%PDF-1.5 1 0 obj <> endobj 3 0 obj <>] /Rotate 0 /Contents 4 0 R>> endobj 4 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 18.00 Tf ET q 0 0 0 rg BT 235.55 736.85 Td (UNITED ST) Tj ET Q q 0 0 0 rg BT 330.74 736.85 Td (A) Tj ET Q q 0 0 0 rg BT 342.41 736.85 Td (TES) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 112.70 715.25 Td (SECURITIES ) Tj ET Q q 0 0 0 rg BT 225.25 715.25 Td (AND EXCHANGE COMMISSION) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 244.15 700.85 Td (W) Tj ET Q q 0 0 0 rg BT 255.49 700.85 Td (ashington, D.C. 20549) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 690.05 Td () Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 257.25 668.45 Td (FORM 10-K) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 656.45 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 52.25 656.45 Td (\(Mark One\)) Tj ET Q /GS0 gs q 10.70 0 0 11.71 53.00 631.74 cm /I1 Do Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 83.00 635.32 Td (Annual Report Pursuant to Section13 or 15\(d\) of The Securities Exchange Act of 1934) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 211.65 608.45 Td (for) Tj ET Q q 0 0 0 rg BT 224.24 608.45 Td ( the Fiscal ) Tj ET Q q 0 0 0 rg BT 269.69 608.45 Td (Y) Tj ET Q q 0 0 0 rg BT 275.81 608.45 Td (ear) Tj ET Q q 0 0 0 rg BT 289.50 608.45 Td ( Ended February28, 2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 597.65 Td () Tj ET Q /GS0 gs q 10.69 0 0 11.71 53.00 572.94 cm /I2 Do Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 83.00 576.52 Td (Transition Report Pursuant to Section13 or 15\(d\) of The Securities Exchange Act of 1934) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 182.20 549.65 Td (for) Tj ET Q q 0 0 0 rg BT 194.79 549.65 Td ( the ) Tj ET Q q 0 0 0 rg BT 212.94 549.65 Td (T) Tj ET Q q 0 0 0 rg BT 218.87 549.65 Td (ransition Period fr) Tj ET Q q 0 0 0 rg BT 298.12 549.65 Td (om ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 313.948046875 548.08505859375 m 363.948046875 548.08505859375 l s q 0 0 0 rg BT 313.95 549.65 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 363.95 549.65 Td ( to ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 377.278125 548.08505859375 m 427.278125 548.08505859375 l s q 0 0 0 rg BT 377.28 549.65 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 427.28 549.65 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 538.85 Td () Tj ET Q BT /F2 24.00 Tf ET q 0 0 0 rg BT 51.10 510.05 Td (EMMIS COMMUNICA) Tj ET Q q 0 0 0 rg BT 299.29 510.05 Td (TIONS CORPORA) Tj ET Q q 0 0 0 rg BT 499.53 510.05 Td (TION) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 195.55 498.05 Td (\(Exact name of r) Tj ET Q q 0 0 0 rg BT 266.74 498.05 Td (egistrant as specified in its charter\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 283.20 477.05 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.45 477.05 Td (INDIANA) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 238.50 467.45 Td (\(State of incorporation or) Tj ET Q q 0 0 0 rg BT 325.67 467.45 Td ( organization\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.30 446.45 Td (0-23264) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 261.30 436.85 Td (\(Commission file number\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 281.80 415.85 Td (35-1542018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 244.85 406.25 Td (\(I.R.S. Employer) Tj ET Q q 0 0 0 rg BT 302.48 406.25 Td ( Identification No.\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 258.45 385.25 Td (ONE EMMIS PLAZA) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 248.30 373.25 Td (40 MONUMENT) Tj ET Q q 0 0 0 rg BT 322.28 373.25 Td ( CIRCLE) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 282.20 361.25 Td (SUITE 700) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 231.10 349.25 Td (INDIANAPOLIS, INDIANA) Tj ET Q q 0 0 0 rg BT 353.34 349.25 Td ( 46204) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 239.85 339.65 Td (\(Addr) Tj ET Q q 0 0 0 rg BT 260.60 339.65 Td (ess of principal executive offices\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 274.75 318.65 Td (\(317\) 266-0100) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 211.90 309.05 Td (\(Registrant) Tj ET Q q 0 0 0 rg BT 252.92 309.05 Td (s ) Tj ET Q q 0 0 0 rg BT 257.89 309.05 Td (T) Tj ET Q q 0 0 0 rg BT 262.49 309.05 Td (elephone Number) Tj ET Q q 0 0 0 rg BT 322.42 309.05 Td (, Including ) Tj ET Q q 0 0 0 rg BT 360.89 309.05 Td (Ar) Tj ET Q q 0 0 0 rg BT 370.07 309.05 Td (ea Code\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.40 288.05 Td (SECURITIES REGISTERED PURSUANT) Tj ET Q q 0 0 0 rg BT 308.82 288.05 Td ( ) Tj ET Q q 0 0 0 rg BT 311.14 288.05 Td (T) Tj ET Q q 0 0 0 rg BT 317.63 288.05 Td (O SECTION 12\(B\) OF) Tj ET Q q 0 0 0 rg BT 414.77 288.05 Td ( ) Tj ET Q q 0 0 0 rg BT 417.09 288.05 Td (THE ) Tj ET Q q 0 0 0 rg BT 440.16 288.05 Td (ACT) Tj ET Q q 0 0 0 rg BT 460.53 288.05 Td (: None) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 277.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 265.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.25 Td (SECURITIES REGISTERED PURSUANT) Tj ET Q q 0 0 0 rg BT 225.39 244.25 Td ( ) Tj ET Q q 0 0 0 rg BT 227.71 244.25 Td (T) Tj ET Q q 0 0 0 rg BT 233.63 244.25 Td (O SECTION 12\(G\) OF ) Tj ET Q q 0 0 0 rg BT 329.56 244.25 Td (THE ) Tj ET Q q 0 0 0 rg BT 350.95 244.25 Td (ACT) Tj ET Q q 0 0 0 rg BT 370.45 244.25 Td (: Class) Tj ET Q q 0 0 0 rg BT 399.35 244.25 Td (A) Tj ET Q q 0 0 0 rg BT 406.02 244.25 Td ( common stock, $.01 par value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.25 Td (Emmis Communications Corporation; 6.25% Series ) Tj ET Q q 0 0 0 rg BT 259.99 232.25 Td (A) Tj ET Q q 0 0 0 rg BT 266.66 232.25 Td ( Convertible Preferred Stock, $.01 par value of Emmis Communications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.25 Td (Corporation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.25 Td (Indicate by check mark if the registrant is a well-known seasoned issuer) Tj ET Q q 0 0 0 rg BT 337.56 199.25 Td (, as defined in Rule 405 of the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.25 Td (Act.) Tj ET Q q 0 0 0 rg BT 76.57 187.25 Td (Y) Tj ET Q q 0 0 0 rg BT 82.79 187.25 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 96.12 185.09 cm /I3 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.03 187.25 Td (No) Tj ET Q /GS0 gs q 8.92 0 0 10.09 132.25 185.09 cm /I4 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.25 Td (Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15\(d\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.25 Td (Act.) Tj ET Q q 0 0 0 rg BT 76.57 154.25 Td (Y) Tj ET Q q 0 0 0 rg BT 82.79 154.25 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 96.12 152.09 cm /I5 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.03 154.25 Td (No) Tj ET Q /GS0 gs q 8.92 0 0 10.09 132.25 152.09 cm /I6 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.25 Td (Indicate by check mark whether the registrant \(1\)has filed all documents and reports required to be filed by Section13 or 15\(d\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.25 Td (of the Securities Exchange ) Tj ET Q q 0 0 0 rg BT 158.85 121.25 Td (Act of 1934 during the preceding 12 months \(or for such shorter period that the registrant was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.25 Td (required to file such reports\), and \(2\)has been subject to such filing requirements for the past 90 days.) 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Tj ET Q q 0 0 0 rg BT 82.68 52.25 Td (Y) Tj ET Q q 0 0 0 rg BT 88.90 52.25 Td (es) Tj ET Q /GS0 gs q 8.92 0 0 10.09 102.23 50.09 cm /I9 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.14 52.25 Td (No) Tj ET Q /GS0 gs q 8.91 0 0 10.09 138.36 50.09 cm /I10 Do Q endstream endobj 5 0 obj <>] /Rotate 0 /Contents 6 0 R>> endobj 6 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (will not be contained, to the best of registrant) Tj ET Q q 0 0 0 rg BT 234.12 730.10 Td (s knowledge, in definitive proxy or information statements incorporated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (reference in Part III of this Form 10-K or any amendment to this Form 10-K.) Tj ET Q /GS0 gs q 8.91 0 0 10.09 362.43 715.94 cm /I11 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (Indicate by check mark whether the registrant is a lar) Tj ET Q q 0 0 0 rg BT 262.23 697.10 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 337.88 697.10 Td (, an accelerated filer) Tj ET Q q 0 0 0 rg BT 418.53 697.10 Td (, or a non accelerated filer) Tj ET Q q 0 0 0 rg BT 522.50 697.10 Td (, or a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (smaller reporting company) Tj ET Q q 0 0 0 rg BT 157.09 685.10 Td (. See definitions of lar) Tj ET Q q 0 0 0 rg BT 249.94 685.10 Td (ge accelerated filer) Tj ET Q q 0 0 0 rg BT 325.59 685.10 Td (, and accelerated filer and smaller reporting company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (in Rule 12b-2 of the Exchange ) Tj ET Q q 0 0 0 rg BT 174.41 673.10 Td (Act. \(Check one\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 662.30 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 641.47 Td (Largeacceleratedfiler) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 641.05 Td () Tj ET Q /GS0 gs q 8.91 0 0 9.76 191.00 639.34 cm /I12 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 641.47 Td (Acceleratedfiler) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.00 641.05 Td () Tj ET Q /GS0 gs q 8.92 0 0 9.76 551.00 639.34 cm /I13 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 611.47 Td (Non-accelerated filer) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 178.00 611.05 Td () Tj ET Q /GS0 gs q 8.91 0 0 9.76 191.00 609.34 cm /I14 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.00 611.47 Td (Smallerreportingcompany) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.00 611.05 Td () Tj ET Q /GS0 gs q 8.91 0 0 9.76 551.00 609.34 cm /I15 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.30 Td (Indicate by check mark whether the Registrant is a shell company \(as defined in Rule 12b-2 of the ) Tj ET Q q 0 0 0 rg BT 444.88 586.30 Td (Act\).) Tj ET Q q 0 0 0 rg BT 474.78 586.30 Td (Y) Tj ET Q q 0 0 0 rg BT 481.00 586.30 Td (es) Tj ET Q /GS0 gs q 8.91 0 0 10.09 494.33 584.14 cm /I16 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.24 586.30 Td (No) Tj ET Q /GS0 gs q 8.92 0 0 10.09 530.46 584.14 cm /I17 Do Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.30 Td (The aggregate market value of the voting stock held by non-af) Tj ET Q q 0 0 0 rg BT 299.17 565.30 Td (filiates of the registrant, as of ) Tj ET Q q 0 0 0 rg BT 418.31 565.30 Td (August31, 2014, the last business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.30 Td (day of the Registrant) Tj ET Q q 0 0 0 rg BT 136.37 553.30 Td (s most recently completed second fiscal quarter) Tj ET Q q 0 0 0 rg BT 325.90 553.30 Td (, was approximately $63,672,000.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.30 Td (The number of shares outstanding of each of Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 383.82 532.30 Td (s classes of common stock, as of May1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.30 Td (2015, was:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.70 503.30 Td (39,335,607 Class) Tj ET Q q 0 0 0 rg BT 282.82 503.30 Td (A) Tj ET Q q 0 0 0 rg BT 289.49 503.30 Td ( Common Shares, $.01 par value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.90 486.30 Td (4,569,464 Class B Common Shares, $.01 par value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.15 469.30 Td (0 Class C Common Shares, $.01 par value) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.70 448.30 Td (DOCUMENTS INCORPORA) Tj ET Q q 0 0 0 rg BT 319.11 448.30 Td (TED BY) Tj ET Q q 0 0 0 rg BT 354.57 448.30 Td ( REFERENCE) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 437.50 Td () Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 157.85 417.830078125 m 196.06875 417.830078125 l s q 0 0 0 rg BT 157.85 419.08 Td (Documents) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.00 418.95 Td () Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 402.95 417.830078125 m 476.9890625 417.830078125 l s q 0 0 0 rg BT 402.95 419.08 Td (Form10-KReference) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 405.57 Td (Proxy Statement for 2015 ) Tj ET Q q 0 0 0 rg BT 157.99 405.57 Td (Annual Meeting of Shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 395.57 Td (expected to be filed within 120 days) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.00 395.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.70 405.57 Td (PartIII) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 7 0 obj <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><>] /Rotate 0 /Contents 8 0 R>> endobj 8 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 151.40 742.25 Td (EMMIS COMMUNICA) Tj ET Q q 0 0 0 rg BT 254.81 742.25 Td (TIONS CORPORA) Tj ET Q q 0 0 0 rg BT 338.25 742.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 365.76 742.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 278.90 721.25 Td (FORM 10-K) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 252.65 700.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.58 700.25 Td (ABLE OF) Tj ET Q q 0 0 0 rg BT 301.82 700.25 Td ( CONTENTS) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 689.45 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 670.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 542.55 670.18 Td (Page) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 655.1833984375 m 82.6923828125 655.1833984375 l s q 0 0 1 rg BT 53.00 656.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 656.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 656.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 656.52 Td ( I) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 640.1833984375 m 137.38671875 640.1833984375 l s q 0 0 1 rg BT 71.00 641.52 Td (Item 1. Business) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 625.1833984375 m 159.3251953125 625.1833984375 l s q 0 0 1 rg BT 71.00 626.52 Td (Item 1A. Risk Factors) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 610.1833984375 m 222.1865234375 610.1833984375 l s q 0 0 1 rg BT 71.00 611.52 Td (Item 1B. Unresolved Staf) Tj ET Q q 0 0 1 rg BT 173.02 611.52 Td (f Comments) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 595.1833984375 m 142.3720703125 595.1833984375 l s q 0 0 1 rg BT 71.00 596.52 Td (Item 2. Properties) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 580.1833984375 m 175.9658203125 580.1833984375 l s q 0 0 1 rg BT 71.00 581.52 Td (Item 3. Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 565.1833984375 m 200.140625 565.1833984375 l s q 0 0 1 rg BT 71.00 566.52 Td (Item 4. Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 535.1833984375 m 86.0224609375 535.1833984375 l s q 0 0 1 rg BT 53.00 536.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 536.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 536.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 536.52 Td ( II) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 520.1833984375 m 471.1025390625 520.1833984375 l s q 0 0 1 rg BT 71.00 521.52 Td (Item 5. Market for Registrant) Tj ET Q q 0 0 1 rg BT 191.24 521.52 Td (s Common Equity) Tj ET Q q 0 0 1 rg BT 263.38 521.52 Td (, Related Stockholder Matters and Issuer Purchases ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 510.18339843750005 m 150.4287109375 510.18339843750005 l s q 0 0 1 rg BT 71.00 511.52 Td (of Equity Securities) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 495.18339843750005 m 196.7861328125 495.18339843750005 l s q 0 0 1 rg BT 71.00 496.52 Td (Item 6. Selected Financial Data) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 480.18339843750005 m 460.1162109375 480.18339843750005 l s q 0 0 1 rg BT 71.00 481.52 Td (Item 7. Management) Tj ET Q q 0 0 1 rg BT 156.81 481.52 Td (s Discussion and ) Tj ET Q q 0 0 1 rg BT 225.98 481.52 Td (Analysis of Financial Condition and Results of Operations) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 465.18339843750005 m 350.66796875 465.18339843750005 l s q 0 0 1 rg BT 71.00 466.52 Td (Item 7A. Quantitative and Qualitative Disclosures ) Tj ET Q q 0 0 1 rg BT 273.45 466.52 Td (About Market Risk) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 450.18339843750005 m 286.7763671875 450.18339843750005 l s q 0 0 1 rg BT 71.00 451.52 Td (Item 8. Financial Statements and Supplementary Data) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 435.18339843750005 m 460.638671875 435.18339843750005 l s q 0 0 1 rg BT 71.00 436.52 Td (Item 9. Changes in and Disagreements with ) Tj ET Q q 0 0 1 rg BT 247.63 436.52 Td (Accountants on ) Tj ET Q q 0 0 1 rg BT 312.06 436.52 Td (Accounting and Financial Disclosure) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 420.18339843750005 m 207.3623046875 420.18339843750005 l s q 0 0 1 rg BT 71.00 421.52 Td (Item 9A. Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 405.18339843750005 m 181.52734375 405.18339843750005 l s q 0 0 1 rg BT 71.00 406.52 Td (Item 9B. Other Information) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 375.18339843750005 m 89.3525390625 375.18339843750005 l s q 0 0 1 rg BT 53.00 376.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 376.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 376.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 376.52 Td ( III) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 360.18339843750005 m 334.3203125 360.18339843750005 l s q 0 0 1 rg BT 71.00 361.52 Td (Item 10. Directors, Executive Of) Tj ET Q q 0 0 1 rg BT 201.88 361.52 Td (ficers and Corporate Governance) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 345.18339843750005 m 206.7080078125 345.18339843750005 l s q 0 0 1 rg BT 71.00 346.52 Td (Item 1) Tj ET Q q 0 0 1 rg BT 96.45 346.52 Td (1. Executive Compensation) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 330.18339843750005 m 435.609375 330.18339843750005 l s q 0 0 1 rg BT 71.00 331.52 Td (Item 12. Security Ownership of Certain Beneficial Owners, and Management, and Related ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 320.18339843750005 m 152.3720703125 320.18339843750005 l s q 0 0 1 rg BT 71.00 321.52 Td (Stockholder Matters) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 305.18339843750005 m 407.0205078125 305.18339843750005 l s q 0 0 1 rg BT 71.00 306.52 Td (Item 13. Certain Relationships and Related ) Tj ET Q q 0 0 1 rg BT 245.50 306.52 Td (T) Tj ET Q q 0 0 1 rg BT 251.26 306.52 Td (ransactions and Director Independence) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 290.18339843750005 m 265.677734375 290.18339843750005 l s q 0 0 1 rg BT 71.00 291.52 Td (Item 14. Principal ) Tj ET Q q 0 0 1 rg BT 144.88 291.52 Td (Accounting Fees and Services) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 260.18339843750005 m 89.82373046875 260.18339843750005 l s q 0 0 1 rg BT 53.00 261.52 Td (P) Tj ET Q q 0 0 1 rg BT 57.64 261.52 Td (AR) Tj ET Q q 0 0 1 rg BT 70.93 261.52 Td (T) Tj ET Q q 0 0 1 rg BT 76.86 261.52 Td ( IV) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 71 245.18339843750005 m 282.34765625 245.18339843750005 l s q 0 0 1 rg BT 71.00 246.52 Td (Item 15. Exhibits and Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 53 215.18339843750005 m 95.216796875 215.18339843750005 l s q 0 0 1 rg BT 53.00 216.52 Td (Signatures) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 554 654.2833984375001 m 559 654.2833984375001 l s q 0 0 1 rg BT 554.00 655.62 Td (5) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 554 639.2833984375001 m 559 639.2833984375001 l s q 0 0 1 rg BT 554.00 640.62 Td (5) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 549 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Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 679.10 Td (FOR) Tj ET Q q 0 0 0 rg BT 70.76 679.10 Td (W) Tj ET Q q 0 0 0 rg BT 79.65 679.10 Td (ARD-LOOKING ST) Tj ET Q q 0 0 0 rg BT 167.53 679.10 Td (A) Tj ET Q q 0 0 0 rg BT 174.01 679.10 Td (TEMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 662.10 Td (This report includes or incorporates forward-looking statements within the meaning of Section21E of the Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 91.37 650.10 Td (Act of 1934, as amended. ) Tj ET Q q 0 0 0 rg BT 195.69 650.10 Td (Y) Tj ET Q q 0 0 0 rg BT 201.91 650.10 Td (ou can identify these forward-looking statements by our use of words such as intend, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (plan, may) Tj ET Q q 0 0 0 rg BT 102.10 638.10 Td (, will, project, estimate, anticipate, believe, expect, continue, potential, opportunity and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (similar expressions, whether in the negative or af) Tj ET Q q 0 0 0 rg BT 246.43 626.10 Td (firmative. ) Tj ET Q q 0 0 0 rg BT 287.90 626.10 Td (W) Tj ET Q q 0 0 0 rg BT 296.53 626.10 Td (e cannot guarantee that we will achieve these plans, intentions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (expectations. ) Tj ET Q q 0 0 0 rg BT 104.43 614.10 Td (All statements regarding our expected financial position, business and financing plans are forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (statements.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 524.10 Td (The forward-looking statements do not reflect the potential impact of any future acquisitions, mer) Tj ET Q q 0 0 0 rg BT 464.81 524.10 Td (gers or dispositions. ) Tj ET Q q 0 0 0 rg BT 547.41 524.10 Td (W) Tj ET Q q 0 0 0 rg BT 556.05 524.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.10 Td (undertake no obligation to update or revise any forward-looking statements because of new information, future events or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.10 Td (otherwise.) Tj ET Q endstream endobj 11 0 obj <>] /Rotate 0 /Contents 12 0 R>> endobj 12 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 289.80 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 295.17 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 309.26 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 315.75 742.25 Td ( I) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 731.45 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 719.45 Td (ITEM1. BUSINESS.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 702.45 Td (GENERAL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 685.45 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 685.45 Td (e are a diversified media company) Tj ET Q q 0 0 0 rg BT 219.42 685.45 Td (, principally focused on radio broadcasting. Emmis owns 19 FM and 4 ) Tj ET Q q 0 0 0 rg BT 503.27 685.45 Td (AM radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.45 Td (stations in New ) Tj ET Q q 0 0 0 rg BT 114.35 673.45 Td (Y) Tj ET Q q 0 0 0 rg BT 120.57 673.45 Td (ork, Los ) Tj ET Q q 0 0 0 rg BT 155.84 673.45 Td (Angeles, St. Louis, ) Tj ET Q q 0 0 0 rg BT 234.18 673.45 Td (Austin \(Emmis has a 50.1% controlling interest in Emmis) Tj ET Q q 0 0 0 rg BT 468.13 673.45 Td ( radio stations located ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.45 Td (there\), Indianapolis and ) Tj ET Q q 0 0 0 rg BT 147.01 661.45 Td (T) Tj ET Q q 0 0 0 rg BT 152.42 661.45 Td (erre Haute, IN. One of the FM radio stations that Emmis currently owns in New ) Tj ET Q q 0 0 0 rg BT 474.47 661.45 Td (Y) Tj ET Q q 0 0 0 rg BT 480.69 661.45 Td (ork is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.45 Td (operatedpursuant to a Local Marketing ) Tj ET Q q 0 0 0 rg BT 209.95 649.45 Td (Agreement \("LMA"\) whereby a third party provides the programming for the station ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.45 Td (and sells all advertising within that programming. Emmis also developed and licenses ) Tj ET Q q 0 0 0 rg BT 395.58 637.45 Td (T) Tj ET Q q 0 0 0 rg BT 400.99 637.45 Td (agStation) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 438.76 637.45 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.32 637.45 Td (, a cloud-based software ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.45 Td (platform that allows a broadcaster to manage album art, meta data and enhanced advertising on its various broadcasts, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.45 Td (developed NextRadio) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 136.92 613.45 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.48 613.45 Td (, a smartphone application that marries over) Tj ET Q q 0 0 0 rg BT 317.05 613.45 Td (-the-air FM radio broadcasts with visual and interactive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.45 Td (features on smartphones.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 584.45 Td (In addition to our radio properties, we publish several city and regional magazines. Our publishing operations consist of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 572.45 Td (T) Tj ET Q q 0 0 0 rg BT 54.64 572.45 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.24 572.45 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 113.24 572.45 Td (Los ) Tj ET Q q 0 0 0 rg BT 130.01 572.45 Td (Angeles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.67 572.45 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.67 572.45 Td (Atlanta) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.11 572.45 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 201.11 572.45 Td (Indianapolis Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.49 572.45 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 292.49 572.45 Td (Cincinnati, and Orange Coast) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.60 572.45 Td (. ) Tj ET Q q 0 0 0 rg BT 420.92 572.45 Td (W) Tj ET Q q 0 0 0 rg BT 429.56 572.45 Td (e also operate Digonex ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.45 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 560.45 Td (echnologies, Inc. \("Digonex"\), a dynamic pricing business.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 543.45 Td (BUSINESS STRA) Tj ET Q q 0 0 0 rg BT 126.79 543.45 Td (TEGY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 526.45 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 526.45 Td (e are committed to improving the operating results of our core assets while simultaneously seeking future growth ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.45 Td (opportunities in related businesses. Our strategy is focused on the following operating principles:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 497.45 Td (Develop unique and compelling content and str) Tj ET Q q 0 0 0 rg BT 239.59 497.45 Td (ong local brands) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 480.45 Td (Most of our established local media brands have achieved and sustained a leading position in their respective market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.45 Td (segments over many years. Knowledge of local markets and consistently producing unique and compelling content that meets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.45 Td (the needs of our tar) Tj ET Q q 0 0 0 rg BT 127.01 456.45 Td (get audiences are critical to our success. ) Tj ET Q q 0 0 0 rg BT 289.17 456.45 Td (As such, we make substantial investments in areas such as market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.45 Td (research, data analysis and creative talent to ensure that our content remains relevant, has a meaningful impact on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.45 Td (communities we serve and reinforces the core brand image of each respective property) Tj ET Q q 0 0 0 rg BT 395.86 432.45 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 415.45 Td (Extend the r) Tj ET Q q 0 0 0 rg BT 98.50 415.45 Td (each and r) Tj ET Q q 0 0 0 rg BT 140.90 415.45 Td (elevance of our local brands thr) Tj ET Q q 0 0 0 rg BT 269.12 415.45 Td (ough digital platforms) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 398.45 Td (In recent years, we have placed substantial emphasis on enhancing the distribution of our content through digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.45 Td (platforms, such as the Internet and mobile phones. ) Tj ET Q q 0 0 0 rg BT 253.66 386.45 Td (W) Tj ET Q q 0 0 0 rg BT 262.29 386.45 Td (e believe these digital platforms of) Tj ET Q q 0 0 0 rg BT 400.68 386.45 Td (fer excellent opportunities to further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.45 Td (enhance the relationships we have with our audiences by allowing them to consume and share our content in new ways and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.45 Td (providing us with new distribution channels for one-to-one communication with them.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 345.45 Td (Deliver r) Tj ET Q q 0 0 0 rg BT 86.01 345.45 Td (esults to advertisers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 328.45 Td (Competition for advertising revenue is intense and becoming more so. ) Tj ET Q q 0 0 0 rg BT 357.36 328.45 Td (T) Tj ET Q q 0 0 0 rg BT 362.77 328.45 Td (o remain competitive, we focus on sustaining and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.45 Td (growing our audiences, optimizing our pricing strategy and developing innovative marketing programs for our clients that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.45 Td (allow them to interact with our audiences in more direct and measurable ways. ) Tj ET Q q 0 0 0 rg BT 366.93 304.45 Td (These programs often include elements such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.45 Td (on-air endorsements, events, contests, special promotions, Internet advertising, email marketing, text messaging and online ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.45 Td (video. Our ability to deploy multi-touchpoint marketing programs allows us to deliver a stronger return-on-investment for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.45 Td (clients while simultaneously generating ancillary revenue streams for our media properties.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 251.45 Td (Extend sales efforts into new market segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 234.45 Td (Given the competitive pressures in many of our traditional advertising categories, we are expanding our network of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.45 Td (advertiser relationships into not-for) Tj ET Q q 0 0 0 rg BT 191.15 222.45 Td (-profits, political advertising, corporate philanthropy) Tj ET Q q 0 0 0 rg BT 401.00 222.45 Td (, environmental initiatives and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.45 Td (government agencies. ) Tj ET Q q 0 0 0 rg BT 139.51 210.45 Td (These ef) Tj ET Q q 0 0 0 rg BT 173.47 210.45 Td (forts primarily focus on the health care and education sectors. ) Tj ET Q q 0 0 0 rg BT 422.37 210.45 Td (W) Tj ET Q q 0 0 0 rg BT 431.01 210.45 Td (e believe our capabilities can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.45 Td (address these clients) Tj ET Q q 0 0 0 rg BT 134.23 198.45 Td ( under) Tj ET Q q 0 0 0 rg BT 159.30 198.45 Td (-served needs. ) Tj ET Q q 0 0 0 rg BT 218.81 198.45 Td (The early return on these ef) Tj ET Q q 0 0 0 rg BT 328.86 198.45 Td (forts has been encouraging and we plan to shift additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.45 Td (resources toward these ef) Tj ET Q q 0 0 0 rg BT 151.16 186.45 Td (forts over time.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 169.45 Td (Enhance the efficiency of our operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 152.45 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 152.45 Td (e believe it is essential that we operate our businesses as ef) Tj ET Q q 0 0 0 rg BT 317.66 152.45 Td (ficiently as possible. In response to the 2008 economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.45 Td (recession and more recent trends, we implemented a series of aggressive restructurings and cost cuts. ) Tj ET Q q 0 0 0 rg BT 459.13 140.45 Td (W) Tj ET Q q 0 0 0 rg BT 467.76 140.45 Td (e have also invested in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.45 Td (common technology platforms across all of our radio and publishing entities to help further standardize our business processes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 111.45 Td (Effectively deploy technology to enhance the value of our media assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 94.45 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 94.45 Td (e continue to seek innovative ways to combine or enhance our scalable, low cost FM radio distribution system with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.45 Td (digital systems like HD Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 170.55 86.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.48 82.45 Td ( and wireless broadband to enhance radio) Tj ET Q q 0 0 0 rg BT 343.76 82.45 Td (s future through advances like ) Tj ET Q q 0 0 0 rg BT 466.59 82.45 Td (T) Tj ET Q q 0 0 0 rg BT 472.00 82.45 Td (agStation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 509.78 86.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.71 82.45 Td (, a cloud-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.45 Td (based software platform that allows a broadcaster to manage album art, meta data and enhanced advertising on its various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.45 Td (broadcasts, and NextRadio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 157.47 62.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.41 58.45 Td (, a hybrid radio smartphone application, as an industry solution to make the user experience of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.45 Td (listening to free over) Tj ET Q q 0 0 0 rg BT 132.83 46.45 Td (-the-air radio broadcasts on their enabled smartphones a rich experience.) Tj ET Q endstream endobj 13 0 obj <>] /Rotate 0 /Contents 14 0 R>> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 725.10 Td (RADIO ST) Tj ET Q q 0 0 0 rg BT 97.32 725.10 Td (A) Tj ET Q q 0 0 0 rg BT 103.80 725.10 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 708.10 Td (In the following table, Market Rank by Revenue is the ranking of the market revenue size of the principal radio market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 696.10 Td (served by our stations among all radio markets in the United States. Market revenue rankings are from BIA/Kelsey) Tj ET Q q 0 0 0 rg BT 512.65 696.10 Td (s Media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (Access Pro database as of March 20, 2015. Ranking in Primary Demographic ) Tj ET Q q 0 0 0 rg BT 366.96 684.10 Td (T) Tj ET Q q 0 0 0 rg BT 372.37 684.10 Td (ar) Tj ET Q q 0 0 0 rg BT 379.96 684.10 Td (get is the ranking of the station within its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (designated primary demographic tar) Tj ET Q q 0 0 0 rg BT 194.49 672.10 Td (get among all radio stations in its market based on the March 2015 Portable People Meter) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 553.01 676.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.38 672.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (\(PPM) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 73.34 664.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.71 660.10 Td (\) results or) Tj ET Q q 0 0 0 rg BT 122.08 660.10 Td (, in the case of our ) Tj ET Q q 0 0 0 rg BT 198.26 660.10 Td (T) Tj ET Q q 0 0 0 rg BT 203.67 660.10 Td (erre Haute stations, based on the Fall 2014 Nielsen Survey) Tj ET Q q 0 0 0 rg BT 437.41 660.10 Td (. ) Tj ET Q q 0 0 0 rg BT 441.86 660.10 Td (A) Tj ET Q q 0 0 0 rg BT 448.53 660.10 Td ( t indicates the station ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (tied with another station for the stated ranking. Station ) Tj ET Q q 0 0 0 rg BT 274.39 648.10 Td (Audience Share represents a percentage generally computed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (dividing the average number of persons in the primary demographic listening to a particular station during specified time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (periods by the average number of such persons in the primary demographic for all stations in the market area as determined by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (Nielsen.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 559.60 104.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 559.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 559.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 559.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 559.60 350.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 529.60 104.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 529.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 529.60 128.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 529.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 529.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 529.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 529.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 499.60 104.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 499.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 499.60 128.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 499.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 499.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 499.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 499.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 469.60 104.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 469.60 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 469.60 128.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 469.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 469.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 469.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 469.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 439.60 104.00 -15.00 re f /GS0 gs 0.8 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0.9333333333333333 1 rg /GS0 gs 344.50 169.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 169.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 169.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 169.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 169.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 158.5 559.6 m 208.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 559.6 m 340.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 559.6 m 414.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 559.6 m 488.5 559.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 559.6 m 562.5 559.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 563.83 Td (STATION AND MARKET) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 165.05 579.83 Td (MARKET) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 164.80 571.83 Td (RANK BY) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 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0 0 rg BT 520.75 219.27 Td (5.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 205.17 Td (Terre Haute, IN) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.50 204.27 Td (227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 190.17 Td (WTHI-FM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 189.27 Td (Country) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.30 189.27 Td (25-54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.50 189.27 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.25 189.27 Td (16.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 175.17 Td (WFNF-AM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 174.27 Td (Sports Talk) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.30 174.27 Td (25-54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.00 174.27 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.00 174.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 160.17 Td (WFNB-FM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 159.27 Td (Adult Hits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 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Tj ET Q endstream endobj 15 0 obj <>] /Rotate 0 /Contents 16 0 R>> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (7) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (PUBLISHING OPERA) Tj ET Q q 0 0 0 rg BT 149.55 730.25 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 713.25 Td (e publish the following magazines:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 671.75 405.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 671.75 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 641.75 405.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 641.75 107.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 611.75 405.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 611.75 107.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 671.75 m 562.5 671.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 689.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.80 688.98 Td (Monthly) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 676.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.70 675.98 Td (Paid&) Tj ET Q q 0 0 0 rg BT 485.78 675.98 Td (V) Tj ET Q q 0 0 0 rg BT 490.82 675.98 Td (erified Cir) Tj ET Q q 0 0 0 rg BT 526.44 675.98 Td (culation) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 554.00 680.51 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 662.32 Td (Texas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 661.42 Td (300,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.32 Td (Los Angeles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 646.42 Td (142,680) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.32 Td (Atlanta) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 631.42 Td (70,130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 617.32 Td (Orange Coast) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 616.42 Td (48,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.32 Td (Indianapolis Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 601.42 Td (40,280) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 587.32 Td (Cincinnati) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 586.42 Td (35,340) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 50.00 571.27 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.60 567.65 Td (Source: Publisher) Tj ET Q q 0 0 0 rg BT 111.56 567.65 Td () Tj ET Q q 0 0 0 rg BT 113.78 567.65 Td (s Statement subject to audit by the ) Tj ET Q q 0 0 0 rg BT 225.10 567.65 Td (Alliance for ) Tj ET Q q 0 0 0 rg BT 265.08 567.65 Td (Audited Media \(as of December 31, 2014\) or Circulation ) Tj ET Q q 0 0 0 rg BT 449.33 567.65 Td (V) Tj ET Q q 0 0 0 rg BT 454.22 567.65 Td (erification Council \(as of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 558.05 Td (March31, 2014\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 541.05 Td (NEW) Tj ET Q q 0 0 0 rg BT 73.71 541.05 Td ( ) Tj ET Q q 0 0 0 rg BT 76.03 541.05 Td (TECHNOLOGIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 524.05 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 524.05 Td (e believe that the growth of new technologies present not only a challenge, but an opportunity for broadcasters and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.05 Td (publishers. ) Tj ET Q q 0 0 0 rg BT 95.93 512.05 Td (The primary challenge is increased competition for the time and attention of our listeners and readers. ) Tj ET Q q 0 0 0 rg BT 505.32 512.05 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 500.05 Td (opportunity is to further enhance the relationships we already have with our listeners and readers by expanding products and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.05 Td (services of) Tj ET Q q 0 0 0 rg BT 92.86 488.05 Td (fered by our stations and magazines and to potentially increase distribution to portable devices.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 471.05 Td (COMMUNITY) Tj ET Q q 0 0 0 rg BT 115.73 471.05 Td ( INV) Tj ET Q q 0 0 0 rg BT 136.37 471.05 Td (OL) Tj ET Q q 0 0 0 rg BT 149.90 471.05 Td (VEMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 454.05 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 454.05 Td (e believe that to be successful, we must be integrally involved in the communities we serve. ) Tj ET Q q 0 0 0 rg BT 452.35 454.05 Td (W) Tj ET Q q 0 0 0 rg BT 460.99 454.05 Td (e see ourselves as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.05 Td (community partners. ) Tj ET Q q 0 0 0 rg BT 135.08 442.05 Td (T) Tj ET Q q 0 0 0 rg BT 140.49 442.05 Td (o that end, each of our stations and magazines participates in many community programs, fundraisers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.05 Td (and activities that benefit a wide variety of causes. Charitable or) Tj ET Q q 0 0 0 rg BT 306.67 430.05 Td (ganizations that have been the beneficiaries of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.05 Td (contributions, marathons, walkathons, concerts, fairs and festivals include, among others, ) Tj ET Q q 0 0 0 rg BT 409.73 418.05 Td (The Salvation ) Tj ET Q q 0 0 0 rg BT 467.50 418.05 Td (Army) Tj ET Q q 0 0 0 rg BT 490.18 418.05 Td (, ) Tj ET Q q 0 0 0 rg BT 495.00 418.05 Td (W) Tj ET Q q 0 0 0 rg BT 504.04 418.05 Td (ish for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.05 Td (Heroes, Habitat for Humanity) Tj ET Q q 0 0 0 rg BT 168.76 406.05 Td (, United ) Tj ET Q q 0 0 0 rg BT 203.30 406.05 Td (W) Tj ET Q q 0 0 0 rg BT 211.93 406.05 Td (ay) Tj ET Q q 0 0 0 rg BT 220.72 406.05 Td (,Juvenile Diabetes Research Foundation, Make-A-W) Tj ET Q q 0 0 0 rg BT 431.92 406.05 Td (ish Foundation, March of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.05 Td (Dimes, Homeboy Industries, Los ) Tj ET Q q 0 0 0 rg BT 184.43 394.05 Td (Angeles Unified School District, ) Tj ET Q q 0 0 0 rg BT 317.47 394.05 Td (American Red Cross, St. Jude, and the Harlem Chamber of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.05 Td (Commerce. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 365.05 Td (The National ) Tj ET Q q 0 0 0 rg BT 128.43 365.05 Td (Association of Broadcasters Education Foundation \(NABEF\) has honored us with the Hubbard ) Tj ET Q q 0 0 0 rg BT 519.46 365.05 Td (A) Tj ET Q q 0 0 0 rg BT 525.77 365.05 Td (ward, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.05 Td (honoring a broadcaster for extraordinary involvement in serving the community) Tj ET Q q 0 0 0 rg BT 373.42 353.05 Td (. Emmis was the second broadcaster to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.05 Td (receive this prestigious honor) Tj ET Q q 0 0 0 rg BT 167.63 341.05 Td (, after the Hubbard family) Tj ET Q q 0 0 0 rg BT 271.10 341.05 Td (, for which the award is named. ) Tj ET Q q 0 0 0 rg BT 399.49 341.05 Td (The NABEF also recognized Emmis) Tj ET Q q 0 0 0 rg BT 548.72 341.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.05 Td (WQHT) Tj ET Q q 0 0 0 rg BT 79.07 329.05 Td (-FM in New ) Tj ET Q q 0 0 0 rg BT 130.64 329.05 Td (Y) Tj ET Q q 0 0 0 rg BT 136.87 329.05 Td (ork for its outreach after Hurricane Sandy) Tj ET Q q 0 0 0 rg BT 303.37 329.05 Td (, both for the news coverage it provided and the relief ef) Tj ET Q q 0 0 0 rg BT 528.10 329.05 Td (forts it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.05 Td (or) Tj ET Q q 0 0 0 rg BT 58.15 317.05 Td (ganized in the weeks after the storm. ) Tj ET Q q 0 0 0 rg BT 207.36 317.05 Td (WIBC-FM was nominated for a national Crystal ) Tj ET Q q 0 0 0 rg BT 403.16 317.05 Td (A) Tj ET Q q 0 0 0 rg BT 409.46 317.05 Td (ward from the National ) Tj ET Q q 0 0 0 rg BT 504.99 317.05 Td (Association ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.05 Td (of Broadcasters for our ef) Tj ET Q q 0 0 0 rg BT 152.55 305.05 Td (forts in the community in 2014.) 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Our senior managers have served in various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.05 Td (capacities with industry associations, including as directors of the National ) Tj ET Q q 0 0 0 rg BT 351.32 259.05 Td (Association of Broadcasters, the Radio ) Tj ET Q q 0 0 0 rg BT 509.06 259.05 Td (Advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.05 Td (Bureau, the Radio Futures Committee, the Nielsen ) Tj ET Q q 0 0 0 rg BT 254.13 247.05 Td (Audio ) Tj ET Q q 0 0 0 rg BT 281.08 247.05 Td (Advisory Council, the Media Financial Management ) Tj ET Q q 0 0 0 rg BT 494.09 247.05 Td (Association, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.05 Td (MP) Tj ET Q q 0 0 0 rg BT 63.54 235.05 Td (A) Tj ET Q q 0 0 0 rg BT 70.21 235.05 Td ( - the ) Tj ET Q q 0 0 0 rg BT 92.70 235.05 Td (Association of Magazine Media, the City and Regional Magazine ) Tj ET Q q 0 0 0 rg BT 357.08 235.05 Td (Association and as founding members of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.05 Td (Magazine Publishers of ) Tj ET Q q 0 0 0 rg BT 146.37 223.05 Td (America. Our chief executive of) Tj ET Q q 0 0 0 rg BT 275.29 223.05 Td (ficer has been honored with the National ) Tj ET Q q 0 0 0 rg BT 439.96 223.05 Td (Association of Broadcasters) Tj ET Q q 0 0 0 rg BT 554.74 223.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.05 Td (National Radio ) Tj ET Q q 0 0 0 rg BT 117.21 211.05 Td (A) Tj ET Q q 0 0 0 rg BT 123.51 211.05 Td (ward and as Radio Ink) Tj ET Q q 0 0 0 rg BT 220.70 211.05 Td (s Radio Executive of the ) Tj ET Q q 0 0 0 rg BT 325.58 211.05 Td (Y) Tj ET Q q 0 0 0 rg BT 331.80 211.05 Td (ear) Tj ET Q q 0 0 0 rg BT 343.45 211.05 Td (. Our management and on-air personalities have won ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.05 Td (numerous industry awards.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 182.05 Td (COMPETITION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 165.05 Td (Radio broadcasting stations compete with the other broadcasting stations in their respective market areas, as well as with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.05 Td (other advertising media such as newspapers, cable, magazines, outdoor advertising, transit advertising, the Internet, satellite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.05 Td (radio, direct marketing and mobile and wireless device marketing. Competition within the broadcasting industry occurs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.05 Td (primarily in individual market areas, so that a station in one market \(e.g., New ) Tj ET Q q 0 0 0 rg BT 365.09 129.05 Td (Y) Tj ET Q q 0 0 0 rg BT 371.31 129.05 Td (ork\) does not generally compete with stations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.05 Td (in other markets \(e.g., Los ) Tj ET Q q 0 0 0 rg BT 157.20 117.05 Td (Angeles\). In each of our markets, our stations face competition from other stations with substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 105.05 Td (financial resources, including stations tar) Tj ET Q q 0 0 0 rg BT 213.94 105.05 Td (geting the same demographic groups. In addition to management experience, factors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.05 Td (that are material to competitive position include the station) Tj ET Q q 0 0 0 rg BT 288.27 93.05 Td (s rank in its market in terms of the number of listeners, authorized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.05 Td (power) Tj ET Q q 0 0 0 rg BT 74.59 81.05 Td (, assigned frequency) Tj ET Q q 0 0 0 rg BT 155.85 81.05 Td (, audience characteristics, local program acceptance and the number and characteristics of other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.05 Td (stations in the market area. ) Tj ET Q q 0 0 0 rg BT 159.78 69.05 Td (W) Tj ET Q q 0 0 0 rg BT 168.42 69.05 Td (e attempt to improve our competitive position with programming and promotional campaigns ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.05 Td (aimed at the demographic groups tar) Tj ET Q q 0 0 0 rg BT 196.16 57.05 Td (geted by our stations. ) Tj ET Q q 0 0 0 rg BT 284.02 57.05 Td (W) Tj ET Q q 0 0 0 rg BT 292.66 57.05 Td (e also seek to improve our position through sales ef) Tj ET Q q 0 0 0 rg BT 498.27 57.05 Td (forts designed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.05 Td (to attract advertisers that have done little or no radio advertising by emphasizing the ef) Tj ET Q q 0 0 0 rg BT 396.37 45.05 Td (fectiveness of radio advertising in ) Tj ET Q endstream endobj 17 0 obj <>] /Rotate 0 /Contents 18 0 R>> endobj 18 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 31.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (increasing the advertisers) Tj ET Q q 0 0 0 rg BT 154.21 742.10 Td ( revenues. ) Tj ET Q q 0 0 0 rg BT 197.07 742.10 Td (The policies and rules of the Federal Communications Commission \(the FCC\) permit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (certain joint ownership and joint operation of local stations. Most of our radio stations take advantage of these joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (arrangements in an ef) Tj ET Q q 0 0 0 rg BT 136.17 718.10 Td (fort to lower operating costs and to of) Tj ET Q q 0 0 0 rg BT 286.78 718.10 Td (fer advertisers more attractive rates and services. ) Tj ET Q q 0 0 0 rg BT 483.91 718.10 Td (Although we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (believe that each of our stations can compete ef) Tj ET Q q 0 0 0 rg BT 239.74 706.10 Td (fectively in its market, there can be no assurance that any of our stations will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (able to maintain or increase its current audience ratings or advertising revenue market share.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 677.10 Td (Although the broadcasting industry is highly competitive, barriers to entry exist. ) Tj ET Q q 0 0 0 rg BT 397.37 677.10 Td (The operation of a broadcasting station ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (in the United States requires a license from the FCC. ) Tj ET Q q 0 0 0 rg BT 263.01 665.10 Td (Also, the number of stations that can operate in a given market is limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (by the availability of the frequencies that the FCC will license in that market, as well as by the FCC) Tj ET Q q 0 0 0 rg BT 451.58 653.10 Td (s multiple ownership rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (regulating the number of stations that may be owned and controlled by a single entity and cross ownership rules which limit the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (types of media properties in any given market that can be owned by the same person or company) Tj ET Q q 0 0 0 rg BT 437.29 629.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (ADVER) Tj ET Q q 0 0 0 rg BT 85.21 612.10 Td (TISING SALES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 595.10 Td (Our stations and magazines derive their advertising revenue from local and regional advertising in the marketplaces in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (which they operate, as well as from the sale of national advertising. Local and most regional sales are made by a station) Tj ET Q q 0 0 0 rg BT 531.23 583.10 Td (s or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (magazine) Tj ET Q q 0 0 0 rg BT 91.09 571.10 Td (s sales staf) Tj ET Q q 0 0 0 rg BT 133.68 571.10 Td (f. National sales are made by firms specializing in such sales, which are compensated on a commission-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (only basis. ) Tj ET Q q 0 0 0 rg BT 95.10 559.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.74 559.10 Td (e believe that the volume of national advertising revenue tends to adjust to shifts in a station) Tj ET Q q 0 0 0 rg BT 474.76 559.10 Td (s audience share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (position more rapidly than does the volume of local and regional advertising revenue. During the year ended February28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (2015, approximately 22% of our total advertising revenues were derived from national sales, and 78% were derived from local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (sales. For the year ended February28, 2015, our radio stations derived a higher percentage of their advertising revenues from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (local and regional sales \(82%\)than our publishing entities \(67%\).) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (EMPLOYEES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 477.10 Td (As of February28, 2015, Emmis had approximately 785 full-time employees and approximately 335 part-time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.10 Td (employees. ) Tj ET Q q 0 0 0 rg BT 97.21 465.10 Td (Approximately 35 employees are represented by unions at our various radio stations. ) Tj ET Q q 0 0 0 rg BT 438.89 465.10 Td (W) Tj ET Q q 0 0 0 rg BT 447.52 465.10 Td (e consider relations with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td (employees to be good.) 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BT 443.54 318.10 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 471.27 318.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.30 318.10 Td (Radio ) Tj ET Q q 0 0 0 rg BT 501.22 318.10 Td (broadcasting ) Tj ET Q q 0 0 0 rg BT 555.34 318.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 92.98 306.10 Td (except ) Tj ET Q q 0 0 0 rg BT 120.94 306.10 Td (in ) Tj ET Q q 0 0 0 rg BT 130.59 306.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 177.43 306.10 Td (with ) Tj ET Q q 0 0 0 rg BT 197.08 306.10 Td (a ) Tj ET Q q 0 0 0 rg BT 203.39 306.10 Td (license ) Tj ET Q q 0 0 0 rg BT 233.02 306.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 259.90 306.10 Td (by ) Tj ET Q q 0 0 0 rg BT 271.77 306.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.86 306.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 306.63 306.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 328.51 306.10 Td (a ) Tj ET Q q 0 0 0 rg BT 334.82 306.10 Td (finding ) Tj ET Q q 0 0 0 rg BT 365.58 306.10 Td (that ) Tj ET Q q 0 0 0 rg BT 382.44 306.10 Td (the ) 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157.10 Td (information ) Tj ET Q q 0 0 0 rg BT 99.82 157.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 146.85 157.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.67 157.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 189.26 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.30 157.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 233.34 157.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.27 157.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 274.63 157.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 317.78 157.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.72 157.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 351.87 157.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 387.53 157.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.13 157.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 415.51 157.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 459.77 157.10 Td (has ) Tj ET Q q 0 0 0 rg BT 475.71 157.10 Td (been ) Tj ET Q q 0 0 0 rg BT 497.19 157.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 542.56 157.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (time ) Tj ET Q q 0 0 0 rg BT 70.95 145.10 Td 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ET q 0 0 0 rg BT 483.30 655.85 Td (1,362) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.00 655.85 Td (4.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.50 642.85 Td (WLIB-AM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.10 642.85 Td (New York, NY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.00 642.85 Td (1190) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.30 642.85 Td (June 2022) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 642.85 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.65 642.85 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.10 642.85 Td (10 D / 30 N) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.05 629.85 Td (WEPN-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 200.10 629.85 Td (New York, NY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 629.85 Td (98.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.30 629.85 Td (June 2022) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 629.85 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 629.85 Td (1,362) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.00 629.85 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 617.55 Td (St. Louis, MO) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.90 616.85 Td (KFTK-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 199.75 616.85 Td (Florissant, MO) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 616.85 Td (97.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.10 616.85 Td (February 2021) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 620.96 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 616.85 Td (C1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 616.85 Td (561) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.00 616.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.80 603.85 Td (KNOU-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.10 603.85 Td (St. Louis, MO) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 603.85 Td (96.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.10 603.85 Td (February 2021) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 607.96 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 603.85 Td (C1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 603.85 Td (1,014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.00 603.85 Td (92) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.30 590.85 Td (KPNT-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 199.70 590.85 Td (Collinsville, IL) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 590.85 Td (105.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.10 590.85 Td (December 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 590.85 Td (C1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 590.85 Td (835) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.00 590.85 Td (54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.90 577.85 Td (KSHE-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.20 577.85 Td (Crestwood, MO) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 577.85 Td (94.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 332.10 577.85 Td (February 2021) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 581.96 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 577.85 Td (C0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 577.85 Td (1,014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.00 577.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 565.55 Td (Austin, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.05 564.85 Td (KBPA-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 197.70 564.85 Td (San Marcos, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 564.85 Td (103.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 564.85 Td (August 2021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 564.85 Td (C0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 564.85 Td (1,257) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.00 564.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.70 551.85 Td (KGSR-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.85 551.85 Td (Cedar Park, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 551.85 Td (93.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 551.85 Td (August 2021) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 555.96 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 551.85 Td (C) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 551.85 Td (1,926) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.00 551.85 Td (100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.50 538.85 Td (KLZT-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.25 538.85 Td (Bastrop, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 538.85 Td (107.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 538.85 Td (August 2021) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 542.96 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 538.85 Td (C2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 538.85 Td (499) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.00 538.85 Td (49) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.15 525.85 Td (KLBJ-AM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.05 525.85 Td (Austin, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 294.25 525.85 Td (590) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 525.85 Td (August 2021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 525.85 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.65 525.85 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.10 525.85 Td (5 D / 1 N) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 137.80 512.85 Td (KLBJ-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 206.05 512.85 Td (Austin, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 512.85 Td (93.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 512.85 Td (August 2021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 512.85 Td (C) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.30 512.85 Td (1,050) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.00 512.85 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.05 499.85 Td (KROX-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.25 499.85 Td (Buda, TX) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 499.85 Td (101.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 499.85 Td (August 2021) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 503.96 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 414.80 499.85 Td (C2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 499.85 Td (847) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.00 499.85 Td (12.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 487.55 Td (Indianapolis, IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.50 486.85 Td (WFNI-AM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.00 486.85 Td (Indianapolis, IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.00 486.85 Td (1070) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 486.85 Td (August 2020) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 490.96 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 486.85 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.65 486.85 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.10 486.85 Td (50 D / 10 N) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.35 473.85 Td (WLHK-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 199.55 473.85 Td (Shelbyville, IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 473.85 Td (97.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 473.85 Td (August 2020) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 385.00 477.96 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 473.85 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 473.85 Td (732) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.00 473.85 Td (23) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.90 460.85 Td (WIBC-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.00 460.85 Td (Indianapolis, IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 460.85 Td (93.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 460.85 Td (August 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 460.85 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 460.85 Td (991) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.00 460.85 Td (13.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.15 447.85 Td (WYXB-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.00 447.85 Td (Indianapolis, IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 447.85 Td (105.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 447.85 Td (August 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.00 447.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 447.85 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 447.85 Td (492) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.00 447.85 Td (50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 435.55 Td (Terre Haute, IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 136.90 434.85 Td (WTHI-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.80 434.85 Td (Terre Haute, IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 434.85 Td (99.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 434.85 Td (August 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.00 434.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 434.85 Td (B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 434.85 Td (489) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 531.00 434.85 Td (50) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 134.25 421.85 Td (WWVR-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.00 421.85 Td (WestTerreHaute,IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 421.85 Td (105.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 421.85 Td (August 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.00 421.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 421.85 Td (A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 421.85 Td (295) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.00 421.85 Td (3.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.80 408.85 Td (WFNB-FM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.00 408.85 Td (Brazil, IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 408.85 Td (92.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 408.85 Td (August 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.00 408.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.80 408.85 Td (A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 408.85 Td (299) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.00 408.85 Td (6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.60 395.85 Td (WFNF-AM) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 208.00 395.85 Td (Brazil, IN) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 290.00 395.85 Td (1130) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.85 395.85 Td (August 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.00 395.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.60 395.85 Td (D) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.65 395.85 Td (N/A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.10 395.85 Td (0.5D/0.02N) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 50.00 386.13 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.60 382.50 Td ( Under the Communications ) Tj ET Q q 0 0 0 rg BT 144.59 382.50 Td (Act, a license expiration date is extended automatically pending action on the renewal application.) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 50.00 373.52 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.60 369.90 Td ( Renewal application is pending.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 352.90 Td (Under the Communications ) Tj ET Q q 0 0 0 rg BT 186.49 352.90 Td (Act, at the time an application is filed for renewal of a station license, parties in interest, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.90 Td (well as members of the public, may apprise the FCC of the service the station has provided during the preceding license term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.90 Td (and ur) Tj ET Q q 0 0 0 rg BT 75.09 328.90 Td (ge the denial of the application. If such a petition to deny presents information from which the FCC concludes \(or if the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.90 Td (FCC concludes on its own motion\) that there is a substantial and material question as to whether grant of the renewal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.90 Td (application would be in the public interest under applicable rules and policy) Tj ET Q q 0 0 0 rg BT 352.87 304.90 Td (, the FCC may conduct a hearing on specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.90 Td (issues to determine whether the renewal application should be granted. ) Tj ET Q q 0 0 0 rg BT 335.56 292.90 Td (The Communications ) Tj ET Q q 0 0 0 rg BT 423.89 292.90 Td (Act provides for the grant of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.90 Td (renewal application upon a finding by the FCC that the licensee:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 263.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 263.90 Td (has served the public interest, convenience and necessity;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 246.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 246.90 Td (has committed no serious violations of the Communications ) Tj ET Q q 0 0 0 rg BT 322.65 246.90 Td (Act or the FCC rules; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 229.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 229.90 Td (has committed no other violations of the Communications ) Tj ET Q q 0 0 0 rg BT 314.86 229.90 Td (Act or the FCC rules which would constitute a pattern of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 217.90 Td (abuse.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 200.90 Td (If the FCC cannot make such a finding, it may deny the renewal application, and only then may the FCC consider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.90 Td (competing applications for the same frequency) Tj ET Q q 0 0 0 rg BT 236.78 188.90 Td (. In a vast majority of cases, the FCC renews a broadcast license even when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.90 Td (petitions to deny have been filed against the renewal application.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 159.90 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 159.90 Td ( petition to deny was filed against the renewal application for ) Tj ET Q q 0 0 0 rg BT 327.91 159.90 Td (WQHT) Tj ET Q q 0 0 0 rg BT 357.16 159.90 Td (, and remains pending. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 142.90 Td (REVIEW) Tj ET Q q 0 0 0 rg BT 112.70 142.90 Td ( OF OWNERSHIP) Tj ET Q q 0 0 0 rg BT 188.44 142.90 Td ( RESTRICTIONS. ) Tj ET Q q 0 0 0 rg BT 266.32 142.90 Td (The FCC is required by statute to review all of its broadcast ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.90 Td (rules on a quadrennial basis \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.91 130.90 Td (i.e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.13 130.90 Td (, every four years\) and to repeal or modify any of its rules that are no longer necessary in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.90 Td (public interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 101.90 Td (Despite several such reviews and appellate remands, the FCC) Tj ET Q q 0 0 0 rg BT 323.09 101.90 Td (s rules limiting the number of radio stations that may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.90 Td (commonly owned, or owned in combination with a television station, in a local market have remained lar) Tj ET Q q 0 0 0 rg BT 470.82 89.90 Td (gely intact. ) Tj ET Q q 0 0 0 rg BT 520.06 89.90 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.90 Td (FCC's previous ownership reviews have been subject to litigation. ) Tj ET Q q 0 0 0 rg BT 319.08 77.90 Td (The most recent court decision was issued by the ) Tj ET Q q 0 0 0 rg BT 517.46 77.90 Td (Third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.90 Td (Circuit in July 201) Tj ET Q q 0 0 0 rg BT 124.35 65.90 Td (1 and upheld the FCC) Tj ET Q q 0 0 0 rg BT 214.90 65.90 Td (s decisions regarding all of its rules except for a revised newspaper/broadcast cross-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.90 Td (ownership rule, which the Court vacated and remanded to the Commission based on the Court) Tj ET Q q 0 0 0 rg BT 429.64 53.90 Td (s finding that the agency had ) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (failed to provide adequate notice and opportunity for comment on the changes to that rule. ) Tj ET Q q 0 0 0 rg BT 416.09 742.10 Td (The Supreme Court denied petitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (for certiorari of the ) Tj ET Q q 0 0 0 rg BT 128.67 730.10 Td (Third Circuit) Tj ET Q q 0 0 0 rg BT 183.94 730.10 Td (s decision in June 2012. In 2010, the FCC again commenced a quadrennial review of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (broadcast ownership rules, which it subsequently incorporated into the record of its 2014 quadrennial review launched in ) Tj ET Q q 0 0 0 rg BT 535.98 718.10 Td (April ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (2014. ) Tj ET Q q 0 0 0 rg BT 74.45 706.10 Td (At the same time it launched the 2014 review) Tj ET Q q 0 0 0 rg BT 255.41 706.10 Td (, the FCC issued an order that attributed Joint Sales ) Tj ET Q q 0 0 0 rg BT 462.89 706.10 Td (Agreements for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (television stations, and several parties \(not including Emmis\) have appealed that decision and the FCC's failure to complete the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (2010 quadrennial review) Tj ET Q q 0 0 0 rg BT 148.76 682.10 Td (. Both the quadrennial review proceeding and the court appeals remain pending, and we cannot predict ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (whether these proceedings will result in modifications of the ownership rules or the impact \(if any\) that such modifications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (would have on our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 641.10 Td (The discussion below reviews the pertinent ownership rules currently in ef) Tj ET Q q 0 0 0 rg BT 372.07 641.10 Td (fect as well as the changes in the newspaper/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (broadcast rule adopted in the FCC) Tj ET Q q 0 0 0 rg BT 189.69 629.10 Td (s December 2007 decision, which the FCC has lar) Tj ET Q q 0 0 0 rg BT 389.75 629.10 Td (gely proposed to reinstate in its 2010 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.10 Td (2014 quadrennial reviews.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 74 598.7669921875 m 169.5322265625 598.7669921875 l s q 0 0 0 rg BT 74.00 600.10 Td (Local Radio Ownership) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.53 600.10 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 583.10 Td (The local radio ownership rule limits the number of commercial radio stations that may be owned by one entity in a given ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (radio market based on the number of radio stations in that market:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 554.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 554.10 Td (if the market has 45 or more radio stations, one entity may own up to eight stations, not more than five of which may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 542.10 Td (in the same service \(AM or FM\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 525.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 525.10 Td (if the market has between 30 and 44 radio stations, one entity may own up to seven stations, not more than four of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 513.10 Td (which may be in the same service;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 496.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 496.10 Td (if the market has between 15 and 29 radio stations, one entity may own up to six stations, not more than four of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 484.10 Td (may be in the same service; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 467.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 467.10 Td (if the market has 14 or fewer radio stations, one entity may own up to five stations, not more than three of which may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 455.10 Td (be in the same service, however one entity may not own more than 50% of the stations in the market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 438.10 Td (Each of the markets in which our radio stations are located has at least 15 radio stations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 421.10 Td (For purposes of applying these numerical limits, the FCC has also adopted rules with respect to \(i\)so-called local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (marketing agreements, or LMAs, by which the licensee of one radio station provides programming for another licensee) Tj ET Q q 0 0 0 rg BT 538.73 409.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (radio station in the same market and sells all of the advertising within that programming and \(ii\)so-called joint sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (agreements, or JSAs, by which the licensee of one station sells the advertising time on another station in the market. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (these rules, an entity that owns one or more radio stations in a market and programs more than 15% of the broadcast time, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (sells more than 15% of the advertising time, on another radio station in the same market pursuant to an LMA) Tj ET Q q 0 0 0 rg BT 485.45 361.10 Td ( or JSA) Tj ET Q q 0 0 0 rg BT 514.91 361.10 Td ( is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (generally required to count the station toward its media ownership limits even though it does not own the station. ) Tj ET Q q 0 0 0 rg BT 504.36 349.10 Td (As a result, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (a market where we own one or more radio stations, we generally cannot provide programming to another station under an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (LMA, or sell advertising on another station pursuant to a JSA, if we could not acquire that station under the local radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (ownership rule. In the 2010 and 2014 quadrennial reviews, the FCC has also sought comment on whether to expand the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (categories of agreements that are considered for purposes of evaluating compliance with the ownership rules to include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (agreements such as shared services agreements and/or local news service agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 272.10 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 272.10 Td (April26, 2012, a subsidiary of Emmis entered into an LMA) Tj ET Q q 0 0 0 rg BT 327.58 272.10 Td ( with New ) Tj ET Q q 0 0 0 rg BT 371.37 272.10 Td (Y) Tj ET Q q 0 0 0 rg BT 377.59 272.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 392.87 272.10 Td (AM Radio, LLC pursuant to which, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 Td (commencing ) Tj ET Q q 0 0 0 rg BT 103.60 260.10 Td (April30, 2012, it began purchasing from Emmis the right to provide programming on radio station ) Tj ET Q q 0 0 0 rg BT 501.68 260.10 Td (WEPN-FM, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (98.7FM, New ) Tj ET Q q 0 0 0 rg BT 107.96 248.10 Td (Y) Tj ET Q q 0 0 0 rg BT 114.18 248.10 Td (ork, NY) Tj ET Q q 0 0 0 rg BT 146.59 248.10 Td ( until ) Tj ET Q q 0 0 0 rg BT 169.37 248.10 Td (August31, 2024, subject to certain conditions.Disney Enterprises, Inc., the parent company of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 236.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 236.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 92.51 236.10 Td (AM Radio, LLC, has guaranteed the obligations under the LMA.Emmis) Tj ET Q q 0 0 0 rg BT 385.88 236.10 Td ( subsidiary will retain ownership of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (98.7FM FCC license during the term of the LMA) Tj ET Q q 0 0 0 rg BT 247.49 224.10 Td ( and will receive an annual fee of $8.4 million for the first year of the term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (under the LMA, which fee increases by 3.5% each year thereafter until the LMA) Tj ET Q q 0 0 0 rg BT 371.82 212.10 Td () Tj ET Q q 0 0 0 rg BT 374.59 212.10 Td (s termination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 195.10 Td (Although the FCC) Tj ET Q q 0 0 0 rg BT 150.67 195.10 Td (s quadrennial review decisions have not changed the numerical caps under the local radio rule, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (FCC adjusted the rule in June 2003 by deciding that both commercial and noncommercial stations could be counted in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.10 Td (determining the number of stations in a radio market. ) Tj ET Q q 0 0 0 rg BT 265.32 171.10 Td (The decision also altered the definition of the relevant local market for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (purposes of the rule. ) Tj ET Q q 0 0 0 rg BT 133.96 159.10 Td (The FCC grandfathered existing station clusters not in compliance with the numerical caps as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (calculated pursuant to the new market definition, but provided that they could be sold intact only to small businesses meeting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 135.10 Td (certain requirements. In December 2007, the FCC expanded this policy to allow an owner to sell a grandfathered station cluster ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.10 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.28 123.10 Td (any) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.72 123.10 Td ( buyer) Tj ET Q q 0 0 0 rg BT 99.58 123.10 Td (, so long as the buyer committed to file, within 12 months, an application with the FCC to transfer the excess ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.10 Td (station\(s\) to an eligible small business or to a trust for ultimate sale to such an entity) Tj ET Q q 0 0 0 rg BT 385.95 111.10 Td (. Subsequently) Tj ET Q q 0 0 0 rg BT 444.19 111.10 Td (, however) Tj ET Q q 0 0 0 rg BT 483.22 111.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 502.75 111.10 Td (Third Circuit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.10 Td (vacated the FCC) Tj ET Q q 0 0 0 rg BT 119.43 99.10 Td (s selected definition of small businesses eligible to purchase clusters that exceed the numerical limits. ) Tj ET Q q 0 0 0 rg BT 528.02 99.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.10 Td (change in market definition appears to impact the ) Tj ET Q q 0 0 0 rg BT 249.93 87.10 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 281.42 87.10 Td (T) Tj ET Q q 0 0 0 rg BT 286.83 87.10 Td (exas market, such that we exceed the numerical cap for FM stations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.10 Td (If we chose to sell our ) Tj ET Q q 0 0 0 rg BT 140.53 75.10 Td (Austin cluster of stations, we would therefore have to spin of) Tj ET Q q 0 0 0 rg BT 388.90 75.10 Td (f one FM station to a separate buyer) Tj ET Q q 0 0 0 rg BT 536.91 75.10 Td (. ) Tj ET Q q 0 0 0 rg BT 541.73 75.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.10 Td (FCC has proposed to retain intact its local radio ownership rule, and has sought comment on alternatives to its previous ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 51.10 Td (definition of eligible small businesses, in its most recent quadrennial reviews. ) Tj ET Q endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 31.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 31.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 74 740.7669921875 m 172.0419921875 740.7669921875 l s q 0 0 0 rg BT 74.00 742.10 Td (Cross-Media Ownership) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 742.10 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.10 Td (The FCC) Tj ET Q q 0 0 0 rg BT 113.73 725.10 Td (s radio/television cross-ownership rule generally permits the common ownership of the following combinations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (in the same market, to the extent permitted under the FCC) Tj ET Q q 0 0 0 rg BT 285.22 713.10 Td (s television duopoly rule and local radio rules:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 696.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 696.10 Td (up to two commercial television stations and six commercial radio stations or one commercial television station and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 684.10 Td (seven commercial radio stations in a market where at least 20 independent media voices will remain post-mer) Tj ET Q q 0 0 0 rg BT 519.01 684.10 Td (ger;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 667.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 667.10 Td (up to two commercial television stations and four commercial radio stations in a market where at least 10 independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 655.10 Td (media voices will remain post-mer) Tj ET Q q 0 0 0 rg BT 219.12 655.10 Td (ger; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 638.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 638.10 Td (two commercial television stations and one commercial radio station in a market with less than 10 independent media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 626.10 Td (voices that will remain post-mer) Tj ET Q q 0 0 0 rg BT 209.68 626.10 Td (ger) Tj ET Q q 0 0 0 rg BT 221.90 626.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 609.10 Td (For purposes of this rule, the FCC counts as voices commercial and non-commercial broadcast television and radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 597.10 Td (stations as well as some daily newspapers and no more than one cable operator) Tj ET Q q 0 0 0 rg BT 365.19 597.10 Td (. ) Tj ET Q q 0 0 0 rg BT 370.00 597.10 Td (The FCC will consider permanent waivers of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 585.10 Td (its revised radio/television cross-ownership rule only if one of the stations is a failed station. ) Tj ET Q q 0 0 0 rg BT 430.28 585.10 Td (The FCC has proposed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 573.10 Td (eliminate this rule in its most recent quadrennial reviews.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 556.10 Td (FCC rules also generally prohibit common ownership of a daily newspaper and a radio or television station in the same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (local market. In its December 2007 quadrennial review decision, the FCC adopted rules that contained a presumption in favor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (of allowing ownership of one television or radio station in combination with one daily newspaper in the 20 lar) Tj ET Q q 0 0 0 rg BT 490.28 532.10 Td (gest media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (markets. In smaller markets, there would have been a presumption against allowing such ownership. In the case of proposed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (TV/newspaper combinations, the ) Tj ET Q q 0 0 0 rg BT 184.79 508.10 Td (TV) Tj ET Q q 0 0 0 rg BT 197.93 508.10 Td ( station could not be among the top four ranked stations in its market, and at least eight ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (independently owned and operated ) Tj ET Q q 0 0 0 rg BT 191.99 496.10 Td (TV) Tj ET Q q 0 0 0 rg BT 205.14 496.10 Td ( stations would have had to remain in the market post-transaction. ) Tj ET Q q 0 0 0 rg BT 470.63 496.10 Td (As noted above, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (Third Circuit vacated these changes to the newspaper/broadcast cross-ownership ban on procedural grounds. ) Tj ET Q q 0 0 0 rg BT 486.90 484.10 Td (The FCC has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 472.10 Td (gely proposed to reinstate the standards applicable to proposed newspaper/TV) Tj ET Q q 0 0 0 rg BT 372.59 472.10 Td ( combinations in its most recent quadrennial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (reviews, while at the same time seeking comment on whether to eliminate the newspaper/radio cross-ownership rule.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 443.10 Td (ALIEN OWNERSHIP) Tj ET Q q 0 0 0 rg BT 162.22 443.10 Td (. Under the Communications ) Tj ET Q q 0 0 0 rg BT 282.20 443.10 Td (Act, no FCC license may be held by a corporation if more than one-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (fifth of its capital stock is owned or voted by aliens or their representatives, a foreign government or representative thereof, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (an entity or) Tj ET Q q 0 0 0 rg BT 95.36 419.10 Td (ganized under the laws of a foreign country \(collectively) Tj ET Q q 0 0 0 rg BT 321.29 419.10 Td (, Non-U.S. Persons\). Furthermore, the Communications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (Act provides that no FCC license may be granted to an entity directly or indirectly controlled by another entity of which more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (than one-fourth of its capital stock is owned or voted by Non-U.S. Persons if the FCC finds that the public interest will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (served by the denial of such license. ) Tj ET Q q 0 0 0 rg BT 199.49 383.10 Td (The FCC staf) Tj ET Q q 0 0 0 rg BT 253.20 383.10 Td (f has interpreted this provision to require an af) Tj ET Q q 0 0 0 rg BT 438.52 383.10 Td (firmative public interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (finding to permit the grant or holding of a license, and such a finding has been made only in limited circumstances. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (November 2013 the FCC clarified that it would accept requests to allow foreign investment above 25% in broadcast holding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (companies, and that it would evaluate those requests on a case-by-case basis to determine whether the requesting party had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (provided a suf) Tj ET Q q 0 0 0 rg BT 107.03 335.10 Td (ficient public interest showing. ) Tj ET Q q 0 0 0 rg BT 235.71 335.10 Td (The foregoing restrictions on alien ownership apply in modified form to other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (types of business or) Tj ET Q q 0 0 0 rg BT 128.98 323.10 Td (ganizations, including partnerships and limited liability companies. ) Tj ET Q q 0 0 0 rg BT 402.26 323.10 Td (An LMA) Tj ET Q q 0 0 0 rg BT 438.65 323.10 Td ( with a foreign owned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.10 Td (company is not prohibited as long as the non-foreign holder of the FCC license continues to control and operate the station. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (Our Second ) Tj ET Q q 0 0 0 rg BT 99.44 299.10 Td (Amended and Restated ) Tj ET Q q 0 0 0 rg BT 194.14 299.10 Td (Articles of Incorporation and ) Tj ET Q q 0 0 0 rg BT 312.43 299.10 Td (Amended and Restated Code of By-Laws authorize the Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.10 Td (of Directors to prohibit such restricted alien ownership, voting or transfer of capital stock as would cause Emmis to violate the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 120.28 275.10 Td (Act or FCC regulations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 258.10 Td (A) Tj ET Q q 0 0 0 rg BT 78.61 258.10 Td (TTRIBUTION OF OWNERSHIP) Tj ET Q q 0 0 0 rg BT 214.35 258.10 Td ( INTERESTS. In applying its ownership rules, the FCC has developed specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (criteria that it uses to determine whether a certain ownership interest or other relationship with an FCC licensee is significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (enough to be attributable or cognizable under its rules. Specifically) Tj ET Q q 0 0 0 rg BT 337.85 234.10 Td (, among other relationships, certain stockholders, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 222.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 222.10 Td (ficers and directors of a broadcasting company are deemed to have an attributable interest in the licenses held by that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (company) Tj ET Q q 0 0 0 rg BT 86.01 210.10 Td (, such that there would be a violation of the FCC) Tj ET Q q 0 0 0 rg BT 283.47 210.10 Td (s rules where the broadcasting company and such a stockholder) Tj ET Q q 0 0 0 rg BT 537.16 210.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 198.10 Td (ficer or director together hold attributable interests in more than the permitted number of stations or a prohibited combination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (of outlets in the same market. ) Tj ET Q q 0 0 0 rg BT 173.12 186.10 Td (The FCC) Tj ET Q q 0 0 0 rg BT 212.85 186.10 Td (s regulations generally deem the following relationships and interests to be attributable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.10 Td (for purposes of its ownership restrictions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 162.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 162.10 Td (all ) Tj ET Q q 0 0 0 rg BT 98.50 162.10 Td (of) Tj ET Q q 0 0 0 rg BT 106.64 162.10 Td (ficer ) Tj ET Q q 0 0 0 rg BT 127.46 162.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.40 162.10 Td (director ) Tj ET Q q 0 0 0 rg BT 177.99 162.10 Td (positions ) Tj ET Q q 0 0 0 rg BT 216.61 162.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.89 162.10 Td (a ) Tj ET Q q 0 0 0 rg BT 233.83 162.10 Td (licensee ) Tj ET Q q 0 0 0 rg BT 268.53 162.10 Td (or ) Tj ET Q q 0 0 0 rg BT 279.36 162.10 Td (its ) Tj ET Q q 0 0 0 rg BT 291.31 162.10 Td (direct/indirect ) Tj ET Q q 0 0 0 rg BT 349.89 162.10 Td (parent\(s\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 150.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 150.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 113.64 150.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 136.83 150.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 172.24 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.65 150.10 Td (at ) Tj ET Q q 0 0 0 rg BT 191.95 150.10 Td (least ) Tj ET Q q 0 0 0 rg BT 212.36 150.10 Td (5% ) Tj ET Q q 0 0 0 rg BT 227.77 150.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 241.51 150.10 Td (20%, ) Tj ET Q q 0 0 0 rg BT 264.43 150.10 Td (if ) Tj ET Q q 0 0 0 rg BT 272.62 150.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.92 150.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 314.54 150.10 Td (is ) Tj ET Q q 0 0 0 rg BT 323.30 150.10 Td (a ) Tj ET Q q 0 0 0 rg BT 329.82 150.10 Td (passive ) Tj ET Q q 0 0 0 rg BT 361.34 150.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 411.20 150.10 Td (investor) Tj ET Q q 0 0 0 rg BT 443.02 150.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.60 150.10 Td (i.e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.82 150.10 Td (, ) Tj ET Q q 0 0 0 rg BT 464.40 150.10 Td (a ) Tj ET Q q 0 0 0 rg BT 470.92 150.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 500.78 150.10 Td (fund, ) Tj ET Q q 0 0 0 rg BT 523.69 150.10 Td (insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 138.10 Td (company ) Tj ET Q q 0 0 0 rg BT 125.16 138.10 Td (or ) Tj ET Q q 0 0 0 rg BT 135.99 138.10 Td (bank\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 126.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 126.10 Td (any ) Tj ET Q q 0 0 0 rg BT 102.43 126.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 129.41 126.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 160.84 126.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.60 126.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.03 126.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 207.35 126.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 254.33 126.10 Td (or ) Tj ET Q q 0 0 0 rg BT 264.65 126.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 294.97 126.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 328.07 126.10 Td (company ) Tj ET Q q 0 0 0 rg BT 366.71 126.10 Td (where ) Tj ET Q q 0 0 0 rg BT 393.13 126.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.34 126.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 437.66 126.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 467.96 126.10 Td (or ) Tj ET Q q 0 0 0 rg BT 478.28 126.10 Td (member ) Tj ET Q q 0 0 0 rg BT 513.03 126.10 Td (has ) Tj ET Q q 0 0 0 rg BT 528.35 126.10 Td (not ) Tj ET Q q 0 0 0 rg BT 543.12 126.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 114.10 Td (insulated ) Tj ET Q q 0 0 0 rg BT 133.48 114.10 Td (from ) Tj ET Q q 0 0 0 rg BT 155.42 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.14 114.10 Td (media-related ) Tj ET Q q 0 0 0 rg BT 227.60 114.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 266.20 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.03 114.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.75 114.10 Td (LP) Tj ET Q q 0 0 0 rg BT 303.05 114.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.55 114.10 Td (or ) Tj ET Q q 0 0 0 rg BT 316.38 114.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 337.76 114.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 374.70 114.10 Td (to ) Tj ET Q q 0 0 0 rg BT 384.98 114.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 418.57 114.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 439.97 114.10 Td (criteria;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 102.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 102.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 113.17 102.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 140.89 102.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 160.27 102.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 195.77 102.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 224.88 102.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.83 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.22 102.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 292.75 102.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 322.68 102.10 Td (33% ) Tj ET Q q 0 0 0 rg BT 343.18 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.68 102.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.07 102.10 Td (total ) Tj ET Q q 0 0 0 rg BT 388.02 102.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 409.63 102.10 Td (value ) Tj ET Q q 0 0 0 rg BT 433.46 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.96 102.10 Td (a ) Tj ET Q q 0 0 0 rg BT 450.57 102.10 Td (station ) Tj ET Q q 0 0 0 rg BT 479.41 102.10 Td (or ) Tj ET Q q 0 0 0 rg BT 489.91 102.10 Td (other ) Tj ET Q q 0 0 0 rg BT 512.63 102.10 Td (media ) Tj ET Q q 0 0 0 rg BT 539.23 102.10 Td (entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 90.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 104.02 90.10 Td (equity/debt ) Tj ET Q q 0 0 0 rg BT 155.91 90.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 175.05 90.10 Td (policy\), ) Tj ET Q q 0 0 0 rg BT 212.78 90.10 Td (if ) Tj ET Q q 0 0 0 rg BT 221.36 90.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.04 90.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 267.95 90.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 295.96 90.10 Td (supplies ) Tj ET Q q 0 0 0 rg BT 331.21 90.10 Td (more ) Tj ET Q q 0 0 0 rg BT 354.22 90.10 Td (than ) Tj ET Q q 0 0 0 rg BT 373.91 90.10 Td (15% ) Tj ET Q q 0 0 0 rg BT 394.71 90.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.50 90.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.19 90.10 Td (station) Tj ET Q q 0 0 0 rg BT 449.63 90.10 Td (s ) Tj ET Q q 0 0 0 rg BT 455.99 90.10 Td (total ) Tj ET Q q 0 0 0 rg BT 476.23 90.10 Td (weekly ) Tj ET Q q 0 0 0 rg BT 507.58 90.10 Td (programming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 78.10 Td (\(usually ) Tj ET Q q 0 0 0 rg BT 120.18 78.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 156.57 78.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.31 78.10 Td (a ) Tj ET Q q 0 0 0 rg BT 172.71 78.10 Td (time ) Tj ET Q q 0 0 0 rg BT 192.44 78.10 Td (brokerage, ) Tj ET Q q 0 0 0 rg BT 236.88 78.10 Td (local ) Tj ET Q q 0 0 0 rg BT 258.27 78.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 300.77 78.10 Td (or ) Tj ET Q q 0 0 0 rg BT 311.06 78.10 Td (network ) Tj ET Q q 0 0 0 rg BT 345.79 78.10 Td (af) Tj ET Q q 0 0 0 rg BT 353.38 78.10 Td (filiation ) Tj ET Q q 0 0 0 rg BT 387.00 78.10 Td (agreement\) ) Tj ET Q q 0 0 0 rg BT 433.93 78.10 Td (or ) Tj ET Q q 0 0 0 rg BT 444.22 78.10 Td (is ) Tj ET Q q 0 0 0 rg BT 452.85 78.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.24 78.10 Td (same-market ) Tj ET Q q 0 0 0 rg BT 512.84 78.10 Td (media ) Tj ET Q q 0 0 0 rg BT 539.24 78.10 Td (entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 66.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.33 66.10 Td (i.e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.55 66.10 Td (, ) Tj ET Q q 0 0 0 rg BT 106.26 66.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 146.78 66.10 Td (company ) Tj ET Q q 0 0 0 rg BT 185.64 66.10 Td (or ) Tj ET Q q 0 0 0 rg BT 196.18 66.10 Td (newspaper\). ) Tj ET Q q 0 0 0 rg BT 246.98 66.10 Td ( ) Tj ET Q q 0 0 0 rg BT 249.19 66.10 Td (In ) Tj ET Q q 0 0 0 rg BT 259.73 66.10 Td (December ) Tj ET Q q 0 0 0 rg BT 303.02 66.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 327.73 66.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.15 66.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 363.26 66.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 403.22 66.10 Td (these ) Tj ET Q q 0 0 0 rg BT 425.98 66.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 450.97 66.10 Td (under ) Tj ET Q q 0 0 0 rg BT 475.95 66.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 505.36 66.10 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 54.10 Td (where ) Tj ET Q q 0 0 0 rg BT 112.76 54.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.32 54.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 154.65 54.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 182.53 54.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 202.08 54.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 237.74 54.10 Td (are ) Tj ET Q q 0 0 0 rg BT 252.28 54.10 Td (in ) Tj ET Q q 0 0 0 rg BT 262.40 54.10 Td (a ) Tj ET Q q 0 0 0 rg BT 269.17 54.10 Td (small ) Tj ET Q q 0 0 0 rg BT 293.17 54.10 Td (business ) Tj ET Q q 0 0 0 rg BT 329.40 54.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 363.95 54.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 393.48 54.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 450.52 54.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.86 54.10 Td (Subsequently) Tj ET Q q 0 0 0 rg BT 506.10 54.10 Td (, ) Tj ET Q q 0 0 0 rg BT 510.93 54.10 Td (however) Tj ET Q q 0 0 0 rg BT 544.96 54.10 Td (, ) Tj ET Q q 0 0 0 rg BT 549.79 54.10 Td (the ) Tj ET Q endstream endobj 25 0 obj <>] /Rotate 0 /Contents 26 0 R>> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 111.15 742.10 Td (Circuit ) Tj ET Q q 0 0 0 rg BT 141.85 742.10 Td (vacated ) Tj ET Q q 0 0 0 rg BT 175.31 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.45 742.10 Td (FCC) Tj ET Q q 0 0 0 rg BT 212.13 742.10 Td (s ) Tj ET Q q 0 0 0 rg BT 218.95 742.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 260.76 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.02 742.10 Td (small ) Tj ET Q q 0 0 0 rg BT 296.62 742.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 341.77 742.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 374.69 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 385.39 742.10 Td (take ) Tj ET Q q 0 0 0 rg BT 404.98 742.10 Td (advantage ) Tj ET Q q 0 0 0 rg BT 448.44 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.70 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.84 742.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 515.53 742.10 Td (limits. ) Tj ET Q q 0 0 0 rg BT 543.74 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.45 742.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 107.64 730.10 Td (has ) Tj ET Q q 0 0 0 rg BT 123.72 730.10 Td (sought ) Tj ET Q q 0 0 0 rg BT 153.13 730.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 193.09 730.10 Td (on ) Tj ET Q q 0 0 0 rg BT 205.83 730.10 Td (alternatives ) Tj ET Q q 0 0 0 rg BT 254.66 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 265.18 730.10 Td (its ) Tj ET Q q 0 0 0 rg BT 277.37 730.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 314.56 730.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 356.18 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 367.25 730.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 399.99 730.10 Td (small ) Tj ET Q q 0 0 0 rg BT 424.40 730.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 469.36 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 479.88 730.10 Td (its ) Tj ET Q q 0 0 0 rg BT 492.07 730.10 Td (2010 ) Tj ET Q q 0 0 0 rg BT 514.82 730.10 Td (quadrennial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (review) Tj ET Q q 0 0 0 rg BT 112.56 718.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 701.10 Td (T) Tj ET Q q 0 0 0 rg BT 77.91 701.10 Td (o ) Tj ET Q q 0 0 0 rg BT 85.25 701.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 112.03 701.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 146.58 701.10 Td (a ) Tj ET Q q 0 0 0 rg BT 153.35 701.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 181.25 701.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 204.70 701.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 236.47 701.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.59 701.10 Td (a ) Tj ET Q q 0 0 0 rg BT 253.36 701.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 278.47 701.10 Td (or ) Tj ET Q q 0 0 0 rg BT 289.14 701.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 322.02 701.10 Td (parent ) Tj ET Q q 0 0 0 rg BT 349.34 701.10 Td (corporation ) Tj ET Q q 0 0 0 rg BT 397.77 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.44 701.10 Td (a ) Tj ET Q q 0 0 0 rg BT 415.22 701.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 455.87 701.10 Td (licensee ) Tj ET Q q 0 0 0 rg BT 490.42 701.10 Td (is ) Tj ET Q q 0 0 0 rg BT 499.42 701.10 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 549.80 701.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 71.28 689.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 90.88 689.10 Td (a ) Tj ET Q q 0 0 0 rg BT 97.70 689.10 Td (multiplier ) Tj ET Q q 0 0 0 rg BT 148.40 689.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 183.00 689.10 Td (in ) Tj ET Q q 0 0 0 rg BT 193.15 689.10 Td (which ) Tj ET Q q 0 0 0 rg BT 219.97 689.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 284.57 689.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 312.50 689.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 335.99 689.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 371.70 689.10 Td (are ) Tj ET Q q 0 0 0 rg BT 386.28 689.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 419.76 689.10 Td (proportionally ) Tj ET Q q 0 0 0 rg BT 479.35 689.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 513.38 689.10 Td (at ) Tj ET Q q 0 0 0 rg BT 522.97 689.10 Td (each ) Tj ET Q q 0 0 0 rg BT 543.67 689.10 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 96.38 677.10 Td (link ) Tj ET Q q 0 0 0 rg BT 114.44 677.10 Td (in ) Tj ET Q q 0 0 0 rg BT 124.72 677.10 Td (a ) Tj ET Q q 0 0 0 rg BT 131.66 677.10 Td (multi-corporation ) Tj ET Q q 0 0 0 rg BT 204.69 677.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 248.85 677.10 Td (chain. ) Tj ET Q q 0 0 0 rg BT 275.51 677.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 660.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 100.80 660.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 135.77 660.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 157.98 660.10 Td (policy) Tj ET Q q 0 0 0 rg BT 182.32 660.10 Td (, ) Tj ET Q q 0 0 0 rg BT 188.13 660.10 Td (in ) Tj ET Q q 0 0 0 rg BT 199.22 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.74 660.10 Td (case ) Tj ET Q q 0 0 0 rg BT 235.25 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.89 660.10 Td (corporations ) Tj ET Q q 0 0 0 rg BT 300.18 660.10 Td (having ) Tj ET Q q 0 0 0 rg BT 330.71 660.10 Td (a ) Tj ET Q q 0 0 0 rg BT 338.45 660.10 Td (single ) Tj ET Q q 0 0 0 rg BT 370.09 660.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 407.27 660.10 Td (shareholder) Tj ET Q q 0 0 0 rg BT 453.52 660.10 Td (, ) Tj ET Q q 0 0 0 rg BT 463.77 660.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.29 660.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 515.92 660.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.56 660.10 Td (minority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 102.05 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 115.77 648.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 154.48 648.10 Td (not ) Tj ET Q q 0 0 0 rg BT 168.77 648.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 201.37 648.10 Td (attributable. ) Tj ET Q q 0 0 0 rg BT 250.92 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.43 648.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 287.26 648.10 Td (Jef) Tj ET Q q 0 0 0 rg BT 298.74 648.10 Td (frey ) Tj ET Q q 0 0 0 rg BT 316.35 648.10 Td (H. ) Tj ET Q q 0 0 0 rg BT 327.58 648.10 Td (Smulyan) Tj ET Q q 0 0 0 rg BT 365.92 648.10 Td (s ) Tj ET Q q 0 0 0 rg BT 371.32 648.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 398.39 648.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 429.33 648.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.62 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.35 648.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 492.75 648.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 530.35 648.10 Td (exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (50%, ) Tj ET Q q 0 0 0 rg BT 73.92 636.10 Td (this ) Tj ET Q q 0 0 0 rg BT 91.46 636.10 Td (exemption ) Tj ET Q q 0 0 0 rg BT 136.76 636.10 Td (appears ) Tj ET Q q 0 0 0 rg BT 170.39 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.26 636.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 206.57 636.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.44 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.74 636.10 Td (Company) Tj ET Q q 0 0 0 rg BT 270.98 636.10 Td (. ) Tj ET Q q 0 0 0 rg BT 276.57 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.66 636.10 Td (Elimination ) Tj ET Q q 0 0 0 rg BT 329.97 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.39 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.70 636.10 Td (exemption ) Tj ET Q q 0 0 0 rg BT 402.00 636.10 Td (is, ) Tj ET Q q 0 0 0 rg BT 414.26 636.10 Td (however) Tj ET Q q 0 0 0 rg BT 448.29 636.10 Td (, ) Tj ET Q q 0 0 0 rg BT 453.88 636.10 Td (under ) Tj ET Q q 0 0 0 rg BT 479.74 636.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 536.70 636.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.79 636.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (FCC. ) Tj ET Q q 0 0 0 rg BT 73.74 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.07 624.10 Td (If ) Tj ET Q q 0 0 0 rg BT 85.07 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.62 624.10 Td (exemption ) Tj ET Q q 0 0 0 rg BT 144.17 624.10 Td (is ) Tj ET Q q 0 0 0 rg BT 153.18 624.10 Td (eliminated, ) Tj ET Q q 0 0 0 rg BT 200.22 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 210.89 624.10 Td (if ) Tj ET Q q 0 0 0 rg BT 219.33 624.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 231.00 624.10 Td (. ) Tj ET Q q 0 0 0 rg BT 235.84 624.10 Td (Smulyan) Tj ET Q q 0 0 0 rg BT 274.17 624.10 Td (s ) Tj ET Q q 0 0 0 rg BT 280.40 624.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 308.30 624.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 340.07 624.10 Td (falls ) Tj ET Q q 0 0 0 rg BT 359.62 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.73 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 380.40 624.10 Td (below ) Tj ET Q q 0 0 0 rg BT 407.18 624.10 Td (50%, ) Tj ET Q q 0 0 0 rg BT 430.34 624.10 Td (then ) Tj ET Q q 0 0 0 rg BT 449.90 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.45 624.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 500.11 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.78 624.10 Td (any ) Tj ET Q q 0 0 0 rg BT 527.55 624.10 Td (minority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 103.80 612.10 Td (that ) Tj ET Q q 0 0 0 rg BT 122.06 612.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 144.76 612.10 Td (or ) Tj ET Q q 0 0 0 rg BT 156.36 612.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 187.38 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.86 612.10 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 247.23 612.10 Td (described ) Tj ET Q q 0 0 0 rg BT 288.82 612.10 Td (above ) Tj ET Q q 0 0 0 rg BT 315.96 612.10 Td (would ) Tj ET Q q 0 0 0 rg BT 344.22 612.10 Td (become ) Tj ET Q q 0 0 0 rg BT 378.58 612.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 427.39 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.09 612.10 Td (would ) Tj ET Q q 0 0 0 rg BT 473.36 612.10 Td (be ) Tj ET Q q 0 0 0 rg BT 486.06 612.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 528.76 612.10 Td (with ) Tj ET Q q 0 0 0 rg BT 549.80 612.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 600.10 Td (s ) Tj ET Q q 0 0 0 rg BT 98.06 600.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 133.88 600.10 Td (for ) Tj ET Q q 0 0 0 rg BT 148.04 600.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 186.09 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.92 600.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 247.74 600.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 296.33 600.10 Td (with ) Tj ET Q q 0 0 0 rg BT 316.61 600.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 338.01 600.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 382.17 600.10 Td (rules. ) Tj ET Q q 0 0 0 rg BT 406.61 600.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 583.10 Td (Ownership-rule ) Tj ET Q q 0 0 0 rg BT 136.74 583.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 172.66 583.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 201.36 583.10 Td (as ) Tj ET Q q 0 0 0 rg BT 211.17 583.10 Td (a ) Tj ET Q q 0 0 0 rg BT 217.09 583.10 Td (result ) Tj ET Q q 0 0 0 rg BT 240.79 583.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.61 583.10 Td (aggregating ) Tj ET Q q 0 0 0 rg BT 299.29 583.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.99 583.10 Td (media ) Tj ET Q q 0 0 0 rg BT 338.91 583.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 373.72 583.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.53 583.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.23 583.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 437.60 583.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.53 583.10 Td (its ) Tj ET Q q 0 0 0 rg BT 464.46 583.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 511.48 583.10 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (could ) Tj ET Q q 0 0 0 rg BT 75.05 571.10 Td (require ) Tj ET Q q 0 0 0 rg BT 106.19 571.10 Td (divestitures ) Tj ET Q q 0 0 0 rg BT 155.13 571.10 Td (by ) Tj ET Q q 0 0 0 rg BT 167.96 571.10 Td (either ) Tj ET Q q 0 0 0 rg BT 193.55 571.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.60 571.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 250.32 571.10 Td (or ) Tj ET Q q 0 0 0 rg BT 261.48 571.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.53 571.10 Td (af) Tj ET Q q 0 0 0 rg BT 284.12 571.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 311.37 571.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 367.24 571.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.45 571.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 389.50 571.10 Td (such ) Tj ET Q q 0 0 0 rg BT 410.66 571.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 447.92 571.10 Td (could ) Tj ET Q q 0 0 0 rg BT 472.97 571.10 Td (result ) Tj ET Q q 0 0 0 rg BT 498.02 571.10 Td (in ) Tj ET Q q 0 0 0 rg BT 508.63 571.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 539.80 571.10 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 79.67 559.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.47 559.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 118.48 559.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 140.40 559.10 Td (consents ) Tj ET Q q 0 0 0 rg BT 177.86 559.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 219.74 559.10 Td (for ) Tj ET Q q 0 0 0 rg BT 234.42 559.10 Td (future ) Tj ET Q q 0 0 0 rg BT 261.31 559.10 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 314.60 559.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.62 559.10 Td (Conversely) Tj ET Q q 0 0 0 rg BT 362.52 559.10 Td (, ) Tj ET Q q 0 0 0 rg BT 368.04 559.10 Td (Emmis) Tj ET Q q 0 0 0 rg BT 398.96 559.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.98 559.10 Td (media ) Tj ET Q q 0 0 0 rg BT 429.43 559.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 465.77 559.10 Td (could ) Tj ET Q q 0 0 0 rg BT 491.01 559.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 523.45 559.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.24 559.10 Td (restrict ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.05 547.10 Td (media ) Tj ET Q q 0 0 0 rg BT 99.98 547.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 150.25 547.10 Td (by ) Tj ET Q q 0 0 0 rg BT 162.75 547.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 215.79 547.10 Td (having ) Tj ET Q q 0 0 0 rg BT 245.51 547.10 Td (or ) Tj ET Q q 0 0 0 rg BT 256.34 547.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 296.60 547.10 Td (an ) Tj ET Q q 0 0 0 rg BT 308.54 547.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 340.47 547.10 Td (in ) Tj ET Q q 0 0 0 rg BT 350.75 547.10 Td (Emmis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 530.10 Td (ASSIGNMENTS ) Tj ET Q q 0 0 0 rg BT 144.63 530.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 168.82 530.10 Td (TRANSFERS ) Tj ET Q q 0 0 0 rg BT 228.22 530.10 Td (OF ) Tj ET Q q 0 0 0 rg BT 243.72 530.10 Td (CONTROL. ) Tj ET Q q 0 0 0 rg BT 296.16 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.68 530.10 Td (The ) Tj ET Q q 0 0 0 rg BT 316.95 530.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 387.40 530.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 404.55 530.10 Td (prohibits ) Tj ET Q q 0 0 0 rg BT 442.83 530.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.77 530.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 505.48 530.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.53 530.10 Td (a ) Tj ET Q q 0 0 0 rg BT 523.69 530.10 Td (broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (license ) Tj ET Q q 0 0 0 rg BT 80.35 518.10 Td (or ) Tj ET Q q 0 0 0 rg BT 91.26 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.07 518.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 139.19 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.10 518.10 Td (control ) Tj ET Q q 0 0 0 rg BT 181.02 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.93 518.10 Td (a ) Tj ET Q q 0 0 0 rg BT 198.96 518.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 239.86 518.10 Td (licensee ) Tj ET Q q 0 0 0 rg BT 274.64 518.10 Td (without ) Tj ET Q q 0 0 0 rg BT 307.79 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.59 518.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 344.61 518.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 382.18 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.10 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.90 518.10 Td (FCC. ) Tj ET Q q 0 0 0 rg BT 431.89 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.47 518.10 Td (In ) Tj ET Q q 0 0 0 rg BT 445.39 518.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 496.29 518.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 531.09 518.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.45 518.10 Td (grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (such ) Tj ET Q q 0 0 0 rg BT 70.87 506.10 Td (approval, ) Tj ET Q q 0 0 0 rg BT 110.90 506.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.66 506.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 147.11 506.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 187.42 506.10 Td (a ) Tj ET Q q 0 0 0 rg BT 194.40 506.10 Td (number ) Tj ET Q q 0 0 0 rg BT 227.49 506.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.36 506.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 270.61 506.10 Td (including ) Tj ET Q q 0 0 0 rg BT 310.93 506.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 359.56 506.10 Td (with ) Tj ET Q q 0 0 0 rg BT 379.88 506.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.64 506.10 Td (various ) Tj ET Q q 0 0 0 rg BT 426.62 506.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 448.60 506.10 Td (limiting ) Tj ET Q q 0 0 0 rg BT 482.82 506.10 Td (common ) Tj ET Q q 0 0 0 rg BT 520.35 506.10 Td (ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.81 494.10 Td (media ) Tj ET Q q 0 0 0 rg BT 89.72 494.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 135.69 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.38 494.10 Td (character ) Tj ET Q q 0 0 0 rg BT 200.37 494.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.18 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.87 494.10 Td (assignee ) Tj ET Q q 0 0 0 rg BT 265.23 494.10 Td (or ) Tj ET Q q 0 0 0 rg BT 277.04 494.10 Td (transferee ) Tj ET Q q 0 0 0 rg BT 319.93 494.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.85 494.10 Td (those ) Tj ET Q q 0 0 0 rg BT 362.44 494.10 Td (persons ) Tj ET Q q 0 0 0 rg BT 396.47 494.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 430.50 494.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 479.52 494.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 516.32 494.10 Td (therein ) Tj ET Q q 0 0 0 rg BT 547.57 494.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 98.18 482.10 Td (with ) Tj ET Q q 0 0 0 rg BT 118.04 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.35 482.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 202.31 482.10 Td (Act) Tj ET Q q 0 0 0 rg BT 219.52 482.10 Td (s ) Tj ET Q q 0 0 0 rg BT 225.51 482.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 270.37 482.10 Td (on ) Tj ET Q q 0 0 0 rg BT 282.46 482.10 Td (alien ) Tj ET Q q 0 0 0 rg BT 303.98 482.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 347.73 482.10 Td (as ) Tj ET Q q 0 0 0 rg BT 358.15 482.10 Td (well ) Tj ET Q q 0 0 0 rg BT 377.46 482.10 Td (as ) Tj ET Q q 0 0 0 rg BT 387.88 482.10 Td (other ) Tj ET Q q 0 0 0 rg BT 410.51 482.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 447.60 482.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.12 482.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 507.31 482.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 564.51 482.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (When ) Tj ET Q q 0 0 0 rg BT 77.12 470.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 122.02 470.10 Td (an ) Tj ET Q q 0 0 0 rg BT 134.70 470.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 182.95 470.10 Td (or ) Tj ET Q q 0 0 0 rg BT 194.52 470.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 228.30 470.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.88 470.10 Td (control ) Tj ET Q q 0 0 0 rg BT 271.45 470.10 Td (application, ) Tj ET Q q 0 0 0 rg BT 321.63 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.09 470.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 359.24 470.10 Td (is ) Tj ET Q q 0 0 0 rg BT 369.15 470.10 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 413.50 470.10 Td (from ) Tj ET Q q 0 0 0 rg BT 436.19 470.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 486.09 470.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 521.54 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.00 470.10 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 82.11 458.10 Td (might ) Tj ET Q q 0 0 0 rg BT 108.13 458.10 Td (be ) Tj ET Q q 0 0 0 rg BT 120.25 458.10 Td (served ) Tj ET Q q 0 0 0 rg BT 149.02 458.10 Td (by ) Tj ET Q q 0 0 0 rg BT 161.70 458.10 Td (an ) Tj ET Q q 0 0 0 rg BT 173.82 458.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 221.50 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.51 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.40 458.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 288.40 458.10 Td (license ) Tj ET Q q 0 0 0 rg BT 318.84 458.10 Td (or ) Tj ET Q q 0 0 0 rg BT 329.85 458.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 363.07 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.08 458.10 Td (control ) Tj ET Q q 0 0 0 rg BT 405.08 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.09 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.99 458.10 Td (licensee ) Tj ET Q q 0 0 0 rg BT 465.87 458.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.33 458.10 Td (a ) Tj ET Q q 0 0 0 rg BT 483.45 458.10 Td (party ) Tj ET Q q 0 0 0 rg BT 506.67 458.10 Td (other ) Tj ET Q q 0 0 0 rg BT 529.90 458.10 Td (than ) Tj ET Q q 0 0 0 rg BT 549.80 458.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (assignee ) Tj ET Q q 0 0 0 rg BT 86.38 446.10 Td (or ) Tj ET Q q 0 0 0 rg BT 97.21 446.10 Td (transferee ) Tj ET Q q 0 0 0 rg BT 139.12 446.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 177.71 446.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.99 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.71 446.10 Td (application.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 429.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 102.77 429.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 139.00 429.10 Td (WBLS ) Tj ET Q q 0 0 0 rg BT 168.71 429.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.95 429.10 Td (WLIB ) Tj ET Q q 0 0 0 rg BT 212.43 429.10 Td (from ) Tj ET Q q 0 0 0 rg BT 233.81 429.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.19 429.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 283.24 429.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.22 429.10 Td (YMF ) Tj ET Q q 0 0 0 rg BT 316.83 429.10 Td (Media ) Tj ET Q q 0 0 0 rg BT 344.31 429.10 Td (\(YMF\), ) Tj ET Q q 0 0 0 rg BT 385.97 429.10 Td (which ) Tj ET Q q 0 0 0 rg BT 412.34 429.10 Td (itself ) Tj ET Q q 0 0 0 rg BT 434.28 429.10 Td (had ) Tj ET Q q 0 0 0 rg BT 450.65 429.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 487.02 429.10 Td (those ) Tj ET Q q 0 0 0 rg BT 510.06 429.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 542.56 429.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.19 417.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 101.06 417.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.15 417.10 Td (Inner ) Tj ET Q q 0 0 0 rg BT 136.00 417.10 Td (City ) Tj ET Q q 0 0 0 rg BT 155.98 417.10 Td (Broadcasting. ) Tj ET Q q 0 0 0 rg BT 214.00 417.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.76 417.10 Td (Several ) Tj ET Q q 0 0 0 rg BT 249.50 417.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 296.70 417.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 317.78 417.10 Td (petitions ) Tj ET Q q 0 0 0 rg BT 354.98 417.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.52 417.10 Td (deny ) Tj ET Q q 0 0 0 rg BT 387.71 417.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.69 417.10 Td (application ) Tj ET Q q 0 0 0 rg BT 449.87 417.10 Td (requesting ) Tj ET Q q 0 0 0 rg BT 494.28 417.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 515.94 417.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 553.68 417.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.26 405.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 113.29 405.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.66 405.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.92 405.10 Td (stations) Tj ET Q q 0 0 0 rg BT 173.06 405.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.10 405.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 210.80 405.10 Td (from ) Tj ET Q q 0 0 0 rg BT 233.27 405.10 Td (Inner ) Tj ET Q q 0 0 0 rg BT 257.41 405.10 Td (City ) Tj ET Q q 0 0 0 rg BT 277.68 405.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.04 405.10 Td (YMF) Tj ET Q q 0 0 0 rg BT 308.92 405.10 Td (, ) Tj ET Q q 0 0 0 rg BT 314.46 405.10 Td (which ) Tj ET Q q 0 0 0 rg BT 341.94 405.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.19 405.10 Td (Media ) Tj ET Q q 0 0 0 rg BT 385.78 405.10 Td (Bureau ) Tj ET Q q 0 0 0 rg BT 417.70 405.10 Td (denied. ) Tj ET Q q 0 0 0 rg BT 449.89 405.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.93 405.10 Td (Several ) Tj ET Q q 0 0 0 rg BT 485.96 405.10 Td (petitioners ) Tj ET Q q 0 0 0 rg BT 531.21 405.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 552.57 405.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (application ) Tj ET Q q 0 0 0 rg BT 96.23 393.10 Td (for ) Tj ET Q q 0 0 0 rg BT 109.69 393.10 Td (review ) Tj ET Q q 0 0 0 rg BT 138.69 393.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.82 393.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.84 393.10 Td (Media ) Tj ET Q q 0 0 0 rg BT 190.19 393.10 Td (Bureau ) Tj ET Q q 0 0 0 rg BT 220.86 393.10 Td (decision, ) Tj ET Q q 0 0 0 rg BT 258.49 393.10 Td (which ) Tj ET Q q 0 0 0 rg BT 284.72 393.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.74 393.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 351.11 393.10 Td (denied. ) Tj ET Q q 0 0 0 rg BT 382.06 393.10 Td ( ) Tj ET Q q 0 0 0 rg BT 383.73 393.10 Td (These ) Tj ET Q q 0 0 0 rg BT 409.41 393.10 Td (petitioners ) Tj ET Q q 0 0 0 rg BT 453.42 393.10 Td (appealed ) Tj ET Q q 0 0 0 rg BT 490.75 393.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.77 393.10 Td (Commission) Tj ET Q q 0 0 0 rg BT 558.11 393.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 86.08 381.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.60 381.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.57 381.10 Td (United ) Tj ET Q q 0 0 0 rg BT 141.54 381.10 Td (States ) Tj ET Q q 0 0 0 rg BT 168.18 381.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 193.71 381.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.18 381.10 Td (Appeals ) Tj ET Q q 0 0 0 rg BT 239.70 381.10 Td (for ) Tj ET Q q 0 0 0 rg BT 254.11 381.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.08 381.10 Td (D.C. ) Tj ET Q q 0 0 0 rg BT 290.72 381.10 Td (Circuit, ) Tj ET Q q 0 0 0 rg BT 323.74 381.10 Td (and ) Tj ET Q q 0 0 0 rg BT 340.93 381.10 Td (their ) Tj ET Q q 0 0 0 rg BT 362.01 381.10 Td (appeal ) Tj ET Q q 0 0 0 rg BT 390.85 381.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 425.26 381.10 Td (pending. ) Tj ET Q q 0 0 0 rg BT 462.72 381.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.47 381.10 Td (No ) Tj ET Q q 0 0 0 rg BT 480.45 381.10 Td (party ) Tj ET Q q 0 0 0 rg BT 503.74 381.10 Td (challenged ) Tj ET Q q 0 0 0 rg BT 549.80 381.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 97.57 369.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 145.69 369.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.15 369.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.49 369.10 Td (stations) Tj ET Q q 0 0 0 rg BT 205.63 369.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.76 369.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 243.54 369.10 Td (from ) Tj ET Q q 0 0 0 rg BT 265.65 369.10 Td (YMF ) Tj ET Q q 0 0 0 rg BT 290.45 369.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.35 369.10 Td (Emmis, ) Tj ET Q q 0 0 0 rg BT 335.32 369.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.88 369.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.23 369.10 Td (time ) Tj ET Q q 0 0 0 rg BT 389.13 369.10 Td (for ) Tj ET Q q 0 0 0 rg BT 403.92 369.10 Td (filing ) Tj ET Q q 0 0 0 rg BT 428.71 369.10 Td (any ) Tj ET Q q 0 0 0 rg BT 446.27 369.10 Td (such ) Tj ET Q q 0 0 0 rg BT 467.73 369.10 Td (challenges ) Tj ET Q q 0 0 0 rg BT 513.06 369.10 Td (has ) Tj ET Q q 0 0 0 rg BT 529.52 369.10 Td (expired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 357.10 Td (, ) Tj ET Q q 0 0 0 rg BT 90.92 357.10 Td (in ) Tj ET Q q 0 0 0 rg BT 100.87 357.10 Td (March ) Tj ET Q q 0 0 0 rg BT 129.14 357.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 153.81 357.10 Td (one ) Tj ET Q q 0 0 0 rg BT 170.42 357.10 Td (party ) Tj ET Q q 0 0 0 rg BT 193.14 357.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 213.64 357.10 Td (a ) Tj ET Q q 0 0 0 rg BT 220.25 357.10 Td (lawsuit ) Tj ET Q q 0 0 0 rg BT 251.31 357.10 Td (in ) Tj ET Q q 0 0 0 rg BT 261.26 357.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.65 357.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 307.81 357.10 Td (District ) Tj ET Q q 0 0 0 rg BT 339.97 357.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 364.92 357.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.42 357.10 Td (New ) Tj ET Q q 0 0 0 rg BT 396.16 357.10 Td (Y) Tj ET Q q 0 0 0 rg BT 402.38 357.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 417.88 357.10 Td (challenging ) Tj ET Q q 0 0 0 rg BT 466.70 357.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.09 357.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 513.80 357.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.30 357.10 Td (the ) Tj ET Q q 0 0 0 rg BT 538.69 357.10 Td (assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.04 345.10 Td (WBLS-FM ) Tj ET Q q 0 0 0 rg BT 107.45 345.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.60 345.10 Td (WLIB-AM ) Tj ET Q q 0 0 0 rg BT 170.44 345.10 Td (from ) Tj ET Q q 0 0 0 rg BT 191.72 345.10 Td (Inner ) Tj ET Q q 0 0 0 rg BT 214.67 345.10 Td (City ) Tj ET Q q 0 0 0 rg BT 233.74 345.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.09 345.10 Td (YMF) Tj ET Q q 0 0 0 rg BT 263.96 345.10 Td (, ) Tj ET Q q 0 0 0 rg BT 268.31 345.10 Td (and ) Tj ET Q q 0 0 0 rg BT 284.59 345.10 Td (claimed ) Tj ET Q q 0 0 0 rg BT 318.09 345.10 Td (that ) Tj ET Q q 0 0 0 rg BT 334.93 345.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 365.11 345.10 Td (had ) Tj ET Q q 0 0 0 rg BT 381.39 345.10 Td (exerted ) Tj ET Q q 0 0 0 rg BT 412.66 345.10 Td (undue ) Tj ET Q q 0 0 0 rg BT 438.95 345.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 477.99 345.10 Td (in ) Tj ET Q q 0 0 0 rg BT 487.62 345.10 Td (securing ) Tj ET Q q 0 0 0 rg BT 523.34 345.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.40 345.10 Td (FCC's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (consent ) Tj ET Q q 0 0 0 rg BT 83.35 333.10 Td (to ) Tj ET Q q 0 0 0 rg BT 93.92 333.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.94 333.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 142.28 333.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.41 333.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.42 333.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 190.12 333.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 224.58 333.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.50 333.10 Td (WBLS-FM ) Tj ET Q q 0 0 0 rg BT 283.86 333.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.90 333.10 Td (WLIB-AM ) Tj ET Q q 0 0 0 rg BT 348.69 333.10 Td (from ) Tj ET Q q 0 0 0 rg BT 370.51 333.10 Td (YMF ) Tj ET Q q 0 0 0 rg BT 394.99 333.10 Td (to ) Tj ET Q q 0 0 0 rg BT 405.56 333.10 Td (Emmis. ) Tj ET Q q 0 0 0 rg BT 439.20 333.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 470.33 333.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 505.90 333.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.91 333.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 549.81 333.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.10 Td (without ) Tj ET Q q 0 0 0 rg BT 83.06 321.10 Td (merit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 304.10 Td (PROGRAMMING ) Tj ET Q q 0 0 0 rg BT 151.51 304.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 176.88 304.10 Td (OPERA) Tj ET Q q 0 0 0 rg BT 208.56 304.10 Td (TION. ) Tj ET Q q 0 0 0 rg BT 238.64 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.08 304.10 Td (The ) Tj ET Q q 0 0 0 rg BT 261.33 304.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 332.55 304.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 350.69 304.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 386.60 304.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 440.28 304.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.77 304.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 476.57 304.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.49 304.10 Td (public ) Tj ET Q q 0 0 0 rg BT 525.63 304.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 564.50 304.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 94.25 292.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.61 292.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.41 292.10 Td (late ) Tj ET Q q 0 0 0 rg BT 136.43 292.10 Td (1970s, ) Tj ET Q q 0 0 0 rg BT 165.41 292.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.21 292.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 201.69 292.10 Td (gradually ) Tj ET Q q 0 0 0 rg BT 242.04 292.10 Td (relaxed ) Tj ET Q q 0 0 0 rg BT 274.05 292.10 Td (or ) Tj ET Q q 0 0 0 rg BT 284.97 292.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 329.76 292.10 Td (many ) Tj ET Q q 0 0 0 rg BT 354.56 292.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.47 292.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.27 292.10 Td (more ) Tj ET Q q 0 0 0 rg BT 403.41 292.10 Td (formalized ) Tj ET Q q 0 0 0 rg BT 449.30 292.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 495.75 292.10 Td (it ) Tj ET Q q 0 0 0 rg BT 503.89 292.10 Td (had ) Tj ET Q q 0 0 0 rg BT 520.92 292.10 Td (developed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.10 280.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 95.75 280.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.29 280.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 150.92 280.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.57 280.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 191.10 280.10 Td (types ) Tj ET Q q 0 0 0 rg BT 214.53 280.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.18 280.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 281.94 280.10 Td (responsive ) Tj ET Q q 0 0 0 rg BT 327.03 280.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.13 280.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.67 280.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 376.76 280.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.41 280.10 Td (a ) Tj ET Q q 0 0 0 rg BT 394.17 280.10 Td (station) Tj ET Q q 0 0 0 rg BT 423.61 280.10 Td (s ) Tj ET Q q 0 0 0 rg BT 429.82 280.10 Td (community ) Tj ET Q q 0 0 0 rg BT 477.70 280.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.35 280.10 Td (license. ) Tj ET Q q 0 0 0 rg BT 520.94 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.26 280.10 Td (However) Tj ET Q q 0 0 0 rg BT 559.51 280.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (licensees ) Tj ET Q q 0 0 0 rg BT 88.85 268.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 126.04 268.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.58 268.10 Td (be ) Tj ET Q q 0 0 0 rg BT 148.78 268.10 Td (required ) Tj ET Q q 0 0 0 rg BT 184.85 268.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.38 268.10 Td (present ) Tj ET Q q 0 0 0 rg BT 227.02 268.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 284.21 268.10 Td (that ) Tj ET Q q 0 0 0 rg BT 301.96 268.10 Td (is ) Tj ET Q q 0 0 0 rg BT 311.39 268.10 Td (responsive ) Tj ET Q q 0 0 0 rg BT 356.92 268.10 Td (to ) Tj ET Q q 0 0 0 rg BT 367.45 268.10 Td (community ) Tj ET Q q 0 0 0 rg BT 415.76 268.10 Td (problems, ) Tj ET Q q 0 0 0 rg BT 458.24 268.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 483.76 268.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.96 268.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 537.04 268.10 Td (and ) Tj ET Q q 0 0 0 rg BT 554.24 268.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 87.49 256.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 117.19 256.10 Td (records ) Tj ET Q q 0 0 0 rg BT 149.12 256.10 Td (demonstrating ) Tj ET Q q 0 0 0 rg BT 208.83 256.10 Td (such ) Tj ET Q q 0 0 0 rg BT 229.66 256.10 Td (responsiveness. ) Tj ET Q q 0 0 0 rg BT 294.65 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.15 256.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 239.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 104.94 239.10 Td (law ) Tj ET Q q 0 0 0 rg BT 121.83 239.10 Td (prohibits ) Tj ET Q q 0 0 0 rg BT 159.84 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.51 239.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 215.28 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 226.06 239.10 Td (obscene ) Tj ET Q q 0 0 0 rg BT 260.72 239.10 Td (material ) Tj ET Q q 0 0 0 rg BT 295.93 239.10 Td (at ) Tj ET Q q 0 0 0 rg BT 305.60 239.10 Td (any ) Tj ET Q q 0 0 0 rg BT 322.49 239.10 Td (time ) Tj ET Q q 0 0 0 rg BT 342.72 239.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.61 239.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.28 239.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 415.04 239.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.83 239.10 Td (indecent ) Tj ET Q q 0 0 0 rg BT 462.15 239.10 Td (material ) Tj ET Q q 0 0 0 rg BT 497.36 239.10 Td (during ) Tj ET Q q 0 0 0 rg BT 525.92 239.10 Td (specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (time ) Tj ET Q q 0 0 0 rg BT 70.27 227.10 Td (periods; ) Tj ET Q q 0 0 0 rg BT 104.99 227.10 Td (these ) Tj ET Q q 0 0 0 rg BT 128.04 227.10 Td (prohibitions ) Tj ET Q q 0 0 0 rg BT 178.87 227.10 Td (are ) Tj ET Q q 0 0 0 rg BT 193.58 227.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 224.40 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 234.68 227.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 287.15 227.10 Td (by ) Tj ET Q q 0 0 0 rg BT 299.65 227.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.37 227.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 335.77 227.10 Td (and ) Tj ET Q q 0 0 0 rg BT 352.71 227.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 375.75 227.10 Td (fines ) Tj ET Q q 0 0 0 rg BT 397.69 227.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.52 227.10 Td (up ) Tj ET Q q 0 0 0 rg BT 421.02 227.10 Td (to ) Tj ET Q q 0 0 0 rg BT 431.29 227.10 Td ($325,000 ) Tj ET Q q 0 0 0 rg BT 471.29 227.10 Td (per ) Tj ET Q q 0 0 0 rg BT 486.56 227.10 Td (violation. ) Tj ET Q q 0 0 0 rg BT 527.11 227.10 Td ( ) Tj ET Q q 0 0 0 rg BT 529.61 227.10 Td ( ) Tj ET Q q 0 0 0 rg BT 532.11 227.10 Td ( ) Tj ET Q q 0 0 0 rg BT 534.61 227.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 210.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.83 210.10 Td (company ) Tj ET Q q 0 0 0 rg BT 128.28 210.10 Td (has ) Tj ET Q q 0 0 0 rg BT 143.39 210.10 Td (received ) Tj ET Q q 0 0 0 rg BT 179.04 210.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 205.26 210.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.38 210.10 Td (inquiry ) Tj ET Q q 0 0 0 rg BT 246.05 210.10 Td (from ) Tj ET Q q 0 0 0 rg BT 267.28 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.28 210.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 301.97 210.10 Td (alleging ) Tj ET Q q 0 0 0 rg BT 335.97 210.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 377.20 210.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.32 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.32 210.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 443.64 210.10 Td (rules. ) Tj ET Q q 0 0 0 rg BT 467.37 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.03 210.10 Td (The ) Tj ET Q q 0 0 0 rg BT 486.36 210.10 Td (broadcasts ) Tj ET Q q 0 0 0 rg BT 530.35 210.10 Td (covered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.50 198.10 Td (these ) Tj ET Q q 0 0 0 rg BT 85.55 198.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 112.48 198.10 Td (of ) Tj ET Q q 0 0 0 rg BT 123.31 198.10 Td (inquiry ) Tj ET Q q 0 0 0 rg BT 154.70 198.10 Td (could ) Tj ET Q q 0 0 0 rg BT 179.41 198.10 Td (result ) Tj ET Q q 0 0 0 rg BT 204.13 198.10 Td (in ) Tj ET Q q 0 0 0 rg BT 214.41 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.13 198.10 Td (imposition ) Tj ET Q q 0 0 0 rg BT 274.41 198.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.24 198.10 Td (liability) Tj ET Q q 0 0 0 rg BT 315.70 198.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 181.10 Td (The ) Tj ET Q q 0 0 0 rg BT 89.69 181.10 Td (FCC) Tj ET Q q 0 0 0 rg BT 111.37 181.10 Td (s ) Tj ET Q q 0 0 0 rg BT 116.91 181.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 159.09 181.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 180.18 181.10 Td (have ) Tj ET Q q 0 0 0 rg BT 200.71 181.10 Td (also ) Tj ET Q q 0 0 0 rg BT 218.46 181.10 Td (been ) Tj ET Q q 0 0 0 rg BT 238.99 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.85 181.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 282.82 181.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.80 181.10 Td (litigation. ) Tj ET Q q 0 0 0 rg BT 333.06 181.10 Td ( ) Tj ET Q q 0 0 0 rg BT 334.71 181.10 Td (In ) Tj ET Q q 0 0 0 rg BT 344.69 181.10 Td (July ) Tj ET Q q 0 0 0 rg BT 363.00 181.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 387.15 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.02 181.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 432.10 181.10 Td (Circuit ) Tj ET Q q 0 0 0 rg BT 461.52 181.10 Td (held ) Tj ET Q q 0 0 0 rg BT 480.39 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.25 181.10 Td (FCC) Tj ET Q q 0 0 0 rg BT 515.93 181.10 Td (s ) Tj ET Q q 0 0 0 rg BT 521.47 181.10 Td (indecency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 89.47 169.10 Td (to ) Tj ET Q q 0 0 0 rg BT 98.95 169.10 Td (be ) Tj ET Q q 0 0 0 rg BT 110.09 169.10 Td (unconstitutionally ) Tj ET Q q 0 0 0 rg BT 184.01 169.10 Td (vague ) Tj ET Q q 0 0 0 rg BT 209.59 169.10 Td (in ) Tj ET Q q 0 0 0 rg BT 219.08 169.10 Td (violation ) Tj ET Q q 0 0 0 rg BT 256.33 169.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.36 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.28 169.10 Td (First ) Tj ET Q q 0 0 0 rg BT 299.95 169.10 Td (Amendment. ) Tj ET Q q 0 0 0 rg BT 353.59 169.10 Td ( ) Tj ET Q q 0 0 0 rg BT 355.17 169.10 Td (The ) Tj ET Q q 0 0 0 rg BT 372.42 169.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 403.56 169.10 Td (Circuit ) Tj ET Q q 0 0 0 rg BT 433.04 169.10 Td (later ) Tj ET Q q 0 0 0 rg BT 452.50 169.10 Td (vacated ) Tj ET Q q 0 0 0 rg BT 484.74 169.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.66 169.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 528.68 169.10 Td (decision ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (at ) Tj ET Q q 0 0 0 rg BT 60.00 157.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 82.78 157.10 Td (in ) Tj ET Q q 0 0 0 rg BT 93.34 157.10 Td (another ) Tj ET Q q 0 0 0 rg BT 126.11 157.10 Td (appeal ) Tj ET Q q 0 0 0 rg BT 154.99 157.10 Td (based ) Tj ET Q q 0 0 0 rg BT 180.54 157.10 Td (on ) Tj ET Q q 0 0 0 rg BT 193.32 157.10 Td (its ) Tj ET Q q 0 0 0 rg BT 205.55 157.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 233.86 157.10 Td (decision. ) Tj ET Q q 0 0 0 rg BT 272.47 157.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.05 157.10 Td (The ) Tj ET Q q 0 0 0 rg BT 293.38 157.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 315.06 157.10 Td (challenged ) Tj ET Q q 0 0 0 rg BT 361.16 157.10 Td (these ) Tj ET Q q 0 0 0 rg BT 384.49 157.10 Td (rulings ) Tj ET Q q 0 0 0 rg BT 415.05 157.10 Td (in ) Tj ET Q q 0 0 0 rg BT 425.61 157.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.61 157.10 Td (Supreme ) Tj ET Q q 0 0 0 rg BT 478.94 157.10 Td (Court. ) Tj ET Q q 0 0 0 rg BT 507.00 157.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.78 157.10 Td (In ) Tj ET Q q 0 0 0 rg BT 520.89 157.10 Td (June ) Tj ET Q q 0 0 0 rg BT 542.00 157.10 Td (2012 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.01 145.10 Td (Supreme ) Tj ET Q q 0 0 0 rg BT 103.34 145.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 128.91 145.10 Td (vacated ) Tj ET Q q 0 0 0 rg BT 162.23 145.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.24 145.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 209.47 145.10 Td (Circuit) Tj ET Q q 0 0 0 rg BT 240.02 145.10 Td (s ) Tj ET Q q 0 0 0 rg BT 246.70 145.10 Td (decision, ) Tj ET Q q 0 0 0 rg BT 285.31 145.10 Td (finding ) Tj ET Q q 0 0 0 rg BT 316.99 145.10 Td (that ) Tj ET Q q 0 0 0 rg BT 334.78 145.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.78 145.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 371.47 145.10 Td (had ) Tj ET Q q 0 0 0 rg BT 388.70 145.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 414.25 145.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.82 145.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 458.16 145.10 Td (adequate ) Tj ET Q q 0 0 0 rg BT 496.48 145.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 523.70 145.10 Td (regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.14 133.10 Td (contours ) Tj ET Q q 0 0 0 rg BT 102.51 133.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.76 133.10 Td (its ) Tj ET Q q 0 0 0 rg BT 126.14 133.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 169.60 133.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 197.52 133.10 Td (with ) Tj ET Q q 0 0 0 rg BT 218.22 133.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 249.46 133.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.17 133.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.31 133.10 Td (broadcasts ) Tj ET Q q 0 0 0 rg BT 320.45 133.10 Td (at ) Tj ET Q q 0 0 0 rg BT 330.59 133.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 353.52 133.10 Td (in ) Tj ET Q q 0 0 0 rg BT 364.22 133.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.36 133.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 425.61 133.10 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 479.36 133.10 Td (but ) Tj ET Q q 0 0 0 rg BT 495.06 133.10 Td (leaving ) Tj ET Q q 0 0 0 rg BT 527.42 133.10 Td (open ) Tj ET Q q 0 0 0 rg BT 549.79 133.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (possibility ) Tj ET Q q 0 0 0 rg BT 93.84 121.10 Td (that ) Tj ET Q q 0 0 0 rg BT 111.01 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.39 121.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 155.87 121.10 Td (might ) Tj ET Q q 0 0 0 rg BT 181.38 121.10 Td (be ) Tj ET Q q 0 0 0 rg BT 192.98 121.10 Td (able ) Tj ET Q q 0 0 0 rg BT 211.81 121.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.75 121.10 Td (enforce ) Tj ET Q q 0 0 0 rg BT 253.90 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.28 121.10 Td (prohibition ) Tj ET Q q 0 0 0 rg BT 314.89 121.10 Td (on ) Tj ET Q q 0 0 0 rg BT 327.06 121.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 367.54 121.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 410.24 121.10 Td (in ) Tj ET Q q 0 0 0 rg BT 420.19 121.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.58 121.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 463.12 121.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.13 121.10 Td (The ) Tj ET Q q 0 0 0 rg BT 482.69 121.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 507.07 121.10 Td (Circuit ) Tj ET Q q 0 0 0 rg BT 537.02 121.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.43 109.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 91.74 109.10 Td (vacating ) Tj ET Q q 0 0 0 rg BT 127.60 109.10 Td (another ) Tj ET Q q 0 0 0 rg BT 159.58 109.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 180.47 109.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 222.99 109.10 Td (ruling ) Tj ET Q q 0 0 0 rg BT 248.86 109.10 Td (in ) Tj ET Q q 0 0 0 rg BT 258.63 109.10 Td (November ) Tj ET Q q 0 0 0 rg BT 302.83 109.10 Td (201) Tj ET Q q 0 0 0 rg BT 317.45 109.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 326.94 109.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.37 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.58 109.10 Td (Supreme ) Tj ET Q q 0 0 0 rg BT 395.11 109.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 419.88 109.10 Td (denied ) Tj ET Q q 0 0 0 rg BT 448.52 109.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.73 109.10 Td (FCC) Tj ET Q q 0 0 0 rg BT 484.41 109.10 Td (s ) Tj ET Q q 0 0 0 rg BT 490.29 109.10 Td (request ) Tj ET Q q 0 0 0 rg BT 521.15 109.10 Td (for ) Tj ET Q q 0 0 0 rg BT 534.80 109.10 Td (review ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 97.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.07 97.10 Td (this ) Tj ET Q q 0 0 0 rg BT 76.25 97.10 Td (decision. ) Tj ET Q q 0 0 0 rg BT 113.82 97.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.56 97.10 Td (It ) Tj ET Q q 0 0 0 rg BT 123.40 97.10 Td (is ) Tj ET Q q 0 0 0 rg BT 131.81 97.10 Td (not ) Tj ET Q q 0 0 0 rg BT 146.33 97.10 Td (clear ) Tj ET Q q 0 0 0 rg BT 167.49 97.10 Td (how ) Tj ET Q q 0 0 0 rg BT 186.45 97.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.41 97.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 221.04 97.10 Td (will ) Tj ET Q q 0 0 0 rg BT 238.34 97.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 262.29 97.10 Td (these ) Tj ET Q q 0 0 0 rg BT 284.58 97.10 Td (judicial ) Tj ET Q q 0 0 0 rg BT 316.31 97.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 355.26 97.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.78 97.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 413.18 97.10 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 461.30 97.10 Td (including ) Tj ET Q q 0 0 0 rg BT 500.82 97.10 Td (those ) Tj ET Q q 0 0 0 rg BT 523.66 97.10 Td (involving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 80.41 85.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 115.54 85.10 Td (or ) Tj ET Q q 0 0 0 rg BT 125.95 85.10 Td (how ) Tj ET Q q 0 0 0 rg BT 145.25 85.10 Td (they ) Tj ET Q q 0 0 0 rg BT 164.54 85.10 Td (will ) Tj ET Q q 0 0 0 rg BT 182.18 85.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 211.47 85.10 Td (future ) Tj ET Q q 0 0 0 rg BT 237.42 85.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 258.40 85.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 291.58 85.10 Td (in ) Tj ET Q q 0 0 0 rg BT 301.43 85.10 Td (this ) Tj ET Q q 0 0 0 rg BT 317.96 85.10 Td (area. ) Tj ET Q q 0 0 0 rg BT 339.18 85.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.11 85.10 Td (The ) Tj ET Q q 0 0 0 rg BT 358.73 85.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 379.71 85.10 Td (has ) Tj ET Q q 0 0 0 rg BT 395.11 85.10 Td (also ) Tj ET Q q 0 0 0 rg BT 413.30 85.10 Td (solicited ) Tj ET Q q 0 0 0 rg BT 449.26 85.10 Td (public ) Tj ET Q q 0 0 0 rg BT 476.33 85.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 515.62 85.10 Td (on ) Tj ET Q q 0 0 0 rg BT 527.69 85.10 Td (whether) Tj ET Q q 0 0 0 rg BT 559.50 85.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 73.10 Td (if ) Tj ET Q q 0 0 0 rg BT 75.55 73.10 Td (so ) Tj ET Q q 0 0 0 rg BT 86.94 73.10 Td (how) Tj ET Q q 0 0 0 rg BT 103.51 73.10 Td (, ) Tj ET Q q 0 0 0 rg BT 108.51 73.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.79 73.10 Td (revise ) Tj ET Q q 0 0 0 rg BT 145.17 73.10 Td (its ) Tj ET Q q 0 0 0 rg BT 157.11 73.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 200.15 73.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 252.62 73.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 288.72 73.10 Td (in ) Tj ET Q q 0 0 0 rg BT 299.00 73.10 Td (a ) Tj ET Q q 0 0 0 rg BT 305.94 73.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 352.86 73.10 Td (that ) Tj ET Q q 0 0 0 rg BT 370.36 73.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 404.51 73.10 Td (pending. ) Tj ET Q q 0 0 0 rg BT 441.73 73.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 56.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.40 56.10 Td (2006, ) Tj ET Q q 0 0 0 rg BT 108.47 56.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.25 56.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 144.72 56.10 Td (commenced ) Tj ET Q q 0 0 0 rg BT 195.60 56.10 Td (an ) Tj ET Q q 0 0 0 rg BT 207.61 56.10 Td (industry-wide ) Tj ET Q q 0 0 0 rg BT 265.72 56.10 Td (inquiry ) Tj ET Q q 0 0 0 rg BT 297.18 56.10 Td (into ) Tj ET Q q 0 0 0 rg BT 315.30 56.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 350.65 56.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 392.66 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.56 56.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 453.91 56.10 Td (identification ) Tj ET Q q 0 0 0 rg BT 509.79 56.10 Td (requirements ) Tj ET Q endstream endobj 27 0 obj <>] /Rotate 0 /Contents 28 0 R>> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.22 742.10 Td (payola ) Tj ET Q q 0 0 0 rg BT 105.53 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 116.08 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.08 742.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 154.40 742.10 Td (industry) Tj ET Q q 0 0 0 rg BT 186.53 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 191.81 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.59 742.10 Td (Its ) Tj ET Q q 0 0 0 rg BT 207.37 742.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 233.48 742.10 Td (inquiries ) Tj ET Q q 0 0 0 rg BT 271.25 742.10 Td (were ) Tj ET Q q 0 0 0 rg BT 293.46 742.10 Td (directed ) Tj ET Q q 0 0 0 rg BT 328.44 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 338.99 742.10 Td (four ) Tj ET Q q 0 0 0 rg BT 358.43 742.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 381.76 742.10 Td (groups ) Tj ET Q q 0 0 0 rg BT 411.76 742.10 Td (\(Emmis ) Tj ET Q q 0 0 0 rg BT 446.20 742.10 Td (was ) Tj ET Q q 0 0 0 rg BT 464.53 742.10 Td (not ) Tj ET Q q 0 0 0 rg BT 480.09 742.10 Td (one ) Tj ET Q q 0 0 0 rg BT 497.30 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.41 742.10 Td (them\), ) Tj ET Q q 0 0 0 rg BT 537.02 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 554.23 742.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (April ) Tj ET Q q 0 0 0 rg BT 72.98 730.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 97.36 730.10 Td (those ) Tj ET Q q 0 0 0 rg BT 120.34 730.10 Td (groups ) Tj ET Q q 0 0 0 rg BT 149.44 730.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 180.74 730.10 Td (into ) Tj ET Q q 0 0 0 rg BT 198.17 730.10 Td (Consent ) Tj ET Q q 0 0 0 rg BT 232.82 730.10 Td (Decrees ) Tj ET Q q 0 0 0 rg BT 266.89 730.10 Td (with ) Tj ET Q q 0 0 0 rg BT 286.55 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.64 730.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 321.42 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.07 730.10 Td (resolve ) Tj ET Q q 0 0 0 rg BT 361.82 730.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 410.36 730.10 Td (investigations ) Tj ET Q q 0 0 0 rg BT 467.79 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 484.10 730.10 Td (allegations. ) Tj ET Q q 0 0 0 rg BT 531.80 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 533.67 730.10 Td (Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (received ) Tj ET Q q 0 0 0 rg BT 88.48 718.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 120.88 718.10 Td (inquiries ) Tj ET Q q 0 0 0 rg BT 160.50 718.10 Td (from ) Tj ET Q q 0 0 0 rg BT 184.56 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.39 718.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 224.92 718.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 273.96 718.10 Td (an ) Tj ET Q q 0 0 0 rg BT 288.02 718.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 333.20 718.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 377.81 718.10 Td (which ) Tj ET Q q 0 0 0 rg BT 406.87 718.10 Td (alleged ) Tj ET Q q 0 0 0 rg BT 440.36 718.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 484.43 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.38 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.22 718.10 Td (sponsorship ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (identification ) Tj ET Q q 0 0 0 rg BT 106.39 706.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 161.67 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.19 706.10 Td (submitted ) Tj ET Q q 0 0 0 rg BT 221.71 706.10 Td (responses ) Tj ET Q q 0 0 0 rg BT 263.67 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.19 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.36 706.10 Td (April ) Tj ET Q q 0 0 0 rg BT 315.55 706.10 Td (201) Tj ET Q q 0 0 0 rg BT 330.18 706.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 338.25 706.10 Td (entered ) Tj ET Q q 0 0 0 rg BT 370.76 706.10 Td (into ) Tj ET Q q 0 0 0 rg BT 389.39 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.91 706.10 Td (Consent ) Tj ET Q q 0 0 0 rg BT 432.76 706.10 Td (Decree ) Tj ET Q q 0 0 0 rg BT 464.15 706.10 Td (with ) Tj ET Q q 0 0 0 rg BT 485.00 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.30 706.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 522.28 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.13 706.10 Td (resolve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (these ) Tj ET Q q 0 0 0 rg BT 73.21 694.10 Td (inquiries. ) Tj ET Q q 0 0 0 rg BT 113.37 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 116.03 694.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 153.69 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.13 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.01 694.10 Td (Consent ) Tj ET Q q 0 0 0 rg BT 214.45 694.10 Td (Decree, ) Tj ET Q q 0 0 0 rg BT 247.92 694.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 260.02 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.90 694.10 Td (company ) Tj ET Q q 0 0 0 rg BT 314.22 694.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 348.54 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 355.64 694.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 404.39 694.10 Td (plan ) Tj ET Q q 0 0 0 rg BT 424.27 694.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 461.37 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.81 694.10 Td (avoid ) Tj ET Q q 0 0 0 rg BT 496.69 694.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 538.79 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 694.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 100.51 682.10 Td (identification ) Tj ET Q q 0 0 0 rg BT 156.56 682.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 213.99 682.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 228.94 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.88 682.10 Td (company ) Tj ET Q q 0 0 0 rg BT 283.27 682.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 312.64 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 323.15 682.10 Td (make ) Tj ET Q q 0 0 0 rg BT 347.53 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 354.70 682.10 Td (voluntary ) Tj ET Q q 0 0 0 rg BT 395.76 682.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 432.92 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.98 682.10 Td ($12,000 ) Tj ET Q q 0 0 0 rg BT 479.21 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 489.72 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.66 682.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 524.98 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 530.74 682.10 Td (reasury) Tj ET Q q 0 0 0 rg BT 559.51 682.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.89 670.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 84.35 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.02 670.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 120.38 670.10 Td (terminated ) Tj ET Q q 0 0 0 rg BT 165.59 670.10 Td (its ) Tj ET Q q 0 0 0 rg BT 177.50 670.10 Td (investigation ) Tj ET Q q 0 0 0 rg BT 231.61 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.40 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.07 670.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 288.96 670.10 Td (covered ) Tj ET Q q 0 0 0 rg BT 323.06 670.10 Td (by ) Tj ET Q q 0 0 0 rg BT 335.52 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.19 670.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 392.64 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 409.53 670.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 438.63 670.10 Td (not ) Tj ET Q q 0 0 0 rg BT 453.87 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 464.10 670.10 Td (use ) Tj ET Q q 0 0 0 rg BT 479.89 670.10 Td (against ) Tj ET Q q 0 0 0 rg BT 510.67 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.34 670.10 Td (company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 658.10 Td (facts ) Tj ET Q q 0 0 0 rg BT 86.09 658.10 Td (that ) Tj ET Q q 0 0 0 rg BT 103.59 658.10 Td (it ) Tj ET Q q 0 0 0 rg BT 111.65 658.10 Td (had ) Tj ET Q q 0 0 0 rg BT 128.58 658.10 Td (developed ) Tj ET Q q 0 0 0 rg BT 172.18 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 182.46 658.10 Td (its ) Tj ET Q q 0 0 0 rg BT 194.40 658.10 Td (investigation ) Tj ET Q q 0 0 0 rg BT 248.56 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 259.39 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.11 658.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 316.60 658.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.43 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.15 658.10 Td (existence ) Tj ET Q q 0 0 0 rg BT 381.85 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.68 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.40 658.10 Td (Consent ) Tj ET Q q 0 0 0 rg BT 442.68 658.10 Td (Decree.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 641.10 Td (Stations ) Tj ET Q q 0 0 0 rg BT 106.85 641.10 Td (also ) Tj ET Q q 0 0 0 rg BT 125.08 641.10 Td (must ) Tj ET Q q 0 0 0 rg BT 146.65 641.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 163.21 641.