v3.3.1.900

CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Commitments And Contingencies Guarantor Disclosure [Abstract] |
Scehdule of Rent Expense |
|  | Years Ended December 31,
|  | 2015 |  | 2014 |  | 2013
|  | (amounts in thousands)
Rent Expense |  | $ | 16,116 |  | $ | 14,556 |  | $ | 13,226
Schedule of Contracts and Commitments |
|  | Future Minimum Annual Commitments
|  |  |  | Sale |  |  |  |  |  |
|  | Rent Under |  | Leaseback |  | Programming |  |  |
| Operating |  | Operating |  | And Related |  |  |
| Leases |  | Leases |  | Contracts |  | Total
| (amounts in thousands)
Years ending December 31, |  |  |  |  |  |  |  |  |  |  |
2016 | $ | 17,167 |  | $ | 841 |  | $ | 81,589 |  | $ | 99,597
2017 |  | 17,174 |  |  | 865 |  |  | 32,317 |  |  | 50,356
2018 |  | 14,552 |  |  | 891 |  |  | 9,957 |  |  | 25,400
2019 |  | 12,935 |  |  | 918 |  |  | 2,129 |  |  | 15,982
2020 |  | 9,903 |  |  | 946 |  |  | 551 |  |  | 11,400
Thereafter |  | 28,301 |  |  | 9,691 |  |  | 258 |  |  | 38,250
| $ | 100,032 |  | $ | 14,152 |  | $ | 126,801 |  | $ | 240,985
Schedule of Condensed Parent Company Balance Sheet |
| ENTERCOM COMMUNICATIONS CORP.
| CONDENSED PARENT COMPANY BALANCE SHEETS
| (amounts in thousands)
|  |  | 2015 |  | 2014
| ASSETS |  |  |  |  |  |
| Current Assets |  | $ | 7,289 |  | $ | 6,446
| Property And Equipment - Net |  |  | 472 |  |  | 495
| Deferred Charges And |  |  |  |  |  |
| Other Assets - Net |  |  | 3,807 |  |  | 2,233
| Investment In Subsidiaries / Intercompany |  |  | 424,493 |  |  | 360,091
| TOTAL ASSETS |  | $ | 436,061 |  | $ | 369,265
| LIABILITIES AND |  |  |  |  |  |
| SHAREHOLDERS' EQUITY |  |  |  |  |  |
| Current Liabilities |  | $ | 19,631 |  | $ | 14,041
| Long Term Liabilities |  |  | 27,361 |  |  | 26,203
| Total Liabilities |  |  | 46,992 |  |  | 40,244
| Perpectual Cumulative Convertible Preferred Stock |  |  | 27,619 |  |  | -
| Shareholders' Equity: |  |  |  |  |  |
| Class A, B and C Common Stock |  |  | 397 |  |  | 391
| Additional Paid-In Capital |  |  | 611,754 |  |  | 608,515
| Accumulated Deficit |  |  | (250,701) |  |  | (279,885)
| Total shareholders' equity |  |  | 361,450 |  |  | 329,021
| TOTAL LIABILITIES AND |  |  |  |  |  |
| SHAREHOLDERS' EQUITY |  | $ | 436,061 |  | $ | 369,265
| See notes to condensed Parent Company financial statements.
Schedule of Condensed Parent Company Income Statement |
ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY INCOME STATEMENTS
(amounts in thousands)
|  | YEARS ENDED DECEMBER 31,
|  | 2015 |  | 2014 |  | 2013
NET REVENUES |  | $ | 1,536 |  | $ | 1,309 |  | $ | 615
OPERATING (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  |  | 1,123 |  |  | 1,217 |  |  | 1,122
Corporate general and administrative expenses |  |  | 26,395 |  |  | 26,463 |  |  | 24,229
Merger and acquisition costs and restructuring charges |  |  | 6,836 |  |  | 1,042 |  |  | -
Net (gain) loss on sale or disposal of assets |  |  | (601) |  |  | (601) |  |  | (1,954)
Total operating expense |  |  | 33,753 |  |  | 28,121 |  |  | 23,397
OPERATING INCOME (LOSS) |  |  | (32,217) |  |  | (26,812) |  |  | (22,782)
OTHER (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |
Net interest expense, including amortization |  |  |  |  |  |  |  |  |
of deferred financing expense |  |  | - |  |  | 15 |  |  | 1
Other expense (income) |  |  | - |  |  | - |  |  | (165)
Income from equity investment in subsidiaries |  |  | (79,838) |  |  | (73,561) |  |  | (71,118)
TOTAL OTHER (INCOME) EXPENSE |  |  | (79,838) |  |  | (73,546) |  |  | (71,282)
INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT) |  |  | 47,621 |  |  | 46,734 |  |  | 48,500
INCOME TAXES (BENEFIT) |  |  | 18,437 |  |  | 19,911 |  |  | 22,476
NET INCOME (LOSS) AVAILABLE TO THE COMPANY |  |  | 29,184 |  |  | 26,823 |  |  | 26,024
Preferred stock dividend |  |  | (752) |  |  | - |  |  | -
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS |  | $ | 28,432 |  | $ | 26,823 |  | $ | 26,024
See notes to condensed Parent Company financial statements.
