Salem media group, inc. /de/ (SALM)
Balance Sheet / Quarterly
Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Dec'10
ASSETS
Current assets:
Cash and cash equivalents

6

7

9

4

117

17

9

6

3

4

19

83

130

80

44

84

98

186

192

182

33

311

232

278

65

1,426

73

123

380

195

299

312

67

19

1,370

828

Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

970

-

-

-

-

110

-

100

100

Trade accounts receivable (net of allowances of $9,732 in 2018 and $10,947 in 2019)

30,824

33,465

32,154

30,405

33,020

35,058

32,577

30,058

32,545

35,862

33,552

33,951

37,260

36,444

33,091

31,845

37,181

36,855

34,842

33,520

34,781

40,168

35,462

36,021

37,627

34,507

37,133

36,114

35,009

33,168

32,189

30,502

31,001

30,748

30,225

29,157

Unbilled revenue

2,749

2,273

2,158

2,107

2,513

2,149

3,106

3,724

2,298

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other receivables (net of allowances of $158 in 2018 and $— in 2019)

1,352

9,224

876

916

806

898

727

819

820

990

982

923

751

1,001

830

2,399

1,981

1,620

1,558

3,456

3,546

3,332

2,989

2,098

720

1,910

1,805

694

609

376

126

850

888

1,018

463

623

Inventories (net of reserves of $994 in 2018 and $1,271 in 2019)

717

649

630

533

677

891

953

808

730

809

867

841

670

746

903

871

893

1,073

858

641

572

626

740

564

0

-

-

-

-

-

-

-

-

-

-

-

Prepaid expenses

5,890

6,165

5,383

5,117

6,504

7,376

7,207

6,893

6,824

7,288

7,091

6,144

6,287

7,003

6,315

6,140

6,285

7,624

6,771

6,031

5,580

6,396

6,101

5,639

4,049

4,040

3,973

3,883

4,096

3,904

3,720

3,603

3,395

4,654

3,990

3,314

Income tax receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4

17

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-

-

-

-

-

-

-

-

-

0

0

0

9,411

9,813

9,813

9,813

9,813

8,153

8,153

8,153

8,153

6,876

6,876

6,876

6,876

6,248

6,248

17,239

6,248

7,027

9,797

6,812

6,403

5,842

5,665

5,974

Assets held for sale

185

8,731

-

750

-

1,375

8,025

4,017

3,500

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Assets held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,700

1,700

-

1,700

1,700

1,700

1,964

2,900

2,900

-

-

-

-

-

Assets of discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8

8

8

9

8

8

46

56

102

-

-

962

Total current assets

41,723

60,514

41,210

39,832

43,637

47,764

52,604

46,325

46,720

44,953

43,511

42,942

54,509

56,087

51,996

52,852

57,951

57,215

54,091

53,683

54,365

59,409

54,100

53,176

51,045

49,839

50,940

60,732

48,314

47,578

49,077

42,135

41,966

42,281

41,813

40,958

Land held for sale

-

-

-

-

-

-

0

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,700

1,700

1,700

1,700

1,700

1,700

1,700

-

-

1,700

-

-

-

-

-

-

-

-

-

-

-

Notes receivable (net of allowance of $733 in 2018 and $954 in 2019)

667

797

889

998

218

217

35

8

53

92

191

17

65

96

154

130

173

222

173

200

228

313

405

2,240

1,866

209

258

1,300

1,662

1,458

1,936

1,481

1,459

2,761

3,250

2,327

Fair value of interest rate swap

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

475

1,754

708

2,081

3,177

2,545

3,578

-

-

-

-

-

-

-

-

-

Property and equipment (net of accumulated depreciation of $170,756 in 2018 and $173,122 in 2019)

87,673

88,317

94,591

95,546

96,344

96,712

96,423

98,653

99,480

102,203

101,617

102,558

102,790

103,322

104,559

105,229

105,483

103,645

101,843

99,378

99,227

100,296

101,468

99,639

98,928

98,759

99,369

99,489

99,467

100,668

102,341

111,761

111,222

112,382

113,877

115,851

Operating lease right-of-use assets

54,550

56,800

61,581

63,120

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Financing lease right-of-use assets

180

189

199

219

164

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Broadcast licenses

337,858

340,354

372,325

372,025

376,316

379,182

373,962

380,693

380,914

388,720

388,678

388,663

388,517

394,043

393,566

393,074

393,031

390,051

387,367

386,302

385,726

385,554

385,548

383,606

381,836

381,836

381,586

381,582

373,720

373,720

372,211

372,181

371,420

369,370

369,367

378,362

Goodwill

23,998

26,425

26,445

26,445

26,789

26,789

25,803

26,424

26,424

26,436

25,628

25,628

25,613

25,724

24,793

24,784

24,563

24,968

24,816

24,690

24,684

24,727

24,727

24,709

22,374

22,002

21,981

22,419

22,383

21,330

20,097

20,096

20,092

20,343

20,342

18,108

Other indefinite-lived intangible assets

260

277

277

277

277

313

313

313

313

313

313

313

332

833

833

833

833

833

833

833

833

868

868

868

868

1,528

1,528

1,873

1,873

1,961

1,961

1,961

1,961

1,961

1,961

1,961

Amortizable intangible assets (net of accumulated amortization of $53,180 in 2018 and $55,617 in 2019)

