDINGS INC

CIK:0001267023|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Condensed Consolidated Statements of Operations [Abstract]
Net revenues	$ 32,076	$ 30,461	$ 91,712	$ 87,441
Operating expenses:
Program and technical, exclusive of depreciation and amortization shown below	12,501	9,902	36,827	29,303
Promotional, exclusive of depreciation and amortization shown below	768	903	1,967	2,180
Selling, general and administrative, exclusive of depreciation and amortization shown below	11,919	10,640	34,467	33,293
Depreciation and amortization expense	2,541	2,632	7,575	7,806
Loss (gain) on sale and disposal of property and equipment	9	923	(1,911)	1,518
Impairment of broadcast licenses and long-lived assets	4,517	880	4,517	880
Proceeds from insurance claim		(455)		(455)
Gain on legal settlement				(900)
Total operating expenses	32,255	25,425	83,442	73,625
Operating income (loss)	(179)	5,036	8,270	13,816
Interest expense, net of amounts capitalized	(12,000)	(12,119)	(35,788)	(34,490)
Interest rate swap income		799		2,335
Interest and other income	28	46	157	111
Exchange offering costs	(1,537)		(2,597)
Loss before provision for income taxes	(13,688)	(6,238)	(29,958)	(18,228)
Provision for income taxes	(201)	(480)	(1,310)	(1,475)
Net loss	$ (13,889)	$ (6,718)	$ (31,268)	$ (19,703)

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Operating activities
Net loss	$ (31,268)	$ (19,703)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,575	7,806
Impairment of broadcast licenses and long-lived assets	4,517	880
Loss (gain) on sale and disposal of property and equipment	(1,911)	1,518
Stock-based compensation		19
Write-off of deferred financing costs		968
Amortization of deferred financing costs	1,172	1,145
Amortization of discount on subordinated and senior secured notes	482	386
Amortization of television program costs	17,795	10,109
Interest rate swap income		(2,335)
Provision for doubtful accounts	850	1,583
Provision for employee advances	1,634
Changes in operating assets and liabilities:
Cash overdraft		(1,050)
Accounts receivable	(1,840)	(2,707)
Television program costs	(16,581)	(15,362)
Amounts due from related parties	(50)	(150)
Prepaid expenses and other current assets	15	(525)
Employee advances	114	(31)
Accounts payable	1,232	215
Accrued liabilities	(213)	(1,303)
Accrued interest	1,521	6,685
Deferred income taxes	1,215	1,319
Other assets and liabilities, net	190	483
Net cash used in operating activities	(13,551)	(10,050)
Investing activities
Purchases of property and equipment	(3,588)	(9,136)
Net proceeds from the sale of property and equipment	4,603
Notes receivable issued to related parties, net	(200)	(4)
Repayments on notes receivable	1,904	176
Net cash used in investing activities	2,119	(8,964)
Financing activities
Proceeds from bank borrowings	18,400	7,250
Proceeds from issuance of long-term debt		216,907
Payment of deferred financing costs		(8,998)
Payments on bank borrowings	(629)	(183,222)
Net cash provided by financing activities	17,771	31,937
Net increase in cash and cash equivalents	6,339	12,923
Cash and cash equivalents at beginning of period	1,162	294
Cash and cash equivalents at end of period	7,501	13,217
Non-cash amounts included in accounts payable and accrued liabilities:
Purchase of property and equipment	64	(669)
Cash paid during period for:
Interest	32,563	25,314
Income taxes	62	230
Operating and Broadcast Rights
Investing activities
Acquisition of broadcast licenses	$ (600)

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 7,501	$ 1,162
Accounts receivable (less allowances for doubtful accounts of $3,843 as of September 30, 2012 and $3,576 as of December 31, 2011)	26,365	25,272
Current portion of television program costs, net	1,016	1,091
Amounts due from related parties	563	563
Current portion of employee advances	45	171
Prepaid expenses and other current assets	1,828	2,067
Assets held for sale	11,595	1,614
Total current assets	48,913	31,940
Property and equipment, net	72,205	89,209
Broadcast licenses, net	161,214	165,131
Deferred financing costs, net	10,356	11,528
Employee advances, excluding current portion	124	1,746
Television program costs, excluding current portion	13,433	14,572
Other assets	5,371	7,466
Total assets	311,616	321,592
Current liabilities:
Accounts payable	4,413	3,359
Accrued liabilities	6,236	6,449
Accrued interest	14,902	13,381
Current portion of long-term debt	181	174
Total current liabilities	25,732	23,363
Long-term debt, excluding current portion	504,877	486,631
Deferred income taxes	26,782	26,181
Other liabilities	3,632	3,593
Total liabilities	561,023	539,768
Commitments and contingencies
Stockholder's deficiency:
Common stock, $0.01 par value: Authorized shares - 1,000 Issued and outstanding shares - 100
Additional paid-in capital	63,020	63,020
Notes receivable from related parties	(2,998)	(3,035)
Accumulated deficit	(309,429)	(278,161)
Total stockholder's deficiency	(249,407)	(218,176)
Total liabilities and stockholder's deficiency	$ 311,616	$ 321,592