(Financial Table Follows)

Below are the Unaudited Condensed Consolidated Statements of Operations for the three-months and year ended December 31, 2012 and 2011.
  Three-Months Ended December 31, Year Ended December 31,
Amounts in thousands, except per share amounts 2012 2011 2012 2011
         
  (Unaudited) (Unaudited)
Net revenue  $ 36,936  38,170  $ 139,522  140,984
Station operating expenses  21,382  24,708  88,874  89,914
Corporate expenses  1,955  1,657  7,507  7,247
Depreciation and amortization  1,342  1,426  5,464  5,436
(Gain) loss on the disposal of assets, net  (7)  7  (15)  (10)
Impairment charges and restructuring costs  (130)  --   442  207
Operating income  12,394  10,372  37,250  38,190
Interest expense, net  (9,930)  (2,068)  (36,543)  (8,182)
Loss on early extinguishment of debt  --   --   (391)  -- 
         
Income before income taxes  2,464  8,304  316  30,008
Income tax (benefit) expense  (164)  2,146  1,597  6,306
Net income (loss)  2,628  6,158  (1,281)  23,702
         
Dividends on Series B preferred stock  (2,481)  (2,481)  (9,927)  (9,927)
Net income (loss) applicable to common stockholders  $ 147  3,677  $ (11,208)  13,775
         
Net income (loss) per common share:        
Basic  $ 0.02  0.51  $ (1.54)  1.90
Diluted  $ 0.02  0.51  $ (1.54)  1.89
         
Weighted average common shares outstanding:        
Basic  7,267  7,267  7,267  7,267
Diluted  7,267  7,269  7,267  7,278

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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