%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 ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 322.29 608.45 Td (February29, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 400.34 608.45 Td ( ) 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. 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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 8.91 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 8.92 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, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.70 565.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.70 565.30 Td (, 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 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.21 553.30 Td ($45,392,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.21 553.30 Td (.) 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 ) Tj ET Q q 0 0 0 rg BT 516.03 532.30 Td (April29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.30 Td (2016, was:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.70 503.30 Td (43,902,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.70 503.30 Td ( 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) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.90 486.30 Td ( 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 2016 ) 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. 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 581.10 Td (Actual results or events could dif) Tj ET Q q 0 0 0 rg BT 206.29 581.10 Td (fer materially from the plans, intentions or expectations disclosed in the forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (statements we make. ) Tj ET Q q 0 0 0 rg BT 135.35 569.10 Td (W) Tj ET Q q 0 0 0 rg BT 143.98 569.10 Td (e have included important facts in various cautionary statements in this report that we believe could ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (cause our actual results to dif) Tj ET Q q 0 0 0 rg BT 166.72 557.10 Td (fer materially from forward-looking statements that we make. ) Tj ET Q q 0 0 0 rg BT 416.18 557.10 Td (These include, but are not limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (to, the factors described in PartI, Item1A, Risk Factors.) 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 operated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.45 Td (pursuant to a Local Marketing ) Tj ET Q q 0 0 0 rg BT 173.02 649.45 Td (Agreement \("LMA"\) whereby a third party provides the programming for the station and sells all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.45 Td (advertising within that programming. Emmis also developed and licenses ) Tj ET Q q 0 0 0 rg BT 345.87 637.45 Td (T) Tj ET Q q 0 0 0 rg BT 351.28 637.45 Td (agStation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 389.05 641.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.99 637.45 Td (, a cloud-based software platform that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.45 Td (allows a broadcaster to manage album art, meta data and enhanced advertising on its various broadcasts, and developed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.45 Td (NextRadio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 93.33 617.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.26 613.45 Td (, a smartphone application that marries over) Tj ET Q q 0 0 0 rg BT 273.83 613.45 Td (-the-air FM radio broadcasts with visual and interactive features on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.45 Td (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 smartphones. ) Tj ET Q q 0 0 0 rg BT 245.60 386.45 Td (W) Tj ET Q q 0 0 0 rg BT 254.24 386.45 Td (e believe these digital platforms of) Tj ET Q q 0 0 0 rg BT 392.62 386.45 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 recent trends, we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 140.45 Td (implemented a series of aggressive restructurings and cost cuts. ) Tj ET Q q 0 0 0 rg BT 308.91 140.45 Td (W) Tj ET Q q 0 0 0 rg BT 317.55 140.45 Td (e have also invested in common technology platforms across ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.45 Td (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 radio distribution system with digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 82.45 Td (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 142.50 86.98 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.43 82.45 Td ( and wireless broadband, as well as to enhance radio) Tj ET Q q 0 0 0 rg BT 359.58 82.45 Td (s future through advances like ) Tj ET Q q 0 0 0 rg BT 482.42 82.45 Td (T) Tj ET Q q 0 0 0 rg BT 487.83 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 525.60 86.98 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.23 82.45 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.45 Td (NextRadio.) 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 50.00 742.25 Td (RADIO ST) Tj ET Q q 0 0 0 rg BT 97.32 742.25 Td (A) Tj ET Q q 0 0 0 rg BT 103.80 742.25 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 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 50.00 713.25 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 512.65 713.25 Td (s Media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (Access Pro database as of March 29, 2016. Ranking in Primary Demographic ) Tj ET Q q 0 0 0 rg BT 366.96 701.25 Td (T) Tj ET Q q 0 0 0 rg BT 372.37 701.25 Td (ar) Tj ET Q q 0 0 0 rg BT 379.96 701.25 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 50.00 689.25 Td (designated primary demographic tar) Tj ET Q q 0 0 0 rg BT 194.49 689.25 Td (get among all radio stations in its market based on the March 2016 Nielsen ) Tj ET Q q 0 0 0 rg BT 496.09 689.25 Td (Audio, Inc. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (\("Nielsen"\) Portable People Meter results or) Tj ET Q q 0 0 0 rg BT 226.33 677.25 Td (, in the case of our ) Tj ET Q q 0 0 0 rg BT 302.51 677.25 Td (T) Tj ET Q q 0 0 0 rg BT 307.92 677.25 Td (erre Haute stations, based on the Fall 2015 Nielsen Survey) Tj ET Q q 0 0 0 rg BT 541.66 677.25 Td (. ) Tj ET Q q 0 0 0 rg BT 546.11 677.25 Td (A) Tj ET Q q 0 0 0 rg BT 552.78 677.