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 206.43 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.99 641.10 Td (application ) Tj ET Q q 0 0 0 rg BT 269.54 641.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 287.77 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.33 641.10 Td (follow ) Tj ET Q q 0 0 0 rg BT 332.56 641.10 Td (various ) Tj ET Q q 0 0 0 rg BT 364.12 641.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 385.68 641.10 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 438.35 641.10 Td (under ) Tj ET Q q 0 0 0 rg BT 463.24 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.58 641.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 547.56 641.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.66 629.10 Td (regulate, ) Tj ET Q q 0 0 0 rg BT 105.02 629.10 Td (among ) Tj ET Q q 0 0 0 rg BT 134.90 629.10 Td (other ) Tj ET Q q 0 0 0 rg BT 158.11 629.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 187.72 629.10 Td (political ) Tj ET Q q 0 0 0 rg BT 223.15 629.10 Td (advertising, ) Tj ET Q q 0 0 0 rg BT 272.75 629.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 323.20 629.10 Td (identification, ) Tj ET Q q 0 0 0 rg BT 381.67 629.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 405.99 629.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 458.64 629.10 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 516.58 629.10 Td (contest ) Tj ET Q q 0 0 0 rg BT 547.57 629.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.10 Td (lottery ) Tj ET Q q 0 0 0 rg BT 78.60 617.10 Td (advertisements, ) Tj ET Q q 0 0 0 rg BT 143.58 617.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.52 617.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 199.11 617.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 245.77 617.10 Td (including ) Tj ET Q q 0 0 0 rg BT 286.04 617.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 311.32 617.10 Td (on ) Tj ET Q q 0 0 0 rg BT 323.82 617.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 346.87 617.10 Td (frequency ) Tj ET Q q 0 0 0 rg BT 389.35 617.10 Td (radiation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 600.10 Td (Failure ) Tj ET Q q 0 0 0 rg BT 103.73 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.42 600.10 Td (observe ) Tj ET Q q 0 0 0 rg BT 148.43 600.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 170.24 600.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 192.59 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.94 600.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 243.95 600.10 Td (can ) Tj ET Q q 0 0 0 rg BT 260.73 600.10 Td (result ) Tj ET Q q 0 0 0 rg BT 285.86 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.55 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.67 600.10 Td (imposition ) Tj ET Q q 0 0 0 rg BT 357.37 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.61 600.10 Td (various ) Tj ET Q q 0 0 0 rg BT 400.95 600.10 Td (sanctions, ) Tj ET Q q 0 0 0 rg BT 443.58 600.10 Td (including ) Tj ET Q q 0 0 0 rg BT 484.26 600.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 524.93 600.10 Td (fines, ) Tj ET Q q 0 0 0 rg BT 549.78 600.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 72.29 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.37 588.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 134.64 588.10 Td (\(less ) Tj ET Q q 0 0 0 rg BT 154.72 588.10 Td (than ) Tj ET Q q 0 0 0 rg BT 173.68 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.64 588.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 229.94 588.10 Td (term\) ) Tj ET Q q 0 0 0 rg BT 253.34 588.10 Td (license ) Tj ET Q q 0 0 0 rg BT 282.85 588.10 Td (renewals ) Tj ET Q q 0 0 0 rg BT 320.13 588.10 Td (or) Tj ET Q q 0 0 0 rg BT 328.06 588.10 Td (, ) Tj ET Q q 0 0 0 rg BT 332.30 588.10 Td (for ) Tj ET Q q 0 0 0 rg BT 345.71 588.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 393.54 588.10 Td (egregious ) Tj ET Q q 0 0 0 rg BT 434.16 588.10 Td (violations, ) Tj ET Q q 0 0 0 rg BT 477.85 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.81 588.10 Td (denial ) Tj ET Q q 0 0 0 rg BT 517.99 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.06 588.10 Td (a ) Tj ET Q q 0 0 0 rg BT 534.25 588.10 Td (license ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 84.15 576.10 Td (application ) Tj ET Q q 0 0 0 rg BT 131.07 576.10 Td (or ) Tj ET Q q 0 0 0 rg BT 141.90 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.62 576.10 Td (revocation ) Tj ET Q q 0 0 0 rg BT 201.32 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.15 576.10 Td (a ) Tj ET Q q 0 0 0 rg BT 219.09 576.10 Td (license.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 559.10 Td (ADDITIONAL) Tj ET Q q 0 0 0 rg BT 134.34 559.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.90 559.10 Td (DEVELOPMENTS ) Tj ET Q q 0 0 0 rg BT 218.35 559.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 242.58 559.10 Td (PROPOSED ) Tj ET Q q 0 0 0 rg BT 296.27 559.10 Td (CHANGES. ) Tj ET Q q 0 0 0 rg BT 348.57 559.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.95 559.10 Td (The ) Tj ET Q q 0 0 0 rg BT 369.06 559.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 390.53 559.10 Td (has ) Tj ET Q q 0 0 0 rg BT 406.43 559.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 440.65 559.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 462.66 559.10 Td (implementing ) Tj ET Q q 0 0 0 rg BT 520.77 559.10 Td (a ) Tj ET Q q 0 0 0 rg BT 527.78 559.10 Td (new ) Tj ET Q q 0 0 0 rg BT 547.01 559.10 Td (low ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (power ) Tj ET Q q 0 0 0 rg BT 77.54 547.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 94.55 547.10 Td (\(LPFM\) ) Tj ET Q q 0 0 0 rg BT 138.76 547.10 Td (service, ) Tj ET Q q 0 0 0 rg BT 172.13 547.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.12 547.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 249.43 547.10 Td (800 ) Tj ET Q q 0 0 0 rg BT 266.99 547.10 Td (such ) Tj ET Q q 0 0 0 rg BT 287.87 547.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 320.98 547.10 Td (are ) Tj ET Q q 0 0 0 rg BT 335.74 547.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.07 547.10 Td (operation. ) Tj ET Q q 0 0 0 rg BT 388.88 547.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.44 547.10 Td (In ) Tj ET Q q 0 0 0 rg BT 402.32 547.10 Td (November ) Tj ET Q q 0 0 0 rg BT 447.08 547.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 472.13 547.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.90 547.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 508.36 547.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 542.56 547.10 Td (rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 70.03 535.10 Td (among ) Tj ET Q q 0 0 0 rg BT 99.79 535.10 Td (other ) Tj ET Q q 0 0 0 rg BT 122.87 535.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 152.35 535.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 187.64 535.10 Td (LPFM) Tj ET Q q 0 0 0 rg BT 216.55 535.10 Td (s ) Tj ET Q q 0 0 0 rg BT 222.97 535.10 Td (interference ) Tj ET Q q 0 0 0 rg BT 273.25 535.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 316.33 535.10 Td (from ) Tj ET Q q 0 0 0 rg BT 338.30 535.10 Td (subsequently-authorized ) Tj ET Q q 0 0 0 rg BT 438.59 535.10 Td (full-service ) Tj ET Q q 0 0 0 rg BT 486.66 535.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 522.25 535.10 Td ( ) Tj ET Q q 0 0 0 rg BT 524.79 535.10 Td (Congress ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (then ) Tj ET Q q 0 0 0 rg BT 70.27 523.10 Td (passed ) Tj ET Q q 0 0 0 rg BT 99.97 523.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 144.68 523.10 Td (eliminating ) Tj ET Q q 0 0 0 rg BT 193.28 523.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 223.53 523.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 265.47 523.10 Td (distance ) Tj ET Q q 0 0 0 rg BT 301.28 523.10 Td (separation ) Tj ET Q q 0 0 0 rg BT 345.42 523.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 400.67 523.10 Td (between ) Tj ET Q q 0 0 0 rg BT 437.04 523.10 Td (full-power ) Tj ET Q q 0 0 0 rg BT 482.29 523.10 Td (and ) Tj ET Q q 0 0 0 rg BT 499.78 523.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 528.95 523.10 Td (stations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (thereby ) Tj ET Q q 0 0 0 rg BT 83.01 511.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 121.02 511.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.25 511.10 Td (interference ) Tj ET Q q 0 0 0 rg BT 187.02 511.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 230.58 511.10 Td (af) Tj ET Q q 0 0 0 rg BT 238.17 511.10 Td (forded ) Tj ET Q q 0 0 0 rg BT 267.29 511.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.09 511.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 295.57 511.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 331.65 511.10 Td ( ) Tj ET Q q 0 0 0 rg BT 334.00 511.10 Td (As ) Tj ET Q q 0 0 0 rg BT 348.14 511.10 Td (required ) Tj ET Q q 0 0 0 rg BT 384.47 511.10 Td (by ) Tj ET Q q 0 0 0 rg BT 397.50 511.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.74 511.10 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 459.92 511.10 Td (the ) Tj ET Q q 0 0 0 rg BT 475.16 511.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 497.08 511.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.88 511.10 Td (January ) Tj ET Q q 0 0 0 rg BT 542.00 511.10 Td (2012 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (submitted ) Tj ET Q q 0 0 0 rg BT 92.07 499.10 Td (a ) Tj ET Q q 0 0 0 rg BT 99.14 499.10 Td (report ) Tj ET Q q 0 0 0 rg BT 125.64 499.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.04 499.10 Td (Congress ) Tj ET Q q 0 0 0 rg BT 175.89 499.10 Td (indicating ) Tj ET Q q 0 0 0 rg BT 218.51 499.10 Td (that ) Tj ET Q q 0 0 0 rg BT 236.13 499.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.98 499.10 Td (results ) Tj ET Q q 0 0 0 rg BT 279.71 499.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.67 499.10 Td (a ) Tj ET Q q 0 0 0 rg BT 297.73 499.10 Td (statutorily ) Tj ET Q q 0 0 0 rg BT 340.91 499.10 Td (mandated ) Tj ET Q q 0 0 0 rg BT 382.41 499.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 423.91 499.10 Td (study ) Tj ET Q q 0 0 0 rg BT 448.21 499.10 Td (indicated ) Tj ET Q q 0 0 0 rg BT 487.49 499.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 507.61 499.10 Td (on ) Tj ET Q q 0 0 0 rg BT 520.23 499.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.08 499.10 Td (whole, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 79.42 487.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 113.28 487.10 Td (do ) Tj ET Q q 0 0 0 rg BT 126.58 487.10 Td (not ) Tj ET Q q 0 0 0 rg BT 142.66 487.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 182.06 487.10 Td (have, ) Tj ET Q q 0 0 0 rg BT 206.73 487.10 Td (and ) Tj ET Q q 0 0 0 rg BT 224.47 487.10 Td (in ) Tj ET Q q 0 0 0 rg BT 235.55 487.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.07 487.10 Td (future ) Tj ET Q q 0 0 0 rg BT 278.25 487.10 Td (are ) Tj ET Q q 0 0 0 rg BT 293.75 487.10 Td (unlikely ) Tj ET Q q 0 0 0 rg BT 329.83 487.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.91 487.10 Td (have, ) Tj ET Q q 0 0 0 rg BT 365.59 487.10 Td (a ) Tj ET Q q 0 0 0 rg BT 373.33 487.10 Td (demonstrable ) Tj ET Q q 0 0 0 rg BT 430.50 487.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 472.67 487.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 503.18 487.10 Td (on ) Tj ET Q q 0 0 0 rg BT 516.48 487.10 Td (full-service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (commercial ) Tj ET Q q 0 0 0 rg BT 98.80 475.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 114.86 475.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 137.01 475.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 171.67 475.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.27 475.10 Td (In ) Tj ET Q q 0 0 0 rg BT 183.21 475.10 Td (March ) Tj ET Q q 0 0 0 rg BT 210.91 475.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 235.01 475.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.84 475.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 269.34 475.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 307.05 475.10 Td (its ) Tj ET Q q 0 0 0 rg BT 318.10 475.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 339.14 475.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.53 475.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 376.23 475.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.05 475.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 434.43 475.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.36 475.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 485.95 475.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 513.68 475.10 Td (applications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.70 463.10 Td (to ) Tj ET Q q 0 0 0 rg BT 78.75 463.10 Td (implement ) Tj ET Q q 0 0 0 rg BT 124.78 463.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.26 463.10 Td (legislative ) Tj ET Q q 0 0 0 rg BT 184.63 463.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 240.10 463.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 281.68 463.10 Td (interference ) Tj ET Q q 0 0 0 rg BT 332.68 463.10 Td (protection. ) Tj ET Q q 0 0 0 rg BT 378.99 463.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.02 463.10 Td (The ) Tj ET Q q 0 0 0 rg BT 400.83 463.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 423.00 463.10 Td (opened ) Tj ET Q q 0 0 0 rg BT 455.14 463.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.85 463.10 Td (window ) Tj ET Q q 0 0 0 rg BT 498.33 463.10 Td (for ) Tj ET Q q 0 0 0 rg BT 513.26 463.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.74 463.10 Td (filing ) Tj ET Q q 0 0 0 rg BT 553.67 463.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (applications ) Tj ET Q q 0 0 0 rg BT 101.00 451.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 134.22 451.10 Td (authority ) Tj ET Q q 0 0 0 rg BT 173.00 451.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.45 451.10 Td (construct ) Tj ET Q q 0 0 0 rg BT 222.78 451.10 Td (or ) Tj ET Q q 0 0 0 rg BT 233.78 451.10 Td (make ) Tj ET Q q 0 0 0 rg BT 258.11 451.10 Td (major ) Tj ET Q q 0 0 0 rg BT 284.11 451.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 319.00 451.10 Td (to ) Tj ET Q q 0 0 0 rg BT 329.45 451.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 358.25 451.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 395.35 451.10 Td (which ) Tj ET Q q 0 0 0 rg BT 422.46 451.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 461.23 451.10 Td (from ) Tj ET Q q 0 0 0 rg BT 483.34 451.10 Td (October ) Tj ET Q q 0 0 0 rg BT 518.23 451.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 530.90 451.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (November ) Tj ET Q q 0 0 0 rg BT 94.24 439.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 108.76 439.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 133.29 439.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.76 439.10 Td (in ) Tj ET Q q 0 0 0 rg BT 159.57 439.10 Td (which ) Tj ET Q q 0 0 0 rg BT 186.04 439.10 Td (it ) Tj ET Q q 0 0 0 rg BT 193.62 439.10 Td (received ) Tj ET Q q 0 0 0 rg BT 229.51 439.10 Td (more ) Tj ET Q q 0 0 0 rg BT 252.09 439.10 Td (than ) Tj ET Q q 0 0 0 rg BT 271.33 439.10 Td (2,800 ) Tj ET Q q 0 0 0 rg BT 295.86 439.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 324.01 439.10 Td (applications. ) Tj ET Q q 0 0 0 rg BT 376.86 439.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.75 439.10 Td (The ) Tj ET Q q 0 0 0 rg BT 396.32 439.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 417.25 439.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 457.60 439.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.41 439.10 Td (process ) Tj ET Q q 0 0 0 rg BT 499.43 439.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.68 439.10 Td (applications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (submitted ) Tj ET Q q 0 0 0 rg BT 91.11 427.10 Td (during ) Tj ET Q q 0 0 0 rg BT 118.88 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.76 427.10 Td (window ) Tj ET Q q 0 0 0 rg BT 166.65 427.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 185.25 427.10 Td (despite ) Tj ET Q q 0 0 0 rg BT 215.24 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.12 427.10 Td (findings ) Tj ET Q q 0 0 0 rg BT 263.56 427.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.56 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.44 427.10 Td (March ) Tj ET Q q 0 0 0 rg BT 315.20 427.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 336.86 427.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 357.43 427.10 Td (study) Tj ET Q q 0 0 0 rg BT 378.45 427.10 Td (, ) Tj ET Q q 0 0 0 rg BT 382.61 427.10 Td (we ) Tj ET Q q 0 0 0 rg BT 395.94 427.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 424.26 427.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 453.68 427.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 487.56 427.10 Td (any ) Tj ET Q q 0 0 0 rg BT 503.66 427.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 531.45 427.10 Td (stations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (will ) Tj ET Q q 0 0 0 rg BT 68.06 415.10 Td (interfere ) Tj ET Q q 0 0 0 rg BT 104.42 415.10 Td (with ) Tj ET Q q 0 0 0 rg BT 124.70 415.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.41 415.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 178.00 415.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.83 415.10 Td (our ) Tj ET Q q 0 0 0 rg BT 204.66 415.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 227.71 415.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 263.26 415.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 398.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.77 398.10 Td (June ) Tj ET Q q 0 0 0 rg BT 105.05 398.10 Td (2009, ) Tj ET Q q 0 0 0 rg BT 130.49 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.65 398.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 167.50 398.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 202.09 398.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 224.48 398.10 Td (that ) Tj ET Q q 0 0 0 rg BT 242.41 398.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 267.57 398.10 Td (an ) Tj ET Q q 0 0 0 rg BT 279.31 398.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 298.36 398.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 321.85 398.10 Td (station ) Tj ET Q q 0 0 0 rg BT 351.46 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.18 398.10 Td (use ) Tj ET Q q 0 0 0 rg BT 378.46 398.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 417.49 398.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 462.64 398.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 480.04 398.10 Td (translator ) Tj ET Q q 0 0 0 rg BT 520.74 398.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 554.24 398.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (retransmit ) Tj ET Q q 0 0 0 rg BT 93.04 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.21 386.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 125.82 386.10 Td (station) Tj ET Q q 0 0 0 rg BT 155.26 386.10 Td (s ) Tj ET Q q 0 0 0 rg BT 161.66 386.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 218.59 386.10 Td (within ) Tj ET Q q 0 0 0 rg BT 246.65 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.81 386.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 279.42 386.10 Td (station) Tj ET Q q 0 0 0 rg BT 308.87 386.10 Td (s ) Tj ET Q q 0 0 0 rg BT 315.26 386.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 359.96 386.10 Td (service ) Tj ET Q q 0 0 0 rg BT 390.78 386.10 Td (area. ) Tj ET Q q 0 0 0 rg BT 412.42 386.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 369.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.69 369.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 112.23 369.10 Td (also ) Tj ET Q q 0 0 0 rg BT 130.98 369.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 175.84 369.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 220.68 369.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.54 369.10 Td (launch ) Tj ET Q q 0 0 0 rg BT 264.84 369.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.92 369.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 322.32 369.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.30 369.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.38 369.10 Td (satellite ) Tj ET Q q 0 0 0 rg BT 374.12 369.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 402.31 369.10 Td (audio ) Tj ET Q q 0 0 0 rg BT 427.17 369.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 450.36 369.10 Td (service ) Tj ET Q q 0 0 0 rg BT 481.31 369.10 Td (\(SDARS\) ) Tj ET Q q 0 0 0 rg BT 531.73 369.10 Td (system. ) Tj ET Q q 0 0 0 rg BT 564.51 369.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.67 357.10 Td (July ) Tj ET Q q 0 0 0 rg BT 79.68 357.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 104.52 357.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.07 357.10 Td (two ) Tj ET Q q 0 0 0 rg BT 136.41 357.10 Td (original ) Tj ET Q q 0 0 0 rg BT 169.85 357.10 Td (SDARS ) Tj ET Q q 0 0 0 rg BT 204.43 357.10 Td (companies-Sirius ) Tj ET Q q 0 0 0 rg BT 276.20 357.10 Td (Satellite ) Tj ET Q q 0 0 0 rg BT 311.31 357.10 Td (Radio, ) Tj ET Q q 0 0 0 rg BT 340.03 357.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 357.64 357.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.42 357.10 Td (XM ) Tj ET Q q 0 0 0 rg BT 392.87 357.10 Td (Satellite ) Tj ET Q q 0 0 0 rg BT 427.98 357.10 Td (Radio ) Tj ET Q q 0 0 0 rg BT 454.20 357.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 495.71 357.10 Td (Inc.-mer) Tj ET Q q 0 0 0 rg BT 529.68 357.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 546.46 357.10 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.39 345.10 Td (new ) Tj ET Q q 0 0 0 rg BT 76.99 345.10 Td (company ) Tj ET Q q 0 0 0 rg BT 116.59 345.10 Td (called ) Tj ET Q q 0 0 0 rg BT 143.41 345.10 Td (Sirius ) Tj ET Q q 0 0 0 rg BT 169.70 345.10 Td (XM, ) Tj ET Q q 0 0 0 rg BT 191.26 345.10 Td (which ) Tj ET Q q 0 0 0 rg BT 218.65 345.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 257.69 345.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 295.07 345.10 Td (nationwide ) Tj ET Q q 0 0 0 rg BT 342.45 345.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 399.83 345.10 Td (service. ) Tj ET Q q 0 0 0 rg BT 433.59 345.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.54 345.10 Td (Sirius ) Tj ET Q q 0 0 0 rg BT 462.83 345.10 Td (XM ) Tj ET Q q 0 0 0 rg BT 481.89 345.10 Td (also ) Tj ET Q q 0 0 0 rg BT 500.94 345.10 Td (of) Tj ET Q q 0 0 0 rg BT 509.09 345.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 527.03 345.10 Td (channels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.50 333.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 100.54 333.10 Td (local ) Tj ET Q q 0 0 0 rg BT 122.48 333.10 Td (traf) Tj ET Q q 0 0 0 rg BT 136.17 333.10 Td (fic ) Tj ET Q q 0 0 0 rg BT 149.22 333.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.16 333.10 Td (weather ) Tj ET Q q 0 0 0 rg BT 200.30 333.10 Td (information ) Tj ET Q q 0 0 0 rg BT 250.01 333.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.17 333.10 Td (major ) Tj ET Q q 0 0 0 rg BT 290.00 333.10 Td (cities. ) Tj ET Q q 0 0 0 rg BT 316.10 333.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 316.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.49 316.10 Td (October ) Tj ET Q q 0 0 0 rg BT 118.36 316.10 Td (2002, ) Tj ET Q q 0 0 0 rg BT 143.52 316.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.39 316.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 179.96 316.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 207.62 316.10 Td (an ) Tj ET Q q 0 0 0 rg BT 219.71 316.10 Td (order ) Tj ET Q q 0 0 0 rg BT 243.47 316.10 Td (selecting ) Tj ET Q q 0 0 0 rg BT 281.68 316.10 Td (a ) Tj ET Q q 0 0 0 rg BT 288.77 316.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 327.52 316.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 364.06 316.10 Td (for ) Tj ET Q q 0 0 0 rg BT 378.38 316.10 Td (terrestrial ) Tj ET Q q 0 0 0 rg BT 419.35 316.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 447.56 316.10 Td (audio ) Tj ET Q q 0 0 0 rg BT 472.44 316.10 Td (broadcasting ) Tj ET Q q 0 0 0 rg BT 526.19 316.10 Td (\(DAB, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (also ) Tj ET Q q 0 0 0 rg BT 68.25 304.10 Td (known ) Tj ET Q q 0 0 0 rg BT 97.61 304.10 Td (as ) Tj ET Q q 0 0 0 rg BT 108.08 304.10 Td (high ) Tj ET Q q 0 0 0 rg BT 127.99 304.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 169.01 304.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 191.70 304.10 Td (or ) Tj ET Q q 0 0 0 rg BT 202.17 304.10 Td (HD ) Tj ET Q q 0 0 0 rg BT 223.19 304.10 Td (Radio\). ) Tj ET Q q 0 0 0 rg BT 259.48 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.47 304.10 Td (The ) Tj ET Q q 0 0 0 rg BT 279.15 304.10 Td (in-band, ) Tj ET Q q 0 0 0 rg BT 314.34 304.10 Td (on-channel ) Tj ET Q q 0 0 0 rg BT 360.90 304.10 Td (\(IBOC\) ) Tj ET Q q 0 0 0 rg BT 402.47 304.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 449.04 304.10 Td (chosen ) Tj ET Q q 0 0 0 rg BT 478.95 304.10 Td (by ) Tj ET Q q 0 0 0 rg BT 491.09 304.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.44 304.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 535.90 304.10 Td (allows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 68.18 292.10 Td (and ) Tj ET Q q 0 0 0 rg BT 84.68 292.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 101.20 292.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 123.81 292.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 175.85 292.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.69 292.10 Td (introduce ) Tj ET Q q 0 0 0 rg BT 225.52 292.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 253.14 292.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 296.86 292.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.36 292.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 345.42 292.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 379.15 292.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 411.77 292.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.61 292.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 453.10 292.10 Td (on ) Tj ET Q q 0 0 0 rg BT 465.17 292.10 Td (their ) Tj ET Q q 0 0 0 rg BT 485.55 292.10 Td (current ) Tj ET Q q 0 0 0 rg BT 515.93 292.10 Td (frequencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.45 280.10 Td (either ) Tj ET Q q 0 0 0 rg BT 85.89 280.10 Td (full ) Tj ET Q q 0 0 0 rg BT 102.45 280.10 Td (analog ) Tj ET Q q 0 0 0 rg BT 131.78 280.10 Td (mode, ) Tj ET Q q 0 0 0 rg BT 159.17 280.10 Td (full ) Tj ET Q q 0 0 0 rg BT 175.73 280.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 203.95 280.10 Td (mode, ) Tj ET Q q 0 0 0 rg BT 231.34 280.10 Td (or ) Tj ET Q q 0 0 0 rg BT 242.35 280.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.46 280.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 302.12 280.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.13 280.10 Td (both ) Tj ET Q q 0 0 0 rg BT 333.58 280.10 Td (\(at ) Tj ET Q q 0 0 0 rg BT 346.80 280.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 381.12 280.10 Td (power\). ) Tj ET Q q 0 0 0 rg BT 414.61 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.28 280.10 Td (In ) Tj ET Q q 0 0 0 rg BT 428.29 280.10 Td (March ) Tj ET Q q 0 0 0 rg BT 457.06 280.10 Td (2005, ) Tj ET Q q 0 0 0 rg BT 482.23 280.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.12 280.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 518.70 280.10 Td (announced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 69.88 268.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 104.49 268.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 141.87 268.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.59 268.10 Td (final ) Tj ET Q q 0 0 0 rg BT 173.31 268.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 197.64 268.10 Td (it ) Tj ET Q q 0 0 0 rg BT 205.58 268.10 Td (would ) Tj ET Q q 0 0 0 rg BT 232.97 268.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 257.58 268.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 290.52 268.10 Td (on ) Tj ET Q q 0 0 0 rg BT 302.91 268.10 Td (an ) Tj ET Q q 0 0 0 rg BT 314.74 268.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 346.01 268.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 368.40 268.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.57 268.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 419.27 268.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 454.99 268.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 482.93 268.10 Td (channels. ) Tj ET Q q 0 0 0 rg BT 522.81 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.20 268.10 Td (In ) Tj ET Q q 0 0 0 rg BT 535.91 268.10 Td (March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 75.46 256.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.63 256.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 112.50 256.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 147.11 256.10 Td (service ) Tj ET Q q 0 0 0 rg BT 178.38 256.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 200.78 256.10 Td (for ) Tj ET Q q 0 0 0 rg BT 215.40 256.10 Td (HD ) Tj ET Q q 0 0 0 rg BT 232.80 256.10 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 256.69 260.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.63 256.10 Td (. ) Tj ET Q q 0 0 0 rg BT 267.09 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.04 256.10 Td (Significantly) Tj ET Q q 0 0 0 rg BT 321.06 256.10 Td (, ) Tj ET Q q 0 0 0 rg BT 326.51 256.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.69 256.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 363.55 256.10 Td (decided ) Tj ET Q q 0 0 0 rg BT 397.60 256.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.34 256.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 433.52 256.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 450.93 256.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 484.44 256.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.18 256.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 536.46 256.10 Td (digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (multicast ) Tj ET Q q 0 0 0 rg BT 89.60 244.10 Td (streams ) Tj ET Q q 0 0 0 rg BT 123.09 244.10 Td (without ) Tj ET Q q 0 0 0 rg BT 156.59 244.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 190.07 244.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 212.45 244.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 234.30 244.10 Td (authority) Tj ET Q q 0 0 0 rg BT 269.75 244.10 Td (, ) Tj ET Q q 0 0 0 rg BT 275.19 244.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.91 244.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 319.40 244.10 Td (datacasting ) Tj ET Q q 0 0 0 rg BT 367.32 244.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 404.97 244.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.69 244.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 438.61 244.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 467.65 244.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 496.15 244.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 532.40 244.10 Td (to ) Tj ET Q q 0 0 0 rg BT 543.12 244.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 81.55 232.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.38 232.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.55 232.10 Td (of) Tj ET Q q 0 0 0 rg BT 116.70 232.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 130.19 232.10 Td (subscription ) Tj ET Q q 0 0 0 rg BT 181.47 232.10 Td (services ) Tj ET Q q 0 0 0 rg BT 216.07 232.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 252.90 232.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.07 232.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 298.23 232.10 Td (for ) Tj ET Q q 0 0 0 rg BT 312.29 232.10 Td (experimental ) Tj ET Q q 0 0 0 rg BT 366.88 232.10 Td (authority) Tj ET Q q 0 0 0 rg BT 402.33 232.10 Td (. ) Tj ET Q q 0 0 0 rg BT 407.22 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.61 232.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 437.00 232.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.61 232.10 Td (new ) Tj ET Q q 0 0 0 rg BT 470.66 232.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 494.99 232.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 511.84 232.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 544.79 232.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 82.21 220.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.78 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.79 220.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 151.11 220.10 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 180.01 220.10 Td (mode, ) Tj ET Q q 0 0 0 rg BT 211.96 220.10 Td (which ) Tj ET Q q 0 0 0 rg BT 239.19 220.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 276.42 220.10 Td (more ) Tj ET Q q 0 0 0 rg BT 299.75 220.10 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 341.98 220.10 Td (for ) Tj ET Q q 0 0 0 rg BT 356.43 220.10 Td (multicasting ) Tj ET Q q 0 0 0 rg BT 408.66 220.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.89 220.10 Td (datacasting ) Tj ET Q q 0 0 0 rg BT 473.66 220.10 Td (services; ) Tj ET Q q 0 0 0 rg BT 511.44 220.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.67 220.10 Td (may ) Tj ET Q q 0 0 0 rg BT 548.67 220.10 Td (use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 84.56 208.10 Td (analog ) Tj ET Q q 0 0 0 rg BT 113.03 208.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.28 208.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 156.64 208.10 Td (antennas ) Tj ET Q q 0 0 0 rg BT 193.44 208.10 Td (without ) Tj ET Q q 0 0 0 rg BT 225.80 208.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 258.16 208.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 279.41 208.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 300.12 208.10 Td (authority) Tj ET Q q 0 0 0 rg BT 335.58 208.10 Td (. ) Tj ET Q q 0 0 0 rg BT 339.89 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.70 208.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 357.96 208.10 Td (translators, ) Tj ET Q q 0 0 0 rg BT 403.93 208.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 420.19 208.10 Td (boosters ) Tj ET Q q 0 0 0 rg BT 455.33 208.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.58 208.10 Td (low ) Tj ET Q q 0 0 0 rg BT 488.39 208.10 Td (power ) Tj ET Q q 0 0 0 rg BT 515.19 208.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 531.46 208.10 Td (stations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.88 196.10 Td (also ) Tj ET Q q 0 0 0 rg BT 88.66 196.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 129.64 196.10 Td (digitally ) Tj ET Q q 0 0 0 rg BT 165.64 196.10 Td (where ) Tj ET Q q 0 0 0 rg BT 192.74 196.10 Td (feasible, ) Tj ET Q q 0 0 0 rg BT 229.00 196.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.52 196.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 264.30 196.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 297.52 196.10 Td (may ) Tj ET Q q 0 0 0 rg BT 317.40 196.10 Td (now ) Tj ET Q q 0 0 0 rg BT 337.29 196.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 369.38 196.10 Td (digitally ) Tj ET Q q 0 0 0 rg BT 405.38 196.10 Td (during ) Tj ET Q q 0 0 0 rg BT 434.16 196.10 Td (nighttime ) Tj ET Q q 0 0 0 rg BT 475.16 196.10 Td (hours. ) Tj ET Q q 0 0 0 rg BT 502.54 196.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.02 196.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.23 196.10 Td (new ) Tj ET Q q 0 0 0 rg BT 542.56 196.10 Td (rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (mandate ) Tj ET Q q 0 0 0 rg BT 85.84 184.10 Td (that ) Tj ET Q q 0 0 0 rg BT 102.80 184.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 154.74 184.10 Td (of) Tj ET Q q 0 0 0 rg BT 162.89 184.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 188.73 184.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 216.25 184.10 Td (service ) Tj ET Q q 0 0 0 rg BT 246.53 184.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 279.04 184.10 Td (at ) Tj ET Q q 0 0 0 rg BT 288.22 184.10 Td (least ) Tj ET Q q 0 0 0 rg BT 308.51 184.10 Td (one ) Tj ET Q q 0 0 0 rg BT 324.92 184.10 Td (free ) Tj ET Q q 0 0 0 rg BT 342.42 184.10 Td (over) Tj ET Q q 0 0 0 rg BT 359.99 184.10 Td (-the-air ) Tj ET Q q 0 0 0 rg BT 391.38 184.10 Td (signal ) Tj ET Q q 0 0 0 rg BT 417.23 184.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 465.83 184.10 Td (in ) Tj ET Q q 0 0 0 rg BT 475.58 184.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 505.32 184.10 Td (to ) Tj ET Q q 0 0 0 rg BT 515.06 184.10 Td (their ) Tj ET Q q 0 0 0 rg BT 535.35 184.10 Td (analog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (signal ) Tj ET Q q 0 0 0 rg BT 76.71 172.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.97 172.10 Td (that ) Tj ET Q q 0 0 0 rg BT 111.79 172.10 Td (they ) Tj ET Q q 0 0 0 rg BT 131.83 172.10 Td (simulcast ) Tj ET Q q 0 0 0 rg BT 172.42 172.10 Td (their ) Tj ET Q q 0 0 0 rg BT 193.57 172.10 Td (analog ) Tj ET Q q 0 0 0 rg BT 223.05 172.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 280.30 172.10 Td (on ) Tj ET Q q 0 0 0 rg BT 293.13 172.10 Td (their ) Tj ET Q q 0 0 0 rg BT 314.27 172.10 Td (main ) Tj ET Q q 0 0 0 rg BT 337.09 172.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 365.46 172.10 Td (stream, ) Tj ET Q q 0 0 0 rg BT 397.44 172.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.70 172.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 449.19 172.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 501.99 172.10 Td (from ) Tj ET Q q 0 0 0 rg BT 524.25 172.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (exclusively ) Tj ET Q q 0 0 0 rg BT 97.89 160.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.03 160.10 Td (digital. ) Tj ET Q q 0 0 0 rg BT 138.43 160.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.61 160.10 Td (The ) Tj ET Q q 0 0 0 rg BT 158.51 160.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 179.77 160.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 215.99 160.10 Td (either ) Tj ET Q q 0 0 0 rg BT 241.11 160.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.24 160.10 Td (set ) Tj ET Q q 0 0 0 rg BT 264.70 160.10 Td (any ) Tj ET Q q 0 0 0 rg BT 281.49 160.10 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 326.60 160.10 Td (deadline ) Tj ET Q q 0 0 0 rg BT 362.83 160.10 Td (for ) Tj ET Q q 0 0 0 rg BT 376.84 160.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 429.17 160.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.30 160.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 471.64 160.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.77 160.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 509.67 160.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 553.68 160.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 148.10 Td (impose ) Tj ET Q q 0 0 0 rg BT 91.69 148.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 134.19 148.10 Td (public ) Tj ET Q q 0 0 0 rg BT 161.70 148.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 193.65 148.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 240.60 148.10 Td (\(beyond ) Tj ET Q q 0 0 0 rg BT 275.88 148.10 Td (those ) Tj ET Q q 0 0 0 rg BT 299.50 148.10 Td (that ) Tj ET Q q 0 0 0 rg BT 317.01 148.10 Td (already ) Tj ET Q q 0 0 0 rg BT 348.95 148.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 373.67 148.10 Td (to ) Tj ET Q q 0 0 0 rg BT 383.96 148.10 Td (analog ) Tj ET Q q 0 0 0 rg BT 413.13 148.10 Td (broadcasters\) ) Tj ET Q q 0 0 0 rg BT 468.95 148.10 Td (on ) Tj ET Q q 0 0 0 rg BT 481.46 148.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 509.53 148.10 Td (broadcasters. ) Tj ET Q q 0 0 0 rg BT 564.50 148.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (The ) Tj ET Q q 0 0 0 rg BT 69.06 136.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 91.47 136.10 Td (did, ) Tj ET Q q 0 0 0 rg BT 110.27 136.10 Td (however) Tj ET Q q 0 0 0 rg BT 144.29 136.10 Td (, ) Tj ET Q q 0 0 0 rg BT 150.31 136.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 176.04 136.10 Td (a ) Tj ET Q q 0 0 0 rg BT 183.99 136.10 Td (Further ) Tj ET Q q 0 0 0 rg BT 216.94 136.10 Td (Notice ) Tj ET Q q 0 0 0 rg BT 247.11 136.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.95 136.10 Td (Proposed ) Tj ET Q q 0 0 0 rg BT 299.69 136.10 Td (Rulemaking ) Tj ET Q q 0 0 0 rg BT 352.08 136.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 386.14 136.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 426.87 136.10 Td (on ) Tj ET Q q 0 0 0 rg BT 440.38 136.10 Td (\(among ) Tj ET Q q 0 0 0 rg BT 474.44 136.10 Td (other ) Tj ET Q q 0 0 0 rg BT 498.50 136.10 Td (things\) ) Tj ET Q q 0 0 0 rg BT 529.79 136.10 Td (whether ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 92.13 124.10 Td (public ) Tj ET Q q 0 0 0 rg BT 119.26 124.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 150.83 124.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 197.41 124.10 Td (are ) Tj ET Q q 0 0 0 rg BT 211.76 124.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 249.98 124.10 Td (, ) Tj ET Q q 0 0 0 rg BT 254.61 124.10 Td (including ) Tj ET Q q 0 0 0 rg BT 294.52 124.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 350.53 124.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.00 124.10 Td (a ) Tj ET Q q 0 0 0 rg BT 367.58 124.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 418.03 124.10 Td (that ) Tj ET Q q 0 0 0 rg BT 435.16 124.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 457.84 124.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 490.54 124.10 Td (report ) Tj ET Q q 0 0 0 rg BT 516.55 124.10 Td (their ) Tj ET Q q 0 0 0 rg BT 537.02 124.10 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (service ) Tj ET Q q 0 0 0 rg BT 80.75 112.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 137.61 112.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.82 112.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 172.46 112.10 Td (on ) Tj ET Q q 0 0 0 rg BT 184.89 112.10 Td (a ) Tj ET Q q 0 0 0 rg BT 191.76 112.10 Td (standardized ) Tj ET Q q 0 0 0 rg BT 244.72 112.10 Td (form ) Tj ET Q q 0 0 0 rg BT 266.59 112.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.46 112.10 Td (post ) Tj ET Q q 0 0 0 rg BT 302.56 112.10 Td (that ) Tj ET Q q 0 0 0 rg BT 319.99 112.10 Td (form ) Tj ET Q q 0 0 0 rg BT 341.86 112.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.73 112.10 Td (all ) Tj ET Q q 0 0 0 rg BT 371.15 112.10 Td (other ) Tj ET Q q 0 0 0 rg BT 394.13 112.10 Td (contents ) Tj ET Q q 0 0 0 rg BT 429.89 112.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.65 112.10 Td (their ) Tj ET Q q 0 0 0 rg BT 461.40 112.10 Td (public ) Tj ET Q q 0 0 0 rg BT 488.83 112.10 Td (inspection ) Tj ET Q q 0 0 0 rg BT 532.36 112.10 Td (files ) Tj ET Q q 0 0 0 rg BT 552.01 112.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.12 100.10 Td (station) Tj ET Q q 0 0 0 rg BT 94.56 100.10 Td (s ) Tj ET Q q 0 0 0 rg BT 101.36 100.10 Td (website. ) Tj ET Q q 0 0 0 rg BT 137.30 100.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.21 100.10 Td (\(The ) Tj ET Q q 0 0 0 rg BT 161.98 100.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 183.79 100.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 238.91 100.10 Td (imposed ) Tj ET Q q 0 0 0 rg BT 275.70 100.10 Td (such ) Tj ET Q q 0 0 0 rg BT 296.93 100.10 Td (a ) Tj ET Q q 0 0 0 rg BT 304.27 100.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 355.48 100.10 Td (on ) Tj ET Q q 0 0 0 rg BT 368.38 100.10 Td (television ) Tj ET Q q 0 0 0 rg BT 410.17 100.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 446.12 100.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.03 100.10 Td (Broadcasters ) Tj ET Q q 0 0 0 rg BT 503.57 100.10 Td (challenged ) Tj ET Q q 0 0 0 rg BT 549.79 100.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (portions ) Tj ET Q q 0 0 0 rg BT 85.38 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.31 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.13 88.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 162.05 88.10 Td (related ) Tj ET Q q 0 0 0 rg BT 191.85 88.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.23 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.05 88.10 Td (political ) Tj ET Q q 0 0 0 rg BT 252.42 88.10 Td (file, ) Tj ET Q q 0 0 0 rg BT 270.85 88.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.89 88.10 Td (their ) Tj ET Q q 0 0 0 rg BT 308.82 88.10 Td (appeal ) Tj ET Q q 0 0 0 rg BT 337.51 88.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 371.77 88.10 Td (pending.\) ) Tj ET Q q 0 0 0 rg BT 412.42 88.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.02 88.10 Td (In ) Tj ET Q q 0 0 0 rg BT 425.96 88.10 Td (January ) Tj ET Q q 0 0 0 rg BT 459.66 88.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 484.76 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.58 88.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 521.08 88.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 552.56 88.10 Td (its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (DAB ) Tj ET Q q 0 0 0 rg BT 73.50 76.10 Td (service ) Tj ET Q q 0 0 0 rg BT 104.19 76.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 126.02 76.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.18 76.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 160.78 76.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 177.61 76.10 Td (DAB ) Tj ET Q q 0 0 0 rg BT 201.11 76.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 234.05 76.10 Td (to ) Tj ET Q q 0 0 0 rg BT 244.21 76.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 279.35 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 293.95 76.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 334.65 76.10 Td (power ) Tj ET Q q 0 0 0 rg BT 362.02 76.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 387.73 76.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.44 76.10 Td (DAB ) Tj ET Q q 0 0 0 rg BT 421.94 76.10 Td (transmissions. ) Tj ET Q q 0 0 0 rg BT 481.27 76.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.65 76.10 Td (In ) Tj ET Q q 0 0 0 rg BT 494.37 76.10 Td (September ) Tj ET Q q 0 0 0 rg BT 539.51 76.10 Td (2008, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (shortly ) Tj ET Q q 0 0 0 rg BT 79.69 64.10 Td (after ) Tj ET Q q 0 0 0 rg BT 99.92 64.10 Td (approving ) Tj ET Q q 0 0 0 rg BT 142.38 64.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.51 64.10 Td (Sirius-XM ) Tj ET Q q 0 0 0 rg BT 201.21 64.10 Td (mer) Tj ET Q q 0 0 0 rg BT 216.57 64.10 Td (ger) Tj ET Q q 0 0 0 rg BT 228.94 64.10 Td (, ) Tj ET Q q 0 0 0 rg BT 233.35 64.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.48 64.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 268.30 64.10 Td (sought ) Tj ET Q q 0 0 0 rg BT 296.88 64.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 336.01 64.10 Td (on ) Tj ET Q q 0 0 0 rg BT 347.92 64.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 382.04 64.10 Td (it ) Tj ET Q q 0 0 0 rg BT 389.51 64.10 Td (should ) Tj ET Q q 0 0 0 rg BT 418.09 64.10 Td (mandate ) Tj ET Q q 0 0 0 rg BT 453.88 64.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.01 64.10 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 506.58 64.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.83 64.10 Td (HD ) Tj ET Q q 0 0 0 rg BT 533.18 64.10 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 557.07 68.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.01 64.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 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10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.13 713.10 Td (musical ) Tj ET Q q 0 0 0 rg BT 95.03 713.10 Td (compositions ) Tj ET Q q 0 0 0 rg BT 151.17 713.10 Td (\(typically) Tj ET Q q 0 0 0 rg BT 188.84 713.10 Td (, ) Tj ET Q q 0 0 0 rg BT 194.14 713.10 Td (songwriters ) Tj ET Q q 0 0 0 rg BT 243.60 713.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.84 713.10 Td (publishers\). ) Tj ET Q q 0 0 0 rg BT 310.58 713.10 Td ( ) Tj ET Q q 0 0 0 rg BT 313.18 713.10 Td (These ) Tj ET Q q 0 0 0 rg BT 339.85 713.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 380.98 713.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 412.66 713.10 Td (often ) Tj ET Q q 0 0 0 rg BT 436.01 713.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 454.36 713.10 Td (on ) Tj ET Q q 0 0 0 rg BT 467.16 713.10 Td (or) Tj ET Q q 0 0 0 rg BT 475.31 713.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 523.65 713.10 Td (known ) Tj ET Q q 0 0 0 rg BT 553.67 713.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (performing ) Tj 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390.85 576.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 435.64 576.10 Td (in ) Tj ET Q q 0 0 0 rg BT 446.00 576.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 493.54 576.10 Td (with ) Tj ET Q q 0 0 0 rg BT 513.90 576.10 Td (a ) Tj ET Q q 0 0 0 rg BT 520.91 576.10 Td (settlement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 93.93 564.10 Td (reached ) Tj ET Q q 0 0 0 rg BT 127.30 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.37 564.10 Td (February ) Tj ET Q q 0 0 0 rg BT 175.76 564.10 Td (2009 ) Tj ET Q q 0 0 0 rg BT 198.05 564.10 Td (between ) Tj ET Q q 0 0 0 rg BT 233.66 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.16 564.10 Td (National ) Tj ET Q q 0 0 0 rg BT 284.38 564.10 Td (Association ) Tj ET Q q 0 0 0 rg BT 333.89 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 344.51 564.10 Td (Broadcasters ) Tj ET Q q 0 0 0 rg BT 398.44 564.10 Td (\(NAB\) ) Tj ET Q q 0 0 0 rg BT 437.39 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.11 564.10 Td (SoundExchange ) Tj ET Q q 0 0 0 rg BT 521.39 564.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 539.23 564.10 Td (entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.09 552.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 109.73 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.05 552.10 Td (recording ) Tj ET Q q 0 0 0 rg BT 164.46 552.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 199.34 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 215.88 552.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 250.73 552.10 Td (royalty ) Tj ET Q q 0 0 0 rg BT 281.16 552.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 321.58 552.10 Td (from ) Tj ET Q q 0 0 0 rg BT 343.12 552.10 Td (webcasters\). ) Tj ET Q q 0 0 0 rg BT 394.92 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.02 552.10 Td (On ) Tj ET Q q 0 0 0 rg BT 411.34 552.10 Td (March ) Tj ET Q q 0 0 0 rg BT 439.54 552.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 449.14 552.10 Td (201) Tj ET Q q 0 0 0 rg BT 463.76 552.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 473.36 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.68 552.10 Td (Copyright ) Tj ET Q q 0 0 0 rg BT 530.34 552.10 Td (Royalty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 75.69 540.10 Td (\(CRB\) ) Tj ET Q q 0 0 0 rg BT 112.49 540.10 Td (published ) Tj ET Q q 0 0 0 rg BT 152.63 540.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 188.87 540.10 Td (royalty ) Tj ET Q q 0 0 0 rg BT 218.45 540.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 238.58 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 254.27 540.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 277.74 540.10 Td (for ) Tj ET Q q 0 0 0 rg BT 290.65 540.10 Td (non-interactive ) Tj ET Q q 0 0 0 rg BT 352.43 540.10 Td (Internet ) Tj ET Q q 0 0 0 rg BT 384.77 540.10 Td (streaming ) Tj ET Q q 0 0 0 rg BT 425.46 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.04 540.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 460.18 540.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 503.64 540.10 Td (for ) Tj ET Q q 0 0 0 rg BT 516.55 540.10 Td (201) Tj ET Q q 0 0 0 rg BT 531.18 540.10 Td (1-2015. ) Tj ET Q q 0 0 0 rg BT 564.51 540.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (The ) Tj ET Q q 0 0 0 rg BT 69.25 528.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 91.82 528.10 Td (do ) Tj ET Q q 0 0 0 rg BT 105.52 528.10 Td (not ) Tj ET Q q 0 0 0 rg BT 122.00 528.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 147.92 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 159.40 528.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 197.81 528.10 Td (like ) Tj ET Q q 0 0 0 rg BT 216.50 528.10 Td (Emmis) Tj ET Q q 0 0 0 rg BT 247.42 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 251.12 528.10 Td (Internet ) Tj ET Q q 0 0 0 rg BT 285.92 528.10 Td (streaming ) Tj ET Q q 0 0 0 rg BT 329.05 528.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 367.46 528.10 Td (that ) Tj ET Q q 0 0 0 rg BT 386.15 528.10 Td (are ) Tj ET Q q 0 0 0 rg BT 402.06 528.10 Td (governed ) Tj ET Q q 0 0 0 rg BT 442.97 528.10 Td (by ) Tj ET Q q 0 0 0 rg BT 456.67 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.59 528.10 Td (NAB-SoundExchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (settlement. ) Tj ET Q q 0 0 0 rg BT 95.94 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.27 516.10 Td (For ) Tj ET Q q 0 0 0 rg BT 114.50 516.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 137.38 516.10 Td (broadcasters, ) Tj ET Q q 0 0 0 rg BT 192.19 516.10 Td (however) Tj ET Q q 0 0 0 rg BT 226.22 516.10 Td (, ) Tj ET Q q 0 0 0 rg BT 231.06 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.61 516.10 Td (CRB ) Tj ET Q q 0 0 0 rg BT 267.96 516.10 Td (modeled ) Tj ET Q q 0 0 0 rg BT 304.73 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.28 516.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 356.61 516.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 377.83 516.10 Td (after ) Tj ET Q q 0 0 0 rg BT 398.48 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.03 516.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 434.25 516.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 463.23 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 473.34 516.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.46 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.01 516.10 Td (settlement; ) Tj ET Q q 0 0 0 rg BT 544.22 516.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 68.50 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.33 504.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 102.70 504.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 138.96 504.10 Td (from ) Tj ET Q q 0 0 0 rg BT 161.89 504.10 Td (0.17 ) Tj ET Q q 0 0 0 rg BT 182.89 504.10 Td (cent ) Tj ET Q q 0 0 0 rg BT 203.04 504.10 Td (per ) Tj ET Q q 0 0 0 rg BT 219.31 504.10 Td (listener ) Tj ET Q q 0 0 0 rg BT 252.24 504.10 Td (per ) Tj ET Q q 0 0 0 rg BT 268.51 504.10 Td (song ) Tj ET Q q 0 0 0 rg BT 290.90 504.10 Td (in ) Tj ET Q q 0 0 0 rg BT 302.18 504.10 Td (201) Tj ET Q q 0 0 0 rg BT 316.81 504.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 325.31 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.58 504.10 Td (0.25 ) Tj ET Q q 0 0 0 rg BT 357.58 504.10 Td (cent ) Tj ET Q q 0 0 0 rg BT 377.73 504.10 Td (per ) Tj ET Q q 0 0 0 rg BT 394.00 504.10 Td (listener ) Tj ET Q q 0 0 0 rg BT 426.93 504.10 Td (per ) Tj ET Q q 0 0 0 rg BT 443.20 504.10 Td (song ) Tj ET Q q 0 0 0 rg BT 465.59 504.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.87 504.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 502.87 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 506.11 504.10 Td (The ) Tj ET Q q 0 0 0 rg BT 525.16 504.10 Td (CRB ) Tj ET Q q 0 0 0 rg BT 548.67 504.10 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (commenced ) Tj ET Q q 0 0 0 rg BT 100.69 492.10 Td (a ) Tj ET Q q 0 0 0 rg BT 107.51 492.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 154.31 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.47 492.10 Td (set ) Tj ET Q q 0 0 0 rg BT 177.96 492.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 199.22 492.10 Td (for ) Tj ET Q q 0 0 0 rg BT 213.26 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.86 492.10 Td (upcoming ) Tj ET Q q 0 0 0 rg BT 270.23 492.10 Td (2016-2020 ) Tj ET Q q 0 0 0 rg BT 315.94 492.10 Td (license ) Tj ET Q q 0 0 0 rg BT 346.09 492.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 376.51 492.10 Td (which ) Tj ET Q q 0 0 0 rg BT 403.33 492.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 437.37 492.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 471.97 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.78 492.10 Td (will ) Tj ET Q q 0 0 0 rg BT 506.72 492.10 Td (be ) Tj ET Q q 0 0 0 rg BT 518.54 492.10 Td (decided ) Tj ET Q q 0 0 0 rg BT 552.01 492.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.77 480.10 Td (end ) Tj ET Q q 0 0 0 rg BT 81.76 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.64 480.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 117.69 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 120.05 480.10 Td (W) Tj ET Q q 0 0 0 rg BT 128.69 480.10 Td (e ) Tj ET Q q 0 0 0 rg BT 135.68 480.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 164.88 480.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 195.20 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.97 480.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 246.95 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.83 480.10 Td (that ) Tj ET Q q 0 0 0 rg BT 275.38 480.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 322.35 480.10 Td (or ) Tj ET Q q 0 0 0 rg BT 333.23 480.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 375.76 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.53 480.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 420.29 480.10 Td (\(if ) Tj ET Q q 0 0 0 rg BT 432.28 480.10 Td (any\) ) Tj ET Q q 0 0 0 rg BT 452.60 480.10 Td (on ) Tj ET Q q 0 0 0 rg BT 465.15 480.10 Td (our ) Tj ET Q q 0 0 0 rg BT 481.03 480.10 Td (business ) Tj ET Q q 0 0 0 rg BT 517.47 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.35 480.10 Td (any ) Tj ET Q q 0 0 0 rg BT 545.34 480.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 71.38 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.09 468.10 Td (CRB ) Tj ET Q q 0 0 0 rg BT 108.60 468.10 Td (may ) Tj ET Q q 0 0 0 rg BT 128.32 468.10 Td (set ) Tj ET Q q 0 0 0 rg BT 141.93 468.10 Td (or ) Tj ET Q q 0 0 0 rg BT 152.76 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.48 468.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 196.63 468.10 Td (may ) Tj ET Q q 0 0 0 rg BT 216.35 468.10 Td (agree ) Tj ET Q q 0 0 0 rg BT 240.49 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.77 468.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.93 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.65 468.10 Td (upcoming ) Tj ET Q q 0 0 0 rg BT 322.14 468.10 Td (license ) Tj ET Q q 0 0 0 rg BT 352.41 468.10 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 451.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.36 451.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 121.16 451.10 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 156.46 451.10 Td (have ) Tj ET Q q 0 0 0 rg BT 177.86 451.10 Td (been ) Tj ET Q q 0 0 0 rg BT 199.27 451.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 220.12 451.10 Td (under ) Tj ET Q q 0 0 0 rg BT 245.41 451.10 Td (various ) Tj ET Q q 0 0 0 rg BT 277.38 451.10 Td (state ) Tj ET Q q 0 0 0 rg BT 298.23 451.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 319.08 451.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 359.92 451.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.67 451.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 402.74 451.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.60 451.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 441.68 451.10 Td (audio ) Tj ET Q q 0 0 0 rg BT 466.42 451.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 519.50 451.10 Td (services ) Tj ET Q q 0 0 0 rg BT 554.24 451.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 85.84 439.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 121.11 439.10 Td (or ) Tj ET Q q 0 0 0 rg BT 132.51 439.10 Td (reproduce ) Tj ET Q q 0 0 0 rg BT 175.55 439.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 202.51 439.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 247.78 439.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 271.40 439.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 293.90 439.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.75 439.10 Td (February ) Tj ET Q q 0 0 0 rg BT 343.91 439.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 359.48 439.10 Td (1972 ) Tj ET Q q 0 0 0 rg BT 382.54 439.10 Td (\(pre-1972 ) Tj ET Q q 0 0 0 rg BT 429.48 439.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 456.44 439.10 Td (recordings\). ) Tj ET Q q 0 0 0 rg BT 511.98 439.10 Td ( ) Tj ET Q q 0 0 0 rg BT 515.04 439.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 538.11 439.10 Td (sound ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 93.48 427.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 130.85 427.10 Td (are ) Tj ET Q q 0 0 0 rg BT 144.34 427.10 Td (exempt ) Tj ET Q q 0 0 0 rg BT 175.05 427.10 Td (from ) Tj ET Q q 0 0 0 rg BT 195.76 427.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 224.79 427.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 264.40 427.10 Td (protection. ) Tj ET Q q 0 0 0 rg BT 308.72 427.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.90 427.10 Td (The ) Tj ET Q q 0 0 0 rg BT 326.72 427.10 Td (1976 ) Tj ET Q q 0 0 0 rg BT 348.00 427.10 Td (Copyright ) Tj ET Q q 0 0 0 rg BT 389.55 427.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 405.27 427.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 440.98 427.10 Td (that ) Tj ET Q q 0 0 0 rg BT 457.26 427.10 Td (pre-1972 ) Tj ET Q q 0 0 0 rg BT 494.63 427.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 519.80 427.10 Td (recordings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.22 415.10 Td (be ) Tj ET Q q 0 0 0 rg BT 80.66 415.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.88 415.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 125.21 415.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.54 415.10 Td (state ) Tj ET Q q 0 0 0 rg BT 155.86 415.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 196.19 415.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 238.74 415.10 Td (until ) Tj ET Q q 0 0 0 rg BT 259.07 415.10 Td (2067. ) Tj ET Q q 0 0 0 rg BT 283.57 415.10 Td ( ) Tj ET Q q 0 0 0 rg BT 285.13 415.10 Td (As ) Tj ET Q q 0 0 0 rg BT 298.25 415.10 Td (a ) Tj ET Q q 0 0 0 rg BT 304.69 415.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 331.41 415.10 Td (there ) Tj ET Q q 0 0 0 rg BT 353.40 415.10 Td (are ) Tj ET Q q 0 0 0 rg BT 367.60 415.10 Td (various ) Tj ET Q q 0 0 0 rg BT 399.05 415.10 Td (protections ) Tj ET Q q 0 0 0 rg BT 445.48 415.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.81 415.10 Td (pre-1972 ) Tj ET Q q 0 0 0 rg BT 493.91 415.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 519.81 415.10 Td (recordings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.61 403.10 Td (place ) Tj ET Q q 0 0 0 rg BT 84.53 403.10 Td (across ) Tj ET Q q 0 0 0 rg BT 112.34 403.10 Td (various ) Tj ET Q q 0 0 0 rg BT 144.61 403.10 Td (states, ) Tj ET Q q 0 0 0 rg BT 172.15 403.10 Td (and ) Tj ET Q q 0 0 0 rg BT 189.42 403.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.46 403.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 230.06 403.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.22 403.10 Td (protections ) Tj ET Q q 0 0 0 rg BT 288.48 403.10 Td (and ) Tj ET Q q 0 0 0 rg BT 305.74 403.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.90 403.10 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 362.49 403.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.76 403.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 425.36 403.10 Td (to ) Tj ET Q q 0 0 0 rg BT 435.97 403.10 Td (those ) Tj ET Q q 0 0 0 rg BT 459.90 403.10 Td (protections ) Tj ET Q q 0 0 0 rg BT 507.16 403.10 Td (is ) Tj ET Q q 0 0 0 rg BT 516.66 403.10 Td (unclear) Tj ET Q q 0 0 0 rg BT 545.53 403.10 Td (. ) Tj ET Q q 0 0 0 rg BT 550.86 403.10 Td ( ) Tj ET Q q 0 0 0 rg BT 553.69 403.10 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 74.99 391.10 Td (two ) Tj ET Q q 0 0 0 rg BT 92.48 391.10 Td (courts ) Tj ET Q q 0 0 0 rg BT 119.41 391.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 146.91 391.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 186.61 391.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.88 391.10 Td (favor ) Tj ET Q q 0 0 0 rg BT 220.47 391.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.30 391.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.00 391.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 286.82 391.10 Td (owners. ) Tj ET Q q 0 0 0 rg BT 320.69 391.10 Td ( ) Tj ET Q q 0 0 0 rg BT 323.19 391.10 Td (If ) Tj ET Q q 0 0 0 rg BT 332.34 391.10 Td (appellate ) Tj ET Q q 0 0 0 rg BT 370.92 391.10 Td (courts ) Tj ET Q q 0 0 0 rg BT 397.85 391.10 Td (af) Tj ET Q q 0 0 0 rg BT 405.44 391.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 425.15 391.10 Td (these ) Tj ET Q q 0 0 0 rg BT 448.18 391.10 Td (rulings ) Tj ET Q q 0 0 0 rg BT 478.45 391.10 Td (and ) Tj ET Q q 0 0 0 rg BT 495.38 391.10 Td (the ) Tj ET Q q 0 0 0 rg BT 510.09 391.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 549.80 391.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (interpreted ) Tj ET Q q 0 0 0 rg BT 96.67 379.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.80 379.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 133.37 379.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.51 379.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 168.41 379.10 Td (broadcasting ) Tj ET Q q 0 0 0 rg BT 222.86 379.10 Td (or ) Tj ET Q q 0 0 0 rg BT 234.55 379.10 Td (Internet ) Tj ET Q q 0 0 0 rg BT 269.00 379.10 Td (streaming, ) Tj ET Q q 0 0 0 rg BT 314.29 379.10 Td (this ) Tj ET Q q 0 0 0 rg BT 332.09 379.10 Td (could ) Tj ET Q q 0 0 0 rg BT 357.66 379.10 Td (impede ) Tj ET Q q 0 0 0 rg BT 390.45 379.10 Td (Emmis) Tj ET Q q 0 0 0 rg BT 421.38 379.10 Td ( ) Tj ET Q q 0 0 0 rg BT 424.73 379.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 453.64 379.10 Td (to ) Tj ET Q q 0 0 0 rg BT 464.77 379.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 506.44 379.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 535.35 379.10 Td (stream ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (pre-1972 ) Tj ET Q q 0 0 0 rg BT 88.60 367.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 114.99 367.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 159.70 367.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 187.74 367.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 223.00 367.10 Td (its ) Tj ET Q q 0 0 0 rg BT 234.95 367.10 Td (costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 350.10 Td (Legislation ) Tj ET Q q 0 0 0 rg BT 120.63 350.10 Td (also ) Tj ET Q q 0 0 0 rg BT 139.87 350.10 Td (has ) Tj ET Q q 0 0 0 rg BT 156.34 350.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 201.69 350.10 Td (been ) Tj ET Q q 0 0 0 rg BT 223.71 350.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 269.61 350.10 Td (in ) Tj ET Q q 0 0 0 rg BT 280.52 350.10 Td (Congress ) Tj ET Q q 0 0 0 rg BT 320.88 350.10 Td (that ) Tj ET Q q 0 0 0 rg BT 339.02 350.10 Td (would ) Tj ET Q q 0 0 0 rg BT 367.15 350.10 Td (require ) Tj ET Q q 0 0 0 rg BT 398.61 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.96 350.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 451.53 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 463.00 350.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 516.66 350.10 Td (royalties ) Tj ET Q q 0 0 0 rg BT 554.23 350.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (artists, ) Tj ET Q q 0 0 0 rg BT 78.88 338.10 Td (musicians, ) Tj ET Q q 0 0 0 rg BT 123.87 338.10 Td (or ) Tj ET Q q 0 0 0 rg BT 134.69 338.10 Td (record ) Tj ET Q q 0 0 0 rg BT 162.73 338.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 207.98 338.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 236.03 338.10 Td (music ) Tj ET Q q 0 0 0 rg BT 262.41 338.10 Td (is ) Tj ET Q q 0 0 0 rg BT 271.57 338.10 Td (played ) Tj ET Q q 0 0 0 rg BT 300.72 338.10 Td (on ) Tj ET Q q 0 0 0 rg BT 313.22 338.10 Td (terrestrial ) Tj ET Q q 0 0 0 rg BT 354.02 338.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 377.06 338.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 412.61 338.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 442.33 338.10 Td (a ) Tj ET Q q 0 0 0 rg BT 449.26 338.10 Td (long-standing ) Tj ET Q q 0 0 0 rg BT 506.75 338.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 547.57 338.10 Td (law ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (exception. ) Tj ET Q q 0 0 0 rg BT 93.87 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.37 326.10 Td (If ) Tj ET Q q 0 0 0 rg BT 105.53 326.10 Td (enacted, ) Tj ET Q q 0 0 0 rg BT 141.06 326.10 Td (such ) Tj ET Q q 0 0 0 rg BT 161.89 326.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 206.05 326.10 Td (could ) Tj ET Q q 0 0 0 rg BT 230.77 326.10 Td (have ) Tj ET Q q 0 0 0 rg BT 252.15 326.10 Td (an ) Tj ET Q q 0 0 0 rg BT 264.09 326.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 297.12 326.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 326.84 326.10 Td (on ) Tj ET Q q 0 0 0 rg BT 339.34 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.05 326.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 372.66 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.49 326.10 Td (music ) Tj ET Q q 0 0 0 rg BT 409.88 326.10 Td (programming. ) Tj ET Q q 0 0 0 rg BT 469.31 326.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 309.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.87 309.10 Td (December ) Tj ET Q q 0 0 0 rg BT 128.00 309.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 153.54 309.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.80 309.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 190.75 309.10 Td (initiated ) Tj ET Q q 0 0 0 rg BT 226.56 309.10 Td (a ) Tj ET Q q 0 0 0 rg BT 234.04 309.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 281.51 309.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.33 309.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 329.25 309.10 Td (imposing ) Tj ET Q q 0 0 0 rg BT 369.52 309.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 424.77 309.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 462.25 309.10 Td (to ) Tj ET Q q 0 0 0 rg BT 473.07 309.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 509.44 309.10 Td (broadcasters) Tj ET Q q 0 0 0 rg BT 562.00 309.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.10 Td (service ) Tj ET Q q 0 0 0 rg BT 81.22 297.10 Td (to ) Tj ET Q q 0 0 0 rg BT 91.90 297.10 Td (their ) Tj ET Q q 0 0 0 rg BT 113.13 297.10 Td (local ) Tj ET Q q 0 0 0 rg BT 135.46 297.10 Td (communities, ) Tj ET Q q 0 0 0 rg BT 192.53 297.10 Td (including ) Tj ET Q q 0 0 0 rg BT 233.20 297.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 245.54 297.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 285.10 297.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 318.56 297.10 Td (to ) Tj ET Q q 0 0 0 rg BT 329.24 297.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 367.14 297.10 Td (a ) Tj ET Q q 0 0 0 rg BT 374.48 297.10 Td (community ) Tj ET Q q 0 0 0 rg BT 427.38 297.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 464.72 297.10 Td (board, ) Tj ET Q q 0 0 0 rg BT 497.33 297.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 512.45 297.10 Td (reinstating ) Tj ET Q q 0 0 0 rg BT 557.56 297.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 100.63 285.10 Td (that ) Tj ET Q q 0 0 0 rg BT 117.94 285.10 Td (a ) Tj ET Q q 0 0 0 rg BT 124.70 285.10 Td (station) Tj ET Q q 0 0 0 rg BT 154.15 285.10 Td (s ) Tj ET Q q 0 0 0 rg BT 160.36 285.10 Td (main ) Tj ET Q q 0 0 0 rg BT 182.67 285.10 Td (studio ) Tj ET Q q 0 0 0 rg BT 209.44 285.10 Td (be ) Tj ET Q q 0 0 0 rg BT 221.20 285.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.29 285.10 Td (its ) Tj ET Q q 0 0 0 rg BT 243.06 285.10 Td (community ) Tj ET Q q 0 0 0 rg BT 290.93 285.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.58 285.10 Td (license ) Tj ET Q q 0 0 0 rg BT 331.67 285.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.42 285.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 365.74 285.10 Td (imposing ) Tj ET Q q 0 0 0 rg BT 405.28 285.10 Td (local ) Tj ET Q q 0 0 0 rg BT 427.04 285.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 483.79 285.10 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 536.09 285.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 555.90 285.10 Td (if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.10 Td (not ) Tj ET Q q 0 0 0 rg BT 65.75 273.10 Td (met, ) Tj ET Q q 0 0 0 rg BT 86.21 273.10 Td (would ) Tj ET Q q 0 0 0 rg BT 114.18 273.10 Td (result ) Tj ET Q q 0 0 0 rg BT 139.37 273.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.12 273.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 193.08 273.10 Td (scrutiny ) Tj ET Q q 0 0 0 rg BT 228.27 273.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.57 273.10 Td (a ) Tj ET Q q 0 0 0 rg BT 246.98 273.10 Td (station) Tj ET Q q 0 0 0 rg BT 276.42 273.10 Td (s ) Tj ET Q q 0 0 0 rg BT 283.28 273.10 Td (license ) Tj ET Q q 0 0 0 rg BT 314.02 273.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 348.63 273.10 Td (application. ) Tj ET Q q 0 0 0 rg BT 398.53 273.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.29 273.10 Td (While ) Tj ET Q q 0 0 0 rg BT 428.69 273.10 Td (many ) Tj ET Q q 0 0 0 rg BT 453.88 273.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 506.82 273.10 Td (have ) Tj ET Q q 0 0 0 rg BT 528.67 273.10 Td (opposed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.10 Td (these ) Tj ET Q q 0 0 0 rg BT 73.05 261.10 Td (proposals, ) Tj ET Q q 0 0 0 rg BT 116.38 261.10 Td (we ) Tj ET Q q 0 0 0 rg BT 130.54 261.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 159.69 261.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 189.96 261.10 Td (how ) Tj ET Q q 0 0 0 rg BT 209.68 261.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.39 261.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 245.80 261.10 Td (will ) Tj ET Q q 0 0 0 rg BT 263.85 261.10 Td (resolve ) Tj ET Q q 0 0 0 rg BT 295.23 261.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.95 261.10 Td (issues. ) Tj ET Q q 0 0 0 rg BT 338.84 261.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 244.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.05 244.10 Td (February ) Tj ET Q q 0 0 0 rg BT 121.36 244.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 146.08 244.10 Td (Congress ) Tj ET Q q 0 0 0 rg BT 185.51 244.10 Td (passed ) Tj ET Q q 0 0 0 rg BT 214.39 244.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 258.27 244.10 Td (authorizing ) Tj ET Q q 0 0 0 rg BT 306.02 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.46 244.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 341.57 244.10 Td (to ) Tj ET Q q 0 0 0 rg BT 351.57 244.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 385.44 244.10 Td (an ) Tj ET Q q 0 0 0 rg BT 397.09 244.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 435.96 244.10 Td (auction ) Tj ET Q q 0 0 0 rg BT 467.61 244.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.60 244.10 Td (redistribute ) Tj ET Q q 0 0 0 rg BT 525.36 244.10 Td (spectrum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 87.85 232.10 Td (used ) Tj ET Q q 0 0 0 rg BT 107.93 232.10 Td (by ) Tj ET Q q 0 0 0 rg BT 119.68 232.10 Td (television ) Tj ET Q q 0 0 0 rg BT 160.32 232.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 212.05 232.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.24 232.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.77 232.10 Td (require ) Tj ET Q q 0 0 0 rg BT 267.84 232.10 Td (television ) Tj ET Q q 0 0 0 rg BT 308.47 232.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 360.20 232.10 Td (that ) Tj ET Q q 0 0 0 rg BT 376.95 232.10 Td (do ) Tj ET Q q 0 0 0 rg BT 388.70 232.10 Td (not ) Tj ET Q q 0 0 0 rg BT 403.23 232.10 Td (participate ) Tj ET Q q 0 0 0 rg BT 447.18 232.10 Td (in ) Tj ET Q q 0 0 0 rg BT 456.71 232.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.68 232.10 Td (auction ) Tj ET Q q 0 0 0 rg BT 501.87 232.10 Td (to ) Tj ET Q q 0 0 0 rg BT 511.40 232.10 Td (make ) Tj ET Q q 0 0 0 rg BT 534.81 232.10 Td (certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (modifications ) Tj ET Q q 0 0 0 rg BT 107.21 220.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.22 220.10 Td (their ) Tj ET Q q 0 0 0 rg BT 137.77 220.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 190.55 220.10 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 229.70 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.76 220.10 Td (The ) Tj ET Q q 0 0 0 rg BT 249.53 220.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 270.66 220.10 Td (has ) Tj ET Q q 0 0 0 rg BT 286.21 220.10 Td (commenced ) Tj ET Q q 0 0 0 rg BT 336.75 220.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 387.29 220.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.29 220.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 421.73 220.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 443.39 220.10 Td (implementing ) Tj ET Q q 0 0 0 rg BT 501.17 220.10 Td (this ) Tj ET Q q 0 0 0 rg BT 517.84 220.10 Td (legislation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.94 208.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 107.20 208.10 Td (pending. ) Tj ET Q q 0 0 0 rg BT 144.42 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.74 208.10 Td (The ) Tj ET Q q 0 0 0 rg BT 164.79 208.10 Td (spectrum ) Tj ET Q q 0 0 0 rg BT 203.94 208.10 Td (used ) Tj ET Q q 0 0 0 rg BT 224.77 208.10 Td (by ) Tj ET Q q 0 0 0 rg BT 237.27 208.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 260.32 208.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 312.79 208.10 Td (such ) Tj ET Q q 0 0 0 rg BT 333.62 208.10 Td (as ) Tj ET Q q 0 0 0 rg BT 344.45 208.10 Td (Emmis, ) Tj ET Q q 0 0 0 rg BT 377.79 208.10 Td (however) Tj ET Q q 0 0 0 rg BT 411.82 208.10 Td (, ) Tj ET Q q 0 0 0 rg BT 416.82 208.10 Td (is ) Tj ET Q q 0 0 0 rg BT 425.99 208.10 Td (not ) Tj ET Q q 0 0 0 rg BT 441.26 208.10 Td (included ) Tj ET Q q 0 0 0 rg BT 478.20 208.10 Td (in ) Tj ET Q q 0 0 0 rg BT 488.48 208.10 Td (this ) Tj ET Q q 0 0 0 rg BT 505.42 208.10 Td (legislation. ) Tj ET Q q 0 0 0 rg BT 552.08 208.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 191.10 Td (Congress ) Tj ET Q q 0 0 0 rg BT 112.23 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.18 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.91 191.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 165.32 191.10 Td (also ) Tj ET Q q 0 0 0 rg BT 183.94 191.10 Td (have ) Tj ET Q q 0 0 0 rg BT 205.32 191.10 Td (under ) Tj ET Q q 0 0 0 rg BT 230.60 191.10 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 289.48 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.43 191.10 Td (may ) Tj ET Q q 0 0 0 rg BT 326.16 191.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.45 191.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.17 191.10 Td (future ) Tj ET Q q 0 0 0 rg BT 377.56 191.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 413.95 191.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.89 191.10 Td (adopt, ) Tj ET Q q 0 0 0 rg BT 458.12 191.10 Td (new ) Tj ET Q q 0 0 0 rg BT 477.29 191.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 500.63 191.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 547.57 191.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 84.83 179.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 126.87 179.10 Td (a ) Tj ET Q q 0 0 0 rg BT 135.03 179.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 158.19 179.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 189.68 179.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.73 179.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 245.44 179.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 278.60 179.10 Td (that ) Tj ET Q q 0 0 0 rg BT 297.32 179.10 Td (could, ) Tj ET Q q 0 0 0 rg BT 325.76 179.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 360.02 179.10 Td (or ) Tj ET Q q 0 0 0 rg BT 372.08 179.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 409.75 179.10 Td (, ) Tj ET Q q 0 0 0 rg BT 415.97 179.10 Td (af) Tj ET Q q 0 0 0 rg BT 423.56 179.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 442.27 179.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.21 179.10 Td (operation, ) Tj ET Q q 0 0 0 rg BT 502.19 179.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 547.58 179.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 100.03 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.62 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 126.22 167.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 166.79 167.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 202.11 167.10 Td (result ) Tj ET Q q 0 0 0 rg BT 226.59 167.10 Td (in ) Tj ET Q q 0 0 0 rg BT 236.63 167.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.11 167.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 268.93 167.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.53 167.10 Td (audience ) Tj ET Q q 0 0 0 rg BT 317.32 167.10 Td (share ) Tj ET Q q 0 0 0 rg BT 340.68 167.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.38 167.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 404.08 167.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 441.88 167.10 Td (for ) Tj ET Q q 0 0 0 rg BT 455.80 167.10 Td (our ) Tj ET Q q 0 0 0 rg BT 471.39 167.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 511.97 167.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 544.79 167.10 Td (and/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.45 155.10 Td (af) Tj ET Q q 0 0 0 rg BT 68.03 155.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 85.14 155.10 Td (our ) Tj ET Q q 0 0 0 rg BT 100.58 155.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 128.25 155.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.15 155.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 169.69 155.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 211.79 155.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 252.23 155.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 284.90 155.10 Td (or ) Tj ET Q q 0 0 0 rg BT 295.35 155.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 326.89 155.10 Td (such ) Tj ET Q q 0 0 0 rg BT 347.33 155.10 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 399.72 155.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.84 155.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 423.96 155.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 455.51 155.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 489.56 155.10 Td (but ) Tj ET Q q 0 0 0 rg BT 504.45 155.10 Td (are ) Tj ET Q q 0 0 0 rg BT 518.78 155.10 Td (not ) Tj ET Q q 0 0 0 rg BT 533.67 155.10 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 131.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 131.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 127.28 131.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.00 131.10 Td (require ) Tj ET Q q 0 0 0 rg BT 169.26 131.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 192.75 131.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 226.26 131.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.98 131.10 Td (post ) Tj ET Q q 0 0 0 rg BT 256.60 131.10 Td (their ) Tj ET Q q 0 0 0 rg BT 277.87 131.10 Td (public ) Tj ET Q q 0 0 0 rg BT 305.81 131.10 Td (files ) Tj ET Q q 0 0 0 rg BT 325.97 131.10 Td (online ) Tj ET Q q 0 0 0 rg BT 353.91 131.10 Td (rather ) Tj ET Q q 0 0 0 rg BT 380.17 131.10 Td (than ) Tj ET Q q 0 0 0 rg BT 400.34 131.10 Td (keep ) Tj ET Q q 0 0 0 rg BT 422.16 131.10 Td (them ) Tj ET Q q 0 0 0 rg BT 445.10 131.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.82 131.10 Td (paper ) Tj ET Q q 0 0 0 rg BT 480.98 131.10 Td (format ) Tj ET Q q 0 0 0 rg BT 510.58 131.10 Td (at ) Tj ET Q q 0 0 0 rg BT 520.74 131.10 Td (their ) Tj ET Q q 0 0 0 rg BT 542.01 131.10 Td (main ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 119.10 Td (studios;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 107.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 107.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 126.83 107.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.11 107.10 Td (impose ) Tj ET Q q 0 0 0 rg BT 168.50 107.10 Td (spectrum ) Tj ET Q q 0 0 0 rg BT 207.65 107.10 Td (use ) Tj ET Q q 0 0 0 rg BT 223.48 107.10 Td (or ) Tj ET Q q 0 0 0 rg BT 234.31 107.10 Td (other ) Tj ET Q q 0 0 0 rg BT 257.36 107.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 275.96 107.10 Td (on ) Tj ET Q q 0 0 0 rg BT 288.46 107.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 309.86 107.10 Td (licensees;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 95.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 95.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 126.83 95.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.11 95.10 Td (repeal ) Tj ET Q q 0 0 0 rg BT 164.03 95.10 Td (or ) Tj ET Q q 0 0 0 rg BT 174.86 95.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 206.25 95.10 Td (some ) Tj ET Q q 0 0 0 rg BT 229.86 95.10 Td (or ) Tj ET Q q 0 0 0 rg BT 240.69 95.10 Td (all ) Tj ET Q q 0 0 0 rg BT 253.18 95.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.01 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.73 95.10 Td (FCC) Tj ET Q q 0 0 0 rg BT 300.41 95.10 Td (s ) Tj ET Q q 0 0 0 rg BT 306.80 95.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 342.63 95.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 386.79 95.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 408.73 95.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 436.78 95.10 Td (policies;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 83.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 83.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 126.83 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.11 83.10 Td (change ) Tj ET Q q 0 0 0 rg BT 167.92 83.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 189.86 83.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 222.90 83.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.18 83.10 Td (political ) Tj ET Q q 0 0 0 rg BT 268.45 83.10 Td (broadcasting;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 71.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 71.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 124.59 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.53 71.10 Td (frequency ) Tj ET Q q 0 0 0 rg BT 184.00 71.10 Td (allocation ) Tj ET Q q 0 0 0 rg BT 225.93 71.10 Td (matters;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 59.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 59.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 104.61 59.10 Td (stereo ) Tj ET Q q 0 0 0 rg BT 130.99 59.10 Td (broadcasting;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 47.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 47.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 126.02 47.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.48 47.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 166.06 47.10 Td (service ) Tj ET Q q 0 0 0 rg BT 196.06 47.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.18 47.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 249.96 47.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 271.09 47.10 Td (for ) Tj ET Q q 0 0 0 rg BT 284.43 47.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 311.67 47.10 Td (radio, ) Tj ET Q q 0 0 0 rg BT 336.41 47.10 Td (including ) Tj ET Q q 0 0 0 rg BT 375.87 47.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 410.33 47.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 452.01 47.10 Td (public ) Tj ET Q q 0 0 0 rg BT 478.69 47.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 509.81 47.10 Td (requirements ) Tj ET Q endstream endobj 31 0 obj <>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (for ) Tj ET Q q 0 0 0 rg BT 100.16 742.10 Td (terrestrial ) Tj ET Q q 0 0 0 rg BT 140.97 742.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 169.02 742.10 Td (audio ) Tj ET Q q 0 0 0 rg BT 193.74 742.10 Td (broadcasters;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 730.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 730.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 126.83 730.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.11 730.10 Td (restrict ) Tj ET Q q 0 0 0 rg BT 167.37 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 178.20 730.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 212.37 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.08 730.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 274.02 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 284.85 730.10 Td (beer) Tj ET Q q 0 0 0 rg BT 301.65 730.10 Td (, ) Tj ET Q q 0 0 0 rg BT 306.65 730.10 Td (wine ) Tj ET Q q 0 0 0 rg BT 328.59 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 345.53 730.10 Td (other ) Tj ET Q q 0 0 0 rg BT 368.58 730.10 Td (alcoholic ) Tj ET Q q 0 0 0 rg BT 407.73 730.10 Td (beverages;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 718.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 126.83 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.11 718.10 Td (tighten ) Tj ET Q q 0 0 0 rg BT 167.38 718.10 Td (safety ) Tj ET Q q 0 0 0 rg BT 193.76 718.10 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 237.36 718.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 270.40 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.68 718.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 303.73 718.10 Td (frequency ) Tj ET Q q 0 0 0 rg BT 346.21 718.10 Td (radiation ) Tj ET Q q 0 0 0 rg BT 384.25 718.10 Td (exposure;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 706.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 126.83 706.10 Td (permitting ) Tj ET Q q 0 0 0 rg BT 170.99 706.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 187.94 706.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 221.00 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.28 706.10 Td (accept ) Tj ET Q q 0 0 0 rg BT 259.31 706.10 Td (formerly ) Tj ET Q q 0 0 0 rg BT 296.80 706.10 Td (impermissible ) Tj ET Q q 0 0 0 rg BT 355.96 706.10 Td (interference;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 694.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 126.83 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.11 694.10 Td (reinstate ) Tj ET Q q 0 0 0 rg BT 173.48 694.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 206.54 694.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 238.48 694.10 Td (for ) Tj ET Q q 0 0 0 rg BT 252.64 694.10 Td (licenses;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 682.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 120.71 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.99 682.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 171.80 682.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 210.39 682.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 265.09 682.10 Td (related ) Tj ET Q q 0 0 0 rg BT 294.79 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 305.07 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.79 682.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 385.05 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.88 682.10 Td (SDARS; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 670.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 126.83 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.11 670.10 Td (reallocate ) Tj ET Q q 0 0 0 rg BT 178.47 670.10 Td (spectrum ) Tj ET Q q 0 0 0 rg BT 217.62 670.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 261.21 670.10 Td (with ) Tj ET Q q 0 0 0 rg BT 281.31 670.10 Td (TV) Tj ET Q q 0 0 0 rg BT 294.46 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.96 670.10 Td (channels ) Tj ET Q q 0 0 0 rg BT 334.45 670.10 Td (5 ) Tj ET Q q 0 0 0 rg BT 341.95 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.89 670.10 Td (6 ) Tj ET Q q 0 0 0 rg BT 366.39 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 380.55 670.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 397.50 670.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 420.55 670.10 Td (broadcasting;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 658.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 126.83 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.11 658.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 168.50 658.10 Td (broadcasters) Tj ET Q q 0 0 0 rg BT 221.06 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.56 658.10 Td (public ) Tj ET Q q 0 0 0 rg BT 251.05 658.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 282.99 658.10 Td (obligations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 646.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 646.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 126.83 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.11 646.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 158.50 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 173.22 646.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 187.93 646.10 Td (deductibility ) Tj ET Q q 0 0 0 rg BT 240.98 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.81 646.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 298.74 646.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 337.34 646.10 Td (by ) Tj ET Q q 0 0 0 rg BT 349.84 646.10 Td (advertisers; ) Tj ET Q q 0 0 0 rg BT 398.44 646.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 634.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 126.83 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.11 634.10 Td (regulate ) Tj ET Q q 0 0 0 rg BT 171.81 634.10 Td (violence ) Tj ET Q q 0 0 0 rg BT 208.18 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.12 634.10 Td (hate ) Tj ET Q q 0 0 0 rg BT 244.28 634.10 Td (speech ) Tj ET Q q 0 0 0 rg BT 273.98 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.26 634.10 Td (broadcasts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 617.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 617.10 Td (e ) Tj ET Q q 0 0 0 rg BT 88.06 617.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 117.19 617.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 147.44 617.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 182.12 617.10 Td (any ) Tj ET Q q 0 0 0 rg BT 199.04 617.10 Td (proposed ) Tj ET Q q 0 0 0 rg BT 238.18 617.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 272.87 617.10 Td (will ) Tj ET Q q 0 0 0 rg BT 290.91 617.10 Td (be ) Tj ET Q q 0 0 0 rg BT 302.83 617.10 Td (adopted, ) Tj ET Q q 0 0 0 rg BT 339.46 617.10 Td (what ) Tj ET Q q 0 0 0 rg BT 361.38 617.10 Td (other ) Tj ET Q q 0 0 0 rg BT 384.41 617.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 416.32 617.10 Td (might ) Tj ET Q q 0 0 0 rg BT 442.14 617.10 Td (be ) Tj ET Q q 0 0 0 rg BT 454.06 617.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 499.85 617.10 Td (in ) Tj ET Q q 0 0 0 rg BT 510.11 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.81 617.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 553.67 617.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.10 Td (what ) Tj ET Q q 0 0 0 rg BT 71.94 605.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 104.15 605.10 Td (if ) Tj ET Q q 0 0 0 rg BT 112.76 605.10 Td (any) Tj ET Q q 0 0 0 rg BT 126.55 605.10 Td (, ) Tj ET Q q 0 0 0 rg BT 131.55 605.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.26 605.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 211.53 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.36 605.10 Td (any ) Tj ET Q q 0 0 0 rg BT 239.30 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.13 605.10 Td (these ) Tj ET Q q 0 0 0 rg BT 273.17 605.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 314.00 605.10 Td (or ) Tj ET Q q 0 0 0 rg BT 324.83 605.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 359.54 605.10 Td (might ) Tj ET Q q 0 0 0 rg BT 385.38 605.10 Td (have ) Tj ET Q q 0 0 0 rg BT 406.75 605.10 Td (on ) Tj ET Q q 0 0 0 rg BT 419.25 605.10 Td (our ) Tj ET Q q 0 0 0 rg BT 435.08 605.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 588.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.85 588.10 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 132.54 588.10 Td (is ) Tj ET Q q 0 0 0 rg BT 142.01 588.10 Td (only ) Tj ET Q q 0 0 0 rg BT 162.60 588.10 Td (a ) Tj ET Q q 0 0 0 rg BT 169.84 588.10 Td (brief ) Tj ET Q q 0 0 0 rg BT 191.53 588.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 231.55 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.69 588.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 272.70 588.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 317.17 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.31 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.33 588.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 413.85 588.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 431.10 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.34 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.48 588.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 493.38 588.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 515.09 588.10 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 564.52 588.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (Reference ) Tj ET Q q 0 0 0 rg BT 92.10 576.10 Td (should ) Tj ET Q q 0 0 0 rg BT 120.35 576.10 Td (be ) Tj ET Q q 0 0 0 rg BT 131.36 576.10 Td (made ) Tj ET Q q 0 0 0 rg BT 154.59 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.95 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.74 576.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 247.30 576.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 263.32 576.10 Td (as ) Tj ET Q q 0 0 0 rg BT 273.23 576.10 Td (well ) Tj ET Q q 0 0 0 rg BT 292.02 576.10 Td (as ) Tj ET Q q 0 0 0 rg BT 301.93 576.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 322.41 576.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 370.92 576.10 Td (public ) Tj ET Q q 0 0 0 rg BT 397.49 576.10 Td (notices ) Tj ET Q q 0 0 0 rg BT 427.39 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.41 576.10 Td (rulings ) Tj ET Q q 0 0 0 rg BT 472.76 576.10 Td (for ) Tj ET Q q 0 0 0 rg BT 486.00 576.10 Td (further ) Tj ET Q q 0 0 0 rg BT 514.78 576.10 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 96.92 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.64 564.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 139.13 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.06 564.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 183.00 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.83 564.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 224.08 564.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 267.12 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.95 564.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 318.77 564.10 Td (stations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (GEOGRAPHIC FINANCIAL) Tj ET Q q 0 0 0 rg BT 178.07 547.10 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 228.71 547.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 530.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 530.10 Td (s segments operate exclusively in the United States. ) Tj ET Q q 0 0 0 rg BT 343.20 530.10 Td (W) Tj ET Q q 0 0 0 rg BT 351.84 530.10 Td (e formerly operated radio networks in eastern ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (Europe, all of which were sold or ceased broadcasting as of February28, 2013. ) Tj ET Q q 0 0 0 rg BT 368.52 518.10 Td (All financial information related to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (international radio operations has been reclassified to discontinued operations in the accompanying consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 465.10 Td (ITEM1A. RISK F) Tj ET Q q 0 0 0 rg BT 128.71 465.10 Td (ACT) Tj ET Q q 0 0 0 rg BT 149.64 465.10 Td (ORS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 448.10 Td (The risk factors listed below) Tj ET Q q 0 0 0 rg BT 187.21 448.10 Td (, in addition to those set forth elsewhere in this report, could af) Tj ET Q q 0 0 0 rg BT 438.08 448.10 Td (fect the business and future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (results of the Company) Tj ET Q q 0 0 0 rg BT 142.39 436.10 Td (. Past financial performance may not be a reliable indicator of future performance and historical trends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (should not be used to anticipate results or trends in future periods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 136.76 395.10 Td ( Business) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (Our results of operations could be negatively impacted by weak economic conditions and instability in financial markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 361.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 361.10 Td (e believe that advertising is a discretionary business expense. Spending on advertising tends to decline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (disproportionately during an economic recession or downturn as compared to other types of business spending. Consequently) Tj ET Q q 0 0 0 rg BT 551.47 349.10 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (downturn in the United States economy generally has an adverse ef) Tj ET Q q 0 0 0 rg BT 319.18 337.10 Td (fect on our advertising revenue and, therefore, our results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.10 325.10 Td (A) Tj ET Q q 0 0 0 rg BT 102.77 325.10 Td ( recession or downturn in the economy of any individual geographic market, particularly a major market such as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 66.95 313.10 Td (Angeles or New ) Tj ET Q q 0 0 0 rg BT 134.06 313.10 Td (Y) Tj ET Q q 0 0 0 rg BT 140.28 313.10 Td (ork, also generally has a significant ef) Tj ET Q q 0 0 0 rg BT 291.99 313.10 Td (fect on us. ) Tj ET Q q 0 0 0 rg BT 335.68 313.10 Td (The 2008 economic recession negatively impacted our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (results of operations. ) Tj ET Q q 0 0 0 rg BT 135.91 301.10 Td (While economic conditions have generally improved, the performance of the general economy is still ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (erratic. Our results of operations could be negatively impacted by delays or reversals in the economic recovery or by future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (economic downturns.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 260.10 Td (Even with a recovery from the 2008 economic recession, an individual business sector \(such as the automotive industry\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.10 Td (that tends to spend more on advertising than other sectors might be forced to maintain a reduced level of advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 Td (expenditures if that sector experiences a slower recovery than the economy in general, or might reduce its advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (expenditures further if additional downturns occur) Tj ET Q q 0 0 0 rg BT 250.78 224.10 Td (. If that sector) Tj ET Q q 0 0 0 rg BT 306.68 224.10 Td () Tj ET Q q 0 0 0 rg BT 309.46 224.10 Td (s spending represents a significant portion of our advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (revenues, any reduction in its advertising expenditures may af) Tj ET Q q 0 0 0 rg BT 297.80 212.10 Td (fect our revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 195.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 195.10 Td (e may lose audience share and advertising revenue to competing radio stations or other types of media.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 178.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 178.10 Td (e operate in highly competitive industries. Our radio stations compete for audiences and advertising revenue with other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (radio stations and station groups, as well as with other media. Shifts in population, demographics, audience tastes, consumer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (use of technology and forms of media and other factors beyond our control could cause us to lose market share. ) Tj ET Q q 0 0 0 rg BT 497.92 154.10 Td (Any adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (change in a particular market, or adverse change in the relative market positions of the stations located in a particular market, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 178.92 130.10 Td (fect on our revenue or ratings, could require increased promotion or other expenses in that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (market, and could adversely af) Tj ET Q q 0 0 0 rg BT 172.82 118.10 Td (fect our revenue in other markets. Other radio broadcasting companies may enter the markets in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (which we operate or may operate in the future. ) Tj ET Q q 0 0 0 rg BT 239.18 106.10 Td (These companies may be lar) Tj ET Q q 0 0 0 rg BT 352.85 106.10 Td (ger and have more financial resources than we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (have. Our radio stations may not be able to maintain or increase their current audience ratings and advertising revenue in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (face of such competition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 65.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 65.10 Td (e routinely conduct market research to review the competitive position of our stations in their respective markets. If we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.10 Td (determine that a station could improve its operating performance by serving a dif) Tj ET Q q 0 0 0 rg BT 374.16 53.10 Td (ferent demographic within its market, we may ) Tj ET Q endstream endobj 33 0 obj <>] /Rotate 0 /Contents 34 0 R>> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (change the format of that station. Our competitors may respond to our actions by more aggressive promotions of their stations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (or by replacing the format we vacate, limiting our options if we do not achieve expected results with our new format.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.10 Td (From time to time, other stations may change their format or programming, a new station may adopt a format to compete ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (directly with our stations for audiences and advertisers, or stations might engage in aggressive promotional campaigns. ) Tj ET Q q 0 0 0 rg BT 528.03 701.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (tactics could result in lower ratings and advertising revenue or increased promotion and other expenses and, consequently) Tj ET Q q 0 0 0 rg BT 536.14 689.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (lower earnings and cash flow for us. ) Tj ET Q q 0 0 0 rg BT 197.18 677.10 Td (Any failure by us to respond, or to respond as quickly as our competitors, could also have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (an adverse ef) Tj ET Q q 0 0 0 rg BT 102.56 665.10 Td (fect on our business and financial performance. In February 2015, one of our lar) Tj ET Q q 0 0 0 rg BT 425.61 665.10 Td (ge competitors changed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (format of one of its radio stations in the Los ) Tj ET Q q 0 0 0 rg BT 227.75 653.10 Td (Angeles radio market to more directly compete with our radio station in Los ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (Angeles. ) Tj ET Q q 0 0 0 rg BT 87.59 641.10 Td (W) Tj ET Q q 0 0 0 rg BT 96.23 641.10 Td (e expect this recent development in Los ) Tj ET Q q 0 0 0 rg BT 257.01 641.10 Td (Angeles to negatively impact our financial performance in fiscal 2016 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (possibly in succeeding years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 612.10 Td (Because of the competitive factors we face, we cannot assure investors that we will be able to maintain or increase our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (current audience ratings and advertising revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (Our radio operations are heavily concentrated in the New ) Tj ET Q q 0 0 0 rg BT 289.54 583.10 Td (Y) Tj ET Q q 0 0 0 rg BT 294.54 583.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 346.12 583.10 Td (Angeles markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 566.10 Td (Our radio operations in New ) Tj ET Q q 0 0 0 rg BT 190.54 566.10 Td (Y) Tj ET Q q 0 0 0 rg BT 196.76 566.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 246.48 566.10 Td (Angeles, including the LMA) Tj ET Q q 0 0 0 rg BT 360.91 566.10 Td ( fee we receive from a subsidiary of Disney) Tj ET Q q 0 0 0 rg BT 534.63 566.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (accounted for approximately 54% of our radio revenues in fiscal 2015. Our results from operations can be materially af) Tj ET Q q 0 0 0 rg BT 527.15 554.10 Td (fected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (by decreased ratings or resulting revenues in either one of these markets. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 525.10 Td (Our radio operations lack the scale of some of our competitors, especially in the New ) Tj ET Q q 0 0 0 rg BT 401.47 525.10 Td (Y) Tj ET Q q 0 0 0 rg BT 406.47 525.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 458.05 525.10 Td (Angeles markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 508.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 508.10 Td (e currently own one station in Los ) Tj ET Q q 0 0 0 rg BT 221.22 508.10 Td (Angeles and four stations in New ) Tj ET Q q 0 0 0 rg BT 356.93 508.10 Td (Y) Tj ET Q q 0 0 0 rg BT 363.16 508.10 Td (ork, one of which is being programmed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (another broadcaster under the terms of an LMA. Some of our competitors in these markets have lar) Tj ET Q q 0 0 0 rg BT 446.64 496.10 Td (ger clusters of radio stations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (Our competitors may be able to leverage their market share to extract a greater percentage of available advertising revenues in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (these markets and may be able to realize operating ef) Tj ET Q q 0 0 0 rg BT 262.22 472.10 Td (ficiencies by programming multiple stations in a market. ) Tj ET Q q 0 0 0 rg BT 490.78 472.10 Td (Also, given the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (reliance on single formats in each of these markets, our results from operations can be materially af) Tj ET Q q 0 0 0 rg BT 447.17 460.10 Td (fected by additional format ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (competition by our competitors. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 431.10 Td (e must respond to the rapid changes in technology) Tj ET Q q 0 0 0 rg BT 264.46 431.10 Td (, services and standards that characterize our industry in order to ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (remain competitive, and changes in technology may increase the risk of material intellectual property infringement claims.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 402.10 Td (The radio broadcasting industry is subject to rapid technological changes, evolving industry standards and the emer) Tj ET Q q 0 0 0 rg BT 535.36 402.10 Td (gence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 390.10 Td (of competition from new technologies and services. ) Tj ET Q q 0 0 0 rg BT 259.20 390.10 Td (W) Tj ET Q q 0 0 0 rg BT 267.84 390.10 Td (e cannot assure that we will have the resources to acquire new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.10 Td (technologies or to introduce new services that could compete with these new technologies. ) Tj ET Q q 0 0 0 rg BT 414.71 378.10 Td (V) Tj ET Q q 0 0 0 rg BT 420.83 378.10 Td (arious media technologies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.10 Td (services that have been developed or introduced include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 349.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 349.10 Td (satellite-delivered digital audio radio service, which has resulted in subscriber) Tj ET Q q 0 0 0 rg BT 396.96 349.10 Td (-based satellite radio services with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 337.10 Td (numerous niche formats;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 320.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 320.10 Td (audio programming by cable systems, direct-broadcast satellite systems, personal communications systems, Internet ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 308.10 Td (content providers and other digital audio broadcast formats;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 291.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 291.10 Td (personal digital audio devices \(e.g., audio via ) Tj ET Q q 0 0 0 rg BT 269.25 291.10 Td (W) Tj ET Q q 0 0 0 rg BT 278.29 291.10 Td (i-Fi, mobile phones, iPods) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 383.57 295.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.51 291.10 Td (, iPhones) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 425.18 295.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.12 291.10 Td (, ) Tj ET Q q 0 0 0 rg BT 434.94 291.10 Td (W) Tj ET Q q 0 0 0 rg BT 443.98 291.10 Td (iMAX, the Internet and MP3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 279.10 Td (players\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 262.10 Td (HD Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 126.43 266.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.37 262.10 Td (, which provides multi-channel, multi-format digital radio services in the same bandwidth currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 250.10 Td (occupied by traditional ) Tj ET Q q 0 0 0 rg BT 179.74 250.10 Td (AM and FM radio services; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 233.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 233.10 Td (low-power FM radio, which could result in additional FM radio broadcast outlets, including additional low-power FM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 221.10 Td (radio signals authorized in December 2010 under the Local Community Radio ) Tj ET Q q 0 0 0 rg BT 401.36 221.10 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 204.10 Td (New media has resulted in fragmentation in the advertising market, but we cannot predict the impact that additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (competition arising from new technologies may have on the radio broadcasting industry or on our financial condition and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (results of operations. ) Tj ET Q q 0 0 0 rg BT 135.91 180.10 Td (W) Tj ET Q q 0 0 0 rg BT 144.55 180.10 Td (e also cannot ensure that our investments in HD Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 362.56 184.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.50 180.10 Td (, ) Tj ET Q q 0 0 0 rg BT 372.32 180.10 Td (T) Tj ET Q q 0 0 0 rg BT 377.73 180.10 Td (agStation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 415.50 184.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.44 180.10 Td (, NextRadio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 468.76 184.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.70 180.10 Td ( and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (technologies will produce the desired returns.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 151.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 123.90 151.10 Td (, technological advancements in the operation of radio stations and related businesses have increased the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (number of patent and other intellectual property infringement claims brought against broadcasters, including Emmis. ) Tj ET Q q 0 0 0 rg BT 519.69 139.10 Td (While ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (Emmis has not historically been subject to material patent and other intellectual property claims and takes certain steps to limit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (the likelihood of, and exposure to, such claims, no assurance can be given that material claims will not be asserted in the future.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (Our business depends heavily on maintaining our licenses with the FCC. ) Tj ET Q q 0 0 0 rg BT 352.66 98.10 Td (W) Tj ET Q q 0 0 0 rg BT 360.81 98.10 Td (e could be prevented from operating a radio ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 86.10 Td (station if we fail to maintain its license.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 69.10 Td (The radio broadcasting industry is subject to extensive and changing regulation. ) Tj ET Q q 0 0 0 rg BT 395.96 69.10 Td (The Communications ) Tj ET Q q 0 0 0 rg BT 484.28 69.10 Td (Act and FCC rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.10 Td (and policies require FCC approval for transfers of control and assignments of FCC licenses. ) Tj ET Q q 0 0 0 rg BT 420.02 57.10 Td (The filing of petitions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.10 Td (complaints against FCC licensees could result in the FCC delaying the grant of, or refusing to grant, its consent to the ) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (assignment of licenses to or from an FCC licensee or the transfer of control of an FCC licensee. In certain circumstances, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 120.28 730.10 Td (Act and FCC rules and policies will operate to impose limitations on alien ownership and voting of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (common stock. ) Tj ET Q q 0 0 0 rg BT 113.42 718.10 Td (There can be no assurance that there will be no changes in the current regulatory scheme, the imposition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (additional regulations or the creation of new regulatory agencies, which changes could restrict or curtail our ability to acquire, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (operate and dispose of stations or) Tj ET Q q 0 0 0 rg BT 183.18 694.10 Td (, in general, to compete profitably with other operators of radio and other media properties.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 677.10 Td (Each of our radio stations operates pursuant to one or more licenses issued by the FCC. Under FCC rules, radio licenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (are granted for a term of eight years. Our licenses expire at various times through June 2022. ) Tj ET Q q 0 0 0 rg BT 422.94 665.10 Td (Although we will apply to renew ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (these licenses, third parties may challenge our renewal applications. ) Tj ET Q q 0 0 0 rg BT 323.89 653.10 Td (While we are not aware of facts or circumstances that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (would prevent us from having our current licenses renewed, there can be no assurance that the licenses will be renewed or that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (renewals will not include conditions or qualifications that could adversely af) Tj ET Q q 0 0 0 rg BT 355.84 629.10 Td (fect our business and operations. Failure to obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.10 Td (the renewal of any of our broadcast licenses may have a material adverse ef) Tj ET Q q 0 0 0 rg BT 352.18 617.10 Td (fect on our business and operations. In addition, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.10 Td (we or any of our of) Tj ET Q q 0 0 0 rg BT 126.74 605.10 Td (ficers, directors or significant stockholders materially violates the FCC) Tj ET Q q 0 0 0 rg BT 413.06 605.10 Td (s rules and regulations or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 120.28 593.10 Td (Act, is convicted of a felony or is found to have engaged in unlawful anticompetitive conduct or fraud upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (another government agency) Tj ET Q q 0 0 0 rg BT 160.42 581.10 Td (, the FCC may) Tj ET Q q 0 0 0 rg BT 218.10 581.10 Td (, in response to a petition from a third party or on its own initiative, in its discretion, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (commence a proceeding to impose sanctions upon us which could involve the imposition of monetary fines, the revocation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (our broadcast licenses or other sanctions. If the FCC were to issue an order denying a license renewal application or revoking a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (license, we would be required to cease operating the applicable radio station only after we had exhausted all rights to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (administrative and judicial review without success.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (The FCC has engaged in vigorous enforcement of its indecency rules against the broadcast industry) Tj ET Q q 0 0 0 rg BT 461.32 516.10 Td (, which could have a ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 128.13 504.10 Td (fect on our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 487.10 Td (The FCC) Tj ET Q q 0 0 0 rg BT 113.73 487.10 Td (s rules prohibit the broadcast of obscene material at any time and indecent material between the hours of 6 a.m. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (and 10 p.m. Broadcasters risk violating the prohibition on the broadcast of indecent material because of the FCC) Tj ET Q q 0 0 0 rg BT 502.94 475.10 Td (s broad ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (definition of such material, coupled with the spontaneity of live programming.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 446.10 Td (Congress has dramatically increased the penalties for broadcasting obscene, indecent or profane programming and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (broadcasters can potentially face license revocation, renewal or qualification proceedings in the event that they broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (indecent material. In addition, the FCC) Tj ET Q q 0 0 0 rg BT 209.13 422.10 Td (s heightened focus on indecency) Tj ET Q q 0 0 0 rg BT 338.44 422.10 Td (, against the broadcast industry generally) Tj ET Q q 0 0 0 rg BT 501.63 422.10 Td (, may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (encourage third parties to oppose our license renewal applications or applications for consent to acquire broadcast stations. ) Tj ET Q q 0 0 0 rg BT 543.17 410.10 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (result of these developments, we have implemented certain measures that are designed to reduce the risk of broadcasting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (indecent material in violation of the FCC) Tj ET Q q 0 0 0 rg BT 217.19 386.10 Td (s rules. ) Tj ET Q q 0 0 0 rg BT 247.84 386.10 Td (These and other future modifications to our programming in an ef) Tj ET Q q 0 0 0 rg BT 510.91 386.10 Td (fort to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (reduce the risk of indecency violations could have an adverse ef) Tj ET Q q 0 0 0 rg BT 305.83 374.10 Td (fect on our competitive position.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (Any changes in current FCC ownership regulations may negatively impact our ability to compete or otherwise harm our ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (business operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 328.10 Td (The FCC is required to review all of its broadcast ownership rules every four years and to repeal or modify any of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (rules that are no longer necessary in the public interest. ) Tj ET Q q 0 0 0 rg BT 281.67 316.10 Td (W) Tj ET Q q 0 0 0 rg BT 290.31 316.10 Td (e cannot predict the impact of these reviews on our business or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (their ef) Tj ET Q q 0 0 0 rg BT 78.41 304.10 Td (fect on our ability to acquire broadcast stations in the future or to continue to own and freely transfer stations that we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (have already acquired.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 275.10 Td (In 2003, we acquired a controlling interest in five FM stations and one ) Tj ET Q q 0 0 0 rg BT 357.83 275.10 Td (AM station in the ) Tj ET Q q 0 0 0 rg BT 430.05 275.10 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 461.54 275.10 Td (T) Tj ET Q q 0 0 0 rg BT 466.95 275.10 Td (exas market. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.10 Td (ownership regulations released after the date of our acquisition, it appears that we would be permitted to own or control only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.10 Td (four FM stations in the ) Tj ET Q q 0 0 0 rg BT 143.61 251.10 Td (Austin market \(ownership of one ) Tj ET Q q 0 0 0 rg BT 277.75 251.10 Td (AM station would continue to be allowed\). ) Tj ET Q q 0 0 0 rg BT 451.99 251.10 Td (The new rules do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (require divestiture of existing non-conforming station combinations, but do provide that such clusters may be transferred only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (to defined small business entities or to buyers that commit to selling any excess stations to such entities within one year) Tj ET Q q 0 0 0 rg BT 527.70 227.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (Consequently) Tj ET Q q 0 0 0 rg BT 104.35 215.10 Td (, if we wish to sell our interest in the ) Tj ET Q q 0 0 0 rg BT 252.38 215.10 Td (Austin stations, we will have to either sell to an entity that meets those FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (requirements or exclude at least one FM station from the transaction.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 186.10 Td (Changes in current Federal regulations could adversely af) Tj ET Q q 0 0 0 rg BT 290.66 186.10 Td (fect our business operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 169.10 Td (Congress and the FCC have under consideration, and may in the future consider and adopt, new laws, regulations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (policies that could, directly or indirectly) Tj ET Q q 0 0 0 rg BT 209.86 157.10 Td (, af) Tj ET Q q 0 0 0 rg BT 222.45 157.10 Td (fect the profitability of our broadcast stations. In particular) Tj ET Q q 0 0 0 rg BT 456.69 157.10 Td (, Congress is considering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (a revocation of radio) Tj ET Q q 0 0 0 rg BT 135.80 145.10 Td (s exemption from paying royalties to performing artists for use of their recordings \(radio already pays a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (royalty to songwriters\). ) Tj ET Q q 0 0 0 rg BT 145.54 133.10 Td (A) Tj ET Q q 0 0 0 rg BT 152.21 133.10 Td ( requirement to pay additional royalties could have an adverse ef) Tj ET Q q 0 0 0 rg BT 410.82 133.10 Td (fect on our business operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (financial performance.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 104.10 Td (Our business strategy and our ability to operate profitably depend on the continued services of our key employees, the loss of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 92.10 Td (whom could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 210.36 92.10 Td (fect on our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 75.10 Td (Our ability to maintain our competitive position depends to a significant extent on the ef) Tj ET Q q 0 0 0 rg BT 427.07 75.10 Td (forts and abilities of our senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.10 Td (management team and certain key employees. ) Tj ET Q q 0 0 0 rg BT 236.31 63.10 Td (Although our executive of) Tj ET Q q 0 0 0 rg BT 341.38 63.10 Td (ficers are typically under employment agreements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 51.10 Td (their managerial, technical and other services would be dif) Tj ET Q q 0 0 0 rg BT 283.89 51.10 Td (ficult to replace if we lose the services of one or more of them or ) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (other key personnel. Our business could be seriously harmed if one of them decides to join a competitor or otherwise competes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (directly or indirectly against us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.10 Td (Our radio stations employ or independently contract with several on-air personalities and hosts of syndicated radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (programs with significant loyal audiences in their respective broadcast areas. ) Tj ET Q q 0 0 0 rg BT 359.99 701.10 Td (These on-air personalities are sometimes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (significantly responsible for the ranking of a station and, thus, the ability of the station to sell advertising. Recently) Tj ET Q q 0 0 0 rg BT 508.97 689.10 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (competitor hired our morning radio host in Los ) Tj ET Q q 0 0 0 rg BT 240.53 677.10 Td (Angeles to host a morning show on a station that recently changed format to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (directly compete with us. ) Tj ET Q q 0 0 0 rg BT 153.40 665.10 Td (The loss of our morning radio host in Los ) Tj ET Q q 0 0 0 rg BT 322.00 665.10 Td (Angeles and the addition of a direct format competitor will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (negatively impact our financial performance in fiscal 2016 and possibly succeeding years. Other key individuals may not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (remain with our radio stations and we may not retain their audiences.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (Impairment losses related to our intangible assets have reduced our earnings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 607.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 607.10 Td (e have reported significant net losses in our consolidated statement of operations in the past as result of recording non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (cash impairment char) Tj ET Q q 0 0 0 rg BT 135.89 595.10 Td (ges, mostly related to FCC licenses and goodwill. In fiscal 201) Tj ET Q q 0 0 0 rg BT 386.60 595.10 Td (1, fiscal 2013 and most recently in fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (2015, we incurred impairment losses of $7.0 million, $1) Tj ET Q q 0 0 0 rg BT 274.32 583.10 Td (1.4 million and $67.9 million, respectively) Tj ET Q q 0 0 0 rg BT 444.20 583.10 Td (. In fiscal 2009 during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (US economic recession, we recorded an impairment loss of $373.4 million. ) Tj ET Q q 0 0 0 rg BT 353.27 571.10 Td (As of February 28, 2015, our FCC licenses and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (goodwill comprise 67% of our total assets. If events occur or circumstances change that would reduce the fair value of the FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (licenses and goodwill below the amount reflected on the balance sheet, we may be required to recognize impairment char) Tj ET Q q 0 0 0 rg BT 535.46 547.10 Td (ges, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (which may be material, in future periods.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (Future operation of our business may require significant additional capital.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 501.10 Td (The continued development, growth and operation of our businesses may require substantial capital. In particular) Tj ET Q q 0 0 0 rg BT 526.24 501.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.10 Td (additional acquisitions may require lar) Tj ET Q q 0 0 0 rg BT 203.66 489.10 Td (ge amounts of capital. ) Tj ET Q q 0 0 0 rg BT 294.29 489.10 Td (W) Tj ET Q q 0 0 0 rg BT 302.92 489.10 Td (e intend to fund our growth, including acquisitions, if any) Tj ET Q q 0 0 0 rg BT 533.07 489.10 Td (, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.10 Td (cash generated from operations, borrowings under our Credit ) Tj ET Q q 0 0 0 rg BT 296.32 477.10 Td (Agreement, dated June 10, 2014 \(the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 500.16 477.10 Td (Agreement\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.10 Td (and proceeds from future issuances of debt and equity) Tj ET Q q 0 0 0 rg BT 265.39 465.10 Td (, both public and private. Currently) Tj ET Q q 0 0 0 rg BT 405.54 465.10 Td (, the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 474.70 465.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td (substantially limits our ability to make acquisitions. Our ability to raise additional debt or equity financing is subject to market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.10 Td (conditions, our financial condition and other factors. If we cannot obtain financing on acceptable terms when needed, our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.10 Td (results of operations and financial condition could be adversely impacted. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 411.70 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 411.70 Td (e may fail to realize any benefits and incur unanticipated losses related to any acquisition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.43 411.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 394.70 Td (The success of our strategic acquisitions will depend, in part, on our ability to successfully integrate the acquired assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.70 Td (with our existing assets. It is possible that the integration process could result in the loss of key employees, the disruption of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.70 Td (ongoing business or inconsistencies in standards, controls, procedures and policies that adversely af) Tj ET Q q 0 0 0 rg BT 448.61 370.70 Td (fect our ability to maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.70 Td (relationships with clients, customers and employees or to achieve the anticipated benefits of the acquisition. Successful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 346.70 Td (integration may also be hampered by any dif) Tj ET Q q 0 0 0 rg BT 228.37 346.70 Td (ferences between the operations and corporate culture of the two or) Tj ET Q q 0 0 0 rg BT 497.52 346.70 Td (ganizations. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.70 Td (we experience dif) Tj ET Q q 0 0 0 rg BT 120.89 334.70 Td (ficulties with the integration process, the anticipated benefits of the acquisition may not be realized fully) Tj ET Q q 0 0 0 rg BT 537.89 334.70 Td (, or at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.70 Td (all, or may take longer to realize than expected. Finally) Tj ET Q q 0 0 0 rg BT 270.10 322.70 Td (, any cost savings that are realized may be of) Tj ET Q q 0 0 0 rg BT 449.29 322.70 Td (fset by losses in revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.70 Td (from the acquired business. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 293.70 Td (Our operating results have been and may again be adversely af) Tj ET Q q 0 0 0 rg BT 309.25 293.70 Td (fected by acts of war) Tj ET Q q 0 0 0 rg BT 392.56 293.70 Td (, terrorism and natural catastrophes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 276.70 Td (Acts of war and terrorism against the United States, and the country) Tj ET Q q 0 0 0 rg BT 348.37 276.70 Td (s response to such acts, may negatively af) Tj ET Q q 0 0 0 rg BT 515.36 276.70 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.70 Td (U.S. advertising market, which could cause our advertising revenues to decline due to advertising cancellations, delays or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.70 Td (defaults in payment for advertising time, and other factors. In addition, these events may have other negative ef) Tj ET Q q 0 0 0 rg BT 495.22 252.70 Td (fects on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.70 Td (business, the nature and duration of which we cannot predict.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 223.70 Td (For example, after the September1) Tj ET Q q 0 0 0 rg BT 214.69 223.70 Td (1, 2001 terrorist attacks, we decided that the public interest would be best served by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.70 Td (the presentation of continuous commercial-free coverage of the unfolding events on our stations. ) Tj ET Q q 0 0 0 rg BT 439.14 211.70 Td (This temporary policy had a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.70 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 125.88 199.70 Td (fect on our advertising revenues and operating results for the month of September 2001. Future events like ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.70 Td (those of September1) Tj ET Q q 0 0 0 rg BT 134.33 187.70 Td (1, 2001 may cause us to adopt similar policies, which could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 479.87 187.70 Td (fect on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.70 Td (advertising revenues and operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 158.70 Td (Additionally) Tj ET Q q 0 0 0 rg BT 123.90 158.70 Td (, the attacks on the ) Tj ET Q q 0 0 0 rg BT 200.92 158.70 Td (W) Tj ET Q q 0 0 0 rg BT 209.56 158.70 Td (orld ) Tj ET Q q 0 0 0 rg BT 227.98 158.70 Td (T) Tj ET Q q 0 0 0 rg BT 233.74 158.70 Td (rade Center on September1) Tj ET Q q 0 0 0 rg BT 345.00 158.70 Td (1, 2001 resulted in the destruction of the transmitter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.70 Td (facilities that were located there. ) Tj ET Q q 0 0 0 rg BT 182.16 146.70 Td (Although we had no transmitter facilities located at the ) Tj ET Q q 0 0 0 rg BT 404.41 146.70 Td (W) Tj ET Q q 0 0 0 rg BT 413.05 146.70 Td (orld ) Tj ET Q q 0 0 0 rg BT 431.47 146.70 Td (T) Tj ET Q q 0 0 0 rg BT 437.23 146.70 Td (rade Center) Tj ET Q q 0 0 0 rg BT 483.19 146.70 Td (, broadcasters that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.70 Td (had facilities located in the destroyed buildings experienced temporary disruptions in their ability to broadcast. Since we tend to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.70 Td (locate transmission facilities for stations serving urban areas on tall buildings or other significant structures, such as the Empire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.70 Td (State Building in New ) Tj ET Q q 0 0 0 rg BT 141.29 110.70 Td (Y) Tj ET Q q 0 0 0 rg BT 147.51 110.70 Td (ork, further terrorist attacks or other disasters could cause similar disruptions in our broadcasts in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.70 Td (areas af) Tj ET Q q 0 0 0 rg BT 80.63 98.70 Td (fected. If these disruptions occur) Tj ET Q q 0 0 0 rg BT 211.01 98.70 Td (, we may not be able to locate adequate replacement facilities in a cost-ef) Tj ET Q q 0 0 0 rg BT 503.47 98.70 Td (fective or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.70 Td (timely manner or at all. Failure to remedy disruptions caused by terrorist attacks or other disasters and any resulting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.70 Td (degradation in signal coverage could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 303.87 74.70 Td (fect on our business and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 57.70 Td (Similarly) Tj ET Q q 0 0 0 rg BT 110.57 57.70 Td (, hurricanes, floods, tornadoes, earthquakes, wild fires and other natural disasters can have a material adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.70 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 45.70 Td (fect on our operations in any given market. ) Tj ET Q q 0 0 0 rg BT 232.08 45.70 Td (While we generally carry insurance covering such catastrophes, we cannot be sure ) Tj ET Q endstream endobj 39 0 obj <>] /Rotate 0 /Contents 40 0 R>> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (that the proceeds from such insurance will be suf) Tj ET Q q 0 0 0 rg BT 245.87 742.10 Td (ficient to of) Tj ET Q q 0 0 0 rg BT 292.34 742.10 Td (fset the costs of rebuilding or repairing our property or the lost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (income.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 713.10 Td (e have significant obligations relating to our current operating leases. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 696.10 Td (There are proposed changes to the accounting guidance that could require us to recognize our current operating leases on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (the balance sheet. ) Tj ET Q q 0 0 0 rg BT 122.74 684.10 Td (As of February 28, 2015, we had operating lease commitments of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.66 684.10 Td ($60.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.55 684.10 Td (. ) Tj ET Q q 0 0 0 rg BT 506.37 684.10 Td (These leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (are classified as operating leases and disclosed in Note 1) Tj ET Q q 0 0 0 rg BT 275.94 672.10 Td (1 to our accompanying consolidated financial statements. Currently) Tj ET Q q 0 0 0 rg BT 545.77 672.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (operating leases are classified as of) Tj ET Q q 0 0 0 rg BT 190.59 660.10 Td (f-balance sheet transactions and only the current year operating lease expense is accounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (for in the consolidated statements of operations as rent expense. ) Tj ET Q q 0 0 0 rg BT 307.43 648.10 Td (All of our leases, which have been classified as operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (leases, require us to make certain estimates at the inception of the lease in order to determine whether the lease is operating or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (capital. ) Tj ET Q q 0 0 0 rg BT 81.47 624.10 Td (The proposed change would require that substantially all operating leases be recognized as assets \(the right to use the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (leased property\) and liabilities \(the present value of future lease payments\). ) Tj ET Q q 0 0 0 rg BT 353.59 612.10 Td (The ef) Tj ET Q q 0 0 0 rg BT 379.23 612.10 Td (fective date has not been determined and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (may require retrospective adoption. If adopted in its present form, this would result in: \(1\) an increase in the assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (liabilities reflected on our consolidated balance sheets; and \(2\) an increase in our interest expense and depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (amortization expense and a decrease to our rent expense reflected on our consolidated statements of operations.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (Our business is dependent upon the proper functioning of our internal business processes and information systems and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (modification or interruption of such systems may disrupt our business, processes and internal controls. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 530.10 Td (The proper functioning of our internal business processes and information systems is critical to the ef) Tj ET Q q 0 0 0 rg BT 477.50 530.10 Td (ficient operation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (management of our business. If these information technology systems fail or are interrupted, our operations may be adversely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 506.10 Td (fected and operating results could be harmed. Our business processes and information systems need to be suf) Tj ET Q q 0 0 0 rg BT 493.68 506.10 Td (ficiently scalable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (to support the future growth of our business and may require modifications or upgrades that expose us to a number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (operational risks. Our information technology systems, and those of third party providers, may also be vulnerable to damage or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (disruption caused by circumstances beyond our control. ) Tj ET Q q 0 0 0 rg BT 275.32 470.10 Td (These include catastrophic events, power anomalies or outages, natural ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (disasters, computer system or network failures, viruses or malware, physical or electronic intrusions, unauthorized access and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (cyber) Tj ET Q q 0 0 0 rg BT 72.01 446.10 Td (-attacks. ) Tj ET Q q 0 0 0 rg BT 107.55 446.10 Td (Any material disruption, malfunction or similar challenges with our business processes or information systems, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (or disruptions or challenges relating to the transition to new processes, systems or providers, could have a material adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 422.10 Td (fect on our financial position, results of operations and cash flows. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (Because of our holding company structure, we depend on our subsidiaries for cash flow) Tj ET Q q 0 0 0 rg BT 411.33 405.10 Td (, and our access to this cash flow is ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (restricted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 376.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 376.10 Td (e operate as a holding company) Tj ET Q q 0 0 0 rg BT 206.83 376.10 Td (. ) Tj ET Q q 0 0 0 rg BT 211.28 376.10 Td (All of our radio stations and magazines are currently owned and operated by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (subsidiaries. Emmis Operating Company \(EOC\), our wholly-owned subsidiary) Tj ET Q q 0 0 0 rg BT 374.02 364.10 Td (, is the borrower under our credit facility) Tj ET Q q 0 0 0 rg BT 536.09 364.10 Td (. ) Tj ET Q q 0 0 0 rg BT 540.54 364.10 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (of our station and magazine operating subsidiaries and FCC license subsidiaries are subsidiaries of EOC. Further) Tj ET Q q 0 0 0 rg BT 501.17 352.10 Td (, we guarantee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (EOC) Tj ET Q q 0 0 0 rg BT 72.78 340.10 Td (s obligations under the credit facility and substantially all of EOC) Tj ET Q q 0 0 0 rg BT 338.28 340.10 Td (s assets are pledged as collateral under the credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (facility) Tj ET Q q 0 0 0 rg BT 77.67 328.10 Td (. ) Tj ET Q q 0 0 0 rg BT 82.12 328.10 Td (As a holding company) Tj ET Q q 0 0 0 rg BT 171.73 328.10 Td (, our only source of cash to pay our obligations, including corporate overhead expenses, is cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (distributed from our subsidiaries. ) Tj ET Q q 0 0 0 rg BT 185.08 316.10 Td (W) Tj ET Q q 0 0 0 rg BT 193.72 316.10 Td (e currently expect that the majority of the net earnings and cash flow of our subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (will be retained and used by them in their operations, including servicing their debt obligations. Even if our subsidiaries elect to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (make distributions to us, we cannot be assured that applicable state law and contractual restrictions, including covenants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (contained in our credit facility) Tj ET Q q 0 0 0 rg BT 170.42 280.10 Td (, would permit such dividends or distributions. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 136.76 246.10 Td ( Indebtedness:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (Our substantial indebtedness could adversely af) Tj ET Q q 0 0 0 rg BT 246.22 229.10 Td (fect our financial health.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 212.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 212.10 Td (e have a significant amount of indebtedness. ) Tj ET Q q 0 0 0 rg BT 262.03 212.10 Td (At February28, 2015, our total indebtedness was $269.6 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (consisting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 200.10 Td ($193.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.78 200.10 Td ( under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 255.82 200.10 Td (Agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.24 200.10 Td ($70.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.14 200.10 Td ( of 98.7FM nonrecourse debt and $6.2 million of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (other long-term debt. ) Tj ET Q q 0 0 0 rg BT 137.02 188.10 Td (The Company expects that proceeds from the LMA) Tj ET Q q 0 0 0 rg BT 342.79 188.10 Td ( in New ) Tj ET Q q 0 0 0 rg BT 376.58 188.10 Td (Y) Tj ET Q q 0 0 0 rg BT 382.80 188.10 Td (ork with a subsidiary of Disney will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 176.10 Td (ficient to pay all debt service related to the 98.7FM nonrecourse debt. Our shareholders) Tj ET Q q 0 0 0 rg BT 414.24 176.10 Td ( deficit was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.83 176.10 Td ($58.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.72 176.10 Td (. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (substantial indebtedness could have important consequences to investors. For example, it could:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 147.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 147.10 Td (make it more dif) Tj ET Q q 0 0 0 rg BT 151.79 147.10 Td (ficult for us to satisfy our obligations with respect to our indebtedness;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 130.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 130.10 Td (increase our vulnerability to generally adverse economic and industry conditions;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 113.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 113.10 Td (require us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 101.10 Td (reducing the availability of our cash flow to fund working capital, capital expenditures and other general corporate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 89.10 Td (purposes;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 72.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 72.10 Td (result in higher interest expense in the event of increases in interest rates because some of our debt is at variable rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 60.10 Td (of interest;) Tj ET Q endstream endobj 41 0 obj <>] /Rotate 0 /Contents 42 0 R>> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 742.10 Td (limit our flexibility in planning for) Tj ET Q q 0 0 0 rg BT 223.79 742.10 Td (, or reacting to, changes in our businesses and the industries in which we operate;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 725.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 725.10 Td (place us at a competitive disadvantage compared to some of our competitors that have less debt; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 708.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 708.10 Td (limit, along with the financial and other restrictive covenants in our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 407.19 708.10 Td (Agreement, our ability to borrow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 696.10 Td (additional funds.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 679.10 Td (If we cannot continue to comply with the financial covenants in our debt instruments, or obtain waivers or other relief from ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 667.10 Td (our lenders, we may default, which could result in loss of our sources of liquidity and acceleration of our indebtedness.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 650.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 650.10 Td (e have a substantial amount of indebtedness, and the instruments governing such indebtedness contains restrictive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.10 Td (financial covenants. Our ability to comply with the covenants in our debt instruments will depend upon our future performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 626.10 Td (and various other factors, such as business, competitive, technological, legislative and regulatory factors, some of which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 614.10 Td (beyond our control. ) Tj ET Q q 0 0 0 rg BT 130.91 614.10 Td (W) Tj ET Q q 0 0 0 rg BT 139.55 614.10 Td (e may not be able to maintain compliance with all of these covenants. In that event, we would need to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 602.10 Td (seek an amendment to our debt instruments, or would need to refinance our debt instruments. ) Tj ET Q q 0 0 0 rg BT 425.56 602.10 Td (There can be no assurance that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (we can obtain future amendments or waivers of our debt instruments, or refinance our debt instruments and, even if so, it is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (likely that such relief would only last for a specified period, potentially necessitating additional amendments, waivers or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (refinancings in the future. In the event that we do not maintain compliance with the covenants under our debt instruments, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (lenders could declare an event of default, subject to applicable notice and cure provisions, resulting in a material adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (impact on our financial position. Upon the occurrence of an event of default under our debt instruments, the lenders could elect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (to declare all amounts outstanding under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 280.23 530.10 Td (Agreement to be immediately due and payable and terminate all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (commitments to extend further credit. If we were unable to repay those amounts, the lenders could proceed against the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (collateral granted to them to secure that indebtedness. Our lenders under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 407.39 506.10 Td (Agreement have taken security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (interests in substantially all of our consolidated assets. If the lenders accelerate the repayment of borrowings, we may be forced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (to liquidate certain assets to repay all or part of our debt instruments, and we cannot be assured that suf) Tj ET Q q 0 0 0 rg BT 461.92 482.10 Td (ficient assets will remain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.10 Td (for us to continue our business operations after we have paid all of the borrowings under our debt instruments. Our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.10 Td (liquidate assets is af) Tj ET Q q 0 0 0 rg BT 130.08 458.10 Td (fected by the regulatory restrictions associated with radio stations, including FCC licensing, which may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.10 Td (make the market for these assets less liquid and increase the chances that these assets will be liquidated at a significant loss.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 429.10 Td (Our 98.7FM debt is not subject to these risks to the same degree as the debt under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 471.71 429.10 Td (Agreement, as certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (rights and payments under the 98.7FM LMA) Tj ET Q q 0 0 0 rg BT 229.15 417.10 Td ( have been assigned to the holder of the 98.7FM debt, the 98.7FM debt is generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (nonrecourse to the rest of Emmis, and the LMA) Tj ET Q q 0 0 0 rg BT 240.79 405.10 Td ( payments have been guaranteed by Disney Enterprises, Inc.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (The terms of our indebtedness and the indebtedness of our direct and indirect subsidiaries may restrict our current and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (future operations, particularly our ability to respond to changes in market conditions or to take some actions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 359.10 Td (Our debt instruments impose significant operating and financial restrictions on us. ) Tj ET Q q 0 0 0 rg BT 404.86 359.10 Td (These restrictions significantly limit or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (prohibit, among other things, our ability and the ability of our subsidiaries to incur additional indebtedness, issue preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (stock, incur liens, pay dividends, enter into asset purchase or sale transactions, mer) Tj ET Q q 0 0 0 rg BT 381.39 335.10 Td (ge or consolidate with another company) Tj ET Q q 0 0 0 rg BT 540.97 335.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.10 Td (dispose of all or substantially all of our assets or make certain other payments or investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 306.10 Td (These restrictions currently limit our ability to grow our business through acquisitions and could limit our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (respond to market conditions or meet extraordinary capital needs. ) Tj ET Q q 0 0 0 rg BT 314.73 294.10 Td (They also could restrict our corporate activities in other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (ways. ) Tj ET Q q 0 0 0 rg BT 75.37 282.10 Td (These restrictions could adversely af) Tj ET Q q 0 0 0 rg BT 221.80 282.10 Td (fect our ability to finance our future operations or capital needs.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.19 265.10 Td (o service our indebtedness and other obligations, we will require a significant amount of cash. Our ability to generate cash ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (depends on many factors beyond our control.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 236.10 Td (Our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 141.50 236.10 Td (Agreement, as amended, requires us to repay $3.2 million of our term notes in fiscal 2016 and $9/3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.10 Td (million annually thereafter in addition to periodic interest payments. Our ability to make payments on our indebtedness and to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (fund capital expenditures will depend on our ability to generate cash in the future. ) Tj ET Q q 0 0 0 rg BT 379.99 212.10 Td (This ability to generate cash, to a certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.10 Td (extent, is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.10 Td (control. Our businesses might not generate suf) Tj ET Q q 0 0 0 rg BT 235.62 188.10 Td (ficient cash flow from operations. ) Tj ET Q q 0 0 0 rg BT 373.17 188.10 Td (W) Tj ET Q q 0 0 0 rg BT 381.81 188.10 Td (e might not be able to complete future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 176.10 Td (ferings, and future borrowings might not be available to us in an amount suf) Tj ET Q q 0 0 0 rg BT 362.35 176.10 Td (ficient to enable us to pay our indebtedness or to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.10 Td (fund our other liquidity needs. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 136.76 130.10 Td ( Common Stock:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (One shareholder controls a majority of the voting power of our common stock, and his interest may conflict with those of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 101.10 Td (other shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 84.10 Td (As of May1, 2015, our Chairman of the Board of Directors, Chief Executive Of) Tj ET Q q 0 0 0 rg BT 395.13 84.10 Td (ficer and President, Jef) Tj ET Q q 0 0 0 rg BT 486.58 84.10 Td (frey H. Smulyan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (beneficially owned shares representing approximately 54.5% of the outstanding combined voting power of all classes of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (common stock, as calculated pursuant to Rule 13d-3 of the Exchange ) Tj ET Q q 0 0 0 rg BT 328.81 60.10 Td (Act. He therefore is in a position to exercise substantial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (influence over the outcome of most matters submitted to a vote of our shareholders, including the election of directors.) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (21) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (The dif) Tj ET Q q 0 0 0 rg BT 79.54 742.25 Td (ficulties associated with any attempt to gain control of our company could adversely af) Tj ET Q q 0 0 0 rg BT 435.18 742.25 Td (fect the price of our Class) Tj ET Q q 0 0 0 rg BT 543.13 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 549.25 742.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.25 Td (Jef) Tj ET Q q 0 0 0 rg BT 85.48 713.25 Td (frey H. Smulyan has substantial influence over the decision as to whether a change in control will occur for our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (company) Tj ET Q q 0 0 0 rg BT 86.01 701.25 Td (. ) Tj ET Q q 0 0 0 rg BT 90.83 701.25 Td (There are also provisions contained in our articles of incorporation, by-laws and Indiana law that could make it more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 689.25 Td (ficult for a third party to acquire control of Emmis. In addition, FCC approval for transfers of control of FCC licenses and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (assignments of FCC licenses are required. ) Tj ET Q q 0 0 0 rg BT 220.62 677.25 Td (These restrictions and limitations could adversely af) Tj ET Q q 0 0 0 rg BT 429.26 677.25 Td (fect the trading price of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (Class) Tj ET Q q 0 0 0 rg BT 73.62 665.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 665.25 Td ( common stock.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 648.25 Td (Our stock price and trading volume could be volatile. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 631.25 Td (Our Class ) Tj ET Q q 0 0 0 rg BT 114.17 631.25 Td (A) Tj ET Q q 0 0 0 rg BT 120.84 631.25 Td ( common stock is currently listed on the Nasdaq Global Select Market under the symbol EMMS. ) Tj ET Q q 0 0 0 rg BT 519.19 631.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.25 Td (market price of our Class ) Tj ET Q q 0 0 0 rg BT 153.03 619.25 Td (A) Tj ET Q q 0 0 0 rg BT 159.70 619.25 Td ( common stock and our trading volume have been subject to fluctuations since our initial public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 607.25 Td (fering in 1994. ) Tj ET Q q 0 0 0 rg BT 119.25 607.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 168.59 607.25 Td (, the market price of our Class ) Tj ET Q q 0 0 0 rg BT 291.33 607.25 Td (A) Tj ET Q q 0 0 0 rg BT 298.00 607.25 Td ( common stock could experience volatility) Tj ET Q q 0 0 0 rg BT 467.58 607.25 Td (, regardless of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.25 Td (operating performance. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 566.25 Td (ITEM1B. UNRESOL) Tj ET Q q 0 0 0 rg BT 143.27 566.25 Td (VED ST) Tj ET Q q 0 0 0 rg BT 178.37 566.25 Td (AFF) Tj ET Q q 0 0 0 rg BT 197.44 566.25 Td ( COMMENTS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 549.25 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (ITEM2. PROPER) Tj ET Q q 0 0 0 rg BT 129.93 520.25 Td (TIES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 503.25 Td (The types of properties required to support each of our radio stations include of) Tj ET Q q 0 0 0 rg BT 391.23 503.25 Td (fices, studios and transmitter/antenna ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.25 Td (sites. ) Tj ET Q q 0 0 0 rg BT 72.60 491.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.24 491.25 Td (e typically lease our studio and of) Tj ET Q q 0 0 0 rg BT 216.02 491.25 Td (fice space, although we do own some of our facilities. Most of our studio and of) Tj ET Q q 0 0 0 rg BT 536.04 491.25 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (space leases contain lease terms with expiration dates of five to fifteen years. ) Tj ET Q q 0 0 0 rg BT 359.88 479.25 Td (A) Tj ET Q q 0 0 0 rg BT 366.55 479.25 Td ( station) Tj ET Q q 0 0 0 rg BT 398.50 479.25 Td (s studios are generally housed with its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 467.25 Td (fices in downtown or business districts. ) Tj ET Q q 0 0 0 rg BT 218.23 467.25 Td (W) Tj ET Q q 0 0 0 rg BT 226.87 467.25 Td (e generally consider our facilities to be suitable and of adequate size for our current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.25 Td (and intended purposes. ) Tj ET Q q 0 0 0 rg BT 144.24 455.25 Td (W) Tj ET Q q 0 0 0 rg BT 152.88 455.25 Td (e own many of our main transmitter/antenna sites and lease the remainder of our transmitter/antenna ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (sites with lease terms that generally range from five to twenty years. ) Tj ET Q q 0 0 0 rg BT 325.56 443.25 Td (The transmitter/antenna site for each station is generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (located so as to provide maximum market coverage, consistent with the station) Tj ET Q q 0 0 0 rg BT 368.25 431.25 Td (s FCC license. In general, we do not anticipate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 419.25 Td (ficulties in renewing facility or transmitter/antenna site leases or in leasing additional space or sites if required. ) Tj ET Q q 0 0 0 rg BT 506.71 419.25 Td (W) Tj ET Q q 0 0 0 rg BT 515.35 419.25 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (approximately $60.8 million in aggregate minimumrental commitments under real estate leases. Many of these leases contain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.25 Td (escalation clauses such as defined contractual increases or cost-of-living adjustments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 378.25 Td (Our principal executive of) Tj ET Q q 0 0 0 rg BT 179.05 378.25 Td (fices are located at 40 Monument Circle, Suite 700, Indianapolis, Indiana 46204, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.25 Td (approximately 91,500 square feet of owned of) Tj ET Q q 0 0 0 rg BT 234.48 366.25 Td (fice space which is shared by our Indianapolis radio stations and our Indianapolis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (Monthly publication. ) Tj ET Q q 0 0 0 rg BT 136.76 354.25 Td (This property is subject to a mortgage under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 381.43 354.25 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 337.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 337.25 Td (e own substantially all of our other equipment, consisting principally of transmitting antennae, transmitters, studio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.25 Td (equipment and general of) Tj ET Q q 0 0 0 rg BT 151.72 325.25 Td (fice equipment. ) Tj ET Q q 0 0 0 rg BT 216.24 325.25 Td (The towers, antennae and other transmission equipment used by our stations are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.25 Td (generally in good condition, although opportunities to upgrade facilities are periodically reviewed.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 284.25 Td (ITEM3. LEGAL) Tj ET Q q 0 0 0 rg BT 123.63 284.25 Td ( PROCEEDINGS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 263.25 Td (The Company is a party to various legal proceedings arising in the ordinary course of business. In the opinion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (management of the Company) Tj ET Q q 0 0 0 rg BT 167.37 251.25 Td (, there are no legal proceedings pending against the Company likely to have a material adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 239.25 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 140.53 239.