Schedule of Condensed Parent Company Shareholder's Equity |
ENTERCOM COMMUNICATIONS CORP.
PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY
YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
(amounts in thousands, except share data)
|  |  |  |  |  |  |  |  |  |  |  |  | Retained |  |  |
| Common Stock |  | Additional |  | Earnings |  |  |
| Class A |  | Class B |  | Paid-in |  | (Accumulated |  |  |
| Shares |  | Amount |  | Shares |  | Amount |  | Capital |  | Deficit) |  | Total
Balance, December 31, 2012 | 31,226,047 |  | $ | 312 |  | 7,197,532 |  | $ | 72 |  | $ | 601,847 |  | $ | (332,737) |  | $ | 269,494
Net income (loss) available to the Company | - |  |  | - |  | - |  |  | - |  |  | - |  |  | 26,024 |  |  | 26,024
Compensation expense related to granting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of stock awards | 96,560 |  |  | 1 |  | - |  |  | - |  |  | 4,269 |  |  | - |  |  | 4,270
Exercise of stock options | 171,625 |  |  | 2 |  | - |  |  | - |  |  | 243 |  |  | - |  |  | 245
Purchase of vested employee restricted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stock units | (186,038) |  |  | (2) |  | - |  |  | - |  |  | (1,638) |  |  | - |  |  | (1,640)
Balance, December 31, 2013 | 31,308,194 |  |  | 313 |  | 7,197,532 |  |  | 72 |  |  | 604,721 |  |  | (306,713) |  |  | 298,393
Net income (loss) available to the Company | - |  |  | - |  | - |  |  | - |  |  | - |  |  | 26,823 |  |  | 26,823
Compensation expense related to granting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of stock awards | 638,102 |  |  | 7 |  | - |  |  | - |  |  | 5,225 |  |  | - |  |  | 5,232
Exercise of stock options | 57,500 |  |  | - |  | - |  |  | - |  |  | 82 |  |  | - |  |  | 82
Purchase of vested employee restricted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stock units | (141,502) |  |  | (1) |  | - |  |  | - |  |  | (1,513) |  |  | - |  |  | (1,514)
Forfeitures of dividend equivalents | - |  |  | - |  | - |  |  | - |  |  | - |  |  | 5 |  |  | 5
Balance, December 31, 2014 | 31,862,294 |  |  | 319 |  | 7,197,532 |  |  | 72 |  |  | 608,515 |  |  | (279,885) |  |  | 329,021
Net income (loss) available to the Company | - |  |  | - |  | - |  |  | - |  |  | - |  |  | 29,184 |  |  | 29,184
Compensation expense related to granting |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
of stock awards | 738,195 |  |  | 7 |  | - |  |  | - |  |  | 5,517 |  |  | - |  |  | 5,524
Exercise of stock options | 11,750 |  |  | - |  | - |  |  | - |  |  | 35 |  |  | - |  |  | 35
Purchase of vested employee restricted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stock units | (131,688) |  |  | (1) |  | - |  |  | - |  |  | (1,561) |  |  | - |  |  | (1,562)
Preferred stock dividend | - |  |  | - |  | - |  |  | - |  |  | (752) |  |  | - |  |  | (752)
Balance, December 31, 2015 | 32,480,551 |  | $ | 325 |  | 7,197,532 |  | $ | 72 |  | $ | 611,754 |  | $ | (250,701) |  | $ | 361,450
See notes to Parent Company financial statements.