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (t indicates the station tied with another station for the stated ranking. Station ) Tj ET Q q 0 0 0 rg BT 370.47 665.25 Td (Audience Share represents a percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (generally computed by dividing the average number of persons in the primary demographic listening to a particular station ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.25 Td (during specified time periods by the average number of such persons in the primary demographic for all stations in the market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.25 Td (area as determined by Nielsen.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 576.75 104.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 576.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 576.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 576.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 576.75 350.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 546.75 104.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 546.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 546.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 546.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 546.75 128.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 546.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 546.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 546.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 546.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 546.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 546.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 516.75 104.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 516.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 516.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 516.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 516.75 128.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 516.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 516.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 516.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 516.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 516.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 516.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 486.75 104.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 154.50 486.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 158.50 486.75 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 486.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 486.75 128.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 486.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 486.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 486.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 486.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 486.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 486.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 456.75 104.00 -15.00 re f /GS0 gs 0.8 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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 477.60 675.98 Td (T) Tj ET Q q 0 0 0 rg BT 482.20 675.98 Td (otal Cir) Tj ET Q q 0 0 0 rg BT 508.49 675.98 Td (culation) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 536.05 680.51 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 (297,574) 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 (138,046) 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 (71,048) 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 (52,750) 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 (40,137) 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 (36,533) 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 \(as of December 31, 2015\) 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 \(as of) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.41 567.65 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 558.05 Td (March31, 2016\)) 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 increase distribution to portable devices like smartphones and tablets.) 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 434.42 406.05 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 and in 2016.) 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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 or controlled by a single entity) Tj ET Q q 0 0 0 rg BT 384.82 641.10 Td (, 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 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.53 547.10 Td (February29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.00 535.10 Td (, approximately 17% of our total advertising revenues were derived from national sales, and 83% 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 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.63 523.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.23 523.10 Td (, our publishing entities derived a higher percentage of their advertising revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (from local and regional sales \(85%\)than our radio stations \(83%\).) 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 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 477.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 477.10 Td (, Emmis had approximately 750 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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317.07 222.10 Td (control ) Tj ET Q q 0 0 0 rg BT 348.67 222.10 Td (of ) Tj ET Q q 0 0 0 rg BT 360.28 222.10 Td (an ) Tj ET Q q 0 0 0 rg BT 372.99 222.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 399.04 222.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 432.88 222.10 Td (such ) Tj ET Q q 0 0 0 rg BT 454.48 222.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.20 222.10 Td (license ) Tj ET Q q 0 0 0 rg BT 493.24 222.10 Td (without ) Tj ET Q q 0 0 0 rg BT 527.07 222.