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 218.25 Td (Emmis and certain of its of) Tj ET Q q 0 0 0 rg BT 182.40 218.25 Td (ficers and directors were named as defendants in a lawsuit filed ) Tj ET Q q 0 0 0 rg BT 438.14 218.25 Td (April 16, 2012 by certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (holders of Preferred Stock \(the Lock-Up Group\) in the United States District Court for the Southern District of Indiana ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td (entitled Corre Opportunities Fund, LP) Tj ET Q q 0 0 0 rg BT 201.38 194.25 Td (, et al. v) Tj ET Q q 0 0 0 rg BT 232.66 194.25 Td (. Emmis Communications Corporation, et al. ) Tj ET Q q 0 0 0 rg BT 414.40 194.25 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 461.15 194.25 Td (fs alleged, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (things, that Emmis and the other defendants violated various provisions of the federal securities laws and breached fiduciary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.25 Td (duties in connection with Emmis) Tj ET Q q 0 0 0 rg BT 184.24 170.25 Td ( entry into total return swap agreements and voting agreements with certain holders of Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.25 Td (Preferred Stock, as well as by issuing shares of Preferred Stock to Emmis) Tj ET Q q 0 0 0 rg BT 346.69 158.25 Td ( 2012 Retention Plan and ) Tj ET Q q 0 0 0 rg BT 450.11 158.25 Td (T) Tj ET Q q 0 0 0 rg BT 455.86 158.25 Td (rust \(the T) Tj ET Q q 0 0 0 rg BT 501.61 158.25 Td (rust\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.25 Td (entering into a voting agreement with the trustee of the ) Tj ET Q q 0 0 0 rg BT 271.97 146.25 Td (T) Tj ET Q q 0 0 0 rg BT 277.73 146.25 Td (rust. ) Tj ET Q q 0 0 0 rg BT 297.55 146.25 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 344.30 146.25 Td (fs also alleged that Emmis violated certain provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.25 Td (of Indiana corporate law by directing the voting of the shares of Preferred Stock subject to the total return swap agreements \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (Swap Shares\) and the shares of Preferred Stock held by the ) Tj ET Q q 0 0 0 rg BT 297.79 122.25 Td (T) Tj ET Q q 0 0 0 rg BT 303.55 122.25 Td (rust \(the T) Tj ET Q q 0 0 0 rg BT 349.29 122.25 Td (rust Shares\) in favor of certain amendments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.25 Td (Emmis) Tj ET Q q 0 0 0 rg BT 80.92 110.25 Td ( ) Tj ET Q q 0 0 0 rg BT 82.87 110.25 Td (Articles of Incorporation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 89.25 Td (Emmis filed an answer denying the material allegations of the complaint, and filed a counterclaim seeking a declaratory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.25 Td (judgment that Emmis could legally direct the voting of the Swap Shares and the ) Tj ET Q q 0 0 0 rg BT 371.97 77.25 Td (T) Tj ET Q q 0 0 0 rg BT 377.73 77.25 Td (rust Shares in favor of the proposed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.25 Td (amendments.) Tj ET Q endstream endobj 45 0 obj <>] /Rotate 0 /Contents 46 0 R>> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 742.10 Td (August31, 2012, the U.S. District Court denied the plaintif) Tj ET Q q 0 0 0 rg BT 324.91 742.10 Td (fs' request for a preliminary injunction. Plaintif) Tj ET Q q 0 0 0 rg BT 512.87 742.10 Td (fs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (subsequently filed an amended complaint seeking monetary damages and dismissing all claims against the individual of) Tj ET Q q 0 0 0 rg BT 529.43 730.10 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (and director defendants. On February 28, 2014, the U.S. District Court issued a ruling in favor of Emmis on all counts. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (March 2014, the Plaintif) Tj ET Q q 0 0 0 rg BT 147.58 706.10 Td (fs filed with the U.S. Court of ) Tj ET Q q 0 0 0 rg BT 268.96 706.10 Td (Appeals for the Seventh Circuit an appeal of the U.S. District Court's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (decision. ) Tj ET Q q 0 0 0 rg BT 88.14 694.10 Td (The U.S. Court of ) Tj ET Q q 0 0 0 rg BT 162.03 694.10 Td (Appeals for the Seventh Circuit heard oral ar) Tj ET Q q 0 0 0 rg BT 341.51 694.10 Td (guments in this case on December 5, 2014. Emmis is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (defending this lawsuit vigorously) Tj ET Q q 0 0 0 rg BT 182.95 682.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 661.10 Td (On July 7, 2014, individuals who had been seeking to overturn the FCC) Tj ET Q q 0 0 0 rg BT 363.97 661.10 Td (s approval of the transfer of the broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (licenses for ) Tj ET Q q 0 0 0 rg BT 98.13 649.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 162.95 649.10 Td (WLIB-AM from entities associated with Inner City Broadcasting to ) Tj ET Q q 0 0 0 rg BT 436.13 649.10 Td (YMF \(the entities that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (subsequently sold the two stations to Emmis\) filed with the U.S. Court of ) Tj ET Q q 0 0 0 rg BT 345.26 637.10 Td (Appeals for the District of Columbia Circuit a Notice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.28 625.10 Td (Appeal of the FCC) Tj ET Q q 0 0 0 rg BT 138.88 625.10 Td (s approval of the transfer) Tj ET Q q 0 0 0 rg BT 238.29 625.10 Td (. Based upon the facts alleged in the case and the extensive precedent of courts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (not overturning FCC approvals of transfers of broadcast licenses except in exceedingly rare circumstances. ) Tj ET Q q 0 0 0 rg BT 479.58 613.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 529.48 613.10 Td (, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (March 2015, an individual filed a lawsuit in the Federal District Court of New ) Tj ET Q q 0 0 0 rg BT 364.83 601.10 Td (Y) Tj ET Q q 0 0 0 rg BT 371.05 601.10 Td (ork challenging the transfer of the assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 114.82 589.10 Td (WLIB-AM from Inner City to ) Tj ET Q q 0 0 0 rg BT 237.48 589.10 Td (YMF) Tj ET Q q 0 0 0 rg BT 258.35 589.10 Td (, and claimed that Emmis had exerted undue influence in securing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (FCC's consent to the transfer of the FCC licenses of ) Tj ET Q q 0 0 0 rg BT 259.93 577.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 324.75 577.10 Td (WLIB-AM from ) Tj ET Q q 0 0 0 rg BT 393.80 577.10 Td (YMF to Emmis. Emmis believes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (appeal and the claims in the lawsuit are without merit. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 544.10 Td (Certain groups and individuals have challenged an application for renewal of one of Company's FCC licenses. ) Tj ET Q q 0 0 0 rg BT 517.45 544.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (challenge is currently pending before the FCC. Emmis does not expect the challenge to result in the denial of our license ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (renewal.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (EXECUTIVE OFFICERS OF) Tj ET Q q 0 0 0 rg BT 178.54 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.85 482.10 Td (THE REGISTRANT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 465.10 Td (Listed below is certain information about the executive of) Tj ET Q q 0 0 0 rg BT 305.41 465.10 Td (ficers of Emmis or its af) Tj ET Q q 0 0 0 rg BT 402.15 465.10 Td (filiates who are not directors or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td (nominees to be directors.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 400.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 400.60 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 400.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 400.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 370.60 100.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 150.50 370.60 254.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 370.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 370.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 370.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 150.5 400.6 m 404.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 400.6 m 483.5 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 400.6 m 562.5 400.6 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 403.580078125 m 77.44140625 403.580078125 l s q 0 0 0 rg BT 53.00 404.83 Td (NAME) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 257.40 404.83 Td (POSITION) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.85 420.83 Td (AGE ) Tj ET Q q 0 0 0 rg BT 449.74 420.83 Td (A) Tj ET Q q 0 0 0 rg BT 454.93 420.83 Td (T) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.55 412.83 Td (FEBRUAR) Tj ET Q q 0 0 0 rg BT 455.94 412.83 Td (Y) Tj ET Q q 0 0 0 rg BT 461.42 412.83 Td (28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.50 404.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.15 428.83 Td (YEAR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.75 420.83 Td (FIRST) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.35 412.83 Td (ELECTED) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 404.83 Td (OFFICER) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 391.17 Td (RichardF.Cummings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 390.27 Td (PresidentRadio Programming) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.50 390.27 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 390.27 Td (1984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 376.17 Td (J. Scott Enright) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 375.27 Td (Executive Vice President, General Counsel and Secretary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.50 375.27 Td (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 375.27 Td (1998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 361.17 Td (GregoryT.Loewen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.00 360.27 Td (PresidentPublishing Division and Chief Strategy Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.50 360.27 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 360.27 Td (2007) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 339.10 Td (Set forth below is the principal occupation for the last five years of each executive of) Tj ET Q q 0 0 0 rg BT 413.97 339.10 Td (ficer of the Company or its af) Tj ET Q q 0 0 0 rg BT 532.09 339.10 Td (filiates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 327.10 Td (who is not also a director) Tj ET Q q 0 0 0 rg BT 150.26 327.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 310.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 85.67 310.10 Td (.Cummings was appointed President Radio Programming in March 2009. Mr) Tj ET Q q 0 0 0 rg BT 403.70 310.10 Td (.Cummings served as Radio Division ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (President from December 2001 to February 2009. Prior to becoming Radio Division President, Mr) Tj ET Q q 0 0 0 rg BT 443.55 298.10 Td (.Cummings was Executive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (V) Tj ET Q q 0 0 0 rg BT 56.62 286.10 Td (ice President of Programming. Mr) Tj ET Q q 0 0 0 rg BT 192.99 286.10 Td (.Cummings joined Emmis in 1981.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 269.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 85.67 269.10 Td (.Enright was appointed Executive ) Tj ET Q q 0 0 0 rg BT 225.45 269.10 Td (V) Tj ET Q q 0 0 0 rg BT 232.07 269.10 Td (ice President, General Counsel and Secretary in March 2009. Previously) Tj ET Q q 0 0 0 rg BT 521.07 269.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 257.10 Td (.Enright served as Senior ) Tj ET Q q 0 0 0 rg BT 167.02 257.10 Td (V) Tj ET Q q 0 0 0 rg BT 173.64 257.10 Td (ice President, ) Tj ET Q q 0 0 0 rg BT 229.46 257.10 Td (Associate General Counsel and Secretary of Emmis fromSeptember 2006 to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (February 2009 and as ) Tj ET Q q 0 0 0 rg BT 138.69 245.10 Td (V) Tj ET Q q 0 0 0 rg BT 145.31 245.10 Td (ice President, ) Tj ET Q q 0 0 0 rg BT 201.13 245.10 Td (Associate General Counsel and ) Tj ET Q q 0 0 0 rg BT 328.32 245.10 Td (Assistant Secretary fromthe date he joined Emmis in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td (October 1998, adding the of) Tj ET Q q 0 0 0 rg BT 162.29 233.10 Td (fice of Secretary in 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 216.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 85.67 216.10 Td (.Loewen was appointed President Publishing Division and Chief Strategy Of) Tj ET Q q 0 0 0 rg BT 402.67 216.10 Td (ficer in March 2010. Mr) Tj ET Q q 0 0 0 rg BT 499.03 216.10 Td (. Loewen has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (also served as President of Digonex since our acquisition of a controlling interest in June 2014. Previously) Tj ET Q q 0 0 0 rg BT 475.10 204.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 491.77 204.10 Td (.Loewen served ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (as Chief Strategy Of) Tj ET Q q 0 0 0 rg BT 131.74 192.10 Td (ficer from February 2007 to February 2010. Prior to joining Emmis in February 2007, Mr) Tj ET Q q 0 0 0 rg BT 489.47 192.10 Td (.Loewen served ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.65 180.10 Td (V) Tj ET Q q 0 0 0 rg BT 67.27 180.10 Td (ice President of Digital Media and Strategy for ) Tj ET Q q 0 0 0 rg BT 257.04 180.10 Td (The ) Tj ET Q q 0 0 0 rg BT 274.90 180.10 Td (T) Tj ET Q q 0 0 0 rg BT 280.31 180.10 Td (oronto Star) Tj ET Q q 0 0 0 rg BT 324.48 180.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (ITEM4. MINE SAFETY) Tj ET Q q 0 0 0 rg BT 157.97 151.10 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (Not applicable.) Tj ET Q endstream endobj 47 0 obj <>] /Rotate 0 /Contents 48 0 R>> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.85 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 293.22 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 307.31 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 313.80 742.25 Td ( II) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 704.25 Td (ITEM5. MARKET) Tj ET Q q 0 0 0 rg BT 133.99 704.25 Td ( FOR REGISTRANTS COMMON EQUITY) Tj ET Q q 0 0 0 rg BT 327.53 704.25 Td (, RELA) Tj ET Q q 0 0 0 rg BT 359.57 704.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 394.68 704.25 Td (OCKHOLDER MA) Tj ET Q q 0 0 0 rg BT 479.22 704.25 Td (TTERS ) Tj ET Q q 0 0 0 rg BT 513.96 704.25 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 692.25 Td (ISSUER PURCHASES OF) Tj ET Q q 0 0 0 rg BT 165.21 692.25 Td ( EQUITY) Tj ET Q q 0 0 0 rg BT 206.79 692.25 Td ( SECURITIES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 675.25 Td (MARKET) Tj ET Q q 0 0 0 rg BT 92.04 675.25 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 139.55 675.25 Td (TION FOR OUR COMMON ST) Tj ET Q q 0 0 0 rg BT 271.61 675.25 Td (OCK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 658.25 Td (Emmis) Tj ET Q q 0 0 0 rg BT 104.92 658.25 Td ( Class) Tj ET Q q 0 0 0 rg BT 131.04 658.25 Td (A) Tj ET Q q 0 0 0 rg BT 137.71 658.25 Td ( common stock is traded in the over) Tj ET Q q 0 0 0 rg BT 280.53 658.25 Td (-the-counter market and is quoted on the Nasdaq Global Select ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Market under the symbol EMMS. ) Tj ET Q q 0 0 0 rg BT 187.58 646.25 Td (There is no established public trading market for Emmis) Tj ET Q q 0 0 0 rg BT 415.67 646.25 Td ( Class B common stock or Class C ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 617.25 Td (The following table sets forth the high and low sales prices of the Class) Tj ET Q q 0 0 0 rg BT 361.72 617.25 Td (A) Tj ET Q q 0 0 0 rg BT 368.39 617.25 Td ( common stock for the periods indicated.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 588.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 588.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 588.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 588.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 558.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 558.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 558.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 558.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 520.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 520.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 520.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 520.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 490.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 490.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 490.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 490.75 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 588.75 m 483.5 588.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 588.75 m 562.5 588.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 593.00 Td (QUARTER ENDED) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.50 593.00 Td (HIGH) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 515.45 593.00 Td (LOW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 579.32 Td (May 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 578.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 578.42 Td (1.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 578.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 578.42 Td (1.43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 564.32 Td (August 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 563.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 563.42 Td (3.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 563.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 563.42 Td (1.58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 549.32 Td (November 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 548.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 548.42 Td (3.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 548.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 548.42 Td (2.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 534.32 Td (February 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 533.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 533.42 Td (3.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 533.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 533.42 Td (2.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 511.32 Td (May 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 510.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 510.42 Td (3.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 510.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 510.42 Td (2.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 496.32 Td (August 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 495.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 495.42 Td (3.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 495.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 495.42 Td (2.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 481.32 Td (November 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 480.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 480.42 Td (2.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 480.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 480.42 Td (1.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 466.32 Td (February 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 465.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 465.42 Td (2.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 465.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 465.42 Td (1.67) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.25 Td (HOLDERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 427.25 Td (At May1, 2015, there were 4,845 record holders of the Class) Tj ET Q q 0 0 0 rg BT 320.88 427.25 Td (A) Tj ET Q q 0 0 0 rg BT 327.55 427.25 Td ( common stock, and there was one record holder of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.25 Td (Class B common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 Td (DIVIDENDS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 381.25 Td (Emmis currently intends to retain future earnings for use in its business and has no plans to pay any dividends on shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.25 Td (of its common stock in the foreseeable future. Emmis) Tj ET Q q 0 0 0 rg BT 266.70 369.25 Td ( 2014 Credit ) Tj ET Q q 0 0 0 rg BT 318.64 369.25 Td (Agreement sets forth certain restrictions on our ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.25 Td (pay dividends. See Note 5 to the accompanying consolidated financial statements for more discussion of the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.25 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 328.25 Td (In connection with the September4, 2012 amendment to the Company) Tj ET Q q 0 0 0 rg BT 359.77 328.25 Td (s ) Tj ET Q q 0 0 0 rg BT 365.61 328.25 Td (Articles of Incorporation, all accumulated but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.25 Td (undeclared dividends on our Preferred Stock were canceled and the Preferred Stock was changed from cumulative to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.25 Td (noncumulative. ) Tj ET Q q 0 0 0 rg BT 114.25 304.25 Td (This amendment is the subject of litigation discussed under Part I, Item3, Legal Proceedings.) Tj ET Q endstream endobj 49 0 obj <>] /Rotate 0 /Contents 50 0 R>> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (SHARE REPURCHASES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.10 Td (During the three-month period ended February28, 2015, there was withholding of shares of common stock upon vesting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (of restricted stock to cover withholding tax obligations. ) Tj ET Q q 0 0 0 rg BT 273.94 713.10 Td (The following table provides information on our repurchases during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (three months ended February28, 2015:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 608.60 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 608.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 608.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 608.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 608.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 608.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 608.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 608.60 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 579.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 579.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 579.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 579.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 579.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 579.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 579.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 579.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 549.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 549.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 549.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 549.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 549.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 549.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 510.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 510.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 510.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 510.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 510.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 510.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 480.60 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 480.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 480.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 480.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 480.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 480.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 608.6 m 325.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 608.6 m 404.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 608.6 m 483.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 608.6 m 562.5 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 549.6 m 325.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 549.6 m 483.5 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 535.6 m 325.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 533.6 m 325.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 535.6 m 483.5 535.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 533.6 m 483.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 465.6 m 325.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 465.6 m 483.5 465.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 451.6 m 325.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 449.6 m 325.5 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 451.6 m 483.5 451.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 449.6 m 483.5 449.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 612.83 Td (Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.80 636.83 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 263.60 628.83 Td (T) Tj ET Q q 0 0 0 rg BT 268.20 628.83 Td (otalNumber) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.65 620.83 Td (of Shar) Tj ET Q q 0 0 0 rg BT 296.62 620.83 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 269.55 612.83 Td (Pur) Tj ET Q q 0 0 0 rg BT 282.29 612.83 Td (chased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.60 636.83 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.70 628.83 Td (A) Tj ET Q q 0 0 0 rg BT 347.88 628.83 Td (veragePrice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.75 620.83 Td (Paid Per) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.55 612.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 372.85 612.83 Td (e) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.05 668.83 Td (\(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.25 660.83 Td (T) Tj ET Q q 0 0 0 rg BT 420.85 660.83 Td (otalNumber) Tj ET Q q 0 0 0 rg BT 464.04 660.83 Td ( of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.00 652.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 450.30 652.83 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.00 644.83 Td (Pur) Tj ET Q q 0 0 0 rg BT 435.74 644.83 Td (chased as) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.60 636.83 Td (Part of Publicly) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.90 628.83 Td (Announced) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.45 620.83 Td (Plans or) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.65 612.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 436.94 612.83 Td (ograms) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.60 668.83 Td (\(d\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.70 660.83 Td (Maximum) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.90 652.83 Td (Appr) Tj ET Q q 0 0 0 rg BT 519.98 652.83 Td (oximate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.75 644.83 Td (Dollar) Tj ET Q q 0 0 0 rg BT 520.38 644.83 Td () Tj ET Q q 0 0 0 rg BT 522.23 644.83 Td (V) Tj ET Q q 0 0 0 rg BT 527.28 644.83 Td (alueof) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.05 636.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 511.35 636.83 Td (es) Tj ET Q q 0 0 0 rg BT 519.87 636.83 Td (ThatMay) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.55 628.83 Td (Y) Tj ET Q q 0 0 0 rg BT 499.44 628.83 Td (etBePur) Tj ET Q q 0 0 0 rg BT 531.28 628.83 Td (chased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.30 620.83 Td (Under) Tj ET Q q 0 0 0 rg BT 513.93 620.83 Td ( the Plans or) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.90 612.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 499.19 612.83 Td (ograms\(in000) Tj ET Q q 0 0 0 rg BT 552.22 612.83 Td (s\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 599.33 Td (ClassA Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 585.17 Td (December 1, 2014 - December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 584.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.30 584.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 584.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 584.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 584.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.70 570.17 Td (January 1, 2015 - January 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.15 569.27 Td (2,332) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 569.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 569.27 Td (1.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 569.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 569.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 569.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 555.17 Td (February 1, 2015 - February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 554.27 Td (23,548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 554.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 554.27 Td (2.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 554.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 554.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 554.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 539.27 Td (25,880) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 539.27 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 525.33 Td (Series A Non-Cumulative Convertible) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 515.33 Td (Preferred Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 501.17 Td (December 1, 2014 - December 31, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 500.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.30 500.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 500.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 500.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 500.27 Td (392,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.70 486.17 Td (January 1, 2015 - January 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.30 485.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 485.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 485.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 485.27 Td (392,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 471.17 Td (February 1, 2015 - February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 470.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.30 470.27 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 470.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 470.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 470.27 Td (392,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 455.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 455.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (PERFORMANCE GRAPH ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 72.50 410.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.11 410.10 Td (following ) Tj ET Q q 0 0 0 rg BT 130.51 410.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 185.33 410.10 Td (Graph ) Tj ET Q q 0 0 0 rg BT 214.06 410.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 236.13 410.10 Td (not ) Tj ET Q q 0 0 0 rg BT 251.52 410.10 Td (be ) Tj ET Q q 0 0 0 rg BT 263.57 410.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 296.72 410.10 Td (incorporated ) Tj ET Q q 0 0 0 rg BT 351.56 410.10 Td (by ) Tj ET Q q 0 0 0 rg BT 363.61 410.10 Td (r) Tj ET Q q 0 0 0 rg BT 367.13 410.10 Td (efer) Tj ET Q q 0 0 0 rg BT 382.30 410.10 Td (ence ) Tj ET Q q 0 0 0 rg BT 403.23 410.10 Td (by ) Tj ET Q q 0 0 0 rg BT 415.29 410.10 Td (any ) Tj ET Q q 0 0 0 rg BT 432.34 410.10 Td (general ) Tj ET Q q 0 0 0 rg BT 465.50 410.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 506.44 410.10 Td (incorporating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.75 398.10 Td (r) Tj ET Q q 0 0 0 rg BT 65.27 398.10 Td (efer) Tj ET Q q 0 0 0 rg BT 80.45 398.10 Td (ence ) Tj ET Q q 0 0 0 rg BT 101.07 398.10 Td (this ) Tj ET Q q 0 0 0 rg BT 117.83 398.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 142.37 398.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 164.68 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.99 398.10 Td (into ) Tj ET Q q 0 0 0 rg BT 184.86 398.10 Td (any ) Tj ET Q q 0 0 0 rg BT 201.61 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.70 398.10 Td (our ) Tj ET Q q 0 0 0 rg BT 227.91 398.10 Td (filings ) Tj ET Q q 0 0 0 rg BT 255.22 398.10 Td (under ) Tj ET Q q 0 0 0 rg BT 280.86 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.39 398.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 336.97 398.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 352.61 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.70 398.10 Td (1933, ) Tj ET Q q 0 0 0 rg BT 387.51 398.10 Td (as ) Tj ET Q q 0 0 0 rg BT 398.71 398.10 Td (amended, ) Tj ET Q q 0 0 0 rg BT 439.63 398.10 Td (or ) Tj ET Q q 0 0 0 rg BT 450.83 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.36 398.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 507.10 398.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 548.67 398.10 Td (Act ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.93 386.10 Td (1934, ) Tj ET Q q 0 0 0 rg BT 86.57 386.10 Td (as ) Tj ET Q q 0 0 0 rg BT 98.61 386.10 Td (amended, ) Tj ET Q q 0 0 0 rg BT 140.36 386.10 Td (except ) Tj ET Q q 0 0 0 rg BT 169.04 386.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.96 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.32 386.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 222.34 386.10 Td (that ) Tj ET Q q 0 0 0 rg BT 241.05 386.10 Td (we ) Tj ET Q q 0 0 0 rg BT 255.30 386.10 Td (specifically ) Tj ET Q q 0 0 0 rg BT 303.99 386.10 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 354.35 386.10 Td (this ) Tj ET Q q 0 0 0 rg BT 371.95 386.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 426.19 386.10 Td (graph ) Tj ET Q q 0 0 0 rg BT 453.23 386.10 Td (by ) Tj ET Q q 0 0 0 rg BT 465.82 386.10 Td (r) Tj ET Q q 0 0 0 rg BT 469.34 386.10 Td (efer) Tj ET Q q 0 0 0 rg BT 484.51 386.10 Td (ence, ) Tj ET Q q 0 0 0 rg BT 508.47 386.10 Td (and ) Tj ET Q q 0 0 0 rg BT 526.62 386.10 Td (shall ) Tj ET Q q 0 0 0 rg BT 549.22 386.10 Td (not ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 91.39 374.10 Td (be ) Tj ET Q q 0 0 0 rg BT 103.33 374.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 136.36 374.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 156.64 374.10 Td (under ) Tj ET Q q 0 0 0 rg BT 182.47 374.10 Td (such ) Tj ET Q q 0 0 0 rg BT 203.12 374.10 Td (Acts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.83 374.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 357.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.72 357.10 Td (following ) Tj ET Q q 0 0 0 rg BT 132.29 357.10 Td (line ) Tj ET Q q 0 0 0 rg BT 149.96 357.10 Td (graph ) Tj ET Q q 0 0 0 rg BT 175.41 357.10 Td (compares ) Tj ET Q q 0 0 0 rg BT 216.40 357.10 Td (the ) Tj ET Q q 0 0 0 rg BT 231.29 357.10 Td (yearly ) Tj ET Q q 0 0 0 rg BT 258.96 357.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 304.93 357.10 Td (change ) Tj ET Q q 0 0 0 rg BT 335.93 357.10 Td (in ) Tj ET Q q 0 0 0 rg BT 346.38 357.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.28 357.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 408.38 357.10 Td (total ) Tj ET Q q 0 0 0 rg BT 428.83 357.10 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 478.16 357.10 Td (return ) Tj ET Q q 0 0 0 rg BT 504.71 357.10 Td (of ) Tj ET Q q 0 0 0 rg BT 515.72 357.10 Td (our ) Tj ET Q q 0 0 0 rg BT 531.72 357.10 Td (Class) Tj ET Q q 0 0 0 rg BT 555.34 357.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.01 357.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (common ) Tj ET Q q 0 0 0 rg BT 87.56 345.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 111.23 345.10 Td (with ) Tj ET Q q 0 0 0 rg BT 131.57 345.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.35 345.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 193.34 345.10 Td (total ) Tj ET Q q 0 0 0 rg BT 213.68 345.10 Td (return ) Tj ET Q q 0 0 0 rg BT 240.12 345.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.01 345.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.79 345.10 Td (Nasdaq ) Tj ET Q q 0 0 0 rg BT 298.34 345.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 323.68 345.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 355.12 345.10 Td (Index ) Tj ET Q q 0 0 0 rg BT 380.45 345.10 Td (and ) Tj ET Q q 0 0 0 rg BT 397.45 345.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.23 345.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 459.22 345.10 Td (total ) Tj ET Q q 0 0 0 rg BT 479.56 345.10 Td (return ) Tj ET Q q 0 0 0 rg BT 506.00 345.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.89 345.10 Td (an ) Tj ET Q q 0 0 0 rg BT 528.89 345.10 Td (index ) Tj ET Q q 0 0 0 rg BT 553.67 345.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.93 333.10 Td (peer ) Tj ET Q q 0 0 0 rg BT 99.86 333.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 123.13 333.10 Td (broadcasting ) Tj ET Q q 0 0 0 rg BT 176.95 333.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 222.44 333.10 Td (with ) Tj ET Q q 0 0 0 rg BT 242.95 333.10 Td (which ) Tj ET Q q 0 0 0 rg BT 270.11 333.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.06 333.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 326.67 333.10 Td (competes ) Tj ET Q q 0 0 0 rg BT 367.16 333.10 Td (from ) Tj ET Q q 0 0 0 rg BT 389.32 333.10 Td (February28, ) Tj ET Q q 0 0 0 rg BT 443.15 333.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 468.37 333.10 Td (to ) Tj ET Q q 0 0 0 rg BT 478.88 333.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.82 333.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 518.20 333.10 Td (year ) Tj ET Q q 0 0 0 rg BT 538.14 333.10 Td (ended 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Td (Broadcast ) Tj ET Q q 0 0 0 rg BT 127.86 309.10 Td (Group, ) Tj ET Q q 0 0 0 rg BT 159.02 309.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 177.17 309.10 Td (The ) Tj ET Q q 0 0 0 rg BT 195.83 309.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 249.46 309.10 Td (graph ) Tj ET Q q 0 0 0 rg BT 275.34 309.10 Td (assumes ) Tj ET Q q 0 0 0 rg BT 311.78 309.10 Td (that ) Tj ET Q q 0 0 0 rg BT 329.88 309.10 Td (an ) Tj ET Q q 0 0 0 rg BT 342.43 309.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 389.42 309.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.86 309.10 Td ($100 ) Tj ET Q q 0 0 0 rg BT 423.97 309.10 Td (was ) Tj ET Q q 0 0 0 rg BT 442.63 309.10 Td (made ) Tj ET Q q 0 0 0 rg BT 467.40 309.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.28 309.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.61 309.10 Td (Class) Tj ET Q q 0 0 0 rg BT 517.23 309.10 Td (A) Tj ET Q q 0 0 0 rg BT 523.90 309.10 Td ( ) Tj ET Q q 0 0 0 rg BT 527.01 309.10 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 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Tj ET Q endstream endobj 51 0 obj <>] /Rotate 0 /Contents 52 0 R>> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (25) Tj ET Q /GS0 gs q 512.00 0 0 239.00 50.00 510.00 cm /I18 Do Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.00 Td ( ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 467.50 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 467.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 467.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 467.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 467.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 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437.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 437.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 437.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 437.50 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 437.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 437.50 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 467.5 m 267.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 467.5 m 326.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 467.5 m 385.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 467.5 m 444.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 467.5 m 503.5 467.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 467.5 m 562.5 467.5 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.40 472.17 Td (2/28/2010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.80 472.17 Td (2/28/2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.40 472.17 Td (2/29/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.40 472.17 Td (2/28/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.40 472.17 Td (2/28/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.40 472.17 Td (2/28/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 457.17 Td (Emmis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 457.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 457.17 Td (100.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 457.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 457.17 Td (122.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 457.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 457.17 Td (81.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 457.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 457.17 Td (178.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 457.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 457.17 Td (348.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 457.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 457.17 Td (238.89) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 442.17 Td (NASDAQ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 442.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 442.17 Td (100.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 442.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 442.17 Td (124.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 442.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 442.17 Td (132.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 442.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.15 442.17 Td (141.19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 442.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 442.17 Td (192.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 442.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 442.17 Td (221.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.17 Td (Peer Group) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 427.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 427.17 Td (100.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.00 427.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.15 427.17 Td (138.93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 427.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 427.17 Td (83.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 427.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 427.17 Td (95.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 427.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 427.17 Td (185.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.00 427.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 427.17 Td (121.18) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 377.00 Td (ITEM6. SELECTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 201.14 377.00 Td ( DA) Tj ET Q q 0 0 0 rg BT 217.34 377.00 Td (T) Tj ET Q q 0 0 0 rg BT 223.27 377.00 Td (A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 360.00 Td (The selected financial data as of and for year ended February 28, 2015 and for the four prior years are derived from our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.00 Td (audited consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 219.49 348.00 Td (The selected financial data for the years ended February 28, 2013, 2014 and 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.00 Td (and balance sheets as of February 28, 2014 and 2015 are qualified by reference to, and should be read in conjunction with, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.00 Td (corresponding audited consolidated financial statements, and the notes thereto, and Management) Tj ET Q q 0 0 0 rg BT 439.32 324.00 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 508.49 324.00 Td (Analysis of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.00 Td (Financial Condition and Results of Operations included elsewhere in this annual report. ) Tj ET Q q 0 0 0 rg BT 402.80 312.00 Td (The selected financial data for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.00 Td (years ended February 28 \(29\), 201) Tj ET Q q 0 0 0 rg BT 187.36 300.00 Td (1 and 2012 and the balance sheets as of February 28 \(29\), 201) Tj ET Q q 0 0 0 rg BT 434.98 300.00 Td (1, 2012 and 2013 are derived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 288.00 Td (from financial statements not included herein. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 271.00 Td (Our financial results are not comparable from year to year due to acquisitions and dispositions of radio stations and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.00 Td (businesses, impairments of broadcasting licenses and goodwill and other significant events including: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 242.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 242.00 Td (During the years ended February 28, 201) Tj ET Q q 0 0 0 rg BT 285.75 242.00 Td (1, 2013 and 2015, we recorded impairment losses in continuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 230.00 Td (operations of $7.0 million, $1) Tj ET Q q 0 0 0 rg BT 240.51 230.00 Td (1.4 million and $67.9 million, respectively) Tj ET Q q 0 0 0 rg BT 410.39 230.00 Td (. See the notes accompanying the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 218.00 Td (consolidated financial statements for further discussion of the contributing factors to the impairment;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 201.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 201.00 Td (On February 1) Tj ET Q q 0 0 0 rg BT 179.95 201.00 Td (1, 2014, we entered into an LMA) Tj ET Q q 0 0 0 rg BT 312.70 201.00 Td ( in connection with an agreement to purchase ) Tj ET Q q 0 0 0 rg BT 496.34 201.00 Td (WBLS-FM and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 189.00 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 200.78 189.00 Td (Y) Tj ET Q q 0 0 0 rg BT 207.00 189.00 Td (ork. ) Tj ET Q q 0 0 0 rg BT 227.65 189.00 Td (The LMA) Tj ET Q q 0 0 0 rg BT 267.37 189.00 Td ( commenced on March 1, 2014. ) Tj ET Q q 0 0 0 rg BT 399.09 189.00 Td (W) Tj ET Q q 0 0 0 rg BT 407.73 189.00 Td (e completed the acquisition in two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 177.00 Td (closings, the first of which occurred on June 10, 2014 and the second of which occurred on February 13, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 165.00 Td (2015. In connection with the first closing, we refinanced our credit agreement debt, so our total debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 153.00 Td (outstanding and interest rate both increased;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 136.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 136.00 Td (The Company historically recorded a full valuation allowance on all U.S. \(federal and state\) deferred tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 124.00 Td (assets. During the year ended February 28, 2014, principally due to improved operating results, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 112.00 Td (determined that a valuation allowance on most of its deferred tax assets was no longer appropriate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 100.00 Td (reversed the valuation allowance on all U.S. deferred tax assets \(with the exception of certain state NOL) Tj ET Q q 0 0 0 rg BT 538.69 100.00 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 88.00 Td (DT) Tj ET Q q 0 0 0 rg BT 134.53 88.00 Td (As\). Due to market conditions in fiscal 2015 that were significantly weaker than expected, particularly in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 76.00 Td (the New ) Tj ET Q q 0 0 0 rg BT 157.73 76.00 Td (Y) Tj ET Q q 0 0 0 rg BT 163.95 76.00 Td (ork radio market, coupled with significant impairment losses recorded in the year) Tj ET Q q 0 0 0 rg BT 489.00 76.00 Td (, we reinstated a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 64.00 Td (full valuation allowance on U.S. \(federal and state\) deferred tax assets as of February 28, 2015;) Tj ET Q endstream endobj 53 0 obj <>] /Rotate 0 /Contents 54 0 R>> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (26) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 742.10 Td (Throughout the five-year period ending on February 28, 2015, the Company disposed of numerous radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 730.10 Td (stations, including both of its stations in Chicago, one station in New ) Tj ET Q q 0 0 0 rg BT 399.94 730.10 Td (Y) Tj ET Q q 0 0 0 rg BT 406.16 730.10 Td (ork and one station in Los ) Tj ET Q q 0 0 0 rg BT 512.26 730.10 Td (Angeles. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 718.10 Td (The net proceeds from station sales were generally used to pay down long-term debt. ) Tj ET Q q 0 0 0 rg BT 466.71 718.10 Td (The decrease in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 706.10 Td (long-term debt balance coupled with lower rates on outstanding debt balances subsequent to our debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 694.10 Td (refinancing in December 2012 substantially decreased our interest expense until our acquisition of ) Tj ET Q q 0 0 0 rg BT 517.53 694.10 Td (WBLS-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 682.10 Td (FM and ) Tj ET Q q 0 0 0 rg BT 155.71 682.10 Td (WLIB-AM as discussed above; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.50 665.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 665.10 Td (On September 1, 201) Tj ET Q q 0 0 0 rg BT 206.61 665.10 Td (1, Emmis sold a controlling interest in ) Tj ET Q q 0 0 0 rg BT 361.97 665.10 Td (WRXP-FM \(New ) Tj ET Q q 0 0 0 rg BT 435.49 665.10 Td (Y) Tj ET Q q 0 0 0 rg BT 441.71 665.10 Td (ork\), ) Tj ET Q q 0 0 0 rg BT 463.19 665.10 Td (WLUP-FM \(Chicago\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 653.10 Td (and ) Tj ET Q q 0 0 0 rg BT 138.76 653.10 Td (WKQX-FM \(Chicago\). Emmis retained a preferred equity interest and common equity interest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 641.10 Td (company that purchased the stations. Due to its continued equity interests, the Company did not reclassify the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 629.10 Td (results of operations of these stations \(which includes a gain on sale of controlling interest of $31.9 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 617.10 Td (during the year ended February 29, 2012\) to discontinued operations, which af) Tj ET Q q 0 0 0 rg BT 435.90 617.10 Td (fects comparability amongst ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 605.10 Td (the periods presented below) Tj ET Q q 0 0 0 rg BT 233.26 605.10 Td (. During the year ended February 29, 2012, Emmis incurred approximately $2.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 593.10 Td (million of equity-method losses related to its retained investment in these stations and recorded an other) Tj ET Q q 0 0 0 rg BT 537.53 593.10 Td (-than-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.00 581.10 Td (temporary impairment loss of $13.9 million, reducing the carrying amount of the investment to zero.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 73.50 505.60 197.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 505.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 505.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 505.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 505.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 505.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 505.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 505.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 505.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 505.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.50 475.60 197.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 475.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 475.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 475.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 475.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 475.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 475.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 475.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 475.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 475.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.50 435.60 197.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 435.60 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 435.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 435.60 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 435.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 435.60 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 435.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 435.60 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 435.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 435.60 55.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.50 395.60 197.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 395.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 395.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 395.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 395.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 395.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 395.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 395.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 395.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 395.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 73.50 365.60 197.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 365.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 365.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 365.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 384.50 365.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 388.50 365.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 365.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 365.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 365.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 365.60 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 533.6 m 325.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325.5 533.6 m 329.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 533.6 m 384.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 533.6 m 388.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 533.6 m 443.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 533.6 m 447.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 533.6 m 502.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 533.6 m 506.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 533.6 m 561.5 533.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 518.6 m 325.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 518.6 m 384.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388.5 518.6 m 443.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 518.6 m 502.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 518.6 m 561.5 518.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 352.95 538.28 Td (Year ended February 28 \(29\),) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 287.75 523.28 Td (2011) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 346.50 523.28 Td (2012) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 405.50 523.28 Td (2013) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 464.50 523.28 Td (2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 523.50 523.28 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.10 509.17 Td (\(in 000's, except per share data\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 495.28 Td (Operating Data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 480.27 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 480.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 480.27 Td (216,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 480.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 480.27 Td (202,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 480.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 480.27 Td (196,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 480.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 480.27 Td (205,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 480.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 480.27 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 465.27 Td (\(Loss\) income from continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 465.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.80 465.27 Td (\(3,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 465.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 465.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 465.27 Td (35,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 465.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.80 465.32 Td (\(1,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 465.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 465.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.15 465.27 Td (48,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 465.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 465.32 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 465.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 450.27 Td (\(Loss\) income from continuing operations per) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 440.27 Td (share \(basic\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.80 440.27 Td (\(0.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 440.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 440.27 Td (2.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 440.32 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 440.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 440.27 Td (1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 440.32 Td (\(2.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 440.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 425.27 Td (\(Loss\) income from continuing operations per) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 415.27 Td (share \(diluted\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.80 415.27 Td (\(0.46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 415.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.15 415.27 Td (0.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.80 415.32 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.65 415.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.15 415.27 Td (0.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 415.32 Td (\(2.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 415.27 Td (\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 76.00 385.28 Td (Balance Sheet Data:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 370.27 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 370.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 370.27 Td (472,477) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 370.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 370.27 Td (340,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 370.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 370.27 Td (261,624) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 370.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 370.27 Td (265,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 370.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 370.27 Td (334,732) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 76.00 355.27 Td (Long-term debt, net of current portion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 355.27 Td (327,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.15 355.27 Td (229,725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.00 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 355.27 Td (131,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.00 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 355.27 Td (114,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.00 355.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 355.27 Td (254,150) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (ITEM7. MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 239.19 290.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 262.81 290.10 Td (ANAL) Tj ET Q q 0 0 0 rg BT 290.22 290.10 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 328.48 290.10 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 387.09 290.10 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 450.44 290.10 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 507.03 290.10 Td (TS OF) Tj ET Q q 0 0 0 rg BT 535.28 290.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (OPERA) Tj ET Q q 0 0 0 rg BT 84.26 278.10 Td (TIONS.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 261.10 Td (GENERAL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 244.10 Td (The following discussion pertains to Emmis Communications Corporation \(ECC\) and its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 539.94 244.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (Emmis or the Company\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 215.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 215.10 Td (e own and operate radio and publishing properties located in the United States. Our revenues are mostly af) Tj ET Q q 0 0 0 rg BT 508.44 215.10 Td (fected by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.10 Td (advertising rates our entities char) Tj ET Q q 0 0 0 rg BT 182.55 203.10 Td (ge, as advertising sales represent approximately 70% of our consolidated revenues. ) Tj ET Q q 0 0 0 rg BT 516.98 203.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (rates are in lar) Tj ET Q q 0 0 0 rg BT 106.73 191.10 Td (ge part based on our entities) Tj ET Q q 0 0 0 rg BT 221.78 191.10 Td ( ability to attract audiences/subscribers in demographic groups tar) Tj ET Q q 0 0 0 rg BT 484.85 191.10 Td (geted by their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (advertisers. ) Tj ET Q q 0 0 0 rg BT 98.13 179.10 Td (The Nielsen Company generally measures radio station ratings weekly for markets measured by the Portable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (People Meter) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 103.59 171.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.96 167.10 Td ( and two times a year for markets measured by diaries. Because audience ratings in a station) Tj ET Q q 0 0 0 rg BT 481.22 167.10 Td (s local market are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (critical to the station) Tj ET Q q 0 0 0 rg BT 134.70 155.10 Td (s financial success, our strategy is to use market research, advertising and promotion to attract and retain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (audiences in each station) Tj ET Q q 0 0 0 rg BT 152.46 143.10 Td (s chosen demographic tar) Tj ET Q q 0 0 0 rg BT 254.19 143.10 Td (get group.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 126.10 Td (Our revenues vary throughout the year) Tj ET Q q 0 0 0 rg BT 228.12 126.10 Td (. ) Tj ET Q q 0 0 0 rg BT 232.56 126.10 Td (As is typical in the broadcasting industry) Tj ET Q q 0 0 0 rg BT 395.78 126.10 Td (, our revenues and operating income are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.10 Td (usually lowest in our fourth fiscal quarter) Tj ET Q q 0 0 0 rg BT 214.96 114.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 97.10 Td (In addition to the sale of advertising time for cash, stations typically exchange advertising time for goods or services, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 85.10 Td (which can be used by the station in its business operations. ) Tj ET Q q 0 0 0 rg BT 287.56 85.10 Td (These barter transactions are recorded at the estimated fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.10 Td (the product or service received. ) Tj ET Q q 0 0 0 rg BT 178.09 73.10 Td (W) Tj ET Q q 0 0 0 rg BT 186.73 73.10 Td (e generally confine the use of such trade transactions to promotional items or services for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.10 Td (which we would otherwise have paid cash. In addition, it is our general policy not to preempt advertising spots paid for in cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (with advertising spots paid for in trade.) Tj ET Q endstream endobj 55 0 obj <>] /Rotate 0 /Contents 56 0 R>> endobj 56 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The following table summarizes the sources of our revenues for the past three years. ) Tj ET Q q 0 0 0 rg BT 413.42 742.10 Td (The category Non ) Tj ET Q q 0 0 0 rg BT 492.37 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 498.13 742.10 Td (raditional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (principally consists of ticket sales and sponsorships of events our stations and magazines conduct in their local markets. ) Tj ET Q q 0 0 0 rg BT 531.66 730.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (category Other includes, among other items, network revenues and barter) Tj ET Q q 0 0 0 rg BT 351.83 718.10 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 702.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 660.80 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 660.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 660.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 660.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 660.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 660.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 660.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 660.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 660.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 660.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 660.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 660.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 630.80 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 630.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 630.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 630.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 630.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 630.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 630.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 630.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 630.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 630.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 630.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 630.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 600.80 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 600.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 600.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 600.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 600.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 600.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 600.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 600.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 600.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 600.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 600.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 600.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 570.80 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 570.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 570.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 570.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 570.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 570.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 570.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 570.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 570.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 570.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 570.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 570.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 540.80 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 540.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 540.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 540.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 540.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 540.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 540.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 540.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 540.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 540.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 540.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 540.80 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 673.8 m 267.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 673.8 m 271.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 673.8 m 326.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 673.8 m 330.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 673.8 m 385.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 673.8 m 389.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 673.8 m 444.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 673.8 m 448.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 673.8 m 503.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 673.8 m 507.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 673.8 m 562.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 673.8 m 267.5 673.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 660.8 m 267.5 660.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 660.8 m 326.5 660.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 660.8 m 385.5 660.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 660.8 m 444.5 660.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 660.8 m 503.5 660.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 660.8 m 562.5 660.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 525.8 m 267.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 525.8 m 385.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 525.8 m 503.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 511.8 m 267.5 511.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 509.8 m 267.5 509.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 511.8 m 385.5 511.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 509.8 m 385.5 509.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 511.8 m 503.5 511.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 509.8 m 503.5 509.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 678.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.60 678.03 Td (Year ended February28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 665.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 231.50 665.03 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.45 665.03 Td (%ofTotal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.50 665.03 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.45 665.03 Td (%ofTotal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.50 665.03 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.45 665.03 Td (%ofTotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 651.37 Td (Net revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 636.37 Td (Local) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 635.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 635.47 Td (103,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 635.47 Td (52.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 635.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 635.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 635.47 Td (108,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 635.47 Td (52.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 635.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 635.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 635.47 Td (130,257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 635.47 Td (54.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 635.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 621.37 Td (National) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 620.47 Td (31,253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 620.47 Td (15.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 620.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 620.47 Td (31,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 620.47 Td (15.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 620.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 620.47 Td (35,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 620.47 Td (15.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 620.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 606.37 Td (Political) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.15 605.47 Td (2,242) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 605.47 Td (1.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 605.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.65 605.47 Td (604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 605.47 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 605.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 605.47 Td (1,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 605.47 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 605.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 591.37 Td (Publication Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.15 590.47 Td (6,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 590.47 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 590.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 590.47 Td (6,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 590.47 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 590.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 590.47 Td (6,076) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 590.47 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 590.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 576.37 Td (Non Traditional) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 575.47 Td (19,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 575.47 Td (10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 575.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 575.47 Td (20,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 575.47 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 575.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 575.47 Td (23,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 575.47 Td (10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 575.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 561.37 Td (Interactive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.15 560.47 Td (8,969) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 560.47 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 560.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 560.47 Td (11,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 560.47 Td (5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 560.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 560.47 Td (12,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 560.47 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 560.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 546.37 Td (LMA Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.15 545.47 Td (8,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 545.47 Td (4.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 545.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 545.47 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 545.47 Td (5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 545.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 545.47 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 545.47 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 545.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 531.37 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 530.47 Td (16,128) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 530.47 Td (8.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 530.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 530.47 Td (15,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 530.47 Td (7.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 530.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 530.47 Td (17,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 530.47 Td (7.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 530.47 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.37 Td (Total net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 515.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 515.47 Td (196,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 515.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 515.47 Td (205,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 515.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 515.47 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 494.30 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 494.30 Td ( significant portion of our expenses varies in connection with changes in revenue. ) Tj ET Q q 0 0 0 rg BT 409.28 494.30 Td (These variable expenses primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.30 Td (relate to costs in our sales department, such as salaries, commissions and bad debt. Our costs that do not vary as much in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.30 Td (relation to revenue are mostly in our programming and general and administrative departments, such as talent costs, syndicated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.30 Td (programming fees, utilities, of) Tj ET Q q 0 0 0 rg BT 171.18 458.30 Td (fice expenses and salaries. Lastly) Tj ET Q q 0 0 0 rg BT 303.54 458.30 Td (, our costs that are highly discretionary are costs in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.30 Td (marketing and promotions department, which we primarily incur to maintain and/or increase our audience and market share.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 420.30 Td (KNOWN ) Tj ET Q q 0 0 0 rg BT 92.32 420.30 Td (TRENDS ) Tj ET Q q 0 0 0 rg BT 134.83 420.30 Td (AND UNCER) Tj ET Q q 0 0 0 rg BT 194.20 420.30 Td (T) Tj ET Q q 0 0 0 rg BT 200.13 420.30 Td (AINTIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 403.30 Td (Although advertising revenues have stabilized following the 2008 economic recession, radio revenue growth remains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.30 Td (challenged. Management believes this is principally the result of two factors: \(1\)new media, such as various media distributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.30 Td (via the Internet, telecommunication companies and cable interconnects, as well as social networks, have gained advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.30 Td (share against radio and other traditional media and created a proliferation of advertising inventory and \(2\)the fragmentation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.30 Td (the radio audience and time spent listening caused by satellite radio and streaming radio has led some investors and advertisers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.30 Td (to conclude that the ef) Tj ET Q q 0 0 0 rg BT 138.67 343.30 Td (fectiveness of radio advertising has diminished.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 319.30 Td (The Company and the radio industry have begun several initiatives to address these issues. ) Tj ET Q q 0 0 0 rg BT 439.01 319.30 Td (The radio industry is working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.30 Td (aggressively to increase the number of smartphones and other wireless devices that contain an enabled FM tuner) Tj ET Q q 0 0 0 rg BT 499.31 307.30 Td (. Most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.30 Td (smartphones currently sold in the United States contain an FM tuner) Tj ET Q q 0 0 0 rg BT 322.73 295.30 Td (. However) Tj ET Q q 0 0 0 rg BT 366.48 295.30 Td (, most wireless carriers in the United States do ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.30 Td (not permit the FM tuner to receive the free over) Tj ET Q q 0 0 0 rg BT 240.56 283.30 Td (-the-air local radio stations it was designed to receive. Furthermore, in many ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 271.30 Td (countries outside the United States, enabled FM tuners are made available to smartphone consumers; consequently) Tj ET Q q 0 0 0 rg BT 508.39 271.30 Td (, radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.30 Td (listening increases. ) Tj ET Q q 0 0 0 rg BT 130.54 259.30 Td (Activating FM as a feature on smartphones sold in the United States has the potential to increase radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.30 Td (listening and improve perception of the radio industry while of) Tj ET Q q 0 0 0 rg BT 301.15 247.30 Td (fering network providers the benefits of a proven emer) Tj ET Q q 0 0 0 rg BT 519.78 247.30 Td (gency ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.30 Td (notification system, reduced network congestion from audio streaming services, and a host of new revenue generating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.30 Td (applications. Emmis is at the leading edge of this initiative and has developed ) Tj ET Q q 0 0 0 rg BT 363.08 223.30 Td (T) Tj ET Q q 0 0 0 rg BT 368.49 223.30 Td (agStation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 406.26 227.83 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.20 223.30 Td (, a cloud-based software platform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.30 Td (that allows a broadcaster to manage album art, meta data and enhanced advertising on its various broadcasts, and NextRadio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 547.61 215.83 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.55 211.30 Td (, a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.30 Td (smartphone application that marries over) Tj ET Q q 0 0 0 rg BT 213.63 199.30 Td (-the-air FM radio broadcasts with visual and interactive features, as an industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 187.30 Td (solution to enrich the user experience of listening to free over) Tj ET Q q 0 0 0 rg BT 295.83 187.30 Td (-the-air radio broadcasts on their enabled smartphones. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 166.30 Td (On ) Tj ET Q q 0 0 0 rg BT 86.67 166.30 Td (August 9, 2013, NextRadio LLC, a wholly-owned subsidiary of Emmis, entered into an agreement with Sprint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.30 Td (whereby Sprint agreed to pre-load the Company's NextRadio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 294.24 158.83 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.86 154.30 Td (smartphone application in a minimum of 30 million FM-enabled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.30 Td (wireless devices on the Sprint wireless network over a three-year period. In return, NextRadio LLC agreed to pay Sprint $15 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.30 Td (million per year in equal quarterly installments over the three year term and to share with Sprint certain revenue generated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.30 Td (the NextRadio application. During the years ended February 28, 2014 and 2015, Emmis' funding of NextRadio's obligation to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.30 Td (Sprint was $1.1 million and $0.5 million, respectively) Tj ET Q q 0 0 0 rg BT 264.88 106.30 Td (. ) Tj ET Q q 0 0 0 rg BT 269.70 106.30 Td (These amounts are included in station operating expenses in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.30 Td (accompanying consolidated statements of operations. Emmis has not guaranteed NextRadio LLC's performance under this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.30 Td (agreement and Sprint does not have recourse to any Emmis related entity other than NextRadio LLC. ) Tj ET Q q 0 0 0 rg BT 456.83 82.30 Td (Additionally) Tj ET Q q 0 0 0 rg BT 506.73 82.30 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.30 Td (agreement does not limit the ability of NextRadio LLC to place the NextRadio application on FM-enabled devices on other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 58.30 Td (wireless networks. ) Tj ET Q q 0 0 0 rg BT 126.75 58.30 Td (Through February 28, 2015, the NextRadio application had not generated a material amount of revenue. ) Tj ET Q q 0 0 0 rg BT 545.32 58.30 Td (The ) Tj ET Q endstream endobj 57 0 obj <>] /Rotate 0 /Contents 58 0 R>> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (radio industry continues to work with other leading United States wireless network providers, device manufacturers, regulators ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (and legislators to cause FM tuners to be enabled in all smartphones.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 709.10 Td ( Emmis granted the U.S. radio industry \(as defined in the funding agreements\) a call option on substantially all of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (assets used in the NextRadio and ) Tj ET Q q 0 0 0 rg BT 184.24 697.10 Td (T) Tj ET Q q 0 0 0 rg BT 189.65 697.10 Td (agStation businesses in the United States. ) Tj ET Q q 0 0 0 rg BT 358.06 697.10 Td (The call option may be exercised in ) Tj ET Q q 0 0 0 rg BT 502.73 697.10 Td (August 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.28 685.10 Td (August 2019 by paying Emmis a purchase price equal to the greater of \(i\) the appraised fair market value of the NextRadio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.76 673.10 Td (T) Tj ET Q q 0 0 0 rg BT 72.17 673.10 Td (agStation businesses, or \(ii\) two times Emmis' cumulative investments in the development of the businesses. If the call ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (option is exercised, the businesses will continue to be subject to the operating limitations applicable today) Tj ET Q q 0 0 0 rg BT 473.14 661.10 Td (, and no radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (operator will be permitted to own more than 30% of the NextRadio and ) Tj ET Q q 0 0 0 rg BT 338.35 649.10 Td (T) Tj ET Q q 0 0 0 rg BT 343.76 649.10 Td (agStation businesses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 628.10 Td (Along with the rest of the radio industry) Tj ET Q q 0 0 0 rg BT 234.16 628.10 Td (, the majority of our stations have deployed HD Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 451.33 632.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.27 628.10 Td (. HD Radio of) Tj ET Q q 0 0 0 rg BT 512.75 628.10 Td (fers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (listeners advantages over standard analog broadcasts, including improved sound quality and additional digital channels. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (addition to of) Tj ET Q q 0 0 0 rg BT 103.70 604.10 Td (fering secondary channels, the HD Radio spectrum allows broadcasters to transmit other forms of data. ) Tj ET Q q 0 0 0 rg BT 518.12 604.10 Td (W) Tj ET Q q 0 0 0 rg BT 526.76 604.10 Td (e are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (participating in a joint venture with other broadcasters to provide the bandwidth that a third party uses to transmit location-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (based data to hand-held and in-car navigation devices. ) Tj ET Q q 0 0 0 rg BT 269.46 580.10 Td (The number of radio receivers incorporating HD Radio has increased in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (the past year) Tj ET Q q 0 0 0 rg BT 100.13 568.10 Td (, particularly in new automobiles. It is unclear what impact HD Radio will have on the markets in which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (operate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 535.10 Td (In addition to our ef) Tj ET Q q 0 0 0 rg BT 153.80 535.10 Td (forts to increase the number of smartphones and other wireless devices that contain an enabled FM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (tuner) Tj ET Q q 0 0 0 rg BT 70.15 523.10 Td (, we are working with iBiquity Digital Corporation, the developer of HD Radio, to innovate the way people interact with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (radio in their cars. ) Tj ET Q q 0 0 0 rg BT 127.57 511.10 Td (W) Tj ET Q q 0 0 0 rg BT 136.21 511.10 Td (e are jointly working to develop an integrated automotive platform that combines the technologies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (services of HD Radio, NextRadio, and ) Tj ET Q q 0 0 0 rg BT 206.45 499.10 Td (T) Tj ET Q q 0 0 0 rg BT 211.86 499.10 Td (agStation. ) Tj ET Q q 0 0 0 rg BT 256.95 499.10 Td (W) Tj ET Q q 0 0 0 rg BT 265.59 499.10 Td (e plan to strengthen radio) Tj ET Q q 0 0 0 rg BT 370.00 499.10 Td (s position in the digital dashboard of today) Tj ET Q q 0 0 0 rg BT 543.59 499.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (vehicles by supplementing the over) Tj ET Q q 0 0 0 rg BT 191.43 487.10 Td (-the-air audio content people already know and love with synchronous album art, song and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (artist information, contesting, advertising, etc., using a data connection either through the vehicle itself or via a connected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (mobile device.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 442.10 Td (The Company has also aggressively worked to harness the power of broadband and mobile media distribution in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (development of emer) Tj ET Q q 0 0 0 rg BT 134.79 430.10 Td (ging business opportunities by becoming one of the fifteen lar) Tj ET Q q 0 0 0 rg BT 382.61 430.10 Td (gest streaming audio providers in the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (States, developing highly interactive websites with content that engages our listeners, using SMS texting and deploying mobile ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (applications, harnessing the power of digital video on our websites and ) Tj ET Q q 0 0 0 rg BT 336.23 406.10 Td (Y) Tj ET Q q 0 0 0 rg BT 342.45 406.10 Td (ouT) Tj ET Q q 0 0 0 rg BT 358.21 406.10 Td (ube channels, and delivering real-time traf) Tj ET Q q 0 0 0 rg BT 527.40 406.10 Td (fic to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (navigation devices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 373.10 Td (The results of our radio operations are heavily dependent on the results of our stations in the New ) Tj ET Q q 0 0 0 rg BT 464.80 373.10 Td (Y) Tj ET Q q 0 0 0 rg BT 471.02 373.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 520.74 373.10 Td (Angeles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 86.47 361.10 Td (These markets account for more than 50% of our radio net revenues. During the year ended February 28, 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (KPWR-FM in Los ) Tj ET Q q 0 0 0 rg BT 126.40 349.10 Td (Angeles and our New ) Tj ET Q q 0 0 0 rg BT 215.45 349.10 Td (Y) Tj ET Q q 0 0 0 rg BT 221.67 349.10 Td (ork cluster) Tj ET Q q 0 0 0 rg BT 263.75 349.10 Td (, which includes ) Tj ET Q q 0 0 0 rg BT 331.34 349.10 Td (WQHT) Tj ET Q q 0 0 0 rg BT 360.41 349.10 Td (-FM, ) Tj ET Q q 0 0 0 rg BT 383.01 349.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 447.83 349.10 Td (WLIB-AM, experienced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (revenue performance that was better than their respective markets. ) Tj ET Q q 0 0 0 rg BT 318.03 337.10 Td (While our relative performance was good, the underlying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (market trends remain weak in both the Los ) Tj ET Q q 0 0 0 rg BT 223.29 325.10 Td (Angeles and New ) Tj ET Q q 0 0 0 rg BT 296.50 325.10 Td (Y) Tj ET Q q 0 0 0 rg BT 302.72 325.10 Td (ork radio markets, which were down 2.6% and 7.0%, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 313.10 Td (, for the twelve months ended February 28, 2015, according to Miller Kaplan ) Tj ET Q q 0 0 0 rg BT 408.14 313.10 Td (Arase LLP) Tj ET Q q 0 0 0 rg BT 451.37 313.10 Td ( \("Miller Kaplan"\), an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 Td (independent public accounting firm used by the radio industry to compile revenue information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 280.10 Td (Our acquisition of ) Tj ET Q q 0 0 0 rg BT 147.58 280.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 212.40 280.10 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 291.18 280.10 Td (Y) Tj ET Q q 0 0 0 rg BT 297.40 280.10 Td (ork in fiscal 2015 enhanced our ability to adapt to competitive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (environment shifts in that market, but our single station in the Los ) Tj ET Q q 0 0 0 rg BT 316.35 268.10 Td (Angeles market has less ability to adapt. Furthermore, some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (of our competitors that operate lar) Tj ET Q q 0 0 0 rg BT 186.16 256.10 Td (ger station clusters in New ) Tj ET Q q 0 0 0 rg BT 294.93 256.10 Td (Y) Tj ET Q q 0 0 0 rg BT 301.15 256.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 350.86 256.10 Td (Angeles are able to leverage their market share to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (extract a greater percentage of available advertising revenue through packaging a variety of advertising inventory at discounted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (unit rates and may be able to realize operating ef) Tj ET Q q 0 0 0 rg BT 244.45 232.10 Td (ficiencies by programming multiple stations in these markets. In February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (2015, one of our lar) Tj ET Q q 0 0 0 rg BT 128.96 220.10 Td (ge competitors changed the format of one of its radio stations in the Los ) Tj ET Q q 0 0 0 rg BT 418.90 220.10 Td (Angeles radio market to more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (directly compete with our radio station in Los ) Tj ET Q q 0 0 0 rg BT 234.96 208.10 Td (Angeles. In addition, the new station hired our former KPWR-FM morning radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (host to be its morning radio host. ) Tj ET Q q 0 0 0 rg BT 186.76 196.10 Td (W) Tj ET Q q 0 0 0 rg BT 195.40 196.10 Td (e expect this recent development in Los ) Tj ET Q q 0 0 0 rg BT 356.18 196.10 Td (Angeles to negatively impact our financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (performance in fiscal 2016 and possibly in succeeding years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 163.10 Td (As part of our business strategy) Tj ET Q q 0 0 0 rg BT 199.72 163.10 Td (, we continually evaluate potential acquisitions of radio stations, publishing properties and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.10 Td (other businesses that we believe hold promise for long-term appreciation in value and leverage our strengths. However) Tj ET Q q 0 0 0 rg BT 524.73 151.10 Td (, Emmis' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.10 Td (2014 Credit ) Tj ET Q q 0 0 0 rg BT 99.44 139.10 Td (Agreement substantially limits our ability to make acquisitions. ) Tj ET Q q 0 0 0 rg BT 355.61 139.10 Td (W) Tj ET Q q 0 0 0 rg BT 364.25 139.10 Td (e also regularly review our portfolio of assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 127.10 Td (and may opportunistically dispose of assets when we believe it is appropriate to do so. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 99.46 103.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.41 103.10 Td (ACCOUNTING POLICIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 86.10 Td (Critical accounting policies are defined as those that encompass significant judgments and uncertainties, and potentially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.10 Td (derive materially dif) Tj ET Q q 0 0 0 rg BT 131.45 74.10 Td (ferent results under dif) Tj ET Q q 0 0 0 rg BT 222.07 74.10 Td (ferent assumptions and conditions. ) Tj ET Q q 0 0 0 rg BT 363.26 74.10 Td (W) Tj ET Q q 0 0 0 rg BT 371.89 74.10 Td (e believe that our critical accounting policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (are those described below) Tj ET Q q 0 0 0 rg BT 152.92 62.10 Td (.) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.10 Td (Broadcasting revenue is recognized as advertisements are aired. Publication revenue is recognized in the month of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (delivery of the publication. Both broadcasting revenue and publication revenue recognition is subject to meeting certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (conditions such as persuasive evidence that an arrangement exists and collection is reasonably assured. ) Tj ET Q q 0 0 0 rg BT 464.41 701.10 Td (These criteria are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (generally met at the time the advertisement is aired for broadcasting revenue and upon delivery of the publication for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (publication revenue. ) Tj ET Q q 0 0 0 rg BT 133.58 677.10 Td (Advertising revenues presented in the financial statements are reflected on a net basis, after the deduction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (of advertising agency fees, usually at a rate of 15% of gross revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 644.10 Td (Digonex provides a dynamic pricing service to onlineretailers, attractions, live event producers and other customers. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 632.10 Td (Revenue is recognized as recommended prices are delivered to customers. In some cases, this is upon initial delivery of prices, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 620.10 Td (such as for implementations, or over the period of the services agreement for fee-based pricing.Revenue pursuant to some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 608.10 Td (service agreements is not earned until tickets or merchandise are sold and, therefore, revenue is recognized as tickets are sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 596.10 Td (for the related events or as merchandise is sold.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 579.10 Td (FCC Licenses and Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 562.10 Td (e have made acquisitions in the past for which a significant amount of the purchase price was allocated to FCC licenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (and goodwill assets. ) Tj ET Q q 0 0 0 rg BT 132.77 550.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.22 550.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.82 550.10 Td (, we have recorded approximately $225.4 million in goodwill and FCC licenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (which represents approximately 67% of our total assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 521.10 Td (In the case of our radio stations, we would not be able to operate the properties without the related FCC license for each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 509.10 Td (. FCC licenses are renewed every eight years; consequently) Tj ET Q q 0 0 0 rg BT 320.55 509.10 Td (, we continually monitor our stations) Tj ET Q q 0 0 0 rg BT 470.34 509.10 Td ( compliance with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (various regulatory requirements. Historically) Tj ET Q q 0 0 0 rg BT 229.30 497.10 Td (, all of our FCC licenses have been renewed at the end of their respective periods, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (and we expect that all FCC licenses will continue to be renewed in the future. ) Tj ET Q q 0 0 0 rg BT 362.50 485.10 Td (W) Tj ET Q q 0 0 0 rg BT 371.14 485.10 Td (e consider our FCC licenses to be indefinite-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (lived intangibles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 456.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 456.10 Td (e do not amortize goodwill or other indefinite-lived intangible assets, but rather test for impairment at least annually or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (more frequently if events or circumstances indicate that an asset may be impaired. ) Tj ET Q q 0 0 0 rg BT 380.81 444.10 Td (When evaluating our radio broadcasting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (licenses for impairment, the testing is performed at the unit of accounting level as determined by ) Tj ET Q q 0 0 0 rg BT 438.50 432.10 Td (Accounting Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (Codification \(ASC\) ) Tj ET Q q 0 0 0 rg BT 139.80 420.10 Td (T) Tj ET Q q 0 0 0 rg BT 145.21 420.10 Td (opic 350-30-35. In our case, radio stations in a geographic market cluster are considered a single unit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (accounting, provided that they are not being operated under a Local Marketing ) Tj ET Q q 0 0 0 rg BT 366.83 408.10 Td (Agreement by another broadcaster) Tj ET Q q 0 0 0 rg BT 504.27 408.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 391.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 391.10 Td (e complete our annual impairment tests on December1 of each year and perform additional interim impairment testing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (whenever triggering events suggest such testing is warranted.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 362.10 Td (V) Tj ET Q q 0 0 0 rg BT 79.00 362.10 Td (aluation of Indefinite-lived Br) Tj ET Q q 0 0 0 rg BT 198.33 362.10 Td (oadcasting Licenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 345.10 Td (Fair value of our FCC licenses is estimated to be the price that would be received to sell an asset or paid to transfer a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (liability in an orderly transaction between market participants at the measurement date. ) Tj ET Q q 0 0 0 rg BT 400.52 333.10 Td (T) Tj ET Q q 0 0 0 rg BT 405.93 333.10 Td (o determine the fair value of our FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.10 Td (licenses, the Company uses an income valuation method when it performs its impairment tests. Under this method, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.10 Td (Company projects cash flows that would be generated by each of its units of accounting assuming the unit of accounting was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.10 Td (commencing operations in its respective market at the beginning of the valuation period. ) Tj ET Q q 0 0 0 rg BT 406.38 297.10 Td (This cash flow stream is discounted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.10 Td (arrive at a value for the FCC license. ) Tj ET Q q 0 0 0 rg BT 199.49 285.10 Td (The Company assumes the competitive situation that exists in each market remains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.10 Td (unchanged, with the exception that its unit of accounting commenced operations at the beginning of the valuation period. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.10 Td (doing so, the Company extracts the value of going concern and any other assets acquired, and strictly values the FCC license. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.10 Td (Major assumptions involved in this analysis include market revenue, market revenue growth rates, unit of accounting audience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.10 Td (share, unit of accounting revenue share and discount rate. Each of these assumptions may change in the future based upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.10 Td (changes in general economic conditions, audience behavior) Tj ET Q q 0 0 0 rg BT 287.56 225.10 Td (, consummated transactions, and numerous other variables that may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.10 Td (be beyond our control. ) Tj ET Q q 0 0 0 rg BT 142.85 213.10 Td (The projections incorporated into our license valuations take current economic conditions into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.10 Td (consideration.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 184.10 Td (Below are some of the key assumptions used in our annual impairment assessments. ) Tj ET Q q 0 0 0 rg BT 412.83 184.10 Td (As part of our December 1, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (annual impairment assessment, we reduced long-term growth rates in most of the markets in which we operate based on recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (industry trends and our expectations for the markets going forward. ) Tj ET Q q 0 0 0 rg BT 322.25 160.10 Td (The methodology used to value our FCC licenses has not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (changed in the three-year period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.26 148.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.86 148.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 119.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 119.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 119.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 119.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 119.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 119.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 89.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 89.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 89.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 89.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 89.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 89.60 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 119.60000000000002 m 404.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 119.60000000000002 m 483.5 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 119.60000000000002 m 562.5 119.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 123.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 123.83 Td (December1,2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 123.83 Td (December1,2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.25 123.83 Td (December1,2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 110.17 Td (Discount Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 109.27 Td (11.9%-12.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 109.27 Td (12.0%-12.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 109.27 Td (12.1%-12.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 95.17 Td (Long-term Revenue Growth Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 94.27 Td (2.3%-3.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 94.27 Td (2.3%-3.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 94.27 Td (1.5%-3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 80.17 Td (Mature Market Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 79.27 Td (3.2%-29.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 79.27 Td (3.5%-30.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 79.27 Td (3.2%-29.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 65.17 Td (Operating Profit Margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 64.27 Td (25.1%-38.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 64.27 Td (25.0%-39.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 64.27 Td (25.1%-39.2%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (In connection with the ) Tj ET Q q 0 0 0 rg BT 165.65 742.10 Td (April 2012 LMA) Tj ET Q q 0 0 0 rg BT 233.42 742.10 Td ( of 98.7FM in New ) Tj ET Q q 0 0 0 rg BT 312.50 742.10 Td (Y) Tj ET Q q 0 0 0 rg BT 318.72 742.10 Td (ork previously discussed, the Company separated its New ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Y) Tj ET Q q 0 0 0 rg BT 56.22 730.10 Td (ork stations into two separate units of accounting \(one consisting of 98.7FM and the other consisting of our remaining stations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (in New ) Tj ET Q q 0 0 0 rg BT 81.29 718.10 Td (Y) Tj ET Q q 0 0 0 rg BT 87.51 718.10 Td (ork\). ) Tj ET Q q 0 0 0 rg BT 108.99 718.10 Td (The Company performed an interim impairment test of those licenses during the quarter ended May31, 2012, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (and recorded an interim impairment char) Tj ET Q q 0 0 0 rg BT 213.36 706.10 Td (ge of $1) Tj ET Q q 0 0 0 rg BT 245.76 706.10 Td (1.0 million. ) Tj ET Q q 0 0 0 rg BT 294.10 706.10 Td (As part of the annual impairment testing as of December 1, 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (the Company recorded a further impairment char) Tj ET Q q 0 0 0 rg BT 245.85 694.10 Td (ge related to the 98.7FM FCC license of $9.5 million and also recorded $0.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (million of impairment related to our ) Tj ET Q q 0 0 0 rg BT 196.45 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 201.86 682.10 Td (erre Haute radio cluster) Tj ET Q q 0 0 0 rg BT 295.42 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 302.74 682.10 Td (These impairments were mostly related to market revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (performance during calendar 2014 that was below expectations as well as lowered expectations for future long-term revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (growth rates.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 641.10 Td (V) Tj ET Q q 0 0 0 rg BT 79.00 641.10 Td (aluation of Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 624.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 95.77 624.10 Td (T) Tj ET Q q 0 0 0 rg BT 101.18 624.10 Td (opic 350 requires the Company to test goodwill for impairment at least annually using a two-step process. ) Tj ET Q q 0 0 0 rg BT 527.02 624.10 Td (The first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (step is a screen for potential impairment, while the second step measures the amount of impairment. ) Tj ET Q q 0 0 0 rg BT 452.48 612.10 Td (The Company conducts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (the two-step impairment test on December1 of each fiscal year) Tj ET Q q 0 0 0 rg BT 302.83 600.10 Td (, unless indications of impairment exist during an interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 80.37 588.10 Td (When assessing its goodwill for impairment, the Company uses an enterprise valuation approach to determine the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (value of each of the Company) Tj ET Q q 0 0 0 rg BT 173.01 576.10 Td (s reporting units \(radio stations grouped by market, excluding any stations being operated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (pursuant to an LMA, and magazines on an individual basis\). Management determines enterprise value for each of its reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (units by multiplying the two-year average station operating income generated by each reporting unit \(current year based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (actual results and the next year based on budgeted results\) by an estimated market multiple. ) Tj ET Q q 0 0 0 rg BT 418.59 540.10 Td (The Company uses a blended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (station operating income trading multiple of publicly traded radio operators as a benchmark for the multiple it applies to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (radio reporting units. ) Tj ET Q q 0 0 0 rg BT 136.47 516.10 Td (There are no publicly traded publishing companies that are focused predominantly on city and regional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (magazines as is our publishing segment. ) Tj ET Q q 0 0 0 rg BT 213.40 504.10 Td (Therefore, the market multiple used as a benchmark for our publishing reporting units ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (is based on recently completed transactions within the city and regional magazine industry or analyst reports that include ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (valuations of magazine divisions within publicly traded media conglomerates. For the annual assessment performed as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (December1, 2014, the Company applied a market multiple of 7.5 to 8.5 times and 6.0 times the reporting unit) Tj ET Q q 0 0 0 rg BT 493.24 468.10 Td (s operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (performance for our radio and publishing reporting units, respectively) Tj ET Q q 0 0 0 rg BT 328.99 456.10 Td (. Management believes this methodology for valuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (radio and publishing properties is a common approach and believes that the multiples used in the valuation are reasonable given ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (our peer comparisons and market transactions. ) Tj ET Q q 0 0 0 rg BT 238.37 432.10 Td (T) Tj ET Q q 0 0 0 rg BT 243.78 432.10 Td (o corroborate the step-one reporting unit fair values determined using the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (market approach described above, management also uses an income approach, which is a discounted cash flow method to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (determine the fair value of the reporting unit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 391.10 Td (This enterprise valuation is compared to the carrying value of the reporting unit for the first step of the goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (impairment test. If the reporting unit exhibits impairment, the Company proceeds to the second step of the goodwill impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (test. For its step-two testing, the enterprise value is allocated among the tangible assets, indefinite-lived intangible assets \(FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (licenses valued using a direct-method valuation approach\) and unrecognized intangible assets, such as customer lists, with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (residual amount representing the implied fair value of the goodwill. ) Tj ET Q q 0 0 0 rg BT 322.80 343.10 Td (T) Tj ET Q q 0 0 0 rg BT 328.21 343.10 Td (o the extent the carrying amount of the goodwill exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (the implied fair value of the goodwill, the dif) Tj ET Q q 0 0 0 rg BT 230.05 331.10 Td (ference is recorded as an impairment char) Tj ET Q q 0 0 0 rg BT 397.00 331.10 Td (ge in the statement of operations. ) Tj ET Q q 0 0 0 rg BT 532.06 331.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (methodology used to value our goodwill has not changed in the three-year period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.79 319.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.39 319.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 302.10 Td (During our December1, 2012 annual goodwill impairment test, the Company wrote of) Tj ET Q q 0 0 0 rg BT 420.96 302.10 Td (f $0.4 million of goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (associated with our Indianapolis Monthly publication. Declining operating performance of Indianapolis Monthly resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (step-one indication of impairment for Indianapolis Monthly on both the market and income approaches. Upon completing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (step-two analysis, the Company determined that the full carrying amount of Indianapolis Monthly goodwill of $0.4 million was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (impaired. No further impairment of our goodwill was recorded as a result of our December 1, 2013 annual test.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 237.10 Td (During our December 1, 2014 annual goodwill impairment test, the Company wrote of) Tj ET Q q 0 0 0 rg BT 420.96 237.10 Td (f $58.4 million of goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.10 Td (associated with our ) Tj ET Q q 0 0 0 rg BT 129.52 225.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 194.34 225.10 Td (WLIB-AM radio stations in New ) Tj ET Q q 0 0 0 rg BT 329.22 225.10 Td (Y) Tj ET Q q 0 0 0 rg BT 335.44 225.10 Td (ork. ) Tj ET Q q 0 0 0 rg BT 356.09 225.10 Td (W) Tj ET Q q 0 0 0 rg BT 364.73 225.10 Td (e began programming these stations on March 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.10 Td (2014 pursuant to an LMA) Tj ET Q q 0 0 0 rg BT 153.33 213.10 Td ( and completed our first closing of the stations on June 10, 2014, with the second closing on February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.10 Td (13, 2015. ) Tj ET Q q 0 0 0 rg BT 92.32 201.10 Td (W) Tj ET Q q 0 0 0 rg BT 100.96 201.10 Td (e accounted for the acquisition of the stations as a purchase in June 2014. ) Tj ET Q q 0 0 0 rg BT 398.65 201.10 Td (According to Miller Kaplan, gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (revenues for the New ) Tj ET Q q 0 0 0 rg BT 137.92 189.10 Td (Y) Tj ET Q q 0 0 0 rg BT 144.15 189.10 Td (ork radio market were down 7.0% during fiscal 2015, which was significantly below our expectations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.10 Td (for the year) Tj ET Q q 0 0 0 rg BT 95.53 177.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.48 177.10 Td (Although our New ) Tj ET Q q 0 0 0 rg BT 179.60 177.10 Td (Y) Tj ET Q q 0 0 0 rg BT 185.82 177.10 Td (ork cluster outperformed the market for the year) Tj ET Q q 0 0 0 rg BT 378.39 177.10 Td (, financial performance at the newly acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td (stations did not meet the expectations of management and resulted in a step-one indication of impairment on both the market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.10 Td (and income approaches. Upon completing the step-two analysis, the Company determined that the full carrying amount of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 141.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 141.10 Td (ork cluster goodwill of $58.4 million, all of which related to our acquisition of ) Tj ET Q q 0 0 0 rg BT 393.10 141.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 457.92 141.10 Td (WLIB-AM, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td (impaired. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (Sensitivity ) Tj ET Q q 0 0 0 rg BT 93.42 112.10 Td (Analysis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 95.10 Td (Based on the results of our December1, 2014 annual impairment assessment, the fair value of our broadcasting licenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.31 83.10 Td ($304.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.20 83.10 Td (, which was in excess of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.62 83.10 Td ($210.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.51 83.10 Td ( carrying value by $94.1 million, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.20 83.10 Td (44.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.03 83.10 Td (. ) Tj ET Q q 0 0 0 rg BT 535.85 83.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (fair values exceeded the carrying values of all of our units of accounting. Should our estimates or assumptions worsen, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (should negative events or circumstances occur in the units that have limited fair value cushion, additional license impairments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.10 Td (may be needed.) 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Tf ET q 0 0 0 rg BT 53.00 726.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.20 726.73 Td (As of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.00 726.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 705.73 Td (Unit of Accounting) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.75 713.73 Td (December) Tj ET Q q 0 0 0 rg BT 283.25 713.73 Td (1,2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 252.65 705.73 Td (Carrying ) Tj ET Q q 0 0 0 rg BT 286.06 705.73 Td (V) Tj ET Q q 0 0 0 rg BT 291.10 705.73 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 713.73 Td (December) Tj ET Q q 0 0 0 rg BT 397.25 713.73 Td (1,2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.15 705.73 Td (Fair) Tj ET Q q 0 0 0 rg BT 389.67 705.73 Td ( ) Tj ET Q q 0 0 0 rg BT 391.52 705.73 Td (V) Tj ET Q q 0 0 0 rg BT 396.56 705.73 Td (alue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.55 713.73 Td (Per) Tj ET Q q 0 0 0 rg BT 476.39 713.73 Td (centagebywhichfair) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.20 705.73 Td (valueexceedscarryingvalue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 692.07 Td (New York Cluster) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 691.17 Td (71,615) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 691.17 Td (113,270) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 691.17 Td (58.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 691.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 677.07 Td (98.7FM \(New York\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 676.17 Td (51,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 676.17 Td (51,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 676.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 676.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 662.07 Td (Austin Cluster) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 661.17 Td (39,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 661.17 Td (39,480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 661.17 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 661.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.07 Td (St. Louis Cluster) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 646.17 Td (27,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 646.17 Td (27,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 646.17 Td (0.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 646.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.07 Td (Indianapolis Cluster) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 631.17 Td (17,654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 631.17 Td (19,770) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 631.17 Td (12.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 631.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 617.07 Td (KPWR-FM \(Los Angeles\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 616.17 Td (2,018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 616.17 Td (52,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 616.17 Td (2,477.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 616.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.07 Td (Terre Haute Cluster) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.65 601.17 Td (761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 601.17 Td (761) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 601.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 601.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 587.07 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 586.17 Td (210,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 586.17 Td (304,162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 586.17 Td (44.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 586.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 565.00 Td (If we were to assume a 100 basis point change in any of our three key assumptions \(a reduction in the long-term revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.00 Td (growth rate, a reduction in local commercial share or an increase in the discount rate\) used to determine the fair value of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.00 Td (broadcasting licenses on December1, 2014, the resulting impairment char) Tj ET Q q 0 0 0 rg BT 346.67 541.00 Td (ge would have been $41.0 million, $28.0 million and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.00 Td ($24.9 million, respectively) Tj ET Q q 0 0 0 rg BT 156.55 529.00 Td (. ) Tj ET Q q 0 0 0 rg BT 161.00 529.00 Td (Also, if we were to assume a market multiple decrease of one or a 10% decrease in the two-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.00 Td (average station operating income, two of the key assumptions used to determine the fair value of our goodwill on December1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.00 Td (2014, the resulting estimates of enterprise valuations would still exceed the carrying values of the enterprises. ) Tj ET Q q 0 0 0 rg BT 490.43 505.00 Td (As such, step two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.00 Td (of the goodwill impairment testing would not be required, thus no goodwill impairment would be recognized if these two key ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.00 Td (assumptions were lowered.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 464.00 Td (Deferr) Tj ET Q q 0 0 0 rg BT 100.29 464.00 Td (ed T) Tj ET Q q 0 0 0 rg BT 116.87 464.00 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 447.00 Td (The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.00 Td (tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company) Tj ET Q q 0 0 0 rg BT 520.94 435.00 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 423.00 Td (financial statements or income tax returns. Income taxes are recognized during the year in which the underlying transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.00 Td (are reflected in the consolidated statements of operations. Deferred taxes are provided for temporary dif) Tj ET Q q 0 0 0 rg BT 464.92 411.00 Td (ferences between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.00 Td (amounts of assets and liabilities as recorded for financial reporting purposes and amounts recorded for income tax purposes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.00 Td (After determining the total amount of deferred tax assets, the Company determines whether it is more likely than not that some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.00 Td (portion of the deferred tax assets will not be realized. If the Company determines that a deferred tax asset is not likely to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.00 Td (realized, a valuation allowance will be established against that asset to record it at its expected realizable value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 346.00 Td (Insurance Claims and Loss Reserves) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 329.00 Td (The Company is self-insured for most healthcare claims, subject to stop-loss limits. Claims incurred but not reported are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 317.00 Td (recorded based on historical experience and industry trends, and accruals are adjusted when warranted by changes in facts and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.00 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 111.46 305.00 Td (The Company had $0.6 million and $0.8 million accrued for employee healthcare claims as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.51 305.00 Td (February28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 293.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 293.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 293.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 162.10 293.00 Td (. ) Tj ET Q q 0 0 0 rg BT 166.92 293.00 Td (The Company also maintains lar) Tj ET Q q 0 0 0 rg BT 296.71 293.00 Td (ge deductible programs \(ranging from $100 thousand to $250 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.00 Td (thousand per occurrence\) for workers) Tj ET Q q 0 0 0 rg BT 202.52 281.00 Td ( compensation, employment liability) Tj ET Q q 0 0 0 rg BT 348.51 281.00 Td (, automotive liability and media liability claims.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 255.00 Td (ACQUISITIONS, DISPOSITIONS ) Tj ET Q q 0 0 0 rg BT 202.00 255.00 Td (AND INVESTMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 238.00 Td (The transactions described below impact the comparability of operating results for the three years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.57 238.00 Td (February28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 226.00 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 205.00 Td (Acquisition of a contr) Tj ET Q q 0 0 0 rg BT 136.57 205.00 Td (olling inter) Tj ET Q q 0 0 0 rg BT 180.92 205.00 Td (est in Digonex T) Tj ET Q q 0 0 0 rg BT 245.83 205.00 Td (echnologies, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 184.00 Td (On June 16, 2014, Emmis invested $3.0 million in Digonex ) Tj ET Q q 0 0 0 rg BT 313.14 184.00 Td (T) Tj ET Q q 0 0 0 rg BT 318.55 184.00 Td (echnologies, Inc., an Indiana corporation that provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.00 Td (dynamic pricing solutions to customers in various industries. Emmis believes that its acquisition of Digonex gives it entry into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.00 Td (the growing dynamic pricing marketplace which can serve a diverse clientle, and can possibly help Emmis with yields on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.00 Td (own advertising inventory and special events. Emmis) Tj ET Q q 0 0 0 rg BT 266.15 148.00 Td ( initial investment of $3.0 million \($1.0 million in Digonex Preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.00 Td (Stock and $2.0 million in the form of convertible debt\) resulted in Emmis appointing a majority of the board of directors of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.00 Td (Digonex and holding rights convertible into 51% of the fully diluted common equity of Digonex. In ) Tj ET Q q 0 0 0 rg BT 451.32 124.00 Td (August 2014, subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.00 Td (to the consolidation of Digonex, Emmis contributed an additional $2.0 million to Digonex in the form of convertible debt, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.00 Td (which resulted in Emmis owning rights that are convertible into at least 66% of the common equity of Digonex. On ) Tj ET Q q 0 0 0 rg BT 516.57 100.00 Td (April 21, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.00 Td (2015, Emmis contributed an additional $1.0 million to Digonex in the form of convertible debt which resulted in Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.00 Td (owning rights that are convertible into at least 73% of the common equity of Digonex. ) Tj ET Q q 0 0 0 rg BT 397.14 76.00 Td (As Emmis controlled the board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.00 Td (directors of Digonex as of its initial investment on June 16, 2014, Emmis began consolidating the results of Digonex as of that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.00 Td (date. ) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (32) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Acquisition of WBLS-FM and WLIB-AM in New Y) Tj ET Q q 0 0 0 rg BT 249.90 742.10 Td (ork City) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 725.10 Td (On February 1) Tj ET Q q 0 0 0 rg BT 130.45 725.10 Td (1, 2014, subsidiaries of Emmis entered into a Purchase and Sale ) Tj ET Q q 0 0 0 rg BT 388.45 725.10 Td (Agreement with ) Tj ET Q q 0 0 0 rg BT 455.28 725.10 Td (YMF) Tj ET Q q 0 0 0 rg BT 476.16 725.10 Td (, pursuant to which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (Emmis agreed to purchase the assets of New ) Tj ET Q q 0 0 0 rg BT 230.68 713.10 Td (Y) Tj ET Q q 0 0 0 rg BT 236.90 713.10 Td (ork radio stations ) Tj ET Q q 0 0 0 rg BT 308.66 713.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 373.48 713.10 Td (WLIB-AM \(collectively) Tj ET Q q 0 0 0 rg BT 470.29 713.10 Td (, the "Stations"\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td ($131.0 million, subject to customary adjustments and prorations. ) Tj ET Q q 0 0 0 rg BT 311.73 701.10 Td (The purchase of the Stations enhanced the Company's scale in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 689.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 689.10 Td (ork, the second lar) Tj ET Q q 0 0 0 rg BT 150.91 689.10 Td (gest market in the United States as measured by total radio revenues. ) Tj ET Q q 0 0 0 rg BT 428.33 689.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 478.24 689.10 Td (, the Stations' adult ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (urban and urban gospel formats complement the hip-hop format of our existing station in New ) Tj ET Q q 0 0 0 rg BT 429.82 677.10 Td (Y) Tj ET Q q 0 0 0 rg BT 436.04 677.10 Td (ork. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 660.10 Td (Upon approval of the transaction by the Federal Communications Commission, Emmis and ) Tj ET Q q 0 0 0 rg BT 440.13 660.10 Td (YMF executed the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (closing of the transaction on June 10, 2014, whereby ) Tj ET Q q 0 0 0 rg BT 263.19 648.10 Td (YMF transferred the assets of the Stations to Emmis and Emmis paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (YMF $55.0 million of cash and transferred to ) Tj ET Q q 0 0 0 rg BT 234.32 636.10 Td (YMF Media New ) Tj ET Q q 0 0 0 rg BT 307.55 636.10 Td (Y) Tj ET Q q 0 0 0 rg BT 313.77 636.10 Td (ork a 49.9% ownership interest in the Emmis subsidiaries that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (own the Stations' assets. ) Tj ET Q q 0 0 0 rg BT 149.12 624.10 Td (The second closing occurred on February 13, 2015 and involved the payment of the balance of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (purchase price of $76.0 million to ) Tj ET Q q 0 0 0 rg BT 187.65 612.10 Td (YMF in exchange for the transfer to Emmis of ) Tj ET Q q 0 0 0 rg BT 375.84 612.10 Td (YMF Media New ) Tj ET Q q 0 0 0 rg BT 449.08 612.10 Td (Y) Tj ET Q q 0 0 0 rg BT 455.30 612.10 Td (ork's interest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (Emmis subsidiaries that own the Stations' assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 583.10 Td (On February 1) Tj ET Q q 0 0 0 rg BT 130.45 583.10 Td (1, 2014, Emmis and ) Tj ET Q q 0 0 0 rg BT 212.85 583.10 Td (YMF entered into an LMA) Tj ET Q q 0 0 0 rg BT 320.62 583.10 Td ( for the Stations. On March 1, 2014, Emmis began ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (providing programming and selling advertising for the Stations. Under the terms of the LMA, Emmis paid $1.275 million per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (month 75 days in arrears to ) Tj ET Q q 0 0 0 rg BT 161.27 559.10 Td (YMF for the right to program the station and sell advertising. ) Tj ET Q q 0 0 0 rg BT 408.82 559.10 Td (The monthly LMA) Tj ET Q q 0 0 0 rg BT 484.38 559.10 Td ( fee decreased to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (approximately $0.74 million after the first closing of the purchase of the Stations on June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 449.18 547.10 Td (The ongoing, reduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (monthly LMA) Tj ET Q q 0 0 0 rg BT 107.50 535.10 Td ( fees were recognized as additional purchase price of the Stations on June 10, 2014. Prior to the first closing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (the purchase, LMA) Tj ET Q q 0 0 0 rg BT 126.92 523.10 Td ( fees were recognized as operating expenses. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (Sale of Slovakia radio operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 489.10 Td (On February25, 2013, Emmis completed the sale of its Slovakian radio network to Bauer ) Tj ET Q q 0 0 0 rg BT 434.76 489.10 Td (Ausland 1 GMBH for $21.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.10 Td (million in cash. Emmis believed the sale of its international radio properties would better enable the Company to focus its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 465.10 Td (forts on its domestic radio stations. ) Tj ET Q q 0 0 0 rg BT 199.89 465.10 Td (The sale of our Bulgarian radio network on January3, 2013 created a one-time tax benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.10 Td (that we could use if we sold the Slovakian network on or before February28, 2013. In connection with the sale, Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.10 Td (recorded a gain on sale of assets of approximately $14.8 million, which is included in income from discontinued operations in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.10 Td (the accompanying consolidated statements of operations. Emmis paid approximately $1.7 million to settle working capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.10 Td (adjustments and other transaction related costs during the first quarter of fiscal 2014.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 Td (Sale of Bulgarian radio operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 383.10 Td (On January3, 2013, Emmis completed the sale of its Bulgarian radio network to Reflex Media EEOD for $1.7 million in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (cash. Emmis believed the sale of its international radio properties would better enable the Company to focus its ef) Tj ET Q q 0 0 0 rg BT 505.52 371.10 Td (forts on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (domestic radio stations. In connection with the sale, Emmis recorded a loss on sale of assets of approximately $1.3 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (which is included in income from discontinued operations in the accompanying consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 525.82 347.10 Td (The loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (on disposal primarily resulted from the reclassification of accumulated currency translation adjustments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 318.10 Td (Sale of Emmis Interactive Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 301.10 Td (On October31, 2012, Emmis completed the sale of Emmis Interactive Inc., a subsidiary of Emmis that provided a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.10 Td (content management system, data analytic tools and related services, to Marketron Broadcast Solutions, LLC \(Marketron\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (no net proceeds. ) Tj ET Q q 0 0 0 rg BT 117.57 277.10 Td (The sale of Emmis Interactive Inc. allowed Emmis to mitigate expected future operating losses and focus its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 265.10 Td (forts on its domestic radio operations and other promising technology initiatives. Marketron had assumed operating control of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.10 Td (Emmis Interactive, Inc., on October4, 2012. In connection with the sale, Emmis recorded a loss on sale of assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (approximately $0.7 million, which is primarily related to severance for former employees and is included in income from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (discontinued operations in the accompanying consolidated statements of operations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 212.10 Td (Sale of Sampler Publications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 195.10 Td (On October1, 2012, Emmis completed the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 277.01 195.10 Td (Country Sampler) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.62 195.10 Td ( magazine, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.43 195.10 Td (Smart Retailer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.03 195.10 Td ( magazine, and related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.10 Td (publications \(altogether the Sampler Publications\) and certain real estate used in their operations to subsidiaries of DRG ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.10 Td (Holdings, LLC. Emmis believed the sale of the Sampler Publications, which were niche crafting publications, would enable it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.10 Td (to more clearly focus on its core city and regional publications. Emmis received gross proceeds from the sale of $8.7 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.10 Td (incurred approximately $0.2 million in transaction expenses and tax obligations, and used the remaining $8.5 million to repay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 135.10 Td (term loans under the Company) Tj ET Q q 0 0 0 rg BT 176.08 135.10 Td (s 2006 Credit ) Tj ET Q q 0 0 0 rg BT 231.92 135.10 Td (Agreement. In connection with the sale, Emmis recorded a gain on sale of assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.10 Td (of approximately $0.7 million, which is included in income from discontinued operations in the accompanying consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.10 Td (statements of operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 94.10 Td (Sale of KXOS-FM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 77.10 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 77.10 Td (August23, 2012, Emmis completed the sale of KXOS-FM in Los ) Tj ET Q q 0 0 0 rg BT 352.88 77.10 Td (Angeles for $85.5 million in cash. In connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (with the sale, Emmis recorded a gain on sale of assets of approximately $32.8 million, which is included in income from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.10 Td (discontinued operations in the accompanying consolidated statements of operations. KXOS-FM had previously been operating ) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (pursuant to a local programming and marketing agreement, which is discussed in more detail in Note 1 to the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (RESUL) Tj ET Q q 0 0 0 rg BT 82.43 684.10 Td (TS OF) Tj ET Q q 0 0 0 rg BT 110.67 684.10 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 147.43 684.10 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (YEAR ENDED FEBRUAR) Tj ET Q q 0 0 0 rg BT 165.82 660.10 Td (Y) Tj ET Q q 0 0 0 rg BT 172.67 660.10 Td ( 28, 2014 COMP) Tj ET Q q 0 0 0 rg BT 242.48 660.10 Td (ARED ) Tj ET Q q 0 0 0 rg BT 273.13 660.10 Td (T) Tj ET Q q 0 0 0 rg BT 279.62 660.10 Td (O ) Tj ET Q q 0 0 0 rg BT 289.53 660.10 Td (YEAR ENDED FEBRUAR) Tj ET Q q 0 0 0 rg BT 405.85 660.10 Td (Y) Tj ET Q q 0 0 0 rg BT 412.70 660.10 Td ( 28, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 639.10 Td (Net r) Tj ET Q q 0 0 0 rg BT 71.25 639.10 Td (evenues:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 580.60 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.00 580.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 580.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 580.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 580.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 580.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 580.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 580.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 550.60 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.00 550.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 550.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 550.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 550.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 550.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 550.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 550.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 520.60 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.00 520.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 520.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 520.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 520.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 520.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 520.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 520.60 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 606.6 m 340 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 606.6 m 344 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 606.6 m 414 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 606.6 m 340 606.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 593.6 m 340 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 593.6 m 414 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 593.6 m 488 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 593.6 m 562 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 520.6 m 340 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 520.6 m 414 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 520.6 m 488 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 506.6 m 340 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 504.6 m 340 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 506.6 m 414 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 504.6 m 414 504.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 506.6 m 488 506.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 504.6 m 488 504.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 610.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.45 610.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.50 610.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.50 610.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 597.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.50 597.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.50 597.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.35 597.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.35 597.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 584.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.20 584.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.50 584.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 571.17 Td (Net revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 556.17 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.50 555.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 555.27 Td (145,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.50 555.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 555.27 Td (176,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 555.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 555.27 Td (30,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 555.27 Td (21.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 555.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 541.17 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 540.27 Td (59,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 540.27 Td (61,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 540.27 Td (1,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 540.27 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 540.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 526.17 Td (Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 525.27 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.15 525.27 Td (546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 525.27 Td (423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 525.27 Td (343.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 525.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 511.17 Td (Total net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.50 510.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 510.27 Td (205,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.50 510.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 510.27 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 510.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 510.27 Td (32,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 510.27 Td (16.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 510.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 485.10 Td (Radio net revenues increased during the year ended February 28, 2015 mostly due to the commencement of our LMA) Tj ET Q q 0 0 0 rg BT 544.20 485.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 114.32 473.10 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 193.10 473.10 Td (Y) Tj ET Q q 0 0 0 rg BT 199.32 473.10 Td (ork on March 1, 2014 and subsequent acquisition of those stations in fiscal 2015. Net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (revenues of ) Tj ET Q q 0 0 0 rg BT 98.19 461.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 163.01 461.10 Td (WLIB-AM for the year ended February 28, 2015 totaled $28.1 million. Excluding net revenues of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 114.32 449.10 Td (WLIB-AM, radio net revenues would have increased $2.9 million or 2.0%. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 428.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 428.10 Td (e typically monitor the performance of our stations against the aggregate performance of the markets in which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (operate based on reports for the periods prepared by Miller Kaplan. Miller Kaplan reports are generally prepared on a gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (revenues basis and exclude revenues from barter arrangements. Miller Kaplan reports are not available for the ) Tj ET Q q 0 0 0 rg BT 494.13 404.10 Td (T) Tj ET Q q 0 0 0 rg BT 499.54 404.10 Td (erre Haute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (radio market. ) Tj ET Q q 0 0 0 rg BT 104.76 392.10 Td (A) Tj ET Q q 0 0 0 rg BT 111.43 392.10 Td ( summary of market revenue performance and Emmis) Tj ET Q q 0 0 0 rg BT 329.77 392.10 Td ( revenue performance in those markets for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (February28, 2015 is presented below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 324.60 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 324.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 324.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 324.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 296.60 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 296.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 296.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 296.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 268.60 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 268.60 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 268.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 268.60 100.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 348.6 m 454 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 348.6 m 458 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 348.6 m 558 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 324.6 m 454 324.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 324.6 m 558 324.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 352.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.05 352.68 Td (FortheyearendedFebruary28,2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 340.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.70 340.68 Td (Overall Market) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.50 340.68 Td (Emmis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 328.68 Td (Market) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.60 328.68 Td (RevenuePerformance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.00 328.68 Td (RevenuePerformance ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 545.75 333.21 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 315.17 Td (New York) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.95 315.17 Td (\(7.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 315.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 315.17 Td (\(5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 315.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 301.17 Td (Los Angeles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.95 301.17 Td (\(2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 301.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 301.17 Td (7.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 301.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 287.17 Td (St. Louis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.95 287.17 Td (\(2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 287.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 287.17 Td (\(1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 287.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 273.17 Td (Indianapolis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.95 273.17 Td (\(2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 273.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 273.17 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 273.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 259.17 Td (Austin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.30 259.17 Td (5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 259.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 259.17 Td (8.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 259.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 245.17 Td (All Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.95 245.17 Td (\(3.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 245.17 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 245.17 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 245.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 49.50 226.13 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.10 222.50 Td ( Emmis revenue performance in New ) Tj ET Q q 0 0 0 rg BT 173.53 222.50 Td (Y) Tj ET Q q 0 0 0 rg BT 178.51 222.50 Td (ork excludes the results of ) Tj ET Q q 0 0 0 rg BT 264.34 222.50 Td (WEPN-FM which is being operated pursuant to an LMA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 201.50 Td (W) Tj ET Q q 0 0 0 rg BT 82.14 201.50 Td (e principally attribute our better) Tj ET Q q 0 0 0 rg BT 209.11 201.50 Td (-than-market revenue growth in all of the markets in which we operate to two factors: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.50 Td (\(1\) our strategic focus on local sales and and programming, which has allowed us to outperform local market performance, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.50 Td (\(2\) our Incite group, which caters to the under) Tj ET Q q 0 0 0 rg BT 233.40 177.50 Td (-served government, not-for) Tj ET Q q 0 0 0 rg BT 345.66 177.50 Td (-profit, and corporate philanthropy segment of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.50 Td (local advertising market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 144.50 Td (Publishing net revenues increased in the year ended February 28, 2015 as investments in our sales teams have enabled us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.50 Td (to sustain revenue growth at our magazines. In addition, we increased the number of custom publications \(e.g., college alumni ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.50 Td (magazines, tourism guides, etc.\) that we produce.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 99.50 Td (Emer) Tj ET Q q 0 0 0 rg BT 94.97 99.50 Td (ging ) Tj ET Q q 0 0 0 rg BT 115.07 99.50 Td (T) Tj ET Q q 0 0 0 rg BT 120.48 99.50 Td (echnologies consist of our NextRadio, ) Tj ET Q q 0 0 0 rg BT 275.83 99.50 Td (T) Tj ET Q q 0 0 0 rg BT 281.24 99.50 Td (agStation, and Digonex businesses. Current revenues primarily relate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 87.50 Td (to licensing fees of our ) Tj ET Q q 0 0 0 rg BT 143.46 87.50 Td (T) Tj ET Q q 0 0 0 rg BT 148.87 87.50 Td (agStation software. ) Tj ET Q q 0 0 0 rg BT 228.39 87.50 Td (These fees are recognized as revenue over the life of the license agrement, which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 75.50 Td (typically two years. ) Tj ET Q q 0 0 0 rg BT 130.41 75.50 Td (T) Tj ET Q q 0 0 0 rg BT 135.82 75.50 Td (agStation supplements radio broadcasts with visual content \(e.g., album art, artist information, etc.\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 63.50 Td (enhanced ads for display on HD Radio dashboards, HD Radio devices, and the NextRadio application. ) Tj ET Q q 0 0 0 rg BT 462.00 63.50 Td (The increase in net ) Tj ET Q endstream endobj 69 0 obj <>] /Rotate 0 /Contents 70 0 R>> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (revenues of Emer) Tj ET Q q 0 0 0 rg BT 119.84 742.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 139.94 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 145.35 742.10 Td (echnologies for the year ended February 28, 2015 is mostly due to additional stations that have licensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.04 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 69.45 730.10 Td (agStation software.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 709.10 Td (Station operating expenses excluding LMA) Tj ET Q q 0 0 0 rg BT 232.29 709.10 Td ( fees and depr) Tj ET Q q 0 0 0 rg BT 291.83 709.10 Td (eciation and amortization expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 650.60 233.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 650.60 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 650.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 650.60 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 650.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 650.60 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 650.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 650.60 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 610.60 233.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 610.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 610.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 610.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 610.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 610.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 610.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 610.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 580.60 233.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 580.60 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 580.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 580.60 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 580.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 580.60 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 580.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 580.60 67.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 676.6 m 350 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 676.6 m 354 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 676.6 m 420 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 676.6 m 350 676.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 663.6 m 350 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 663.6 m 420 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 663.6 m 491 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 663.6 m 562 663.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 580.6 m 350 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 580.6 m 420 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 580.6 m 491 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 556.6 m 350 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 554.6 m 350 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 556.6 m 420 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 554.6 m 420 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 556.6 m 491 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 554.6 m 491 554.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 680.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.95 680.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.50 680.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 680.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 667.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 667.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 667.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 667.83 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 667.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 654.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 654.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 654.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 641.17 Td (Station operating expenses excluding LMA fees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 631.17 Td (depreciation and amortization expense:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 616.17 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 615.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 615.27 Td (97,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 615.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 615.27 Td (117,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 615.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 615.27 Td (19,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 615.27 Td (20.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 615.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 601.17 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 600.27 Td (59,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 600.27 Td (60,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 600.27 Td (998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.65 600.27 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 600.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 586.17 Td (Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 585.27 Td (2,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 585.27 Td (3,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 585.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 585.27 Td (1,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 585.27 Td (59.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 585.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 571.17 Td (Total station operating expenses excluding LMA fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 561.17 Td (and depreciation and amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 560.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 560.27 Td (159,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 560.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 560.27 Td (181,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 560.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 560.27 Td (22,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 560.27 Td (13.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 560.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 535.10 Td (The increase in station operating expenses excluding LMA) Tj ET Q q 0 0 0 rg BT 308.71 535.10 Td ( fees and depreciation and amortization expense for our radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.10 Td (division for the year ended February 28, 2015 is mostly due to the commencement of our LMA) Tj ET Q q 0 0 0 rg BT 430.25 523.10 Td ( of ) Tj ET Q q 0 0 0 rg BT 443.40 523.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 508.22 523.10 Td (WLIB-AM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.10 Td (in New ) Tj ET Q q 0 0 0 rg BT 80.79 511.10 Td (Y) Tj ET Q q 0 0 0 rg BT 87.01 511.10 Td (ork on March 1, 2014 and subsequent acquisition of those stations in fiscal 2015. Station operating expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 499.10 Td (excluding LMA) Tj ET Q q 0 0 0 rg BT 113.10 499.10 Td ( fees and depreciation and amortization expense of ) Tj ET Q q 0 0 0 rg BT 318.39 499.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 383.21 499.10 Td (WLIB-AM for the year ended February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 487.10 Td (2015 totaled $16.1 million. Excluding these expenses of ) Tj ET Q q 0 0 0 rg BT 276.50 487.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 341.32 487.10 Td (WLIB-AM, radio station operating expenses excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.10 Td (LMA) Tj ET Q q 0 0 0 rg BT 71.17 475.10 Td ( fees and depreciation and amortization would have increased $3.5 million or 3.6%. ) Tj ET Q q 0 0 0 rg BT 410.60 475.10 Td (The remaining increase is mostly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 463.10 Td (attributable to higher ratings expense as we recently entered into a new long-term agreement with Nielsen, legal fees associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.10 Td (with the contested departure of our morning radio host in Los ) Tj ET Q q 0 0 0 rg BT 297.50 451.10 Td (Angeles and the non-recurring nature of a songwriter performing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.10 Td (rights or) Tj ET Q q 0 0 0 rg BT 82.93 439.10 Td (ganization credit recognized in the prior year) Tj ET Q q 0 0 0 rg BT 262.29 439.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 418.10 Td (Station operating expenses excluding depreciation and amortization expense for publishing increased during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (ended February 28, 2015 mostly due to higher sales-related costs and other customary increases in magazine production costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (including increases in paper and printing costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 373.10 Td (Station operating expenses excluding depreciation and amortization expense for emer) Tj ET Q q 0 0 0 rg BT 415.70 373.10 Td (ging technologies increased during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.10 Td (the year ended February 28, 2015 mostly due to additional development costs associated with enhancements to the NextRadio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 349.10 Td (application and operating costs associated with Digonex, the dynamic pricing business we began operating in fiscal 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (Corporate expenses excluding depr) Tj ET Q q 0 0 0 rg BT 199.59 328.10 Td (eciation and amortization expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 269.60 233.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 269.60 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 269.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 269.60 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 269.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 269.60 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 269.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 269.60 67.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 295.6 m 349 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 295.6 m 353 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 295.6 m 420 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 295.6 m 349 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 282.6 m 349 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 282.6 m 420 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 282.6 m 491 282.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 282.6 m 562 282.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 299.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.95 299.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.50 299.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 299.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 286.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 286.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 286.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 286.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 286.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 273.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 273.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 273.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 260.17 Td (Corporate expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 250.17 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 249.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 249.27 Td (17,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 249.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 249.27 Td (14,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 249.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 249.32 Td (\(2,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 249.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.95 249.27 Td (\(12.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 249.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 224.10 Td (Corporate expenses excluding depreciation and amortization expense decreased during the year ended February 28, 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (mostly due to \(i\) a decrease in noncash compensation expense associated with a contractual bonus in fiscal 2014 that was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (nonrecurring, \(ii\) a decrease in compensation expense for incentives as certain operating tar) Tj ET Q q 0 0 0 rg BT 416.11 200.10 Td (gets were not met in fiscal 2015, but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (were met during the same period in fiscal 2014, \(iii\) a decrease in legal costs associated with our preferred stock litigation, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.10 Td (\(iv\) a decrease in consulting fees associated with international and domestic tax consulting.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (LMA) Tj ET Q q 0 0 0 rg BT 72.28 155.10 Td ( fees:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 99.60 305.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 99.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 99.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 99.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 99.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 99.60 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 123.60000000000002 m 421 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 123.60000000000002 m 425 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 123.60000000000002 m 492 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 123.60000000000002 m 421 123.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 111.60000000000002 m 421 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 111.60000000000002 m 492 111.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 111.60000000000002 m 563 111.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 127.