|
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Cash flows from operating activities |
|
|
| Net income |
$ 5,366 |
$ 6,434 |
| Discontinued operations |
(188) |
(374) |
| Income from continuing operations |
5,554 |
6,808 |
| Distributions received from The Detroit Legal News Publishing, LLC |
1,463 |
2,100 |
| Distributions paid to holders of noncontrolling interest |
0 |
474 |
| Gain on sale of investment |
0 |
394 |
| Non-cash operating activities: |
|
|
| Amortization |
9,929 |
8,815 |
| Depreciation |
4,099 |
3,701 |
| Equity in earnings of affiliates |
(1,024) |
(1,189) |
| Stock-based compensation expense |
1,901 |
2,024 |
| Deferred income taxes |
3,713 |
28 |
| Change in value of interest rate swap |
0 |
(286) |
| Amortization of debt issuance costs |
213 |
186 |
| Changes in operating assets and liabilities, net of effects of business combinations in 2009: |
|
|
| Non-cash fair value adjustment on earnout recorded in connection with acquisition |
(9,952) |
358 |
| Accounts receivable and unbilled pass-through costs |
8,225 |
(4,984) |
| Prepaid expenses and other current assets |
1,273 |
3,200 |
| Other assets |
31 |
0 |
| Accounts payable and accrued liabilities |
(75) |
(5,179) |
| Deferred revenue and other liabilities |
(1,079) |
(686) |
| Cash provided by operating activities - continuing operations |
24,271 |
14,028 |
| Cash provided by (used in) operating activities - discontinued operations |
(231) |
(212) |
| Net cash provided by operating activities |
24,040 |
13,816 |
| Cash flows from investing activities |
|
|
| Acquisitions and investments |
(145) |
(5,071) |
| Capital expenditures |
2,770 |
3,904 |
| Proceeds on the sale of investment |
0 |
394 |
| Cash provided by investing activities - continuing operations |
(2,915) |
(8,581) |
| Cash provided by (used in) investing activities - discontinued operations |
122 |
(7) |
| Net cash used in investing activities |
(2,793) |
(8,588) |
| Cash flows from financing activities |
|
|
| Net payments on senior revolving note |
(2,200) |
(1,300) |
| Payments on senior long-term debt |
(2,500) |
(2,500) |
| Payments of deferred acquisition costs and earnouts |
(14,400) |
0 |
| Payments on capital lease liability |
183 |
101 |
| Payments on unsecured notes payable |
(1,247) |
(1,193) |
| Payments For Repurchase Of Common Stock |
0 |
(1,691) |
| Payments of deferred financing costs |
(313) |
0 |
| Net cash used in financing activities |
(20,843) |
(6,785) |
| Net increase in cash and cash equivalents |
404 |
(1,557) |
| Cash and cash equivalents at beginning of the period |
752 |
4,862 |
| Cash and cash equivalents at end of the period |
$ 1,156 |
$ 3,305 |