(Financial Table Follows)

Below are the Unaudited Condensed Consolidated Statements of Operations for the three- and six-months ended June 30, 2012 and 2011.
  Three-Months Ended Six-Months Ended
  June 30, June 30,
Amounts in thousands, except per share amounts 2012 2011 2012 2011
         
  (Unaudited) (Unaudited)
Net revenue  $ 34,611  35,627  $ 66,705  66,402
Station operating expenses  21,509  20,526  44,919  43,911
Corporate expenses  1,636  2,012  3,988   3,943
Depreciation and amortization  1,304  1,257  2,757  2,596
(Gain) loss on the disposal of assets, net  (5)  (2)  (5)   (9)
Impairment charges and restructuring costs  368  207  424  207
Operating income  9,799  11,627  14,622  15,754
Interest expense, net  (9,844)  (2,024)  (16,682)  (4,060)
Loss on early extinguishment of debt  --   --   (391)  -- 
         
Income (loss) before income taxes  (45)  9,603  (2,451)  11,694
Income tax expense  256  1,159  1,513  2,940
Net (loss) income  (301)  8,444  (3,964)  8,754
         
Dividends on Series B preferred stock  (2,482)  (2,482)  (4,964)  (4,964)
Net (loss) income applicable to common stockholders  $ (2,783)  5,962  $ (8,928)  3,790
         
Net (loss) income per common share:        
Basic & Diluted  $ (0.38)  0.82  $ (1.23)  0.52
         
Weighted average common shares outstanding:        
Basic  7,267  7,267  7,267  7,267
Diluted  7,267  7,280  7,267  7,283

Non-GAAP Financial Measures

Operating Income (Loss) before Depreciation and Amortization, (Gain) Loss on the Disposal of Assets, net, and Impairment Charges and Restructuring Costs ("OIBDA") is not a measure of performance or liquidity determined in accordance with Generally Accepted Accounting Principles (GAAP) in the United States. However, we believe that this measure is useful in evaluating our performance because it reflects a measure of performance for our stations before considering costs and expenses related to our capital structure and dispositions. This measure is widely used in the broadcast industry to evaluate a company's operating performance and is used by us for internal budgeting purposes and to evaluate the performance of our stations, segments, management and consolidated operations. However, this measure should not be considered in isolation or as a substitute for Operating Income, Net Income, Cash Flows from Operating Activities or any other measure used in determining our operating performance or liquidity that is calculated in accordance with GAAP. In addition, because OIBDA is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures used by other companies. 

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