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.55 127.68 Td (FortheyearendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 127.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 115.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.50 115.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.00 115.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.85 115.68 Td ($Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 103.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.20 103.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 90.17 Td (LMA fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 90.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 90.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 90.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 90.17 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.50 90.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 90.17 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 65.10 Td (On February 1) Tj ET Q q 0 0 0 rg BT 129.95 65.10 Td (1, 2014, Emmis and ) Tj ET Q q 0 0 0 rg BT 212.35 65.10 Td (YMF entered into an LMA) Tj ET Q q 0 0 0 rg BT 320.12 65.10 Td ( for ) Tj ET Q q 0 0 0 rg BT 336.59 65.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 401.41 65.10 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 480.19 65.10 Td (Y) Tj ET Q q 0 0 0 rg BT 486.41 65.10 Td (ork. ) Tj ET Q q 0 0 0 rg BT 504.19 65.10 Td (As discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.10 Td (in Note 1 to the accompanying consolidated financial statements, on March 1, 2014, Emmis began providing programming and ) Tj ET Q endstream endobj 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (selling advertising for the two stations. Under the terms of the LMA, Emmis paid $1.275 million per month to ) Tj ET Q q 0 0 0 rg BT 492.40 742.10 Td (YMF for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (right to program the stations and sell advertising. ) Tj ET Q q 0 0 0 rg BT 247.89 730.10 Td (The monthly LMA) Tj ET Q q 0 0 0 rg BT 323.45 730.10 Td ( fee decreased to approximately $0.74 million after the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (closing of the purchase of the stations, which occurred on June 10, 2014, and ceased ef) Tj ET Q q 0 0 0 rg BT 396.99 718.10 Td (fective with the second closing on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (February 13, 2015. ) Tj ET Q q 0 0 0 rg BT 127.92 706.10 Td (The LMA) Tj ET Q q 0 0 0 rg BT 167.63 706.10 Td ( fees paid after the first closing were recognized as a liability as of the date of purchase of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (stations on June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 155.33 694.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 204.67 694.10 Td (, LMA) Tj ET Q q 0 0 0 rg BT 231.34 694.10 Td ( fees incurred after June 10, 2014 did not impact our results of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 673.10 Td (Hungary license litigation expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 617.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 617.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 617.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 617.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 617.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 617.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 617.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 617.60 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 641.6 m 349 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 641.6 m 353 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 641.6 m 420 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 641.6 m 349 641.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 629.6 m 349 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 629.6 m 420 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 629.6 m 491 629.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 629.6 m 562 629.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 645.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.55 645.68 Td (FortheyearendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.50 645.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 645.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 633.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 633.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 633.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 633.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 633.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 621.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 621.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 621.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 608.17 Td (Hungary license litigation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 608.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.65 608.17 Td (2,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 608.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 608.17 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 608.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 608.22 Td (\(1,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 608.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.95 608.17 Td (\(74.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 608.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 583.10 Td (On October 28, 2009, the Hungarian National Radio and ) Tj ET Q q 0 0 0 rg BT 300.93 583.10 Td (T) Tj ET Q q 0 0 0 rg BT 306.34 583.10 Td (elevision Board \(OR) Tj ET Q q 0 0 0 rg BT 388.50 583.10 Td (TT\) announced that it was awarding to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 571.10 Td (another bidder the national radio license then held by our majority-owned subsidiary) Tj ET Q q 0 0 0 rg BT 387.37 571.10 Td (, Slager) Tj ET Q q 0 0 0 rg BT 417.36 571.10 Td (. Slager ceased broadcasting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 559.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 559.10 Td (fective November 19, 2009. ) Tj ET Q q 0 0 0 rg BT 171.32 559.10 Td (The Company believed that the awarding of the license to the other bidder was unlawful. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 547.10 Td (October 201) Tj ET Q q 0 0 0 rg BT 98.84 547.10 Td (1, Emmis filed for arbitration with the International Centre for Settlement of Investment Disputes \(ICSID\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 535.10 Td (seeking resolution of its claim. In ) Tj ET Q q 0 0 0 rg BT 185.31 535.10 Td (April 2014, the ICSID arbitral tribunal ruled that ICSID did not have the jurisdiction to hear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.10 Td (the merits of Emmis' claim. ) Tj ET Q q 0 0 0 rg BT 162.21 523.10 Td (W) Tj ET Q q 0 0 0 rg BT 170.85 523.10 Td (e sold our Hungarian legal entities in October 2014 for a nominal amount and liquidated our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.10 Td (Dutch holding companies in December 2014. ) Tj ET Q q 0 0 0 rg BT 233.44 511.10 Td (W) Tj ET Q q 0 0 0 rg BT 242.08 511.10 Td (e do not expect future Hungary license litigation expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (Impairment loss on intangible assets:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 434.60 305.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 434.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 434.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 434.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 434.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 434.60 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 458.6 m 421 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 458.6 m 425 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 458.6 m 492 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 458.6 m 421 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 446.6 m 421 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 446.6 m 492 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 446.6 m 563 446.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 462.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.55 462.68 Td (FortheyearendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 462.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 450.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.50 450.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.00 450.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.85 450.68 Td ($ Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 438.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.20 438.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 425.17 Td (Impairment loss on intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 425.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 425.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 425.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 425.17 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.50 425.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.65 425.17 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 400.10 Td (In connection with the annual impairment review conducted on December 1, 2014, the Company concluded that its FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.10 Td (license for 98.7FM in New ) Tj ET Q q 0 0 0 rg BT 159.67 388.10 Td (Y) Tj ET Q q 0 0 0 rg BT 165.89 388.10 Td (ork, which is accounted for as a single unit of accounting as it is subject to an LMA, and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.10 Td (licenses of our ) Tj ET Q q 0 0 0 rg BT 110.13 376.10 Td (T) Tj ET Q q 0 0 0 rg BT 115.54 376.10 Td (erre Haute radio cluster were impaired by $9.5 million. ) Tj ET Q q 0 0 0 rg BT 340.84 376.10 Td (The Company also concluded that the goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (associated with its acquisition of ) Tj ET Q q 0 0 0 rg BT 182.35 364.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 247.17 364.10 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 325.95 364.10 Td (Y) Tj ET Q q 0 0 0 rg BT 332.17 364.10 Td (ork was fully impaired. ) Tj ET Q q 0 0 0 rg BT 430.30 364.10 Td (The Company recorded an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (impairment loss of $58.4 million related to this goodwill impairment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 335.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 335.10 Td (e may determine that it will be necessary to take impairment char) Tj ET Q q 0 0 0 rg BT 341.75 335.10 Td (ges in future periods if we determine the carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.10 Td (value of our intangible assets exceed their fair value. Our annual impairment test of our broadcasting licenses and goodwill was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.10 Td (performed as of December 1, 2014. ) Tj ET Q q 0 0 0 rg BT 193.71 311.10 Td (W) Tj ET Q q 0 0 0 rg BT 202.35 311.10 Td (e may be required to retest prior to our next annual evaluation, which could result in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (additional impairment char) Tj ET Q q 0 0 0 rg BT 157.62 299.10 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 70.98 278.10 Td (eciation and amortization:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 222.60 234.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 222.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 222.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 222.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 222.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 222.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 222.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 222.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 194.60 234.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 194.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 194.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 194.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 194.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 194.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 194.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 194.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 166.60 234.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 166.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 166.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 166.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 166.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 166.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 166.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 166.60 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 246.60000000000002 m 350 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 246.60000000000002 m 354 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 246.60000000000002 m 421 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 246.60000000000002 m 425 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 246.60000000000002 m 492 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 246.60000000000002 m 350 246.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 234.60000000000002 m 350 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 234.60000000000002 m 421 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 234.60000000000002 m 492 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 234.60000000000002 m 563 234.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 166.60000000000002 m 350 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 166.60000000000002 m 421 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 166.60000000000002 m 492 166.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 153.60000000000002 m 350 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 151.60000000000002 m 350 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 153.60000000000002 m 421 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 151.60000000000002 m 421 151.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 153.60000000000002 m 492 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 151.60000000000002 m 492 151.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 250.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 330.45 250.68 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 250.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 238.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 238.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.00 238.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.85 238.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.85 238.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 226.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.20 226.68 Td (\(Asreported,amountsinthousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 226.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 213.17 Td (Depreciation and amortization:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 199.17 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.50 199.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 199.17 Td (2,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 199.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 199.17 Td (3,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 199.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 199.17 Td (667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 199.17 Td (26.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 199.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 185.17 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.15 185.17 Td (235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 185.17 Td (245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 185.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.65 185.17 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 185.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 171.17 Td (Corporate & Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 171.17 Td (2,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 171.17 Td (2,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 171.17 Td (383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 171.17 Td (17.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 171.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 157.17 Td (Total depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.50 157.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 157.17 Td (4,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 157.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 157.17 Td (5,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 157.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 157.17 Td (1,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 157.17 Td (21.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 157.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 132.10 Td (The increase in depreciation and amortization for the year ended February 28, 2015 for our radio division is mostly due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (the newly acquired tangible and intangible assets of ) Tj ET Q q 0 0 0 rg BT 258.70 120.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 323.52 120.10 Td (WLIB-AM. ) Tj ET Q q 0 0 0 rg BT 373.33 120.10 Td (The increase in Corporate and Emer) Tj ET Q q 0 0 0 rg BT 517.81 120.10 Td (ging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 108.10 Td (echnologies is mostly due to depreciation associated with new computer software and equipment and amortization of newly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (acquired intangibles of Digonex. See Note 7 of the accompanying consolidated financial statements for a discussion of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (acquisitions.) Tj ET Q endstream endobj 73 0 obj <>] /Rotate 0 /Contents 74 0 R>> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Gain on contract settlement:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 686.75 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 686.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 686.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 686.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 686.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 686.75 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 710.75 m 420 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 710.75 m 424 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 710.75 m 491 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 710.75 m 420 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 698.75 m 420 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 698.75 m 491 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 698.75 m 562 698.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 714.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.55 714.83 Td (FortheyearendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 714.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 702.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 702.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.00 702.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.85 702.83 Td ($ Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 690.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.20 690.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 677.32 Td (Gain on contract settlement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 677.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 677.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 677.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 677.37 Td (\(2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 677.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 677.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 677.37 Td (\(2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 677.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 652.25 Td (Emmis and ) Tj ET Q q 0 0 0 rg BT 119.40 652.25 Td (YMF Media executed an amendment to their ) Tj ET Q q 0 0 0 rg BT 301.30 652.25 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 364.07 652.25 Td (Agreement dated ) Tj ET Q q 0 0 0 rg BT 434.59 652.25 Td (April 5, 2012 relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (Emmis' sale of the intellectual property of ) Tj ET Q q 0 0 0 rg BT 219.68 640.25 Td (WRKS-FM to ) Tj ET Q q 0 0 0 rg BT 278.76 640.25 Td (YMF Media. ) Tj ET Q q 0 0 0 rg BT 333.30 640.25 Td (The amendment, executed on June 10, 2014, fixed all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 628.25 Td (future earn-out payments ) Tj ET Q q 0 0 0 rg BT 152.15 628.25 Td (YMF Media owed to Emmis pursuant to the ) Tj ET Q q 0 0 0 rg BT 331.02 628.25 Td (April 5, 2012 ) Tj ET Q q 0 0 0 rg BT 386.58 628.25 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 449.35 628.25 Td (Agreement based upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 616.25 Td (parties' estimate of the earn-out payments that would otherwise be owed to Emmis under this pre-existing contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 604.25 Td (relationship. Emmis recognized a gain on settlement of the contract of $2.5 million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 583.25 Td (Operating income \(loss\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 527.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 527.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 527.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 527.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 527.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 527.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 527.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 527.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 499.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 499.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 499.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 499.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 499.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 499.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 499.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 499.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 471.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 471.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 471.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 471.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 471.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 471.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 471.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 471.75 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 551.75 m 349 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 551.75 m 353 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 551.75 m 420 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 551.75 m 424 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 551.75 m 491 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 551.75 m 349 551.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 539.75 m 349 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 539.75 m 420 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 539.75 m 491 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 539.75 m 562 539.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 471.75 m 349 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 471.75 m 420 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 471.75 m 491 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 458.75 m 349 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 456.75 m 349 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 458.75 m 420 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 456.75 m 420 456.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 458.75 m 491 458.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 456.75 m 491 456.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 555.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.45 555.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 555.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 543.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 543.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 543.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 543.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 543.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 531.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 531.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 531.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 518.32 Td (Operating income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 504.32 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 504.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 504.32 Td (43,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 504.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 504.37 Td (\(14,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 504.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 504.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 504.37 Td (\(57,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 504.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.95 504.32 Td (\(132.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 504.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 490.32 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.15 490.32 Td (425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.15 490.32 Td (814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 490.32 Td (389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.95 490.32 Td (\(91.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 490.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 476.32 Td (Corporate & Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 476.37 Td (\(21,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 476.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 476.37 Td (\(20,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 476.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 476.32 Td (743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 476.32 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 476.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 462.32 Td (Total operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 462.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 462.32 Td (22,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 462.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 462.37 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 462.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 462.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 462.37 Td (\(56,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 462.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.95 462.32 Td (\(253.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 462.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 437.25 Td (Radio operating income decreased in the year ended February 28, 2015 principally due to the $67.9 million impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.25 Td (loss that was recorded in connection with our December 1, 2014 annual impairment review) Tj ET Q q 0 0 0 rg BT 413.74 425.25 Td (. Excluding the impairment loss, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.25 Td (radio operating income would have increased $10.5 million mostly due to the acquisition of ) Tj ET Q q 0 0 0 rg BT 418.96 413.25 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 483.78 413.25 Td (WLIB-AM during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.25 Td (the year) Tj ET Q q 0 0 0 rg BT 80.87 401.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 380.25 Td (Publishing operating income increased in the year ended February 28, 2015 mostly due to an increase in the number of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (profitable custom publications we produced during the period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 347.25 Td (Corporate and Emer) Tj ET Q q 0 0 0 rg BT 154.40 347.25 Td (ging ) Tj ET Q q 0 0 0 rg BT 174.50 347.25 Td (T) Tj ET Q q 0 0 0 rg BT 179.91 347.25 Td (echnologies operating losses decreased by $0.7 million mostly due to lower cash and noncash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.25 Td (incentive-based compensation, lower legal fees and lower consulting fees as previously discussed. ) Tj ET Q q 0 0 0 rg BT 444.76 335.25 Td (These operating expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.25 Td (reductions were partially of) Tj ET Q q 0 0 0 rg BT 159.55 323.25 Td (fset by continued investment in the development and enhancement of our NextRadio application and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.25 Td (operating expenses associated with Digonex.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 290.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 70.98 290.25 Td (est expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 234.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 234.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 234.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 234.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 234.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 234.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 234.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 234.75 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 258.75 m 349 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 258.75 m 353 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 258.75 m 420 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 258.75 m 424 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 258.75 m 491 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 258.75 m 349 258.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 246.75 m 349 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 246.75 m 420 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 246.75 m 491 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 246.75 m 562 246.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 262.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.45 262.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 262.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 250.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 250.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 250.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 250.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 250.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 238.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 238.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 238.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 225.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 225.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.30 225.37 Td (\(7,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 225.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 225.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 225.37 Td (\(17,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 225.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 225.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 225.37 Td (\(10,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 225.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.95 225.32 Td (\(141.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 225.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 200.25 Td (The increase in interest expense is attributable to additional debt incurred to finance our acquisition of ) Tj ET Q q 0 0 0 rg BT 484.29 200.25 Td (WBLS-FM and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (WLIB-AM and higher rates on amounts borrowed. ) Tj ET Q q 0 0 0 rg BT 257.88 188.25 Td (The weighted-average interest rate of debt outstanding under our 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.44 176.25 Td (Agreement was 6.0% at February 28, 2015. ) Tj ET Q q 0 0 0 rg BT 255.38 176.25 Td (The weighted-average interest rate of debt outstanding under our 2012 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.44 164.25 Td (Agreement was 4.3% prior to its retirement on June 10, 2014.) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (37) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Loss on debt extinguishment:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 686.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 686.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 686.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 686.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 686.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 686.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 686.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 686.75 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 710.75 m 349 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 710.75 m 353 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 710.75 m 420 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 710.75 m 424 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 710.75 m 491 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 710.75 m 349 710.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 698.75 m 349 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 698.75 m 420 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 698.75 m 491 698.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 698.75 m 562 698.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 714.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.45 714.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 714.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 702.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 702.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 702.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 702.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 702.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 690.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 690.83 Td (\(Asreported,amountsinthousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 690.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 677.32 Td (Loss on debt extinguishment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 677.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.80 677.37 Td (\(653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 677.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 677.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.30 677.37 Td (\(1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 677.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 677.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 677.37 Td (\(802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 677.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.95 677.32 Td (\(122.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 677.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 652.25 Td (The loss on debt extinguishment for the year ended February 28, 2015 relates to the write-of) Tj ET Q q 0 0 0 rg BT 441.16 652.25 Td (f of unamortized deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 640.25 Td (debt issuance costs and original issue discount related to our 2012 Credit ) Tj ET Q q 0 0 0 rg BT 342.78 640.25 Td (Agreement that was retired on June 10, 2014.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 619.25 Td (Other) Tj ET Q q 0 0 0 rg BT 74.87 619.25 Td ( income \(expense\), net:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 563.75 269.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 563.75 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 563.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 563.75 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 563.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 563.75 79.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 587.75 m 397 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 587.75 m 401 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 587.75 m 479 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 587.75 m 397 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 575.75 m 397 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 575.75 m 479 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 575.75 m 562 575.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 591.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.45 591.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.50 591.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 579.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.50 579.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.50 579.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.85 579.83 Td ($ Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 567.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.70 567.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 554.32 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.50 554.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 554.32 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.50 554.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.30 554.37 Td (\(6,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 554.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 554.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.30 554.37 Td (\(6,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 554.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 529.25 Td (Other expense for the year ended February28, 2015 includes a $6.7 million write-of) Tj ET Q q 0 0 0 rg BT 410.72 529.25 Td (f of an investment in preferred stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 517.25 Td (of Courseload, Inc, a provider of online textbooks and other course material. ) Tj ET Q q 0 0 0 rg BT 360.33 517.25 Td (While unrealized losses on this type of investment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 505.25 Td (is generally included as a component of other comprehensive income until it is realized, Emmis concluded that this loss is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 493.25 Td (other) Tj ET Q q 0 0 0 rg BT 69.85 493.25 Td (-than-temporary and has thus included the loss in its statement of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 472.25 Td (\(Benefit\) pr) Tj ET Q q 0 0 0 rg BT 99.03 472.25 Td (ovision for) Tj ET Q q 0 0 0 rg BT 144.12 472.25 Td ( income taxes:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 416.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 416.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 416.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 416.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 416.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 416.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 416.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 416.75 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 440.75 m 349 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 440.75 m 353 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 440.75 m 420 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 440.75 m 349 440.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 428.75 m 349 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 428.75 m 420 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 428.75 m 491 428.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 428.75 m 562 428.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 444.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.95 444.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.50 444.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 444.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 432.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 432.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 432.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 432.83 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 432.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 420.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 420.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 420.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 407.32 Td (\(Benefit\) provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 407.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 407.37 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 407.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 407.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 407.32 Td (36,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 407.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 407.32 Td (71,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.95 407.32 Td (\(208.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 407.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 382.25 Td (During the fourth quarter of the year ended February 28, 2015, we re-established a full valuation allowance for our net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (deferred tax assets, including our net operating loss carryforwards, but excluding deferred tax liabilities related to indefinite-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (lived intangibles, as substantial impairment losses recorded in the fourth quarter caused us to be in a three year cumulative loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (position. ) Tj ET Q q 0 0 0 rg BT 86.55 346.25 Td (W) Tj ET Q q 0 0 0 rg BT 95.18 346.25 Td (e had released our full valuation allowance during the fourth quarter of the year ended February 28, 2014.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 325.25 Td (Consolidated net income \(loss\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 266.75 233.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 266.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 266.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 266.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 266.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 266.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 266.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 266.75 67.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 292.75 m 349 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 292.75 m 353 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 292.75 m 420 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 292.75 m 349 292.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 279.75 m 349 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 279.75 m 420 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 279.75 m 491 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 279.75 m 562 279.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 297.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.95 296.98 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.50 297.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 297.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 284.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 283.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 283.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 283.98 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 283.98 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 271.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 270.98 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 271.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 257.32 Td (Consolidated net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 256.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 256.42 Td (48,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 256.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 256.47 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 256.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 256.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 256.47 Td (\(144,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 256.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.95 256.42 Td (\(297.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 256.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 231.25 Td (The change in consolidated net income \(loss\) is principally due to the $71.0 million change in our provision for income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.25 Td (taxes and the $67.9 million impairment loss, both of which are discussed above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 198.25 Td (Gain on extinguishment of pr) Tj ET Q q 0 0 0 rg BT 174.89 198.25 Td (eferr) Tj ET Q q 0 0 0 rg BT 195.79 198.25 Td (ed stock:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 142.75 269.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 142.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 142.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 142.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 142.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 142.75 79.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 166.75 m 397 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 166.75 m 401 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 166.75 m 479 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 166.75 m 397 166.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 154.75 m 397 154.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 154.75 m 479 154.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 154.75 m 562 154.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 170.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.45 170.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.50 170.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 158.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.50 158.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.50 158.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.85 158.83 Td ($ Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 146.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.70 146.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 133.37 Td (Gain on extinguishment of preferred stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.50 133.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 133.37 Td (325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.50 133.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 133.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 133.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 133.37 Td (\(325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 133.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 110.25 Td (During the year ended February 28, 2014, the Company purchased 8,650 shares of its preferred stock for an average price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.25 Td (of $12.38 per share. Emmis recognized a gain on extinguishment of the preferred stock equal to the dif) Tj ET Q q 0 0 0 rg BT 460.58 98.25 Td (ference between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.25 Td (acquisition price and the liquidation preference of $50 per share.) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (YEAR ENDED FEBRUAR) Tj ET Q q 0 0 0 rg BT 166.32 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 173.17 742.25 Td ( 28, 2013 COMP) Tj ET Q q 0 0 0 rg BT 242.98 742.25 Td (ARED ) Tj ET Q q 0 0 0 rg BT 273.63 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 280.12 742.25 Td (O ) Tj ET Q q 0 0 0 rg BT 290.03 742.25 Td (YEAR ENDED FEBRUAR) Tj ET Q q 0 0 0 rg BT 406.35 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 413.20 742.25 Td ( 28, 2014) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 Td (Net r) Tj ET Q q 0 0 0 rg BT 71.75 725.25 Td (evenues:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 670.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 670.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 670.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 670.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 670.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 670.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 670.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 670.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 640.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 640.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 640.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 640.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 640.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 640.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 640.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 640.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 610.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 610.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 610.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 610.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 610.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 610.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 610.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 610.75 70.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 696.75 m 340.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 696.75 m 344.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 696.75 m 414.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 696.75 m 340.5 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 683.75 m 340.5 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 683.75 m 414.5 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 683.75 m 488.5 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 683.75 m 562.5 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 610.75 m 340.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 610.75 m 414.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 610.75 m 488.5 610.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 596.75 m 340.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 594.75 m 340.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 596.75 m 414.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 594.75 m 414.5 594.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 596.75 m 488.5 596.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 594.75 m 488.5 594.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 701.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.95 700.98 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.00 701.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 701.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 688.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.00 687.98 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.00 687.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.85 687.98 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.85 687.98 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 675.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.70 674.98 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 675.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.32 Td (Net revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 646.32 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 645.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 645.42 Td (138,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 645.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 645.42 Td (145,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 645.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 645.42 Td (6,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 645.42 Td (4.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 645.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 631.32 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 630.42 Td (57,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 630.42 Td (59,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 630.42 Td (2,293) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 630.42 Td (4.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 630.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 616.32 Td (Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.65 615.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 615.42 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 615.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 615.42 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.30 615.42 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 601.32 Td (Total net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 600.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 600.42 Td (196,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 600.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 600.42 Td (205,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 600.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 600.42 Td (9,062) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 600.42 Td (4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 600.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 584.25 Td (Radio net revenues increased during the year ended February 28, 2014 due to low single-digit market revenue growth and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.25 Td (strong operating performance in four of our five measured markets. ) Tj ET Q q 0 0 0 rg BT 322.22 572.25 Td (W) Tj ET Q q 0 0 0 rg BT 330.86 572.25 Td (e typically monitor the performance of our stations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.25 Td (against the aggregate performance of the markets in which we operate based on reports for the periods prepared by Miller ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.25 Td (Kaplan. Miller Kaplan reports are generally prepared on a gross revenues basis and exclude revenues from barter arrangements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.25 Td (Miller Kaplan reports are not available for the ) Tj ET Q q 0 0 0 rg BT 236.41 536.25 Td (T) Tj ET Q q 0 0 0 rg BT 241.82 536.25 Td (erre Haute radio market. ) Tj ET Q q 0 0 0 rg BT 341.49 536.25 Td (A) Tj ET Q q 0 0 0 rg BT 348.16 536.25 Td ( summary of market revenue performance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 524.25 Td (Emmis) Tj ET Q q 0 0 0 rg BT 80.92 524.25 Td ( revenue performance in those markets for the year ended February28, 2014 is presented below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 472.75 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 472.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 472.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 472.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 444.75 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 444.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 444.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 444.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 416.75 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 416.75 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 416.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 416.75 100.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 496.75 m 454.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 496.75 m 458.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 496.75 m 558.5 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 472.75 m 454.5 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 472.75 m 558.5 472.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 500.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.55 500.83 Td (FortheyearendedFebruary28,2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 488.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.20 488.83 Td (Overall Market) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.00 488.83 Td (Emmis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 476.83 Td (Market) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.10 476.83 Td (RevenuePerformance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.50 476.83 Td (RevenuePerformance ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 546.25 481.36 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 463.32 Td (New York) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 463.32 Td (5.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 463.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.45 463.32 Td (\(2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 463.32 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 449.32 Td (Los Angeles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 449.32 Td (1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 449.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 449.32 Td (8.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 449.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 435.32 Td (St. Louis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.45 435.32 Td (\(1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 435.32 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 435.32 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 435.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.32 Td (Indianapolis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.45 421.32 Td (\(1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 421.32 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 421.32 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 421.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 407.32 Td (Austin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 407.32 Td (5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 407.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 407.32 Td (10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 407.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 393.32 Td (All Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 393.32 Td (2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 393.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 393.32 Td (4.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 393.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 50.00 378.27 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.90 374.65 Td ( Emmis revenue performance in New ) Tj ET Q q 0 0 0 rg BT 175.33 374.65 Td (Y) Tj ET Q q 0 0 0 rg BT 180.31 374.65 Td (ork reflects only ) Tj ET Q q 0 0 0 rg BT 234.59 374.65 Td (WQHT) Tj ET Q q 0 0 0 rg BT 257.85 374.65 Td (-FM and Los ) Tj ET Q q 0 0 0 rg BT 301.18 374.65 Td (Angeles reflects only KPWR-FM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 353.65 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 353.65 Td (e principally attribute our better) Tj ET Q q 0 0 0 rg BT 209.61 353.65 Td (-than-market revenue growth to three factors: \(1\) highly focused local sales ef) Tj ET Q q 0 0 0 rg BT 523.75 353.65 Td (forts, \(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 341.65 Td (our digital initiatives, which generated revenue growth in excess of 25% over the prior year) Tj ET Q q 0 0 0 rg BT 415.86 341.65 Td (, and \(3\) our Incite group, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.65 Td (caters to the under) Tj ET Q q 0 0 0 rg BT 123.38 329.65 Td (-served government, not-for) Tj ET Q q 0 0 0 rg BT 235.64 329.65 Td (-profit, and corporate philanthropy segment of the local advertising market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 308.65 Td (Publishing net revenues increased in the year ended February 28, 2014 as investments in our sales teams have helped us ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.65 Td (accelerate revenue growth at our magazines. In addition, we have increased the number of custom publications \(e.g., college ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.65 Td (alumni magazines, tourism guides, etc.\) that we produce.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 267.65 Td (Station operating expenses excluding depr) Tj ET Q q 0 0 0 rg BT 229.83 267.65 Td (eciation and amortization expense:) Tj ET Q 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 213.15 233.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 283.50 213.15 66.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 349.50 213.15 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 353.50 213.15 67.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 420.50 213.15 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 424.50 213.15 67.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 491.50 213.15 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 495.50 213.15 67.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 173.15 233.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 283.50 173.15 66.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 349.50 173.15 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 353.50 173.15 67.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 420.50 173.15 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 424.50 173.15 67.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 491.50 173.15 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 495.50 173.15 67.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 143.15 233.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 283.50 143.15 66.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 349.50 143.15 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 353.50 143.15 67.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 420.50 143.15 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 424.50 143.15 67.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 491.50 143.15 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 495.50 143.15 67.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 239.14999999999998 m 349.5 239.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 239.14999999999998 m 353.5 239.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 239.14999999999998 m 420.5 239.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 239.14999999999998 m 349.5 239.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 226.14999999999998 m 349.5 226.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 226.14999999999998 m 420.5 226.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 226.14999999999998 m 491.5 226.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 226.14999999999998 m 562.5 226.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 143.14999999999998 m 349.5 143.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 143.14999999999998 m 420.5 143.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 143.14999999999998 m 491.5 143.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 119.14999999999998 m 349.5 119.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 117.14999999999998 m 349.5 117.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 119.14999999999998 m 420.5 119.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 117.14999999999998 m 420.5 117.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 119.14999999999998 m 491.5 119.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 117.14999999999998 m 491.5 117.14999999999998 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 243.40 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.45 243.38 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.00 243.40 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 243.40 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 230.40 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 230.38 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 230.38 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 230.38 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 230.38 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 217.40 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 217.38 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 217.40 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 203.72 Td (Station operating expenses, excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 193.72 Td (amortization expense:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 178.72 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 177.82 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 177.82 Td (95,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 177.82 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 177.82 Td (97,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 177.82 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 177.82 Td (1,734) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 177.82 Td (1.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 177.82 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 163.72 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 162.82 Td (58,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 162.82 Td (59,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 162.82 Td (844) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 162.82 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 162.82 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 148.72 Td (Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 147.82 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 147.82 Td (2,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 147.82 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 147.82 Td (2,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.30 147.82 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 133.72 Td (Total station operating expenses, excluding depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 123.72 Td (and amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 122.82 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 122.82 Td (154,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 122.82 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 122.82 Td (159,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 122.82 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 122.82 Td (4,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 122.82 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 122.82 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 106.65 Td (The increase in station operating expenses, excluding depreciation and amortization expense for our radio division for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.65 Td (year ended February 28, 2014 is mainly attributable to increased noncash compensation expense associated with the 2012 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.65 Td (Retention ) Tj ET Q q 0 0 0 rg BT 91.20 82.65 Td (T) Tj ET Q q 0 0 0 rg BT 96.96 82.65 Td (rust Plan, and higher sales-related costs due to the increase in net revenues.) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Station operating expenses excluding depreciation and amortization expense for publishing increased during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (ended February 28, 2014 mostly due to increased print production costs, increased noncash compensation expense associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (with the 2012 Retention ) Tj ET Q q 0 0 0 rg BT 148.70 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 154.45 718.10 Td (rust Plan, and continued strategic investments in sales, marketing and digital initiatives.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 697.10 Td (Station operating expenses excluding depreciation and amortization expense for emer) Tj ET Q q 0 0 0 rg BT 416.20 697.10 Td (ging technologies mostly consists of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (expenses related to the development and launch of our smartphone application, NextRadio, and related software.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 668.10 Td (Corporate expenses excluding depr) Tj ET Q q 0 0 0 rg BT 200.09 668.10 Td (eciation and amortization expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 613.60 233.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 613.60 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 613.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 613.60 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 613.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 613.60 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 613.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 613.60 67.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 639.6 m 349.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 639.6 m 353.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 639.6 m 420.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 639.6 m 349.5 639.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 626.6 m 349.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 626.6 m 420.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 626.6 m 491.5 626.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 626.6 m 562.5 626.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 643.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.45 643.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.00 643.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 643.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 630.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 630.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 630.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 630.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 630.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 617.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 617.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 617.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.17 Td (Corporate expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 594.17 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 593.27 Td (17,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 593.27 Td (17,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 593.32 Td (\(795) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 593.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 593.27 Td (\(4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 593.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 577.10 Td (Corporate expenses excluding depreciation and amortization expense decreased during the year ended February 28, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (primarily due to a decline in legal expenses associated with our preferred stock litigation and a $1.2 million nonrecurring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (expense in the prior year related to the for) Tj ET Q q 0 0 0 rg BT 217.52 553.10 Td (giveness of a loan to our CEO. ) Tj ET Q q 0 0 0 rg BT 345.38 553.10 Td (These decreases were partially of) Tj ET Q q 0 0 0 rg BT 478.46 553.10 Td (fset by higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 541.10 Td (noncash compensation expense related to the 2012 Retention ) Tj ET Q q 0 0 0 rg BT 296.42 541.10 Td (T) Tj ET Q q 0 0 0 rg BT 302.17 541.10 Td (rust Plan and contractual bonuses that were paid in stock.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 524.10 Td (Hungary license litigation expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 472.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 472.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 472.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 472.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 472.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 472.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 472.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 472.60 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 496.6 m 349.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 496.6 m 353.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 496.6 m 420.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 496.6 m 349.5 496.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 484.6 m 349.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 484.6 m 420.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 484.6 m 491.5 484.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 484.6 m 562.5 484.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 500.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.05 500.68 Td (FortheyearendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.00 500.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 500.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 488.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 488.68 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 488.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 488.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 488.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 476.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 476.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 476.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 463.17 Td (Hungary license litigation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 463.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 463.17 Td (1,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 463.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 463.17 Td (2,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 463.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 463.17 Td (677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 463.17 Td (49.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 463.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 447.10 Td (On October28, 2009, the Hungarian National Radio and ) Tj ET Q q 0 0 0 rg BT 302.93 447.10 Td (T) Tj ET Q q 0 0 0 rg BT 308.34 447.10 Td (elevision Board \(OR) Tj ET Q q 0 0 0 rg BT 390.50 447.10 Td (TT\) announced that it was awarding to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td (another bidder the national radio license then held by our majority-owned subsidiary) Tj ET Q q 0 0 0 rg BT 387.87 435.10 Td (, Slager) Tj ET Q q 0 0 0 rg BT 417.86 435.10 Td (. Slager ceased broadcasting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 423.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 423.10 Td (fective November19, 2009. ) Tj ET Q q 0 0 0 rg BT 171.82 423.10 Td (The Company believes that the awarding of the license to the other bidder was unlawful. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.10 Td (October 201) Tj ET Q q 0 0 0 rg BT 99.34 411.10 Td (1, Emmis filed for arbitration with the International Centre for Settlement of Investment Disputes \(ICSID\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.10 Td (seeking resolution of its claim. In ) Tj ET Q q 0 0 0 rg BT 185.81 399.10 Td (April 2014, the ICSID arbitral tribunal ruled that ICSID did not have the jurisdiction to hear ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.10 Td (the merits of Emmis' claim. ) Tj ET Q q 0 0 0 rg BT 162.71 387.10 Td (The increase in expenses for the year ended February 28, 2014 is mostly due to legal costs incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.10 Td (in connection with our preparation for the December 2013 ICSID jurisdictional hearing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Impairment loss on intangible assets:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 306.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 306.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 306.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 306.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 306.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 306.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 306.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 306.60 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 330.6 m 349.5 330.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 330.6 m 353.5 330.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 330.6 m 420.5 330.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 330.6 m 349.5 330.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 318.6 m 349.5 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 318.6 m 420.5 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 318.6 m 491.5 318.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 318.6 m 562.5 318.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 334.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.05 334.68 Td (FortheyearendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.00 334.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 334.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 322.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 322.68 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 322.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 322.68 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 322.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 310.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 310.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 310.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 297.17 Td (Impairment loss on intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 297.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 297.17 Td (11,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 297.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 297.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 297.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 297.17 Td (11,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.30 297.17 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 276.10 Td (In connection with our ) Tj ET Q q 0 0 0 rg BT 166.76 276.10 Td (April 2012 LMA) Tj ET Q q 0 0 0 rg BT 234.54 276.10 Td ( of 98.7FM in New ) Tj ET Q q 0 0 0 rg BT 313.61 276.10 Td (Y) Tj ET Q q 0 0 0 rg BT 319.83 276.10 Td (ork and in accordance with the Company) Tj ET Q q 0 0 0 rg BT 487.00 276.10 Td (s accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 264.10 Td (policy) Tj ET Q q 0 0 0 rg BT 74.35 264.10 Td (, the Company decoupled its two New ) Tj ET Q q 0 0 0 rg BT 229.50 264.10 Td (Y) Tj ET Q q 0 0 0 rg BT 235.72 264.10 Td (ork FCC licenses into separate units of accounting. ) Tj ET Q q 0 0 0 rg BT 441.89 264.10 Td (The Company performed an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (interim impairment test of the 98.7FM FCC license in New ) Tj ET Q q 0 0 0 rg BT 289.32 252.10 Td (Y) Tj ET Q q 0 0 0 rg BT 295.54 252.10 Td (ork given its carrying value exceeded the fair value of a single ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 240.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 240.10 Td (ork FCC license as of our December 201) Tj ET Q q 0 0 0 rg BT 240.43 240.10 Td (1 impairment test. ) Tj ET Q q 0 0 0 rg BT 315.23 240.10 Td (The Company recorded an $1) Tj ET Q q 0 0 0 rg BT 433.71 240.10 Td (1.0 million impairment loss in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (connection with the interim review) Tj ET Q q 0 0 0 rg BT 189.31 228.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 211.10 Td (In connection with our annual impairment review conducted on December1, 2012, the Company determined that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.10 Td (goodwill of its Indianapolis Monthly publication was fully impaired and recorded a $0.4 million loss.) Tj ET Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (40) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Depr) Tj ET Q q 0 0 0 rg BT 71.48 742.25 Td (eciation and amortization:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 690.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 690.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 690.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 690.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 690.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 690.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 690.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 690.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 662.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 662.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 662.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 662.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 662.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 662.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 662.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 662.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 634.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 634.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 634.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 634.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 634.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 634.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 634.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 634.75 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 714.75 m 349.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 714.75 m 353.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 714.75 m 420.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 714.75 m 424.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 714.75 m 491.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 714.75 m 349.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 702.75 m 349.5 702.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 702.75 m 420.5 702.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 702.75 m 491.5 702.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 702.75 m 562.5 702.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 634.75 m 349.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 634.75 m 420.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 634.75 m 491.5 634.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 621.75 m 349.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 619.75 m 349.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 621.75 m 420.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 619.75 m 420.5 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 621.75 m 491.5 621.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 619.75 m 491.5 619.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 718.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.95 718.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 718.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 706.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 706.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 706.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 706.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 706.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 694.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 694.83 Td (\(Asreported,amountsinthousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 694.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 681.32 Td (Depreciation and amortization:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 667.32 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 667.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 667.32 Td (2,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 667.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 667.32 Td (2,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 667.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 667.32 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 667.32 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 667.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 653.32 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 653.32 Td (318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 653.32 Td (235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.30 653.37 Td (\(83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 653.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 653.32 Td (\(26.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 653.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 639.32 Td (Corporate & Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 639.32 Td (1,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 639.32 Td (2,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 639.32 Td (202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 639.32 Td (10.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 639.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 625.32 Td (Total depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 625.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 625.32 Td (4,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 625.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 625.32 Td (4,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 625.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 625.32 Td (144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 625.32 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 625.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 600.25 Td (The increase in depreciation and amortization for the year ended February 28, 2014 is mostly due to new computer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (equipment and software placed into service this fiscal year) Tj ET Q q 0 0 0 rg BT 283.80 588.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 571.25 Td (Loss \(gain\) on disposal of fixed assets:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 516.75 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 516.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 516.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 516.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 516.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 516.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 486.75 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 486.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 486.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 486.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 486.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 486.75 79.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 471.75 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 471.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 471.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 471.75 78.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 471.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 471.75 79.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 542.75 m 393.5 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 542.75 m 397.5 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 542.75 m 475.5 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 542.75 m 393.5 542.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 529.75 m 393.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 529.75 m 475.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 529.75 m 558.5 529.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 471.75 m 393.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 471.75 m 475.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 471.75 m 558.5 471.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 457.75 m 393.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 455.75 m 393.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 457.75 m 475.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 455.75 m 475.5 455.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 457.75 m 558.5 457.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 455.75 m 558.5 455.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 547.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.95 546.98 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.00 547.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 534.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 533.98 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.00 533.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.35 533.98 Td ($ Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 521.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.20 520.98 Td (\(Asreported,amountsinthousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 507.32 Td (Loss \(gain\) on disposal of fixed assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 492.32 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 491.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 491.47 Td (\(9,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 491.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 491.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 491.47 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 491.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 491.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 491.42 Td (9,887) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 477.32 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 476.42 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 476.42 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.30 476.47 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 476.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 462.32 Td (Total loss \(gain\) on disposal of fixed assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 461.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.80 461.47 Td (\(9,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 461.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 461.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 461.47 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 461.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 461.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 461.42 Td (9,869) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 440.25 Td (In ) Tj ET Q q 0 0 0 rg BT 84.28 440.25 Td (April 2012, Emmis sold the intellectual property of ) Tj ET Q q 0 0 0 rg BT 291.56 440.25 Td (WRKS-FM in New ) Tj ET Q q 0 0 0 rg BT 372.02 440.25 Td (Y) Tj ET Q q 0 0 0 rg BT 378.24 440.25 Td (ork for $10.0 million. ) Tj ET Q q 0 0 0 rg BT 466.94 440.25 Td (WRKS-FM) Tj ET Q q 0 0 0 rg BT 516.40 440.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.25 Td (intellectual property had no carrying value at the time of sale.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 411.25 Td (Operating income:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 359.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 359.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 359.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 359.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 359.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 359.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 359.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 359.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 331.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 331.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 331.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 331.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 331.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 331.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 331.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 331.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 303.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 303.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 303.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 303.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 303.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 303.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 303.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 303.75 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 383.75 m 349.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 383.75 m 353.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 383.75 m 420.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 383.75 m 424.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 383.75 m 491.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 383.75 m 349.5 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 371.75 m 349.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 371.75 m 420.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 371.75 m 491.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 371.75 m 562.5 371.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 303.75 m 349.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 303.75 m 420.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 303.75 m 491.5 303.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 290.75 m 349.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 288.75 m 349.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 290.75 m 420.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 288.75 m 420.5 288.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 290.75 m 491.5 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 288.75 m 491.5 288.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 387.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.95 387.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 387.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 375.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 375.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 375.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 375.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 375.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 363.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 363.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 363.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 350.32 Td (Operating income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 336.32 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 336.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 336.32 Td (37,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 336.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 336.32 Td (43,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 336.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 336.32 Td (5,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 336.32 Td (14.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 336.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 322.32 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.80 322.37 Td (\(1,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 322.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 322.32 Td (425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 322.32 Td (1,998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 322.32 Td (\(127.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 322.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 308.32 Td (Corporate & Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.80 308.37 Td (\(19,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 308.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.80 308.37 Td (\(21,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 308.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 308.37 Td (\(1,644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 308.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 308.32 Td (8.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 308.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 294.32 Td (Total operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 294.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 294.32 Td (16,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 294.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 294.32 Td (22,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 294.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 294.32 Td (5,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 294.32 Td (34.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 294.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 278.25 Td (Radio operating income increased in the year ended February 28, 2014 principally due to \(1\) strong operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.25 Td (performance in most of our radio markets, as discussed above, and \(2\) the 98.7FM LMA, which greatly reduced our operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.25 Td (expenses in New ) Tj ET Q q 0 0 0 rg BT 119.89 254.25 Td (Y) Tj ET Q q 0 0 0 rg BT 126.11 254.25 Td (ork, coupled with severance and contract termination costs incurred in connection with the LMA) Tj ET Q q 0 0 0 rg BT 512.66 254.25 Td ( transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.25 Td (in the prior year) Tj ET Q q 0 0 0 rg BT 113.59 242.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 221.25 Td (Publishing operating income increased in the year ended February 28, 2014 mostly due to stronger advertising revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.25 Td (performance at most of our magazines, as discussed above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 188.25 Td (Corporate and emer) Tj ET Q q 0 0 0 rg BT 153.23 188.25 Td (ging technologies operating losses increased in the year ended February 28, 2014 mostly due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.25 Td (expenses related to the development and launch of our smartphone application and related software, partially of) Tj ET Q q 0 0 0 rg BT 496.32 176.25 Td (fset by a decline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.25 Td (in legal expenses associated with our preferred stock litigation and a $1.2 million nonrecurring expense in the prior year related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.25 Td (to the for) Tj ET Q q 0 0 0 rg BT 86.47 152.25 Td (giveness of a loan to our CEO, all of which was previously discussed. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 135.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 71.48 135.25 Td (est expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 83.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 83.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 83.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 83.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 83.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 83.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 83.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 83.75 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 107.75 m 349.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 107.75 m 353.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 107.75 m 420.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 107.75 m 424.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 107.75 m 491.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 107.75 m 349.5 107.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 95.75 m 349.5 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 95.75 m 420.5 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 95.75 m 491.5 95.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 95.75 m 562.5 95.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 111.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.95 111.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 111.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 99.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 99.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 99.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 99.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 99.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 87.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 87.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 87.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 74.32 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 74.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.80 74.37 Td (\(20,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 74.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 74.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.80 74.37 Td (\(7,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 74.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 74.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 74.32 Td (13,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 74.32 Td (\(66.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 74.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 58.25 Td (Interest expense decreased due to significant repayments of long-term debt throughout fiscal 2013, coupled with lower ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 46.25 Td (interest rates on long-term debt as a result of our refinancing activity in December 2012.) Tj ET Q endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (41) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Loss on debt extinguishment:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 690.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 690.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 690.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 690.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 690.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 690.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 690.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 690.75 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 714.75 m 349.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 714.75 m 353.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 714.75 m 420.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 714.75 m 424.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 714.75 m 491.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 714.75 m 349.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 702.75 m 349.5 702.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 702.75 m 420.5 702.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 702.75 m 491.5 702.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 702.75 m 562.5 702.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 718.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.95 718.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 718.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 706.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 706.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 706.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 706.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 706.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 694.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 694.83 Td (\(Asreported,amountsinthousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 694.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 681.32 Td (Loss on debt extinguishment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 681.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.80 681.37 Td (\(4,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 681.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 681.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 681.37 Td (\(653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 681.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 681.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 681.32 Td (3,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 681.32 Td (\(85.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 681.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 665.25 Td (In the year ended February 28, 2013, the Company recorded a loss on debt extinguishment related to the write-of) Tj ET Q q 0 0 0 rg BT 525.91 665.25 Td (f of debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (fees associated with term loans it repaid under our 2006 Credit ) Tj ET Q q 0 0 0 rg BT 302.99 653.25 Td (Agreement. In the year ended February 28, 2014, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.25 Td (recorded a loss on debt extinguishment related to the write-of) Tj ET Q q 0 0 0 rg BT 295.58 641.25 Td (f of debt fees and unamortized debt discount associated with term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.25 Td (loans it repaid under our 2012 Credit ) Tj ET Q q 0 0 0 rg BT 199.69 629.25 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (Other) Tj ET Q q 0 0 0 rg BT 75.37 612.25 Td ( income \(expense\), net:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 560.75 265.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 560.75 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 560.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 560.75 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 560.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 560.75 79.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 584.75 m 393.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 584.75 m 397.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 584.75 m 475.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 584.75 m 393.5 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 572.75 m 393.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 572.75 m 475.5 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 572.75 m 558.5 572.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 588.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.95 588.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.00 588.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 576.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 576.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.00 576.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.35 576.83 Td ($ Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 564.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.20 564.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 551.32 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 551.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.30 551.37 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.65 551.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 551.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 551.32 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 551.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 551.32 Td (126) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 530.25 Td (Other income for the year ended February28, 2014 mostly relates to income from equity method investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 513.25 Td (Benefit fr) Tj ET Q q 0 0 0 rg BT 90.63 513.25 Td (om income taxes:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 461.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 461.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 461.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 461.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 461.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 461.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 461.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 461.75 67.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 485.75 m 349.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 485.75 m 353.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 485.75 m 420.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 485.75 m 349.5 485.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 473.75 m 349.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 473.75 m 420.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 473.75 m 491.5 473.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 473.75 m 562.5 473.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 489.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.45 489.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.00 489.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 489.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 477.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 477.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 477.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 477.83 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 477.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 465.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 465.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 465.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 452.32 Td (Benefit from income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 452.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.80 452.37 Td (\(7,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 452.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 452.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.80 452.37 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 452.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 452.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 452.37 Td (\(27,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 452.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 452.32 Td (383.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 452.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 427.25 Td (The Company previously recorded a valuation allowance for its net deferred tax assets, including its net operating loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.25 Td (carryforwards, but excluding deferred tax liabilities related to indefinite-lived intangibles. During the year ended February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.25 Td (2014, due to improved operating results, the Company determined that a valuation allowance on most of its net deferred tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.25 Td (assets was no longer appropriate, and reversed the valuation allowance. ) Tj ET Q q 0 0 0 rg BT 340.18 391.25 Td (Also, during the year ended February 28, 2014, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.25 Td (Company recorded a benefit of approximately $0.7 million related to the favorable settlement of a state tax dispute and a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.25 Td (benefit of approximately $0.5 million related to lower than expected state tax liabilities on asset dispositions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 346.25 Td (The benefit for income taxes in the year ended February 28, 2013 principally relates to the utilization of previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.25 Td (reserved net operating losses and the tax benefit associated with our impairment loss on the 98.7FM FCC license.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 317.25 Td (Income fr) Tj ET Q q 0 0 0 rg BT 91.75 317.25 Td (om discontinued operations, net of tax:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 265.75 265.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 265.75 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 265.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 265.75 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 265.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 265.75 79.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 289.75 m 393.5 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 289.75 m 397.5 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 289.75 m 475.5 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 289.75 m 393.5 289.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 277.75 m 393.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 277.75 m 475.5 277.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 277.75 m 558.5 277.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 293.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.95 293.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.00 293.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 281.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 281.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.00 281.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.35 281.83 Td ($ Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 269.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.20 269.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 256.32 Td (Income from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 256.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.15 256.32 Td (50,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 256.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 256.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 256.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.80 256.37 Td (\(50,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 256.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 240.25 Td (Our international radio operations in Hungary) Tj ET Q q 0 0 0 rg BT 256.91 240.25 Td (, Slovakia and Bulgaria, our Emmis Interactive operations, our operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.25 Td (of KXOS-FM and our Country Sampler operations were classified as discontinued operations in the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.25 Td (consolidated statements. ) Tj ET Q q 0 0 0 rg BT 150.07 216.25 Td (These operations all ceased prior to February28, 2013. ) Tj ET Q q 0 0 0 rg BT 372.88 216.25 Td (The income from discontinued operations, net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.25 Td (of tax for the year ended February 28, 2013 mostly relates to the gain on sale recorded in connection with the sale of KXOS-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.25 Td (FM and our Slovakian radio operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 175.25 Td (Consolidated net income:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 120.75 233.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 120.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 120.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 120.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 120.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 120.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 120.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 120.75 67.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 146.75 m 349.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 146.75 m 353.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 146.75 m 420.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 146.75 m 349.5 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 133.75 m 349.5 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 133.75 m 420.5 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 133.75 m 491.5 133.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 133.75 m 562.5 133.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 151.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.45 150.98 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.00 151.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 151.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 138.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 137.98 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 137.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 137.98 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 137.98 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 125.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 124.98 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 125.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 111.32 Td (Consolidated net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 110.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 110.42 Td (48,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 110.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 110.42 Td (48,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 110.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 110.42 Td (404) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 110.42 Td (0.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 110.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 89.25 Td (Consolidated net income is mostly flat as improved operating results in the current year) Tj ET Q q 0 0 0 rg BT 423.79 89.25 Td (, coupled with lower interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.25 Td (expense and the tax benefits associated with the reversal of our valuation allowance, are mostly of) Tj ET Q q 0 0 0 rg BT 442.46 77.25 Td (fset by income from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.25 Td (discontinued operations, net of tax, in the prior year) Tj ET Q q 0 0 0 rg BT 256.61 65.25 Td (.) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (42) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Gain on extinguishment of pr) Tj ET Q q 0 0 0 rg BT 175.39 742.25 Td (eferr) Tj ET Q q 0 0 0 rg BT 196.29 742.25 Td (ed stock:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 690.75 265.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 690.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 690.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 690.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 690.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 690.75 79.00 -12.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 714.75 m 393.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 714.75 m 397.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 714.75 m 475.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 714.75 m 393.5 714.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 702.75 m 393.5 702.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 702.75 m 475.5 702.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 702.75 m 558.5 702.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 718.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.95 718.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.00 718.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 706.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 706.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.00 706.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.35 706.83 Td ($ Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 694.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.20 694.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 681.37 Td (Gain on extinguishment of preferred stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 681.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 681.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 681.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.65 681.37 Td (325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 681.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.65 681.37 Td (325) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 662.25 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 662.25 Td (During the year ended February 28, 2014, the Company purchased 8,650 shares of its preferred stock for an) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.25 Td (average price of $12.38 per share. Emmis recognized a gain on extinguishment of the preferred stock equal to the dif) Tj ET Q q 0 0 0 rg BT 517.15 650.25 Td (ference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.25 Td (between the acquisition price and the liquidation preference of $50 per share.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 592.25 Td (LIQUIDITY) Tj ET Q q 0 0 0 rg BT 104.09 592.25 Td ( ) Tj ET Q q 0 0 0 rg BT 106.04 592.25 Td (AND CAPIT) Tj ET Q q 0 0 0 rg BT 160.57 592.25 Td (AL) Tj ET Q q 0 0 0 rg BT 173.91 592.25 Td ( RESOURCES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 575.25 Td (2014 CREDIT) Tj ET Q q 0 0 0 rg BT 111.22 575.25 Td ( ) Tj ET Q q 0 0 0 rg BT 113.16 575.25 Td (AGREEMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 554.25 Td (On June 10, 2014, Emmis entered into the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 297.53 554.25 Td (Agreement, by and among the Company) Tj ET Q q 0 0 0 rg BT 459.06 554.25 Td (, EOC, as borrower \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.25 Td (Borrower\), certain other subsidiaries of the Company) Tj ET Q q 0 0 0 rg BT 271.78 542.25 Td (, as guarantors \(the Subsidiary Guarantors\), the lenders party thereto, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.25 Td (JPMor) Tj ET Q q 0 0 0 rg BT 76.49 530.25 Td (gan Chase Bank, N.A., as administrative agent, and Fifth ) Tj ET Q q 0 0 0 rg BT 306.82 530.25 Td (Third Bank, as syndication agent. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 509.25 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 139.99 509.25 Td (Agreement includes a senior secured term loan facility \(the T) Tj ET Q q 0 0 0 rg BT 388.91 509.25 Td (erm Loan\) of $185.0 million and a senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.25 Td (secured revolving credit facility of $20.0 million, and contains provisions for an uncommitted increase of up to $20.0 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.25 Td (principal amount \(plus additional amounts so long as a pro forma total net senior secured leverage ratio condition is met\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.25 Td (revolving credit facility and/or the ) Tj ET Q q 0 0 0 rg BT 189.49 473.25 Td (T) Tj ET Q q 0 0 0 rg BT 194.90 473.25 Td (erm Loan subject to the satisfaction of certain conditions. ) Tj ET Q q 0 0 0 rg BT 426.88 473.25 Td (The revolving credit facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.25 Td (includes a sub-facility for the issuance of up to $5.0 million of letters of credit. Pursuant to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 479.36 461.25 Td (Agreement, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.25 Td (Borrower borrowed $185.0 million of the ) Tj ET Q q 0 0 0 rg BT 218.40 449.25 Td (T) Tj ET Q q 0 0 0 rg BT 223.81 449.25 Td (erm Loan on June 10, 2014; $109.0 million was disbursed to the Borrower \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.25 Td (Initial Proceeds\) and the remaining $76.0 million was funded into escrow \(the Subsequent ) Tj ET Q q 0 0 0 rg BT 426.02 437.25 Td (Acquisition Proceeds\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 416.25 Td (The Initial Proceeds, coupled with $13.0 million of revolving credit facility borrowings, were used by the Borrower on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.25 Td (June 10, 2014 to repay all amounts outstanding under the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 330.79 404.25 Td (Agreement, to make a $55.0 million initial payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.25 Td (associated with our acquisition of ) Tj ET Q q 0 0 0 rg BT 186.73 392.25 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 251.55 392.25 Td (WLIB-AM, and to pay fees and expenses. ) Tj ET Q q 0 0 0 rg BT 422.15 392.25 Td (The Subsequent ) Tj ET Q q 0 0 0 rg BT 488.26 392.25 Td (Acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.25 Td (Proceeds were used to make the final $76.0 million payment related to the acquisition of ) Tj ET Q q 0 0 0 rg BT 406.39 380.25 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 471.21 380.25 Td (WLIB-AM on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.25 Td (February 13, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 347.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.37 347.25 Td (T) Tj ET Q q 0 0 0 rg BT 95.78 347.25 Td (erm Loan is due not later than June 10, 2021 and, prior to the Second ) Tj ET Q q 0 0 0 rg BT 374.33 347.25 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 500.70 347.25 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.25 Td (discussed below) Tj ET Q q 0 0 0 rg BT 114.62 335.25 Td (, amortized in an amount equal to 1% per annum of the total principal amount outstanding, payable in quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.25 Td (installments commencing ) Tj ET Q q 0 0 0 rg BT 154.43 323.25 Td (April 1, 2015, with the balance payable on the maturity date. ) Tj ET Q q 0 0 0 rg BT 399.73 323.25 Td (The revolving credit facility expires not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (later than June 10, 2019. ) Tj ET Q q 0 0 0 rg BT 150.26 311.25 Td (An unused commitment fee of 50 basis points per annum will be payable quarterly on the average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (unused amount of the revolving credit facility) Tj ET Q q 0 0 0 rg BT 232.63 299.25 Td (. Prior to the First ) Tj ET Q q 0 0 0 rg BT 305.42 299.25 Td (Amendment and Second ) Tj ET Q q 0 0 0 rg BT 405.67 299.25 Td (Amendment to the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (Agreement discussed below) Tj ET Q q 0 0 0 rg BT 161.54 287.25 Td (, the ) Tj ET Q q 0 0 0 rg BT 181.08 287.25 Td (T) Tj ET Q q 0 0 0 rg BT 186.49 287.25 Td (erm Loan and amounts borrowed under the revolving credit facility bore interest, at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (Borrower) Tj ET Q q 0 0 0 rg BT 88.69 275.25 Td () Tj ET Q q 0 0 0 rg BT 91.47 275.25 Td (s option, at either \(i\) the ) Tj ET Q q 0 0 0 rg BT 189.50 275.25 Td (Alternate Base Rate \(as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 393.05 275.25 Td (Agreement\) \(but not less than 2.00%\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (plus 3.75% or \(ii\) the ) Tj ET Q q 0 0 0 rg BT 137.21 263.25 Td (Adjusted LIBO Rate \(as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 343.56 263.25 Td (Agreement\) \(but not less than 1.00%\) plus 4.75%. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 242.25 Td (Approximately $1.0 million of transaction fees related to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 366.88 242.25 Td (Agreement were capitalized and are being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.25 Td (amortized over the life of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 218.28 230.25 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 267.52 230.25 Td (These deferred debt costs are included in other assets, net in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (accompanying consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 226.14 218.25 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 293.63 218.25 Td (Agreement is carried on our consolidated balance sheets net of an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (original issue discount. ) Tj ET Q q 0 0 0 rg BT 144.81 206.25 Td (The original issue discount, which was $6.1 million as of the issuance of the debt on June 10, 2014 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td ($6.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 194.25 Td ( as of February 28, 2015 \(inclusive of the $1.0 million of transaction fees associated with the November 7, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (debt amendment discussed below\), is being amortized as additional interest expense over the life of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 514.59 182.25 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 161.25 Td (The obligations under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 226.92 161.25 Td (Agreement are secured by a perfected first priority security interest in substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.25 Td (all of the assets of the Company) Tj ET Q q 0 0 0 rg BT 177.66 149.25 Td (, the Borrower and the Subsidiary Guarantors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 128.25 Td (On November 7, 2014, Emmis entered into the First ) Tj ET Q q 0 0 0 rg BT 282.75 128.25 Td (Amendment \(the First ) Tj ET Q q 0 0 0 rg BT 377.46 128.25 Td (Amendment\) to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 511.60 128.25 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.25 Td (The First ) Tj ET Q q 0 0 0 rg BT 88.33 116.25 Td (Amendment \(i\) increases the maximum ) Tj ET Q q 0 0 0 rg BT 248.94 116.25 Td (T) Tj ET Q q 0 0 0 rg BT 254.35 116.25 Td (otal Leverage Ratio to 6.00:1.00 for the period February 28, 2015 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 104.25 Td (February 29, 2016, \(ii\) adjusts the definition of Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 331.90 104.25 Td ( to exclude during the term of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 517.42 104.25 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 92.25 Td (up to $5 million in severance and/or contract termination expenses and up to $2.5 million in losses attributable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.25 Td (reformatting of the Company) Tj ET Q q 0 0 0 rg BT 169.69 80.25 Td (s radio stations, \(iii\) extends the requirement for Emmis to pay a 1.00% fee on certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.25 Td (prepayments of the ) Tj ET Q q 0 0 0 rg BT 128.96 68.25 Td (T) Tj ET Q q 0 0 0 rg BT 134.37 68.25 Td (erm Loan to November 7, 2015, \(iv\) increases the ) Tj ET Q q 0 0 0 rg BT 335.70 68.25 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 398.55 68.25 Td (gin by 0.25% for at least six months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.25 Td (from the date of the First ) Tj ET Q q 0 0 0 rg BT 151.65 56.25 Td (Amendment and until the ) Tj ET Q q 0 0 0 rg BT 255.89 56.25 Td (T) Tj ET Q q 0 0 0 rg BT 261.30 56.25 Td (otal Leverage Ratio is less than 5.00:1.00, and \(v\) makes certain technical ) Tj ET Q endstream endobj 87 0 obj <>] /Rotate 0 /Contents 88 0 R>> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (adjustments to the definition of Consolidated Excess Cash Flow and to address the Foreign ) Tj ET Q q 0 0 0 rg BT 416.06 742.10 Td (Account ) Tj ET Q q 0 0 0 rg BT 452.26 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 457.67 742.10 Td (ax Compliance ) Tj ET Q q 0 0 0 rg BT 519.88 742.10 Td (Act. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Emmis paid a total of approximately $1.0 million of transaction fees to the Lenders that consented to the First ) Tj ET Q q 0 0 0 rg BT 491.01 730.10 Td (Amendment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (which were recorded as original issue discount and are being amortized over the remaining life of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 507.35 718.10 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Capitalized terms in this paragraph not defined elsewhere in this document are defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 473.49 706.10 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 685.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.67 685.10 Td (April 30, 2015, Emmis entered into a Second ) Tj ET Q q 0 0 0 rg BT 269.42 685.10 Td (Amendment to our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 396.90 685.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 446.15 685.10 Td (The Second ) Tj ET Q q 0 0 0 rg BT 495.58 685.10 Td (Amendment \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (increases the maximum ) Tj ET Q q 0 0 0 rg BT 146.73 673.10 Td (T) Tj ET Q q 0 0 0 rg BT 152.14 673.10 Td (otal Leverage Ratio to \(A\) 6.75:1.00 during the period from May 31, 2015 through February 29, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (\(B\) 6.50:1.00 for the quarter ended May 31, 2016, \(C\) 6.25:1.00 for the quarter ended ) Tj ET Q q 0 0 0 rg BT 394.63 661.10 Td (August 31, 2016, \(D\) 6.00:1.00 for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (quarter ended November 30, 2016, and \(E\) 5.75:1.00 for the quarter ended February 28, 2017, after which it reverts to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (original ratio of 4.00:1.00 for the quarters ended May 31, 2017 and thereafter) Tj ET Q q 0 0 0 rg BT 358.67 637.10 Td (, \(ii\) requires Emmis to pay a 2.00% fee on certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (prepayments of the ) Tj ET Q q 0 0 0 rg BT 128.96 625.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.37 625.10 Td (erm Loan prior to the first anniversary of the Second ) Tj ET Q q 0 0 0 rg BT 347.08 625.10 Td (Amendment and requires Emmis to pay a 1.00% fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (on certain prepayments of the ) Tj ET Q q 0 0 0 rg BT 171.16 613.10 Td (T) Tj ET Q q 0 0 0 rg BT 176.57 613.10 Td (erm Loan from the first anniversary of the Second ) Tj ET Q q 0 0 0 rg BT 379.01 613.10 Td (Amendment until the second anniversary of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (the Second ) Tj ET Q q 0 0 0 rg BT 96.10 601.10 Td (Amendment, \(iii\) increases the ) Tj ET Q q 0 0 0 rg BT 221.34 601.10 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 284.19 601.10 Td (gin throughout the remainder of the term of the Credit ) Tj ET Q q 0 0 0 rg BT 502.47 601.10 Td (Agreement to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (5.00% for ) Tj ET Q q 0 0 0 rg BT 91.94 589.10 Td (ABR Loans \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 240.52 589.10 Td (Agreement\) and 6.00% for Eurodollar Loans \(as defined in the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (Agreement\), and \(iv\) increases the amortization to 0.50% per calendar quarter through January 1, 2016 and to 1.25% per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (calendar quarter thereafter commencing ) Tj ET Q q 0 0 0 rg BT 211.58 565.10 Td (April 1, 2016. ) Tj ET Q q 0 0 0 rg BT 272.50 565.10 Td (The Second ) Tj ET Q q 0 0 0 rg BT 321.94 565.10 Td (Amendment also requires Emmis to pay a fee of 0.50% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 553.10 Td (T) Tj ET Q q 0 0 0 rg BT 69.95 553.10 Td (erm Loan and Revolving Commitment of each Lender that consented to the Second ) Tj ET Q q 0 0 0 rg BT 406.25 553.10 Td (Amendment. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (2012 CREDIT) Tj ET Q q 0 0 0 rg BT 111.22 532.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.16 532.10 Td (AGREEMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 511.10 Td (On December 28, 2012, Emmis Operating Company \(EOC\), a wholly owned subsidiary of Emmis, entered into a credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (facility \(the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 152.75 499.10 Td (Agreement\) to provide for total borrowings of up to $100 million, including \(i\) an $80 million term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (loan and \(ii\) a $20 million revolver) Tj ET Q q 0 0 0 rg BT 190.12 487.10 Td (, of which $5 million may be used for letters of credit. On June 10, 2014, Emmis entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (into the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 132.22 475.10 Td (Agreement. In connection with the execution of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 390.20 475.10 Td (Agreement, the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 503.78 475.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (was terminated ef) Tj ET Q q 0 0 0 rg BT 120.90 463.10 Td (fective June 10, 2014, and all amounts outstanding under that agreement were paid in full. During the three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (months ended ) Tj ET Q q 0 0 0 rg BT 107.77 451.10 Td (August 31, 2014, the Company recorded a loss on debt extinguishment of $1.5 million related to the termination ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (of the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 124.99 439.10 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (SOURCES OF) Tj ET Q q 0 0 0 rg BT 113.25 418.10 Td ( LIQUIDITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 401.10 Td (Our primary sources of liquidity are cash provided by operations and cash available through revolver borrowings under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (our credit facility) Tj ET Q q 0 0 0 rg BT 118.76 389.10 Td (. Our primary uses of capital during the past few years have been, and are expected to continue to be, capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.10 Td (expenditures, working capital, debt service requirements, repayment of debt and investments in future growth opportunities in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.10 Td (related businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 348.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 348.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.10 348.10 Td (, we had cash and cash equivalents of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.54 348.10 Td ($3.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.44 348.10 Td ( and net working capital of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.40 348.10 Td ($13.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.29 348.10 Td (. ) Tj ET Q q 0 0 0 rg BT 529.74 348.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (February28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 336.10 Td (, we had cash and cash equivalents of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.04 336.10 Td ($5.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.94 336.10 Td ( and net working capital of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.90 336.10 Td ($4.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.79 336.10 Td (. Cash and cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (equivalents held at various European banking institutions at February28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.21 324.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.21 324.10 Td ( was $1.2 million. Since we manage cash on a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.10 Td (consolidated basis, any cash needs of a particular segment or operating entity are met by intercompany transactions. See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 89.17 300.10 Td (Activities below for a discussion of specific segment needs.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 95.83 283.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 266.10 Td (Cash flows provided by operating activities were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.56 266.10 Td ($24.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.45 266.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.89 266.10 Td ($18.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.78 266.10 Td ( for the years ended February 28, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (and 2015, respectively) Tj ET Q q 0 0 0 rg BT 139.60 254.10 Td (. ) Tj ET Q q 0 0 0 rg BT 144.42 254.10 Td (The decrease in cash flows provided by operating activities was attributable to higher interest expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (that was partially of) Tj ET Q q 0 0 0 rg BT 129.52 242.10 Td (fset by additional operating cash flows provided by the acquisition of ) Tj ET Q q 0 0 0 rg BT 408.99 242.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 473.81 242.10 Td (WLIB-AM.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 225.10 Td (Cash flows provided by operating activities were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.56 225.10 Td ($1.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.45 225.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.89 225.10 Td ($24.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.78 225.10 Td ( for the years ended February 28, 2013 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.10 Td (and 2014, respectively) Tj ET Q q 0 0 0 rg BT 139.60 213.10 Td (. ) Tj ET Q q 0 0 0 rg BT 144.42 213.10 Td (The increase in cash flows provided by operating activities was mainly attributable to lower interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.10 Td (expense coupled with an increase in radio operating income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 91.40 184.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 167.10 Td (For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.19 167.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.79 167.10 Td (, cash used in investing activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.76 167.10 Td ($140.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 167.10 Td ( primarily consisted of $136.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (million of cash used in our acquisitions of ) Tj ET Q q 0 0 0 rg BT 220.35 155.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 285.17 155.10 Td (WLIB-AM and Digonex ) Tj ET Q q 0 0 0 rg BT 386.36 155.10 Td (T) Tj ET Q q 0 0 0 rg BT 391.77 155.10 Td (echnologies, Inc. In addition, we used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td ($3.5 million of cash for capital expenditures and made $0.5 million of additional investments, net of distributions from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 114.10 Td (For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.69 114.10 Td (February28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.29 114.10 Td (, cash used in investing activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.26 114.10 Td ($5.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 114.10 Td ( primarily consisted of $3.1 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (of capital expenditures, $1.7 million related to the settlement of transaction fees and working capital adjustments associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (with the sale of our Bulgarian and Slovakian radio operations which are included in discontinued operations and $0.7 million of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.10 Td (additional investments, net of distributions from investments.) Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (For the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.69 742.10 Td (February28, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.29 742.10 Td (, cash flows provided by investing activities were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.52 742.10 Td ($1) Tj ET Q q 0 0 0 rg BT 433.15 742.10 Td (14.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.04 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 486.86 742.10 Td (This amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (mostly relates to cash generated by our discontinued operations of $1) Tj ET Q q 0 0 0 rg BT 326.78 730.10 Td (13.8 million, most of which related to the sale of Country ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Sampler and related publications, KXOS-FM and our Bulgarian and Slovakian radio operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 94.74 701.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 684.10 Td (Cash flows used in financing activities were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.12 684.10 Td ($1) Tj ET Q q 0 0 0 rg BT 262.75 684.10 Td (12.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.64 684.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.08 684.10 Td ($22.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.97 684.10 Td ( for the years ended February 28, 2013 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (2014, respectively) Tj ET Q q 0 0 0 rg BT 122.66 672.10 Td (. Cash flows provided by financing activities were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.72 672.10 Td ($120.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.61 672.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.07 672.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.67 672.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 655.10 Td (Cash provided by financing activities for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.87 655.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.47 655.10 Td ( primarily relates to net borrowings related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.10 Td (our senior credit agreement of $134.5 million. Partially of) Tj ET Q q 0 0 0 rg BT 281.43 643.10 Td (fsetting our net borrowings were payments of debt-related costs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.10 Td ($7.8 million, distributions to noncontrolling interests of $5.4 million and the settlement of tax withholding obligations of $1.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 602.10 Td ( Cash used in financing activities for the year ended February28, 2014 primarily relates to net payments related to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 590.10 Td (senior credit agreement and senior unsecured notes of $17.1 million, distributions to noncontrolling interests of $4.6 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.10 Td (and the settlement of tax withholding obligations of $1.1 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 561.10 Td (Cash used in financing activities for the year ended February28, 2013 primarily relates to net payments related to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.10 Td (senior credit agreement and senior unsecured notes of $98.5 million, payments for other debt-related costs of $9.3 million and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 537.10 Td (distributions to noncontrolling interests of $5.1 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 520.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 520.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 520.10 Td (, Emmis had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.82 520.10 Td ($193.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.71 520.10 Td ( million of borrowings under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 465.91 520.10 Td (Agreement \($1.9 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (million current and $191.1 million long-term\), $76.6 million of non-recourse debt \($5.0 million current and $71.6 million long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (term\) and $46.5 million of Preferred Stock liquidation preference. Borrowings under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 455.45 496.10 Td (Agreement debt bears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (interest, at our option, at a rate equal to the Eurodollar rate or an alternative Base Rate plus a mar) Tj ET Q q 0 0 0 rg BT 438.28 484.10 Td (gin. ) Tj ET Q q 0 0 0 rg BT 455.88 484.10 Td (The non-recourse debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (bears interest at 4.1%per annum. ) Tj ET Q q 0 0 0 rg BT 185.51 472.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.96 472.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.55 472.10 Td (, our weighted average borrowing rate under our 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (Agreement including the ef) Tj ET Q q 0 0 0 rg BT 159.50 460.10 Td (fect of our interest rate exchange agreement was approximately 6.0%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 443.10 Td (The debt service requirements of Emmis over the next twelve-month period are expected to be $16.6 million related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.10 Td (our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 115.27 431.10 Td (Agreement, as amended, \($3.2 million of principal repayments and $13.4 million of interest payments\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td ($7.8 million related to our 98.7FM non-recourse debt \($5.0 million of principal repayments and $2.8 million of interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 Td (payments\). ) Tj ET Q q 0 0 0 rg BT 96.47 407.10 Td (The Company expects that proceeds from the 98.7FM LMA) Tj ET Q q 0 0 0 rg BT 336.70 407.10 Td ( will be suf) Tj ET Q q 0 0 0 rg BT 381.24 407.10 Td (ficient to pay all debt service related to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (98.7FM non-recourse debt. ) Tj ET Q q 0 0 0 rg BT 161.19 395.10 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 228.68 395.10 Td (Agreement debt bears interest at variable rates. ) Tj ET Q q 0 0 0 rg BT 418.96 395.10 Td (The Company estimated interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td (payments for the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 169.15 383.10 Td (Agreement above by using the amounts outstanding as of February 28, 2015 and the weighted-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (average interest rate of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 207.99 371.10 Td (Agreement debt subsequent to the execution of the Second ) Tj ET Q q 0 0 0 rg BT 444.87 371.10 Td (Amendment of the 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.94 359.10 Td (Agreement on ) Tj ET Q q 0 0 0 rg BT 135.82 359.10 Td (April 30, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 342.10 Td (On September4, 2012, following approval by the Company) Tj ET Q q 0 0 0 rg BT 316.74 342.10 Td (s shareholders, the Company filed amendments to its ) Tj ET Q q 0 0 0 rg BT 530.31 342.10 Td (Articles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (of Incorporation that modify the rights of holders of the Company) Tj ET Q q 0 0 0 rg BT 316.61 330.10 Td (s Preferred Stock. ) Tj ET Q q 0 0 0 rg BT 390.30 330.10 Td (The amendments:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 313.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 313.10 Td (canceled the amount of undeclared dividends in respect of the Preferred Stock that were accumulated but undeclared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 301.10 Td (on or prior to the ef) Tj ET Q q 0 0 0 rg BT 163.45 301.10 Td (fectiveness of the Proposed ) Tj ET Q q 0 0 0 rg BT 275.09 301.10 Td (Amendments;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 284.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 284.10 Td (changed the designation of the Preferred Stock from Cumulative to Non-Cumulative and changed the rights of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 272.10 Td (holders of the Preferred Stock such that dividends or distributions on the Preferred Stock will not accumulate unless ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 260.10 Td (declared by the board of directors and subsequently not paid\(and thereby ef) Tj ET Q q 0 0 0 rg BT 389.76 260.10 Td (fectively canceled associated rights to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 248.10 Td (elect directors in the event of dividend arrearages\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 231.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 231.10 Td (canceled the restrictions on Emmis) Tj ET Q q 0 0 0 rg BT 228.14 231.10 Td ( ability to pay dividends or make distributions on, or repurchase, its Common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 219.10 Td (Stock or other junior stock prior to paying accumulated but undeclared dividends or distributions on the Preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 207.10 Td (Stock;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 190.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 190.10 Td (changed the ability of the holders of the Preferred Stock to require Emmis to repurchase all of such holders) Tj ET Q q 0 0 0 rg BT 516.39 190.10 Td ( Preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 178.10 Td (Stock upon certain going-private transactions in which an af) Tj ET Q q 0 0 0 rg BT 326.46 178.10 Td (filiate of Mr) Tj ET Q q 0 0 0 rg BT 374.78 178.10 Td (.Smulyan participates that do not constitute a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 166.10 Td (change of control transaction, to cause the holders of the Preferred Stock to no longer have such ability;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 149.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 149.10 Td (changed the ability of the holders of the Preferred Stock to convert all of such Preferred Stock to Class) Tj ET Q q 0 0 0 rg BT 497.98 149.10 Td (A) Tj ET Q q 0 0 0 rg BT 504.65 149.10 Td ( Common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 137.10 Td (Stock upon a change of control at specified conversion prices to cause the holders of the Preferred Stock to no longer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 125.10 Td (have such ability;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 108.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 108.10 Td (changed the ability of holders of the Preferred Stock to vote as a separate class on a plan of mer) Tj ET Q q 0 0 0 rg BT 467.78 108.10 Td (ger) Tj ET Q q 0 0 0 rg BT 480.15 108.10 Td (, share exchange, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 96.10 Td (sale of assets or similar transaction to the ability to vote with the Common Stock on an as-converted basis \(except as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 84.10 Td (may otherwise be required by law\); and) Tj ET Q endstream endobj 91 0 obj <>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 742.10 Td (changed the conversion price adjustment applicable to certain mer) Tj ET Q q 0 0 0 rg BT 350.31 742.10 Td (ger) Tj ET Q q 0 0 0 rg BT 362.68 742.10 Td (, reclassification and other transactions to provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 730.10 Td (that the Preferred Stock converts into the right to receive property that would have been receivable had such Preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 718.10 Td (Stock been converted into Class) Tj ET Q q 0 0 0 rg BT 215.85 718.10 Td (A) Tj ET Q q 0 0 0 rg BT 222.52 718.10 Td ( Common Stock immediately prior to such transaction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 701.10 Td (As a result of the elimination of the rights of holders of Preferred Stock to require Emmis to repurchase all of such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (holders) Tj ET Q q 0 0 0 rg BT 82.03 689.10 Td ( Preferred Stock in certain going-private transactions, the Preferred Stock was reclassified from temporary equity to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (permanent equity) Tj ET Q q 0 0 0 rg BT 119.05 677.10 Td (. ) Tj ET Q q 0 0 0 rg BT 123.50 677.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 173.40 677.10 Td (, the cancellation of the cumulative feature of the Preferred Stock and the cancellation of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (accumulated but undeclared preferred dividends modified earnings per share calculations as the numerator in the calculation no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (longer includes undeclared preferred dividends. Certain holders of our Preferred Stock have challenged the validity of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (amendments. See further discussion under Item 3, Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 624.10 Td (As of May1, 2015, we had $9.0 million available for additional borrowing under our credit facility) Tj ET Q q 0 0 0 rg BT 470.20 624.10 Td (. ) Tj ET Q q 0 0 0 rg BT 474.64 624.10 Td (A) Tj ET Q q 0 0 0 rg BT 481.12 624.10 Td (vailability under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (credit facility depends upon our continued compliance with certain operating covenants and financial ratios. Emmis was in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (compliance with these covenants as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.06 600.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.66 600.10 Td (. ) Tj ET Q q 0 0 0 rg BT 284.11 600.10 Td (As part of our business strategy) Tj ET Q q 0 0 0 rg BT 409.82 600.10 Td (, we continually evaluate potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (acquisitions of radio stations, publishing properties and other businesses that we believe hold promise for long-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (appreciation in value and leverage our strengths. However) Tj ET Q q 0 0 0 rg BT 282.84 576.10 Td (, Emmis Operating Company) Tj ET Q q 0 0 0 rg BT 402.83 576.10 Td (s credit facility substantially limits our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (ability to make acquisitions. ) Tj ET Q q 0 0 0 rg BT 165.08 564.10 Td (W) Tj ET Q q 0 0 0 rg BT 173.72 564.10 Td (e also regularly review our portfolio of assets and may opportunistically dispose of assets when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (we believe it is appropriate to do so. See Note 7 to our consolidated financial statements for a discussion of various dispositions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (that occurred during the three years ended February 2015.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (SUMMAR) Tj ET Q q 0 0 0 rg BT 95.75 523.10 Td (Y) Tj ET Q q 0 0 0 rg BT 102.60 523.10 Td ( DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 177.63 523.10 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 213.01 523.10 Td ( CONTRACTUAL) Tj ET Q q 0 0 0 rg BT 293.30 523.10 Td ( CASH OBLIGA) Tj ET Q q 0 0 0 rg BT 365.35 523.10 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (The following table reflects a summary of our contractual cash obligations as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.40 506.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.00 506.10 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 415.60 181.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 415.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 415.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 415.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 415.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 415.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 385.60 181.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 230.50 385.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 293.50 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 297.50 385.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 385.60 62.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 385.60 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 385.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 385.60 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 460.6 m 293.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 293.5 460.6 m 297.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 460.6 m 359.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 460.6 m 363.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 460.6 m 425.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425.5 460.6 m 429.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 460.6 m 493.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 460.6 m 497.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 460.6 m 561.5 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 430.6 m 293.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 430.6 m 359.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 430.6 m 425.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 430.6 m 493.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 430.6 m 561.5 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 370.6 m 293.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 356.6 m 293.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 354.6 m 293.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 370.6 m 359.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 356.6 m 359.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 354.6 m 359.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 370.6 m 425.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 356.6 m 425.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 354.6 m 425.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 370.6 m 493.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 356.6 m 493.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 354.6 m 493.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 370.6 m 561.5 370.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 356.6 m 561.5 356.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 354.6 m 561.5 354.6 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 342.85 480.28 Td (Payments Due by Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.25 464.83 Td (\(Amounts in 000's\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 307.55 450.28 Td (Less than) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.30 450.28 Td (1 to 3) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.30 450.28 Td (3 to 5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 506.45 450.28 Td (More than) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 435.27 Td (Contractual cash obligations:) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 250.55 435.28 Td (Total) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 314.50 435.28 Td (1 Year) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 382.05 435.28 Td (Years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 449.05 435.28 Td (Years) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 513.45 435.28 Td (5 Years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 405.27 Td (Long-term debt ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 116.98 409.80 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.15 405.27 Td (359,920) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 405.27 Td (24,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 405.27 Td (67,903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 405.27 Td (66,308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 405.27 Td (201,314) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 390.27 Td (Operating leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.15 390.27 Td (60,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.15 390.27 Td (8,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 390.27 Td (16,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 390.27 Td (14,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 390.27 Td (21,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 375.27 Td (Purchase obligations ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 137.54 379.80 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.15 375.27 Td (65,017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 375.27 Td (26,816) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 375.27 Td (32,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 375.27 Td (5,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.65 375.27 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 360.27 Td ( Total contractual cash obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.15 360.27 Td (485,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 360.27 Td (59,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 360.27 Td (117,020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 360.27 Td (86,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 360.27 Td (222,811) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 50.00 345.13 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.60 341.50 Td ( Includes an estimate of interest expense on amounts outstanding related to our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 348.53 341.50 Td (Agreement as of February 28, 2015 using our weighted average ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 331.90 Td (interest rate subsequent to the Second ) Tj ET Q q 0 0 0 rg BT 172.19 331.90 Td (Amendment of our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 274.62 331.90 Td (Agreement as well as interest due under our 98.7FM nonrecourse debt. Includes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 322.30 Td (mandatory principal payments related to our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 233.51 322.30 Td (Agreement as adjusted by the Second ) Tj ET Q q 0 0 0 rg BT 355.25 322.30 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 456.35 322.30 Td (Agreement. See Note 5 and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 312.70 Td (Note 17 to the accompanying consolidated financial statements included in Item 8, "Financial Statements and Supplementary Data" for more discussion of our ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 303.10 Td (long-term debt.) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 50.00 292.13 Td (2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.60 288.50 Td ( Includes contractual commitments to purchase goods and services, including employment agreements, radio broadcast agreements, audience measurement ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 278.90 Td (information and music license fees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 261.90 Td (INT) Tj ET Q q 0 0 0 rg BT 67.04 261.90 Td (ANGIBLES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 244.90 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 244.90 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 244.90 Td (, approximately 70% of our total assets consisted of intangible assets, such as FCC broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.90 Td (licenses, goodwill, and trademarks, the value of which depends significantly upon the operational results of our businesses. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.90 Td (the case of our radio stations, we would not be able to operate the properties without the related FCC license for each property) Tj ET Q q 0 0 0 rg BT 554.47 220.90 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.90 Td (FCC licenses are renewed every eight years; consequently) Tj ET Q q 0 0 0 rg BT 282.32 208.90 Td (, we continually monitor the activities of our stations for compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.90 Td (with regulatory requirements. Historically) Tj ET Q q 0 0 0 rg BT 217.64 196.90 Td (, all of our FCC licenses have been renewed \(or a waiver has been granted pending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.90 Td (renewal\) at the end of their respective eight-year periods, and we expect that all of our FCC licenses will continue to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.90 Td (renewed in the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 155.90 Td (SEASONALITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 138.90 Td (Our results of operations are usually subject to seasonal fluctuations, which result in higher second and third quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.90 Td (revenues and operating income. For our radio operations, this seasonality is due to the younger demographic composition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.90 Td (many of our stations. ) Tj ET Q q 0 0 0 rg BT 136.38 114.90 Td (Advertisers increase spending during the summer months to tar) Tj ET Q q 0 0 0 rg BT 389.48 114.90 Td (get these listeners. In addition, advertisers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.90 Td (generally increase spending across all segments during the months of October and November) Tj ET Q q 0 0 0 rg BT 422.82 102.90 Td (, which are part of our third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.90 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.92 90.90 Td (, in anticipation of the holiday season.) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (INFLA) Tj ET Q q 0 0 0 rg BT 80.37 742.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (The impact of inflation on operations has not been significant to date. However) Tj ET Q q 0 0 0 rg BT 391.01 725.25 Td (, there can be no assurance that a high rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (of inflation in the future would not have an adverse ef) Tj ET Q q 0 0 0 rg BT 265.30 713.25 Td (fect on operating results, particularly since of our senior bank debt is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (comprised entirely of variable-rate debt.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 684.25 Td (OFF-BALANCE SHEET) Tj ET Q q 0 0 0 rg BT 157.89 684.25 Td ( FINANCINGS ) Tj ET Q q 0 0 0 rg BT 225.68 684.25 Td (AND LIABILITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 667.25 Td (Other than lease commitments, legal contingencies incurred in the normal course of business, contractual commitments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 655.25 Td (purchase goods and services and employment contracts for key employees, all of which are discussed in Note 1) Tj ET Q q 0 0 0 rg BT 495.61 655.25 Td (1 to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.25 Td (consolidated financial statements, the Company does not have any material of) Tj ET Q q 0 0 0 rg BT 361.67 643.25 Td (f-balance sheet financings or liabilities. ) Tj ET Q q 0 0 0 rg BT 521.43 643.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.25 Td (Company does not have any majority-owned and controlled subsidiaries that are not included in the consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.25 Td (statements, nor does the Company have any interests in or relationships with any special-purpose entities that are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.25 Td (reflected in the consolidated financial statements or disclosed in the Notes to Consolidated Financial Statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 578.25 Td (ITEM7A. QUANTIT) Tj ET Q q 0 0 0 rg BT 142.32 578.25 Td (A) Tj ET Q q 0 0 0 rg BT 148.80 578.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 175.21 578.25 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 238.08 578.25 Td (A) Tj ET Q q 0 0 0 rg BT 244.56 578.25 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 344.04 578.25 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 379.42 578.25 Td ( MARKET) Tj ET Q q 0 0 0 rg BT 426.74 578.25 Td ( RISK.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 561.25 Td (General) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 544.25 Td (Market risk represents the risk of loss that may impact the financial position, results of operations or cash flows of Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.25 Td (due to adverse changes in financial and commodity market prices and rates. Emmis is exposed to market risk from changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (domestic and international interest rates \(i.e. prime and LIBOR\). ) Tj ET Q q 0 0 0 rg BT 310.85 520.25 Td (T) Tj ET Q q 0 0 0 rg BT 316.26 520.25 Td (o manage interest-rate exposure, Emmis periodically enters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (into interest-rate derivative agreements. Emmis does not use financial instruments for trading and is not a party to any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (leveraged derivatives.