7,100

8,170

9,061

9,639

11,264

12,899

10,180

11,626

13,104

14,276

12,204

13,348

14,408

15,690

13,220

13,760

11,481

12,698

11,343

11,780

12,395

13,903

-

-

8,793

-

-

-

-

-

-

-

-

-

-

-

Amortizable intangible assets (net of accumulated amortization of $27,933 in 2013 and $31,070 in 2014)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15,398

16,897

-

8,136

8,109

8,791

8,753

6,484

5,436

5,881

6,469

7,276

7,948

5,053

Deferred financing costs

224

268

304

338

381

397

418

463

550

549

506

65

82

99

116

133

151

2,669

2,826

2,982

3,166

3,628

3,800

3,962

4,130

4,291

4,442

4,127

4,002

4,379

4,687

5,175

5,489

5,584

6,125

7,349

Deferred income taxes

-

-

-

-

-

1,070

1,070

1,070

1,070

1,877

1,877

1,877

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other assets

4,197

4,134

4,177

3,828

3,638

3,590

3,768

3,597

3,191

3,205

3,284

3,104

2,952

3,179

3,104

2,855

2,500

2,591

2,699

2,505

2,060

2,100

1,977

1,769

2,096

1,944

1,799

1,608

2,007

1,506

1,554

1,269

1,232

1,253

1,063

4,517

Total assets

558,430

586,245

611,059

612,267

559,028

568,933

564,576

570,172

572,819

583,624

577,809

578,515

590,268

599,073

592,341

593,650

596,166

594,892

585,991

582,353

583,159

592,552

588,999

588,947

575,113

571,089

573,590

581,921

562,181

559,084

559,300

561,940

561,310

563,211

565,746

574,486

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable

3,468

4,305

5,736

5,211

2,187

4,583

4,228

1,677

1,584

3,721

2,542

5,795

4,968

5,821

3,612

4,174

5,177

5,909

4,587

5,801

2,964

5,252

4,065

3,897

3,960

3,105

3,424

3,071

5,259

2,684

4,399

4,121

4,565

2,166

3,206

961

Accrued expenses

9,395

9,449

8,647

9,140

10,104

10,877

12,050

10,616

9,281

12,427

12,322

12,087

15,658

11,648

10,687

11,262

14,032

12,245

11,920

15,104

12,704

13,324

11,783

12,760

7,888

7,168

6,815

6,533

6,627

5,587

5,233

5,191

5,542

5,804

5,257

6,020

Accrued compensation and related expenses

7,895

9,767

7,457

9,227

7,582

9,556

7,905

9,597

7,643

9,865

8,196

9,712

8,133

10,424

8,272

9,301

8,297

8,615

8,320

8,337

8,777

8,649

9,699

7,778

6,913

7,368

8,028

6,608

8,668

6,785

7,705

5,939

8,431

6,585

7,138

7,730

Accrued interest

1,262

5,231

1,341

5,238

1,375

5,521

1,416

5,604

1,445

6,481

2,114

41

77

44

47

52

16

54

49

43

48

45

404

18

37

1

75

548

1,110

6,389

1,113

6,743

1,127

7,052

1,119

1,264

Contract liabilities

9,493

9,377

10,437

11,581

11,537

12,348

11,400

12,165

12,763

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred rent income

110

108

110

108

108

142

133

140

152

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Current portion of deferred revenue

-

-

-

-

-

-

-

-

-

10,835

9,219

9,365

9,491

10,739

10,667

11,039

11,549

12,928

12,695

13,069

13,205

12,409

12,580

13,488

9,721

9,482

12,065

10,948

9,531

8,153

7,987

8,077

7,521

8,049

7,398

6,513

Income taxes payable

531

354

299

397

267

241

192

287

172

174

59

257

223

179

128

262

73

0

0

207

154

169

104

191

142

100

38

161

175

168

212

212

205

7

114

210

Current portion of operating lease liabilities

8,485

8,191

9,651

9,464

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Current portion of financing (capital) lease liabilities

69

69

69

74

58

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Current portion of long-term debt

12,426

18,065

22,416

16,000

19,660

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Terminated subordinated debt due to related parties

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

15,000

15,000

9,000

-

9,000

-

-

-

Current portion of long-term debt and capital lease obligations

-

-

-

-

-

10,228

12,020

105

9,109

6,741

10,116

2,095

590

2,681

4,439

6,108

5,662

7,662

5,327

593

1,898

2,871

1,541

2,439

3,121

3,118

5,118

3,253

5,108

5,115

120

128

124

119

121

111

Total current liabilities

53,134

64,916

66,163

66,440

52,878

53,496

49,344

40,191

42,149

50,244

44,568

39,352

39,140

41,536

37,852

42,198

44,806

47,413

42,898

43,154

39,750

42,719

40,176

40,571

31,782

30,342

35,563

31,122

51,478

49,881

35,769

30,411

36,515

29,782

24,353

22,809

Long-term debt, less current portion

216,468

228,091

227,887

227,683

234,030

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating lease liabilities, less current portion