Schedule of Condensed Parent Company Cash flow |
ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS
(amounts in thousands)
|  | YEARS ENDED DECEMBER 31,
|  | 2015 |  | 2014 |  | 2013
OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities |  | $ | (25,355) |  | $ | (21,652) |  | $ | (18,167)
INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
Additions to property and equipment |  |  | (304) |  |  | (213) |  |  | (146)
Deferred charges and other assets |  |  | (1,142) |  |  | (481) |  |  | (468)
Proceeds (distributions) from investments in subsidiaries |  |  | 29,030 |  |  | 23,610 |  |  | 20,208
Net cash provided by (used in) investing activities |  |  | 27,584 |  |  | 22,916 |  |  | 19,594
FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Payment of fees associated with the issuance of preferred stock |  |  | (220) |  |  | - |  |  | -
Proceeds from the exercise of stock options |  |  | 35 |  |  | 82 |  |  | 245
Purchase of vested employee restricted stock units |  |  | (1,562) |  |  | (1,514) |  |  | (1,640)
Payment of dividend equivalents on vested restricted stock units |  |  | (7) |  |  | - |  |  | -
Payment of dividends |  |  | (413) |  |  | - |  |  | -
Net cash provided by (used in) financing activities |  |  | (2,167) |  |  | (1,432) |  |  | (1,395)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |  |  | 62 |  |  | (168) |  |  | 32
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |  |  | 133 |  |  | 301 |  |  | 269
CASH AND CASH EQUIVALENTS, END OF YEAR |  | $ | 195 |  | $ | 133 |  | $ | 301
See notes to condensed Parent Company financial statements.
Schedule of Completed and Pending Transactions |
Bonneville Exchange
Markets |  | Radio Stations |  | Transactions
Los Angeles, CA |  | KSWD FM |  | Company acquired from Bonneville
Denver, CO |  | KOSI FM |  | Company disposed to Bonneville
Denver, CO |  | KYGO FM; KEPN AM |  | Company disposed to Bonneville
Denver, CO |  | KKFN FM |  | The trust disposed to Bonneville
Lincoln Acquisition
Markets |  | Radio Stations |  | Transactions
Denver, CO |  | KKFN FM |  | The trust acquired from Lincoln
Denver, CO |  | KYGO FM; KEPN AM |  | Company acquired from Lincoln
Denver, CO |  | KQKS FM; KRWZ AM |  | Company acquired from Lincoln
Atlanta, GA |  | WSTR FM; WQXI AM |  | Company acquired from Lincoln
Miami, FL |  | WAXY AM/FM; WLYF FM; WMXJ FM |  | Company acquired from Lincoln
San Diego, CA |  | KBZT FM; KSON FM/KSOQ FM; KIFM FM |  | Company acquired from Lincoln
Schedule Of Pending Purchase Price Allocation [Table Text Block] |
|  | As Reported |  |  |  | As Revised |  |  |  |
|  | September 30, |  |  |  | December 31, |  | Useful Lives In Years
Description |  | 2015 |  | Adjustment |  | 2015 |  | From |  | To
|  | (amounts in thousands) |  |  |  |
Other receivables |  | $ | 4,175 |  | $ | 689 |  | $ | 4,864 |  |  |  |
Equipment |  |  | 1,012 |  |  | - |  |  | 1,012 |  | 3 |  | 15
Furniture and fixtures |  |  | 121 |  |  | - |  |  | 121 |  | 5 |  | 5
Total tangible property |  |  | 1,133 |  |  | - |  |  | 1,133 |  |  |  |
Advertiser lists and customer relationships |  |  | 1 |  |  | - |  |  | 1 |  | 3 |  | 3
Trademarks and trade names |  |  | 2 |  |  | - |  |  | 2 |  | 5 |  | 5
Broadcasting licenses |  |  | 53,371 |  |  | (314) |  |  | 53,057 |  | non-amortizing
Goodwill |  |  | 641 |  |  | (375) |  |  | 266 |  | non-amortizing
Total intangible assets |  |  | 54,015 |  |  | (689) |  |  | 53,326 |  |  |  |
Total assets |  |  | 59,323 |  |  | - |  |  | 59,323 |  |  |  |
Unfavorable contract and lease liabilities |  |  | (323) |  |  | - |  |  | (323) |  | 1 |  | 4
Net assets acquired |  | $ | 59,000 |  | $ | - |  | $ | 59,000 |  |  |  |
Fair value of net assets provided |  |  |  |  |  |  |  |  |  |  |  |  |
as consideration |  | $ | 59,000 |  | $ | - |  | $ | 59,000 |  |  |  |

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