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 479.25 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 479.25 Td (est Rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 462.25 Td (Under the terms of its 2014 Credit ) Tj ET Q q 0 0 0 rg BT 213.15 462.25 Td (Agreement, the Company is not required to fix or cap the interest rate on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.25 Td (outstanding borrowings, and no such instruments were in place as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.61 450.25 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.21 450.25 Td (. Based on amounts outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.25 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 438.25 Td (, if the interest rate on our variable debt were to increase by 1.0%, our annual interest expense would increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 426.25 Td (by approximately $0.4 million. ) Tj ET Q q 0 0 0 rg BT 176.47 426.25 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 243.96 426.25 Td (Agreement provides that our term loan is subject to a minimum LIBOR floor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 414.25 Td (of 1.0%.) 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FINANCIAL) Tj ET Q q 0 0 0 rg BT 145.29 742.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 159.28 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 165.76 742.25 Td (TEMENTS ) Tj ET Q q 0 0 0 rg BT 216.61 742.25 Td (AND SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 308.37 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 322.46 742.25 Td (Y) Tj ET Q q 0 0 0 rg BT 329.31 742.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 345.51 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 351.44 742.25 Td (A) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 181.05 718.25 Td (Report of Independent Register) Tj ET Q q 0 0 0 rg BT 316.13 718.25 Td (ed Public ) Tj ET Q q 0 0 0 rg BT 357.81 718.25 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.25 Td (The Board of Directors and Shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (Emmis Communications Corporation and Subsidiaries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 646.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 646.25 Td (e ) Tj ET Q q 0 0 0 rg BT 88.30 646.25 Td (have ) Tj ET Q q 0 0 0 rg BT 109.91 646.25 Td (audited ) Tj ET Q q 0 0 0 rg BT 142.06 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.01 646.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 218.04 646.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 271.31 646.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 304.57 646.25 Td (sheets ) Tj ET Q q 0 0 0 rg BT 331.74 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.79 646.25 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 373.85 646.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 444.91 646.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 495.96 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 513.12 646.25 Td (Subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (as ) Tj ET Q q 0 0 0 rg BT 60.91 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 71.81 634.25 Td (February ) Tj ET Q q 0 0 0 rg BT 110.49 634.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 125.57 634.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 148.14 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 165.16 634.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 190.24 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.25 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.05 634.25 Td (related ) Tj ET Q q 0 0 0 rg BT 251.83 634.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 304.95 634.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 349.73 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.64 634.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 407.37 634.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 470.48 634.25 Td (income ) Tj ET Q q 0 0 0 rg BT 502.49 634.25 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 529.79 634.25 Td (changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.37 622.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 87.96 622.25 Td (\(deficit\), ) Tj ET Q q 0 0 0 rg BT 125.26 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.29 622.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 162.66 622.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 187.48 622.25 Td (for ) Tj ET Q q 0 0 0 rg BT 201.73 622.25 Td (each ) Tj ET Q q 0 0 0 rg BT 222.64 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 233.57 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.38 622.25 Td (three ) Tj ET Q q 0 0 0 rg BT 270.96 622.25 Td (years ) Tj ET Q q 0 0 0 rg BT 294.65 622.25 Td (in ) Tj ET Q q 0 0 0 rg BT 305.03 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.84 622.25 Td (period ) Tj ET Q q 0 0 0 rg BT 347.98 622.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 374.45 622.25 Td (February ) Tj ET Q q 0 0 0 rg BT 413.15 622.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 428.24 622.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 453.34 622.25 Td ( ) Tj ET Q q 0 0 0 rg BT 455.75 622.25 Td (These ) Tj ET Q q 0 0 0 rg BT 482.22 622.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.79 622.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (are ) Tj ET Q q 0 0 0 rg BT 65.11 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 80.23 610.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 137.58 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 148.81 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.93 610.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 211.41 610.25 Td (management. ) Tj ET Q q 0 0 0 rg BT 267.90 610.25 Td ( ) Tj ET Q q 0 0 0 rg BT 270.81 610.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 289.26 610.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 346.61 610.25 Td (is ) Tj ET Q q 0 0 0 rg BT 356.18 610.25 Td (to ) Tj ET Q q 0 0 0 rg BT 366.86 610.25 Td (express ) Tj ET Q q 0 0 0 rg BT 399.75 610.25 Td (an ) Tj ET Q q 0 0 0 rg BT 412.09 610.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 445.55 610.25 Td (on ) Tj ET Q q 0 0 0 rg BT 458.46 610.25 Td (these ) Tj ET Q q 0 0 0 rg BT 481.91 610.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 519.79 610.25 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.25 Td (based ) Tj ET Q q 0 0 0 rg BT 75.27 598.25 Td (on ) Tj ET Q q 0 0 0 rg BT 87.77 598.25 Td (our ) Tj ET Q q 0 0 0 rg BT 103.60 598.25 Td (audits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 574.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 574.25 Td (e ) Tj ET Q q 0 0 0 rg BT 88.84 574.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 133.20 574.25 Td (our ) Tj ET Q q 0 0 0 rg BT 149.80 574.25 Td (audits ) Tj ET Q q 0 0 0 rg BT 176.95 574.25 Td (in ) Tj ET Q q 0 0 0 rg BT 188.00 574.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 236.23 574.25 Td (with ) Tj ET Q q 0 0 0 rg BT 257.27 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 272.75 574.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 313.79 574.25 Td (of ) Tj ET Q q 0 0 0 rg BT 325.39 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.87 574.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 369.69 574.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 411.12 574.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 461.05 574.25 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 503.75 574.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 531.46 574.25 Td (\(United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (States\). ) Tj ET Q q 0 0 0 rg BT 82.52 562.25 Td ( ) Tj ET Q q 0 0 0 rg BT 85.12 562.25 Td (Those ) Tj ET Q q 0 0 0 rg BT 112.36 562.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 152.93 562.25 Td (require ) Tj ET Q q 0 0 0 rg BT 184.05 562.25 Td (that ) Tj ET Q q 0 0 0 rg BT 201.84 562.25 Td (we ) Tj ET Q q 0 0 0 rg BT 216.30 562.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 236.32 562.25 Td (and ) Tj ET Q q 0 0 0 rg BT 253.56 562.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 288.57 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.59 562.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 326.39 562.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.97 562.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 364.76 562.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 410.32 562.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 451.99 562.25 Td (about ) Tj ET Q q 0 0 0 rg BT 477.01 562.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 512.02 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.03 562.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.79 550.25 Td (are ) Tj ET Q q 0 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0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 493.50 340.80 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 497.50 340.80 65.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 300.80 309.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 359.50 300.80 65.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 424.50 300.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 428.50 300.80 65.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 493.50 300.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 497.50 300.80 65.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 270.80 309.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 359.50 270.80 65.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 424.50 270.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 428.50 270.80 65.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 493.50 270.80 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 497.50 270.80 65.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 240.80 309.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 359.50 240.80 65.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 424.50 240.80 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 428.50 240.80 65.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 493.50 240.80 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 497.50 240.80 65.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 670.8 m 424.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 670.8 m 493.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 670.8 m 562.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 670.8 m 424.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 670.8 m 493.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 670.8 m 562.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 500.79999999999995 m 424.5 500.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 500.79999999999995 m 493.5 500.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 500.79999999999995 m 562.5 500.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 485.79999999999995 m 424.5 485.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 485.79999999999995 m 493.5 485.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 485.79999999999995 m 562.5 485.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 470.79999999999995 m 424.5 470.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 470.79999999999995 m 493.5 470.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 470.79999999999995 m 562.5 470.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 410.79999999999995 m 424.5 410.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 410.79999999999995 m 493.5 410.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 410.79999999999995 m 562.5 410.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 395.79999999999995 m 424.5 395.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 395.79999999999995 m 493.5 395.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 395.79999999999995 m 562.5 395.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 355.79999999999995 m 424.5 355.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 355.79999999999995 m 493.5 355.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 355.79999999999995 m 562.5 355.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 315.79999999999995 m 424.5 315.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 315.79999999999995 m 493.5 315.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 315.79999999999995 m 562.5 315.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 285.79999999999995 m 424.5 285.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 285.79999999999995 m 493.5 285.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 285.79999999999995 m 562.5 285.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 240.79999999999995 m 424.5 240.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 240.79999999999995 m 493.5 240.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 240.79999999999995 m 562.5 240.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 216.79999999999995 m 424.5 216.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 214.79999999999995 m 424.5 214.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 216.79999999999995 m 493.5 216.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 214.79999999999995 m 493.5 214.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 216.79999999999995 m 562.5 216.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 214.79999999999995 m 562.5 214.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 688.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.60 688.05 Td (For the years ended February28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 675.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 675.05 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 675.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 675.05 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.37 Td (NET REVENUES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 660.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 660.47 Td (196,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 660.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 660.47 Td (205,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 660.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 660.47 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.37 Td (OPERATING EXPENSES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 631.37 Td (Station operating expenses excluding depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 621.37 Td (expense of $2,769, $2,711 and $3,388 respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 620.47 Td (154,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 620.47 Td (159,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 620.47 Td (181,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 606.37 Td (Corporate expenses excluding depreciation and amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 596.37 Td (of $1,953, $2,155 and $2,538 respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 595.47 Td (17,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 595.47 Td (17,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 595.47 Td (14,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 581.37 Td (LMA fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 580.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 580.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 580.47 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 566.37 Td (Hungary license litigation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 565.47 Td (1,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 565.47 Td (2,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 565.47 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 551.37 Td (Impairment loss on intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 550.47 Td (11,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 550.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 550.47 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 536.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 535.47 Td (4,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 535.47 Td (4,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 535.47 Td (5,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 521.37 Td (Gain on contract settlement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 520.52 Td (\(2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 520.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 506.37 Td (Gain on sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 505.52 Td (\(9,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 505.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 505.52 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 505.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 491.37 Td (Total operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 490.47 Td (179,535) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 490.47 Td (182,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 490.47 Td (272,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 476.37 Td (OPERATING INCOME \(LOSS\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 475.47 Td (16,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 475.47 Td (22,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 475.52 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 475.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 461.37 Td (OTHER EXPENSE:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 446.37 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 445.52 Td (\(20,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 445.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 445.52 Td (\(7,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 445.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 445.52 Td (\(17,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 445.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 431.37 Td (Loss on debt extinguishment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 430.52 Td (\(4,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 430.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 430.52 Td (\(653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 430.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 430.52 Td (\(1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 430.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 416.37 Td (Other \(expense\) income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 415.52 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 415.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 415.47 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 415.52 Td (\(6,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 415.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 401.37 Td (Total other expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 400.52 Td (\(25,417) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 400.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 400.52 Td (\(7,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 400.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 400.52 Td (\(24,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 400.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 386.37 Td (\(LOSS\) INCOME BEFORE INCOME TAXES AND DISCONTINUED) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 376.37 Td (OPERATIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 375.52 Td (\(8,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 375.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 375.47 Td (14,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 375.52 Td (\(59,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 375.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 361.37 Td (\(BENEFIT\) PROVISION FOR INCOME TAXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 360.52 Td (\(7,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 360.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 360.52 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 360.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 360.47 Td (36,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 346.37 Td (\(LOSS\) INCOME FROM CONTINUING OPERATIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 345.52 Td (\(1,829) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 345.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 345.47 Td (48,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 345.52 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 345.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 331.37 Td (INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 320.47 Td (50,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 320.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 320.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 306.37 Td (CONSOLIDATED NET INCOME \(LOSS\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 305.47 Td (48,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 305.47 Td (48,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 305.52 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 305.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 291.37 Td (NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 290.47 Td (4,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 290.47 Td (5,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 290.47 Td (3,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 276.37 Td (NET INCOME \(LOSS\) ATTRIBUTABLE TO THE COMPANY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 275.47 Td (43,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 275.47 Td (43,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 275.52 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 275.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 261.37 Td (GAIN ON EXTINGUISHMENT OF PREFERRED STOCK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 260.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 260.47 Td (325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 260.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 246.37 Td (PREFERRED STOCK DIVIDENDS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 245.52 Td (\(1,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 245.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 245.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 245.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 231.37 Td (NET INCOME \(LOSS\) ATTRIBUTABLE TO COMMON) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 221.37 Td (SHAREHOLDERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 220.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 220.47 Td (41,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 220.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 220.47 Td (43,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 220.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 220.52 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 220.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 195.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 408 m 493.5 408 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 406 m 493.5 406 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 408 m 562.5 408 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 406 m 562.5 406 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 689.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.95 689.25 Td (FortheyearsendedFebruary28\(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 676.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 676.25 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 676.25 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 676.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 662.57 Td (Amounts attributable to common shareholders for basic earnings per share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 647.57 Td (Continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 646.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 646.72 Td (\(8,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 646.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 646.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 646.67 Td (43,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 646.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 646.72 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 646.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 632.57 Td (Discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 631.67 Td (50,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 631.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 631.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 617.57 Td (Net income attributable to common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 616.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 616.67 Td (41,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 616.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 616.67 Td (43,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 616.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 616.72 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 616.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.57 Td (Amounts attributable to common shareholders for diluted earnings per) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 592.57 Td (share:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 577.57 Td (Continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 576.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 576.72 Td (\(8,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 576.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 576.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 576.67 Td (43,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 576.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 576.72 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 576.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 562.57 Td (Discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 561.67 Td (50,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 561.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 561.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 547.57 Td (Net income attributable to common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 546.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 546.67 Td (41,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 546.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 546.67 Td (43,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 546.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 546.72 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 546.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 532.57 Td (Basic net income \(loss\) per share attributable to common shareholders:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 517.57 Td (Continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 516.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 516.72 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 516.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 516.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 516.67 Td (1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 516.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 516.72 Td (\(2.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 516.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 502.57 Td (Discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 501.67 Td (1.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 501.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 501.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 487.57 Td (Net income \(loss\) attributable to common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 486.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 486.67 Td (1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 486.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 486.67 Td (1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 486.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 486.72 Td (\(2.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 486.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 472.57 Td (Basic weighted average common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 471.67 Td (39,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 471.67 Td (40,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 471.67 Td (42,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 457.57 Td (Diluted net income \(loss\) per share attributable to common shareholders:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 442.57 Td (Continuing operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 441.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.80 441.72 Td (\(0.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 441.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 441.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 441.67 Td (0.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 441.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 441.72 Td (\(2.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 441.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 427.57 Td (Discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 426.67 Td (1.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 426.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 426.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 412.57 Td (Net income \(loss\) attributable to common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 411.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 411.67 Td (1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 411.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 411.67 Td (0.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 411.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.80 411.72 Td (\(2.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 411.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 397.57 Td (Diluted weighted average common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 396.67 Td (39,034) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 396.67 Td (46,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 396.67 Td (42,537) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 371.50 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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rg BT 536.15 575.47 Td (3,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.37 Td (COMPREHENSIVE INCOME \(LOSS\) ATTRIBUTABLE TO COMMON) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 551.37 Td (SHAREHOLDERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 550.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 550.47 Td (42,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 550.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 550.47 Td (43,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 550.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 550.52 Td (\(99,160) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 550.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 525.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 575.47 Td (7,946) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 575.47 Td (8,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 561.37 Td (Deferred tax asset) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 560.47 Td (4,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 560.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 546.37 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 545.47 Td (2,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 545.47 Td (3,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 531.37 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 530.47 Td (54,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 530.47 Td (55,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.37 Td (PROPERTY AND EQUIPMENT:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 501.37 Td (Land and buildings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 500.47 Td (25,593) Tj ET Q BT 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BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 425.47 Td (117,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 411.37 Td (Less-accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 410.47 Td (78,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 410.47 Td (82,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 396.37 Td (Total property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 395.47 Td (32,231) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 395.47 Td (34,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 381.37 Td (INTANGIBLE ASSETS:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 366.37 Td (Indefinite lived intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 365.47 Td (150,558) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 365.47 Td (210,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 351.37 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 350.47 Td (12,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 350.47 Td (15,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 336.37 Td (Other intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 335.47 Td (810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 335.47 Td (9,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 320.47 Td (164,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 320.47 Td (235,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 306.37 Td (Less-accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 305.47 Td (548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 305.47 Td (1,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 291.37 Td (Total intangible assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 290.47 Td (163,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 290.47 Td (233,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 276.37 Td (OTHER ASSETS:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 261.37 Td (Deferred debt issuance costs, net of accumulated amortization of $577 and $868,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 251.37 Td (respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 250.47 Td (3,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 250.47 Td (3,438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 236.37 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 235.47 Td (7,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 235.47 Td (1,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 221.37 Td (Deposits and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 220.47 Td (5,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 220.47 Td (5,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 206.37 Td (Total other assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 205.47 Td (15,646) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 205.47 Td (10,420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 191.37 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 190.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 190.47 Td (265,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 190.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 190.47 Td (334,732) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 165.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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0.9333333333333333 1 rg /GS0 gs 493.50 232.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 232.00 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 672 m 493.5 672 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 672 m 562.5 672 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 552 m 493.5 552 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 552 m 562.5 552 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 492 m 493.5 492 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 492 m 562.5 492 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 262 m 493.5 262 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 262 m 562.5 262 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 247 m 493.5 247 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 247 m 562.5 247 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 232 m 493.5 232 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 232 m 562.5 232 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 217 m 493.5 217 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 217 m 562.5 217 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 203 m 493.5 203 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 201 m 493.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 203 m 562.5 203 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 201 m 562.5 201 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 689.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.00 689.25 Td (FEBRUARY 28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 676.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 676.25 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 676.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 662.57 Td (LIABILITIES AND EQUITY \(DEFICIT\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.57 Td (CURRENT LIABILITIES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 632.57 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 631.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 631.67 Td (8,958) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 631.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 631.67 Td (9,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 617.57 Td (Current maturities of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 616.67 Td (12,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 616.67 Td (6,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 602.57 Td (Accrued salaries and commissions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 601.67 Td (8,552) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 601.67 Td (8,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 587.57 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 586.67 Td (11,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 586.67 Td (11,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 572.57 Td (Share-based compensation arrangement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 571.67 Td (2,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 571.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 557.57 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 556.67 Td (4,767) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 556.67 Td (6,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 542.57 Td (Total current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 541.67 Td (49,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 541.67 Td (42,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 527.57 Td (LONG-TERM DEBT, NET OF CURRENT PORTION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 526.67 Td (114,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 526.67 Td (254,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 512.57 Td (OTHER NONCURRENT LIABILITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 511.67 Td (8,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 511.67 Td (8,351) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 497.57 Td (DEFERRED INCOME TAXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 496.67 Td (9,783) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 496.67 Td (41,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 482.57 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 481.67 Td (181,980) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 481.67 Td (346,881) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 467.57 Td (COMMITMENTS AND CONTINGENCIES \(NOTE 11\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 452.57 Td (SHAREHOLDERS EQUITY \(DEFICIT\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 451.67 Td (`) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 437.57 Td (Class A common stock, $0.01 par value; authorized 170,000,000 shares; issued and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 427.57 Td (outstanding 37,267,123 shares and 39,054,719 shares at February 28, 2014 and 2015,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 417.57 Td (respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 416.67 Td (373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 416.67 Td (391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 402.57 Td (Class B common stock, $0.01 par value; authorized 30,000,000 shares; issued and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 392.57 Td (outstanding 4,569,464 shares at February 28, 2014 and 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 381.67 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 381.67 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 367.57 Td (Class C common stock, $0.01 par value; authorized 30,000,000 shares; none issued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 366.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 366.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 352.57 Td (Series A convertible preferred stock. $.01 par value; $50.00 liquidation preference per) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 342.57 Td (share, aggregate liquidation preference and redemption amount of $46,450 at February) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 332.57 Td (28, 2014 and 2015; authorized 2,875,000 shares; issued and outstanding 1,328,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 322.57 Td (shares at February 28, 2014, which included 400,000 shares in trust, and 928,991 at) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 312.57 Td (February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 311.67 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 311.67 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 297.57 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 296.67 Td (580,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 296.67 Td (585,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 282.57 Td (Accumulated deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 281.72 Td (\(545,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 281.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 281.72 Td (\(644,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 281.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 267.57 Td (Accumulated other comprehensive loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 266.72 Td (\(99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 266.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 266.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 252.57 Td (Total shareholders equity \(deficit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 251.67 Td (35,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 251.72 Td (\(58,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 251.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 237.57 Td (NONCONTROLLING INTERESTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 236.67 Td (47,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 236.67 Td (46,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 222.57 Td (Total equity \(deficit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 221.67 Td (83,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 221.72 Td (\(12,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 221.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 207.57 Td (Total liabilities and equity \(deficit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 206.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 206.67 Td (265,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 206.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 206.67 Td (334,732) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 181.50 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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Tf ET q 0 0 0 rg BT 186.25 718.10 Td (FOR ) Tj ET Q q 0 0 0 rg BT 208.02 718.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 229.78 718.10 Td (THREE ) Tj ET Q q 0 0 0 rg BT 264.13 718.10 Td (YEARS ENDED FEBRUAR) Tj ET Q q 0 0 0 rg BT 381.36 718.10 Td (Y) Tj ET Q q 0 0 0 rg BT 388.21 718.10 Td ( 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.50 706.10 Td (\(DOLLARS IN ) Tj ET Q q 0 0 0 rg BT 253.31 706.10 Td (THOUSANDS, EXCEPT) Tj ET Q q 0 0 0 rg BT 356.47 706.10 Td ( SHARE DA) Tj ET Q q 0 0 0 rg BT 407.59 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 412.90 706.10 Td (A\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 695.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 650.80 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 650.80 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 650.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 650.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 650.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 650.80 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 650.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 650.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 650.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 650.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 650.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 650.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 620.80 204.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 620.80 54.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 620.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 620.80 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 620.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 620.80 54.00 -25.00 re f /GS0 gs 0.8 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254.5 261.79999999999995 m 308.5 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 259.79999999999995 m 308.5 259.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 261.79999999999995 m 357.5 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 259.79999999999995 m 357.5 259.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 261.79999999999995 m 415.5 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 259.79999999999995 m 415.5 259.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 261.79999999999995 m 464.5 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 259.79999999999995 m 464.5 259.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 261.79999999999995 m 513.5 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 259.79999999999995 m 513.5 259.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 261.79999999999995 m 562.5 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 259.79999999999995 m 562.5 259.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 125.79999999999995 m 308.5 125.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 125.79999999999995 m 357.5 125.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 125.79999999999995 m 415.5 125.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 125.79999999999995 m 464.5 125.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 125.79999999999995 m 513.5 125.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 125.79999999999995 m 562.5 125.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 111.79999999999995 m 308.5 111.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 109.79999999999995 m 308.5 109.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 111.79999999999995 m 357.5 111.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 312.5 109.79999999999995 m 357.5 109.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 111.79999999999995 m 415.5 111.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 109.79999999999995 m 415.5 109.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 111.79999999999995 m 464.5 111.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 109.79999999999995 m 464.5 109.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 111.79999999999995 m 513.5 111.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 109.79999999999995 m 513.5 109.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 111.79999999999995 m 562.5 111.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 109.79999999999995 m 562.5 109.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 668.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.35 676.05 Td (Class A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.45 668.05 Td (Common Stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.15 676.05 Td (Class B) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.45 668.05 Td (Common Stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 501.75 676.05 Td (Series A) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 490.00 668.05 Td (Preferred Stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 655.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.30 655.05 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.35 655.05 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 655.05 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.35 655.05 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.80 655.05 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.35 655.05 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 641.37 Td (BALANCE, FEBRUARY 29, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.60 640.47 Td (34,007,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 640.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 640.47 Td (340) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 640.47 Td (4,722,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 640.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 640.47 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 640.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 640.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 640.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 626.37 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 625.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 625.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 625.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 625.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 625.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 625.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 611.37 Td (Exercise of stock options and related income tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 601.37 Td (benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 600.47 Td (784,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 600.47 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 600.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 600.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 600.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 600.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 586.37 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.37 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 575.47 Td (605,205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 575.47 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 575.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 575.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 575.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 575.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.37 Td (Issuance of Common Stock in exchange for) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 551.37 Td (cancellation of stock options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 550.47 Td (511,065) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 550.47 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 550.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 550.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 550.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 550.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 536.37 Td (Payments of dividends and distributions to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 526.37 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 525.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 525.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 525.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 525.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 525.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 525.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 511.37 Td (Disposition of noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 510.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 510.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 510.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 510.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 510.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 510.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 496.37 Td (Reclassify preferred stock from mezzanine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 495.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 495.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 495.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 495.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 495.47 Td (937,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 495.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 481.37 Td (Cumulative translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 480.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 480.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 480.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 480.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 480.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 480.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 466.37 Td (Change in value of derivative instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 465.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 465.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 465.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 465.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 465.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 465.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 451.37 Td (BALANCE, FEBRUARY 28, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.60 440.47 Td (35,907,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 440.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 440.47 Td (359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 440.47 Td (4,722,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 440.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 440.47 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 440.47 Td (937,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 440.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 440.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 426.37 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 425.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 425.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 425.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 425.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 425.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 425.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 411.37 Td (Exercise of stock options and related income tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 401.37 Td (benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 400.47 Td (425,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 400.47 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 400.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 400.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 400.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 400.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 386.37 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 376.37 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 375.47 Td (780,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 375.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 375.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 375.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 375.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 375.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 361.37 Td (Conversion of Class B to Class A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 360.47 Td (153,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 360.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.80 360.52 Td (\(153,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 360.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 360.52 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 360.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 360.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 360.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 346.37 Td (Payments of dividends and distributions to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 336.37 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 335.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 335.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 335.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 335.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 335.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 335.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 321.37 Td (Purchase of preferred stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 320.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 320.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 320.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 320.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.80 320.52 Td (\(8,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 320.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 320.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 306.37 Td (Cumulative translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 305.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 305.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 305.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 305.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 305.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 305.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 291.37 Td (Change in value of derivative instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 290.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 290.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 290.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 290.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 290.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 290.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 276.37 Td (BALANCE, FEBRUARY 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.60 265.47 Td (37,267,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 265.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 265.47 Td (373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 265.47 Td (4,569,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 265.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 265.47 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 265.47 Td (928,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 265.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 265.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 251.37 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 250.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 250.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 250.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 250.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 250.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 250.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 236.37 Td (Exercise of stock options and related income tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 226.37 Td (benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 225.47 Td (792,385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 225.47 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 225.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 225.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 225.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 225.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 211.37 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 201.37 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 200.47 Td (387,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 200.47 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 200.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 200.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 200.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 200.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 186.37 Td (Distribution of 2012 Retention Trust Plan, net of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 176.37 Td (taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 175.47 Td (607,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 175.47 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 175.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 175.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 175.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 175.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 161.37 Td (Acquisition of noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 160.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 160.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 160.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 160.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 160.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 160.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 146.37 Td (Distributions to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 145.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 145.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 145.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 145.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 145.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 145.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 131.37 Td (Change in value of derivative instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 130.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 130.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 130.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 130.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 130.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 130.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 116.37 Td (BALANCE, FEBRUARY 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.60 115.47 Td (39,054,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 115.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 115.47 Td (391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 115.47 Td (4,569,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 115.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 115.47 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 115.47 Td (928,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 115.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 115.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 90.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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0.9333333333333333 1 rg /GS0 gs 433.50 145.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 145.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 145.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 145.80 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 635.8 m 305.5 635.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 305.5 635.8 m 309.5 635.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 635.8 m 372.5 635.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372.5 635.8 m 376.5 635.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 635.8 m 433.5 635.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433.5 635.8 m 437.5 635.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 635.8 m 494.5 635.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 635.8 m 498.5 635.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 635.8 m 562.5 635.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 621.8 m 305.5 621.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 619.8 m 305.5 619.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 621.8 m 372.5 621.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 619.8 m 372.5 619.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 621.8 m 433.5 621.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 619.8 m 433.5 619.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 621.8 m 494.5 621.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 619.8 m 494.5 619.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 621.8 m 562.5 621.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 619.8 m 562.5 619.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 619.8 m 562.5 619.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 621.8 m 562.5 621.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 445.79999999999995 m 305.5 445.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 431.79999999999995 m 305.5 431.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 429.79999999999995 m 305.5 429.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 445.79999999999995 m 372.5 445.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 431.79999999999995 m 372.5 431.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 429.79999999999995 m 372.5 429.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 445.79999999999995 m 433.5 445.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 431.79999999999995 m 433.5 431.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 429.79999999999995 m 433.5 429.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 445.79999999999995 m 494.5 445.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 431.79999999999995 m 494.5 431.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 429.79999999999995 m 494.5 429.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 445.79999999999995 m 562.5 445.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 431.79999999999995 m 562.5 431.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 429.79999999999995 m 562.5 429.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 280.79999999999995 m 305.5 280.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 266.79999999999995 m 305.5 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 264.79999999999995 m 305.5 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 280.79999999999995 m 372.5 280.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 266.79999999999995 m 372.5 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 264.79999999999995 m 372.5 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 280.79999999999995 m 433.5 280.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 266.79999999999995 m 433.5 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 264.79999999999995 m 433.5 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 280.79999999999995 m 494.5 280.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 266.79999999999995 m 494.5 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 264.79999999999995 m 494.5 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 280.79999999999995 m 562.5 280.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 266.79999999999995 m 562.5 266.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 264.79999999999995 m 562.5 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 130.79999999999995 m 305.5 130.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 116.79999999999995 m 305.5 116.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 114.79999999999995 m 305.5 114.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 130.79999999999995 m 372.5 130.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 116.79999999999995 m 372.5 116.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 114.79999999999995 m 372.5 114.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 130.79999999999995 m 433.5 130.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 116.79999999999995 m 433.5 116.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 114.79999999999995 m 433.5 114.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 130.79999999999995 m 494.5 130.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 116.79999999999995 m 494.5 116.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 114.79999999999995 m 494.5 114.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 130.79999999999995 m 562.5 130.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 116.79999999999995 m 562.5 116.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 114.79999999999995 m 562.5 114.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 256.35 656.05 Td (Additional) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.90 648.05 Td (Paid-in) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.90 640.05 Td (Capital) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.15 648.05 Td (Accumulated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.35 640.05 Td (Deficit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.15 664.05 Td (Accumulated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.35 656.05 Td (Other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.35 648.05 Td (Comprehensive) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.25 640.05 Td (Income \(Loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.05 648.05 Td (Noncontrolling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.90 640.05 Td (Interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.80 648.05 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.55 640.05 Td (Equity\(Deficit\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 625.47 Td (BALANCE, FEBRUARY 29, 2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 625.47 Td (529,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.80 625.52 Td (\(632,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 625.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 625.47 Td (1,190) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 625.47 Td (47,842) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 625.52 Td (\(53,396) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 625.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 610.47 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 610.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 610.47 Td (43,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 610.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 610.47 Td (4,479) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 610.47 Td (48,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 595.47 Td (Exercise of stock options and related income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 585.47 Td (tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 585.47 Td (294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 585.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 585.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 585.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 585.47 Td (302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 570.47 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 560.47 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 560.47 Td (1,595) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 560.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 560.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 560.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 560.47 Td (1,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 545.47 Td (Issuance of Common Stock in exchange for) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 535.47 Td (cancellation of stock options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 535.47 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.47 Td (Payments of dividends and distributions to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 510.47 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 510.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 510.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 510.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 510.52 Td (\(5,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 510.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 510.52 Td (\(5,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 510.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 495.47 Td (Disposition of noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 495.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 495.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 495.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 495.52 Td (\(87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 495.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 495.52 Td (\(87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 495.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 480.47 Td (Reclassify preferred stock from mezzanine) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.15 480.47 Td (46,873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 480.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 480.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 480.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 480.47 Td (46,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 465.47 Td (Cumulative translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 465.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 465.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.80 465.52 Td (\(1,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 465.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 465.52 Td (\(48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 465.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 465.52 Td (\(1,249) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 465.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 450.47 Td (Change in value of derivative instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 450.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 450.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.30 450.52 Td (\(107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 450.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 450.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 450.52 Td (\(107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 450.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 435.47 Td (BALANCE, FEBRUARY 28, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 435.47 Td (578,555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.80 435.52 Td (\(588,836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 435.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.30 435.52 Td (\(118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 435.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 435.47 Td (47,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 435.47 Td (37,099) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 420.47 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 420.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.15 420.47 Td (43,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 420.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 420.47 Td (5,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 420.47 Td (48,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 405.47 Td (Exercise of stock options and related income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 395.47 Td (tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 395.47 Td (325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 395.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 395.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 395.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 395.47 Td (329) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 380.47 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 370.47 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 370.47 Td (2,003) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 370.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 370.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 370.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 370.47 Td (2,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 355.47 Td (Conversion of Class B to Class A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 355.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 355.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 355.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 355.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 355.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 340.47 Td (Payments of dividends and distributions to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 330.47 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 330.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 330.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 330.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 330.52 Td (\(4,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 330.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 330.52 Td (\(4,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 330.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 315.47 Td (Purchase of preferred stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.30 315.47 Td (\(107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 315.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 315.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 315.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 315.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 315.52 Td (\(107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 315.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 300.47 Td (Cumulative translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 300.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 300.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 300.47 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 300.52 Td (\(19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 300.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 300.52 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 300.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 285.47 Td (Change in value of derivative instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 285.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 285.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 285.47 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 285.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 285.47 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 270.47 Td (BALANCE, FEBRUARY 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 270.47 Td (580,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.80 270.52 Td (\(545,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 270.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.30 270.52 Td (\(99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 270.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 270.47 Td (47,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 270.47 Td (83,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 255.47 Td (Net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 255.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.80 255.52 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 255.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 255.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 255.47 Td (3,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 255.52 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 255.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 240.47 Td (Exercise of stock options and related income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 230.47 Td (tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 230.47 Td (411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 230.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 230.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 230.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 230.47 Td (419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 215.47 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 205.47 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 205.47 Td (2,119) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 205.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 205.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 205.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 205.47 Td (2,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 191.37 Td (Distribution of 2012 Retention Trust Plan, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 181.37 Td (of taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 180.47 Td (2,052) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 180.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 180.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 180.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 180.47 Td (2,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 165.47 Td (Acquisition of noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 165.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 165.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 165.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 165.47 Td (1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 165.47 Td (1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 150.47 Td (Distributions to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 150.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 150.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 150.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 150.52 Td (\(5,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 150.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 150.52 Td (\(5,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 150.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 135.47 Td (Change in value of derivative instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 135.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 135.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 135.47 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 135.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 135.47 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 120.47 Td (BALANCE, FEBRUARY 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 120.47 Td (585,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.80 120.52 Td (\(644,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 120.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 120.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 120.47 Td (46,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 120.52 Td (\(12,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 120.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 95.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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q 0 0 0 rg BT 306.41 718.10 Td (THOUSANDS\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 707.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 670.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 670.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 670.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 670.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 670.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 670.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 640.80 309.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 640.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 640.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 640.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 640.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 640.80 65.00 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0.9333333333333333 1 rg /GS0 gs 493.50 340.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 340.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 310.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 310.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 310.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 310.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 310.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 310.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 280.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 280.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 280.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 280.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 280.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 280.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 250.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 250.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 250.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 250.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 250.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 250.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 220.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 220.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 220.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 220.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 220.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 220.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 190.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 190.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 190.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 190.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 190.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 190.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 160.80 309.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 160.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 160.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 160.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 160.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 160.80 65.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 670.8 m 424.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 670.8 m 493.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 670.8 m 562.5 670.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 280.79999999999995 m 424.5 280.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 280.79999999999995 m 493.5 280.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 280.79999999999995 m 562.5 280.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 265.79999999999995 m 424.5 265.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 265.79999999999995 m 493.5 265.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 265.79999999999995 m 562.5 265.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 135.79999999999995 m 424.5 135.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 135.79999999999995 m 493.5 135.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 135.79999999999995 m 562.5 135.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 120.79999999999995 m 424.5 120.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 120.79999999999995 m 493.5 120.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 120.79999999999995 m 562.5 120.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 688.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.50 688.05 Td (FORTHEYEARSENDEDFEBRUARY28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 675.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 675.05 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 675.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 675.05 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.37 Td (OPERATING ACTIVITIES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 646.37 Td (Consolidated net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 645.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 645.47 Td (48,251) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 645.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 645.47 Td (48,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 645.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 645.52 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 645.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 631.37 Td (Adjustments to reconcile net income \(loss\) to net cash provided by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 621.37 Td (operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 606.37 Td (Discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 605.52 Td (\(50,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 605.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 605.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 605.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 591.37 Td (Impairment losses on intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 590.47 Td (11,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 590.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 590.47 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 576.37 Td (Loss on debt extinguishment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 575.47 Td (4,508) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 575.47 Td (653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 575.47 Td (1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 561.37 Td (Accretion of debt instruments to interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 560.47 Td (13,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 560.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 560.47 Td (3,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 546.37 Td (Amortization of deferred financing costs, including original issue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 536.37 Td (discount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 535.47 Td (953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 535.47 Td (838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 535.47 Td (1,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 521.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 520.47 Td (4,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 520.47 Td (4,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 520.47 Td (5,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 506.37 Td (Provision for bad debts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 505.47 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 505.47 Td (510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 505.47 Td (627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 491.37 Td (\(Benefit\) provision for deferred income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 490.52 Td (\(6,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 490.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 490.52 Td (\(33,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 490.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 490.47 Td (36,713) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 476.37 Td (Noncash compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 475.47 Td (2,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 475.47 Td (4,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 475.47 Td (2,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 461.37 Td (Loss \(gain\) on equity method investments and other-than-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 451.37 Td (temporary impairment of available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 450.47 Td (302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 450.52 Td (\(96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 450.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 450.47 Td (6,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 436.37 Td (Gain on sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 435.52 Td (\(9,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 435.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.30 435.52 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 435.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 435.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 421.37 Td (Changes in assets and liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 406.37 Td (Restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 405.52 Td (\(1,426) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 405.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 405.52 Td (\(813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 405.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 405.52 Td (\(501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 405.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 391.37 Td (Accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 390.47 Td (632) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 390.52 Td (\(3,256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 390.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 390.52 Td (\(6,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 390.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 376.37 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 375.47 Td (480) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 375.47 Td (1,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 375.52 Td (\(1,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 375.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 361.37 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 360.52 Td (\(438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 360.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 360.52 Td (\(1,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 360.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 360.52 Td (\(682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 360.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 346.37 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 345.52 Td (\(4,501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 345.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 345.47 Td (1,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 345.52 Td (\(373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 345.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 331.37 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 330.52 Td (\(1,608) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 330.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 330.47 Td (644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 330.47 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 316.37 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 315.52 Td (\(1,852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 315.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 315.52 Td (\(686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 315.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 315.52 Td (\(30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 315.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 301.37 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 300.52 Td (\(9,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 300.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 300.47 Td (237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 300.52 Td (\(2,384) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 300.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 286.37 Td (Net cash used in operating activitiesdiscontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 285.52 Td (\(95) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 285.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 285.52 Td (\(68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 285.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 285.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 271.37 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 270.47 Td (1,845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 270.47 Td (24,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 270.47 Td (18,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 256.37 Td (INVESTING ACTIVITIES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 241.37 Td (Purchases of property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 240.52 Td (\(3,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 240.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 240.52 Td (\(3,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 240.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 240.52 Td (\(3,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 240.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 226.37 Td (Cash paid for acquisitions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 225.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 225.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 225.52 Td (\(136,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 225.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 211.37 Td (Proceeds from the sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 210.47 Td (10,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 210.47 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 210.47 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 196.37 Td (Cash paid for investments, net of distributions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 195.52 Td (\(6,489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 195.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 195.52 Td (\(659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 195.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 195.52 Td (\(516) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 195.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 181.37 Td (Distributions from equity method investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 180.47 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 180.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 180.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 166.37 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 165.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 165.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 165.52 Td (\(185) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 165.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 151.37 Td (Net cash provided by \(used in\) investing activitiesdiscontinued) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 141.37 Td (operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 140.47 Td (113,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 140.52 Td (\(1,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 140.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 140.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 126.37 Td (Net cash provided by \(used in\) investing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 125.47 Td (113,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 125.52 Td (\(5,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 125.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 125.52 Td (\(140,218) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 125.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 100.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 480.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 480.80 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 480.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 480.80 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 450.80 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 450.80 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 450.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 450.80 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 450.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 450.80 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 420.80 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 420.80 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 420.80 4.00 -15.00 re f /GS0 gs 0.8 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gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 540.8 m 485.5 540.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 540.8 m 409.5 540.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 525.8 m 409.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 540.8 m 485.5 540.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 525.8 m 485.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 540.8 m 562.5 540.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 525.8 m 562.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 525.8 m 409.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 525.8 m 485.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 525.8 m 562.5 525.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 465.8 m 409.5 465.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 465.8 m 485.5 465.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 465.8 m 562.5 465.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 451.8 m 409.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 449.8 m 409.5 449.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 451.8 m 485.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 449.8 m 485.5 449.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 451.8 m 562.5 451.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 449.8 m 562.5 449.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 688.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.50 688.05 Td (FORTHEYEARSENDEDFEBRUARY28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 675.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.00 675.05 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.00 675.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.50 675.05 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.37 Td (FINANCING ACTIVITIES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 646.37 Td (Payments on long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.80 645.52 Td (\(279,716) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 645.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 645.52 Td (\(24,126) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 645.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 645.52 Td (\(79,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 645.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 631.37 Td (Proceeds from long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.15 630.47 Td (181,198) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 630.47 Td (7,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 630.47 Td (214,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 616.37 Td (Settlement of tax withholding obligations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.30 615.52 Td (\(220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 615.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 615.52 Td (\(1,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 615.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 615.52 Td (\(1,466) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 615.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 601.37 Td (Dividends and distributions paid to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 600.52 Td (\(5,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 600.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 600.52 Td (\(4,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 600.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 600.52 Td (\(5,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 600.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 586.37 Td (Proceeds from exercise of stock options and employee stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 576.37 Td (purchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 575.47 Td (302) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 575.47 Td (325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 575.47 Td (411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 561.37 Td (Payments for debt related costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 560.52 Td (\(9,343) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 560.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 560.52 Td (\(164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 560.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 560.52 Td (\(7,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 560.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 546.37 Td (Acquisition of rights in and purchase of preferred stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 545.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 545.52 Td (\(107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 545.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 545.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 531.37 Td (Net cash \(used in\) provided by financing activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.80 530.52 Td (\(112,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 530.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.80 530.52 Td (\(22,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 530.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 530.47 Td (120,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.37 Td (Effect of exchange rate on cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 515.47 Td (167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.30 515.52 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 515.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 515.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 501.37 Td (INCREASE \(DECREASE\) IN CASH AND CASH EQUIVALENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 500.47 Td (3,116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 500.52 Td (\(3,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 500.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 500.52 Td (\(1,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 500.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 486.37 Td (CASH AND CASH EQUIVALENTS:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 471.37 Td (Beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 470.47 Td (5,619) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 470.47 Td (8,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 470.47 Td (5,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 456.37 Td (End of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 455.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 455.47 Td (8,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 455.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 455.47 Td (5,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 455.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 455.47 Td (3,669) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 441.37 Td (SUPPLEMENTAL DISCLOSURES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 426.37 Td (Cash paid for \(refund from\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 411.37 Td (Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 410.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 410.47 Td (21,811) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 410.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 410.47 Td (6,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 410.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 410.47 Td (9,781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 396.37 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 395.47 Td (2,175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 395.52 Td (\(903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 395.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 395.47 Td (243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 381.37 Td (Non-cash financing transactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 366.37 Td (Value of stock issued to employees under stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 356.37 Td (compensation program and to satisfy accrued incentives) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 355.47 Td (1,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 355.47 Td (3,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 355.47 Td (5,637) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 330.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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SUMMAR) Tj ET Q q 0 0 0 rg BT 105.75 694.10 Td (Y) Tj ET Q q 0 0 0 rg BT 112.60 694.10 Td ( OF) Tj ET Q q 0 0 0 rg BT 128.62 694.10 Td ( SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 197.62 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.57 694.10 Td (ACCOUNTING POLICIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 677.10 Td (a. Principles of Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 660.10 Td (The following discussion pertains to Emmis Communications Corporation \(ECC\) and its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 539.94 660.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (Emmis, the Company) Tj ET Q q 0 0 0 rg BT 149.60 648.10 Td (, or we\). ) Tj ET Q q 0 0 0 rg BT 200.69 648.10 Td (All significant intercompany balances and transactions have been eliminated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 622.10 Td (b. Or) Tj ET Q q 0 0 0 rg BT 94.37 622.10 Td (ganization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 605.10 Td (Emmis is a diversified media company with radio broadcasting and magazine publishing operations. ) Tj ET Q q 0 0 0 rg BT 478.17 605.10 Td (W) Tj ET Q q 0 0 0 rg BT 486.80 605.10 Td (e own and operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.10 Td (four) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.66 593.10 Td ( FM and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.05 593.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.49 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.44 593.10 Td (AM radio stations serving the nation) Tj ET Q q 0 0 0 rg BT 268.58 593.10 Td (s top two markets New ) Tj ET Q q 0 0 0 rg BT 370.42 593.10 Td (Y) Tj ET Q q 0 0 0 rg BT 376.64 593.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 426.36 593.10 Td (Angeles, although one station in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 581.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 581.10 Td (ork is operatedpursuant to a LocalProgramming and Marketing ) Tj ET Q q 0 0 0 rg BT 336.61 581.10 Td (Agreement \("LMA"\) whereby a third party provides the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (programming for the station andsells all advertising within that programming. 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Emmis also developed and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 83.97 533.10 Td (T) Tj ET Q q 0 0 0 rg BT 89.38 533.10 Td (agStation) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 127.16 533.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.72 533.10 Td (, a cloud-based software platform that allows a broadcaster to manage album art, meta data and enhanced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (advertising on its various broadcasts, and developed NextRadio) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 304.38 521.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.94 521.10 Td (, a smartphone application that marries over) Tj ET Q q 0 0 0 rg BT 484.51 521.10 Td (-the-air FM radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (broadcasts with visual and interactive features on smartphones.) 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Our credit agreement, dated June 10, 2014 \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 447.10 Td (2014 Credit ) Tj ET Q q 0 0 0 rg BT 103.88 447.10 Td (Agreement\), contains certain provisions that may restrict the ability of ECC) Tj ET Q q 0 0 0 rg BT 414.07 447.10 Td (s subsidiaries to transfer funds to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 435.10 Td (ECC in the form of cash dividends, loans or advances.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 409.10 Td (c. Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 392.10 Td (Broadcasting revenue is recognized as advertisements are aired. Publication revenue is recognized in the month of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (delivery of the publication. 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Td (At) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 305.80 146.05 Td (Beginning) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.05 138.05 Td (Of ) Tj ET Q q 0 0 0 rg BT 320.19 138.05 Td (Y) Tj ET Q q 0 0 0 rg BT 325.17 138.05 Td (ear) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.15 138.05 Td (Provision) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.15 138.05 Td (Write-Offs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 516.60 154.05 Td (Balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 518.05 146.05 Td (At End) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.05 138.05 Td (Of) Tj ET Q q 0 0 0 rg BT 527.19 138.05 Td (Y) Tj ET Q q 0 0 0 rg BT 532.17 138.05 Td (ear) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 124.37 Td (Year ended February28, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 123.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 123.47 Td (1,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 123.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 123.47 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 123.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 123.52 Td (\(578) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 123.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 123.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 123.47 Td (523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 109.37 Td (Year ended February28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 108.47 Td (523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 108.47 Td (510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 108.52 Td (\(459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 108.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 108.47 Td (574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 94.37 Td (Year ended February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 93.47 Td (574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 93.47 Td (627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 93.52 Td (\(536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 93.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 93.47 Td (665) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 117 0 obj <>] /Rotate 0 /Contents 118 0 R>> endobj 118 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (58) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (e. Local Programming and Marketing ) Tj ET Q q 0 0 0 rg BT 226.74 742.10 Td (Agreement Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.10 Td (The Company from time to time enters into LMAs in connection with acquisitions and dispositions of radio stations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (pending regulatory approval of transfer of the FCC licenses. Under the terms of these agreements, the acquiring company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (makes specified periodic payments to the holder of the FCC license in exchange for the right to program and sell advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (for a specified portion of the station) Tj ET Q q 0 0 0 rg BT 196.07 689.10 Td (s inventory of broadcast time. ) Tj ET Q q 0 0 0 rg BT 317.52 689.10 Td (The acquiring company records revenues and expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (associated with the portion of the station) Tj ET Q q 0 0 0 rg BT 214.97 677.10 Td (s inventory of broadcast time it manages. Nevertheless, as the holder of the FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (license, the owner) Tj ET Q q 0 0 0 rg BT 122.27 665.10 Td (-operator retains control and responsibility for the operation of the station, including responsibility over all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (programming broadcast on the station. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (Active LMA) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 619.10 Td (On ) Tj ET Q q 0 0 0 rg BT 100.17 619.10 Td (April26, 2012, the Company entered into an LMA) Tj ET Q q 0 0 0 rg BT 303.47 619.10 Td ( with New ) Tj ET Q q 0 0 0 rg BT 347.26 619.10 Td (Y) Tj ET Q q 0 0 0 rg BT 353.48 619.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 368.76 619.10 Td (AM Radio, LLC \(98.7FM Programmer\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (pursuant to which, commencing ) Tj ET Q q 0 0 0 rg BT 180.25 607.10 Td (April30, 2012, 98.7FM Programmer purchased from Emmis the right to provide programming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (on 98.7FM until ) Tj ET Q q 0 0 0 rg BT 117.24 595.10 Td (August31, 2024. Disney Enterprises, Inc., the parent company of 98.7FM Programmer) Tj ET Q q 0 0 0 rg BT 465.94 595.10 Td (, has guaranteed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (obligations of 98.7FM Programmer under the LMA. ) Tj ET Q q 0 0 0 rg BT 261.74 583.10 Td (The Company retains ownership and control of the Station, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.10 Td (related FCC license during the term of the LMA) Tj ET Q q 0 0 0 rg BT 242.73 571.10 Td ( and received an annual fee from 98.7FM Programmer of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.04 571.10 Td ($8.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.54 571.10 Td ( million for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (first year of the term under the LMA, which fee increases by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.19 559.10 Td (3.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.02 559.10 Td ( each year thereafter until the LMA) Tj ET Q q 0 0 0 rg BT 456.50 559.10 Td () Tj ET Q q 0 0 0 rg BT 459.28 559.10 Td (s termination. ) Tj ET Q q 0 0 0 rg BT 516.59 559.10 Td (This LMA) Tj ET Q q 0 0 0 rg BT 558.54 559.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (fee revenue is recorded on a straight-line basis over the term of the LMA. Emmis retains the FCC license of 98.7FM after the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (term of the LMA) Tj ET Q q 0 0 0 rg BT 118.04 535.10 Td ( expires.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.64 514.10 Td (erminated LMAs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 497.10 Td (On February 1) Tj ET Q q 0 0 0 rg BT 143.95 497.10 Td (1, 2014, the Company entered into an LMA) Tj ET Q q 0 0 0 rg BT 318.64 497.10 Td ( in connection with its agreement to purchase ) Tj ET Q q 0 0 0 rg BT 502.29 497.10 Td (WBLS-FM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.76 485.10 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 145.54 485.10 Td (Y) Tj ET Q q 0 0 0 rg BT 151.76 485.10 Td (ork City from ) Tj ET Q q 0 0 0 rg BT 208.88 485.10 Td (YMF Media New ) Tj ET Q q 0 0 0 rg BT 282.11 485.10 Td (Y) Tj ET Q q 0 0 0 rg BT 288.33 485.10 Td (ork LLC and ) Tj ET Q q 0 0 0 rg BT 342.12 485.10 Td (YMF Media New ) Tj ET Q q 0 0 0 rg BT 415.35 485.10 Td (Y) Tj ET Q q 0 0 0 rg BT 421.57 485.10 Td (ork License LLC \(collectively) Tj ET Q q 0 0 0 rg BT 541.71 485.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td ("YMF"\). ) Tj ET Q q 0 0 0 rg BT 90.49 473.10 Td (The LMA, which commenced on March 1, 2014, gave Emmis the right to program and sell advertising for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.71 473.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.71 473.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 461.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 461.10 Td (ork stations. Emmis paid ) Tj ET Q q 0 0 0 rg BT 181.30 461.10 Td (YMF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.47 461.10 Td ($1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.97 461.10 Td ( million per month and reimbursed ) Tj ET Q q 0 0 0 rg BT 364.24 461.10 Td (YMF for certain monthly expenses. ) Tj ET Q q 0 0 0 rg BT 511.53 461.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (monthly LMA) Tj ET Q q 0 0 0 rg BT 107.50 449.10 Td ( fee decreased to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.16 449.10 Td ($0.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.66 449.10 Td ( million after the first closing of the purchase of the stations, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.10 Td (occurred on June 10, 2014, and ceased ef) Tj ET Q q 0 0 0 rg BT 214.48 437.10 Td (fective with the second closing on February 13, 2015. ) Tj ET Q q 0 0 0 rg BT 431.75 437.10 Td (The LMA) Tj ET Q q 0 0 0 rg BT 471.46 437.10 Td ( fees paid after the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.10 Td (first closing were recognized as a liability as of the date of purchase of the stations on June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 455.44 425.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 504.78 425.10 Td (, LMA) Tj ET Q q 0 0 0 rg BT 531.45 425.10 Td ( fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.10 Td (incurred after June 10, 2014 did not impact our results of operations. During the year ended February 28, 2015, Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 401.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.48 401.10 Td ($4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.98 401.10 Td ( million of LMA) Tj ET Q q 0 0 0 rg BT 171.37 401.10 Td ( expense. See Note 7 for more discussion of the Company's purchase of ) Tj ET Q q 0 0 0 rg BT 462.64 401.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 527.46 401.10 Td (WLIB-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 389.10 Td (AM from ) Tj ET Q q 0 0 0 rg BT 90.18 389.10 Td (YMF) Tj ET Q q 0 0 0 rg BT 111.05 389.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 372.10 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 372.10 Td (April3, 2009, Emmis entered into an LMA) Tj ET Q q 0 0 0 rg BT 261.20 372.10 Td ( and a Put and Call ) Tj ET Q q 0 0 0 rg BT 338.97 372.10 Td (Agreement for KXOS-FM in Los ) Tj ET Q q 0 0 0 rg BT 474.79 372.10 Td (Angeles with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (subsidiary of Grupo Radio Centro, S.A.B. de C.V) Tj ET Q q 0 0 0 rg BT 248.70 360.10 Td ( \(GRC\), a Mexican broadcasting company) Tj ET Q q 0 0 0 rg BT 426.32 360.10 Td (. ) Tj ET Q q 0 0 0 rg BT 431.14 360.10 Td (The LMA) Tj ET Q q 0 0 0 rg BT 470.85 360.10 Td ( for KXOS-FM started ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (on ) Tj ET Q q 0 0 0 rg BT 61.95 348.10 Td (April15, 2009 and terminated upon the sale of the station on ) Tj ET Q q 0 0 0 rg BT 307.18 348.10 Td (August23, 2012 \(see Note 8 for more discussion of the sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (transaction\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 315.10 Td (LMA) Tj ET Q q 0 0 0 rg BT 95.67 315.10 Td ( fees recorded as net revenues \(except for discontinued operations\) in the accompanying consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.10 Td (operations were as follows for the years ended February 2013, 2014 and 2015:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 292.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 257.80 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 257.80 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 257.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 257.80 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 257.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 257.80 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 229.80 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 229.80 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 229.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 229.80 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 229.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 229.80 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 201.80 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 201.80 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 201.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 201.80 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 201.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 201.80 74.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 269.79999999999995 m 406.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 269.79999999999995 m 410.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 269.79999999999995 m 484.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 269.79999999999995 m 488.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 269.79999999999995 m 562.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 257.79999999999995 m 406.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 269.79999999999995 m 484.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 257.79999999999995 m 484.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 269.79999999999995 m 562.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 257.79999999999995 m 562.5 257.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 273.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.45 273.88 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 261.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.50 261.88 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 261.88 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 261.88 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 248.36 Td (Continuing Operations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 234.37 Td (98.7FM, New York) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 234.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 234.37 Td (8,609) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 234.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 234.37 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 234.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 234.37 Td (10,331) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 206.36 Td (Discontinued Operations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.37 Td (KXOS-FM, Los Angeles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 192.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 192.37 Td (3,311) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 192.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 192.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 192.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 192.37 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 167.30 Td (f. Share-based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 150.30 Td (The Company determines the fair value of its employee stock options at the date of grant using a Black-Scholes option-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.30 Td (pricing model. ) Tj ET Q q 0 0 0 rg BT 110.64 138.30 Td (The Black-Scholes option pricing model was developed for use in estimating the value of exchange-traded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 126.30 Td (options that have no vesting restrictions and are fully transferable. ) Tj ET Q q 0 0 0 rg BT 316.68 126.30 Td (The Company) Tj ET Q q 0 0 0 rg BT 376.40 126.30 Td (s employee stock options have characteristics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 114.30 Td (significantly dif) Tj ET Q q 0 0 0 rg BT 113.42 114.30 Td (ferent than these traded options. In addition, option pricing models require the input of highly subjective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.30 Td (assumptions, including the expected stock price volatility and expected term of the options granted. ) Tj ET Q q 0 0 0 rg BT 450.27 102.30 Td (The Company relies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.30 Td (heavily upon historical data of its stock price when determining expected volatility) Tj ET Q q 0 0 0 rg BT 380.64 90.30 Td (, but each year the Company reassesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.30 Td (whether or not historical data is representative of expected results. See Notes 3 and 4 for more discussion of share-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 66.30 Td (compensation.) Tj ET Q endstream endobj 119 0 obj <>] /Rotate 0 /Contents 120 0 R>> endobj 120 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (g. Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.10 Td (Emmis considers time deposits, money market fund shares and all highly liquid debt investment instruments with original ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (maturities of three months or less to be cash equivalents. ) Tj ET Q q 0 0 0 rg BT 278.56 713.10 Td (At times, such deposits may be in excess of FDIC insurance limits.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 696.10 Td (h. Restricted Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 679.10 Td (Restricted cash generally represents either cash on deposit in trust accounts related to our 98.7FM LMA) Tj ET Q q 0 0 0 rg BT 489.44 679.10 Td ( in New ) Tj ET Q q 0 0 0 rg BT 523.23 679.10 Td (Y) Tj ET Q q 0 0 0 rg BT 529.45 679.10 Td (ork ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 667.10 Td (City that services long-term debt as discussed in Note 5, or cash collected by our wholly-owned subsidiary) Tj ET Q q 0 0 0 rg BT 476.20 667.10 Td (, NextRadio LLC. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 655.10 Td (Usage of cash collected by NextRadio LLC is restricted for specific purposes by funding agreements. For more discussion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.10 Td (NextRadio LLC, see Note 8.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 617.10 Td (i. Property and Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 600.10 Td (Property and equipment are recorded at cost. Depreciation is generally computed using the straight-line method over the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (estimated useful lives of the related assets, which are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.37 588.10 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.37 588.10 Td ( years for buildings, the shorter of economic life or expected lease term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (for leasehold improvements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.64 576.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.18 576.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.96 576.10 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.73 576.10 Td ( years for broadcasting equipment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.79 576.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.34 576.10 Td ( years for automobiles, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.42 576.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.41 576.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.18 576.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.73 576.10 Td ( years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (for of) Tj ET Q q 0 0 0 rg BT 72.31 564.10 Td (fice equipment. Maintenance, repairs and minor renewals are expensed as incurred; improvements are capitalized. On a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (continuing basis, the Company reviews the carrying value of property and equipment for impairment. If events or changes in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (circumstances were to indicate that an asset carrying value may not be recoverable, a write-down of the asset would be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (recorded through a char) Tj ET Q q 0 0 0 rg BT 145.05 528.10 Td (ge to operations. See Note 1r for more discussion of impairment policies related to our property and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (equipment. Depreciation expense for the years ended February 2013, 2014 and 2015 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 516.10 Td ($4.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.39 516.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.39 516.10 Td ($4.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.28 516.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.72 516.10 Td ($5.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 504.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.55 504.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 478.10 Td (j. Intangible ) Tj ET Q q 0 0 0 rg BT 124.27 478.10 Td (Assets and Goodwill) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 461.10 Td (Indefinite-lived Intangibles and Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 444.10 Td (In connection with past acquisitions, a significant amount of the purchase price was allocated to radio broadcasting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (licenses, goodwill and other intangible assets. Goodwill consists of the excess of the purchase price over the fair value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (tangible and identifiable intangible net assets acquired. In accordance with ) Tj ET Q q 0 0 0 rg BT 350.17 420.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 371.94 420.10 Td (T) Tj ET Q q 0 0 0 rg BT 377.35 420.10 Td (opic 350, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.50 420.10 Td (IntangiblesGoodwill and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (Other) Tj ET Q q 0 0 0 rg BT 72.22 408.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.28 408.10 Td ( goodwill and radio broadcasting licenses are not amortized, but are tested at least annually for impairment at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (reporting unit level and unit of accounting level, respectively) Tj ET Q q 0 0 0 rg BT 293.44 396.10 Td (. ) Tj ET Q q 0 0 0 rg BT 298.26 396.10 Td (W) Tj ET Q q 0 0 0 rg BT 306.89 396.10 Td (e test for impairment annually) Tj ET Q q 0 0 0 rg BT 426.76 396.10 Td (, on December1 of each year) Tj ET Q q 0 0 0 rg BT 543.80 396.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (more frequently when events or changes in circumstances or other conditions suggest impairment may have occurred. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (Impairment exists when the asset carrying values exceed their respective fair values, and the excess is then recorded to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (operations as an impairment char) Tj ET Q q 0 0 0 rg BT 182.55 360.10 Td (ge. See Note 9, Intangible ) Tj ET Q q 0 0 0 rg BT 288.35 360.10 Td (Assets and Goodwill, for more discussion of our interim and annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (impairment tests performed during the three years ended February28, 2015.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 99.00 327.10 Td (Definite-lived Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 310.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 310.10 Td (s definite-lived intangible assets primarily consist of patents, trademarks, customer lists and radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (programming contracts which are amortized over the period of time the intangible assets are expected to contribute directly or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (indirectly to the Company) Tj ET Q q 0 0 0 rg BT 157.48 286.10 Td (s future cash flows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 260.10 Td (k. Discontinued operations and assets held for sale) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 243.10 Td (The results of operations and related disposal gains and losses for business units that the Company has sold, expects to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 231.10 Td (sell, or has ceased operations are classified in discontinued operations for all periods presented.) Tj ET Q endstream endobj 121 0 obj <>] /Rotate 0 /Contents 122 0 R>> endobj 122 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.67 742.10 Td ( summary of the income from discontinued operations is presented below:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 731.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 694.80 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 694.80 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 694.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 694.80 74.00 -15.00 re f /GS0 gs 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0.9333333333333333 1 rg /GS0 gs 488.50 634.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 604.80 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 604.80 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 604.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 604.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 604.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 604.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 574.80 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 574.80 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 574.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 574.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 574.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 574.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 544.80 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 544.80 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 544.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 544.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 544.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 544.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 514.80 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 514.80 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 514.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 514.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 514.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 514.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 484.80 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 484.80 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 484.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 484.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 484.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 484.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 454.80 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 454.80 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 454.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 454.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 454.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 454.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.80 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 424.80 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 424.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 424.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 424.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 424.80 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 707.8 m 406.5 707.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 707.8 m 410.5 707.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 707.8 m 484.5 707.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 707.8 m 488.5 707.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 707.8 m 562.5 707.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 694.8 m 406.5 694.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 694.8 m 484.5 694.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 694.8 m 562.5 694.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 604.8 m 406.5 604.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 604.8 m 484.5 604.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 604.8 m 562.5 604.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 574.8 m 406.5 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 574.8 m 484.5 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 574.8 m 562.5 574.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 469.8 m 406.5 469.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 469.8 m 484.5 469.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 469.8 m 562.5 469.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 439.8 m 406.5 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 439.8 m 484.5 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 439.8 m 562.5 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 439.8 m 406.5 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 439.8 m 484.5 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 439.8 m 562.5 439.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 410.8 m 406.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 408.8 m 406.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 410.8 m 484.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 408.8 m 484.5 408.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 410.8 m 562.5 410.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 408.8 m 562.5 408.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 712.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.10 712.03 Td (Year ended February28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 699.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.50 699.03 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 699.03 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 699.03 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 685.37 Td (Income \(loss\) from operations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 670.37 Td (KXOS-FM \(Radio\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.30 669.52 Td (\(223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 669.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 669.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 669.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 655.37 Td (Emmis Interactive Inc. \(Radio\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.80 654.52 Td (\(2,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 654.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 654.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 654.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 640.37 Td (Slovakia Radio Network \(Radio\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 639.47 Td (782) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 639.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 639.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 625.37 Td (Bulgaria Radio Network \(Radio\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.30 624.52 Td (\(810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 624.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 624.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 624.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 610.37 Td (Sampler Publications \(Publishing\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.30 609.52 Td (\(171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 609.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 609.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 609.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 595.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.80 594.52 Td (\(3,237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 594.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 594.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 594.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 580.37 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 579.47 Td (532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 579.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 579.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 565.37 Td (Loss from operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.80 564.52 Td (\(3,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 564.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 564.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 564.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 550.37 Td (Gain \(loss\) on sale of discontinued operations:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 535.37 Td (KXOS-FM \(Radio\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 534.47 Td (32,757) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 534.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 534.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 520.37 Td (Emmis Interactive Inc. \(Radio\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.30 519.52 Td (\(654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 519.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 519.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 519.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 505.37 Td (Slovakia Radio Network \(Radio\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 504.47 Td (14,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 504.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 504.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 490.37 Td (Bulgaria Radio Network \(Radio\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.80 489.52 Td (\(1,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 489.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 489.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 489.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 475.37 Td (Sampler Publications \(Publishing\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 474.47 Td (695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 474.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 474.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 460.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 459.47 Td (46,342) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 459.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 459.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 445.37 Td (Benefit for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.80 444.52 Td (\(7,507) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 444.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 444.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 444.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 430.37 Td (Gain on sale of discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 429.47 Td (53,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 429.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 429.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 415.37 Td (Income from discontinued operations, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 414.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 414.47 Td (50,080) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 414.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 414.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 414.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 414.47 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 389.30 Td (In accordance with the provisions of ) Tj ET Q q 0 0 0 rg BT 221.73 389.30 Td (Accounting Standards Codification \(ASC\) 205-20-45, the Company allocated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 377.30 Td (interest expense to discontinued operations associated with the portion of term loans required to be repaid as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.30 Td (dispositions.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 339.30 Td (Discontinued Operation Slovakia Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 322.30 Td (On February25, 2013, Emmis completed the sale of its Slovakian radio network to Bauer ) Tj ET Q q 0 0 0 rg BT 434.76 322.30 Td (Ausland 1 GMBH for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.76 322.30 Td ($21.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 310.30 Td ( in cash. Emmis believed the sale of its international radio properties would better enable the Company to focus its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.30 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 298.30 Td (forts on its domestic radio stations. In connection with the sale, Emmis recorded a gain on sale of assets of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.30 Td ($14.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 286.30 Td (, which is included in income from discontinued operations in the accompanying consolidated statements of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.30 Td (operations. Emmis included the results of operations of its Slovakian radio network for the period January1, 2012 through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.30 Td (sale of the network on February25, 2013 in discontinued operations in its year ended February28, 2013. Net income of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.30 Td (Slovakia radio network for the period beginning January1, 2013 through the sale of the network on February25, 2013 was not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.30 Td (material.) Tj ET Q endstream endobj 123 0 obj <>] /Rotate 0 /Contents 124 0 R>> endobj 124 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The operations of our Slovakian radio network had historically been included in the radio segment. ) Tj ET Q q 0 0 0 rg BT 472.60 742.10 Td (The following table ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (summarizes certain operating results of our Slovakian radio network for all periods presented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 693.60 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 693.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 693.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 693.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 693.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 693.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 653.60 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 653.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 653.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 653.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 653.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 653.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 623.60 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 623.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 623.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 623.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 623.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 593.60 283.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 593.60 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 593.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 593.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 593.60 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 706.6 m 406.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 706.6 m 410.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 706.6 m 484.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 706.6 m 488.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 706.6 m 562.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 693.6 m 406.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 693.6 m 484.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 693.6 m 562.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 693.6 m 406.5 693.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 693.6 m 484.5 693.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 710.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 392.05 710.83 Td (For the year ended February28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 697.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.50 697.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 697.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 697.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 684.17 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 683.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 683.27 Td (11,375) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 683.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 683.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 683.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 683.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 669.17 Td (Station operating expenses, excluding depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 659.17 Td (expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 658.27 Td (8,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 658.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 658.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 644.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 643.27 Td (781) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 643.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 643.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 629.17 Td (Gain on sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 628.27 Td (244) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 628.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 628.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 614.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.15 613.27 Td (1,461) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 613.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 613.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 599.17 Td (Other income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.30 598.32 Td (\(68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.65 598.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 598.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 598.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 584.17 Td (Gain on sale of business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 583.27 Td (14,798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 583.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 583.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 569.17 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 568.27 Td (532) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.65 568.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 568.27 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (Discontinued Operation Bulgaria Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 521.10 Td (On January3, 2013, Emmis completed the sale of its Bulgarian radio network to Reflex Media EEOD for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.90 521.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.79 521.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (cash. Emmis believed the sale of its international radio properties would better enable the Company to focus its ef) Tj ET Q q 0 0 0 rg BT 505.52 509.10 Td (forts on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (domestic radio stations. In connection with the sale, Emmis recorded a loss on sale of assets of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.56 497.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.45 497.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (which is included in income from discontinued operations in the accompanying consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 525.82 485.10 Td (The loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (on disposal primarily resulted from the reclassification of accumulated currency translation adjustments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 452.10 Td (The operations of our Bulgarian radio network had historically been included in the radio segment. ) Tj ET Q q 0 0 0 rg BT 472.04 452.10 Td (The following table ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.10 Td (summarizes certain operating results of our Bulgarian radio network for all periods presented:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 429.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 392.80 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 392.80 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 392.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 392.80 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 392.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 392.80 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 352.80 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 352.80 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 352.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 352.80 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 352.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 352.80 73.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 322.80 287.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 337.50 322.80 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 322.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 322.80 72.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 322.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 322.80 73.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 405.8 m 409.5 405.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.5 405.8 m 413.5 405.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 405.8 m 485.5 405.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 405.8 m 489.5 405.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 405.8 m 562.5 405.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 392.8 m 409.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 392.8 m 485.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 392.8 m 562.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337.5 392.8 m 409.5 392.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 392.8 m 485.5 392.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 410.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.05 410.03 Td (FortheyearendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 397.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.00 397.03 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.00 397.03 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.50 397.03 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 383.37 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.00 382.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 382.47 Td (1,152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 382.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 382.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 382.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 382.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 368.37 Td (Station operating expenses, excluding depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 358.37 Td (expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 357.47 Td (1,769) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 357.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 357.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 343.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 342.47 Td (174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 342.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 342.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 328.37 Td (Other expense, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 327.47 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 327.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 327.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 313.37 Td (Loss on sale of business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 312.52 Td (\(1,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 312.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 312.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 312.47 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 282.30 Td (Discontinued Operation Emmis Interactive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 265.30 Td (On October31, 2012, Emmis completed the sale of Emmis Interactive Inc., a subsidiary of Emmis that provided a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.30 Td (content management system, data analytic tools and related services, to Marketron Broadcast Solutions, LLC \(Marketron\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.30 Td (no net proceeds. ) Tj ET Q q 0 0 0 rg BT 117.57 241.30 Td (The sale of Emmis Interactive Inc. allowed Emmis to mitigate expected future operating losses and focus its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.30 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 229.30 Td (forts on its domestic radio operations and other promising technology initiatives. Marketron assumed operating control of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.30 Td (Emmis Interactive, Inc., on October4, 2012. In connection with the sale, Emmis recorded a loss on sale of assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.30 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 205.30 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 205.30 Td (, which is primarily related to severance for former employees and is included in income from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.30 Td (discontinued operations in the accompanying consolidated statements of operations.) Tj ET Q endstream endobj 125 0 obj <>] /Rotate 0 /Contents 126 0 R>> endobj 126 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The operations of Emmis Interactive Inc. had historically been included in the radio segment. ) Tj ET Q q 0 0 0 rg BT 449.81 742.10 Td (The following table ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (summarizes certain operating results of Emmis Interactive Inc. for all periods presented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 695.60 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 695.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 695.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 695.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 695.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 695.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 667.60 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 667.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 667.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 667.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 667.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 667.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 639.60 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 639.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 639.60 4.00 -14.00 re f /GS0 gs 0.8 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8.00 Tf ET q 0 0 0 rg BT 53.00 711.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.55 711.68 Td (FortheyearendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 699.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.00 699.68 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.00 699.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.00 699.68 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 686.17 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 686.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 686.17 Td (2,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 686.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 686.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 686.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 686.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 672.17 Td (Station operating expenses, excluding depreciation and amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 672.17 Td (4,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 672.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 672.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 658.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 658.17 Td (257) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 658.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 658.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 644.17 Td (Other income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 644.22 Td (\(134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 644.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 644.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 644.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 630.17 Td (Impairment loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 630.17 Td (737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 630.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 630.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.17 Td (Loss on sale of business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 616.22 Td (\(654) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 616.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 616.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 616.17 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Discontinued Operation Country Sampler) Tj ET Q q 0 0 0 rg BT 224.43 586.10 Td (, Smart Retailer and r) Tj ET Q q 0 0 0 rg BT 311.56 586.10 Td (elated publications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 569.10 Td (On October1, 2012, Emmis completed the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 277.01 569.10 Td (Country Sampler) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.62 569.10 Td ( magazine, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.43 569.10 Td (Smart Retailer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.03 569.10 Td ( magazine, and related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (publications \(altogether the Sampler Publications\) and certain real estate used in their operations to subsidiaries of DRG ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (Holdings, LLC. Emmis believed the sale of the Sampler Publications, which were niche crafting publications, would enable it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (to more clearly focus on its core city and regional publications. Emmis received gross proceeds from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.30 533.10 Td ($8.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.19 533.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (incurred approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.07 521.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.97 521.10 Td ( in transaction expenses and tax obligations, and used the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.34 521.10 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.23 521.10 Td ( to repay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (term loans. In connection with the sale, Emmis recorded a gain on sale of assets of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.94 509.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.83 509.10 Td (, which is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (included in income from discontinued operations in the accompanying consolidated statements of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 476.10 Td (In accordance with the provisions of ) Tj ET Q q 0 0 0 rg BT 221.73 476.10 Td (Accounting Standards Codification \(ASC\) 205-20-45, the Company allocated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.10 Td (interest expense associated with the estimate of term loans required to be repaid as a result of the sale of the Sampler ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (Publications to its operations for all periods presented.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 431.10 Td (The operations of the Sampler Publications had historically been included in the publishing segment. ) Tj ET Q q 0 0 0 rg BT 480.12 431.10 Td (The following table ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.10 Td (summarizes certain operating results of the Sampler Publications for all periods presented:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 408.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 373.80 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 373.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 373.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 373.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 373.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 373.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 345.80 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 345.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 345.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 345.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 345.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 345.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 317.80 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 317.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 317.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 317.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 317.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 317.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 289.80 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 289.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 289.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 289.80 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 289.