54,050

56,343

59,991

61,847

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Financing (capital) lease liabilities, less current portion

124

133

141

156

105

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Long-term debt and capital lease obligations, less current portion

-

-

-

-

-

240,182

240,260

249,776

249,579

249,375

249,206

255,519

261,084

265,368

266,378

266,959

269,093

272,183

272,912

273,642

275,607

283,506

287,716

288,445

287,672

290,844

292,762

303,411

248,872

250,455

263,880

271,001

265,679

277,586

288,058

304,416

Fair value of interest rate swap

-

-

-

-

-

-

-

-

-

0

0

157

514

2,124

2,979

2,556

798

2,011

501

945

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

38,778

35,759

34,726

29,968

35,272

33,850

33,339

34,533

34,151

54,644

54,507

53,859

63,423

62,766

59,258

57,203

57,082

52,598

51,306

49,144

49,109

46,590

44,105

43,429

43,457

41,778

43,015

49,890

47,593

46,660

50,430

49,130

48,077

45,451

44,727

42,296

Deferred rent expense, long-term

-

-

-

-

9,382

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Contract liabilities, long-term

1,744

1,807

1,366

1,418

1,379

1,553

1,363

1,627

1,951

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred rent income, less current portion

3,956

3,979

4,002

4,026

4,049

13,339

13,486

13,508

13,644

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred rent expense

-

-

-

-

-

-

-

-

-

9,633

9,679

9,656

9,596

-

-

-

8,300

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue less current portion

-

-

-

-

-

-

-

-

-

6,427

5,127

5,253

5,252

14,832

14,903

14,272

5,630

13,735

11,851

11,201

10,576

10,452

10,552

10,515

9,965

9,955

10,160

10,287

8,140

8,087

8,040

7,990

7,962

7,893

7,759

7,898

Other long-term liabilities

513

546

554

64

64

62

51

64

64

64

52

65

67

34

35

68

636

934

1,115

1,059

4,123

4,151

3,945

4,076

452

20

20

20

29

29

29

29

29

229

229

663

Total liabilities

368,767

391,574

394,830

391,602

337,159

342,482

337,843

339,699

341,538

370,387

363,139

363,861

379,076

386,660

381,405

383,256

386,345

388,874

380,583

379,145

379,165

387,418

386,494

387,036

373,328

372,939

381,520

394,730

356,112

355,112

358,148

358,561

358,262

360,941

365,126

378,082

Commitments and contingencies (Note 16)

-

-

-

-

-

0

0

0

-

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Stockholders' Equity:
Additional paid-in capital

246,680

246,509

246,332

245,396

245,220

245,040

244,827

244,699

244,634

245,800

245,486

245,046

242,400

243,468

242,506

242,000

241,780

241,577

241,389

241,058

240,493

240,026

239,561

238,717

237,579

236,594

235,838

234,923

233,974

233,034

232,728

232,310

231,972

231,640

231,475

230,947

Accumulated earnings (deficit)

23,294

-18,115

3,620

8,992

10,372

15,134

15,629

19,497

20,370

1,160

2,907

3,332

2,516

2,669

2,156

2,121

1,768

-1,831

-2,253

-4,122

-2,770

-1,162

-3,326

-3,075

-2,062

-4,711

-10,034

-13,995

5,832

4,677

2,163

4,809

4,816

4,370

2,885

-802

Treasury stock, at cost (2,317,650 shares at December 31, 2018 and 2019)

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

34,006

Total stockholders' equity

189,663

194,671

216,229

220,665

221,869

226,451

226,733

230,473

231,281

213,237

214,670

214,654

211,192

212,413

210,936

210,394

209,821

206,018

205,408

203,208

203,994

205,134

202,505

201,911

201,785

198,150

192,070

187,191

206,069

203,972

201,152

203,379

203,048

202,270

200,620

196,404

Total liabilities and stockholders' equity

558,430

586,245

611,059

612,267

559,028

568,933

564,576

570,172

572,819

583,624

577,809

578,515

590,268

599,073

592,341

593,650

596,166

594,892

585,991

582,353

583,159

592,552

588,999

588,947

575,113

571,089

573,590

581,921

562,181

559,084

559,300

561,940

561,310

563,211

565,746

574,486

Common Class A [Member]
Common stock

227

227

227

227

227

-

-

-

227

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total stockholders' equity

227

227

227

227

227

-

-

-

227

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Common Class B [Member]
Common stock

56

56

56

56

56

-

-

-

56

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total stockholders' equity

56

56

56

56

56

-

-

-

56

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-