SGA — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-14

• these results based on increased demand for their goods or services and/or actual revenues generated from such demand. Various factors affect the rates a station can charge, including the general strength of the local and national economies, population growth, ability to provide popular programming,…

• For the three months ended June 30, 2026, consolidated net operating revenue was $26,402,000 compared with $28,229,000 for the three months ended June 30, 2025, a decrease of $1,827,000 or 6.5%. The decrease in revenue was primarily a result of decreases in gross national revenue of $635,000 and gro…

• Station operating expense was $23,436,000 for the three months ended June 30, 2026, compared with $22,226,000 for the three months ended June 30, 2025, an increase of $1,210,000 or 5.4%. The increase is related to increases in digital service expenses, compensation related expenses and tower lease e…

• We had an operating income for the three months ended June 30, 2026 of $623,000 compared to $1,409,000 for the three months ended June 30, 2025, a decrease of $786,000. The decrease in operating income was the result of a decrease in net operating revenue, and an increase in station operating expens…

• We generated net income of $960,000 ($0.15 per share on a fully diluted basis) during the three months ended June 30, 2026, compared to $1,128,000 ($0.18 per share on a fully diluted basis) for the three months ended June 30, 2025, a decrease of $168,000. The decrease in net income is primarily due …

Text removed vs the prior filing · source: 10-Q · 2026-05-08

• For the three months ended March 31, 2026, consolidated net operating revenue was $22,867,000 compared with $24,212,000 for the three months ended March 31, 2025, a decrease of $1,345,000 or 5.6%. The decrease was primarily a result of decreases in gross local revenue, gross national revenue, gross …

• Station operating expense was $22,012,000 for the three months ended March 31, 2026, compared with $21,963,000 for the three months ended March 31, 2025, an increase of $49,000 or 0.2%. The increase in station operating expense was primarily the result of increases in digital services expenses, FCC …

• We had an operating loss for the three months ended March 31, 2026 of $3,262,000 compared to an operating loss of $2,298,000 for the three months ended March 31, 2025, an increase in the loss of $964,000. The increase was a result of the decrease in net operating revenue and a minor increase in stat…

• We generated a net loss of $2,394,000 ($ (0.38) per share on a fully diluted basis) during the three months ended March 31, 2026, compared to a net loss of $1,575,000 ($ (0.25) per share on a fully diluted basis) for the three months ended March 31, 2025, an increase in the net loss of $819,000. The…

• In connection with the Sale-Leaseback Transaction described in Note 13 to the accompanying consolidated financial statements, the Company entered into a Fourth Amendment (“Fourth Amendment”) to its Credit Agreement, dated as of August 18, 2015 and amended on September 1, 2017, June 17, 2018, and Dec…

Text added vs the prior filing · source: 10-Q · 2026-08-14

• The termination of our Credit Agreement reduces our committed borrowing capacity and may limit our financial flexibility.

• On August 6, 2026, we repaid all outstanding borrowings under our Credit Agreement, and on August 11, 2026, we terminated the Credit Agreement. As a result, we no longer have borrowing availability under that facility. Although we believe our existing cash and cash equivalents, short-term investment…

• In particular, we may have less flexibility to fund acquisitions, special dividends, share repurchases, investments in digital initiatives, capital expenditures or other strategic opportunities without using cash on hand, generating additional cash from operations, selling assets or obtaining new de…

Text removed vs the prior filing · source: 10-Q · 2026-05-08

• Our Debt Covenants Restrict our Financial and Operational Flexibility

• Our credit agreement contains a number of financial covenants which, among other things, require us to maintain specified financial ratios and impose certain limitations on us with respect to investments, additional indebtedness, dividends, distributions, guarantees, liens and encumbrances. Our abil…

• As of March 31, 2026, the Company was not in compliance with the minimum fixed charge coverage ratio covenant under its Credit Agreement. On May 7, 2026, the Company obtained a waiver from its lenders for this covenant violation (the “Waiver”). The Waiver applies solely to the noncompliance as of Ma…

• Our Success Depends on Our Ability to Scale Digital Revenue Using Historical Relationships with Our Radio Advertisers and Creating New Relationships with Digital Advertisers

• Part of our strategy is to continue to broaden our existing revenue verticals related to our core radio advertisers to include digital advertising services that will complement our existing radio platform. This transition will require retaining and hiring individuals that we can train and develop to…

Text added vs the prior filing · source: 10-Q · 2026-08-14

• On August 11, 2026, the Company terminated its Credit Agreement, dated as of August 18, 2015, as amended by that certain First Amendment, dated September 1, 2017, that certain Second Amendment, dated June 17, 2018, that certain Third Amendment, dated December 19, 2022, and that certain Fourth Amendm…

• Prior to termination, the Credit Agreement provided for a revolving credit facility with aggregate commitments of $40.0 million. As of June 30, 2026, the Company had $5.0 million of borrowings outstanding under the Credit Agreement, which borrowings were incurred in connection with the Company’s Laf…

• After evaluating its cash position, short-term investments, expected operating cash flows and anticipated liquidity needs, the Company determined to repay all outstanding borrowings under the Credit Agreement and terminate the facility. On August 6, 2026, the Company repaid the outstanding $5.0 mill…

• The Company did not incur any material early termination penalties in connection with the termination of the Credit Agreement. The foregoing description of the Credit Agreement does not purport to be complete and is qualified in its

• entirety by reference to the Credit Agreement and amendments thereto, including the Fourth Amendment previously filed by the Company with the Securities and Exchange Commission.

Text removed vs the prior filing · source: 10-Q · 2026-05-08

• None of the Company’s directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as defined in Item 408 of Regulation S-K, during the Company’s fiscal quarter ended March 31, 2026.