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 289.80 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 385.79999999999995 m 434.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 385.79999999999995 m 438.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 385.79999999999995 m 498.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 385.79999999999995 m 502.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 385.79999999999995 m 562.5 385.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 373.79999999999995 m 434.5 373.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 373.79999999999995 m 498.5 373.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 373.79999999999995 m 562.5 373.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 373.79999999999995 m 434.5 373.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 373.79999999999995 m 498.5 373.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 389.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.55 389.88 Td (FortheyearendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 377.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.00 377.88 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.00 377.88 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.00 377.88 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 364.37 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 364.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 364.37 Td (5,298) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 364.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 364.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 364.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 364.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 350.37 Td (Station operating expenses, excluding depreciation and amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 350.37 Td (4,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 350.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 350.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 336.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 336.37 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 336.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 336.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 322.37 Td (Loss on disposal of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 322.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 322.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 322.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 308.37 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 308.37 Td (440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 308.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 308.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 294.37 Td (Gain on sale of business) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 294.37 Td (695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 294.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 294.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 280.37 Td (Benefit for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 280.42 Td (\(2,764) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 280.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 280.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 280.37 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 250.30 Td (Discontinued Operation KXOS-FM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 233.30 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 233.30 Td (August23, 2012, Emmis completed the sale of KXOS-FM in Los ) Tj ET Q q 0 0 0 rg BT 352.88 233.30 Td (Angeles for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.31 233.30 Td ($85.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.20 233.30 Td ( in cash. In connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.30 Td (with the sale, Emmis recorded a gain on sale of assets of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 221.30 Td ($32.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.70 221.30 Td (, which is included in income from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.30 Td (discontinued operations in the accompanying consolidated statements of operations. KXOS-FM had previously been operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.30 Td (pursuant to a local programming and marketing agreement, which is discussed in more detail above.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 176.30 Td (In accordance with the provisions of ) Tj ET Q q 0 0 0 rg BT 221.73 176.30 Td (Accounting Standards Codification \(ASC\) 205-20-45, the Company allocated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.30 Td (interest expense associated with the portion of term loans required to be repaid as a result of the sale of KXOS-FM to its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.30 Td (operations for all periods presented.) Tj ET Q endstream endobj 127 0 obj <>] /Rotate 0 /Contents 128 0 R>> endobj 128 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The operations of KXOS-FM had historically been included in the radio segment. ) Tj ET Q q 0 0 0 rg BT 403.47 742.10 Td (The following table summarizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (certain operating results of KXOS-FM for all periods presented:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 695.60 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 695.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 695.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 695.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 695.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 695.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 667.60 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 667.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 667.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 667.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 667.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 667.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 639.60 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 639.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 639.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 639.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 639.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 611.60 324.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 374.50 611.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 434.50 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 438.50 611.60 60.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 611.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 502.50 611.60 60.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 707.6 m 434.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 707.6 m 438.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 707.6 m 498.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 707.6 m 502.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 707.6 m 562.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 695.6 m 434.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 695.6 m 498.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502.5 695.6 m 562.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 695.6 m 434.5 695.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 438.5 695.6 m 498.5 695.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 711.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 410.95 711.68 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 699.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.00 699.68 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.00 699.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.00 699.68 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 686.17 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.00 686.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 686.17 Td (3,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.00 686.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 686.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.00 686.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 686.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 672.17 Td (Station operating expenses, excluding depreciation and amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 672.17 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 672.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 672.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 658.17 Td (Depreciation and amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.65 658.17 Td (169) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 658.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 658.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 644.17 Td (Gain on sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 644.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 644.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 644.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 630.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.15 630.17 Td (3,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 630.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 630.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 616.17 Td (Gain on sale of station, net of taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.15 616.17 Td (32,757) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 616.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 616.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.17 Td (Benefit for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.80 602.22 Td (\(4,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 602.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 602.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 602.17 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 577.10 Td (l. ) Tj ET Q q 0 0 0 rg BT 81.23 577.10 Td (Advertising and Subscription ) Tj ET Q q 0 0 0 rg BT 200.39 577.10 Td (Acquisition Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 560.10 Td (Advertising and subscription acquisition costs are expensed when incurred. ) Tj ET Q q 0 0 0 rg BT 377.26 560.10 Td (Advertising expense for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.10 Td (February 2013, 2014 and 2015 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.59 548.10 Td ($4.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.48 548.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.48 548.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.37 548.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.81 548.10 Td ($3.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.70 548.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 417.36 548.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 527.10 Td (m. Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 510.10 Td (For those investments in common stock or in-substance common stock in which the Company has the ability to exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (significant influence over the operating and financial policies of the investee, the investment is accounted for under the equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (method. For other investments held at February28, 2015, the Company applies the accounting guidance for certain investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (in debt and equity securities. Emmis) Tj ET Q q 0 0 0 rg BT 198.12 474.10 Td ( equity method investments report on a fiscal year ending December31, which Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (incorporates into its fiscal year ended February28.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 441.10 Td (Emmis has various investments, the carrying values of which are summarized in the following table and discussed below:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 430.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 393.80 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 393.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 393.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 393.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 363.80 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 363.80 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 363.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 363.80 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 406.8 m 484.5 406.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 406.8 m 488.5 406.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 406.8 m 562.5 406.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 393.8 m 484.5 393.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 393.8 m 562.5 393.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 363.8 m 484.5 363.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 363.8 m 562.5 363.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 349.8 m 484.5 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 347.8 m 484.5 347.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 349.8 m 562.5 349.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 347.8 m 562.5 347.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 411.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.60 411.03 Td (FortheyearsendingFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 398.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 398.03 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 398.03 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 384.37 Td (Available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 383.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 383.47 Td (6,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 383.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 383.47 Td (500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 369.37 Td (Equity method investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 368.47 Td (431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 368.47 Td (526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 354.37 Td (Total investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 353.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 353.47 Td (7,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 353.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 353.47 Td (1,026) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 74 321.9669921875 m 177.3056640625 321.9669921875 l s q 0 0 0 rg BT 74.00 323.30 Td (Equity method investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 306.30 Td (Emmis has a minority interest in a partnership that owns and operates various entertainment websites.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 74 278.96699218749995 m 193.7021484375 278.96699218749995 l s q 0 0 0 rg BT 74.00 280.30 Td (A) Tj ET Q q 0 0 0 rg BT 79.56 280.30 Td (vailable for sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 263.30 Td (Emmis) Tj ET Q q 0 0 0 rg BT 104.92 263.30 Td ( available for sale investments are investments in the preferred shares of non-public companies. ) Tj ET Q q 0 0 0 rg BT 489.33 263.30 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.30 Td (investments are accounted for under the provisions of ) Tj ET Q q 0 0 0 rg BT 266.61 251.30 Td (ASC 320.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 230.30 Td (During the year ended February28, 2013, Emmis made investments totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.54 230.30 Td ($6.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.44 230.30 Td ( in Courseload, Inc, a provider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.30 Td (of online textbooks and other course material. Emmis made additional investments in Courseload Inc. of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.73 218.30 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.62 218.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.06 218.30 Td ($0.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 206.30 Td ( during the years ended February 28, 2014 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 340.39 206.30 Td (. During the year ended February 28, 2015, Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.30 Td (recorded a noncash impairment char) Tj ET Q q 0 0 0 rg BT 195.31 194.30 Td (ge of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.08 194.30 Td ($6.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.97 194.30 Td ( in other income \(expense\), net in the accompanying consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.30 Td (statements of operations as it deemed the investment was impaired and the impairment was other) Tj ET Q q 0 0 0 rg BT 438.02 182.30 Td (-than-temporary) Tj ET Q q 0 0 0 rg BT 502.34 182.30 Td (. ) Tj ET Q q 0 0 0 rg BT 509.66 182.30 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.30 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 170.30 Td (ge recorded during the year ended February 28, 2015 reduced the carrying value of this investment to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.82 170.30 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.03 170.30 Td ( as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.30 Td (of February 28, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 137.30 Td (During the year ended February28, 2013, Emmis made investments totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.54 137.30 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.44 137.30 Td ( in ) Tj ET Q q 0 0 0 rg BT 444.03 137.30 Td (T) Tj ET Q q 0 0 0 rg BT 449.79 137.30 Td (uneIn, Inc., an on-line ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.30 Td (access point for over) Tj ET Q q 0 0 0 rg BT 132.82 125.30 Td (-the-air radio streams and other on-demand audio programming such as podcasts, interviews and concerts. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.30 Td (This investment is carried at fair value, which the Company believes approximates the original acquisition cost of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.65 113.30 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.54 113.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 92.30 Td (Unrealized gains and losses would be reported in other comprehensive income until realized, at which point they would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.30 Td (be recognized in the consolidated statements of operations. If the Company determines that the value of an investment is other) Tj ET Q q 0 0 0 rg BT 555.21 80.30 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.30 Td (than-temporarily impaired, the Company will recognize, through the statements of operations, a loss on the investment.) Tj ET Q endstream endobj 129 0 obj <>] /Rotate 0 /Contents 130 0 R>> endobj 130 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (n. Deferred Revenue and Barter ) Tj ET Q q 0 0 0 rg BT 203.76 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 209.51 742.10 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.10 Td (Deferred revenue includes deferred magazine subscription revenue, deferred barter and other transactions in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (payments are received prior to the performance of services \(i.e. cash-in-advance advertising and prepaid LMA) Tj ET Q q 0 0 0 rg BT 490.92 713.10 Td ( payments\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (Magazine subscription revenue is recognized when the publication is shipped. Barter transactions are recorded at the estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (fair value of the product or service received. Broadcast revenue from barter transactions is recognized when commercials are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (broadcast or a publication is delivered. ) Tj ET Q q 0 0 0 rg BT 207.27 677.10 Td (The appropriate expense or asset is recognized when merchandise or services are used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (or received. Barter revenues for the years ended February 2013, 2014 and 2015 were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.53 665.10 Td ($9.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.42 665.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.42 665.10 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.32 665.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.75 665.10 Td ($8.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 653.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.55 653.10 Td (, and barter expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.83 653.10 Td ($9.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.73 653.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.73 653.10 Td ($8.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.62 653.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.56 653.10 Td ($8.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.45 653.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 466.11 653.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 627.10 Td (o. Foreign Currency ) Tj ET Q q 0 0 0 rg BT 157.13 627.10 Td (T) Tj ET Q q 0 0 0 rg BT 162.89 627.10 Td (ranslation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 610.10 Td (The functional currencies of our international radio entities, all of which have now been sold or have ceased operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (are shown in the following table. ) Tj ET Q q 0 0 0 rg BT 183.96 598.10 Td (The balance sheets of these entities were translated from their functional currencies to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (U.S. dollar using the current exchange rate in ef) Tj ET Q q 0 0 0 rg BT 241.42 586.10 Td (fect at the subsidiaries) Tj ET Q q 0 0 0 rg BT 333.14 586.10 Td ( balance sheet date \(December 31 for our international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (radio entities\). ) Tj ET Q q 0 0 0 rg BT 110.08 574.10 Td (The results of operations for our international radio entities were translated using an average exchange rate for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (the period. ) Tj ET Q q 0 0 0 rg BT 95.08 562.10 Td (The net translation adjustments reflected in shareholders) Tj ET Q q 0 0 0 rg BT 323.71 562.10 Td ( \(deficit\) equity during the respective periods were as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 539.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 502.80 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 502.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 502.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 502.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 502.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 502.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 502.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 502.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 472.80 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 472.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 472.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 472.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 472.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 472.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 472.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 472.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 457.80 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 457.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 457.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 457.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 457.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 457.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 457.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 457.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 427.80 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 427.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 427.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 427.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 427.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 427.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 427.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 427.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 412.80 196.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 246.50 412.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 322.50 412.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 412.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 412.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 412.80 76.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 412.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 412.80 76.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 515.8 m 402.5 515.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 515.8 m 406.5 515.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 515.8 m 482.5 515.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 515.8 m 486.5 515.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 515.8 m 562.5 515.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246.5 502.8 m 322.5 502.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 502.8 m 402.5 502.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 502.8 m 482.5 502.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 502.8 m 562.5 502.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 412.8 m 402.5 412.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 412.8 m 482.5 412.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 412.8 m 562.5 412.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 398.8 m 402.5 398.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 396.8 m 402.5 396.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 398.8 m 482.5 398.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 396.8 m 482.5 396.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 398.8 m 562.5 398.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 396.8 m 562.5 396.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 520.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 265.55 520.03 Td (Functional) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.75 520.03 Td (FortheYearsEndedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 507.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.60 507.03 Td (Currency) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.00 507.03 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.00 507.03 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.00 507.03 Td (2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 493.36 Td (Foreign currency translation adjustments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 478.37 Td (Slovakia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 477.47 Td (Euro) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 477.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 477.47 Td (23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 477.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 477.52 Td (\(11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 477.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 477.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 477.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 463.37 Td (Bulgaria) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 462.47 Td (Leva) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.30 462.52 Td (\(175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 462.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 462.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 462.47 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 53.00 448.36 Td (Reclassification due to substantial liquidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 433.37 Td (Slovakia) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 432.47 Td (Euro) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 432.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 432.47 Td (3,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 432.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 432.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 432.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 432.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 418.37 Td (Bulgaria) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.00 417.47 Td (Leva) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.80 417.52 Td (\(1,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.65 417.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 417.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 417.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.00 402.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.15 402.47 Td (1,201) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.00 402.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.30 402.52 Td (\(11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 402.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.00 402.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 402.47 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 377.30 Td (p. Earnings Per Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 360.30 Td (ASC ) Tj ET Q q 0 0 0 rg BT 95.77 360.30 Td (T) Tj ET Q q 0 0 0 rg BT 101.18 360.30 Td (opic 260 requires dual presentation of basic and diluted income \(loss\) per share \(EPS\) on the face of the income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.30 Td (statement for all entities with complex capital structures. Basic EPS is computed by dividing net income \(loss\) attributable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.30 Td (common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.30 Td (potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.30 Td (Potentially dilutive securities at February 2013, 2014 and 2015 consisted of stock options, restricted stock awards and preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.30 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 279.30 Td (The following table sets forth the calculation of basic and diluted net income \(loss\) per share from continuing operations:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 216.80 158.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 216.80 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 216.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 216.80 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 216.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 216.80 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 216.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 216.80 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 216.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 216.80 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 216.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 216.80 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 216.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 216.80 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 216.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 216.80 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 216.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 216.80 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 182.80 158.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 182.80 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 182.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 182.80 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 182.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 182.80 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 182.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 182.80 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 182.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 182.80 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 182.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 182.80 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 182.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 182.80 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 182.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 182.80 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 182.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 182.80 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 148.80 158.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 148.80 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 148.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 148.80 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 148.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 148.80 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 148.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 148.80 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 148.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 148.80 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 148.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 148.80 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 148.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 148.80 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 148.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 148.80 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 148.80 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 148.80 39.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 257.79999999999995 m 245.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 257.79999999999995 m 249.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 257.79999999999995 m 280.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 257.79999999999995 m 284.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 257.79999999999995 m 320.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 257.79999999999995 m 324.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 257.79999999999995 m 363.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 257.79999999999995 m 367.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 257.79999999999995 m 398.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 257.79999999999995 m 402.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 257.79999999999995 m 441.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 257.79999999999995 m 445.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 257.79999999999995 m 484.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 257.79999999999995 m 488.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 257.79999999999995 m 519.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 257.79999999999995 m 523.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 257.79999999999995 m 562.5 257.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 246.79999999999995 m 245.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 246.79999999999995 m 249.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 246.79999999999995 m 280.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 246.79999999999995 m 284.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 246.79999999999995 m 320.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 246.79999999999995 m 363.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 246.79999999999995 m 367.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 246.79999999999995 m 398.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 246.79999999999995 m 402.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 246.79999999999995 m 441.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 246.79999999999995 m 484.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 246.79999999999995 m 488.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 246.79999999999995 m 519.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 246.79999999999995 m 523.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 246.79999999999995 m 562.5 246.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 229.79999999999995 m 245.5 229.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 229.79999999999995 m 280.5 229.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 229.79999999999995 m 320.5 229.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 229.79999999999995 m 363.5 229.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 229.79999999999995 m 398.5 229.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 229.79999999999995 m 441.5 229.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 229.79999999999995 m 484.5 229.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 229.79999999999995 m 519.5 229.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 229.79999999999995 m 562.5 229.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 148.79999999999995 m 245.5 148.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 148.79999999999995 m 280.5 148.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 148.79999999999995 m 363.5 148.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 148.79999999999995 m 398.5 148.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 148.79999999999995 m 484.5 148.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 148.79999999999995 m 519.5 148.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 115.79999999999995 m 245.5 115.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 113.79999999999995 m 245.5 113.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 115.79999999999995 m 280.5 115.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 113.79999999999995 m 280.5 113.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 115.79999999999995 m 363.5 115.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 113.79999999999995 m 363.5 113.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 115.79999999999995 m 398.5 115.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 113.79999999999995 m 398.5 113.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 115.79999999999995 m 484.5 115.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 113.79999999999995 m 484.5 113.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 115.79999999999995 m 519.5 115.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 113.79999999999995 m 519.5 113.79999999999995 l s BT /F1 6.00 Tf ET q 0 0 0 rg BT 53.00 261.64 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 360.85 261.64 Td (For the year ended) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 53.00 250.64 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 240.55 250.64 Td (February 28, 2013) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 359.05 250.64 Td (February 28, 2014) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 480.05 250.64 Td (February 28, 2015) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 215.40 233.64 Td (NetLoss) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 255.85 233.64 Td (Shares) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 290.90 239.64 Td (Net Loss) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 289.35 233.64 Td (PerShare) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 328.75 233.64 Td (Net Income) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 373.85 233.64 Td (Shares) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 406.75 239.64 Td (NetIncome) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 408.85 233.64 Td (Per) Tj ET Q q 0 0 0 rg BT 417.73 233.64 Td ( Shar) Tj ET Q q 0 0 0 rg BT 431.46 233.64 Td (e) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 453.40 233.64 Td (NetLoss) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 494.85 233.64 Td (Shares) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 531.40 239.64 Td (NetLoss) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 529.85 233.64 Td (Per) Tj ET Q q 0 0 0 rg BT 538.73 233.64 Td ( Shar) Tj ET Q q 0 0 0 rg BT 552.46 233.64 Td (e) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 221.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.35 221.05 Td (\(amounts in 000s, except per share data\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 208.05 Td (Basic net income \(loss\) per common share:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 195.05 Td (Net income \(loss\) available to common) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 187.05 Td (shareholders from continuing operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.00 187.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.60 187.05 Td (\(8,114) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 187.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 187.05 Td (39,034) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.00 187.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.60 187.05 Td (\(0.21) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.30 187.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.00 187.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.25 187.05 Td (43,806) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 187.05 Td (40,506) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.00 187.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 187.05 Td (1.08) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.00 187.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.60 187.05 Td (\(99,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 187.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.30 187.05 Td (42,537) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 187.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.60 187.05 Td (\(2.33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 187.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 174.05 Td (Impact of equity awards) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.30 174.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.30 174.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.25 174.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 174.05 Td (3,264) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.25 174.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.30 174.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 161.05 Td (Impact of conversion of preferred stock into) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 153.05 Td (common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.30 153.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.30 153.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.60 153.05 Td (\(325) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 153.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.30 153.05 Td (2,272) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.25 153.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.30 153.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 140.05 Td (Diluted net income \(loss\) per common share:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 127.05 Td (Net income \(loss\) available to common) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 119.05 Td (shareholders from continuing operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.00 119.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.60 119.05 Td (\(8,114) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 119.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 119.05 Td (39,034) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.00 119.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.60 119.05 Td (\(0.21) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.30 119.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.00 119.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.25 119.05 Td (43,481) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 119.05 Td (46,042) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.00 119.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 424.25 119.05 Td (0.94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.00 119.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.60 119.05 Td (\(99,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.30 119.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.30 119.05 Td (42,537) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 119.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.60 119.05 Td (\(2.33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 559.30 119.05 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 131 0 obj <>] /Rotate 0 /Contents 132 0 R>> endobj 132 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Shares excluded from the calculation as the ef) Tj ET Q q 0 0 0 rg BT 257.91 742.10 Td (fect of their conversion into shares of our common stock would be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (antidilutive were as follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 719.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 672.80 286.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 672.80 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 672.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 672.80 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 672.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 672.80 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 644.80 286.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 336.50 644.80 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 407.50 644.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.50 644.80 71.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 482.50 644.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 644.80 72.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 696.8 m 407.5 696.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407.5 696.8 m 411.5 696.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 696.8 m 482.5 696.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 696.8 m 486.5 696.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 696.8 m 558.5 696.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 684.8 m 407.5 684.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 684.8 m 482.5 684.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 684.8 m 558.5 684.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 644.8 m 407.5 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 644.8 m 482.5 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 644.8 m 558.5 644.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 631.8 m 407.5 631.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 629.8 m 407.5 629.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 631.8 m 482.5 631.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.5 629.8 m 482.5 629.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 631.8 m 558.5 631.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 629.8 m 558.5 629.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 700.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.55 700.88 Td (FortheyearendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 688.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 363.50 688.88 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.50 688.88 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.00 688.88 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 676.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.55 676.75 Td (\(shares in 000s \)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 663.37 Td (Preferred stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 663.37 Td (2,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.65 663.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 663.37 Td (2,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.37 Td (Stock options and restricted stock awards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 649.37 Td (6,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 649.37 Td (1,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 649.37 Td (4,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 635.37 Td (Antidilutive common share equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.15 635.37 Td (9,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 635.37 Td (1,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 635.37 Td (6,590) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 610.30 Td (q. Income ) Tj ET Q q 0 0 0 rg BT 116.30 610.30 Td (T) Tj ET Q q 0 0 0 rg BT 121.71 610.30 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 593.30 Td (The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.30 Td (tax assets and liabilities for the expected future tax consequence of events that have been recognized in the Company) Tj ET Q q 0 0 0 rg BT 520.94 581.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.30 Td (financial statements or income tax returns. Income taxes are recognized during the year in which the underlying transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.30 Td (are reflected in the consolidated statements of operations. Deferred taxes are provided for temporary dif) Tj ET Q q 0 0 0 rg BT 464.92 557.30 Td (ferences between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.30 Td (amounts of assets and liabilities as recorded for financial reporting purposes and amounts recorded for income tax purposes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.30 Td (After determining the total amount of deferred tax assets, the Company determines whether it is more likely than not that some ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.30 Td (portion of the deferred tax assets will not be realized. If the Company determines that a deferred tax asset is not likely to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.30 Td (realized, a valuation allowance will be established against that asset to record it at its expected realizable value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 483.30 Td (r) Tj ET Q q 0 0 0 rg BT 76.78 483.30 Td (. Long-Lived ) Tj ET Q q 0 0 0 rg BT 131.86 483.30 Td (T) Tj ET Q q 0 0 0 rg BT 137.27 483.30 Td (angible ) Tj ET Q q 0 0 0 rg BT 168.65 483.30 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 466.30 Td (The Company periodically considers whether indicators of impairment of long-lived tangible assets are present. If such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.30 Td (indicators are present, the Company determines whether the sum of the estimated undiscounted cash flows attributable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.30 Td (assets in question are less than their carrying value. If less, the Company recognizes an impairment loss based on the excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.30 Td (the carrying amount of the assets over their respective fair values. Fair value is determined by discounted future cash flows, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.30 Td (appraisals and other methods. If the assets determined to be impaired are to be held and used, the Company recognizes an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.30 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 406.30 Td (ge to the extent the asset) Tj ET Q q 0 0 0 rg BT 216.43 406.30 Td (s carrying value is greater than the fair value. ) Tj ET Q q 0 0 0 rg BT 399.50 406.30 Td (The fair value of the asset then becomes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.30 Td (the asset) Tj ET Q q 0 0 0 rg BT 86.93 394.30 Td (s new carrying value, which, if applicable, the Company depreciates or amortizes over the remaining estimated useful ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.30 Td (life of the asset.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 356.30 Td (s. Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 339.30 Td (The preparation of financial statements in accordance with accounting principles generally accepted in the United States ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 327.30 Td (requires management to make estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 306.41 327.30 Td (fect the reported amounts of assets, liabilities, revenues and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 315.30 Td (expenses in the financial statements and in disclosures of contingent assets and liabilities. ) Tj ET Q q 0 0 0 rg BT 409.92 315.30 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 503.33 315.30 Td (fer from those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.30 Td (estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 277.30 Td (t. National Representation ) Tj ET Q q 0 0 0 rg BT 180.64 277.30 Td (Agreement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 260.30 Td (On October1, 2007, Emmis terminated its existing national sales representation agreement with Interep National Radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 248.30 Td (Sales, Inc. \(Interep\) and entered into a new agreement with Katz Communications, Inc. \(Katz\) extending through March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.30 Td (2018. Emmis) Tj ET Q q 0 0 0 rg BT 105.92 236.30 Td ( existing contract with Interep extended through September 201) Tj ET Q q 0 0 0 rg BT 360.48 236.30 Td (1. Emmis, Interep and Katz entered into a tri-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 224.30 Td (party termination and mutual release agreement under which Interep agreed to release Emmis from its future contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.30 Td (obligations in exchange for a one-time payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.38 212.30 Td ($15.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.27 212.30 Td (, which was paid by Katz on behalf of Emmis as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.30 Td (inducement for Emmis to enter into the new long-term contract with Katz. Emmis measured and recognized the char) Tj ET Q q 0 0 0 rg BT 516.33 200.30 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.30 Td (associated with terminating the Interep contract as of the ef) Tj ET Q q 0 0 0 rg BT 286.67 188.30 Td (fective termination date, which was recorded as a noncash contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.30 Td (termination fee in the year ended February 2008. ) Tj ET Q q 0 0 0 rg BT 247.80 176.30 Td (The liability established as a result of the termination represents an incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.30 Td (received from Katz that is being recognized as a reduction of our national agency commission expense over the term of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.30 Td (agreement with Katz. ) Tj ET Q q 0 0 0 rg BT 138.12 152.30 Td (The current portion of this liability is included in other current liabilities and the long-term portion of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.30 Td (liability is included in other noncurrent liabilities in the accompanying consolidated balance sheets at February28, 2014 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.30 Td (2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 102.30 Td (u. Liquidity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 85.30 Td (The Company continually projects its anticipated cash needs, which include its operating needs, capital needs, principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 73.30 Td (and interest payments on its indebtedness and preferred stock dividends. ) Tj ET Q q 0 0 0 rg BT 341.32 73.30 Td (As of the filing of this Form 10-K, management ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.30 Td (believes the Company can meet its liquidity needs through the end of fiscal year 2016 with cash and cash equivalents on hand, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.30 Td (projected cash flows from operations, and, to the extent necessary) Tj ET Q q 0 0 0 rg BT 312.87 49.30 Td (, through its borrowing capacity under the 2014 Credit ) Tj ET Q endstream endobj 133 0 obj <>] /Rotate 0 /Contents 134 0 R>> endobj 134 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Agreement, which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.41 742.10 Td ($12.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.31 742.10 Td ( at February28, 2015. Based on these projections, management also believes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Company will be in compliance with its debt covenants through the end of fiscal year 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 704.10 Td (v) Tj ET Q q 0 0 0 rg BT 78.35 704.10 Td (. Recent ) Tj ET Q q 0 0 0 rg BT 113.06 704.10 Td (Accounting Pronouncements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 687.10 Td (In June 2013, the F) Tj ET Q q 0 0 0 rg BT 150.20 687.10 Td (ASB issued a new accounting standard that requires the presentation of certain unrecognized tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 675.10 Td (benefits as reductions to deferred tax assets rather than as liabilities in the consolidated balance sheets when a net operating loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 663.10 Td (carryforward, a similar tax loss, or a tax credit carryforward exists. ) Tj ET Q q 0 0 0 rg BT 319.71 663.10 Td (This guidance was ef) Tj ET Q q 0 0 0 rg BT 404.22 663.10 Td (fective for the Company beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 651.10 Td (March 1, 2014. ) Tj ET Q q 0 0 0 rg BT 113.42 651.10 Td (The adoption of this guidance did not have any ef) Tj ET Q q 0 0 0 rg BT 311.79 651.10 Td (fect on the presentation of the Company) Tj ET Q q 0 0 0 rg BT 475.08 651.10 Td (s consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 639.10 Td (financial statements. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 622.10 Td (In ) Tj ET Q q 0 0 0 rg BT 84.28 622.10 Td (April 2014, the F) Tj ET Q q 0 0 0 rg BT 152.42 622.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 201.32 622.10 Td (Accounting Standards Update 2014-08, Presentation of Financial Statements \(T) Tj ET Q q 0 0 0 rg BT 519.72 622.10 Td (opic 205\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (and Property) Tj ET Q q 0 0 0 rg BT 100.73 610.10 Td (, Plant, and Equipment \(T) Tj ET Q q 0 0 0 rg BT 203.34 610.10 Td (opic 360\): Reporting Discontinued Operations and Disclosures of Disposals of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (Components of an Entity) Tj ET Q q 0 0 0 rg BT 149.62 598.10 Td (, to update the criteria for reporting discontinued operations and enhance related disclosures. Under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (new guidance, only disposals that have a major ef) Tj ET Q q 0 0 0 rg BT 248.93 586.10 Td (fect through a strategic shift on an or) Tj ET Q q 0 0 0 rg BT 396.20 586.10 Td (ganization) Tj ET Q q 0 0 0 rg BT 440.63 586.10 Td (s operations and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (results should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures that will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.47 550.10 Td (The guidance is ef) Tj ET Q q 0 0 0 rg BT 169.87 550.10 Td (fective for the Company as of March 1, 2015. ) Tj ET Q q 0 0 0 rg BT 354.92 550.10 Td (The Company expects that this new guidance will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (reduce the number of transactions that will qualify for reporting as discontinued operations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 521.10 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 150.20 521.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 199.10 521.10 Td (Accounting Standards Update 2014-09, Revenue from Contracts with Customers, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (clarify the principles used to recognize revenue for all entities. In ) Tj ET Q q 0 0 0 rg BT 312.68 509.10 Td (April 2015, the F) Tj ET Q q 0 0 0 rg BT 380.82 509.10 Td (ASB voted to defer the ef) Tj ET Q q 0 0 0 rg BT 483.11 509.10 Td (fective date of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (Accounting Standards Update for one year) Tj ET Q q 0 0 0 rg BT 220.22 497.10 Td (. ) Tj ET Q q 0 0 0 rg BT 225.04 497.10 Td (This guidance will be ef) Tj ET Q q 0 0 0 rg BT 321.50 497.10 Td (fective for the Company in the first quarter of its fiscal year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (ending February 28, 2019. ) Tj ET Q q 0 0 0 rg BT 158.13 485.10 Td (The Company is currently evaluating the method of adoption and impact, if any) Tj ET Q q 0 0 0 rg BT 476.57 485.10 Td (, the adoption of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 473.10 Td (guidance will have on its financial position and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 456.10 Td (In ) Tj ET Q q 0 0 0 rg BT 82.78 456.10 Td (August 2014, the F) Tj ET Q q 0 0 0 rg BT 158.71 456.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 207.61 456.10 Td (Accounting Standards Update 2014-15, Presentation of Financial Statements - Going ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (Concern \(Subtopic 205-40\) - Disclosure of Uncertainties about an Entity) Tj ET Q q 0 0 0 rg BT 343.54 444.10 Td (s ) Tj ET Q q 0 0 0 rg BT 349.38 444.10 Td (Ability to Continue as a Going Concern. ) Tj ET Q q 0 0 0 rg BT 513.62 444.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (updateprovides guidance about management) Tj ET Q q 0 0 0 rg BT 230.77 432.10 Td (s responsibility to evaluate whether there is substantial doubt about an entity) Tj ET Q q 0 0 0 rg BT 539.32 432.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (ability to continue as a going concern and to provide related footnote disclosures. ) Tj ET Q q 0 0 0 rg BT 377.13 420.10 Td (ASU 2014-15 is ef) Tj ET Q q 0 0 0 rg BT 452.23 420.10 Td (fective for annual periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (ending after December 15, 2016, and for annual periods and interim periods thereafter) Tj ET Q q 0 0 0 rg BT 394.32 408.10 Td (. Early adoption is permitted. ) Tj ET Q q 0 0 0 rg BT 513.28 408.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (adoption of this update is not expected to have an impact on the Company) Tj ET Q q 0 0 0 rg BT 349.10 396.10 Td (s consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 379.10 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 379.10 Td (April 7, 2015, the F) Tj ET Q q 0 0 0 rg BT 166.31 379.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 215.22 379.10 Td (Accounting Standards Update 2015-03, Interest Imputation of Interest \(Subtopic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (835-30\): Simplifying the Presentation of Debt Issuance Costs. Entities that have historically presented debt issuance costs as an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (asset, related to a recognized debt liability) Tj ET Q q 0 0 0 rg BT 217.90 355.10 Td (, will be required to present those costs as a direct deduction from the carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (amount of that debt liability) Tj ET Q q 0 0 0 rg BT 161.00 343.10 Td (. ) Tj ET Q q 0 0 0 rg BT 165.82 343.10 Td (This presentation will result is debt issuance cost being presented the same way debt discounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (have historically been handled. ) Tj ET Q q 0 0 0 rg BT 176.72 331.10 Td (The ) Tj ET Q q 0 0 0 rg BT 194.21 331.10 Td (ASU does not change the recognition, measurement, or subsequent measurement guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (for debt issuance costs. ) Tj ET Q q 0 0 0 rg BT 145.07 319.10 Td (This guidance is ef) Tj ET Q q 0 0 0 rg BT 220.70 319.10 Td (fective for the Company as of March 1, 2016 and may be adopted early) Tj ET Q q 0 0 0 rg BT 505.51 319.10 Td (. ) Tj ET Q q 0 0 0 rg BT 510.33 319.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (Company expects this new guidance will reduce total assets and total long-term debt on its consolidated balance sheets by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (amounts classified as deferred debt issuance costs, but does not expect this update to have any other ef) Tj ET Q q 0 0 0 rg BT 459.69 295.10 Td (fect on its consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 257.10 Td (w) Tj ET Q q 0 0 0 rg BT 80.57 257.10 Td (. Reclassifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 240.10 Td (Certain prior year amounts related to the classification of prepaid expenses and other current assets in the consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (balance sheets have been reclassified to conform to the current period) Tj ET Q q 0 0 0 rg BT 331.55 228.10 Td (s presentation. ) Tj ET Q q 0 0 0 rg BT 391.63 228.10 Td (These reclassifications had no impact on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (net income previously reported.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (2. COMMON ST) Tj ET Q q 0 0 0 rg BT 123.43 170.10 Td (OCK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 153.10 Td (Emmis has authorized Class) Tj ET Q q 0 0 0 rg BT 188.99 153.10 Td (A) Tj ET Q q 0 0 0 rg BT 195.66 153.10 Td ( common stock, Class B common stock, and Class C common stock. ) Tj ET Q q 0 0 0 rg BT 472.40 153.10 Td (The rights of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.10 Td (three classes are essentially identical except that each share of Class) Tj ET Q q 0 0 0 rg BT 324.05 141.10 Td (A) Tj ET Q q 0 0 0 rg BT 330.72 141.10 Td ( common stock has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.16 141.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.59 141.10 Td ( vote with respect to substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td (all matters, each share of Class B common stock has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.45 129.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.45 129.10 Td ( votes with respect to substantially all matters, and each share of Class ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.10 Td (C common stock has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.10 117.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.10 117.10 Td ( voting rights with respect to substantially all matters. Class B common stock is owned by our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 105.10 Td (Chairman, CEO and President, Jef) Tj ET Q q 0 0 0 rg BT 187.57 105.10 Td (frey H. Smulyan. ) Tj ET Q q 0 0 0 rg BT 258.39 105.10 Td (All shares of Class B common stock convert to Class) Tj ET Q q 0 0 0 rg BT 472.82 105.10 Td (A) Tj ET Q q 0 0 0 rg BT 479.49 105.10 Td ( common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.10 Td (upon sale or other transfer to a party unaf) Tj ET Q q 0 0 0 rg BT 215.31 93.10 Td (filiated with Mr) Tj ET Q q 0 0 0 rg BT 278.08 93.10 Td (.Smulyan. ) Tj ET Q q 0 0 0 rg BT 323.09 93.10 Td (At February28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.18 93.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.18 93.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.62 93.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.62 93.10 Td (, no shares of Class C ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.10 Td (common stock were issued or outstanding.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (3. REDEEMABLE PREFERRED ST) Tj ET Q q 0 0 0 rg BT 209.29 52.10 Td (OCK) Tj ET Q endstream endobj 135 0 obj <>] /Rotate 0 /Contents 136 0 R>> endobj 136 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Each share of redeemable Preferred Stock is convertible into a number of shares of common stock, which is determined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (by dividing the liquidation preference of the share of preferred stock \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.61 730.10 Td ($50.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.11 730.10 Td ( per share\) by the conversion price. ) Tj ET Q q 0 0 0 rg BT 500.21 730.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (conversion price is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.03 718.10 Td ($20.495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.53 718.10 Td (, which results in a conversion ratio of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.59 718.10 Td (2.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.09 718.10 Td ( shares of common stock per share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (Preferred Stock. Emmis may redeem the Preferred Stock for cash at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.79 706.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.12 706.10 Td ( of the liquidation preference per share, which totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td ($46.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 694.10 Td ( as of February28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.65 694.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.65 694.10 Td (. Emmis) Tj ET Q q 0 0 0 rg BT 237.57 694.10 Td ( 2014 Credit ) Tj ET Q q 0 0 0 rg BT 289.52 694.10 Td (Agreement sets forth certain restrictions on our ability to pay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (dividends.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 665.10 Td (On September 3, 2012, the Company's shareholders approved amendments to the Company's ) Tj ET Q q 0 0 0 rg BT 448.09 665.10 Td (Articles of Incorporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (that, among other things, canceled Preferred Stock undeclared dividends and changed the designation of Preferred Stock from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (cumulative to non-cumulative. On May 2, 2013, the Board of the Company approved a repurchase program for the Company) Tj ET Q q 0 0 0 rg BT 553.48 641.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (Preferred Stock under which the Company may repurchase up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.59 629.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.48 629.10 Td ( in aggregate purchase price of its Preferred Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.10 Td (commencing May 9, 2013. During the year ended February 28, 2014, the Company purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.35 617.10 Td (8,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.85 617.10 Td ( shares of Preferred Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.10 Td (at a weighted average price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.71 605.10 Td ($12.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.21 605.10 Td ( per share. ) Tj ET Q q 0 0 0 rg BT 243.90 605.10 Td (W) Tj ET Q q 0 0 0 rg BT 252.53 605.10 Td (e recorded a gain on extinguishment of preferred stock of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.67 605.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.56 605.10 Td (, net of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.10 Td (transaction fees and expenses, which was recorded as a decrease to accumulated deficit and included in the computation of net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (income available to common shareholders in the accompanying consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 444.69 581.10 Td (W) Tj ET Q q 0 0 0 rg BT 453.33 581.10 Td (e did not repurchase any of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (our Preferred Stock during the year ended February 28, 2015. ) Tj ET Q q 0 0 0 rg BT 300.76 569.10 Td (As of February 28, 2015, there were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.22 569.10 Td (928,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.72 569.10 Td ( shares of Preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (Stock outstanding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 540.10 Td (The Company may make further repurchases of its Preferred Stock from time to time in amounts and at prices the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (management of the Company deems appropriate, based on its evaluation of market conditions and other considerations. ) Tj ET Q q 0 0 0 rg BT 530.80 528.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 516.10 Td (s repurchases may be executed using a combination of open market purchases, privately negotiated agreements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 504.10 Td (written repurchase plans or other transactions. ) Tj ET Q q 0 0 0 rg BT 236.70 504.10 Td (The repurchases will be funded from cash on hand or available borrowings. ) Tj ET Q q 0 0 0 rg BT 541.14 504.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (Preferred Stock repurchase program may be modified, extended, suspended or discontinued at any time without prior notice. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 471.10 Td (2012 Retention Planand T) Tj ET Q q 0 0 0 rg BT 157.22 471.10 Td (rust) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 454.10 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 454.10 Td (April2, 2012, the shareholders of the Company approved the 2012 Retention Plan at a special meeting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 105.36 442.10 Td (The Company contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.83 442.10 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.33 442.10 Td ( shares of its Preferred Stock to the ) Tj ET Q q 0 0 0 rg BT 387.89 442.10 Td (T) Tj ET Q q 0 0 0 rg BT 393.65 442.10 Td (rust in connection with the approval of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (the 2012 Retention Plan. ) Tj ET Q q 0 0 0 rg BT 150.83 430.10 Td (A) Tj ET Q q 0 0 0 rg BT 157.13 430.10 Td (wards granted under the 2012 Retention Plan entitled the participants to receive a distribution ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.69 430.10 Td (two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.10 418.10 Td ( from the date of shareholder approval of the plan, provided the participant was an employee upon inception of the plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (and remained an employee through the vesting date. ) Tj ET Q q 0 0 0 rg BT 261.14 406.10 Td (The ) Tj ET Q q 0 0 0 rg BT 279.00 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 284.76 406.10 Td (rustee of the plan was Jef) Tj ET Q q 0 0 0 rg BT 385.93 406.10 Td (frey H. Smulyan, our Chairman of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (Board, President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 213.66 394.10 Td (ficer) Tj ET Q q 0 0 0 rg BT 231.43 394.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 373.10 Td (In connection with the approval of the 2012 Retention Plan, the ) Tj ET Q q 0 0 0 rg BT 330.43 373.10 Td (T) Tj ET Q q 0 0 0 rg BT 336.18 373.10 Td (rustee and the ) Tj ET Q q 0 0 0 rg BT 394.03 373.10 Td (T) Tj ET Q q 0 0 0 rg BT 399.79 373.10 Td (rust entered into a ) Tj ET Q q 0 0 0 rg BT 474.03 373.10 Td (V) Tj ET Q q 0 0 0 rg BT 479.96 373.10 Td (oting and ) Tj ET Q q 0 0 0 rg BT 519.78 373.10 Td (T) Tj ET Q q 0 0 0 rg BT 525.53 373.10 Td (ransfer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (Restriction ) Tj ET Q q 0 0 0 rg BT 95.83 361.10 Td (Agreement with Emmis, pursuant to which Emmis had the right to direct the vote of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.92 361.10 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.42 361.10 Td ( shares of Preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (Stock contributed to the ) Tj ET Q q 0 0 0 rg BT 148.13 349.10 Td (T) Tj ET Q q 0 0 0 rg BT 153.89 349.10 Td (rust under the 2012 Retention Plan. ) Tj ET Q q 0 0 0 rg BT 297.86 349.10 Td (The Company also had the right to exchange the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.19 349.10 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.69 349.10 Td ( shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (of Preferred Stock into shares of Class) Tj ET Q q 0 0 0 rg BT 205.80 337.10 Td (A) Tj ET Q q 0 0 0 rg BT 212.47 337.10 Td ( common stock at the same ratio as the conversion formula in the Preferred Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (\(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.59 325.10 Td (2.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.09 325.10 Td ( shares of Class) Tj ET Q q 0 0 0 rg BT 195.53 325.10 Td (A) Tj ET Q q 0 0 0 rg BT 202.20 325.10 Td ( common stock for each share of Preferred Stock\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 304.10 Td (On March 5, 2014, the Board of Directors of the Company approved the exercise of the Company's repurchase option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (under the ) Tj ET Q q 0 0 0 rg BT 89.80 292.10 Td (V) Tj ET Q q 0 0 0 rg BT 95.74 292.10 Td (oting and ) Tj ET Q q 0 0 0 rg BT 135.55 292.10 Td (T) Tj ET Q q 0 0 0 rg BT 141.31 292.10 Td (ransfer Restriction ) Tj ET Q q 0 0 0 rg BT 217.40 292.10 Td (Agreement with the ) Tj ET Q q 0 0 0 rg BT 299.14 292.10 Td (T) Tj ET Q q 0 0 0 rg BT 304.89 292.10 Td (rustee of the 2012 Retention Plan and ) Tj ET Q q 0 0 0 rg BT 457.73 292.10 Td (T) Tj ET Q q 0 0 0 rg BT 463.49 292.10 Td (rust. Pursuant to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (exercise of that option, the Company repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.04 280.10 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.54 280.10 Td ( shares of Preferred Stock from the trustee in exchange for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.84 280.10 Td (975,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.34 280.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (shares of the Company's Class ) Tj ET Q q 0 0 0 rg BT 173.74 268.10 Td (A) Tj ET Q q 0 0 0 rg BT 180.41 268.10 Td ( Common Stock. On ) Tj ET Q q 0 0 0 rg BT 267.08 268.10 Td (April 2, 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.69 268.10 Td (975,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.19 268.10 Td ( shares of Class ) Tj ET Q q 0 0 0 rg BT 422.63 268.10 Td (A) Tj ET Q q 0 0 0 rg BT 429.30 268.10 Td ( Common Stock were distributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (to employees who met the vesting requirements of the plan. ) Tj ET Q q 0 0 0 rg BT 291.15 256.10 Td (The Company recognized approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.20 256.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.09 256.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.09 256.10 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.99 256.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 244.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.83 244.10 Td ( of compensation expense related to the 2012 Retention Plan during the years ended February28, 2013, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (and 2015, respectively) Tj ET Q q 0 0 0 rg BT 139.60 232.10 Td (. ) Tj ET Q q 0 0 0 rg BT 146.92 232.10 Td (The issuance and vesting of these shares is reflected in the restricted stock table in Note 4.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 211.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.64 211.10 Td (otal Return Swaps and V) Tj ET Q q 0 0 0 rg BT 152.98 211.10 Td (oting ) Tj ET Q q 0 0 0 rg BT 175.85 211.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 190.48 211.10 Td (eements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 194.10 Td (On various dates in November 201) Tj ET Q q 0 0 0 rg BT 213.32 194.10 Td (1 and January 2012, Emmis either purchased or purchased rights in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.92 194.10 Td (1,871,529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.92 194.10 Td ( shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.10 Td (of Preferred Stock at a weighted average price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.52 182.10 Td ($15.64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.02 182.10 Td ( per share. ) Tj ET Q q 0 0 0 rg BT 319.70 182.10 Td (W) Tj ET Q q 0 0 0 rg BT 328.34 182.10 Td (e purchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.32 182.10 Td (386,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.82 182.10 Td ( shares for cash and these shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 170.10 Td (were retired. ) Tj ET Q q 0 0 0 rg BT 102.84 170.10 Td (The purchase price for the rights in the remaining shares was also paid in cash, but these shares were subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 158.10 Td (total return swap arrangements. Pursuant to those agreements and arrangements, we had the ability to direct the vote of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (1,484,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.00 146.10 Td ( shares of Preferred Stock, or approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.38 146.10 Td (61%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.71 146.10 Td ( of the Preferred Stock outstanding as of February29, 2012. ) Tj ET Q q 0 0 0 rg BT 529.98 146.10 Td (While ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.10 Td (the shares of Preferred Stock subject to total return swap and voting agreements were not retired for record purposes, they were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.10 Td (considered extinguished for accounting purposes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 101.10 Td (In order to comply with the terms of a previous credit agreement, Emmis exercised its early termination option under the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.10 Td (total return swap transactions that it had entered into with certain holders of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.19 89.10 Td (1,484,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.19 89.10 Td ( shares of its Preferred Stock. ) Tj ET Q q 0 0 0 rg BT 515.25 89.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.10 Td (termination was ef) Tj ET Q q 0 0 0 rg BT 124.24 77.10 Td (fective on September19, 2012. ) Tj ET Q q 0 0 0 rg BT 251.15 77.10 Td (As a result, these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.97 77.10 Td (1,484,679) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.97 77.10 Td ( shares of Preferred Stock have returned to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (status of authorized but unissued shares. ) Tj ET Q endstream endobj 137 0 obj <>] /Rotate 0 /Contents 138 0 R>> endobj 138 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (68) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (4. SHARE BASED P) Tj ET Q q 0 0 0 rg BT 138.16 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 144.47 742.25 Td (YMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (The amounts recorded as share based compensation expense consist of stock option and restricted stock grants, common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (stock issued to employees and directors in lieu of cash payments, and Preferred Stock contributed to the 2012 Retention Plan.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 687.25 Td (Stock Option ) Tj ET Q q 0 0 0 rg BT 108.35 687.25 Td (A) Tj ET Q q 0 0 0 rg BT 114.83 687.25 Td (wards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 670.25 Td (The Company has granted options to purchase its common stock to employees and directors of the Company under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (various stock option plans at no less than the fair market value of the underlying stock on the date of grant. ) Tj ET Q q 0 0 0 rg BT 479.71 658.25 Td (These options are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (granted for a term not exceeding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.72 646.25 Td (10 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.32 646.25 Td ( and are forfeited, except in certain circumstances, in the event the employee or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (director terminates his or her employment or relationship with the Company) Tj ET Q q 0 0 0 rg BT 354.28 634.25 Td (. Generally) Tj ET Q q 0 0 0 rg BT 398.05 634.25 Td (, these options either vest annually over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.60 622.25 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.43 622.25 Td (one-third) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.08 622.25 Td ( each year for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.27 622.25 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.87 622.25 Td (\), or clif) Tj ET Q q 0 0 0 rg BT 239.17 622.25 Td (f vest at the end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.81 622.25 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.41 622.25 Td (. ) Tj ET Q q 0 0 0 rg BT 349.23 622.25 Td (The Company issues new shares upon the exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (of stock options.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 586.25 Td (The fair value of each option awarded is estimated on the date of grant using a Black-Scholes option-pricing model and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (expensed on a straight-line basis over the vesting period. Expected volatilities are based on historical volatility of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 562.25 Td (s stock. ) Tj ET Q q 0 0 0 rg BT 123.98 562.25 Td (The Company uses historical data to estimate option exercises and employee terminations within the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (valuation model. ) Tj ET Q q 0 0 0 rg BT 119.53 550.25 Td (The Company includes estimated forfeitures in its compensation cost and updates the estimated forfeiture rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (through the final vesting date of awards. ) Tj ET Q q 0 0 0 rg BT 213.66 538.25 Td (The risk-free interest rate for periods within the life of the option is based on the U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 526.25 Td (reasury yield curve in ef) Tj ET Q q 0 0 0 rg BT 152.75 526.25 Td (fect at the time of grant. ) Tj ET Q q 0 0 0 rg BT 251.14 526.25 Td (The following assumptions were used to calculate the fair value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 514.25 Td (s options on the date of grant during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.55 514.25 Td (February28, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.15 514.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.15 514.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 514.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.59 514.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.59 514.25 Td (:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 503.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 456.95 159.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 456.95 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 456.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 456.95 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 456.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 456.95 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 426.95 159.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 426.95 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 426.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 426.95 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 426.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 426.95 115.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 469.95 m 324.5 469.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 469.95 m 328.5 469.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 469.95 m 443.5 469.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 469.95 m 447.5 469.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 469.95 m 562.5 469.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 469.95 m 324.5 469.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 456.95 m 324.5 456.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 456.95 m 328.5 456.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 456.95 m 443.5 456.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 456.95 m 562.5 456.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 456.95 m 324.5 456.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 456.95 m 443.5 456.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 456.95 m 562.5 456.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 474.20 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.00 474.40 Td (For the Years Ended February 28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 461.20 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.50 461.18 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.50 461.18 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.50 461.18 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 447.52 Td (Risk-Free Interest Rate:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.50 446.62 Td (0.5% - 0.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 446.62 Td (0.6% - 1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.50 446.62 Td (1.2% - 1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 432.52 Td (Expected Dividend Yield:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.80 431.62 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.80 431.62 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.80 431.62 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 417.52 Td (Expected Life \(Years\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.25 416.62 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.25 416.62 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.25 416.62 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 402.52 Td (Expected Volatility:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.65 401.62 Td (128.9%131.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.15 401.62 Td (80.4% - 115.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.50 401.62 Td (69.0% - 73.9%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 373.45 Td (The following table presents a summary of the Company) Tj ET Q q 0 0 0 rg BT 304.50 373.45 Td (s stock options outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.33 373.45 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.93 373.45 Td (, and stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.45 Td (option activity during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.96 361.45 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.55 361.45 Td ( \(Price reflects the weighted average exercise price per share\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 350.65 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 312.15 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 312.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 312.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 312.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 312.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 312.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 312.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 312.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 284.15 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 284.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 284.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 284.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 284.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 284.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 284.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 284.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 256.15 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 256.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 256.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 256.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 256.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 256.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 256.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 256.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 228.15 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 228.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 228.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 228.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 228.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 228.15 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 228.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 228.15 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 312.15 m 340.5 312.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 312.15 m 414.5 312.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 312.15 m 488.5 312.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 312.15 m 562.5 312.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 242.14999999999998 m 340.5 242.14999999999998 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.40 316.38 Td (Options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.10 316.38 Td (Price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.05 332.23 Td (W) Tj ET Q q 0 0 0 rg BT 429.61 332.23 Td (eighted) Tj ET Q q 0 0 0 rg BT 456.05 332.23 Td (A) Tj ET Q q 0 0 0 rg BT 461.24 332.23 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.30 324.23 Td (Remaining) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.20 316.23 Td (Contractual) Tj ET Q q 0 0 0 rg BT 465.38 316.23 Td (T) Tj ET Q q 0 0 0 rg BT 469.99 316.23 Td (erm) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.50 332.23 Td (Aggr) Tj ET Q q 0 0 0 rg BT 526.68 332.23 Td (egate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.30 324.23 Td (Intrinsic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.35 316.23 Td (V) Tj ET Q q 0 0 0 rg BT 522.39 316.23 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 302.72 Td (Outstanding, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 302.72 Td (6,984,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 302.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 302.72 Td (3.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 288.72 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 288.72 Td (571,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 288.72 Td (2.90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 274.72 Td (Exercised \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 274.72 Td (794,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 274.72 Td (0.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 260.72 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 260.72 Td (40,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 260.72 Td (0.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 246.72 Td (Expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 246.72 Td (996,610) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 246.72 Td (17.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 232.72 Td (Outstanding, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 232.72 Td (5,724,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 232.72 Td (1.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.75 232.72 Td (6.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 232.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 232.72 Td (5,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 218.72 Td (Exercisable, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 218.72 Td (2,557,363) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 218.72 Td (2.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.75 218.72 Td (5.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 218.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 218.72 Td (2,447) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 193.05 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 193.05 Td (The Company did not record an income tax benefit related to option exercises in the years ended February 28, 2013, 2014 and 2015. Cash received from ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 183.45 Td (option exercises during the years ended February 2013, 2014 and 2015 was ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.77 183.45 Td ($0.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.77 183.45 Td ( million, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.89 183.45 Td ($0.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.89 183.45 Td ( million and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.55 183.45 Td ($0.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.55 183.45 Td ( million, respectively) Tj ET Q q 0 0 0 rg BT 485.79 183.45 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 162.45 Td (The weighted average grant date fair value of options granted during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.58 162.45 Td (February28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.18 162.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.62 162.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.62 162.45 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.45 Td ($1.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 150.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 150.45 Td ($1.64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.44 150.45 Td (, respectively) Tj ET Q q 0 0 0 rg BT 167.10 150.45 Td (.) Tj ET Q endstream endobj 139 0 obj <>] /Rotate 0 /Contents 140 0 R>> endobj 140 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 79.17 742.10 Td ( summary of the Company) Tj ET Q q 0 0 0 rg BT 188.60 742.10 Td (s nonvested options at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.70 742.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.30 742.10 Td (, and changes during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.36 742.10 Td (February28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 730.10 Td (, is presented below:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 719.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 680.80 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 680.80 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 680.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 680.80 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 652.80 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 652.80 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 652.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 652.80 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 624.80 368.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 624.80 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 624.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 624.80 70.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 680.8 m 488.5 680.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 680.8 m 562.5 680.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 624.8 m 488.5 624.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 611.8 m 488.5 611.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 609.8 m 488.5 609.8 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.40 685.03 Td (Options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.05 700.88 Td (W) Tj ET Q q 0 0 0 rg BT 503.61 700.88 Td (eighted) Tj ET Q q 0 0 0 rg BT 530.05 700.88 Td (A) Tj ET Q q 0 0 0 rg BT 535.24 700.88 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.55 692.88 Td (GrantDate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.15 684.88 Td (Fair) Tj ET Q q 0 0 0 rg BT 523.67 684.88 Td ( ) Tj ET Q q 0 0 0 rg BT 525.52 684.88 Td (V) Tj ET Q q 0 0 0 rg BT 530.56 684.88 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 671.37 Td (Nonvested, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 671.37 Td (3,325,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 671.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 671.37 Td (0.98) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 657.37 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 657.37 Td (571,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 657.37 Td (1.64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 643.37 Td (Vested) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.15 643.37 Td (689,617) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 643.37 Td (1.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 629.37 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 629.37 Td (40,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 629.37 Td (0.57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 615.37 Td (Nonvested, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.65 615.37 Td (3,167,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 615.37 Td (1.08) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 590.30 Td (There were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.74 590.30 Td (3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.64 590.30 Td ( shares available for future grants under the Company) Tj ET Q q 0 0 0 rg BT 383.34 590.30 Td (s various equity plans at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.49 590.30 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.09 590.30 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 578.30 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.33 578.30 Td (1.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.22 578.30 Td ( shares under the 2012 Equity Compensation Plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.35 578.30 Td (1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.24 578.30 Td ( shares under other plans\). ) Tj ET Q q 0 0 0 rg BT 467.81 578.30 Td (The vesting dates of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.30 Td (outstanding options at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.83 566.30 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.43 566.30 Td ( range from March 2015 to March 2018, and expiration dates range from March 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.30 Td (to September 2024.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.30 Td (Restricted Stock ) Tj ET Q q 0 0 0 rg BT 122.21 530.30 Td (A) Tj ET Q q 0 0 0 rg BT 128.69 530.30 Td (wards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 513.30 Td (The Company grants restricted stock awards to directors annually) Tj ET Q q 0 0 0 rg BT 336.05 513.30 Td (, and periodically grants restricted stock to employees in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.30 Td (connection with employment agreements. ) Tj ET Q q 0 0 0 rg BT 219.12 501.30 Td (A) Tj ET Q q 0 0 0 rg BT 225.42 501.30 Td (wards to directors are granted on the date of our annual meeting of shareholders and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.30 Td (vest on the earlier of \(i\)the completion of the director) Tj ET Q q 0 0 0 rg BT 265.84 489.30 Td () Tj ET Q q 0 0 0 rg BT 268.62 489.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.01 489.30 Td (3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.01 489.30 Td (-year term or \(ii\)the third anniversary of the date of grant. Restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.30 Td (stock award grants are granted out of the Company) Tj ET Q q 0 0 0 rg BT 257.16 477.30 Td (s 2012 Equity Compensation Plan. ) Tj ET Q q 0 0 0 rg BT 398.09 477.30 Td (The Company may also award, out of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.30 Td (the Company) Tj ET Q q 0 0 0 rg BT 106.38 465.30 Td (s 2012 Equity Compensation Plan, stock to settle certain bonuses and other compensation that otherwise would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.30 Td (be paid in cash. ) Tj ET Q q 0 0 0 rg BT 114.15 453.30 Td (Any restrictions on these shares may be immediately lapsed on the grant date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 429.30 Td (On January 16, 2013, the Company commenced an option exchange program whereby optionees holding certain fully-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 417.30 Td (vested underwater stock options were given the opportunity to exchange those stock options into restricted stock with a one-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.30 Td (year vesting term. ) Tj ET Q q 0 0 0 rg BT 124.24 405.30 Td (The exchange ratios were intended to result in little to no incremental accounting cost to the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.30 Td (because the fair value of the options was measured immediately prior to the exchange and compared to the fair value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.30 Td (restricted stock exchanged. ) Tj ET Q q 0 0 0 rg BT 160.88 381.30 Td (The exchange of) Tj ET Q q 0 0 0 rg BT 227.33 381.30 Td (fer closed February 15, 2013. Pursuant to the exchange of) Tj ET Q q 0 0 0 rg BT 458.48 381.30 Td (fer and based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.30 Td (participant elections, approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.06 369.30 Td (2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.95 369.30 Td ( stock options were canceled and approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.60 369.30 Td (0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.50 369.30 Td ( shares of restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.30 Td (stock were issued. ) Tj ET Q q 0 0 0 rg BT 125.36 357.30 Td (These shares of restricted stock vested February 19, 2014. ) Tj ET Q q 0 0 0 rg BT 359.83 357.30 Td (The exchange resulted in less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.78 357.30 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.67 357.30 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.30 Td (incremental accounting cost during the years ended February 28, 2013 and 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 324.30 Td (The following table presents a summary of the Company) Tj ET Q q 0 0 0 rg BT 304.50 324.30 Td (s restricted stock grants outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.03 324.30 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.62 324.30 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 312.30 Td (restricted stock activity during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.21 312.30 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.81 312.30 Td ( \(Price reflects the weighted average share price at the date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 300.30 Td (of grant\):) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 289.50 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 267.00 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 267.00 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 267.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 267.00 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 239.00 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 239.00 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 239.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 239.00 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 211.00 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 211.00 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 211.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 211.00 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 267 m 493.5 267 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 267 m 562.5 267 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 211 m 493.5 211 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 198 m 493.5 198 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 196 m 493.5 196 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.45 271.08 Td (Awards) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.60 271.08 Td (Price) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 257.57 Td (Grants outstanding, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 257.57 Td (590,544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 257.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 257.57 Td (1.79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 243.57 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 243.57 Td (1,437,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 243.57 Td (3.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 229.57 Td (Vested \(restriction lapsed\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.65 229.57 Td (1,350,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 229.57 Td (3.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 215.57 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 215.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 215.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 201.57 Td (Grants outstanding, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 201.57 Td (677,634) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 201.57 Td (2.26) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 173.50 Td (The total grant date fair value of shares vested during the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.72 173.50 Td (February28, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.32 173.50 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.32 173.50 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.32 173.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.76 173.50 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.76 173.50 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.81 173.50 Td ($1.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 161.50 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.89 161.50 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.78 161.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.22 161.50 Td ($4.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.11 161.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 253.77 161.50 Td (.) Tj ET Q endstream endobj 141 0 obj <>] /Rotate 0 /Contents 142 0 R>> endobj 142 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (70) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (Recognized Non-Cash Compensation Expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.25 Td (The following table summarizes stock-based compensation expense and related tax benefits recognized by the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (in the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.97 701.25 Td (February28, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.57 701.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.57 701.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.57 701.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.01 701.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.01 701.25 Td (:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 690.45 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 655.95 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 655.95 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 655.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 655.95 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 655.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 655.95 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 627.95 312.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 627.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 627.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 627.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 627.95 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 627.95 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 598.95 312.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 362.50 598.95 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 426.50 598.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 430.50 598.95 64.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 598.95 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 598.95 64.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 667.95 m 426.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 667.95 m 430.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 667.95 m 494.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 667.95 m 562.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 655.95 m 426.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 667.95 m 494.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 655.95 m 494.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 655.95 m 562.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 655.95 m 426.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 655.95 m 494.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 655.95 m 562.5 655.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 627.95 m 426.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 627.95 m 494.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 627.95 m 562.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 627.95 m 426.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 627.95 m 494.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 627.95 m 562.5 627.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 598.95 m 426.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 598.95 m 494.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 598.95 m 562.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 598.95 m 426.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 585.95 m 426.5 585.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 583.95 m 426.5 583.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 598.95 m 494.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 585.95 m 494.5 585.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430.5 583.95 m 494.5 583.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 598.95 m 562.5 598.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 585.95 m 562.5 585.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 583.95 m 562.5 583.95 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 671.90 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.70 672.03 Td (Year Ended February 28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 659.90 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.00 660.03 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.00 660.03 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.00 660.03 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 646.52 Td (Station operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 646.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.65 646.52 Td (852) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 646.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 646.52 Td (2,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 646.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 646.52 Td (720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.52 Td (Corporate expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 632.52 Td (2,090) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 632.52 Td (2,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 632.52 Td (2,093) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 618.52 Td (Stock-based compensation expense included in operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 617.62 Td (2,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 617.62 Td (4,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 617.62 Td (2,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 603.52 Td (Tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.65 603.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 603.52 Td (1,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 603.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.52 Td (Recognized stock-based compensation expense, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 589.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 589.52 Td (2,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 589.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 589.52 Td (2,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 589.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 589.52 Td (2,813) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 561.45 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 561.45 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 561.45 Td (, there was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.58 561.45 Td ($2.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.47 561.45 Td ( of unrecognized compensation cost, net of estimated forfeitures, related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.45 Td (to nonvested share-based compensation arrangements. ) Tj ET Q q 0 0 0 rg BT 269.75 549.45 Td (The cost is expected to be recognized over a weighted average period of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 537.45 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 537.45 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.76 537.45 Td ( years.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 513.45 Td (5. LONG-TERM DEBT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 496.45 Td (Long-term debt was comprised of the following at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.84 496.45 Td (February28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.44 496.45 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.88 496.45 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.88 496.45 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 454.15 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 454.15 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 454.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 454.15 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 426.15 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 426.15 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 426.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 426.15 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 398.15 352.00 -5.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 398.15 79.00 -5.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 398.15 4.00 -5.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 398.15 77.00 -5.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 379.15 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 379.15 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 379.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 379.15 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 351.15 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 351.15 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 351.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 351.15 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 332.15 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 332.15 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 332.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 332.15 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 304.15 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 304.15 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 304.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 304.15 77.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 276.15 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 276.15 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 276.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 276.15 77.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 454.15 m 481.5 454.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 454.15 m 562.5 454.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 412.15 m 481.5 412.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 412.15 m 562.5 412.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 398.15 m 481.5 398.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 398.15 m 562.5 398.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 351.15 m 481.5 351.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 351.15 m 562.5 351.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 337.15 m 481.5 337.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 337.15 m 562.5 337.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 276.15 m 481.5 276.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 276.15 m 562.5 276.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 263.15 m 481.5 263.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 261.15 m 481.5 261.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 263.15 m 562.5 263.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 261.15 m 562.5 261.15 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.50 466.38 Td (As of February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.50 458.38 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.50 466.38 Td (As of February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.50 458.38 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 444.72 Td (2012 Credit Agreement debt :) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 430.72 Td (Revolver) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 430.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 430.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 430.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 430.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 416.72 Td (Term Loan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 416.72 Td (54,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 416.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 402.72 Td (Total 2012 Credit Agreement debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 402.72 Td (54,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 402.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 383.72 Td (2014 Credit Agreement debt :) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 369.72 Td (Revolver) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 369.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 369.72 Td (8,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 355.72 Td (Term Loan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 355.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 355.72 Td (185,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.72 Td (Total 2014 Credit Agreement debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 341.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 341.72 Td (193,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 322.72 Td (Digonex nonrecourse debt ) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 161.02 327.25 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.65 322.72 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 322.72 Td (3,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 308.72 Td (98.7FM nonrecourse debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 308.72 Td (74,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 308.72 Td (70,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 294.72 Td (Current maturities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 294.77 Td (\(12,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 294.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 294.77 Td (\(6,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 294.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 280.72 Td (Unamortized original issue discount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 280.77 Td (\(1,475) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 280.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 280.77 Td (\(6,382) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 280.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 266.72 Td (Total long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 266.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 266.72 Td (114,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 266.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 266.72 Td (254,150) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 50.00 251.67 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.06 248.05 Td ( ) Tj ET Q q 0 0 0 rg BT 57.92 248.05 Td (The face value of Digonex nonrecourse debt is ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.41 248.05 Td ($6.2 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.53 248.05 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 227.05 Td (2014 Cr) Tj ET Q q 0 0 0 rg BT 82.69 227.05 Td (edit ) Tj ET Q q 0 0 0 rg BT 100.00 227.05 Td (Agr) Tj ET Q q 0 0 0 rg BT 114.63 227.05 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 206.05 Td (On June 10, 2014, Emmis entered into the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 297.53 206.05 Td (Agreement, by and among the Company) Tj ET Q q 0 0 0 rg BT 459.06 206.05 Td (, EOC, as borrower \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.05 Td (Borrower\), certain other subsidiaries of the Company) Tj ET Q q 0 0 0 rg BT 271.78 194.05 Td (, as guarantors \(the Subsidiary Guarantors\), the lenders party thereto, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.05 Td (JPMor) Tj ET Q q 0 0 0 rg BT 76.49 182.05 Td (gan Chase Bank, N.A., as administrative agent, and Fifth ) Tj ET Q q 0 0 0 rg BT 306.82 182.05 Td (Third Bank, as syndication agent. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 161.05 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 139.99 161.05 Td (Agreement includes a senior secured term loan facility \(the T) Tj ET Q q 0 0 0 rg BT 388.91 161.05 Td (erm Loan\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.60 161.05 Td ($185.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 161.05 Td ( and a senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.05 Td (secured revolving credit facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.78 149.05 Td ($20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.67 149.05 Td (, and contains provisions for an uncommitted increase of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.83 149.05 Td ($20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.72 149.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.05 Td (principal amount \(plus additional amounts so long as a pro forma total net senior secured leverage ratio condition is met\) of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.05 Td (revolving credit facility and/or the ) Tj ET Q q 0 0 0 rg BT 189.49 125.05 Td (T) Tj ET Q q 0 0 0 rg BT 194.90 125.05 Td (erm Loan subject to the satisfaction of certain conditions. ) Tj ET Q q 0 0 0 rg BT 426.88 125.05 Td (The revolving credit facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.05 Td (includes a sub-facility for the issuance of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.67 113.05 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.56 113.05 Td ( of letters of credit. Pursuant to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 479.36 113.05 Td (Agreement, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.05 Td (Borrower borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.64 101.05 Td ($185.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.53 101.05 Td ( of the ) Tj ET Q q 0 0 0 rg BT 218.40 101.05 Td (T) Tj ET Q q 0 0 0 rg BT 223.81 101.05 Td (erm Loan on June 10, 2014; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.51 101.05 Td ($109.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 101.05 Td ( was disbursed to the Borrower \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.05 Td (Initial Proceeds\) and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.88 89.05 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.78 89.05 Td ( was funded into escrow \(the Subsequent ) Tj ET Q q 0 0 0 rg BT 426.02 89.05 Td (Acquisition Proceeds\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 68.05 Td (The Initial Proceeds, coupled with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.46 68.05 Td ($13.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.35 68.05 Td ( of revolving credit facility borrowings, were used by the Borrower on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.05 Td (June 10, 2014 to repay all amounts outstanding under its previous credit agreement, to make a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.79 56.05 Td ($55.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.69 56.05 Td ( initial payment ) Tj ET Q endstream endobj 143 0 obj <>] /Rotate 0 /Contents 144 0 R>> endobj 144 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (71) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (associated with our acquisition of ) Tj ET Q q 0 0 0 rg BT 186.73 742.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 251.55 742.10 Td (WLIB-AM, and to pay fees and expenses. ) Tj ET Q q 0 0 0 rg BT 422.15 742.10 Td (The Subsequent ) Tj ET Q q 0 0 0 rg BT 488.26 742.10 Td (Acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Proceeds were used to make the final ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.33 730.10 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.22 730.10 Td ( payment related to the acquisition of ) Tj ET Q q 0 0 0 rg BT 406.39 730.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 471.21 730.10 Td (WLIB-AM on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (February 13, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 697.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.37 697.10 Td (T) Tj ET Q q 0 0 0 rg BT 95.78 697.10 Td (erm Loan is due not later than June 10, 2021 and, prior to the Second ) Tj ET Q q 0 0 0 rg BT 374.33 697.10 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 500.70 697.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (discussed below) Tj ET Q q 0 0 0 rg BT 114.62 685.10 Td (, amortized in an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.25 685.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.58 685.10 Td ( per annum of the total principal amount outstanding, payable in quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (installments commencing ) Tj ET Q q 0 0 0 rg BT 154.43 673.10 Td (April 1, 2015, with the balance payable on the maturity date. ) Tj ET Q q 0 0 0 rg BT 399.73 673.10 Td (The revolving credit facility expires not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (later than June 10, 2019. ) Tj ET Q q 0 0 0 rg BT 150.26 661.10 Td (An unused commitment fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.39 661.10 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.39 661.10 Td ( basis points per annum will be payable quarterly on the average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (unused amount of the revolving credit facility) Tj ET Q q 0 0 0 rg BT 232.63 649.10 Td (. Prior to the First ) Tj ET Q q 0 0 0 rg BT 305.42 649.10 Td (Amendment and Second ) Tj ET Q q 0 0 0 rg BT 405.67 649.10 Td (Amendment to the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (Agreement discussed below) Tj ET Q q 0 0 0 rg BT 161.54 637.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 181.08 637.10 Td (T) Tj ET Q q 0 0 0 rg BT 186.49 637.10 Td (erm Loan and amounts borrowed under the revolving credit facility bore interest, at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (Borrower) Tj ET Q q 0 0 0 rg BT 88.69 625.10 Td () Tj ET Q q 0 0 0 rg BT 91.47 625.10 Td (s option, at either \(i\) the ) Tj ET Q q 0 0 0 rg BT 189.50 625.10 Td (Alternate Base Rate \(as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 393.05 625.10 Td (Agreement\) \(but not less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.41 625.10 Td (2.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.24 625.10 Td (\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.17 613.10 Td (3.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.00 613.10 Td ( or \(ii\) the ) Tj ET Q q 0 0 0 rg BT 137.21 613.10 Td (Adjusted LIBO Rate \(as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 343.56 613.10 Td (Agreement\) \(but not less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.92 613.10 Td (1.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.75 613.10 Td (\) plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.75 613.10 Td (4.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.58 613.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 592.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.54 592.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.43 592.10 Td ( of transaction fees related to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 366.88 592.10 Td (Agreement were capitalized and are being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (amortized over the life of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 218.28 580.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 267.52 580.10 Td (These deferred debt costs are included in other assets, net in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (accompanying consolidated balance sheets. ) Tj ET Q q 0 0 0 rg BT 226.14 568.10 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 293.63 568.10 Td (Agreement is carried on our consolidated balance sheets net of an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (original issue discount. ) Tj ET Q q 0 0 0 rg BT 144.81 556.10 Td (The original issue discount, which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.84 556.10 Td ($6.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.73 556.10 Td ( as of the issuance of the debt on June 10, 2014 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td ($6.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 544.10 Td ( as of February 28, 2015 \(inclusive of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.63 544.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.52 544.10 Td ( of transaction fees associated with the November 7, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (debt amendment discussed below\), is being amortized as additional interest expense over the life of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 514.59 532.10 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 511.10 Td (The obligations under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 226.92 511.10 Td (Agreement are secured by a perfected first priority security interest in substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (all of the assets of the Company) Tj ET Q q 0 0 0 rg BT 177.66 499.10 Td (, the Borrower and the Subsidiary Guarantors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 478.10 Td (On November 7, 2014, Emmis entered into the First ) Tj ET Q q 0 0 0 rg BT 282.75 478.10 Td (Amendment \(the First ) Tj ET Q q 0 0 0 rg BT 377.46 478.10 Td (Amendment\) to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 511.60 478.10 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (The First ) Tj ET Q q 0 0 0 rg BT 88.33 466.10 Td (Amendment \(i\) increases the maximum ) Tj ET Q q 0 0 0 rg BT 248.94 466.10 Td (T) Tj ET Q q 0 0 0 rg BT 254.35 466.10 Td (otal Leverage Ratio to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.98 466.10 Td (6.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.48 466.10 Td (:1.00 for the period February 28, 2015 through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (February 29, 2016, \(ii\) adjusts the definition of Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 331.90 454.10 Td ( to exclude during the term of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 517.42 454.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.78 442.10 Td ($5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.17 442.10 Td ( in severance and/or contract termination expenses and up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.53 442.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.42 442.10 Td ( in losses attributable to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (reformatting of the Company) Tj ET Q q 0 0 0 rg BT 169.69 430.10 Td (s radio stations, \(iii\) extends the requirement for the Borrower to pay a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.61 430.10 Td (1.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.44 430.10 Td ( fee on certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (prepayments of the ) Tj ET Q q 0 0 0 rg BT 128.96 418.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.37 418.10 Td (erm Loan to November 7, 2015, \(iv\) increases the ) Tj ET Q q 0 0 0 rg BT 335.70 418.10 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 398.55 418.10 Td (gin by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.33 418.10 Td (0.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.16 418.10 Td ( for at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.36 418.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.03 418.10 Td ( months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (from the date of the First ) Tj ET Q q 0 0 0 rg BT 151.65 406.10 Td (Amendment and until the ) Tj ET Q q 0 0 0 rg BT 255.89 406.10 Td (T) Tj ET Q q 0 0 0 rg BT 261.30 406.10 Td (otal Leverage Ratio is less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.04 406.10 Td (5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.54 406.10 Td (:1.00, and \(v\) makes certain technical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 394.10 Td (adjustments to the definition of Consolidated Excess Cash Flow and to address the Foreign ) Tj ET Q q 0 0 0 rg BT 416.06 394.10 Td (Account ) Tj ET Q q 0 0 0 rg BT 452.26 394.10 Td (T) Tj ET Q q 0 0 0 rg BT 457.67 394.10 Td (ax Compliance ) Tj ET Q q 0 0 0 rg BT 519.88 394.10 Td (Act. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (Emmis paid a total of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.85 382.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.74 382.10 Td ( of transaction fees to the Lenders that consented to the First ) Tj ET Q q 0 0 0 rg BT 491.01 382.10 Td (Amendment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (which were recorded as original issue discount and are being amortized over the remaining life of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 507.35 370.10 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (Capitalized terms in this paragraph not defined elsewhere in this document are defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 473.49 358.10 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 337.10 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 141.49 337.10 Td (Agreement was amended subsequent to February 28, 2015. See Note 17, Subsequent Events, for more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (details of the amendment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 304.10 Td (Borrowing under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 209.26 304.10 Td (Agreement depends upon our continued compliance with certain operating covenants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (and financial ratios, including leverage and fixed char) Tj ET Q q 0 0 0 rg BT 265.28 292.10 Td (ge coverage as specifically defined. ) Tj ET Q q 0 0 0 rg BT 410.03 292.10 Td (The operating covenants and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (restrictions with which we must comply include, among others, restrictions on additional indebtedness, incurrence of liens, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (engaging in businesses other than our primary business, paying certain dividends, redeeming or repurchasing capital stock of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (Emmis, acquisitions and asset sales. No default or event of default has occurred or is continuing. ) Tj ET Q q 0 0 0 rg BT 438.89 256.10 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 506.38 256.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (provides that an event of default will occur if there is a change in control of Emmis, as defined. ) Tj ET Q q 0 0 0 rg BT 442.18 244.10 Td (The payment of principal, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (premium and interest under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 226.90 232.10 Td (Agreement is fully and unconditionally guaranteed, jointly and severally) Tj ET Q q 0 0 0 rg BT 516.45 232.10 Td (, by ECC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (and most of its existing wholly-owned domestic subsidiaries. Substantially all of Emmis) Tj ET Q q 0 0 0 rg BT 405.89 220.10 Td ( assets, including the stock of most of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (Emmis) Tj ET Q q 0 0 0 rg BT 80.92 208.10 Td ( wholly-owned, domestic subsidiaries are pledged to secure the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 385.85 208.10 Td (Agreement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 187.10 Td (2012 Cr) Tj ET Q q 0 0 0 rg BT 82.69 187.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 100.00 187.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 114.63 187.10 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 166.10 Td (On December 28, 2012, Emmis entered into a credit facility \(the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 386.57 166.10 Td (Agreement\) to provide for total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (borrowings of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.66 154.10 Td ($100 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.05 154.10 Td (, including \(i\) an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.20 154.10 Td ($80 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.59 154.10 Td ( term loan and \(ii\) a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.23 154.10 Td ($20 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.62 154.10 Td ( revolver) Tj ET Q q 0 0 0 rg BT 462.04 154.10 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.80 154.10 Td ($5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.20 154.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.10 Td (may be used for letters of credit. On June 10, 2014, Emmis entered into the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 402.70 142.10 Td (Agreement. In connection with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.10 Td (execution of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 166.36 130.10 Td (Agreement, the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 279.95 130.10 Td (Agreement was terminated ef) Tj ET Q q 0 0 0 rg BT 397.77 130.10 Td (fective June 10, 2014, and all amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (outstanding under that agreement were paid in full. During the three months ended ) Tj ET Q q 0 0 0 rg BT 382.69 118.10 Td (August 31, 2014, the Company recorded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (loss on debt extinguishment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.27 106.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.16 106.10 Td ( related to the termination of the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 404.95 106.10 Td (Agreement.) Tj ET Q endstream endobj 145 0 obj <>] /Rotate 0 /Contents 146 0 R>> endobj 146 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (72) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (2014 Cr) Tj ET Q q 0 0 0 rg BT 82.69 742.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 100.00 742.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 114.63 742.10 Td (eement Covenants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 721.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 721.10 Td (e were in compliance with all financial and non-financial covenants as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.02 721.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.62 721.10 Td (. Our ) Tj ET Q q 0 0 0 rg BT 472.49 721.10 Td (T) Tj ET Q q 0 0 0 rg BT 477.90 721.10 Td (otal Leverage Ratio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (and Minimum Interest Coverage Ratio \(each as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 348.81 709.10 Td (Agreement\) requirements and actual amounts as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 697.10 Td ( were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 642.80 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 642.80 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 642.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 642.80 65.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 663.8 m 493.5 663.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 663.8 m 497.5 663.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 663.8 m 562.5 663.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 642.8 m 493.5 642.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 642.8 m 562.5 642.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 667.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.00 667.88 Td (As of February 28, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 647.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.05 655.03 Td (Covenant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.10 647.03 Td (Requirement) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.70 647.03 Td (ActualResults) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 633.37 Td (Maximum Total Leverage Ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.20 633.37 Td (6.00 : 1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.20 633.37 Td (5.40 : 1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.37 Td (Minimum Fixed Charge Coverage Ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.20 619.37 Td (2.00 : 1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.20 619.37 Td (3.08 : 1.00) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 591.30 Td (98.7FM Nonr) Tj ET Q q 0 0 0 rg BT 104.63 591.30 Td (ecourse Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 574.30 Td (On May30, 2012, the Company) Tj ET Q q 0 0 0 rg BT 202.51 574.30 Td (, through wholly-owned, newly-created subsidiaries, issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.73 574.30 Td ($82.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.62 574.30 Td ( of nonrecourse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.30 Td (notes. ) Tj ET Q q 0 0 0 rg BT 75.93 562.30 Td (T) Tj ET Q q 0 0 0 rg BT 81.34 562.30 Td (eachers Insurance and ) Tj ET Q q 0 0 0 rg BT 171.57 562.30 Td (Annuity ) Tj ET Q q 0 0 0 rg BT 206.29 562.30 Td (Association of ) Tj ET Q q 0 0 0 rg BT 266.29 562.30 Td (America, through a participation agreement with ) Tj ET Q q 0 0 0 rg BT 463.54 562.30 Td (W) Tj ET Q q 0 0 0 rg BT 472.17 562.30 Td (ells Far) Tj ET Q q 0 0 0 rg BT 501.71 562.30 Td (go Bank ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.30 Td (Northwest, National ) Tj ET Q q 0 0 0 rg BT 133.04 550.30 Td (Association, is entitled to receive payments made on the notes. ) Tj ET Q q 0 0 0 rg BT 386.68 550.30 Td (The notes are obligations only of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.30 Td (newly-created subsidiaries, are non-recourse to the rest of the Company) Tj ET Q q 0 0 0 rg BT 339.90 538.30 Td (s subsidiaries and are secured by the assets of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.30 Td (newly-created subsidiaries, including the payments made to the newly-created subsidiary related to the 98.7FM LMA, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.30 Td (are guaranteed by Disney Enterprises, Inc. ) Tj ET Q q 0 0 0 rg BT 221.97 514.30 Td (The notes bear interest at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.99 514.30 Td (4.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.82 514.30 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 497.30 Td (Digonex Nonr) Tj ET Q q 0 0 0 rg BT 106.57 497.30 Td (ecourse Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 480.30 Td (Digonex issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.94 480.30 Td ($6.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.83 480.30 Td ( of notes payable prior to Emmis) Tj ET Q q 0 0 0 rg BT 319.50 480.30 Td ( acquisition of a controlling interest of Digonex on June 16, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.30 Td (2014. Emmis recorded these notes at fair value in its purchase price allocation as of June 16, 2014. ) Tj ET Q q 0 0 0 rg BT 447.20 468.30 Td (The dif) Tj ET Q q 0 0 0 rg BT 476.18 468.30 Td (ference between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.30 Td (fair value recorded on June 16, 2014 and the face value of the notes is being accreted as additional interest expense through the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.30 Td (maturity date of the notes. ) Tj ET Q q 0 0 0 rg BT 157.01 444.30 Td (The notes are obligations of Digonex only and are non-recourse to the rest of Emmis' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.30 Td (subsidiaries.) Tj ET Q q 0 0 0 rg BT 101.67 432.30 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.71 432.30 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.60 432.30 Td ( of the Digonex notes are secured by the assets of Digonex and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.45 432.30 Td ($4.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 420.30 Td ( are unsecured. ) Tj ET Q q 0 0 0 rg BT 141.46 420.30 Td (The notes bear simple interest at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.63 420.30 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.96 420.30 Td ( with interest due at maturity of the notes on December 31, 2017. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.30 Td (See Note 7 for more discussion of the acquisition of Digonex.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 387.30 Td (Based on amounts outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.21 387.30 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.81 387.30 Td (, mandatory principal payments of long-term debt for the next five ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.30 Td (years and thereafter are summarized below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 316.00 136.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 316.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 316.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 316.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 316.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 316.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 316.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 316.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 316.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 316.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 288.00 136.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 288.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 288.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 288.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 288.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 288.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 288.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 288.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 288.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 288.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 260.00 136.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 260.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 260.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 260.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 260.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 260.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 260.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 260.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 260.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 260.00 72.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 342 m 258.5 342 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 342 m 262.5 342 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 342 m 334.5 342 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 342 m 258.5 342 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 342 m 262.5 342 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 342 m 334.5 342 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 330 m 258.5 330 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 330 m 334.5 330 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 330 m 410.5 330 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 330 m 486.5 330 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 330 m 490.5 330 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 330 m 562.5 330 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 246 m 258.5 246 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 246 m 334.5 246 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 246 m 410.5 246 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 246 m 486.5 246 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 246 m 490.5 246 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 246 m 562.5 246 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 233 m 258.5 233 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 231 m 258.5 231 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 233 m 334.5 233 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 231 m 334.5 231 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 233 m 410.5 233 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 231 m 410.5 231 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 233 m 486.5 233 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 231 m 486.5 231 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 233 m 490.5 233 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 231 m 490.5 231 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 233 m 562.5 233 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 231 m 562.5 231 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 346.08 Td (Year Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.35 346.08 Td (2014 Credit Agreement) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.00 345.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.00 345.95 Td () Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 332.830078125 m 112.765625 332.830078125 l s q 0 0 0 rg BT 53.00 334.08 Td (February28 \(29\),) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 206.70 334.08 Td (Revolver) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.90 334.08 Td (Term Loan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.55 334.08 Td (98.7FMDebt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.75 334.08 Td (Digonex Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 334.08 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 320.57 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 320.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 320.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 320.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 320.57 Td (1,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 320.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 320.57 Td (4,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 320.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 320.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 320.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 320.57 Td (6,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 306.57 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 306.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 306.57 Td (1,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 306.57 Td (5,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 306.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 306.57 Td (7,303) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 292.57 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 292.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 292.57 Td (1,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 292.57 Td (6,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 292.57 Td (6,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 292.57 Td (14,088) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 278.57 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 278.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 278.57 Td (1,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 278.57 Td (6,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 278.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 278.57 Td (8,437) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 264.57 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 264.57 Td (8,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 264.57 Td (1,850) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 264.57 Td (7,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 264.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 264.57 Td (17,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 250.57 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 250.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 250.57 Td (175,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 250.57 Td (40,182) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 250.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 250.57 Td (215,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 236.57 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 236.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 236.57 Td (8,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 236.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 236.57 Td (185,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 236.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 236.57 Td (70,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 236.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 236.57 Td (6,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 236.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 236.57 Td (269,600) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 199.50 Td (6. F) Tj ET Q q 0 0 0 rg BT 65.37 199.50 Td (AIR ) Tj ET Q q 0 0 0 rg BT 86.02 199.50 Td (V) Tj ET Q q 0 0 0 rg BT 91.95 199.50 Td (ALUE MEASUREMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 178.50 Td (As defined in ) Tj ET Q q 0 0 0 rg BT 129.83 178.50 Td (ASC ) Tj ET Q q 0 0 0 rg BT 151.60 178.50 Td (T) Tj ET Q q 0 0 0 rg BT 157.01 178.50 Td (opic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.50 Td (an orderly transaction between market participants at the measurement date \(exit price\). ) Tj ET Q q 0 0 0 rg BT 403.28 166.50 Td (The Company utilizes market data or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.50 Td (assumptions that market participants would use in pricing the asset or liability) Tj ET Q q 0 0 0 rg BT 361.24 154.50 Td (, including assumptions about risk and the risks ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 142.50 Td (inherent in the inputs to the valuation technique. ) Tj ET Q q 0 0 0 rg BT 245.61 142.50 Td (These inputs can be readily observable, market corroborated or generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 130.50 Td (unobservable. ) Tj ET Q q 0 0 0 rg BT 108.13 130.50 Td (The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.50 Td (unobservable inputs. ) Tj ET Q q 0 0 0 rg BT 134.71 118.50 Td (ASC ) Tj ET Q q 0 0 0 rg BT 156.48 118.50 Td (T) Tj ET Q q 0 0 0 rg BT 161.89 118.50 Td (opic 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. ) Tj ET Q q 0 0 0 rg BT 544.64 118.50 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.50 Td (hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities \(Level 1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 94.50 Td (measurement\) and the lowest priority to unobservable inputs \(Level 3 measurement\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 73.50 Td (Recurring Fair V) Tj ET Q q 0 0 0 rg BT 118.33 73.50 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 168.22 73.50 Td (ements) Tj ET Q endstream endobj 147 0 obj <>] /Rotate 0 /Contents 148 0 R>> endobj 148 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (73) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The following table sets forth by level within the fair value hierarchy the Company) Tj ET Q q 0 0 0 rg BT 409.18 742.10 Td (s financial assets and liabilities that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (were accounted for at fair value on a recurring basis as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.11 730.10 Td (February28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.71 730.10 Td ( and 2015. ) Tj ET Q q 0 0 0 rg BT 399.97 730.10 Td (The financial assets and liabilities are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (classified in their entirety based on the lowest level of input that is significant to the fair value measurement. ) Tj ET Q q 0 0 0 rg BT 486.36 718.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 546.07 718.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (assessment of the significance of a particular input to the fair value measurement requires judgment and may af) Tj ET Q q 0 0 0 rg BT 495.49 706.10 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 603.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 603.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 603.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 603.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 603.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 603.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 464.60 240.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 464.60 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 464.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 464.60 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 464.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 464.60 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 464.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 464.60 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 424.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 424.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 424.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 424.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 424.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 424.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 424.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 661.6 m 355.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 661.6 m 359.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 661.6 m 424.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 661.6 m 428.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 661.6 m 493.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 661.6 m 497.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 661.6 m 562.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 648.6 m 355.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 648.6 m 424.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 648.6 m 493.5 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 603.6 m 355.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 603.6 m 424.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 603.6 m 493.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 603.6 m 562.5 603.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 588.6 m 355.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 588.6 m 424.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 588.6 m 493.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 588.6 m 562.5 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 564.6 m 355.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 562.6 m 355.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 564.6 m 424.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 562.6 m 424.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 564.6 m 493.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 562.6 m 493.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 564.6 m 562.5 564.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 562.6 m 562.5 562.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 537.6 m 355.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 537.6 m 359.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 537.6 m 424.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 537.6 m 428.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 537.6 m 493.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 537.6 m 497.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 537.6 m 562.5 537.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 524.6 m 355.5 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 524.6 m 424.5 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 524.6 m 493.5 524.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 479.6 m 355.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 479.6 m 424.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 479.6 m 493.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 479.6 m 562.5 479.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 464.6 m 355.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 464.6 m 424.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 464.6 m 493.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 464.6 m 562.5 464.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 440.6 m 355.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 438.6 m 355.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 440.6 m 424.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 438.6 m 424.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 440.6 m 493.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 438.6 m 493.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 440.6 m 562.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 438.6 m 562.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 438.6 m 355.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 440.6 m 355.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 438.6 m 424.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 440.6 m 424.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 438.6 m 493.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 440.6 m 493.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 438.6 m 562.5 438.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 440.6 m 562.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 409.6 m 355.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 409.6 m 424.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 409.6 m 493.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 409.6 m 562.5 409.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 385.6 m 355.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 383.6 m 355.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 385.6 m 424.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 383.6 m 424.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 385.6 m 493.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 383.6 m 493.5 383.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 385.6 m 562.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 383.6 m 562.5 383.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 665.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.00 665.83 Td (As of February 28, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 652.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.15 652.83 Td (Level 1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.15 652.83 Td (Level 2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.15 652.83 Td (Level 3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 652.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 607.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.35 639.83 Td (QuotedPrices) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 631.83 Td (in ) Tj ET Q q 0 0 0 rg BT 315.73 631.83 Td (Active) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 623.83 Td (Markets for) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.90 615.83 Td (Identical) Tj ET Q q 0 0 0 rg BT 327.68 615.83 Td (Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.65 607.83 Td (or) Tj ET Q q 0 0 0 rg BT 308.06 607.83 Td ( Liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.05 631.83 Td (Significant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.35 623.83 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.90 615.83 Td (Observable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.35 607.83 Td (Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.05 623.83 Td (Significant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.90 615.83 Td (Unobservable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.35 607.83 Td (Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.75 607.83 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 594.17 Td (Available for sale securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 593.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 593.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 593.27 Td (500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 593.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 593.27 Td (500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 579.17 Td (Total assets measured at fair value on a recurring) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 569.17 Td (basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 568.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 568.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 568.27 Td (500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 568.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 568.27 Td (500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 541.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.00 541.83 Td (As of February 28, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 528.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.15 528.83 Td (Level 1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.15 528.83 Td (Level 2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.15 528.83 Td (Level 3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 528.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 483.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.35 515.83 Td (QuotedPrices) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 507.83 Td (in ) Tj ET Q q 0 0 0 rg BT 315.73 507.83 Td (Active) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 499.83 Td (Markets for) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.90 491.83 Td (Identical ) Tj ET Q q 0 0 0 rg BT 327.68 491.83 Td (Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.65 483.83 Td (or) Tj ET Q q 0 0 0 rg BT 308.06 483.83 Td ( Liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.05 507.83 Td (Significant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.35 499.83 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.90 491.83 Td (Observable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.35 483.83 Td (Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.05 499.83 Td (Significant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.90 491.83 Td (Unobservable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.35 483.83 Td (Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.75 483.83 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 470.17 Td (Available for sale securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 469.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 469.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 469.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 469.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 469.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 469.27 Td (6,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 469.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 469.27 Td (6,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 455.17 Td (Total assets measured at fair value on a recurring) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 445.17 Td (basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 444.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 444.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 444.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 444.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 444.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 444.27 Td (6,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 444.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 444.27 Td (6,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 430.17 Td (Share-based compensation arrangement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 429.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 429.27 Td (2,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 429.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 429.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 429.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 429.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 429.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 429.27 Td (2,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 415.17 Td (Interest rate swap agreement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 414.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 414.27 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 414.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 414.27 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 400.17 Td (Total liabilities measured at fair value on a recurring) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 390.17 Td (basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 389.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 389.27 Td (2,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 389.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 389.27 Td (94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 389.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 389.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 389.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 389.27 Td (3,020) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 364.10 Td (A) Tj ET Q q 0 0 0 rg BT 55.56 364.10 Td (vailable for sale securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.37 364.10 Td ( Emmis) Tj ET Q q 0 0 0 rg BT 207.29 364.10 Td ( available for sale securities are investments in preferred stock of private companies that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (are not traded in active markets. ) Tj ET Q q 0 0 0 rg BT 180.60 352.10 Td (The investments are recorded at fair value, which was generally estimated using significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (unobservable market parameters, resulting in a level 3 categorization. ) Tj ET Q q 0 0 0 rg BT 330.54 340.10 Td (The carrying value of our preferred stock investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 328.10 Td (was determined by using implied valuations of recent rounds of financing and by other corroborating evidence, including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (application of various valuation methodologies including option-pricing and discounted cash flow based models. During the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (year ended February 28, 2015, the Company determined that its investment in Courseload, Inc. was fully impaired and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (impairment was other) Tj ET Q q 0 0 0 rg BT 137.00 292.10 Td (-than-temporary) Tj ET Q q 0 0 0 rg BT 201.32 292.10 Td (. ) Tj ET Q q 0 0 0 rg BT 208.27 292.10 Td (As such, the Company recorded a noncash inpairment char) Tj ET Q q 0 0 0 rg BT 443.84 292.10 Td (ge of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.61 292.10 Td ($6.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.50 292.10 Td (. ) Tj ET Q q 0 0 0 rg BT 522.45 292.10 Td (A) Tj ET Q q 0 0 0 rg BT 528.93 292.10 Td (vailable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (for sale securities are included in investments on our consolidated balance sheets. See Note 1j for more discussion.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (Shar) Tj ET Q q 0 0 0 rg BT 68.52 259.10 Td (e-based compensation arrangement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.83 259.10 Td ( Emmis) Tj ET Q q 0 0 0 rg BT 257.75 259.10 Td ( 2012 Retention Plan and ) Tj ET Q q 0 0 0 rg BT 361.17 259.10 Td (T) Tj ET Q q 0 0 0 rg BT 366.92 259.10 Td (rust discussed in Note 3 was recorded at fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (value on a recurring basis. ) Tj ET Q q 0 0 0 rg BT 157.19 247.10 Td (As the fair value of the 2012 Retention Plan and ) Tj ET Q q 0 0 0 rg BT 352.51 247.10 Td (T) Tj ET Q q 0 0 0 rg BT 358.27 247.10 Td (rust was tied to quoted prices of Emmis stock, it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.10 Td (was considered a level 1 measurement. ) Tj ET Q q 0 0 0 rg BT 208.37 235.10 Td (The share-based compensation arrangement was settled during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 Td (May 31, 2014.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.07 202.10 Td (est rate swap agr) Tj ET Q q 0 0 0 rg BT 137.87 202.10 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.18 202.10 Td ( Emmis) Tj ET Q q 0 0 0 rg BT 212.10 202.10 Td ( derivative financial instruments consisted solely of an interest rate cash flow hedge in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (which the Company paid a fixed rate and received a variable interest rate that was observable based upon a forward interest rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (curve and was therefore considered a level 2 measurement. ) Tj ET Q q 0 0 0 rg BT 288.60 178.10 Td (The interest rate swap agreement was settled during the three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (months ended ) Tj ET Q q 0 0 0 rg BT 107.77 166.10 Td (August 31, 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 145.10 Td (The following table shows a reconciliation of the beginning and ending balances for fair value measurements using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (significant unobservable inputs:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 113.30 Td () Tj ET Q endstream endobj 149 0 obj <>] /Rotate 0 /Contents 150 0 R>> endobj 150 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (74) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 685.50 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 685.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 685.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 685.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 655.50 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 655.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 655.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 655.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 714.5 m 493.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 714.5 m 562.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 685.5 m 493.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 685.5 m 497.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 685.5 m 562.5 685.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 640.5 m 493.5 640.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 640.5 m 562.5 640.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 626.5 m 493.5 626.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 624.5 m 493.5 624.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 626.5 m 562.5 626.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 624.5 m 562.5 624.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 731.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.70 731.73 Td (Year Ended February 28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 718.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 718.73 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 718.73 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.05 705.73 Td (A) Tj ET Q q 0 0 0 rg BT 484.23 705.73 Td (vailable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.70 697.73 Td (For) Tj ET Q q 0 0 0 rg BT 492.99 697.73 Td ( Sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.30 689.73 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 676.07 Td (Beginning Balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 675.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 675.17 Td (6,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 675.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 675.17 Td (6,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 661.07 Td (Purchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 660.17 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 660.17 Td (432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 646.07 Td (Other than temporary impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 645.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 645.22 Td (\(6,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 645.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 631.07 Td (Ending Balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 630.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 630.17 Td (6,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 630.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 630.17 Td (500) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 605.00 Td (Non-Recurring Fair V) Tj ET Q q 0 0 0 rg BT 138.33 605.00 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 188.22 605.00 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 584.00 Td (The Company has certain assets that are measured at fair value on a non-recurring basis under circumstances and events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.00 Td (that include those described in Note 9, Intangible ) Tj ET Q q 0 0 0 rg BT 248.56 572.00 Td (Assets and Goodwill, and are adjusted to fair value only when the carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 560.00 Td (values are more than the fair values. ) Tj ET Q q 0 0 0 rg BT 196.98 560.00 Td (The categorization of the framework used to price the assets is considered a Level 3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.00 Td (measurement due to the subjective nature of the unobservable inputs used to determine the fair value \(see Note 9 for more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 536.00 Td (discussion\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 515.00 Td (Fair V) Tj ET Q q 0 0 0 rg BT 75.28 515.00 Td (alue of Other Financial Instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 494.00 Td (Certain nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.00 Td (adjustments in certain circumstances, such as when there is evidence of impairment. ) Tj ET Q q 0 0 0 rg BT 388.78 482.00 Td (Assets and liabilities acquired in business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.00 Td (combinations are recorded at their fair value as of the date of acquisition. Refer to Note 7 for the fair values of assets acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 458.00 Td (and liabilities assumed in connection with the Company's acquisitions. ) Tj ET Q q 0 0 0 rg BT 334.91 458.00 Td (The estimated fair value of financial instruments is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 446.00 Td (determined using the best available market information and appropriate valuation methodologies. Considerable judgment is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.00 Td (necessary) Tj ET Q q 0 0 0 rg BT 88.22 434.00 Td (, however) Tj ET Q q 0 0 0 rg BT 127.25 434.00 Td (, in interpreting market data to develop the estimates of fair value. ) Tj ET Q q 0 0 0 rg BT 393.27 434.00 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 442.60 434.00 Td (, the estimates presented are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.00 Td (not necessarily indicative of the amounts that the Company could realize in a current market exchange, or the value that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.00 Td (ultimately will be realized upon maturity or disposition. ) Tj ET Q q 0 0 0 rg BT 275.61 410.00 Td (The use of dif) Tj ET Q q 0 0 0 rg BT 331.25 410.00 Td (ferent market assumptions may have a material ef) Tj ET Q q 0 0 0 rg BT 530.15 410.00 Td (fect on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.00 Td (the estimated fair value amounts. ) Tj ET Q q 0 0 0 rg BT 184.78 398.00 Td (The following methods and assumptions were used to estimate the fair value of financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.00 Td (instruments: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 365.00 Td (- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 55.83 365.00 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.76 365.00 Td (: ) Tj ET Q q 0 0 0 rg BT 167.86 365.00 Td (The carrying amount of these assets approximates fair value because of the short maturity of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 353.00 Td (instruments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 332.00 Td (- 2014 Cr) Tj ET Q q 0 0 0 rg BT 88.52 332.00 Td (edit ) Tj ET Q q 0 0 0 rg BT 105.83 332.00 Td (Agr) Tj ET Q q 0 0 0 rg BT 120.46 332.00 Td (eement debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 332.00 Td (: ) Tj ET Q q 0 0 0 rg BT 173.22 332.00 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.67 332.00 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.26 332.00 Td (, the fair value and carrying value, excluding original issue discount, of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.00 Td (the Company's 2014 Credit ) Tj ET Q q 0 0 0 rg BT 161.24 320.00 Td (Agreement debt was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.93 320.00 Td ($193.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.82 320.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.26 320.00 Td ($193.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 320.00 Td (, respectively) Tj ET Q q 0 0 0 rg BT 435.82 320.00 Td (. ) Tj ET Q q 0 0 0 rg BT 440.63 320.00 Td (The Company's estimate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.00 Td (fair value was based on quoted prices of this instrument and is considered a Level 2 measurement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.00 Td (- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 55.83 287.00 Td (Other long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.82 287.00 Td (: ) Tj ET Q q 0 0 0 rg BT 145.91 287.00 Td (The Company) Tj ET Q q 0 0 0 rg BT 205.63 287.00 Td (s 98.7FM non-recourse debt and Digonex non-recourse debt is not actively traded and is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.00 Td (considered a level 3 measurement. ) Tj ET Q q 0 0 0 rg BT 190.32 275.00 Td (The Company believes the current carrying value of its other long-term debt approximates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.00 Td (its fair value. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 239.00 Td (7. ) Tj ET Q q 0 0 0 rg BT 59.45 239.00 Td (ACQUISITIONS ) Tj ET Q q 0 0 0 rg BT 135.31 239.00 Td (AND DISPOSITIONS) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 220.6669921875 m 204.130859375 220.6669921875 l s q 0 0 0 rg BT 50.00 222.00 Td (For the year ended February 28, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 205.00 Td (WBLS-FM & WLIB-AM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 188.00 Td (On February 1) Tj ET Q q 0 0 0 rg BT 130.45 188.00 Td (1, 2014, subsidiaries of Emmis entered into a Purchase and Sale ) Tj ET Q q 0 0 0 rg BT 388.45 188.00 Td (Agreement with ) Tj ET Q q 0 0 0 rg BT 455.28 188.00 Td (YMF) Tj ET Q q 0 0 0 rg BT 476.16 188.00 Td (, pursuant to which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.00 Td (Emmis agreed to purchase the assets of New ) Tj ET Q q 0 0 0 rg BT 230.68 176.00 Td (Y) Tj ET Q q 0 0 0 rg BT 236.90 176.00 Td (ork radio stations ) Tj ET Q q 0 0 0 rg BT 308.66 176.00 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 373.48 176.00 Td (WLIB-AM \(collectively) Tj ET Q q 0 0 0 rg BT 470.29 176.00 Td (, the "Stations"\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.00 Td ($131.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 164.00 Td (, subject to customary adjustments and prorations. ) Tj ET Q q 0 0 0 rg BT 311.73 164.00 Td (The purchase of the Stations enhances the Company's scale in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.00 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 152.00 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 152.00 Td (ork, the second lar) Tj ET Q q 0 0 0 rg BT 150.91 152.00 Td (gest market in the United States as measured by total radio revenues. ) Tj ET Q q 0 0 0 rg BT 430.83 152.00 Td (Additionally) Tj ET Q q 0 0 0 rg BT 480.74 152.00 Td (, the Stations' adult ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.00 Td (urban and urban gospel formats complement the hip-hop format of our existing station in New ) Tj ET Q q 0 0 0 rg BT 429.82 140.00 Td (Y) Tj ET Q q 0 0 0 rg BT 436.04 140.00 Td (ork.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 123.00 Td (Upon approval of the transaction by the Federal Communications Commission, Emmis and ) Tj ET Q q 0 0 0 rg BT 440.13 123.00 Td (YMF executed the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.00 Td (closing of the transaction on June 10, 2014, whereby ) Tj ET Q q 0 0 0 rg BT 263.19 111.00 Td (YMF transferred the assets of the Stations to Emmis and Emmis paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.00 Td (YMF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.17 99.00 Td ($55.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.07 99.00 Td ( of cash and transferred to ) Tj ET Q q 0 0 0 rg BT 234.32 99.00 Td (YMF Media New ) Tj ET Q q 0 0 0 rg BT 307.55 99.00 Td (Y) Tj ET Q q 0 0 0 rg BT 313.77 99.00 Td (ork a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.54 99.00 Td (49.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.37 99.00 Td ( ownership interest in the Emmis subsidiaries that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.00 Td (own the Stations' assets. ) Tj ET Q q 0 0 0 rg BT 149.12 87.00 Td (The second closing occurred on February 13, 2015 and involved the payment of the balance of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.00 Td (purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.35 75.00 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.24 75.00 Td ( to ) Tj ET Q q 0 0 0 rg BT 187.65 75.00 Td (YMF in exchange for the transfer to Emmis of ) Tj ET Q q 0 0 0 rg BT 375.84 75.00 Td (YMF Media New ) Tj ET Q q 0 0 0 rg BT 449.08 75.00 Td (Y) Tj ET Q q 0 0 0 rg BT 455.30 75.00 Td (ork's interest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.00 Td (Emmis subsidiaries that own the Stations' assets.) Tj ET Q endstream endobj 151 0 obj <>] /Rotate 0 /Contents 152 0 R>> endobj 152 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (On February 1) Tj ET Q q 0 0 0 rg BT 131.95 742.10 Td (1, 2014, Emmis and ) Tj ET Q q 0 0 0 rg BT 214.35 742.10 Td (YMF entered into an LMA) Tj ET Q q 0 0 0 rg BT 322.12 742.10 Td ( for the Stations. On March 1, 2014, Emmis began ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (providing programming and selling advertising for the Stations. Under the terms of the LMA, Emmis paid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.21 730.10 Td ($1.275 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.10 730.10 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (month to ) Tj ET Q q 0 0 0 rg BT 87.96 718.10 Td (YMF for the right to program the station and sell advertising. ) Tj ET Q q 0 0 0 rg BT 338.02 718.10 Td (The monthly LMA) Tj ET Q q 0 0 0 rg BT 413.57 718.10 Td ( fee decreased to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td ($0.74 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 706.10 Td ( after the first closing of the purchase of the Stations on June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 391.43 706.10 Td (The ongoing, reduced monthly LMA) Tj ET Q q 0 0 0 rg BT 538.90 706.10 Td ( fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (were recognized as additional purchase price of the Stations on June 10, 2014. Prior to the first closing of the purchase, LMA) Tj ET Q q 0 0 0 rg BT 550.98 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (fees were recognized as operating expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 665.10 Td (Emmis gained control over the Stations ef) Tj ET Q q 0 0 0 rg BT 240.62 665.10 Td (fective with the first closing on June 10, 2014 and consolidated the Stations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (beginning on that date. ) Tj ET Q q 0 0 0 rg BT 143.77 653.10 Td (YMF was entitled to the remaining purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.88 653.10 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.77 653.10 Td ( at the second closing and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.02 653.10 Td ($0.74 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 641.10 Td ( monthly LMA) Tj ET Q q 0 0 0 rg BT 138.90 641.10 Td ( fees until the second closing, but did not otherwise share in the income or loss of the Stations subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (to the first closing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 612.10 Td (On June 10, 2014, Emmis entered into the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 293.03 612.10 Td (Agreement which included a senior secured term loan facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td ($185.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 600.10 Td ( and a senior secured revolving credit facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.98 600.10 Td ($20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.88 600.10 Td (. Pursuant to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 476.31 600.10 Td (Agreement, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (Company borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.21 588.10 Td ($185.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.10 588.10 Td ( of the senior secured term loans on June 10, 2014; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.16 588.10 Td ($109.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.05 588.10 Td ( was disbursed to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (Company and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.08 576.10 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.98 576.10 Td ( was funded into escrow) Tj ET Q q 0 0 0 rg BT 316.52 576.10 Td (. ) Tj ET Q q 0 0 0 rg BT 323.84 576.10 Td (The proceeds from the term loan and additional funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (from the revolving credit facility were used to fund the first closing of the acquisition described above, settle amounts due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (under the Company's former credit facility) Tj ET Q q 0 0 0 rg BT 219.71 552.10 Td (, and pay fees related to the issuance of the Credit ) Tj ET Q q 0 0 0 rg BT 420.75 552.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 472.49 552.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.54 552.10 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.43 552.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (funds in escrow were used to fund substantially all of the second closing of the acquisition on February 13, 2015. See Note 5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (for more discussion of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 206.37 528.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 511.10 Td (The following table summarizes the preliminary estimates of fair values of the identifiable assets acquired and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (assumed in the acquisition of the Stations as of June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 300.90 499.10 Td (The second closing liability and the LMA) Tj ET Q q 0 0 0 rg BT 467.53 499.10 Td ( payments made ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (subsequent to the first closing that were recognized as additional purchase price were discounted as of the first closing on June ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (10, 2014. ) Tj ET Q q 0 0 0 rg BT 92.32 475.10 Td (The purchase price allocation of ) Tj ET Q q 0 0 0 rg BT 223.47 475.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 288.29 475.10 Td (WLIB-AM was based on the present values of these liabilities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (Accretion of these liabilities totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.57 463.10 Td ($3.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.46 463.10 Td ( was recognized during the year ended February 28, 2015 as additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (interest expense. ) Tj ET Q q 0 0 0 rg BT 118.96 451.10 Td (The preliminary estimates of the fair value of identifiable assets acquired and liabilities assumed are subject to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (revisions until management's appraisals and estimates are finalized, which may result in adjustments to the preliminary values ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (presented below \(in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 401.60 350.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 401.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 371.60 350.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 371.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 341.60 350.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 341.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 311.60 350.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 311.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 281.60 350.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 281.60 139.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 241.60 350.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 241.60 139.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 326.6 m 539.5 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 312.6 m 539.5 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 310.6 m 539.5 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 256.6 m 539.5 256.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 216.60000000000002 m 539.5 216.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 202.60000000000002 m 539.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 200.60000000000002 m 539.5 200.60000000000002 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 406.27 Td (Other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 406.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 406.27 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 391.27 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 391.27 Td (4,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 376.27 Td (Indefinite-lived intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 376.27 Td (69,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 361.27 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 361.27 Td (58,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 346.27 Td (Other intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 346.27 Td (2,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 331.27 Td (Other current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.30 331.32 Td (\(512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 331.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.27 Td ( Total purchase price, including assumed liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 316.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 316.27 Td (133,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 286.27 Td (Cash paid at first closing on June 10, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 286.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 286.27 Td (55,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 271.27 Td (Cash paid for LMA payments subsequent to first closing and cash paid at second) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 261.27 Td (closing on February 13, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 261.27 Td (81,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 246.27 Td ( Total cash paid for acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 246.27 Td (136,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 231.27 Td (Accretion of LMA payments liability and second closing liability recognized as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 221.27 Td (interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.80 221.32 Td (\(3,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 221.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 206.27 Td ( Adjusted cash paid for acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 206.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 206.27 Td (133,462) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 185.10 Td (Goodwill was calculated as the excess of the purchase price over the net assets acquired. Management attributed the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 173.10 Td (goodwill recognized in the acquisition of the Stations to the power of the existing ) Tj ET Q q 0 0 0 rg BT 378.09 173.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 442.91 173.10 Td (WLIB-AM brands in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 161.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 161.10 Td (ork marketplace as well as the syner) Tj ET Q q 0 0 0 rg BT 221.99 161.10 Td (gies and growth opportunities expected through the combination of the adult urban ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.10 Td (and urban gospel stations with the Company's existing hip-hop station. ) Tj ET Q q 0 0 0 rg BT 335.21 149.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.25 149.10 Td ($58.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.14 149.10 Td ( of goodwill recognized in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (transaction was included in our radio segment and is deductible for tax purposes. ) Tj ET Q q 0 0 0 rg BT 377.97 137.10 Td (As part of our annual impairment testing, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 Td (Company determined that the goodwill associated with this transaction was fully impaired. See Note 9 for more discussion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 Td (the goodwill impairment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 96.10 Td (The indefinite-lived intangible assets are comprised entirely of the Stations' FCC licenses. FCC broadcasting licenses are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (renewed every eight years; consequently) Tj ET Q q 0 0 0 rg BT 212.06 84.10 Td (, we continually monitor our stations) Tj ET Q q 0 0 0 rg BT 361.85 84.10 Td ( compliance with the various regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (requirements. Historically) Tj ET Q q 0 0 0 rg BT 153.76 72.10 Td (, all of our FCC broadcasting licenses have been renewed at or after the end of their respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (periods, and we expect that these FCC broadcasting licenses will continue to be renewed in the future. Our indefinite-lived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (intangibles are not amortized.) Tj ET Q endstream endobj 153 0 obj <>] /Rotate 0 /Contents 154 0 R>> endobj 154 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (Other intangibles consist of a customer list intangible asset of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.34 742.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.23 742.10 Td ( and a syndicated programming intangible asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 730.10 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.72 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 117.04 730.10 Td (The customer list intangible asset is being amortized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.03 730.10 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.63 730.10 Td ( and the syndicated programming intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (asset is being amortized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.57 718.10 Td (7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.17 718.10 Td (, which is the remaining term of the programming agreement, including renewals which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (are at the option of the Company) Tj ET Q q 0 0 0 rg BT 180.98 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 689.10 Td (The results of operations of the Stations are lar) Tj ET Q q 0 0 0 rg BT 259.49 689.10 Td (gely included in the Company's results of operations for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (February 28, 2015 as the Company began providing programming and selling advertising of the Stations on March 1, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (pursuant to an LMA. Net revenues and station operating expenses, excluding LMA) Tj ET Q q 0 0 0 rg BT 384.92 665.10 Td ( fees and depreciation and amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (expense, of ) Tj ET Q q 0 0 0 rg BT 97.86 653.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 162.68 653.10 Td (WLIB-AM were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.09 653.10 Td ($28.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.99 653.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.42 653.10 Td ($20.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.32 653.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 411.98 653.10 Td (, for the year ended February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 624.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 624.10 Td (e incurred acquisition costs related to the Stations totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.25 624.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.14 624.10 Td ( for the year ended February 28, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (Acquisition costs included in station operating expenses, excluding LMA) Tj ET Q q 0 0 0 rg BT 343.01 612.10 Td ( fees and depreciation and amortization expense, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (the accompanying consolidated statements of operations were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.20 600.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.09 600.10 Td ( for the year ended February 28, 2015. ) Tj ET Q q 0 0 0 rg BT 504.59 600.10 Td (Acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (costs included in corporate expenses, excluding depreciation and amortization expense, in the accompanying consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (statements of operations were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.63 576.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.52 576.10 Td ( for the year ended February 28, 2015. Including acquisition costs incurred during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (the year ended February 28, 2014 of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.73 564.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.62 564.10 Td (, cumulative acquisition costs related to the Stations through February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (2015 were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.43 552.10 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.32 552.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 535.10 Td (In connection with the first closing, Emmis and ) Tj ET Q q 0 0 0 rg BT 264.59 535.10 Td (YMF executed an amendment to their ) Tj ET Q q 0 0 0 rg BT 418.44 535.10 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 481.21 535.10 Td (Agreement dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (April 5, 2012 relating to Emmis' sale of the intellectual property of ) Tj ET Q q 0 0 0 rg BT 319.61 523.10 Td (WRKS-FM. ) Tj ET Q q 0 0 0 rg BT 373.60 523.10 Td (The amendment, executed on June 10, 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (fixed all future earn-out payments ) Tj ET Q q 0 0 0 rg BT 188.19 511.10 Td (YMF owed to Emmis pursuant to the ) Tj ET Q q 0 0 0 rg BT 339.02 511.10 Td (April 5, 2012 ) Tj ET Q q 0 0 0 rg BT 394.58 511.10 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 457.34 511.10 Td (Agreement based upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (the parties' estimate of the earn-out payments that would otherwise be owed to Emmis under this pre-existing contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (relationship. Emmis recognized a gain on settlement of the contract of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.74 487.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.63 487.10 Td (, which is included in gain on contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (settlement in the accompanying consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 336.59 475.10 Td (All amounts owed to Emmis pursuant to Emmis' sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (WRKS-FM intellectual property were collected prior to February 28, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 446.10 Td (The following table presents unaudited pro forma consolidated financial information as if the closing of our acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (the Stations and related debt refinancing had occurred on March 1, 2013 \(in thousands, except per share data\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 373.60 366.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 373.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 373.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 373.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 345.60 366.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 345.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 345.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 345.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 316.60 366.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 316.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 316.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 316.60 59.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 397.6 m 477.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 397.6 m 481.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 397.6 m 540.5 397.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 385.6 m 477.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 385.6 m 540.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 385.6 m 477.5 385.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 360.6 m 477.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 358.6 m 477.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 360.6 m 540.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 358.6 m 540.5 358.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 346.6 m 477.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 344.6 m 477.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 346.6 m 540.5 346.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 344.6 m 540.5 344.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 317.6 m 477.5 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 315.6 m 477.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 317.6 m 540.5 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 315.6 m 540.5 315.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 303.6 m 477.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 301.6 m 477.5 301.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 303.6 m 540.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 301.6 m 540.5 301.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.30 414.83 Td (\(Unaudited\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.60 401.83 Td (Year ended February 28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 389.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.50 389.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.50 389.68 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 377.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.90 377.55 Td (\(in 000s, except per share data\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 364.17 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 364.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 364.17 Td (237,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 364.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 364.17 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 350.17 Td (Net income attributable to common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 350.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 350.17 Td (48,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 350.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.80 350.22 Td (\(94,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 350.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 336.17 Td (Net income per common share attributable to common shareholders:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 321.17 Td ( Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 321.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 321.17 Td (1.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 321.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.80 321.22 Td (\(2.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 321.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 307.17 Td ( Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 307.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 307.17 Td (1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 307.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.80 307.22 Td (\(2.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 307.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 286.10 Td (As mentioned above and in Note 1, Emmis commenced an LMA) Tj ET Q q 0 0 0 rg BT 331.61 286.10 Td ( on both ) Tj ET Q q 0 0 0 rg BT 366.71 286.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 431.53 286.10 Td (WLIB-AM beginning on March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (1, 2014. ) Tj ET Q q 0 0 0 rg BT 84.45 274.10 Td (As Emmis programmed the stations and sold the related advertising, the majority of the results of operations for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (two stations are included in Emmis' historical results for the year ended February 28, 2015. Certain adjustments were made to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (reflect the elimination of the LMA) Tj ET Q q 0 0 0 rg BT 188.01 250.10 Td ( fee and other purchase accounting adjustments. ) Tj ET Q q 0 0 0 rg BT 382.21 250.10 Td (The pro forma financial information for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (year ended February 28, 2014 has been prepared by combining our historical results and the historical results of ) Tj ET Q q 0 0 0 rg BT 499.41 238.10 Td (WBLS-FM and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 Td (WLIB-AM and further reflects the ef) Tj ET Q q 0 0 0 rg BT 198.36 226.10 Td (fect of purchase accounting adjustments. ) Tj ET Q q 0 0 0 rg BT 366.18 226.10 Td (This pro forma information is not necessarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 214.10 Td (indicative of the results of operations that actually would have resulted had the acquisition of the two radio stations occurred on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.10 Td (March 1, 2013, or that may result in the future. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (Acquisition of a contr) Tj ET Q q 0 0 0 rg BT 136.57 181.10 Td (olling inter) Tj ET Q q 0 0 0 rg BT 180.92 181.10 Td (est in Digonex T) Tj ET Q q 0 0 0 rg BT 245.83 181.10 Td (echnologies, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 160.10 Td (On June 16, 2014, Emmis invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.71 160.10 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.60 160.10 Td ( in Digonex ) Tj ET Q q 0 0 0 rg BT 313.14 160.10 Td (T) Tj ET Q q 0 0 0 rg BT 318.55 160.10 Td (echnologies, Inc \("Digonex"\), an Indiana corporation that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (provides dynamic pricing solutions to customers in various industries. Emmis believes that its acquisition of Digonex gives it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (entry into the growing dynamic pricing marketplace which can serve a diverse clientle, and can possibly help Emmis with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (yields on its own advertising inventory and special events. Emmis) Tj ET Q q 0 0 0 rg BT 316.99 124.10 Td ( initial investment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.53 124.10 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.42 124.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.25 124.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.14 124.10 Td ( in Digonex ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (Preferred Stock and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.91 112.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.81 112.10 Td ( in the form of convertible debt\) resulted in Emmis appointing a majority of the board of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (directors of Digonex and holding rights convertible into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.06 100.10 Td (51%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.39 100.10 Td ( of the fully diluted common equity of Digonex. In ) Tj ET Q q 0 0 0 rg BT 499.64 100.10 Td (August 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (subsequent to the consolidation of Digonex, Emmis contributed an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.89 88.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.78 88.10 Td ( to Digonex in the form of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (convertible debt, which resulted in Emmis owning rights that are convertible into at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.96 76.10 Td (66%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.29 76.10 Td ( of the common equity of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (Digonex. ) Tj ET Q q 0 0 0 rg BT 88.89 64.10 Td (As Emmis controlled the board of directors of Digonex as of its initial investment on June 16, 2014, Emmis began ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (consolidating the results of Digonex as of that date. ) Tj ET Q endstream endobj 155 0 obj <>] /Rotate 0 /Contents 156 0 R>> endobj 156 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (77) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (Digonex reports on a calendar year ending December 31, which Emmis consolidates into its fiscal year ending February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (28\(29\). Net revenues and operating expenses, excluding depreciation and amortization expense, of Digonex for the period June ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (16, 2014 to December 31, 2014, which Emmis consolidates into its results of operations for the year ended February 28, 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.93 706.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.82 706.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.26 706.10 Td ($1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.15 706.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 241.81 706.10 Td (. Unaudited pro forma consolidated financial information as if the closing of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (Digonex had occurred on March 1, 2013 is not presented as the results of operations of Digonex prior to its acquisition on June ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (16, 2014 were not material.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 665.10 Td (The following table summarizes the preliminary estimates of fair values of the identifiable assets acquired and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (assumed in the acquisition of Digonex as of June 16, 2014. ) Tj ET Q q 0 0 0 rg BT 290.89 653.10 Td (The preliminary estimates of the fair value of identifiable assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (acquired and liabilities assumed are subject to revisions until management's appraisals and estimates are finalized, which may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (result in adjustments to the preliminary values presented below \(in thousands\).) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 603.60 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 603.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 573.60 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 573.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 543.60 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 543.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 513.60 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 513.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 483.60 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 483.60 139.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 498.6 m 562.5 498.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 468.6 m 562.5 468.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 454.6 m 562.5 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 452.6 m 562.5 452.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 608.27 Td (Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 608.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 608.27 Td (456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 593.27 Td (Other current and noncurrent assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 593.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 578.27 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 578.27 Td (2,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 563.27 Td (Other intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 563.27 Td (6,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 548.27 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 548.32 Td (\(462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 548.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 533.27 Td (Other current liabilities and noncurrent liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 533.32 Td (\(1,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 533.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 518.27 Td (Long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 518.32 Td (\(3,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 518.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 503.27 Td (Noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 503.32 Td (\(1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 503.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 488.27 Td ( Total purchase price, including assumed liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 488.27 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 473.27 Td (Less: Cash acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 473.32 Td (\(456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 473.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 458.27 Td ( Total purchase price, net of cash acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 458.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 458.27 Td (2,544) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 437.10 Td (The goodwill recognized in the acquisition of Digonex is attributable to the assembled workforce and existing business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 425.10 Td (processes. ) Tj ET Q q 0 0 0 rg BT 93.14 425.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.19 425.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.08 425.10 Td ( of goodwill recognized in the transaction is included in our corporate and emer) Tj ET Q q 0 0 0 rg BT 478.40 425.10 Td (ging technologies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 413.10 Td (segment and is not deductible for tax purposes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 396.10 Td (Other intangibles consist of patents of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.91 396.10 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.81 396.10 Td (, a customer list intangible asset of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.88 396.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.78 396.10 Td ( and trademarks of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.97 396.10 Td ($0.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 384.10 Td (. ) Tj ET Q q 0 0 0 rg BT 86.21 384.10 Td (The patents are being amortized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.26 384.10 Td (7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.85 384.10 Td (, the customer list intangible asset is being amortized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.52 384.10 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.12 384.10 Td ( and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (trademarks are being amortized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.10 372.10 Td (15 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.70 372.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 349.7669921875 m 204.130859375 349.7669921875 l s q 0 0 0 rg BT 50.00 351.10 Td (For the year ended February 28, 2013) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (Sale of Slovakia radio operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 317.10 Td (On February25, 2013, Emmis completed the sale of its Slovakian radio network to Bauer ) Tj ET Q q 0 0 0 rg BT 434.76 317.10 Td (Ausland 1 GMBH for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.76 317.10 Td ($21.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 305.10 Td ( in cash. Emmis believed the sale of its international radio properties would better enable the Company to focus its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 293.10 Td (forts on its domestic radio stations. ) Tj ET Q q 0 0 0 rg BT 199.89 293.10 Td (The sale of our Bulgarian radio network on January3, 2013 created a one-time tax benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.10 Td (that we could use if we sold the Slovakian network on or before February28, 2013. In connection with the sale, Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.10 Td (recorded a gain on sale of assets of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.43 269.10 Td ($14.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.32 269.10 Td (, which is included in income from discontinued operations in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (the accompanying consolidated statements of operations. Emmis paid approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.58 257.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.47 257.10 Td ( to settle working capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (adjustments and other transaction related costs during the first quarter of fiscal 2014.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 219.10 Td (Sale of Bulgarian radio operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 202.10 Td (On January3, 2013, Emmis completed the sale of its Bulgarian radio network to Reflex Media EEOD for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.90 202.10 Td ($1.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.79 202.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.10 Td (cash. Emmis believed the sale of its international radio properties would better enable the Company to focus its ef) Tj ET Q q 0 0 0 rg BT 505.52 190.10 Td (forts on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 Td (domestic radio stations. In connection with the sale, Emmis recorded a loss on sale of assets of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.56 178.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.45 178.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 166.10 Td (which is included in income from discontinued operations in the accompanying consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 525.82 166.10 Td (The loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 154.10 Td (on disposal primarily resulted from the reclassification of accumulated currency translation adjustments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (Sale of Emmis Interactive Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 111.10 Td (On October31, 2012, Emmis completed the sale of Emmis Interactive Inc., a subsidiary of Emmis that provided a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.10 Td (content management system, data analytic tools and related services, to Marketron Broadcast Solutions, LLC \(Marketron\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.10 Td (no net proceeds. ) Tj ET Q q 0 0 0 rg BT 117.57 87.10 Td (The sale of Emmis Interactive Inc. allowed Emmis to mitigate expected future operating losses. Marketron had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.10 Td (assumed operating control of Emmis Interactive, Inc., on October4, 2012. In connection with the sale, Emmis recorded a loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.10 Td (on sale of assets of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.30 63.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.19 63.10 Td (, which is primarily related to severance for former employees and is included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 51.10 Td (income from discontinued operations in the accompanying consolidated statements of operations.) Tj ET Q endstream endobj 157 0 obj <>] /Rotate 0 /Contents 158 0 R>> endobj 158 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (78) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Sale of Sampler Publications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.10 Td (On October1, 2012, Emmis completed the sale of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 277.01 725.10 Td (Country Sampler) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.62 725.10 Td ( magazine, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 391.43 725.10 Td (Smart Retailer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.03 725.10 Td ( magazine, and related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.10 Td (publications \(altogether the Sampler Publications\) and certain real estate used in their operations to subsidiaries of DRG ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (Holdings, LLC. Emmis believed the sale of the Sampler Publications, which were niche crafting publications, would enable it ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (to more clearly focus on its core city and regional publications. Emmis received gross proceeds from the sale of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.30 689.10 Td ($8.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.19 689.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (incurred approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.07 677.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.97 677.10 Td ( in transaction expenses and tax obligations, and used the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.34 677.10 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.23 677.10 Td ( to repay ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (term loans under the Company) Tj ET Q q 0 0 0 rg BT 176.08 665.10 Td (s 2006 Credit ) Tj ET Q q 0 0 0 rg BT 231.92 665.10 Td (Agreement. In connection with the sale, Emmis recorded a gain on sale of assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.09 653.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.98 653.10 Td (, which is included in income from discontinued operations in the accompanying consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (statements of operations) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 615.10 Td (Sale of KXOS-FM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 598.10 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 598.10 Td (August23, 2012, Emmis completed the sale of KXOS-FM in Los ) Tj ET Q q 0 0 0 rg BT 352.88 598.10 Td (Angeles for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.31 598.10 Td ($85.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.20 598.10 Td ( in cash. In connection ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (with the sale, Emmis recorded a gain on sale of assets of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.80 586.10 Td ($32.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.70 586.10 Td (, which is included in income from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (discontinued operations in the accompanying consolidated statements of operations. KXOS-FM had previously been operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (pursuant to a local programming and marketing agreement, which is discussed in more detail in Note 1e to the accompanying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (consolidated financial statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (8. OTHER SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 164.62 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.94 526.10 Td (TRANSACTIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (Next Radio LLC - Sprint ) Tj ET Q q 0 0 0 rg BT 149.60 502.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 164.23 502.10 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 485.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.17 485.10 Td (August 9, 2013, NextRadio LLC, a wholly-owned subsidiary of Emmis, entered into an agreement with Sprint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (whereby Sprint agreed to pre-load the Company's smartphone application, NextRadio, in a minimum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.76 473.10 Td (30 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 473.10 Td ( FM-enabled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 461.10 Td (wireless devices on the Sprint wireless network over a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.16 461.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 461.10 Td (-year period. In return, NextRadio LLC agreed to pay Sprint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.96 461.10 Td ($15 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 449.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 449.10 Td ( per year in equal quarterly installments over the three year term and to share with Sprint certain revenue generated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.10 Td (the NextRadio application. Emmis has not guaranteed NextRadio LLC's performance under this agreement and Sprint does not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (have recourse to any Emmis related entity other than NextRadio LLC. ) Tj ET Q q 0 0 0 rg BT 332.20 425.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 382.10 425.10 Td (, the agreement does not limit the ability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.10 Td (NextRadio LLC to place the NextRadio application on FM-enabled devices on other wireless networks. ) Tj ET Q q 0 0 0 rg BT 469.21 413.10 Td (Through February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (2015, the NextRadio application had not generated a material amount of revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 384.10 Td (Nearly all of the lar) Tj ET Q q 0 0 0 rg BT 150.12 384.10 Td (gest radio broadcasters and many smaller radio broadcasters have expressed support for NextRadio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (LLC's agreement with Sprint. ) Tj ET Q q 0 0 0 rg BT 169.90 372.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 219.23 372.10 Td (, NextRadio LLC has entered into a number of funding agreements with radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (broadcasters and other participants in the radio industry to collect and remit cash to Sprint to fulfill the quarterly payment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 94.50 348.10 Td (As part of some of these funding agreements, Emmis agreed to certain limitations on the operation of its NextRadio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.26 336.10 Td (T) Tj ET Q q 0 0 0 rg BT 71.67 336.10 Td (agStation businesses, including assurances of access to the NextRadio app and to ) Tj ET Q q 0 0 0 rg BT 398.36 336.10 Td (T) Tj ET Q q 0 0 0 rg BT 403.77 336.10 Td (agStation \(the cloud-based engine that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (provides data to the NextRadio application\), and limitations on sale of the businesses to potential competitors of the U.S. radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (industry) Tj ET Q q 0 0 0 rg BT 81.63 312.10 Td (. Emmis also granted the U.S. radio industry \(as defined in the funding agreements\) a call option on substantially all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (the assets used in the NextRadio and ) Tj ET Q q 0 0 0 rg BT 198.46 300.10 Td (T) Tj ET Q q 0 0 0 rg BT 203.87 300.10 Td (agStation businesses in the United States. ) Tj ET Q q 0 0 0 rg BT 372.28 300.10 Td (The call option may be exercised in ) Tj ET Q q 0 0 0 rg BT 516.95 300.10 Td (August ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (2017 or ) Tj ET Q q 0 0 0 rg BT 82.28 288.10 Td (August 2019 by paying Emmis a purchase price equal to the greater of \(i\) the appraised fair market value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.10 Td (NextRadio and ) Tj ET Q q 0 0 0 rg BT 112.08 276.10 Td (T) Tj ET Q q 0 0 0 rg BT 117.49 276.10 Td (agStation businesses, or \(ii\) two times Emmis' cumulative investments in the development of the businesses. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.10 Td (the call option is exercised, the businesses will continue to be subject to the operating limitations applicable today) Tj ET Q q 0 0 0 rg BT 504.29 264.10 Td (, and no radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.10 Td (operator will be permitted to own more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.89 252.10 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.22 252.10 Td ( of the NextRadio and ) Tj ET Q q 0 0 0 rg BT 337.85 252.10 Td (T) Tj ET Q q 0 0 0 rg BT 343.26 252.10 Td (agStation businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 235.10 Td (Emmis determined that NextRadio LLC is a variable interest entity \(VIE\) and that Emmis is the primary beneficiary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.10 Td (because the Company has the power to direct substantially all of the activities of NextRadio LLC, and because the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.10 Td (may absorb certain losses and receive certain benefits from the operations of the ) Tj ET Q q 0 0 0 rg BT 372.81 211.10 Td (VIE. Emmis does not record any revenue or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.10 Td (expense related to the amounts that are collected and remitted to Sprint except the portion of any payment to Sprint that was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.10 Td (actually contributed to NextRadio LLC by Emmis, which is recorded as station operating expenses, excluding depreciation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.10 Td (amortization expense. Emmis contributed approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.88 175.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.77 175.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.21 175.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.10 175.10 Td ( to NextRadio LLC during the years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.10 Td (ended February 28, 2014 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 241.58 163.10 Td (. ) Tj ET Q q 0 0 0 rg BT 246.39 163.10 Td (These amounts were recorded as station operating expenses, excluding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.10 Td (depreciation and amortization expense. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 134.10 Td (As of February 28, 2015, the carrying value of assets within NextRadio LLC totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.37 134.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.26 134.10 Td (, which represents cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (collected by NextRadio LLC from other broadcasting companies and other companies in the radio industry) Tj ET Q q 0 0 0 rg BT 477.06 122.10 Td (, which is considered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (restricted for the purpose of a future Sprint payment. NextRadio LLC had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.92 110.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.81 110.10 Td ( of liabilities at February 28, 2015, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (represents the obligation to remit cash received from radio industry participants to Sprint.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (LMA) Tj ET Q q 0 0 0 rg BT 69.32 74.10 Td ( of 98.7FM in New Y) Tj ET Q q 0 0 0 rg BT 151.74 74.10 Td (ork, NY and Related Financing T) Tj ET Q q 0 0 0 rg BT 283.95 74.10 Td (ransaction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 57.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.17 57.10 Td (April 26, 2012 Emmis entered into an LMA) Tj ET Q q 0 0 0 rg BT 261.70 57.10 Td ( with a subsidiary of Disney Enterprises, Inc., pursuant to which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 45.10 Td (Disney subsidiary purchased the right to provide programming for 98.7FM in New ) Tj ET Q q 0 0 0 rg BT 383.24 45.10 Td (Y) Tj ET Q q 0 0 0 rg BT 389.46 45.10 Td (ork, NY) Tj ET Q q 0 0 0 rg BT 421.86 45.10 Td ( until ) Tj ET Q q 0 0 0 rg BT 444.65 45.10 Td (August 24, 2024. Emmis ) Tj ET Q endstream endobj 159 0 obj <>] /Rotate 0 /Contents 160 0 R>> endobj 160 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (79) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (retains ownership and control of 98.7FM, including the related FCC license during the term of the LMA) Tj ET Q q 0 0 0 rg BT 466.09 742.10 Td ( and receives an annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (fee from from the Disney subsidiary) Tj ET Q q 0 0 0 rg BT 194.09 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 201.41 730.10 Td (The fee, initially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.27 730.10 Td ($8.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.16 730.10 Td ( annually) Tj ET Q q 0 0 0 rg BT 355.45 730.10 Td (, increases by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.09 730.10 Td (3.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.92 730.10 Td ( annually until the LMA's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (termination. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 701.10 Td (As discussed in Note 5, Emmis, through newly-created subsidiaries, issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.45 701.10 Td ($82.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.34 701.10 Td ( of notes, which are nonrecourse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 689.10 Td (to the rest of the Company's subsidiaries and are secured by the assets of the newly-created subsidiaries including the payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 677.10 Td (made in connection with the 98.7FM LMA. See Notes 1e and 5 for more discussion of the LMA) Tj ET Q q 0 0 0 rg BT 437.21 677.10 Td ( payments and nonrecourse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 648.10 Td (The following table summarizes Emmis' operating results of 98.7FM for all periods presented. Emmis programmed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (98.7FM until the LMA) Tj ET Q q 0 0 0 rg BT 141.17 636.10 Td ( commenced on ) Tj ET Q q 0 0 0 rg BT 206.43 636.10 Td (April 26, 2012. 98.7FM is a part of our radio segment. Results of operations of 98.7FM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (for the three years ended February 28, 2015 were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 575.60 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.25 575.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 575.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 575.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 575.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 535.60 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.25 535.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 535.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 535.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 535.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 535.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 505.60 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.25 505.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 505.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 505.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 505.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 505.60 71.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.25 588.6 m 411.25 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.25 588.6 m 415.25 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 588.6 m 486.25 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.25 588.6 m 490.25 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.25 588.6 m 561.25 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.25 575.6 m 411.25 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 575.6 m 486.25 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.25 575.6 m 561.25 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.25 575.6 m 411.25 575.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 575.6 m 486.25 575.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 592.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.65 592.83 Td (For the year ended February28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 579.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.75 579.83 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.25 579.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 579.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 566.17 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.75 565.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.90 565.27 Td (10,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.75 565.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.90 565.27 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.75 565.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 565.27 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 551.17 Td (Station operating expenses, excluding depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 541.17 Td (expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 540.27 Td (4,410) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 540.27 Td (1,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 540.27 Td (1,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 526.17 Td (Impairment loss on intangible assets \(Note 9\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 525.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.40 525.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 525.27 Td (9,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 511.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.40 510.27 Td (112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.40 510.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.40 510.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 496.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 495.27 Td (2,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 495.27 Td (3,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 495.27 Td (3,238) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 474.10 Td (Assets and liabilities of 98.7FM as of February 28, 2014 and 2015 were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 432.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 432.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 432.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 432.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 402.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 402.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 402.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 402.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 372.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 372.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 372.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 372.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 342.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 342.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 342.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 342.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 312.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 312.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 312.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 312.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 282.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 282.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 282.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 282.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 252.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 252.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 252.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 252.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 222.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 222.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 222.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 222.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 192.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 192.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 192.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 192.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 162.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 162.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 162.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 162.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 132.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 132.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 132.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 132.60 74.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 445.6 m 483.25 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 445.6 m 487.25 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 445.6 m 561.25 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 432.6 m 483.25 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 432.6 m 561.25 432.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 387.6 m 483.25 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 387.6 m 561.25 387.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 372.6 m 483.25 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 372.6 m 561.25 372.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 312.6 m 483.25 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 297.6 m 483.25 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 312.6 m 561.25 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 297.6 m 561.25 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 283.6 m 483.25 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 281.6 m 483.25 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 283.6 m 561.25 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 281.6 m 561.25 281.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 207.60000000000002 m 483.25 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 207.60000000000002 m 561.25 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 192.60000000000002 m 483.25 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 192.60000000000002 m 561.25 192.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 147.60000000000002 m 483.25 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 132.60000000000002 m 483.25 132.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 147.60000000000002 m 561.25 147.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 132.60000000000002 m 561.25 132.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 118.60000000000002 m 483.25 118.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 116.60000000000002 m 483.25 116.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 118.60000000000002 m 561.25 118.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 116.60000000000002 m 561.25 116.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 449.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.75 449.83 Td (AsofFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 436.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.75 436.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.75 436.83 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 423.17 Td (Current assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 408.17 Td (Restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.75 407.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 407.27 Td (1,407) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.75 407.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 407.27 Td (1,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 393.17 Td (Prepaid expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.40 392.27 Td (614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.40 392.27 Td (603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 378.17 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 377.27 Td (2,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 377.27 Td (2,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 363.17 Td (Noncurrent assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 348.17 Td ( Indefinite lived intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 347.27 Td (60,525) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 347.27 Td (51,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 333.17 Td ( Deferred debt issuance costs, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 332.27 Td (2,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 332.27 Td (2,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 318.17 Td ( Deposits and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 317.27 Td (3,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 317.27 Td (4,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 303.17 Td (Total noncurrent assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 302.27 Td (66,366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 302.27 Td (57,986) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 288.17 Td ( Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.75 287.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 287.27 Td (68,387) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.75 287.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 287.27 Td (60,056) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 273.17 Td (Current liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 258.17 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.75 257.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.40 257.27 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.75 257.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.40 257.27 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 243.17 Td (Current maturities of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 242.27 Td (4,541) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 242.27 Td (4,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 228.17 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.40 227.27 Td (728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.40 227.27 Td (753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 213.17 Td (Other current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.40 212.27 Td (256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.40 212.27 Td (241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 198.17 Td (Total current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 197.27 Td (5,581) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 197.27 Td (6,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 183.17 Td (Noncurrent liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 168.17 Td ( Long-term debt, net of current portion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 167.27 Td (70,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 167.27 Td (65,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 153.17 Td ( Other noncurrent liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.40 152.27 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.40 152.27 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 138.17 Td (Total noncurrent liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 137.27 Td (70,425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 137.27 Td (65,438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 123.17 Td ( Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.75 122.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 122.27 Td (76,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.75 122.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 122.27 Td (71,444) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 92.90 Td (Sale of WRKS-FM Intellectual Pr) Tj ET Q q 0 0 0 rg BT 183.54 92.90 Td (operty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 75.90 Td (On ) Tj ET Q q 0 0 0 rg BT 86.17 75.90 Td (April 5, 2012, the Company entered into an ) Tj ET Q q 0 0 0 rg BT 262.25 75.90 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 325.02 75.90 Td (Agreement with ) Tj ET Q q 0 0 0 rg BT 391.85 75.90 Td (YMF in which the Company agreed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 63.90 Td (sell certain intellectual property rights, described below) Tj ET Q q 0 0 0 rg BT 271.27 63.90 Td (, to ) Tj ET Q q 0 0 0 rg BT 286.18 63.90 Td (YMF) Tj ET Q q 0 0 0 rg BT 307.05 63.90 Td (, and ) Tj ET Q q 0 0 0 rg BT 328.62 63.90 Td (YMF agreed to also assume certain liabilities of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 51.90 Td (Company) Tj ET Q q 0 0 0 rg BT 87.74 51.90 Td (. ) Tj ET Q q 0 0 0 rg BT 92.56 51.90 Td (The purchase price was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.18 51.90 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.07 51.90 Td (, plus quarterly earn-out payments, if any) Tj ET Q q 0 0 0 rg BT 407.37 51.90 Td (, equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.80 51.90 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.13 51.90 Td ( of the incremental ) Tj ET Q endstream endobj 161 0 obj <>] /Rotate 0 /Contents 162 0 R>> endobj 162 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (gross revenue over a three-year period in excess of calendar 201) Tj ET Q q 0 0 0 rg BT 306.23 742.10 Td (1 gross revenues attributable to radio station ) Tj ET Q q 0 0 0 rg BT 485.73 742.10 Td (WBLS-FM, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (107.5FM, New ) Tj ET Q q 0 0 0 rg BT 112.46 730.10 Td (Y) Tj ET Q q 0 0 0 rg BT 118.68 730.10 Td (ork, NY) Tj ET Q q 0 0 0 rg BT 150.17 730.10 Td (, which is owned by ) Tj ET Q q 0 0 0 rg BT 232.57 730.10 Td (YMF) Tj ET Q q 0 0 0 rg BT 253.44 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 258.26 730.10 Td (The assets sold to ) Tj ET Q q 0 0 0 rg BT 331.21 730.10 Td (YMF included intellectual property rights used or held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (for use by the Company exclusively in the business or operation of 98.7FM \(frequently known as ) Tj ET Q q 0 0 0 rg BT 441.19 718.10 Td (WRKS-FM\), and all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (assignable registrations, applications, renewals, issuances, extensions, restorations and reversions for) Tj ET Q q 0 0 0 rg BT 452.88 706.10 Td (, in respect of or relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (the intellectual property) Tj ET Q q 0 0 0 rg BT 144.37 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 149.19 694.10 Td (The ) Tj ET Q q 0 0 0 rg BT 166.68 694.10 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 229.45 694.10 Td (Agreement contained customary representations, warranties, covenants and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (indemnities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 665.10 Td (The sale of ) Tj ET Q q 0 0 0 rg BT 118.74 665.10 Td (WRKS-FM) Tj ET Q q 0 0 0 rg BT 168.20 665.10 Td (s intellectual property became ef) Tj ET Q q 0 0 0 rg BT 298.51 665.10 Td (fective on May 7, 2012. ) Tj ET Q q 0 0 0 rg BT 396.36 665.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.41 665.10 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 665.10 Td ( gain was reflected in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 653.10 Td (gain on sale of assets in the consolidated statements of operations. Emmis collected the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.80 653.10 Td ($10.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.69 653.10 Td ( intellectual property sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 641.10 Td (proceeds on July 6, 2012 and used the entire amount to repay term loans under a previous credit agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 624.10 Td (In connection with the agreement to purchase ) Tj ET Q q 0 0 0 rg BT 256.47 624.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 321.29 624.10 Td (WLIB-AM from ) Tj ET Q q 0 0 0 rg BT 390.35 624.10 Td (YMF as discussed in Note 7, Emmis and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (YMF agreed to modify the quarterly earn-out payments. Ef) Tj ET Q q 0 0 0 rg BT 288.69 612.10 Td (fective upon the first closing of the purchase of ) Tj ET Q q 0 0 0 rg BT 479.84 612.10 Td (WBLS-FM and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (WLIB-AM, quarterly earn-out payments were fixed at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.42 600.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.31 600.10 Td ( per quarter) Tj ET Q q 0 0 0 rg BT 363.99 600.10 Td (, retroactive to the first calendar quarter of 2014. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (Emmis continued to collect earn-out payments until the second closing of the purchase of ) Tj ET Q q 0 0 0 rg BT 409.78 588.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 474.60 588.10 Td (WLIB-AM on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (February 13, 2015, at which time all remaining earn-out payments in the three-year term were accelerated and settled at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (closing.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (9. INT) Tj ET Q q 0 0 0 rg BT 77.04 540.10 Td (ANGIBLE ) Tj ET Q q 0 0 0 rg BT 125.11 540.10 Td (ASSETS ) Tj ET Q q 0 0 0 rg BT 164.31 540.10 Td (AND GOODWILL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 523.10 Td (In accordance with ) Tj ET Q q 0 0 0 rg BT 152.02 523.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 173.79 523.10 Td (T) Tj ET Q q 0 0 0 rg BT 179.20 523.10 Td (opic 350, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 218.92 523.10 Td (IntangiblesGoodwill and Other) Tj ET Q q 0 0 0 rg BT 352.25 523.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.75 523.10 Td ( the Company reviews goodwill and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (intangibles at least annually for impairment. In connection with any such review) Tj ET Q q 0 0 0 rg BT 370.92 511.10 Td (, if the recorded value of goodwill and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (intangibles is greater than its fair value, the intangibles are written down and char) Tj ET Q q 0 0 0 rg BT 375.82 499.10 Td (ged to results of operations. FCC licenses are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (renewed every ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.07 487.10 Td (eight years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.67 487.10 Td ( at a nominal cost, and historically all of our FCC licenses have been renewed at the end of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.03 475.10 Td (eight-year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.56 475.10 Td ( periods. Since we expect that all of our FCC licenses will continue to be renewed in the future, we believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (they have indefinite lives. Radio stations in a geographic market cluster are considered a single unit of accounting, provided ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (that they are not being operated under a Local Marketing ) Tj ET Q q 0 0 0 rg BT 279.91 451.10 Td (Agreement by another broadcaster) Tj ET Q q 0 0 0 rg BT 417.35 451.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 425.10 Td (Impairment testing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 408.10 Td (The Company generally performs its annual impairment review of indefinite-lived intangibles as of December1 each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.66 396.10 Td (. ) Tj ET Q q 0 0 0 rg BT 71.10 396.10 Td (At the time of each impairment review) Tj ET Q q 0 0 0 rg BT 225.40 396.10 Td (, if the fair value of the indefinite-lived intangible is less than its carrying value a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 384.10 Td (ge is recorded to results of operations. ) Tj ET Q q 0 0 0 rg BT 221.80 384.10 Td (When indicators of impairment are present, the Company will perform an interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (impairment test. In connection with the ) Tj ET Q q 0 0 0 rg BT 209.13 372.10 Td (April 2012 LMA) Tj ET Q q 0 0 0 rg BT 276.91 372.10 Td ( with a subsidiary of Disney Enterprises, Inc. discussed in Note 1e, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (Company separated its two New ) Tj ET Q q 0 0 0 rg BT 182.10 360.10 Td (Y) Tj ET Q q 0 0 0 rg BT 188.32 360.10 Td (ork stations into separate units of accounting. Concurrent with the separation of the stations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (into separate units of accounting, the Company performed an interim impairment test of those licenses. Impairment recorded as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (a result of our interim and annual impairment testing is summarized in the table below) Tj ET Q q 0 0 0 rg BT 394.81 336.10 Td (. ) Tj ET Q q 0 0 0 rg BT 399.63 336.10 Td (W) Tj ET Q q 0 0 0 rg BT 408.27 336.10 Td (e will perform additional interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (impairment assessments whenever triggering events suggest such testing for the recoverability of these assets is warranted.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 313.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 268.80 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 268.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 268.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 268.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 268.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 268.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 268.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 268.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 268.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 268.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 268.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 268.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 268.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 268.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 238.80 129.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 179.50 238.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 234.50 238.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 238.50 238.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 238.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 238.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 339.50 238.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 238.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 238.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 238.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 238.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 238.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 238.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 238.80 55.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 179.5 268.79999999999995 m 234.5 268.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238.5 268.79999999999995 m 280.5 268.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 268.79999999999995 m 339.5 268.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 268.79999999999995 m 398.5 268.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 268.79999999999995 m 444.5 268.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 268.79999999999995 m 503.5 268.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 268.79999999999995 m 562.5 268.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 294.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 225.55 294.03 Td (Interim Assessment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.95 294.03 Td (Annual Assessment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 294.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 273.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 182.80 273.03 Td (FCCLicenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 243.40 273.03 Td (Goodwill) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.35 273.03 Td (Definite-lived) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.80 273.03 Td (FCCLicenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.40 273.03 Td (Goodwill) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.35 273.03 Td (Definite-lived) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.75 273.03 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 258.47 Td (Year Ended February 28, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.15 258.47 Td (10,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 258.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 258.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 258.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 258.47 Td (448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 258.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 258.47 Td (11,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 243.47 Td (Year Ended February 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.65 243.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 243.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 243.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 243.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 243.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 243.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 243.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 228.47 Td (Year Ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.65 228.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.65 228.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 228.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 228.47 Td (9,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.10 228.47 Td (58,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 228.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 228.47 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 200.30 Td (V) Tj ET Q q 0 0 0 rg BT 104.56 200.30 Td (aluation of Indefinite-lived Broadcasting Licenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 183.30 Td (Fair value of our FCC licenses is estimated to be the price that would be received to sell an asset or paid to transfer a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.30 Td (liability in an orderly transaction between market participants at the measurement date. ) Tj ET Q q 0 0 0 rg BT 400.52 171.30 Td (T) Tj ET Q q 0 0 0 rg BT 405.93 171.30 Td (o determine the fair value of our FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.30 Td (licenses, the Company uses an income valuation method when it performs its impairment tests. Under this method, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.30 Td (Company projects cash flows that would be generated by each of its units of accounting assuming the unit of accounting was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 135.30 Td (commencing operations in its respective market at the beginning of the valuation period. ) Tj ET Q q 0 0 0 rg BT 406.38 135.30 Td (This cash flow stream is discounted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.30 Td (arrive at a value for the FCC license. ) Tj ET Q q 0 0 0 rg BT 199.49 123.30 Td (The Company assumes the competitive situation that exists in each market remains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.30 Td (unchanged, with the exception that its unit of accounting commenced operations at the beginning of the valuation period. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.30 Td (doing so, the Company extracts the value of going concern and any other assets acquired, and strictly values the FCC license. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.30 Td (Major assumptions involved in this analysis include market revenue, market revenue growth rates, unit of accounting audience ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.30 Td (share, unit of accounting revenue share and discount rate. Each of these assumptions may change in the future based upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.30 Td (changes in general economic conditions, audience behavior) Tj ET Q q 0 0 0 rg BT 287.56 63.30 Td (, consummated transactions, and numerous other variables that may ) Tj ET Q endstream endobj 163 0 obj <>] /Rotate 0 /Contents 164 0 R>> endobj 164 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (be beyond our control. ) Tj ET Q q 0 0 0 rg BT 142.85 742.10 Td (The projections incorporated into our license valuations take into consideration then current economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.10 Td (Below are some of the key assumptions used in our annual impairment assessments. ) Tj ET Q q 0 0 0 rg BT 412.83 713.10 Td (As part of our December 1, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (annual impairment assessment, we reduced long-term growth rates in most of the markets in which we operate based on recent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (industry trends and our expectations for the markets going forward. ) Tj ET Q q 0 0 0 rg BT 322.25 689.10 Td (The methodology used to value our FCC licenses has not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (changed in the three-year period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.26 677.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.86 677.10 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 666.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 634.80 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 634.80 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 634.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 634.80 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 634.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 634.80 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 604.80 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 604.80 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 604.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 604.80 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 604.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 604.80 75.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 634.8 m 404.5 634.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 634.8 m 483.5 634.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 634.8 m 562.5 634.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 639.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 639.03 Td (December1,2012) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 639.03 Td (December1,2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.25 639.03 Td (December1,2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 624.47 Td (Discount Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 624.47 Td (11.9%-12.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 624.47 Td (12.0%-12.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 624.47 Td (12.1%-12.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 609.47 Td (Long-term Revenue Growth Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 609.47 Td (2.3%-3.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 609.47 Td (2.3%-3.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 609.47 Td (1.5%-3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 594.47 Td (Mature Market Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 594.47 Td (3.2%-29.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 594.47 Td (3.5%-30.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 594.47 Td (3.2%-29.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 579.47 Td (Operating Profit Margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 579.47 Td (25.1%-38.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 579.47 Td (25.0%-39.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 579.47 Td (25.1%-39.2%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 554.30 Td (As of February28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.04 554.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 554.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.48 554.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.48 554.30 Td (, the carrying amounts of the Company) Tj ET Q q 0 0 0 rg BT 370.61 554.30 Td (s FCC licenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.49 554.30 Td ($150.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.38 554.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.82 554.30 Td ($210.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 542.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.55 542.30 Td (. ) Tj ET Q q 0 0 0 rg BT 136.37 542.30 Td (These amounts are entirely attributable to our radio division. ) Tj ET Q q 0 0 0 rg BT 381.12 542.30 Td (The table below presents the changes to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.30 Td (carrying values of the Company) Tj ET Q q 0 0 0 rg BT 181.07 530.30 Td (s FCC licenses for the years ended February 2014 and 2015 for each unit of accounting. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 519.50 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 454.00 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 454.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 454.00 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 454.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 454.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 454.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 454.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 454.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 454.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 454.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 454.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 454.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 454.00 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 428.00 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 428.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 428.00 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 428.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 428.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 428.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 428.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 428.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 428.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 428.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 428.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 428.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 428.00 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 402.00 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 402.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 402.00 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 402.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 402.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 402.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 402.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 402.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 402.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 402.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 402.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 402.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 402.00 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 376.00 200.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 376.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 376.00 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 306.50 376.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 310.50 376.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 376.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 376.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 376.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 376.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 376.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 376.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 376.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 376.00 52.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 496 m 306.5 496 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306.5 496 m 310.5 496 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 496 m 351.5 496 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 496 m 355.5 496 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 496 m 406.5 496 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 496 m 410.5 496 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 496 m 451.5 496 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 496 m 455.5 496 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 496 m 506.5 496 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 496 m 510.5 496 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 496 m 562.5 496 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 467 m 306.5 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 467 m 351.5 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 467 m 406.5 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 467 m 451.5 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 467 m 506.5 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 467 m 562.5 467 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 376 m 306.5 376 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 364 m 306.5 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 362 m 306.5 362 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 376 m 351.5 376 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 364 m 351.5 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310.5 362 m 351.5 362 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 376 m 406.5 376 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 364 m 406.5 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 362 m 406.5 362 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 376 m 451.5 376 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 364 m 451.5 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 362 m 451.5 362 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 376 m 506.5 376 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 364 m 506.5 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 362 m 506.5 362 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 376 m 562.5 376 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 364 m 562.5 364 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 362 m 562.5 362 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 500.25 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.55 500.23 Td (Change in FCC License Carrying Values) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 469.980078125 m 117.44921875 469.980078125 l s q 0 0 0 rg BT 53.00 471.23 Td (UnitofAccounting) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.20 487.23 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 257.75 479.23 Td (February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 272.00 471.23 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.20 471.23 Td (Purchases) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.70 487.23 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.25 479.23 Td (February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.50 471.23 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 413.20 471.23 Td (Purchases) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.80 471.23 Td (Impairment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.20 487.23 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.75 479.23 Td (February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.00 471.23 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 458.95 Td (New York Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.00 458.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.30 458.25 Td (2,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.00 458.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 458.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.00 458.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.30 458.25 Td (2,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.00 458.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.25 458.25 Td (69,019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.00 458.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 458.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.00 458.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 458.25 Td (71,616) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 445.95 Td (98.7FM \(New York\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.25 445.25 Td (60,525) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 445.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.25 445.25 Td (60,525) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 445.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.60 445.25 Td (\(9,462) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 445.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 445.25 Td (51,063) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 432.95 Td (Austin Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.25 432.25 Td (39,255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 432.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.25 432.25 Td (39,255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 432.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 432.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 432.25 Td (39,255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 419.95 Td (St. Louis Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.25 419.25 Td (27,692) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 419.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.25 419.25 Td (27,692) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 419.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 419.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 419.25 Td (27,692) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 406.95 Td (Indianapolis Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.25 406.25 Td (17,654) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 406.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.25 406.25 Td (17,654) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 406.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 406.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 406.25 Td (17,654) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 393.95 Td (KPWR-FM \(Los Angeles\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.30 393.25 Td (2,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 393.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.30 393.25 Td (2,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 393.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 393.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 393.25 Td (2,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 380.95 Td (Terre Haute Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.30 380.25 Td (781) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 380.25 Td (36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 380.25 Td (817) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 380.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.60 380.25 Td (\(58) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 380.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 380.25 Td (759) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 367.95 Td ( Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.25 367.25 Td (150,522) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.30 367.25 Td (36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.25 367.25 Td (150,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.25 367.25 Td (69,019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.60 367.25 Td (\(9,520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 367.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.25 367.25 Td (210,057) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 342.50 Td (FCC license purchases of $69.0 million during the year ended February 28, 2015 solely relate to our purchase of ) Tj ET Q q 0 0 0 rg BT 524.71 342.50 Td (WBLS-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.50 Td (FM and ) Tj ET Q q 0 0 0 rg BT 83.71 330.50 Td (WLIB-AM. See Note 7 for more discussion of this acquisition. Impairment recorded during the year ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.50 Td (28, 2015 mostly relates to our FCC license in New ) Tj ET Q q 0 0 0 rg BT 254.88 318.50 Td (Y) Tj ET Q q 0 0 0 rg BT 261.10 318.50 Td (ork that is being operated pursuant to an LMA) Tj ET Q q 0 0 0 rg BT 446.06 318.50 Td ( and this license is assessed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.50 Td (individually since it is the only FCC license in that unit of account. Declining market revenues in calendar 2014 coupled with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.50 Td (reduction in the Company's estimate of long-term revenue growth rates led to a lower estimate of fair value of a single FM FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.50 Td (License in New ) Tj ET Q q 0 0 0 rg BT 114.88 282.50 Td (Y) Tj ET Q q 0 0 0 rg BT 121.10 282.50 Td (ork.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 261.50 Td (V) Tj ET Q q 0 0 0 rg BT 104.56 261.50 Td (aluation of Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 244.50 Td (ASC ) Tj ET Q q 0 0 0 rg BT 95.77 244.50 Td (T) Tj ET Q q 0 0 0 rg BT 101.18 244.50 Td (opic 350 requires the Company to test goodwill for impairment at least annually using a two-step process. ) Tj ET Q q 0 0 0 rg BT 527.02 244.50 Td (The first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.50 Td (step is a screen for potential impairment, while the second step measures the amount of impairment. ) Tj ET Q q 0 0 0 rg BT 452.48 232.50 Td (The Company conducts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.50 Td (the two-step impairment test on December1 of each fiscal year) Tj ET Q q 0 0 0 rg BT 302.83 220.50 Td (, unless indications of impairment exist during an interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.50 Td (period. ) Tj ET Q q 0 0 0 rg BT 80.37 208.50 Td (When assessing its goodwill for impairment, the Company uses an enterprise valuation approach to determine the fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.50 Td (value of each of the Company) Tj ET Q q 0 0 0 rg BT 173.01 196.50 Td (s reporting units \(radio stations grouped by market, excluding any stations that are being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.50 Td (operated pursuant to an LMA, and magazines on an individual basis\). Management determines enterprise value for each of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.50 Td (reporting units by multiplying the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.49 172.50 Td (two-year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.03 172.50 Td ( average station operating income generated by each reporting unit \(current year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.50 Td (based on actual results and the next year based on budgeted results\) by an estimated market multiple. ) Tj ET Q q 0 0 0 rg BT 456.36 160.50 Td (The Company uses a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.50 Td (blended station operating income trading multiple of publicly traded radio operators as well as recent market transactions as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.50 Td (benchmark for the multiple it applies to its radio reporting units. ) Tj ET Q q 0 0 0 rg BT 309.21 136.50 Td (There are no publicly traded publishing companies that are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.50 Td (focused predominantly on city and regional magazines as is our publishing segment. ) Tj ET Q q 0 0 0 rg BT 390.02 124.50 Td (Therefore, the market multiple used as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.50 Td (benchmark for our publishing reporting units is based on recently completed transactions within the city and regional magazine ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.50 Td (industry or analyst reports that include valuations of magazine divisions within publicly traded media conglomerates. For the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.50 Td (annual assessment performed as of December1, 2014, the Company applied a market multiple of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.38 88.50 Td (7.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.88 88.50 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.66 88.50 Td (8.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.16 88.50 Td ( times and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.76 88.50 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.26 88.50 Td ( times ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.50 Td (the reporting unit) Tj ET Q q 0 0 0 rg BT 122.21 76.50 Td (s operating performance for our radio and publishing reporting units, respectively) Tj ET Q q 0 0 0 rg BT 447.85 76.50 Td (. Management believes this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.50 Td (methodology for valuing radio and publishing properties is a common approach and believes that the multiples used in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.50 Td (valuation are reasonable given our peer comparisons and market transactions. ) Tj ET Q q 0 0 0 rg BT 362.76 52.50 Td (T) Tj ET Q q 0 0 0 rg BT 368.17 52.50 Td (o corroborate the step-one reporting unit fair ) Tj ET Q endstream endobj 165 0 obj <>] /Rotate 0 /Contents 166 0 R>> endobj 166 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (values determined using the market approach described above, management also uses an income approach, which is a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (discounted cash flow method to determine the fair value of the reporting unit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 Td (This enterprise valuation is compared to the carrying value of the reporting unit for the first step of the goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (impairment test. If the reporting unit exhibits impairment, the Company proceeds to the second step of the goodwill impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (test. For its step-two testing, the enterprise value is allocated among the tangible assets, indefinite-lived intangible assets \(FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (licenses valued using a direct-method valuation approach\) and unrecognized intangible assets, such as customer lists, with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (residual amount representing the implied fair value of the goodwill. ) Tj ET Q q 0 0 0 rg BT 322.80 661.10 Td (T) Tj ET Q q 0 0 0 rg BT 328.21 661.10 Td (o the extent the carrying amount of the goodwill exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (the implied fair value of the goodwill, the dif) Tj ET Q q 0 0 0 rg BT 230.05 649.10 Td (ference is recorded as an impairment char) Tj ET Q q 0 0 0 rg BT 397.00 649.10 Td (ge in the statement of operations. ) Tj ET Q q 0 0 0 rg BT 532.06 649.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (methodology used to value our goodwill has not changed in the three-year period ended February28, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 616.10 Td (During our December 1, 2014 annual goodwill impairment test, the Company wrote of) Tj ET Q q 0 0 0 rg BT 420.96 616.10 Td (f ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.79 616.10 Td ($58.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.68 616.10 Td ( of goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (associated with our New ) Tj ET Q q 0 0 0 rg BT 150.71 604.10 Td (Y) Tj ET Q q 0 0 0 rg BT 156.93 604.10 Td (ork radio cluster) Tj ET Q q 0 0 0 rg BT 221.91 604.10 Td (. ) Tj ET Q q 0 0 0 rg BT 229.23 604.10 Td (This goodwill related entirely to our purchase of ) Tj ET Q q 0 0 0 rg BT 425.11 604.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 489.93 604.10 Td (WLIB-AM on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (June 10, 2014. Declining performance of the entire New ) Tj ET Q q 0 0 0 rg BT 280.11 592.10 Td (Y) Tj ET Q q 0 0 0 rg BT 286.33 592.10 Td (ork radio market significantly impacted our operating performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (in New ) Tj ET Q q 0 0 0 rg BT 81.29 580.10 Td (Y) Tj ET Q q 0 0 0 rg BT 87.51 580.10 Td (ork. ) Tj ET Q q 0 0 0 rg BT 105.66 580.10 Td (These declines, combined with lower projected revenue growth rates in the New ) Tj ET Q q 0 0 0 rg BT 429.34 580.10 Td (Y) Tj ET Q q 0 0 0 rg BT 435.56 580.10 Td (ork market, resulted in a step-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (one indication of impairment for our New ) Tj ET Q q 0 0 0 rg BT 219.86 568.10 Td (Y) Tj ET Q q 0 0 0 rg BT 226.08 568.10 Td (ork cluster on both the market and income approaches. Upon completing the step-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (two analysis, the Company determined that the full carrying amount of the New ) Tj ET Q q 0 0 0 rg BT 371.77 556.10 Td (Y) Tj ET Q q 0 0 0 rg BT 377.99 556.10 Td (ork cluster goodwill of $58.4 million was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (impaired.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 523.10 Td (During our December1, 2012 annual goodwill impairment test, the Company wrote of) Tj ET Q q 0 0 0 rg BT 420.96 523.10 Td (f ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.79 523.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.68 523.10 Td ( of goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (associated with our Indianapolis Monthly publication. Declining operating performance of Indianapolis Monthly resulted in a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (step-one indication of impairment for Indianapolis Monthly on both the market and income approaches. Upon completing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (step-two analysis, the Company determined that the full carrying amount of Indianapolis Monthly goodwill of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.25 487.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.14 487.10 Td ( was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (impaired. No goodwill impairment was recorded in connection with our annual test as of December 1, 2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 454.10 Td (As of February28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.04 454.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 454.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.48 454.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.48 454.10 Td (, the carrying amount of the Company) Tj ET Q q 0 0 0 rg BT 366.72 454.10 Td (s goodwill was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.22 454.10 Td ($12.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.11 454.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.55 454.10 Td ($15.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.44 454.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (The table below presents the changes to the carrying values of the Company) Tj ET Q q 0 0 0 rg BT 357.68 442.10 Td (s goodwill for the years ended February 2014 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (2015 for each reporting unit. Goodwill carrying values did not change during the year ended February28, 2014. ) Tj ET Q q 0 0 0 rg BT 500.16 430.10 Td (As noted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (above, each reporting unit is a cluster of radio stations in one geographical market \(except for stations being operated pursuant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.10 Td (to LMAs\) and magazines on an individual basis. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 395.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 348.80 109.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 348.80 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 348.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 348.80 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 348.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 348.80 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 348.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 348.80 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 319.80 109.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 319.80 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 319.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 319.80 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 319.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 319.80 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 319.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 319.80 95.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 290.80 109.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 159.50 290.80 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 290.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 290.80 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 290.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 290.80 95.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 290.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 290.80 95.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 371.79999999999995 m 254.5 371.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 371.79999999999995 m 258.5 371.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 371.79999999999995 m 353.5 371.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 371.79999999999995 m 357.5 371.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 371.79999999999995 m 452.5 371.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 371.79999999999995 m 456.5 371.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 371.79999999999995 m 551.5 371.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 348.79999999999995 m 254.5 348.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 348.79999999999995 m 353.5 348.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 348.79999999999995 m 452.5 348.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 348.79999999999995 m 551.5 348.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 276.79999999999995 m 254.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 263.79999999999995 m 254.5 263.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 159.5 261.79999999999995 m 254.5 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 276.79999999999995 m 353.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 263.79999999999995 m 353.5 263.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 261.79999999999995 m 353.5 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 276.79999999999995 m 452.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 263.79999999999995 m 452.5 263.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 357.5 261.79999999999995 m 452.5 261.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 276.79999999999995 m 551.5 276.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 263.79999999999995 m 551.5 263.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 261.79999999999995 m 551.5 261.79999999999995 l s BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 376.06 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 284.20 376.20 Td (Change in Goodwill Carrying Values) Tj ET Q BT /F2 9.00 Tf ET 0 0 0 RG /GS0 gs 0.86 w 0 i [] 0 d 1 J 1 j 3 M 53 351.84633789062497 m 111.24951171875 351.84633789062497 l s q 0 0 0 rg BT 53.00 353.25 Td (Reporting Unit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 170.50 362.25 Td (As of February 28,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 197.50 353.25 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.70 353.25 Td (Acquisitions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.25 353.25 Td (Impairment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.50 362.25 Td (As of February 28,) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.50 353.25 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 340.06 Td (New York Cluster \(Radio\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 162.00 338.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.00 338.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 261.00 338.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.25 338.26 Td (58,395) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 360.00 338.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 338.26 Td (\(58,395) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 338.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 459.00 338.26 Td ($) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 539.00 338.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 325.06 Td (Indianapolis Cluster \(Radio\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 237.50 324.26 Td (265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.00 324.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 324.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 534.50 324.26 Td (265) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 311.06 Td (Austin Cluster \(Radio\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.75 309.26 Td (4,338) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.00 309.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 309.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.75 309.26 Td (4,338) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 296.06 Td (Texas Monthly) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 230.75 295.26 Td (8,036) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 341.00 295.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 295.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.75 295.26 Td (8,036) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 281.26 Td (Digonex) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 242.00 281.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 329.75 281.26 Td (2,753) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 440.00 281.26 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 527.75 281.26 Td (2,753) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 267.26 Td (Total) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 226.25 267.26 Td (12,639) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 325.25 267.26 Td (61,148) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 421.25 267.26 Td (\(58,395) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 449.00 267.26 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 523.25 267.26 Td (15,392) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 239.30 Td (Definite-lived intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 222.30 Td (The following table presents the weighted-average remaining useful life at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.44 222.30 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.04 222.30 Td ( and gross carrying amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.30 Td (and accumulated amortization for each major class of definite-lived intangible assets at February28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.58 210.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.58 210.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.01 210.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.01 210.30 Td (:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 199.50 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 137.00 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 137.00 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 137.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 137.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 137.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 137.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 137.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 137.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 137.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 137.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 137.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 137.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 137.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 137.00 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 107.00 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 107.00 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 107.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 107.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 107.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 107.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 107.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 107.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 107.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 107.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 107.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 107.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 107.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 107.00 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 77.00 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 77.00 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 77.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 77.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 77.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 77.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 77.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 77.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 77.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 77.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 77.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 77.00 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 77.00 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 77.00 52.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 177 m 236.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 177 m 290.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 177 m 294.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 177 m 344.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 177 m 348.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 177 m 398.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 177 m 452.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 177 m 456.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 177 m 506.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 177 m 510.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 177 m 562.5 177 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 137 m 236.5 137 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 137 m 290.5 137 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 137 m 344.5 137 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 137 m 398.5 137 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 137 m 452.5 137 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 137 m 506.5 137 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 137 m 562.5 137 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 77 m 290.5 77 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 63 m 290.5 63 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 61 m 290.5 61 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 77 m 344.5 77 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 63 m 344.5 63 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 61 m 344.5 61 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 77 m 398.5 77 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 63 m 398.5 63 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 61 m 398.5 61 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 77 m 452.5 77 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 63 m 452.5 63 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 61 m 452.5 61 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 77 m 506.5 77 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 63 m 506.5 63 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 61 m 506.5 61 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 77 m 562.5 77 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 63 m 562.5 63 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 61 m 562.5 61 l s BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 181.05 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 176.00 181.05 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.10 181.06 Td (As of February 28, 2014) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 446.10 181.06 Td (As of February 28, 2015) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 190.30 169.06 Td (W) Tj ET Q q 0 0 0 rg BT 196.91 169.06 Td (eighted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 192.30 162.06 Td (A) Tj ET Q q 0 0 0 rg BT 196.84 162.06 Td (verage) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 177.75 155.06 Td (RemainingUseful) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 198.45 148.06 Td (Life) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 190.40 141.06 Td (\(in years\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 256.30 155.06 Td (Gr) Tj ET Q q 0 0 0 rg BT 264.73 155.06 Td (oss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 251.15 148.06 Td (Carrying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 252.70 141.06 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 299.15 148.06 Td (Accumulated) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.95 141.06 Td (Amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 367.75 155.06 Td (Net) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.15 148.06 Td (Carrying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.70 141.06 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.30 155.06 Td (Gr) Tj ET Q q 0 0 0 rg BT 426.73 155.06 Td (oss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 148.06 Td (Carrying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 414.70 141.06 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 461.15 148.06 Td (Accumulated) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 460.95 141.06 Td (Amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 530.75 155.06 Td (Net) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 522.15 148.06 Td (Carrying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 523.70 141.06 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 126.67 Td (Trademarks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.25 126.67 Td (7.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 126.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.65 126.67 Td (810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 126.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 126.67 Td (548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 126.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 126.67 Td (262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 126.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 126.67 Td (1,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 126.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 126.67 Td (585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 126.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 126.67 Td (655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 111.67 Td (Patents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.25 111.67 Td (6.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 111.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 111.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 111.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 111.67 Td (5,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 111.67 Td (401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 111.67 Td (4,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 96.67 Td (Programming Contract) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.25 96.67 Td (6.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 96.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 96.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 96.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 96.67 Td (2,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 96.67 Td (220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 96.67 Td (1,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 81.67 Td (Customer List) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.25 81.67 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.65 81.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 81.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 81.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 81.67 Td (1,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 81.67 Td (205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 81.67 Td (810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 66.67 Td ( Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 66.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.65 66.67 Td (810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 66.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 66.67 Td (548) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 66.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 66.67 Td (262) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 66.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 66.67 Td (9,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 66.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 66.67 Td (1,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 66.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 66.67 Td (8,178) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 167 0 obj <>] /Rotate 0 /Contents 168 0 R>> endobj 168 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (83) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 742.10 Td (otal amortization expense from definite-lived intangibles was less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.61 742.10 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.50 742.10 Td ( for the years ended February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 730.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 730.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.44 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 116.76 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 122.17 730.10 Td (otal amortization expense from definite-lived intangibles was $0.9 million for the year ended February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 74.82 718.10 Td (The following table presents the Company's estimate of amortization expense for each of the five succeeding fiscal years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (for definite-lived intangibles:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 658.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 658.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 658.60 194.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 628.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 628.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 628.60 194.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 598.60 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 598.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 598.60 194.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 671.6 m 200.5 671.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 671.6 m 398.5 671.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.20 676.27 Td (Year ended February 28 \(29\),) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.55 676.27 Td (Expected Amortization Expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.90 662.85 Td (\(in 000's\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 648.27 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 648.27 Td (1,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 633.27 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 633.27 Td (1,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 618.27 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 618.27 Td (1,255) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 603.27 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 603.27 Td (1,076) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 588.27 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 588.27 Td (1,076) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 539.10 Td (10. EMPLOYEE BENEFIT) Tj ET Q q 0 0 0 rg BT 168.45 539.10 Td ( PLANS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 522.10 Td (a. Equity Incentive Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 501.10 Td (The Company has stock options and restricted stock grants outstanding that were issued to employees or non-employee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.10 Td (directors under one or more of the following plans: 2001 Equity Incentive Plan, 2002 Equity Incentive Plan, the 2004 Equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.10 Td (Compensation Plan, the 2010 Equity Compensation Plan and the 2012 Equity Compensation Plan. ) Tj ET Q q 0 0 0 rg BT 446.18 477.10 Td (These outstanding grants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.10 Td (continue to be governed by the terms of the applicable plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 444.10 Td (2012 Equity Compensation Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 427.10 Td (At the 2012 annual meeting, the shareholders of Emmis approved the 2012 Equity Compensation Plan \(the Plan\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (Under the Plan, awards equivalent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.23 415.10 Td (2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.13 415.10 Td ( shares of common stock may be granted. Furthermore, any unissued awards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (from the 2010 Equity Compensation Plan \(or shares subject to outstanding awards that would again become available for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td (awards under this plan\) increases the number of shares of common stock available for grant under the Plan. ) Tj ET Q q 0 0 0 rg BT 481.63 391.10 Td (The awards, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 379.10 Td (have certain restrictions, may be for incentive stock options, nonqualified stock options, shares of restricted stock, restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (stock units, stock appreciation rights or performance units. Under this Plan, all awards are granted with a purchase price equal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (to at least the fair market value of the stock except for shares of restricted stock and restricted stock units, which may be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (granted with any purchase price \(including zero\). ) Tj ET Q q 0 0 0 rg BT 249.18 343.10 Td (The stock options under this Plan generally expire not more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.51 343.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.51 343.10 Td ( years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (from the date of grant. Under this Plan, awards equivalent to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.91 331.10 Td (1.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.80 331.10 Td ( shares of common stock were available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (for grant at February28, 2015. In March 2015, the Company granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.04 319.10 Td (1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.93 319.10 Td ( shares in the form of restricted stock, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (incentive stock options and nonqualified stock options under the 2012 Equity Compensation Plan, leaving approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.14 307.10 Td (0.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 295.10 Td ( shares of common stock available for grant under this Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 274.10 Td (b. 401\(k\) Retirement Savings Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 253.10 Td (Emmis sponsors a Section401\(k\) retirement savings plans that is available to substantially all employees age ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.35 253.10 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.35 253.10 Td ( years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (and older who have at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.63 241.10 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.63 241.10 Td ( days of service. Employees may make pretax contributions to the plans up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.05 241.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.38 241.10 Td ( of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.10 Td (compensation, not to exceed the annual limit prescribed by the Internal Revenue Service \(IRS\). Emmis may make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 Td (discretionary matching contributions to the plans in the form of cash or shares of the Company) Tj ET Q q 0 0 0 rg BT 431.86 217.10 Td (s Class) Tj ET Q q 0 0 0 rg BT 461.87 217.10 Td (A) Tj ET Q q 0 0 0 rg BT 468.54 217.10 Td ( common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 196.10 Td (Employee contributions are matched at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.11 196.10 Td (33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.44 196.10 Td ( up to a maximum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.54 196.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.87 196.10 Td ( of eligible compensation. Emmis) Tj ET Q q 0 0 0 rg BT 488.16 196.10 Td ( discretionary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (contributions to the plan totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.70 184.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.59 184.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.59 184.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.48 184.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.92 184.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.81 184.10 Td ( for the years ended February 2013, 2014 and 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 172.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.11 172.10 Td (All discretionary contributions were made in cash.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.50 151.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.75 151.10 Td (c. Defined Contribution Health and Retirement Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 130.10 Td (Emmis contributes to a multi-employer defined contribution health and retirement plan for employees who are members ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (of a certain labor union. ) Tj ET Q q 0 0 0 rg BT 147.74 118.10 Td (Amounts char) Tj ET Q q 0 0 0 rg BT 203.94 118.10 Td (ged to expense for continuing operations related to the multi-employer plan were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 106.10 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.15 106.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.15 106.10 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.04 106.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.48 106.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.37 106.10 Td ( for the years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.32 106.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.32 106.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.32 106.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.32 106.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.76 106.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.76 106.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 538.42 106.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 82.10 Td (1) Tj ET Q q 0 0 0 rg BT 54.45 82.10 Td (1. OTHER COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 185.01 82.10 Td (AND CONTINGENCIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 65.10 Td (a. Commitments of our continuing operations) Tj ET Q endstream endobj 169 0 obj <>] /Rotate 0 /Contents 170 0 R>> endobj 170 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (84) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (The Company has various commitments under the following types of material contracts for its continuing operations: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (\(i\)operating leases; \(ii\)radio syndicated programming; \(iii\)employment agreements and \(iv\)other contracts with annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (commitments \(mostly contractual services for audience measurement information\) at February28, 2015 as follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 707.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 675.80 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 675.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 675.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 675.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 675.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 675.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 675.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 675.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 675.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 675.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 645.80 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 645.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 645.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 645.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 645.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 645.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 645.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 645.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 645.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 645.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 615.80 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 615.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 615.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 615.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 615.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 615.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 615.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 615.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 615.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 615.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 585.80 171.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 221.50 585.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 286.50 585.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 585.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 585.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 585.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 585.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 585.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 585.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 585.80 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 675.8 m 286.5 675.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 675.8 m 355.5 675.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 675.8 m 424.5 675.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 675.8 m 493.5 675.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 675.8 m 562.5 675.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 585.8 m 286.5 585.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 585.8 m 355.5 585.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 585.8 m 424.5 585.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 585.8 m 493.5 585.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 585.8 m 562.5 585.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 571.8 m 286.5 571.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 221.5 569.8 m 286.5 569.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 571.8 m 355.5 571.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 569.8 m 355.5 569.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 571.8 m 424.5 571.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 569.8 m 424.5 569.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 571.8 m 493.5 571.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 569.8 m 493.5 569.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 571.8 m 562.5 571.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 569.8 m 562.5 569.8 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 688.03 Td (Y) Tj ET Q q 0 0 0 rg BT 57.89 688.03 Td (ear) Tj ET Q q 0 0 0 rg BT 68.85 688.03 Td ( ending) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 678.780078125 m 112.765625 678.780078125 l s q 0 0 0 rg BT 53.00 680.03 Td (February28 \(29\),) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 235.90 688.03 Td (Operating) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 242.15 680.03 Td (Leases) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 303.60 688.03 Td (Syndicated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.55 680.03 Td (Pr) Tj ET Q q 0 0 0 rg BT 306.84 680.03 Td (ogramming) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 369.50 688.03 Td (Employment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.10 680.03 Td (Agr) Tj ET Q q 0 0 0 rg BT 384.28 680.03 Td (eements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.35 688.03 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.60 680.03 Td (Contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.75 680.03 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 666.37 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 665.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.15 665.47 Td (8,675) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 665.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 665.47 Td (569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 665.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 665.47 Td (14,965) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 665.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 665.47 Td (11,282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 665.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 665.47 Td (35,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 651.37 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.15 650.47 Td (8,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 650.47 Td (442) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 650.47 Td (8,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 650.47 Td (10,371) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 650.47 Td (28,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 636.37 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.15 635.47 Td (8,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 635.47 Td (328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 635.47 Td (1,886) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 635.47 Td (10,736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 635.47 Td (20,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 621.37 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.15 620.47 Td (7,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 620.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 620.47 Td (873) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 620.47 Td (4,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 620.47 Td (12,718) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 606.37 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.15 605.47 Td (6,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 605.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 605.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 605.47 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 605.47 Td (7,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 591.37 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 590.47 Td (21,458) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 590.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 590.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 590.47 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 590.47 Td (21,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 576.37 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 575.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 575.47 Td (60,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 575.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 575.47 Td (1,339) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 575.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 575.47 Td (26,489) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 575.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 575.47 Td (37,189) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 575.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 575.47 Td (125,847) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 550.30 Td (Emmis leases certain of) Tj ET Q q 0 0 0 rg BT 169.06 550.30 Td (fice space, tower space, equipment and automobiles under operating leases expiring at various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.30 Td (dates through July 2027. Some of the lease agreements contain renewal options and annual rental escalation clauses, as well as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.30 Td (provisions for payment of utilities and maintenance costs. ) Tj ET Q q 0 0 0 rg BT 283.38 526.30 Td (The Company recognizes escalated rents on a straight-line basis over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.30 Td (the term of the lease agreement. Rental expense for continuing operations during the years ended February 2013, 2014 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.30 Td (2015 was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.81 502.30 Td ($7.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.70 502.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.70 502.30 Td ($8.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.59 502.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.03 502.30 Td ($9.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.92 502.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 374.58 502.30 Td (. ) Tj ET Q q 0 0 0 rg BT 379.40 502.30 Td (The Company recognized approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.30 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 490.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 490.30 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.78 490.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.22 490.30 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.11 490.30 Td ( of sublease income as a reduction of rent expense for the years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.30 Td (2013, 2014, and 2015 respectively) Tj ET Q q 0 0 0 rg BT 187.10 478.30 Td (. ) Tj ET Q q 0 0 0 rg BT 191.92 478.30 Td (T) Tj ET Q q 0 0 0 rg BT 197.33 478.30 Td (otal minimum sublease rentals to be received in the future under noncancelable subleases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.30 Td (as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.66 466.30 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.26 466.30 Td ( were as follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 455.50 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.00 447.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 424.00 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 394.00 447.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 394.00 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 364.00 447.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 364.00 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 424 m 562.5 424 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 349 m 562.5 349 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 335 m 562.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 333 m 562.5 333 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 436.23 Td (Y) Tj ET Q q 0 0 0 rg BT 57.89 436.23 Td (ear) Tj ET Q q 0 0 0 rg BT 68.85 436.23 Td ( ending) Tj ET Q BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 426.980078125 m 112.765625 426.980078125 l s q 0 0 0 rg BT 53.00 428.23 Td (February28 \(29\),) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.60 436.23 Td (Noncancelable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.90 428.23 Td (Subleaser) Tj ET Q q 0 0 0 rg BT 537.09 428.23 Td (entals) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 414.57 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 413.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 413.67 Td (313) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 399.57 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 398.67 Td (319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 384.57 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 383.67 Td (216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 369.57 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 368.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 354.57 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 353.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 339.57 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 338.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 338.67 Td (848) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 313.50 Td (b. Litigation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 296.50 Td (Emmis is a party to various legal proceedings arising in the ordinary course of business. In the opinion of management of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 284.50 Td (the company) Tj ET Q q 0 0 0 rg BT 100.72 284.50 Td (, however) Tj ET Q q 0 0 0 rg BT 139.75 284.50 Td (, there are no legal proceedings pending against the company that we believe are likely to have a material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 272.50 Td (adverse ef) Tj ET Q q 0 0 0 rg BT 90.63 272.50 Td (fect on the company) Tj ET Q q 0 0 0 rg BT 171.33 272.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 251.50 Td (Emmis and certain of its of) Tj ET Q q 0 0 0 rg BT 182.40 251.50 Td (ficers and directors were named as defendants in a lawsuit filed ) Tj ET Q q 0 0 0 rg BT 438.14 251.50 Td (April16, 2012 by certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.50 Td (holders of Preferred Stock \(the Lock-Up Group\) in the United States District Court for the Southern District of Indiana ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.50 Td (entitled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.49 227.50 Td (Corr) Tj ET Q q 0 0 0 rg BT 101.57 227.50 Td (e Opportunities Fund, LP) Tj ET Q q 0 0 0 rg BT 203.06 227.50 Td (, et al. v) Tj ET Q q 0 0 0 rg BT 234.25 227.50 Td (. Emmis Communications Corporation, et al) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.75 227.50 Td (. ) Tj ET Q q 0 0 0 rg BT 416.57 227.50 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 463.32 227.50 Td (fs alleged, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.50 Td (things, that Emmis and the other defendants violated various provisions of the federal securities laws and breached fiduciary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 203.50 Td (duties in connection with Emmis) Tj ET Q q 0 0 0 rg BT 184.24 203.50 Td ( entry into total return swap agreements and voting agreements with certain holders of Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.50 Td (Preferred Stock, as well as by issuing shares of Preferred Stock to Emmis) Tj ET Q q 0 0 0 rg BT 346.69 191.50 Td ( 2012 Retention Plan and ) Tj ET Q q 0 0 0 rg BT 450.11 191.50 Td (T) Tj ET Q q 0 0 0 rg BT 455.86 191.50 Td (rust \(the T) Tj ET Q q 0 0 0 rg BT 501.61 191.50 Td (rust\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.50 Td (entering into a voting agreement with the trustee of the ) Tj ET Q q 0 0 0 rg BT 271.97 179.50 Td (T) Tj ET Q q 0 0 0 rg BT 277.73 179.50 Td (rust. ) Tj ET Q q 0 0 0 rg BT 297.55 179.50 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 344.30 179.50 Td (fs also alleged that Emmis violated certain provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.50 Td (of Indiana corporate law by directing the voting of the shares of Preferred Stock subject to the total return swap agreements \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.50 Td (Swap Shares\) and the shares of Preferred Stock held by the ) Tj ET Q q 0 0 0 rg BT 297.79 155.50 Td (T) Tj ET Q q 0 0 0 rg BT 303.55 155.50 Td (rust \(the T) Tj ET Q q 0 0 0 rg BT 349.29 155.50 Td (rust Shares\) in favor of certain amendments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.50 Td (Emmis) Tj ET Q q 0 0 0 rg BT 80.92 143.50 Td ( ) Tj ET Q q 0 0 0 rg BT 82.87 143.50 Td (Articles of Incorporation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 122.50 Td (Emmis filed an answer denying the material allegations of the complaint, and filed a counterclaim seeking a declaratory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.50 Td (judgment that Emmis could legally direct the voting of the Swap Shares and the ) Tj ET Q q 0 0 0 rg BT 371.97 110.50 Td (T) Tj ET Q q 0 0 0 rg BT 377.73 110.50 Td (rust Shares in favor of the proposed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.50 Td (amendments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 77.50 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 77.50 Td (August31, 2012, the U.S. District Court denied the plaintif) Tj ET Q q 0 0 0 rg BT 324.91 77.50 Td (fs' request for a preliminary injunction. Plaintif) Tj ET Q q 0 0 0 rg BT 512.87 77.50 Td (fs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.50 Td (subsequently filed an amended complaint seeking monetary damages and dismissing all claims against the individual of) Tj ET Q q 0 0 0 rg BT 529.43 65.50 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.50 Td (and director defendants. On February 28, 2014, the U.S. District Court issued a ruling in favor of Emmis on all counts. In ) Tj ET Q endstream endobj 171 0 obj <>] /Rotate 0 /Contents 172 0 R>> endobj 172 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (March 2014, the Plaintif) Tj ET Q q 0 0 0 rg BT 147.58 742.10 Td (fs filed with the U.S. Court of ) Tj ET Q q 0 0 0 rg BT 268.96 742.10 Td (Appeals for the Seventh Circuit an appeal of the U.S. District Court's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (decision. ) Tj ET Q q 0 0 0 rg BT 88.14 730.10 Td (The U.S. Court of ) Tj ET Q q 0 0 0 rg BT 162.03 730.10 Td (Appeals for the Seventh Circuit heard oral ar) Tj ET Q q 0 0 0 rg BT 341.51 730.10 Td (guments in this case on December 5, 2014. Emmis is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (defending this lawsuit vigorously) Tj ET Q q 0 0 0 rg BT 182.95 718.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 697.10 Td (On July 7, 2014, individuals who had been seeking to overturn the FCC) Tj ET Q q 0 0 0 rg BT 363.97 697.10 Td (s approval of the transfer of the broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (licenses for ) Tj ET Q q 0 0 0 rg BT 98.13 685.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 162.95 685.10 Td (WLIB-AM from entities associated with Inner City Broadcasting to ) Tj ET Q q 0 0 0 rg BT 436.13 685.10 Td (YMF \(the entities that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (subsequently sold the two stations to Emmis\) filed with the U.S. Court of ) Tj ET Q q 0 0 0 rg BT 345.26 673.10 Td (Appeals for the District of Columbia Circuit a Notice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.28 661.10 Td (Appeal of the FCC) Tj ET Q q 0 0 0 rg BT 138.88 661.10 Td (s approval of the transfer) Tj ET Q q 0 0 0 rg BT 238.29 661.10 Td (. Based upon the facts alleged in the case and the extensive precedent of courts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (not overturning FCC approvals of transfers of broadcast licenses except in exceedingly rare circumstances. ) Tj ET Q q 0 0 0 rg BT 479.58 649.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 529.48 649.10 Td (, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (March 2015, an individual filed a lawsuit in the Federal District Court of New ) Tj ET Q q 0 0 0 rg BT 364.83 637.10 Td (Y) Tj ET Q q 0 0 0 rg BT 371.05 637.10 Td (ork challenging the transfer of the assets of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 114.82 625.10 Td (WLIB-AM from Inner City to ) Tj ET Q q 0 0 0 rg BT 237.48 625.10 Td (YMF) Tj ET Q q 0 0 0 rg BT 258.35 625.10 Td (, and claimed that Emmis had exerted undue influence in securing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (FCC's consent to the transfer of the FCC licenses of ) Tj ET Q q 0 0 0 rg BT 259.93 613.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 324.75 613.10 Td (WLIB-AM from ) Tj ET Q q 0 0 0 rg BT 393.80 613.10 Td (YMF to Emmis. Emmis believes the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (appeal and the claims in the lawsuit are without merit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 580.10 Td (Certain groups and individuals have challenged an application for renewal of one of Company's FCC licenses. ) Tj ET Q q 0 0 0 rg BT 517.45 580.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (challenge is currently pending before the FCC. Emmis does not expect the challenge to result in the denial of our license ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (renewal.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (12. INCOME ) Tj ET Q q 0 0 0 rg BT 109.54 532.10 Td (T) Tj ET Q q 0 0 0 rg BT 115.47 532.10 Td (AXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 515.10 Td (United States and foreign income \(loss\) before income taxes for the years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.54 515.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.54 515.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.54 515.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.54 515.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.98 515.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.98 515.10 Td ( was as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 Td (follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 492.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 468.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 468.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 468.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 468.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 468.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 468.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 438.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 438.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 438.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 438.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 438.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 438.80 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 468.8 m 424.5 468.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 468.8 m 493.5 468.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 468.8 m 562.5 468.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 438.8 m 424.5 438.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 438.8 m 493.5 438.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 438.8 m 562.5 438.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 424.8 m 424.5 424.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 422.8 m 424.5 422.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 424.8 m 493.5 424.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 422.8 m 493.5 422.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 424.8 m 562.5 424.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 422.8 m 562.5 422.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 473.05 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 473.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 473.05 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 458.47 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 458.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 458.52 Td (\(7,518) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 458.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 458.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 458.47 Td (16,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 458.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 458.52 Td (\(58,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 458.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 443.47 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 443.52 Td (\(1,350) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 443.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 443.52 Td (\(2,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 443.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 443.52 Td (\(345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 443.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 428.47 Td (Income \(loss\) before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 428.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 428.52 Td (\(8,868) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 428.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 428.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 428.47 Td (14,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 428.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 428.52 Td (\(59,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 428.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 403.30 Td (The \(benefit\) provision for income taxes for the years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.84 403.30 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.84 403.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.84 403.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.84 403.30 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.78 403.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.78 403.30 Td ( consisted of the 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0 i [] 0 d 0 J 0 j 3 M 428.5 203.79999999999995 m 493.5 203.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 201.79999999999995 m 493.5 201.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 203.79999999999995 m 562.5 203.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 201.79999999999995 m 562.5 201.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 372.05 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 372.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 372.05 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 357.47 Td (Current:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 342.47 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 342.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 342.52 Td (\(529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 342.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 342.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 342.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 342.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 342.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 327.47 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 327.52 Td (\(152) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 327.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 327.52 Td (\(900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 327.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 327.47 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 312.47 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 312.47 Td (161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 312.47 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 312.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 297.52 Td (\(520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 297.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 297.52 Td (\(887) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 297.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 297.47 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 282.47 Td (Deferred:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 267.47 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 267.52 Td (\(4,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 267.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 267.52 Td (\(25,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 267.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 267.47 Td (27,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 252.47 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 252.52 Td (\(1,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 252.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 252.52 Td (\(7,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 252.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 252.47 Td (9,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 237.47 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 237.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 237.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 237.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 222.52 Td (\(6,519) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 222.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 222.52 Td (\(33,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 222.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 222.47 Td (36,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 207.47 Td (\(Benefit\) provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 207.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 207.52 Td (\(7,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 207.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 207.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 207.52 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 207.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 207.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 207.47 Td (36,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.47 Td (Other Tax Related Information:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 177.47 Td (Tax benefit of discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 177.52 Td (\(6,975) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 177.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 177.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 177.47 Td () Tj ET Q BT /F1 10.00 Tf ET endstream endobj 173 0 obj <>] /Rotate 0 /Contents 174 0 R>> endobj 174 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (86) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (The \(benefit\) provision for income taxes for the years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.84 742.10 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.84 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.84 742.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.84 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.28 742.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.28 742.10 Td ( dif) Tj ET Q q 0 0 0 rg BT 429.71 742.10 Td (fers from that computed at the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Federal statutory corporate tax rate as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 706.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 706.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 706.60 4.00 -15.00 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0.9333333333333333 1 rg /GS0 gs 497.50 586.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 556.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 556.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 556.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 556.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 556.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 556.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 526.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 526.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 526.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 526.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 526.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 526.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 706.6 m 424.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 706.6 m 493.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 706.6 m 562.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 706.6 m 424.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 706.6 m 493.5 706.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 511.6 m 424.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 511.6 m 493.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 511.6 m 562.5 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 497.6 m 424.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 495.6 m 424.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 497.6 m 493.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 495.6 m 493.5 495.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 497.6 m 562.5 497.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 495.6 m 562.5 495.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 710.85 Td (2013) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 710.85 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 710.85 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 696.27 Td (Computed income tax \(benefit\) provision at 35%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 696.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 696.32 Td (\(3,109) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 696.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 696.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 696.27 Td (5,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 696.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 696.32 Td (\(20,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 696.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 681.27 Td (State income tax \(benefit\) provision) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 681.32 Td (\(2,082) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 681.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 681.32 Td (\(8,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 681.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 681.27 Td (9,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 666.27 Td (Foreign taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 666.27 Td (639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 666.27 Td (737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 666.27 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 651.27 Td (Tax benefit resulting from swap expiration and related OCI reversal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 651.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 651.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 651.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 636.27 Td (Allocation of tax benefit from discontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 636.32 Td (\(3,007) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 636.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 636.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 636.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 621.27 Td (Nondeductible stock compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 621.27 Td (127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 621.27 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 621.27 Td (122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 606.27 Td (Entertainment disallowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 606.27 Td (430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 606.27 Td (455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 606.27 Td (421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 591.27 Td (Change in valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 591.27 Td (6,966) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 591.32 Td (\(31,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 591.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 591.27 Td (50,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.27 Td (Tax attributed to noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 576.32 Td (\(1,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 576.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 576.32 Td (\(1,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 576.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 576.32 Td (\(1,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 576.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.27 Td (Section165\(g\) worthless stock deduction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 561.32 Td (\(5,746) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 561.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 561.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 561.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 546.27 Td (Alternative minimum tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 546.32 Td (\(529) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 546.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 546.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 546.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.27 Td (Federal tax credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 531.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 531.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 531.32 Td (\(173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 531.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 516.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 516.27 Td (833) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 516.27 Td (1,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 516.32 Td (\(657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 516.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 501.27 Td (\(Benefit\) provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 501.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 501.32 Td (\(7,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 501.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 501.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 501.32 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 501.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 501.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 501.27 Td (36,948) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 476.10 Td (The components of deferred tax assets and deferred tax liabilities at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.95 476.10 Td (February28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.55 476.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.99 476.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.58 476.10 Td ( are as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 440.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 440.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 440.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 440.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 410.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 410.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 410.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 410.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 380.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 380.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 380.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 380.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 350.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 350.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 350.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 350.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 320.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 320.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 320.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 320.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 290.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 290.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 290.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 290.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 260.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 260.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 260.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 260.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 230.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 230.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 230.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 230.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 200.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 200.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 200.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 200.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 170.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 170.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 170.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 170.60 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 440.6 m 493.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 440.6 m 562.5 440.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 275.6 m 493.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 275.6 m 562.5 275.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 260.6 m 493.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 260.6 m 562.5 260.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 185.60000000000002 m 493.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 185.60000000000002 m 562.5 185.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 170.60000000000002 m 493.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 170.60000000000002 m 562.5 170.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 156.60000000000002 m 493.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 154.60000000000002 m 493.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 156.60000000000002 m 562.5 156.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 154.60000000000002 m 562.5 154.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 444.85 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 444.85 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 430.27 Td (Deferred tax assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 415.27 Td (Net operating loss carryforwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 415.27 Td (27,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 415.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 415.27 Td (32,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 400.27 Td (Intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 400.27 Td (12,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 400.27 Td (30,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 385.27 Td (Compensation relating to stock options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 385.27 Td (2,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 385.27 Td (1,438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 370.27 Td (Interest rate exchange agreement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 370.27 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 370.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 355.27 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 355.27 Td (1,639) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 355.27 Td (1,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 340.27 Td (Accrued rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 340.27 Td (1,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 340.27 Td (2,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 325.27 Td (Tax credits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 325.27 Td (1,927) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 325.27 Td (1,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 310.27 Td (Investments in subsidiaries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 310.27 Td (352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 310.27 Td (2,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 295.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 295.27 Td (2,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 295.27 Td (1,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 280.27 Td (Valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 280.32 Td (\(970) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 280.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 280.32 Td (\(62,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 280.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 265.27 Td (Total deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 265.27 Td (49,353) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 265.27 Td (11,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 250.27 Td (Deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 235.27 Td (Indefinite-lived intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 235.32 Td (\(40,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 235.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 235.32 Td (\(41,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 235.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 220.27 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 220.32 Td (\(569) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 220.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 220.32 Td (\(751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 220.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 205.27 Td (Cancellation of debt income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 205.32 Td (\(13,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 205.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 205.32 Td (\(10,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 205.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 190.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 190.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 190.32 Td (\(39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 190.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 175.27 Td (Total deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 175.32 Td (\(54,254) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 175.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 175.32 Td (\(53,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 175.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 160.27 Td (Net deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 160.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 160.32 Td (\(4,901) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 160.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 160.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 160.32 Td (\(41,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 160.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 135.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 135.10 Td ( valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset \("DT) Tj ET Q q 0 0 0 rg BT 528.27 135.10 Td (A"\) will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.10 Td (not be realized. ) Tj ET Q q 0 0 0 rg BT 113.68 123.10 Td (The Company historically recorded a full valuation allowance on all U.S. \(federal and state\) deferred tax assets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.10 Td (During the year ended February 28, 2014, due to improved operating results, the Company determined that a valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.10 Td (allowance on most of its deferred tax assets was no longer appropriate and reversed the valuation allowance on all U.S. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.10 Td (deferred tax assets \(with the exception of certain state net operating loss deferred DT) Tj ET Q q 0 0 0 rg BT 388.78 87.10 Td (As\). During the fourth quarter of the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.10 Td (ended February 28, 2015, the Company lowered its long-term market revenue growth rates, which adversely impacted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 63.10 Td (expectations of future cash flows. ) Tj ET Q q 0 0 0 rg BT 189.50 63.10 Td (The Company lowered long-term market revenue growth rates based on recent industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 51.10 Td (trends and expectations for the markets going forward, as discussed in Note 9. Financial performance in New ) Tj ET Q q 0 0 0 rg BT 489.22 51.10 Td (Y) Tj ET Q q 0 0 0 rg BT 495.44 51.10 Td (ork in fiscal ) Tj ET Q endstream endobj 175 0 obj <>] /Rotate 0 /Contents 176 0 R>> endobj 176 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (2015 that was below expectations, coupled with reduced estimates for future cash flows, resulted in an impairment loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td ($67.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 730.10 Td ( being recorded during the fourth quarter of the year ended February 28, 2015. ) Tj ET Q q 0 0 0 rg BT 421.84 730.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 471.18 730.10 Td (, the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (reported a pretax loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.13 718.10 Td ($59.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.02 718.10 Td ( for the year ended February 28, 2015. ) Tj ET Q q 0 0 0 rg BT 361.03 718.10 Td (As the Company was in a three year cumulative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (loss for income tax purposes as of February 28, 2015, the Company re-established a valuation allowance for the majority of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (U.S. \(federal and state\) net deferred tax assets as of February 28, 2015. ) Tj ET Q q 0 0 0 rg BT 336.11 694.10 Td (The Company does not benefit its deferred tax assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (based on the deferred tax liabilities \("DTLs"\) related to indefinite-lived intangibles that are not expected to reverse during the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (carry-forward period. Because these DTLs would not reverse until some future indefinite period when the intangibles are either ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (sold or impaired, any resulting temporary dif) Tj ET Q q 0 0 0 rg BT 229.50 658.10 Td (ferences cannot be considered a source of future taxable income to support ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (realization of the DT) Tj ET Q q 0 0 0 rg BT 132.77 646.10 Td (As. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 625.10 Td (The Company increased its valuation allowance by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.88 625.10 Td ($62.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.38 625.10 Td ( million \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.60 625.10 Td ($50.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.49 625.10 Td ( federal and $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.19 625.10 Td (1) Tj ET Q q 0 0 0 rg BT 453.81 625.10 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.31 625.10 Td ( million state\), from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td ($1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 613.10 Td ( million as of February 28, 2014, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.93 613.10 Td ($63.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.43 613.10 Td ( million as of February 28, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 592.10 Td (The Company has considered future taxable income and ongoing prudent and feasible tax-planning strategies in assessing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (the need for the valuation allowance. ) Tj ET Q q 0 0 0 rg BT 200.03 580.10 Td (The Company will assess quarterly whether it remains more likely than not that the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (deferred tax assets will not be realized. In the event the Company determines at a future time that it could realize its deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (tax assets in excess of the net amount recorded, the Company will reduce its deferred tax asset valuation allowance and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (decrease income tax expense in the period when the Company makes such determination.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 523.10 Td (The Company has federal net operating losses \("NOL's"\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.29 523.10 Td ($77 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.68 523.10 Td ( and state NOL's of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.52 523.10 Td ($192 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.91 523.10 Td ( available to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 511.10 Td (fset future taxable income.) Tj ET Q q 0 0 0 rg BT 167.09 511.10 Td (These NOL's include an unrealized benefit of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.58 511.10 Td ($2.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.47 511.10 Td ( related to share-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 499.10 Td (compensation that will be recorded in equity when realized. ) Tj ET Q q 0 0 0 rg BT 291.40 499.10 Td (The federal net operating loss carryforwards begin expiring in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (2028, and the state net operating loss carryforwards expire between the years ending February 2015 and February 2035. ) Tj ET Q q 0 0 0 rg BT 531.52 487.10 Td (A) Tj ET Q q 0 0 0 rg BT 538.19 487.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (valuation allowance has been provided for the net operating loss carryforwards related to states in which the Company no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (longer has operating results as it is more likely than not that substantially all of these net operating losses will expire unutilized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 442.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.05 442.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.94 442.10 Td ( of tax credits at February28, 2015 relate primarily to alternative minimum tax carryforwards that can be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (carried forward indefinitely) Tj ET Q q 0 0 0 rg BT 159.85 430.10 Td (. ) Tj ET Q q 0 0 0 rg BT 164.67 430.10 Td (This amount also includes tax credits in Illinois, Indiana and ) Tj ET Q q 0 0 0 rg BT 408.61 430.10 Td (T) Tj ET Q q 0 0 0 rg BT 414.02 430.10 Td (exas and a federal research credit, all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.10 Td (of which have a full valuation allowance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 397.10 Td (The activities of Digonex ) Tj ET Q q 0 0 0 rg BT 178.23 397.10 Td (T) Tj ET Q q 0 0 0 rg BT 183.64 397.10 Td (echnologies, Inc., a C Corporation under the Internal Revenue Code, are consolidated for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (financial statement purposes, but are not included in the U.S. consolidated income tax return of Emmis. ) Tj ET Q q 0 0 0 rg BT 466.01 385.10 Td (As of February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (2015, Digonex has federal NOL's of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.60 373.10 Td ($40 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.99 373.10 Td ( and state NOL's of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.83 373.10 Td ($40 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.22 373.10 Td ( . If Digonex produces pretax income in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (future, it is possible that the utilization of these NOL) Tj ET Q q 0 0 0 rg BT 260.70 361.10 Td ( carryforwards will be limited due to Section 382 of the Internal Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (Code. ) Tj ET Q q 0 0 0 rg BT 75.93 349.10 Td (The Company is in the process of completing a Section 382 study to determine the applicable limitation. ) Tj ET Q q 0 0 0 rg BT 495.84 349.10 Td (As of February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (28, 2015, the Company was able to determine that at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.11 337.10 Td ($10 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.50 337.10 Td ( of federal NOLs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.96 337.10 Td ($10 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.36 337.10 Td ( of state NOL's will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 325.10 Td (fully available to of) Tj ET Q q 0 0 0 rg BT 128.40 325.10 Td (fset future taxable income. ) Tj ET Q q 0 0 0 rg BT 237.34 325.10 Td (These amounts are included in the above consolidated NOL) Tj ET Q q 0 0 0 rg BT 476.34 325.10 Td ( totals of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.84 325.10 Td ($77 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.23 325.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 313.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.94 313.10 Td ($192 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.33 313.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 292.10 Td (The Company has adopted F) Tj ET Q q 0 0 0 rg BT 188.24 292.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 209.64 292.10 Td (Accounting Standards Codification ) Tj ET Q q 0 0 0 rg BT 353.04 292.10 Td (T) Tj ET Q q 0 0 0 rg BT 358.45 292.10 Td (opic 740-10, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 411.50 292.10 Td (Accounting for Uncertainty in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (Income T) Tj ET Q q 0 0 0 rg BT 86.57 280.10 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.34 280.10 Td ( \(ASC 740-10\). ) Tj ET Q q 0 0 0 rg BT 177.11 280.10 Td (ASC 740-10 clarifies the accounting for uncertainty in income taxes by prescribing a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (taken or expected to be taken within a tax return. For those benefits to be recognized, a tax position must be more-likely-than-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (not to be sustained upon examination by taxing authorities. ) Tj ET Q q 0 0 0 rg BT 288.67 244.10 Td (The amount recognized is measured as the lar) Tj ET Q q 0 0 0 rg BT 471.47 244.10 Td (gest benefit that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (greater than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.97 232.10 Td (50 percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.89 232.10 Td ( likely of being realized upon ultimate settlement. ) Tj ET Q q 0 0 0 rg BT 342.67 232.10 Td (As of February28, 2015, the estimated value of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 220.10 Td (s net uncertain tax positions is approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.24 220.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.13 220.10 Td (, most of which is included in other noncurrent liabilities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (as the Company does not expect to settle the items within the next 12 months.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 187.10 Td (The following is a tabular reconciliation of the total amounts of gross unrecognized tax benefits for the years ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.10 Td (February28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 175.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.04 175.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.64 175.10 Td (:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 164.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 127.80 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 127.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 127.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 127.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 97.80 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 97.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 97.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 97.80 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 140.79999999999995 m 493.5 140.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 140.79999999999995 m 497.5 140.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 140.79999999999995 m 562.5 140.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 127.79999999999995 m 493.5 127.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 127.79999999999995 m 562.5 127.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 82.79999999999995 m 493.5 82.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 82.79999999999995 m 562.5 82.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 68.79999999999995 m 493.5 68.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 66.79999999999995 m 493.5 66.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 68.79999999999995 m 562.5 68.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 66.79999999999995 m 562.5 66.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 145.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.25 145.03 Td (FortheyearendingFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 132.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 132.03 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 132.03 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 117.47 Td (Gross unrecognized tax benefit opening balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 117.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 117.52 Td (\(683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 117.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 117.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 117.52 Td (\(158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 117.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 102.47 Td (Gross increases tax positions in prior periods) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 102.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 102.52 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 102.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 87.47 Td (Gross decreasessettlements with taxing authorities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 87.47 Td (525) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 87.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 72.47 Td (Gross unrecognized tax benefit ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 72.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 72.52 Td (\(158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 72.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 72.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 72.52 Td (\(172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 72.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 177 0 obj <>] /Rotate 0 /Contents 178 0 R>> endobj 178 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (88) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Included in the balance of unrecognized tax benefits at both and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.51 742.10 Td (February28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.11 742.10 Td ( and 2015 are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.75 742.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 742.10 Td ( of tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (benefits that, if recognized, would reduce the Company) Tj ET Q q 0 0 0 rg BT 274.65 730.10 Td (s provision for income taxes. Due to the uncertain and complex ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (application of tax regulations, it is possible that the ultimate resolution of audits may result in liabilities that could be dif) Tj ET Q q 0 0 0 rg BT 531.11 718.10 Td (ferent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (from this estimate. In such case, the Company will record additional tax expense or tax benefit in the tax provision, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (reclassify amounts on the accompanying consolidated balance sheets in the period in which such matter is ef) Tj ET Q q 0 0 0 rg BT 484.13 694.10 Td (fectively settled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (with the taxing authority) Tj ET Q q 0 0 0 rg BT 147.94 682.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 661.10 Td (The Company recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (Related to the uncertain tax benefits noted above, the Company accrued an immaterial amount of interest during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.72 637.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.32 637.10 Td ( and in total, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.47 637.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.06 637.10 Td (, has recognized a liability for interest of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.73 637.10 Td ($26 thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.34 637.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 616.10 Td (The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions and various international ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (jurisdictions. ) Tj ET Q q 0 0 0 rg BT 104.26 604.10 Td (The Company has a number of federal, state and foreign income tax years still open for examination as a result of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (the net operating loss carryforwards. ) Tj ET Q q 0 0 0 rg BT 198.29 592.10 Td (Accordingly the Company is subject to examination for both U.S. federal and certain state ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (tax return purposes for the years ending February29, 2004 to present.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (13. SEGMENT) Tj ET Q q 0 0 0 rg BT 114.83 556.10 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 165.47 556.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 539.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 539.10 Td (s operations are aligned into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.96 539.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.94 539.10 Td ( business segments: \(i\)Radio, \(ii\)Publishing and \(iii\) Corporate & ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (Emer) Tj ET Q q 0 0 0 rg BT 71.47 527.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 91.57 527.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.98 527.10 Td (echnologies. Emer) Tj ET Q q 0 0 0 rg BT 171.22 527.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 191.32 527.10 Td (T) Tj ET Q q 0 0 0 rg BT 196.73 527.10 Td (echnologies includes our ) Tj ET Q q 0 0 0 rg BT 298.47 527.10 Td (T) Tj ET Q q 0 0 0 rg BT 303.88 527.10 Td (agStation, NextRadio and Digonex businesses. Results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.10 Td (Emer) Tj ET Q q 0 0 0 rg BT 71.47 515.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 91.57 515.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.98 515.10 Td (echnologies were reclassified from the Radio segment in the prior periods presented below and are not material. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 498.10 Td (These business segments are consistent with the Company) Tj ET Q q 0 0 0 rg BT 310.35 498.10 Td (s management of these businesses and its financial reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 486.10 Td (structure. Corporate expenses are not allocated to reportable segments. ) Tj ET Q q 0 0 0 rg BT 334.99 486.10 Td (The results of operations of various sold businesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 474.10 Td (have been classified as discontinued operations and have been excluded from the segment disclosures below) Tj ET Q q 0 0 0 rg BT 483.10 474.10 Td (. See Note 1 for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 462.10 Td (more discussion of our discontinued operations. Our radio operations in New ) Tj ET Q q 0 0 0 rg BT 360.68 462.10 Td (Y) Tj ET Q q 0 0 0 rg BT 366.90 462.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 416.62 462.10 Td (Angeles, including the LMA) Tj ET Q q 0 0 0 rg BT 531.04 462.10 Td ( fee we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 450.10 Td (receive from a subsidiary of Disney) Tj ET Q q 0 0 0 rg BT 192.36 450.10 Td (, accounted for more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.31 450.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.64 450.10 Td ( of our radio revenues for the year ended February 28, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 438.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 109.71 438.10 Td (s segments operate exclusively in the United States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 417.10 Td (The accounting policies as described in the summary of significant accounting policies included in Note 1 to these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 405.10 Td (consolidated financial statements, are applied consistently across segments.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 394.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 354.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 354.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 354.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 354.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 354.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 354.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 354.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 354.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 314.80 240.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 314.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 314.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 314.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 314.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 314.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 314.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 314.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 274.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 274.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 274.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 274.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 274.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 274.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 274.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 274.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 244.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 244.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 244.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 244.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 244.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 244.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 244.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 244.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 214.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 214.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 214.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 214.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 214.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 214.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 214.80 4.00 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214.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 214.79999999999995 m 424.5 214.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 214.79999999999995 m 493.5 214.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 214.79999999999995 m 562.5 214.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 200.79999999999995 m 355.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 198.79999999999995 m 355.5 198.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 200.79999999999995 m 424.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 198.79999999999995 m 424.5 198.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 200.79999999999995 m 493.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 198.79999999999995 m 493.5 198.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 200.79999999999995 m 562.5 200.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 198.79999999999995 m 562.5 198.79999999999995 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 53 357.78007812499993 m 157.51953125 357.78007812499993 l s q 0 0 0 rg BT 53.00 359.03 Td (Year Ended February 28, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.25 359.03 Td (Radio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.25 359.03 Td (Publishing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.35 375.03 Td (Corporate &) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.60 367.03 Td (Emerging) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.60 359.03 Td (Technologies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.05 359.03 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 345.37 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 344.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 344.47 Td (176,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 344.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 344.47 Td (61,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 344.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 344.47 Td (546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 344.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 344.47 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 330.37 Td (Station operating expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 320.37 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 319.47 Td (117,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 319.47 Td (60,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 319.47 Td (3,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 319.47 Td (181,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 305.37 Td (Corporate expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 295.37 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 294.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 294.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 294.47 Td (14,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 294.47 Td (14,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 280.37 Td (LMA fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 279.47 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 279.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 279.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 279.47 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 265.37 Td (Hungary license litigation and related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 264.47 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 264.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 264.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 264.47 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 250.37 Td (Impairment 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219.52 Td (\(2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 219.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 205.37 Td (Operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 204.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.80 204.52 Td (\(14,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.65 204.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 204.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 204.47 Td (814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 204.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 204.52 Td (\(20,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 204.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 204.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 204.52 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 204.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 179 0 obj <>] /Rotate 0 /Contents 180 0 R>> endobj 180 0 obj <> stream BT /F1 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561.5 543.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 418.5 m 354.5 418.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 418.5 m 423.5 418.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 418.5 m 492.5 418.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 418.5 m 561.5 418.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 404.5 m 354.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 402.5 m 354.5 402.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 404.5 m 423.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 402.5 m 423.5 402.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 404.5 m 492.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 402.5 m 492.5 402.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 404.5 m 561.5 404.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 402.5 m 561.5 402.5 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 52 546.480078125 m 156.51953125 546.480078125 l s q 0 0 0 rg BT 52.00 547.73 Td (Year Ended February 28, 2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.25 547.73 Td (Radio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.25 547.73 Td (Publishing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.35 563.73 Td (Corporate &) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.60 555.73 Td (Emerging) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.60 547.73 Td (Technologies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.05 547.73 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 534.07 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 533.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 533.17 Td (138,630) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 533.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 533.17 Td (57,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 533.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 533.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 533.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 533.17 Td (196,084) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 519.07 Td (Station operating expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 509.07 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 508.17 Td (95,830) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 508.17 Td (58,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 508.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 508.17 Td (154,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 494.07 Td (Corporate expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 484.07 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 483.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 483.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 483.17 Td (17,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 483.17 Td (17,819) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 469.07 Td (Hungary license litigation and related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 468.17 Td (1,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 468.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 468.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 468.17 Td (1,381) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 454.07 Td (Impairment loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 453.17 Td (10,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 453.17 Td (448) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 453.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 453.17 Td (11,419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 439.07 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 438.17 Td (2,451) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 438.17 Td (318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 438.17 Td (1,953) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 438.17 Td (4,722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 424.07 Td (\(Gain\) loss on sale of fixed assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.80 423.22 Td (\(9,897) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 423.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 423.17 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 423.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.80 423.22 Td (\(9,877) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 423.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 409.07 Td (Operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 408.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 408.17 Td (37,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 408.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.80 408.22 Td (\(1,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 408.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 408.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 408.22 Td (\(19,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 408.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 408.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 408.17 Td (16,549) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 349.50 241.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 349.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 349.50 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 349.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 349.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.50 349.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 429.50 349.50 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 349.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 349.50 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 364.5 m 357.5 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 364.5 m 425.5 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 364.5 m 493.5 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 364.5 m 561.5 364.5 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 52 367.480078125 m 92.37890625 367.480078125 l s q 0 0 0 rg BT 52.00 368.73 Td (Total Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.25 368.73 Td (Radio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.75 368.73 Td (Publishing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.85 384.73 Td (Corporate &) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.10 376.73 Td (Emerging) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.10 368.73 Td (Technologies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.55 368.73 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 355.07 Td (As of February 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 354.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 354.17 Td (210,161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 354.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 354.17 Td (21,809) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.00 354.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 354.17 Td (33,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 354.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 354.17 Td (265,348) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 340.07 Td (As of February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 339.17 Td (282,653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 339.17 Td (21,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 339.17 Td (30,457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 339.17 Td (334,732) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 311.00 Td (14. OTHER \(EXPENSE\) INCOME, NET) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 294.00 Td (Components of other \(expense\) income, net for the three years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.39 294.00 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.39 294.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.39 294.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.39 294.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.83 294.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.83 294.00 Td ( were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 257.50 309.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 257.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 257.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 257.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 257.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 257.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 217.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 217.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 217.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 217.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 217.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 217.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 187.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 187.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 187.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 187.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 187.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 187.50 65.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 270.5 m 424.5 270.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 270.5 m 428.5 270.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 270.5 m 493.5 270.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 270.5 m 497.5 270.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 270.5 m 562.5 270.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 257.5 m 424.5 257.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 257.5 m 493.5 257.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 257.5 m 562.5 257.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 187.5 m 424.5 187.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 187.5 m 493.5 187.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 187.5 m 562.5 187.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 173.5 m 424.5 173.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 171.5 m 424.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 173.5 m 493.5 173.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 171.5 m 493.5 171.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 173.5 m 562.5 173.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 171.5 m 562.5 171.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.05 274.73 Td (FortheyearendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 261.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 261.73 Td (2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 261.73 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 261.73 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 247.17 Td (\(Loss\) income from unconsolidated affiliate, including other-than-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 237.17 Td (temporary impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 237.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 237.22 Td (\(211) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 237.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 237.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 237.17 Td (96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 237.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 237.17 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 222.17 Td (Other-than-temporary impairment loss on available for sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 222.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 222.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 222.22 Td (\(6,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 222.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 207.17 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 207.17 Td (87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 207.17 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 207.17 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 192.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 192.17 Td (114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 192.22 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 192.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 192.17 Td (175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 177.17 Td (Total other \(expense\) income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 177.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 177.22 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 177.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 177.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 177.17 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 177.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 177.22 Td (\(6,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 177.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 149.00 Td (See Note 1m for further discussion of the other) Tj ET Q q 0 0 0 rg BT 260.59 149.00 Td (-than-temporary loss related to our available for sale investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 125.00 Td (15. RELA) Tj ET Q q 0 0 0 rg BT 92.04 125.00 Td (TED P) Tj ET Q q 0 0 0 rg BT 120.47 125.00 Td (AR) Tj ET Q q 0 0 0 rg BT 134.56 125.00 Td (TY) Tj ET Q q 0 0 0 rg BT 148.08 125.00 Td ( ) Tj ET Q q 0 0 0 rg BT 150.40 125.00 Td (TRANSACTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 108.00 Td (During the year ended February 28, 2013, Emmis for) Tj ET Q q 0 0 0 rg BT 286.54 108.00 Td (gave a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.86 108.00 Td ($1.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.75 108.00 Td ( loan receivable from Mr) Tj ET Q q 0 0 0 rg BT 463.16 108.00 Td (.Jef) Tj ET Q q 0 0 0 rg BT 479.63 108.00 Td (freyH. Smulyan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.00 Td (our Chariman, Chief Executive Of) Tj ET Q q 0 0 0 rg BT 187.83 96.00 Td (ficer and President in connection with the execution of a new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.25 96.00 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.23 96.00 Td (-year employment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.00 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 96.46 84.00 Td (This non-cash char) Tj ET Q q 0 0 0 rg BT 172.36 84.00 Td (ge is included in corporate expenses, excluding depreciation and amortization expense, in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.00 Td (accompanying consolidated statements of operations for the year ending February 28, 2013. ) Tj ET Q q 0 0 0 rg BT 420.27 72.00 Td (The for) Tj ET Q q 0 0 0 rg BT 449.79 72.00 Td (given loan was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.00 Td (grandfathered under the Sarbanes-Oxley ) Tj ET Q q 0 0 0 rg BT 213.82 60.00 Td (Act of 2002. Emmis no longer makes loans to executive of) Tj ET Q q 0 0 0 rg BT 448.87 60.00 Td (ficers and directors.) Tj ET Q endstream endobj 181 0 obj <>] /Rotate 0 /Contents 182 0 R>> endobj 182 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (Prior to 2002, the Company made certain life insurance premium payments for the benefit of Mr) Tj ET Q q 0 0 0 rg BT 459.45 742.10 Td (.Smulyan. ) Tj ET Q q 0 0 0 rg BT 504.83 742.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (discontinued making such payments in 2001; however) Tj ET Q q 0 0 0 rg BT 267.34 730.10 Td (, pursuant to a Split Dollar Life Insurance ) Tj ET Q q 0 0 0 rg BT 435.91 730.10 Td (Agreement and Limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 91.38 718.10 Td (Assignment dated November2, 1997, the Company retains the right, upon Mr) Tj ET Q q 0 0 0 rg BT 403.55 718.10 Td (.Smulyan) Tj ET Q q 0 0 0 rg BT 446.88 718.10 Td (s death, resignation or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (termination of employment, to recover all of the premium payments it has made, which total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.40 706.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.29 706.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (16. SUMMARIZED QUAR) Tj ET Q q 0 0 0 rg BT 167.15 689.10 Td (TERL) Tj ET Q q 0 0 0 rg BT 193.46 689.10 Td (Y) Tj ET Q q 0 0 0 rg BT 200.31 689.10 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 258.93 689.10 Td ( DA) Tj ET Q q 0 0 0 rg BT 275.13 689.10 Td (T) Tj ET Q q 0 0 0 rg BT 281.06 689.10 Td (A) Tj ET Q q 0 0 0 rg BT 287.73 689.10 Td ( \(UNAUDITED\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 672.10 Td (The following table presents unaudited operating results for each quarter within the two most recent years. ) Tj ET Q q 0 0 0 rg BT 500.80 672.10 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (believes that all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (stated below to present fairly the following quarterly results when read in conjunction with the financial statements included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (elsewhere in this report. Results of operations for any particular quarter are not necessarily indicative of results of operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (for a full year) Tj ET Q q 0 0 0 rg BT 104.14 624.10 Td (. ) Tj ET Q q 0 0 0 rg BT 108.96 624.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 168.67 624.10 Td (s financial results are also not comparable from quarter to quarter due to: \(1\) the seasonality of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (revenues, with revenues usually the lowest in the last quarter of each fiscal year; \(2\) the LMA) Tj ET Q q 0 0 0 rg BT 424.59 612.10 Td ( and eventual acquisition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 114.82 600.10 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 193.60 600.10 Td (Y) Tj ET Q q 0 0 0 rg BT 199.82 600.10 Td (ork as discussed in Note 1e and Note 7, \(3\) the refinancing of our Credit ) Tj ET Q q 0 0 0 rg BT 490.85 600.10 Td (Agreement in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (June 2014, which resulted in additional debt outstanding and higher overall borrowing rates as described in Note 5, Long-T) Tj ET Q q 0 0 0 rg BT 543.07 588.10 Td (erm ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (Debt; \(4\) the impairment of intangible assets in New ) Tj ET Q q 0 0 0 rg BT 262.63 576.10 Td (Y) Tj ET Q q 0 0 0 rg BT 268.85 576.10 Td (ork recorded in the fourth quarter of fiscal 2015 as described in Note 9, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (Intangible ) Tj ET Q q 0 0 0 rg BT 92.49 564.10 Td (Assets and Goodwill; and \(5\) the reversal of a valuation allowance on most of Emmis' deferred tax assets due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (improved operating results during the quarter ended February 28, 2014 and the subsequent re-establishment of the valuation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (allowance during the quarter ended February 28, 2015, as discussed in Note 12, Income ) Tj ET Q q 0 0 0 rg BT 403.33 540.10 Td (T) Tj ET Q q 0 0 0 rg BT 408.74 540.10 Td (axes.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 481.60 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 481.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 481.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 481.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 481.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 451.60 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 451.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 451.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 451.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 451.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 451.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 451.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 451.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 421.60 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 421.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 421.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 421.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 421.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 421.60 67.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 509.6 m 344.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 509.6 m 348.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 509.6 m 419.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 509.6 m 423.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 509.6 m 490.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 509.6 m 494.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 509.6 m 561.5 509.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 494.6 m 344.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 494.6 m 419.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 494.6 m 490.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 494.6 m 561.5 494.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.50 514.27 Td (Year ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.80 499.27 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.25 499.27 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.85 499.27 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.60 499.27 Td (Fourth Quarter) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 485.85 Td (\(in 000's except per share data\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 471.27 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 471.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 471.27 Td (59,724) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 471.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 471.27 Td (61,824) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 471.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 471.27 Td (62,960) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 471.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 471.27 Td (53,430) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 456.27 Td (Operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 456.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 456.27 Td (6,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 456.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 456.27 Td (12,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 456.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 456.27 Td (13,106) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 456.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.80 456.32 Td (\(66,334) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 456.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 441.27 Td (Consolidated net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 441.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 441.27 Td (2,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 441.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 441.27 Td (4,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 441.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 441.27 Td (3,234) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 441.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.80 441.32 Td (\(106,078) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 441.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 426.27 Td (Basic earnings \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 426.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 426.27 Td (0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 426.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 426.27 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 426.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 426.27 Td (0.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 426.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 426.32 Td (\(2.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 426.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 411.27 Td (Diluted earnings \(loss\) per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 411.27 Td (0.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 411.27 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 411.27 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 411.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.80 411.32 Td (\(2.47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 411.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 348.60 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 348.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 348.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 348.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 348.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 348.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 348.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 348.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 318.60 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 318.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 318.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 318.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 318.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 318.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 318.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 318.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 288.60 228.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 277.50 288.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 288.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 288.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 288.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 288.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 288.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 288.60 67.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 376.6 m 344.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 376.6 m 348.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 376.6 m 419.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 419.5 376.6 m 423.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 376.6 m 490.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 376.6 m 494.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 376.6 m 561.5 376.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 277.5 361.6 m 344.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 361.6 m 419.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 361.6 m 490.5 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 494.5 361.6 m 561.5 361.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.50 381.27 Td (Year ended February 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.80 366.27 Td (First Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.25 366.27 Td (Second Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.85 366.27 Td (Third Quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.60 366.27 Td (Fourth Quarter) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.30 352.85 Td (\(in 000's except per share data\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 338.27 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 338.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 338.27 Td (50,586) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 338.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 338.27 Td (54,967) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 338.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 338.27 Td (52,621) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 338.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 338.27 Td (46,972) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 323.27 Td (Operating income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 323.27 Td (7,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 323.27 Td (5,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 323.27 Td (8,711) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 323.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.65 323.27 Td (736) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 308.27 Td (Consolidated net income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 308.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 308.27 Td (4,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 308.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 308.27 Td (3,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 308.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 308.27 Td (5,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 308.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 308.27 Td (34,105) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 293.27 Td (Basic earnings per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 293.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 293.27 Td (0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 293.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 293.27 Td (0.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 293.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 293.27 Td (0.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 293.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 293.27 Td (0.82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 278.27 Td (Diluted earnings per common share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 278.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 278.27 Td (0.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 278.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 278.27 Td (0.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 278.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 278.27 Td (0.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 278.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.15 278.27 Td (0.71) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td (17. SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 131.57 245.10 Td ( EVENTS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (Additional Investment in Digonex) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 211.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.17 211.10 Td (April 21, 2015, Emmis invested an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.87 211.10 Td ($1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.37 211.10 Td ( million in Digonex ) Tj ET Q q 0 0 0 rg BT 369.29 211.10 Td (T) Tj ET Q q 0 0 0 rg BT 374.71 211.10 Td (echnologies, Inc. in the form of convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.10 Td (debt, which resulted in Emmis owning rights that are convertible into approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.70 199.10 Td (73%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.03 199.10 Td ( of the common equity of Digonex. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 177.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 80.70 177.10 Td (Amendment of the 2014 Cr) Tj ET Q q 0 0 0 rg BT 188.09 177.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 205.40 177.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 220.03 177.10 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 160.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.17 160.10 Td (April 30, 2015, Emmis entered into a Second ) Tj ET Q q 0 0 0 rg BT 268.92 160.10 Td (Amendment to our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 396.40 160.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 445.65 160.10 Td (The Second ) Tj ET Q q 0 0 0 rg BT 495.08 160.10 Td (Amendment \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (increases the maximum ) Tj ET Q q 0 0 0 rg BT 146.23 148.10 Td (T) Tj ET Q q 0 0 0 rg BT 151.64 148.10 Td (otal Leverage Ratio to \(A\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.66 148.10 Td (6.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.16 148.10 Td (:1.00 during the period from May 31, 2015 through February 29, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (\(B\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.33 136.10 Td (6.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.83 136.10 Td (:1.00 for the quarter ended May 31, 2016, \(C\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.34 136.10 Td (6.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.84 136.10 Td (:1.00 for the quarter ended ) Tj ET Q q 0 0 0 rg BT 394.13 136.10 Td (August 31, 2016, \(D\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.91 136.10 Td (6.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.41 136.10 Td (:1.00 for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (quarter ended November 30, 2016, and \(E\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.11 124.10 Td (5.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.61 124.10 Td (:1.00 for the quarter ended February 28, 2017, after which it reverts to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.10 Td (original ratio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.76 112.10 Td (4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.26 112.10 Td (:1.00 for the quarters ended May 31, 2017 and thereafter) Tj ET Q q 0 0 0 rg BT 358.17 112.10 Td (, \(ii\) requires Emmis to pay a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.58 112.10 Td (2.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.41 112.10 Td ( fee on certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.10 Td (prepayments of the ) Tj ET Q q 0 0 0 rg BT 128.46 100.10 Td (T) Tj ET Q q 0 0 0 rg BT 133.87 100.10 Td (erm Loan prior to the first anniversary of the Second ) Tj ET Q q 0 0 0 rg BT 346.58 100.10 Td (Amendment and requires Emmis to pay a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.15 100.10 Td (1.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.98 100.10 Td ( fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.10 Td (on certain prepayments of the ) Tj ET Q q 0 0 0 rg BT 170.66 88.10 Td (T) Tj ET Q q 0 0 0 rg BT 176.07 88.10 Td (erm Loan from the first anniversary of the Second ) Tj ET Q q 0 0 0 rg BT 378.51 88.10 Td (Amendment until the second anniversary of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (the Second ) Tj ET Q q 0 0 0 rg BT 95.60 76.10 Td (Amendment, \(iii\) increases the ) Tj ET Q q 0 0 0 rg BT 220.84 76.10 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 283.69 76.10 Td (gin throughout the remainder of the term of the Credit ) Tj ET Q q 0 0 0 rg BT 501.97 76.10 Td (Agreement to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.10 Td (5.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.33 64.10 Td ( for ) Tj ET Q q 0 0 0 rg BT 91.44 64.10 Td (ABR Loans \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 240.02 64.10 Td (Agreement\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.21 64.10 Td (6.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.04 64.10 Td ( for Eurodollar Loans \(as defined in the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 52.10 Td (Agreement\), and \(iv\) increases the amortization to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.31 52.10 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.14 52.10 Td ( per calendar quarter through January 1, 2016 and to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.01 52.10 Td (1.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.84 52.10 Td ( per ) Tj ET Q endstream endobj 183 0 obj <>] /Rotate 0 /Contents 184 0 R>> endobj 184 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (91) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (calendar quarter thereafter commencing ) Tj ET Q q 0 0 0 rg BT 211.08 742.10 Td (April 1, 2016. ) Tj ET Q q 0 0 0 rg BT 272.00 742.10 Td (The Second ) Tj ET Q q 0 0 0 rg BT 321.44 742.10 Td (Amendment also requires Emmis to pay a fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.21 742.10 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.04 742.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.04 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 69.45 730.10 Td (erm Loan and Revolving Commitment of each Lender that consented to the Second ) Tj ET Q q 0 0 0 rg BT 405.75 730.10 Td (Amendment. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (ITEM9. ) Tj ET Q q 0 0 0 rg BT 108.50 684.10 Td (CHANGES IN ) Tj ET Q q 0 0 0 rg BT 173.51 684.10 Td (AND DISAGREEMENTS ) Tj ET Q q 0 0 0 rg BT 287.80 684.10 Td (WITH ) Tj ET Q q 0 0 0 rg BT 318.08 684.10 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 367.90 684.10 Td (ANTS ON ) Tj ET Q q 0 0 0 rg BT 414.02 684.10 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 485.42 684.10 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.50 672.10 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 164.62 672.10 Td ( DISCLOSURE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 655.10 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 626.30 Td (ITEM9A. ) Tj ET Q q 0 0 0 rg BT 108.50 626.30 Td (CONTROLS ) Tj ET Q q 0 0 0 rg BT 166.57 626.30 Td (AND PROCEDURES) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 607.9669921875 m 250.234375 607.9669921875 l s q 0 0 0 rg BT 50.00 609.30 Td (Evaluation of Disclosure Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 592.30 Td (As of the end of the period covered by this annual report, the Company evaluated the ef) Tj ET Q q 0 0 0 rg BT 424.54 592.30 Td (fectiveness of the design and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.30 Td (operation of its disclosure controls and procedures \(Disclosure Controls\). ) Tj ET Q q 0 0 0 rg BT 363.06 580.30 Td (This evaluation \(the Controls Evaluation\) was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.30 Td (performed under the supervision and with the participation of management, including our Chief Executive Of) Tj ET Q q 0 0 0 rg BT 488.30 568.30 Td (ficer \(CEO\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.30 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 124.80 556.30 Td (ficer \(CFO\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 539.30 Td (Based upon the Controls Evaluation, our CEO and CFO concluded that as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.39 539.30 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.99 539.30 Td (, our Disclosure Controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 527.30 Td (are ef) Tj ET Q q 0 0 0 rg BT 72.29 527.30 Td (fective to provide reasonable assurance that information relating to Emmis Communications Corporation and Subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 515.30 Td (that is required to be disclosed by us in the reports that we file or submit is recorded, processed, summarized and reported, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.30 Td (within the time periods specified in the Securities and Exchange Commission) Tj ET Q q 0 0 0 rg BT 362.71 503.30 Td (s rules and forms, and is accumulated and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 491.30 Td (communicated to our management, including our principal executive and principal financial of) Tj ET Q q 0 0 0 rg BT 429.13 491.30 Td (ficers, or persons performing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.30 Td (similar functions, as appropriate to allow timely decisions regarding required disclosure.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 460.9669921875 m 271.064453125 460.9669921875 l s q 0 0 0 rg BT 50.00 462.30 Td (Changes in Internal Control Over Financial Reporting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 445.30 Td (There was no change in our internal control over financial reporting \(as defined in Rule 13a-15\(f\)\) that occurred during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.30 Td (the fourth quarter of fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.46 433.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.46 433.30 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 263.91 433.30 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 445.32 433.30 Td (fect, our internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.30 Td (over financial reporting.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 402.9669921875 m 465 402.9669921875 l s q 0 0 0 rg BT 50.00 404.30 Td (Limitations on Ef) Tj ET Q q 0 0 0 rg BT 120.37 404.30 Td (fectiveness of Controls and Procedures and Internal Control over Financial Reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 387.30 Td (In designing and evaluating the disclosure controls and procedures and internal control over financial reporting, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.30 Td (management recognizes that any controls and procedures, no matter how well designed and operated, can provide only ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.30 Td (reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 351.30 Td (and internal control over financial reporting must reflect the fact that there are resource constraints and that management is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 339.30 Td (required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 320.9669921875 m 322.4365234375 320.9669921875 l s q 0 0 0 rg BT 50.00 322.30 Td (Management) Tj ET Q q 0 0 0 rg BT 104.98 322.30 Td (s Report on Internal Control Over Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 305.30 Td (Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 226.77 305.30 Td (s management is responsible for establishing and maintaining adequate internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.30 Td (control over financial reporting. Pursuant to the rules and regulations of the Securities and Exchange Commission, internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 281.30 Td (control over financial reporting is a process designed by) Tj ET Q q 0 0 0 rg BT 273.73 281.30 Td (, or under the supervision of, Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 544.25 281.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.30 Td (principal executive and principal financial of) Tj ET Q q 0 0 0 rg BT 229.46 269.30 Td (ficers and ef) Tj ET Q q 0 0 0 rg BT 278.70 269.30 Td (fected by Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 470.89 269.30 Td (s board of directors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.30 Td (management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.30 Td (preparation of financial statements for external purposes in accordance with generally accepted accounting principles and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.30 Td (includes those policies and procedures that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 209.30 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 209.30 Td (Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 197.30 Td (dispositions of the assets of Emmis Communications Corporation;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 173.30 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 173.30 Td (Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 161.30 Td (accordance with generally accepted accounting principles, and that receipts and expenditures of Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 149.30 Td (Communications Corporation are being made only in accordance with authorizations of management and directors of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 137.30 Td (Emmis Communications Corporation; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 113.30 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 113.30 Td (Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 101.30 Td (Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 233.22 101.30 Td (s assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 378.81 101.30 Td (fect on the financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 80.30 Td (Management has evaluated the ef) Tj ET Q q 0 0 0 rg BT 207.65 80.30 Td (fectiveness of its internal control over financial reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.78 80.30 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.38 80.30 Td (, based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.30 Td (on the control criteria established in a report entitled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 261.87 68.30 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 319.56 68.30 Td (olIntegrated Framework) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.04 68.30 Td ( \(1992 Framework\), issued by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.30 Td (the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 180.92 56.30 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 254.33 56.30 Td (T) Tj ET Q q 0 0 0 rg BT 260.08 56.30 Td (readway Commission. Based on such evaluation, we have concluded that ) Tj ET Q endstream endobj 185 0 obj <>] /Rotate 0 /Contents 186 0 R>> endobj 186 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 202.77 742.10 Td (s internal control over financial reporting is ef) Tj ET Q q 0 0 0 rg BT 386.69 742.10 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.05 742.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 742.10 Td (. ) Tj ET Q q 0 0 0 rg BT 516.47 742.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 730.10 Td (fectiveness of the Company) Tj ET Q q 0 0 0 rg BT 171.72 730.10 Td (s internal control over financial reporting as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.55 730.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.15 730.10 Td ( has been audited by Ernst & ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (Y) Tj ET Q q 0 0 0 rg BT 56.22 718.10 Td (oung LLP) Tj ET Q q 0 0 0 rg BT 95.39 718.10 Td (, an independent registered public accounting firm, as stated in their report which appears on the following page. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.10 Td (Jef) Tj ET Q q 0 0 0 rg BT 61.48 684.10 Td (frey H. Smulyan ) Tj ET Q q 0 0 0 rg BT 158.00 684.10 Td (Chairman, President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 336.66 684.10 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 667.10 Td (Patrick M. ) Tj ET Q q 0 0 0 rg BT 94.54 667.10 Td (W) Tj ET Q q 0 0 0 rg BT 103.17 667.10 Td (alsh ) Tj ET Q q 0 0 0 rg BT 122.00 667.10 Td ( ) Tj ET Q q 0 0 0 rg BT 158.00 667.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 200.30 667.10 Td (V) Tj ET Q q 0 0 0 rg BT 206.92 667.10 Td (ice President, Chief Operating Of) Tj ET Q q 0 0 0 rg BT 340.87 667.10 Td (ficer and Chief Financial Of) Tj ET Q q 0 0 0 rg BT 453.42 667.10 Td (ficer) Tj ET Q endstream endobj 187 0 obj <>] /Rotate 0 /Contents 188 0 R>> endobj 188 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (93) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Report of Independent Register) Tj ET Q q 0 0 0 rg BT 185.08 742.25 Td (ed Public ) Tj ET Q q 0 0 0 rg BT 226.76 742.25 Td (Accounting Firm) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (The Board of Directors and Shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.25 Td (Emmis Communications Corporation and Subsidiaries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 682.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 682.25 Td (e ) Tj ET Q q 0 0 0 rg BT 86.83 682.25 Td (have ) Tj ET Q q 0 0 0 rg BT 106.96 682.25 Td (audited ) Tj ET Q q 0 0 0 rg BT 137.64 682.25 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 167.23 682.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 236.81 682.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 286.39 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 302.08 682.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 352.21 682.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 384.01 682.25 Td (control ) Tj ET Q q 0 0 0 rg BT 413.58 682.25 Td (over ) Tj ET Q q 0 0 0 rg BT 432.60 682.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 468.84 682.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 506.74 682.25 Td (as ) Tj ET Q q 0 0 0 rg BT 516.32 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 525.91 682.25 Td (February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 66.94 670.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 93.87 670.25 Td (based ) Tj ET Q q 0 0 0 rg BT 121.08 670.25 Td (on ) Tj ET Q q 0 0 0 rg BT 135.51 670.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 168.26 670.25 Td (established ) Tj ET Q q 0 0 0 rg BT 217.13 670.25 Td (in ) Tj ET Q q 0 0 0 rg BT 229.35 670.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 264.88 670.25 Td (Control-Integrated ) Tj ET Q q 0 0 0 rg BT 343.73 670.25 Td (Framework ) Tj ET Q q 0 0 0 rg BT 394.27 670.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 423.70 670.25 Td (by ) Tj ET Q q 0 0 0 rg BT 438.14 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.79 670.25 Td (Committee ) Tj ET Q q 0 0 0 rg BT 503.67 670.25 Td (of ) Tj ET Q q 0 0 0 rg BT 516.44 670.25 Td (Sponsoring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.25 Td (Or) Tj ET Q q 0 0 0 rg BT 60.37 658.25 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 108.72 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.85 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.67 658.25 Td (T) Tj ET Q q 0 0 0 rg BT 140.42 658.25 Td (readway ) Tj ET Q q 0 0 0 rg BT 177.09 658.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 230.46 658.25 Td (\(1992 ) Tj ET Q q 0 0 0 rg BT 256.59 658.25 Td (framework\) ) Tj ET Q q 0 0 0 rg BT 306.59 658.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 324.94 658.25 Td (COSO ) Tj ET Q q 0 0 0 rg BT 354.42 658.25 Td (criteria\). ) Tj ET Q q 0 0 0 rg BT 391.36 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 394.17 658.25 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 425.31 658.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 496.44 658.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 547.57 658.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 101.21 646.25 Td (management ) Tj ET Q q 0 0 0 rg BT 154.62 646.25 Td (is ) Tj ET Q q 0 0 0 rg BT 163.62 646.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 211.49 646.25 Td (for ) Tj ET Q q 0 0 0 rg BT 225.47 646.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 275.56 646.25 Td (ef) Tj ET Q q 0 0 0 rg BT 283.15 646.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 312.67 646.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 345.54 646.25 Td (control ) Tj ET Q q 0 0 0 rg BT 376.19 646.25 Td (over ) Tj ET Q q 0 0 0 rg BT 396.28 646.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 433.58 646.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 475.06 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 491.82 646.25 Td (for ) Tj ET Q q 0 0 0 rg BT 505.81 646.25 Td (its ) Tj ET Q q 0 0 0 rg BT 517.58 646.25 Td (assessment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.01 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.91 634.25 Td (ef) Tj ET Q q 0 0 0 rg BT 83.50 634.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 130.61 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 141.62 634.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 174.85 634.25 Td (control ) Tj ET Q q 0 0 0 rg BT 205.85 634.25 Td (over ) Tj ET Q q 0 0 0 rg BT 226.31 634.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 263.97 634.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 303.31 634.25 Td (included ) Tj ET Q q 0 0 0 rg BT 340.42 634.25 Td (in ) Tj ET Q q 0 0 0 rg BT 350.89 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.79 634.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 426.78 634.25 Td (Management) Tj ET Q q 0 0 0 rg BT 481.76 634.25 Td (s ) Tj ET Q q 0 0 0 rg BT 488.33 634.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 518.23 634.25 Td (on ) Tj ET Q q 0 0 0 rg BT 530.92 634.25 Td (Internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.25 Td (Control ) Tj ET Q q 0 0 0 rg BT 83.47 622.25 Td (over ) Tj ET Q q 0 0 0 rg BT 104.15 622.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 144.27 622.25 Td (Reporting. ) Tj ET Q q 0 0 0 rg BT 189.67 622.25 Td ( ) Tj ET Q q 0 0 0 rg BT 192.58 622.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 211.04 622.25 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 268.40 622.25 Td (is ) Tj ET Q q 0 0 0 rg BT 277.98 622.25 Td (to ) Tj ET Q q 0 0 0 rg BT 288.67 622.25 Td (express ) Tj ET Q q 0 0 0 rg BT 321.57 622.25 Td (an ) Tj ET Q q 0 0 0 rg BT 333.92 622.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 367.38 622.25 Td (on ) Tj ET Q q 0 0 0 rg BT 380.29 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 395.42 622.25 Td (company) Tj ET Q q 0 0 0 rg BT 434.85 622.25 Td (s ) Tj ET Q q 0 0 0 rg BT 441.66 622.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 475.11 622.25 Td (control ) Tj ET Q q 0 0 0 rg BT 506.34 622.25 Td (over ) Tj ET Q q 0 0 0 rg BT 527.02 622.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 89.16 610.25 Td (based ) Tj ET Q q 0 0 0 rg BT 114.42 610.25 Td (on ) Tj ET Q q 0 0 0 rg BT 126.92 610.25 Td (our ) Tj ET Q q 0 0 0 rg BT 142.75 610.25 Td (audit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 586.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 586.25 Td (e ) Tj ET Q q 0 0 0 rg BT 87.11 586.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 129.74 586.25 Td (our ) Tj ET Q q 0 0 0 rg BT 144.60 586.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 166.13 586.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.44 586.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 221.93 586.25 Td (with ) Tj ET Q q 0 0 0 rg BT 241.25 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 255.00 586.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 294.30 586.25 Td (of ) Tj ET Q q 0 0 0 rg BT 304.16 586.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.91 586.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 345.00 586.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 385.08 586.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 433.27 586.25 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 474.24 586.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 500.21 586.25 Td (\(United ) Tj ET Q q 0 0 0 rg BT 532.29 586.25 Td (States\). ) Tj ET Q q 0 0 0 rg BT 564.51 586.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.25 Td (Those ) Tj ET Q q 0 0 0 rg BT 76.45 574.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 116.24 574.25 Td (require ) Tj ET Q q 0 0 0 rg BT 146.57 574.25 Td (that ) Tj ET Q q 0 0 0 rg BT 163.58 574.25 Td (we ) Tj ET Q q 0 0 0 rg BT 177.26 574.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 196.49 574.25 Td (and ) Tj ET Q q 0 0 0 rg BT 212.94 574.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 247.17 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 261.40 574.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 283.41 574.25 Td (to ) Tj ET Q q 0 0 0 rg BT 293.20 574.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 320.21 574.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 364.98 574.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 405.87 574.25 Td (about ) Tj ET Q q 0 0 0 rg BT 430.10 574.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 464.32 574.25 Td (ef) Tj ET Q q 0 0 0 rg BT 471.91 574.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 501.13 574.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 533.68 574.25 Td (control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.25 Td (over ) Tj ET Q q 0 0 0 rg BT 69.79 562.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 106.79 562.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 145.46 562.25 Td (was ) Tj ET Q q 0 0 0 rg BT 163.03 562.25 Td (maintained ) Tj ET Q q 0 0 0 rg BT 209.48 562.25 Td (in ) Tj ET Q q 0 0 0 rg BT 219.28 562.25 Td (all ) Tj ET Q q 0 0 0 rg BT 231.29 562.25 Td (material ) Tj ET Q q 0 0 0 rg BT 266.07 562.25 Td (respects. ) Tj ET Q q 0 0 0 rg BT 302.80 562.25 Td ( ) Tj ET Q q 0 0 0 rg BT 304.81 562.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 322.39 562.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 344.40 562.25 Td (included ) Tj ET Q q 0 0 0 rg BT 380.85 562.25 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 420.64 562.25 Td (an ) Tj ET Q q 0 0 0 rg BT 432.10 562.25 Td (understanding ) Tj ET Q q 0 0 0 rg BT 490.78 562.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.13 562.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 533.69 562.25 Td (control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.25 Td (over ) Tj ET Q q 0 0 0 rg BT 71.69 550.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 110.58 550.25 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 153.66 550.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 194.79 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.93 550.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 229.84 550.25 Td (that ) Tj ET Q q 0 0 0 rg BT 248.76 550.25 Td (a ) Tj ET Q q 0 0 0 rg BT 257.11 550.25 Td (material ) Tj ET Q q 0 0 0 rg BT 293.79 550.25 Td (weakness ) Tj ET Q q 0 0 0 rg BT 336.03 550.25 Td (exists, ) Tj ET Q q 0 0 0 rg BT 365.22 550.25 Td (testing ) Tj ET Q q 0 0 0 rg BT 395.80 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 414.16 550.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 459.73 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 475.86 550.25 Td (design ) Tj ET Q q 0 0 0 rg BT 505.88 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 524.24 550.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 538.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 104.47 538.25 Td (of ) Tj ET Q q 0 0 0 rg BT 115.27 538.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 148.27 538.25 Td (control ) Tj ET Q q 0 0 0 rg BT 179.06 538.25 Td (based ) Tj ET Q q 0 0 0 rg BT 204.29 538.25 Td (on ) Tj ET Q q 0 0 0 rg BT 216.75 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.43 538.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 267.78 538.25 Td (risk, ) Tj ET Q q 0 0 0 rg BT 287.74 538.25 Td (and ) Tj ET Q q 0 0 0 rg BT 304.64 538.25 Td (performing ) Tj ET Q q 0 0 0 rg BT 352.09 538.25 Td (such ) Tj ET Q q 0 0 0 rg BT 372.88 538.25 Td (other ) Tj ET Q q 0 0 0 rg BT 395.89 538.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 442.22 538.25 Td (as ) Tj ET Q q 0 0 0 rg BT 453.01 538.25 Td (we ) Tj ET Q q 0 0 0 rg BT 467.13 538.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 512.91 538.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 554.24 538.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.72 526.25 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 126.36 526.25 Td ( ) Tj ET Q q 0 0 0 rg BT 128.68 526.25 Td (W) Tj ET Q q 0 0 0 rg BT 137.31 526.25 Td (e ) Tj ET Q q 0 0 0 rg BT 144.25 526.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 175.63 526.25 Td (that ) Tj ET Q q 0 0 0 rg BT 193.12 526.25 Td (our ) Tj ET Q q 0 0 0 rg BT 208.95 526.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 231.45 526.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 268.38 526.25 Td (a ) Tj ET Q q 0 0 0 rg BT 275.32 526.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 320.58 526.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 343.08 526.25 Td (for ) Tj ET Q q 0 0 0 rg BT 357.24 526.25 Td (our ) Tj ET Q q 0 0 0 rg BT 373.07 526.25 Td (opinion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 502.25 Td (A) Tj ET Q q 0 0 0 rg BT 79.17 502.25 Td ( ) Tj ET Q q 0 0 0 rg BT 81.93 502.25 Td (company) Tj ET Q q 0 0 0 rg BT 121.36 502.25 Td (s ) Tj ET Q q 0 0 0 rg BT 128.01 502.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 161.31 502.25 Td (control ) Tj ET Q q 0 0 0 rg BT 192.39 502.25 Td (over ) Tj ET Q q 0 0 0 rg BT 212.92 502.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 250.66 502.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 290.07 502.25 Td (is ) Tj ET Q q 0 0 0 rg BT 299.50 502.25 Td (a ) Tj ET Q q 0 0 0 rg BT 306.70 502.25 Td (process ) Tj ET Q q 0 0 0 rg BT 339.44 502.25 Td (designed ) Tj ET Q q 0 0 0 rg BT 377.75 502.25 Td (to ) Tj ET Q q 0 0 0 rg BT 388.28 502.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 421.59 502.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 467.10 502.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 508.73 502.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 549.80 502.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.25 Td (reliability ) Tj ET Q q 0 0 0 rg BT 91.90 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 103.25 490.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 141.25 490.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 180.92 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 198.38 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 213.62 490.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 262.17 490.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.52 490.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 311.52 490.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 356.75 490.25 Td (for ) Tj ET Q q 0 0 0 rg BT 371.43 490.25 Td (external ) Tj ET Q q 0 0 0 rg BT 406.66 490.25 Td (purposes ) Tj ET Q q 0 0 0 rg BT 445.23 490.25 Td (in ) Tj ET Q q 0 0 0 rg BT 456.03 490.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 504.01 490.25 Td (with ) Tj ET Q q 0 0 0 rg BT 524.80 490.25 Td (generally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 87.13 478.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 133.17 478.25 Td (principles. ) Tj ET Q q 0 0 0 rg BT 177.27 478.25 Td ( ) Tj ET Q q 0 0 0 rg BT 178.95 478.25 Td (A) Tj ET Q q 0 0 0 rg BT 185.62 478.25 Td ( ) Tj ET Q q 0 0 0 rg BT 187.78 478.25 Td (company) Tj ET Q q 0 0 0 rg BT 227.22 478.25 Td (s ) Tj ET Q q 0 0 0 rg BT 233.27 478.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 265.98 478.25 Td (control ) Tj ET Q q 0 0 0 rg BT 296.47 478.25 Td (over ) Tj ET Q q 0 0 0 rg BT 316.40 478.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 353.54 478.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 392.36 478.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 427.85 478.25 Td (those ) Tj ET Q q 0 0 0 rg BT 451.12 478.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 484.39 478.25 Td (and ) Tj ET Q q 0 0 0 rg BT 500.99 478.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 547.02 478.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 64.25 466.25 Td (pertain ) Tj ET Q q 0 0 0 rg BT 94.61 466.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.98 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.79 466.25 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 172.91 466.25 Td (of ) Tj ET Q q 0 0 0 rg BT 183.83 466.25 Td (records ) Tj ET Q q 0 0 0 rg BT 215.85 466.25 Td (that, ) Tj ET Q q 0 0 0 rg BT 235.93 466.25 Td (in ) Tj ET Q q 0 0 0 rg BT 246.30 466.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 291.65 466.25 Td (detail, ) Tj ET Q q 0 0 0 rg BT 318.95 466.25 Td (accurately ) Tj ET Q q 0 0 0 rg BT 362.63 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 379.66 466.25 Td (fairly ) Tj ET Q q 0 0 0 rg BT 403.90 466.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 432.03 466.25 Td (the ) Tj ET Q q 0 0 0 rg BT 446.83 466.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 497.19 466.25 Td (and ) Tj ET Q q 0 0 0 rg BT 514.22 466.25 Td (dispositions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.98 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.85 454.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 101.84 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.82 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 127.69 454.25 Td (company; ) Tj ET Q q 0 0 0 rg BT 169.78 454.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 184.09 454.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 217.29 454.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 262.70 454.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 304.22 454.25 Td (that ) Tj ET Q q 0 0 0 rg BT 321.87 454.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 372.29 454.25 Td (are ) Tj ET Q q 0 0 0 rg BT 387.15 454.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 424.78 454.25 Td (as ) Tj ET Q q 0 0 0 rg BT 435.76 454.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 477.29 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.72 454.25 Td (permit ) Tj ET Q q 0 0 0 rg BT 516.47 454.25 Td (preparation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.54 442.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 99.73 442.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 145.16 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 156.15 442.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 204.32 442.25 Td (with ) Tj ET Q q 0 0 0 rg BT 225.31 442.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 265.73 442.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 303.91 442.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 350.99 442.25 Td (principles, ) Tj ET Q q 0 0 0 rg BT 396.14 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.79 442.25 Td (that ) Tj ET Q q 0 0 0 rg BT 432.00 442.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 466.30 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 483.95 442.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 538.26 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 442.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.25 Td (company ) Tj ET Q q 0 0 0 rg BT 89.37 430.25 Td (are ) Tj ET Q q 0 0 0 rg BT 104.29 430.25 Td (being ) Tj ET Q q 0 0 0 rg BT 129.22 430.25 Td (made ) Tj ET Q q 0 0 0 rg BT 153.59 430.25 Td (only ) Tj ET Q q 0 0 0 rg BT 174.08 430.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.57 430.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 232.25 430.25 Td (with ) Tj ET Q q 0 0 0 rg BT 252.74 430.25 Td (authorizations ) Tj ET Q q 0 0 0 rg BT 312.11 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.15 430.25 Td (management ) Tj ET Q q 0 0 0 rg BT 376.95 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.10 430.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 431.80 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 442.85 430.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.78 430.25 Td (company; ) Tj ET Q q 0 0 0 rg BT 499.93 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 517.08 430.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 531.45 430.25 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 418.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 95.42 418.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 136.95 418.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 177.92 418.25 Td (prevention ) Tj ET Q q 0 0 0 rg BT 223.35 418.25 Td (or ) Tj ET Q q 0 0 0 rg BT 234.34 418.25 Td (timely ) Tj ET Q q 0 0 0 rg BT 262.56 418.25 Td (detection ) Tj ET Q q 0 0 0 rg BT 301.87 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 312.86 418.25 Td (unauthorized ) Tj ET Q q 0 0 0 rg BT 367.73 418.25 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 416.77 418.25 Td (use, ) Tj ET Q q 0 0 0 rg BT 435.27 418.25 Td (or ) Tj ET Q q 0 0 0 rg BT 446.26 418.25 Td (disposition ) Tj ET Q q 0 0 0 rg BT 492.82 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 503.81 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.69 418.25 Td (company) Tj ET Q q 0 0 0 rg BT 558.12 418.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 406.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.83 406.25 Td (that ) Tj ET Q q 0 0 0 rg BT 93.33 406.25 Td (could ) Tj ET Q q 0 0 0 rg BT 118.04 406.25 Td (have ) Tj ET Q q 0 0 0 rg BT 139.42 406.25 Td (a ) Tj ET Q q 0 0 0 rg BT 146.36 406.25 Td (material ) Tj ET Q q 0 0 0 rg BT 181.62 406.25 Td (ef) Tj ET Q q 0 0 0 rg BT 189.20 406.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 206.69 406.25 Td (on ) Tj ET Q q 0 0 0 rg BT 219.19 406.25 Td (the ) Tj ET Q q 0 0 0 rg BT 233.91 406.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 271.39 406.25 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 382.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 108.16 382.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.84 382.25 Td (its ) Tj ET Q q 0 0 0 rg BT 130.63 382.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 165.74 382.25 Td (limitations, ) Tj ET Q q 0 0 0 rg BT 213.37 382.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 246.25 382.25 Td (control ) Tj ET Q q 0 0 0 rg BT 276.93 382.25 Td (over ) Tj ET Q q 0 0 0 rg BT 297.04 382.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 334.37 382.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 373.37 382.25 Td (may ) Tj ET Q q 0 0 0 rg BT 392.93 382.25 Td (not ) Tj ET Q q 0 0 0 rg BT 408.06 382.25 Td (prevent ) Tj ET Q q 0 0 0 rg BT 440.39 382.25 Td (or ) Tj ET Q q 0 0 0 rg BT 451.06 382.25 Td (detect ) Tj ET Q q 0 0 0 rg BT 477.28 382.25 Td (misstatements. ) Tj ET Q q 0 0 0 rg BT 538.79 382.25 Td ( ) Tj ET Q q 0 0 0 rg BT 540.62 382.25 Td (Also, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.25 Td (projections ) Tj ET Q q 0 0 0 rg BT 96.31 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 106.52 370.25 Td (any ) Tj ET Q q 0 0 0 rg BT 122.84 370.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 166.37 370.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.58 370.25 Td (ef) Tj ET Q q 0 0 0 rg BT 184.17 370.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 230.47 370.25 Td (to ) Tj ET Q q 0 0 0 rg BT 240.13 370.25 Td (future ) Tj ET Q q 0 0 0 rg BT 265.89 370.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 297.21 370.25 Td (are ) Tj ET Q q 0 0 0 rg BT 311.29 370.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 341.50 370.25 Td (to ) Tj ET Q q 0 0 0 rg BT 351.16 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.25 370.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 382.13 370.25 Td (that ) Tj ET Q q 0 0 0 rg BT 399.01 370.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 433.11 370.25 Td (may ) Tj ET Q q 0 0 0 rg BT 452.20 370.25 Td (become ) Tj ET Q q 0 0 0 rg BT 485.18 370.25 Td (inadequate ) Tj ET Q q 0 0 0 rg BT 530.37 370.25 Td (because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 358.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 95.54 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 105.82 358.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 152.48 358.25 Td (or ) Tj ET Q q 0 0 0 rg BT 163.31 358.25 Td (that ) Tj ET Q q 0 0 0 rg BT 180.81 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 195.52 358.25 Td (degree ) Tj ET Q q 0 0 0 rg BT 224.67 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 235.50 358.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 284.09 358.25 Td (with ) Tj ET Q q 0 0 0 rg BT 304.37 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.08 358.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 352.69 358.25 Td (or ) Tj ET Q q 0 0 0 rg BT 363.52 358.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 409.88 358.25 Td (may ) Tj ET Q q 0 0 0 rg BT 429.60 358.25 Td (deteriorate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 334.25 Td (In ) Tj ET Q q 0 0 0 rg BT 82.90 334.25 Td (our ) Tj ET Q q 0 0 0 rg BT 98.30 334.25 Td (opinion, ) Tj ET Q q 0 0 0 rg BT 133.42 334.25 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 163.83 334.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 234.23 334.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 284.62 334.25 Td (and ) Tj ET Q q 0 0 0 rg BT 301.13 334.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 352.09 334.25 Td (maintained, ) Tj ET Q q 0 0 0 rg BT 401.08 334.25 Td (in ) Tj ET Q q 0 0 0 rg BT 410.93 334.25 Td (all ) Tj ET Q q 0 0 0 rg BT 423.00 334.25 Td (material ) Tj ET Q q 0 0 0 rg BT 457.83 334.25 Td (respects, ) Tj ET Q q 0 0 0 rg BT 494.60 334.25 Td (ef) Tj ET Q q 0 0 0 rg BT 502.19 334.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 531.46 334.25 Td (internal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.25 Td (control ) Tj ET Q q 0 0 0 rg BT 80.83 322.25 Td (over ) Tj ET Q q 0 0 0 rg BT 101.09 322.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 138.57 322.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 177.73 322.25 Td (as ) Tj ET Q q 0 0 0 rg BT 188.56 322.25 Td (of ) Tj ET Q q 0 0 0 rg BT 199.39 322.25 Td (February ) Tj ET Q q 0 0 0 rg BT 237.99 322.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 252.99 322.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 277.99 322.25 Td (based ) Tj ET Q q 0 0 0 rg BT 303.26 322.25 Td (on) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 313.26 322.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.76 322.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.47 322.25 Td (COSO ) Tj ET Q q 0 0 0 rg BT 359.65 322.25 Td (criteria.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 298.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 298.25 Td (e ) Tj ET Q q 0 0 0 rg BT 87.56 298.25 Td (also ) Tj ET Q q 0 0 0 rg BT 105.64 298.25 Td (have ) Tj ET Q q 0 0 0 rg BT 126.50 298.25 Td (audited, ) Tj ET Q q 0 0 0 rg BT 160.42 298.25 Td (in ) Tj ET Q q 0 0 0 rg BT 170.17 298.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 217.11 298.25 Td (with ) Tj ET Q q 0 0 0 rg BT 236.87 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.07 298.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 290.82 298.25 Td (of ) Tj ET Q q 0 0 0 rg BT 301.13 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.32 298.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 342.86 298.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 383.29 298.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 431.93 298.25 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 473.34 298.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 499.76 298.25 Td (\(United ) Tj ET Q q 0 0 0 rg BT 532.29 298.25 Td (States\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.63 286.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 117.58 286.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 150.52 286.25 Td (sheets ) Tj ET Q q 0 0 0 rg BT 177.37 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 188.12 286.25 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 218.86 286.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 289.60 286.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 340.34 286.25 Td (and ) Tj ET Q q 0 0 0 rg BT 357.19 286.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 408.49 286.25 Td (as ) Tj ET Q q 0 0 0 rg BT 419.23 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.97 286.25 Td (February ) Tj ET Q q 0 0 0 rg BT 468.48 286.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 483.39 286.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 505.80 286.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.65 286.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 547.56 286.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 65.15 274.25 Td (related ) Tj ET Q q 0 0 0 rg BT 95.28 274.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 148.75 274.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 193.90 274.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.16 274.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 252.25 274.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 315.71 274.25 Td (income ) Tj ET Q q 0 0 0 rg BT 348.07 274.25 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 375.73 274.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 410.86 274.25 Td (in ) Tj ET Q q 0 0 0 rg BT 421.57 274.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 449.50 274.25 Td (\(deficit\), ) Tj ET Q q 0 0 0 rg BT 487.13 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 504.50 274.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 525.20 274.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 550.36 274.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.25 Td (each ) Tj ET Q q 0 0 0 rg BT 70.59 262.25 Td (of ) Tj ET Q q 0 0 0 rg BT 81.19 262.25 Td (the ) Tj ET Q q 0 0 0 rg BT 95.67 262.25 Td (three ) Tj ET Q q 0 0 0 rg BT 117.93 262.25 Td (years ) Tj ET Q q 0 0 0 rg BT 141.30 262.25 Td (in ) Tj ET Q q 0 0 0 rg BT 151.35 262.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.83 262.25 Td (period ) Tj ET Q q 0 0 0 rg BT 193.65 262.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 219.80 262.25 Td (February ) Tj ET Q q 0 0 0 rg BT 258.17 262.25 Td (28, ) Tj ET Q q 0 0 0 rg BT 272.94 262.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 295.21 262.25 Td (and ) Tj ET Q q 0 0 0 rg BT 311.92 262.25 Td (our ) Tj ET Q q 0 0 0 rg BT 327.52 262.25 Td (report ) Tj ET Q q 0 0 0 rg BT 353.67 262.25 Td (dated ) Tj ET Q q 0 0 0 rg BT 377.59 262.25 Td (May ) Tj ET Q q 0 0 0 rg BT 398.19 262.25 Td (7, ) Tj ET Q q 0 0 0 rg BT 407.96 262.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 430.23 262.25 Td (expressed ) Tj ET Q q 0 0 0 rg BT 471.93 262.25 Td (an ) Tj ET Q q 0 0 0 rg BT 483.64 262.25 Td (unqualified ) Tj ET Q q 0 0 0 rg BT 531.46 262.25 Td (opinion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.25 Td (thereon.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.25 Td (/s/ Ernst & ) Tj ET Q q 0 0 0 rg BT 95.46 226.25 Td (Y) Tj ET Q q 0 0 0 rg BT 101.68 226.25 Td (oung LLP) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 202.25 Td (Indianapolis, Indiana) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 190.25 Td (May 7, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 139.25 Td (ITEM9B. ) Tj ET Q q 0 0 0 rg BT 108.50 139.25 Td (OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 195.26 139.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.25 Td (Not applicable.) Tj ET Q endstream endobj 189 0 obj <>] /Rotate 0 /Contents 190 0 R>> endobj 190 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (94) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 285.90 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.27 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.36 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 311.85 742.25 Td ( III) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (ITEM10. DIRECT) Tj ET Q q 0 0 0 rg BT 132.89 718.25 Td (ORS, EXECUTIVE OFFICERS ) Tj ET Q q 0 0 0 rg BT 272.92 718.25 Td (AND CORPORA) Tj ET Q q 0 0 0 rg BT 346.89 718.25 Td (TE GOVERNANCE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 701.25 Td (The information required by this item with respect to directors or nominees to be directors of Emmis is incorporated by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (reference from the sections entitled Proposal 1: Election of Directors, Corporate Governance Certain Committees of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (Board of Directors, Corporate Governance Code of Ethics and Section 16\(a\) Beneficial Ownership Reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (Compliance in the proxy statement for the ) Tj ET Q q 0 0 0 rg BT 225.23 665.25 Td (Annual Meeting of Shareholders expected to be filed within 120 days after the end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (of the fiscal year to which this report applies. Information about executive of) Tj ET Q q 0 0 0 rg BT 357.22 653.25 Td (ficers of Emmis or its af) Tj ET Q q 0 0 0 rg BT 453.96 653.25 Td (filiates who are not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.25 Td (directors or nominees to be directors is presented in Part I under the caption Executive Of) Tj ET Q q 0 0 0 rg BT 412.75 641.25 Td (ficers of the Registrant.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 612.45 Td (ITEM1) Tj ET Q q 0 0 0 rg BT 83.62 612.45 Td (1. ) Tj ET Q q 0 0 0 rg BT 108.50 612.45 Td (EXECUTIVE COMPENSA) Tj ET Q q 0 0 0 rg BT 226.94 612.45 Td (TION.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 595.45 Td (The information required by this item is incorporated by reference from the sections entitled Corporate Governance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 583.45 Td (Compensation of Directors, Executive Compensation, "Compensation Committee Interlocks and Insider Participation," ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.45 Td ("Compensation Discussion and ) Tj ET Q q 0 0 0 rg BT 177.13 571.45 Td (Analysis" and "Compensation Committee Report" in the proxy statement for the ) Tj ET Q q 0 0 0 rg BT 500.72 571.45 Td (Annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 559.45 Td (Meeting of Shareholders expected to be filed within 120 days after the end of the fiscal year to which this report applies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 530.45 Td (ITEM12. ) Tj ET Q q 0 0 0 rg BT 108.50 530.45 Td (SECURITY) Tj ET Q q 0 0 0 rg BT 159.81 530.45 Td ( OWNERSHIP) Tj ET Q q 0 0 0 rg BT 223.99 530.45 Td ( OF) Tj ET Q q 0 0 0 rg BT 240.00 530.45 Td ( CER) Tj ET Q q 0 0 0 rg BT 263.27 530.45 Td (T) Tj ET Q q 0 0 0 rg BT 269.19 530.45 Td (AIN BENEFICIAL) Tj ET Q q 0 0 0 rg BT 351.71 530.45 Td ( OWNERS ) Tj ET Q q 0 0 0 rg BT 400.61 530.45 Td (AND MANAGEMENT) Tj ET Q q 0 0 0 rg BT 500.15 530.45 Td ( ) Tj ET Q q 0 0 0 rg BT 502.10 530.45 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.50 518.45 Td (RELA) Tj ET Q q 0 0 0 rg BT 135.54 518.45 Td (TED ST) Tj ET Q q 0 0 0 rg BT 170.65 518.45 Td (OCKHOLDER MA) Tj ET Q q 0 0 0 rg BT 255.19 518.45 Td (TTERS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 501.45 Td (Information required by this item is incorporated by reference from the section entitled Security Ownership of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.45 Td (Beneficial Owners and Management in the proxy statement for the ) Tj ET Q q 0 0 0 rg BT 323.24 489.45 Td (Annual Meeting of Shareholders expected to be filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.45 Td (within 120 days after the end of the fiscal year to which this report applies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 221.10 460.45 Td (Equity Compensation Plan Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 443.45 Td (The following table gives information about our common stock and preferred stock that may be issued upon the exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.45 Td (of options, warrants and rights under our 2001 Equity Incentive Plan, 2002 Equity Incentive Plan, 2004 Equity Compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.45 Td (Plan, 2010 Equity Compensation Plan, and 2012 Equity Compensation Plan as of February28, 2015. Our shareholders have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.45 Td (approved these plans.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 325.95 204.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 325.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 325.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 325.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 325.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 325.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 299.95 204.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 299.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 299.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 299.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 299.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 299.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 273.95 204.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 273.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 273.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 273.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 273.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 462.50 273.95 100.00 -13.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 325.95000000000005 m 354.5 325.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 325.95000000000005 m 458.5 325.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 325.95000000000005 m 562.5 325.95000000000005 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.85 367.18 Td (Number) Tj ET Q q 0 0 0 rg BT 296.15 367.18 Td (ofSecurities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.05 359.18 Td (tobeIssued Upon Exer) Tj ET Q q 0 0 0 rg BT 337.47 359.18 Td (cise ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.75 351.18 Td (of Outstanding Options, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.95 343.18 Td (W) Tj ET Q q 0 0 0 rg BT 275.51 343.18 Td (arrants and Rights) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.15 367.18 Td (W) Tj ET Q q 0 0 0 rg BT 368.71 367.18 Td (eighted-A) Tj ET Q q 0 0 0 rg BT 401.44 367.18 Td (verage Exer) Tj ET Q q 0 0 0 rg BT 442.39 367.18 Td (cise) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.40 359.18 Td (PriceofOutstanding ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.60 351.18 Td (Options, ) Tj ET Q q 0 0 0 rg BT 399.58 351.18 Td (W) Tj ET Q q 0 0 0 rg BT 407.14 351.18 Td (arrants and ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.85 343.18 Td (Rights) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.85 383.18 Td (Number) Tj ET Q q 0 0 0 rg BT 504.15 383.18 Td (ofSecurities ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.60 375.18 Td (Remaining ) Tj ET Q q 0 0 0 rg BT 515.49 375.18 Td (A) Tj ET Q q 0 0 0 rg BT 520.68 375.18 Td (vailable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.40 367.18 Td (for) Tj ET Q q 0 0 0 rg BT 477.47 367.18 Td (Futur) Tj ET Q q 0 0 0 rg BT 499.33 367.18 Td (e Issuanceunder) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.75 359.18 Td (EquityCompensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.30 351.18 Td (Plans\(Excluding Securities ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.00 343.18 Td (Reflected in Column \(A\)\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 330.18 Td (Plan Category) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.40 330.18 Td (\(A\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.65 330.18 Td (\(B\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.40 330.18 Td (\(C\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 317.90 Td (ClassA common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 304.90 Td (Equity Compensation Plans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 291.90 Td (Approved by Security Holders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 291.20 Td (5,724,446) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.00 291.20 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 291.20 Td (1.76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 291.20 Td (2,993,543) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 278.90 Td (Equity Compensation Plans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 265.90 Td (Not Approved by Security Holders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.30 265.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 447.30 265.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 551.30 265.20 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 252.90 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.30 252.20 Td (5,724,446) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 361.00 252.20 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.30 252.20 Td (1.76) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.30 252.20 Td (2,993,543) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 224.45 Td (ITEM13. CER) Tj ET Q q 0 0 0 rg BT 114.93 224.45 Td (T) Tj ET Q q 0 0 0 rg BT 120.86 224.45 Td (AIN RELA) Tj ET Q q 0 0 0 rg BT 168.74 224.45 Td (TIONSHIPS ) Tj ET Q q 0 0 0 rg BT 225.15 224.45 Td (AND RELA) Tj ET Q q 0 0 0 rg BT 276.35 224.45 Td (TED ) Tj ET Q q 0 0 0 rg BT 299.23 224.45 Td (TRANSACTIONS ) Tj ET Q q 0 0 0 rg BT 380.64 224.45 Td (AND DIRECT) Tj ET Q q 0 0 0 rg BT 443.53 224.45 Td (OR INDEPENDENCE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 207.45 Td (The information required by this item is incorporated by reference from the sections entitled Corporate Governance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.45 Td (Independent Directors and Corporate Governance ) Tj ET Q q 0 0 0 rg BT 268.06 195.45 Td (T) Tj ET Q q 0 0 0 rg BT 273.81 195.45 Td (ransactions with Related Persons in the proxy statement for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 183.45 Td (Annual Meeting of Shareholders expected to be filed within 120 days after the end of the fiscal year to which this report ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.45 Td (applies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 142.45 Td (ITEM14. PRINCIP) Tj ET Q q 0 0 0 rg BT 135.09 142.45 Td (AL) Tj ET Q q 0 0 0 rg BT 148.43 142.45 Td ( ) Tj ET Q q 0 0 0 rg BT 150.38 142.45 Td (ACCOUNTING FEES ) Tj ET Q q 0 0 0 rg BT 249.29 142.45 Td (AND SER) Tj ET Q q 0 0 0 rg BT 292.55 142.45 Td (VICES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 125.45 Td (The information required by this item is incorporated by reference from the section entitled Matters Relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.45 Td (Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 174.69 113.45 Td (Accountants in the proxy statement for the ) Tj ET Q q 0 0 0 rg BT 351.59 113.45 Td (Annual Meeting of Shareholders expected to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.45 Td (filed within 120 days after the end of the fiscal year to which this report applies.) 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10.00 Tf ET q 0 0 0 rg BT 101.00 512.32 Td (Communications Corporation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 522.32 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 522.32 Td (2/28/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 522.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 522.32 Td (5/8/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 497.32 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 497.32 Td (Form of stock certificate for Class A common stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 497.32 Td (S-1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 497.32 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 497.32 Td (12/22/1993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 482.32 Td (10.01) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 482.32 Td (Credit Agreement, dated as of December 28, 2012, among) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 472.32 Td (Emmis Operating Company, as the Borrower, Emmis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 462.32 Td (Communications Corporation., as the Parent, JP Morgan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 452.32 Td (Chase Bank, N.A. as Administrative Agent and the lenders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 442.32 Td (party thereto) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 482.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 482.32 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 482.32 Td (12/28/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 427.32 Td (10.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 427.32 Td (First Amendment to 2012 Credit Agreement, Security) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 417.32 Td (Agreement and Subsidiary Agreement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 427.32 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 427.32 Td (11/30/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 427.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 427.32 Td (10/10/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 392.32 Td (10.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 392.32 Td (Second Amendment to 2012 Credit Agreement, Security) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 382.32 Td (Agreement and Subsidiary Agreement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 392.32 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 392.32 Td (2/28/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 392.32 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 392.32 Td (5/8/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 357.32 Td (10.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 357.32 Td (Credit Agreement, dated as of June 10, 2014, among) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 347.32 Td (Emmis Communications Corporation, Emmis Operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 337.32 Td (Company, certain other subsidiaries of the Company, the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 327.32 Td (lenders party thereto, JPMorgan Chase Bank, N.A., as) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 317.32 Td (administrative agent, and Fifth Third Bank, as syndication) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 307.32 Td (agent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 357.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 357.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 357.32 Td (6/10/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 292.32 Td (10.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 292.32 Td (First Amendment to 2014 Credit Agreement, dated as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 282.32 Td (November 7, 2014, among Emmis Communications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 272.32 Td (Corporation, Emmis Operating Company, certain other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 262.32 Td (subsidiaries of the Company, the lenders party thereto,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 252.32 Td (JPMorgan Chase Bank, N.A., as administrative agent, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 242.32 Td (Fifth Third Bank, as syndication agent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 292.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 292.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 292.32 Td (11/7/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 227.32 Td (10.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 227.32 Td (Second Amendment to 2014 Credit Agreement, dated as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 217.32 Td (April 30, 2015, among Emmis Communications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 207.32 Td (Corporation, Emmis Operating Company, certain other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 197.32 Td (subsidiaries of the Company, the lenders party thereto,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 187.32 Td (JPMorgan Chase Bank, N.A., as administrative agent, and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 177.32 Td (Fifth Third Bank, as syndication agent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 227.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 227.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 227.32 Td (4/30/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 162.32 Td (10.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 162.32 Td (Change in Control Severance Agreement, dated as of May) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 152.32 Td (7, 2012, by and between Emmis Communications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 142.32 Td (Corporation and Jeffrey H. Smulyan ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 162.32 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 162.32 Td (2/29/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 162.32 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 162.32 Td (5/10/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 127.32 Td (10.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 127.32 Td (Change in Control Severance Agreement, dated as of July) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 117.32 Td (10, 2012, by and between Emmis Operating Company and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 107.32 Td (Jeffrey H. Smulyan ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 127.32 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 127.32 Td (5/31/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 127.32 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 127.32 Td (7/12/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 92.32 Td (10.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 92.32 Td (Employment Agreement, dated as of December 26, 2012,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 82.32 Td (by and between Emmis Operating Company and Jeffrey H.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 72.32 Td (Smulyan ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 92.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 92.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 92.32 Td (12/28/2012) Tj ET Q endstream endobj 193 0 obj <>] /Rotate 0 /Contents 194 0 R>> endobj 194 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (96) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 735.5 m 416.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 735.5 m 420.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 735.5 m 472.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 735.5 m 476.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 735.5 m 506.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 735.5 m 510.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 735.5 m 562.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 714.5 m 94.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98.5 714.5 m 345.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 714.5 m 385.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 714.5 m 416.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 714.5 m 472.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 714.5 m 506.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 714.5 m 562.5 714.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 51 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 51 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 51 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 51 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 51 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 51 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 51 m BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 739.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 101.00 739.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.00 739.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.85 739.75 Td (Incorporated by Reference) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 726.75 Td (Exhibit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 718.75 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.05 718.75 Td (Exhibit Description) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.75 726.75 Td (Filed) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.10 718.75 Td (Herewith) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.80 718.75 Td (Form) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.55 726.75 Td (Period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.40 718.75 Td (Ending) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.20 718.75 Td (Exhibit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.40 726.75 Td (Filing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.40 718.75 Td (Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 705.07 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 705.07 Td (Change in Control Severance Agreement, dated as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 695.07 Td (September 4, 2011, by and between Emmis Operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 685.07 Td (Company and Patrick M. Walsh ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 705.07 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 705.07 Td (11/30/2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 705.07 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 705.07 Td (1/12/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 670.07 Td (10.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 670.07 Td (Employment Agreement, dated as of September 4, 2013, by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 660.07 Td (and between Emmis Operating Company and Patrick M.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 650.07 Td (Walsh ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 670.07 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 670.07 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 670.07 Td (10/25/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 635.07 Td (10.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 635.07 Td (Change in Control Severance Agreement, dated as of March) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 625.07 Td (8, 2012, by and between Emmis Operating Company and J.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 615.07 Td (Scott Enright ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 635.07 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 635.07 Td (2/29/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 635.07 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 635.07 Td (5/10/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 600.07 Td (10.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 600.07 Td (Employment Agreement, dated as of March 1, 2012, by and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 590.07 Td (between Emmis Operating Company and J. Scott Enright +) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 580.07 Td (+) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 600.07 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 600.07 Td (2/29/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 600.07 Td (10.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 600.07 Td (5/10/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 565.07 Td (10.14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 565.07 Td (Employment Agreement, effective as of March3, 2009, by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 555.07 Td (and between Emmis Operating Company and Gary L.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 545.07 Td (Kaseff ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 565.07 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 555.07 Td (K/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 565.07 Td (2/28/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 565.07 Td (10.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 565.07 Td (10/9/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 530.07 Td (10.15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 530.07 Td (Amendment to Employment Agreement, effective as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 520.07 Td (March 1, 2013, by and between Emmis Operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 510.07 Td (Company and Gary L. Kaseff ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 530.07 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 530.07 Td (2/28/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 530.07 Td (10.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 530.07 Td (5/8/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 495.07 Td (10.16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 495.07 Td (Employment Agreement, effective as of March1, 2013, by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 485.07 Td (and between Emmis Operating Company and Gregory T.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 475.07 Td (Loewen ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 495.07 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 495.07 Td (2/28/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 495.07 Td (10.24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 495.07 Td (5/8/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.07 Td (10.17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 460.07 Td (Change in Control Severance Agreement, dated as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 450.07 Td (December 21, 2012, by and between Emmis Operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 440.07 Td (Company and Gregory T. Loewen ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 460.07 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 460.07 Td (2/28/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 460.07 Td (10.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 460.07 Td (5/8/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 425.07 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 425.07 Td (Employment Agreement, effective as of March1, 2014, by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 415.07 Td (and between Emmis Operating Company and Richard F.) 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