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.56 222.10 Td (prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 86.78 210.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.90 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.91 210.10 Td (FCC. ) Tj ET Q q 0 0 0 rg BT 134.11 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.90 210.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 162.68 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.69 210.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 246.42 210.10 Td (Act, ) Tj ET Q q 0 0 0 rg BT 265.15 210.10 Td (the ) Tj ET 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157.10 Td (information ) Tj ET Q q 0 0 0 rg BT 99.91 157.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 147.03 157.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.95 157.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 189.63 157.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.77 157.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 233.90 157.10 Td (of ) Tj ET Q q 0 0 0 rg BT 244.92 157.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 275.38 157.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 318.62 157.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.64 157.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 352.89 157.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 388.64 157.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.34 157.10 Td (Legislation ) Tj ET Q q 0 0 0 rg BT 439.03 157.10 Td (has ) Tj ET Q q 0 0 0 rg BT 455.06 157.10 Td (been ) Tj ET Q q 0 0 0 rg BT 476.63 157.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 522.09 157.10 Td (from ) Tj ET Q q 0 0 0 rg BT 544.23 157.10 Td (time ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.61 145.10 Td 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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 10.00 Tf ET q 0 0 0 rg BT 74.00 365.50 Td (Under the Communications ) Tj ET Q q 0 0 0 rg BT 186.49 365.50 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 50.00 353.50 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 50.00 341.50 Td (and ur) Tj ET Q q 0 0 0 rg BT 75.09 341.50 Td (ge the denial of the application. If such a petition to deny presents information from which the FCC concludes \(or if the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 329.50 Td (FCC concludes on its own motion\) 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 50.00 317.50 Td (application would be in the public interest under applicable rules and policy) Tj ET Q q 0 0 0 rg BT 352.87 317.50 Td (, the FCC may conduct a hearing on specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 305.50 Td (issues to determine whether the renewal application should be granted. ) Tj ET Q q 0 0 0 rg BT 335.56 305.50 Td (The Communications ) Tj ET Q q 0 0 0 rg BT 423.89 305.50 Td (Act provides for the grant of a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.50 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 62.00 281.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 281.50 Td (has served the public interest, convenience and necessity;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 269.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 269.50 Td (has committed no serious violations of the Communications ) Tj ET Q q 0 0 0 rg BT 322.20 269.50 Td (Act or the FCC rules; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 257.50 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 257.50 Td (has committed no other violations of the Communications ) Tj ET Q q 0 0 0 rg BT 314.41 257.50 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 80.00 245.50 Td (abuse.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 228.50 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 50.00 216.50 Td (competing applications for the same frequency) Tj ET Q q 0 0 0 rg BT 236.78 216.50 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 50.00 204.50 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 74.00 187.50 Td (REVIEW) Tj ET Q q 0 0 0 rg BT 112.70 187.50 Td ( OF OWNERSHIP) Tj ET Q q 0 0 0 rg BT 188.44 187.50 Td ( RESTRICTIONS. ) Tj ET Q q 0 0 0 rg BT 266.32 187.50 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 50.00 175.50 Td (rules on a quadrennial basis \() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 166.91 175.50 Td (i.e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.13 175.50 Td (, every four years\) 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 50.00 163.50 Td (public interest.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 146.50 Td (Despite several such reviews and appellate remands, the FCC) Tj ET Q q 0 0 0 rg BT 323.09 146.50 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 50.00 134.50 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 470.82 134.50 Td (gely intact. ) Tj ET Q q 0 0 0 rg BT 520.06 134.50 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 122.50 Td (FCC's previous ownership reviews have been subject to litigation. ) Tj ET Q q 0 0 0 rg BT 319.08 122.50 Td (The most recent court decision was issued by the ) Tj ET Q q 0 0 0 rg BT 517.46 122.50 Td (Third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.50 Td (Circuit in July 201) Tj ET Q q 0 0 0 rg BT 124.35 110.50 Td (1 and upheld the FCC) Tj ET Q q 0 0 0 rg BT 214.90 110.50 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 98.50 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 98.50 Td (s finding that the agency had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 86.50 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 86.50 Td (The Supreme Court denied petitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 74.50 Td (for certiorari of the ) Tj ET Q q 0 0 0 rg BT 128.67 74.50 Td (Third Circuit) Tj ET Q q 0 0 0 rg BT 183.94 74.50 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 62.50 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 62.50 Td (April ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.50 Td (2014. Both the quadrennial review proceeding and the court appeals remain pending, and we cannot predict whether these ) 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 (proceedings will result in modifications of the ownership rules or the impact \(if any\) that such modifications would have on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.10 Td (The discussion below reviews the pertinent ownership rules currently in ef) Tj ET Q q 0 0 0 rg BT 372.07 713.10 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 50.00 701.10 Td (broadcast rule adopted in the FCC) Tj ET Q q 0 0 0 rg BT 189.69 701.10 Td (s December 2007 decision, which the FCC has lar) Tj ET Q q 0 0 0 rg BT 389.75 701.10 Td (gely proposed to reinstate in its 2010 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 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 74 670.7669921875 m 169.5322265625 670.7669921875 l s q 0 0 0 rg BT 74.00 672.10 Td (Local Radio Ownership) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.53 672.10 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 655.10 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 50.00 643.10 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 62.00 631.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 631.10 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 80.00 619.10 Td (in the same service \(AM or FM\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 607.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 607.10 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 80.00 595.10 Td (which may be in the same service;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 583.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 583.10 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 80.00 571.10 Td (may be in the same service; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 559.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 559.10 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 80.00 547.10 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 74.00 530.10 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 74.00 513.10 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 50.00 501.10 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 538.73 501.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.10 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 50.00 477.10 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 50.00 465.10 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 50.00 453.10 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 485.45 453.10 Td ( or JSA) Tj ET Q q 0 0 0 rg BT 514.91 453.10 Td ( is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.10 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 504.36 441.10 Td (As a result, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.10 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 50.00 417.10 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 50.00 405.10 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 50.00 393.10 Td (categories of agreements that are considered for purposes of evaluating compliance with the ownership rules to include other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (types of 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 74.00 364.10 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 364.10 Td (April26, 2012, a subsidiary of Emmis entered into an LMA) Tj ET Q q 0 0 0 rg BT 327.58 364.10 Td ( with New ) Tj ET Q q 0 0 0 rg BT 371.37 364.10 Td (Y) Tj ET Q q 0 0 0 rg BT 377.59 364.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 392.87 364.10 Td (AM Radio, LLC pursuant to which, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 Td (commencing ) Tj ET Q q 0 0 0 rg BT 103.60 352.10 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 501.68 352.10 Td (WEPN-FM, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.10 Td (98.7 FM, New ) Tj ET Q q 0 0 0 rg BT 110.46 340.10 Td (Y) Tj ET Q q 0 0 0 rg BT 116.68 340.10 Td (ork, NY) Tj ET Q q 0 0 0 rg BT 149.09 340.10 Td ( until ) Tj ET Q q 0 0 0 rg BT 171.87 340.10 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 50.00 328.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 328.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 328.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 92.51 328.10 Td (AM Radio, LLC, has guaranteed the obligations under the LMA.Emmis) Tj ET Q q 0 0 0 rg BT 385.88 328.10 Td ( subsidiary will retain ownership of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (98.7 FM FCC license during the term of the LMA) Tj ET Q q 0 0 0 rg BT 249.99 316.10 Td ( and received an annual fee of $8.4 million for the first year of the term under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (the LMA, which fee increases by 3.5% each year thereafter until the LMA) Tj ET Q q 0 0 0 rg BT 346.55 304.10 Td () Tj ET Q q 0 0 0 rg BT 349.33 304.10 Td (s termination. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 287.10 Td (Although the FCC) Tj ET Q q 0 0 0 rg BT 150.67 287.10 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 50.00 275.10 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 50.00 263.10 Td (determining the number of stations in a radio market. ) Tj ET Q q 0 0 0 rg BT 265.32 263.10 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 50.00 251.10 Td (purposes of the rule. ) Tj ET Q q 0 0 0 rg BT 133.96 251.10 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 50.00 239.10 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 50.00 227.10 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 50.00 215.10 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 60.28 215.10 Td (any) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.72 215.10 Td ( buyer) Tj ET Q q 0 0 0 rg BT 99.58 215.10 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 50.00 203.10 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 385.95 203.10 Td (. Subsequently) Tj ET Q q 0 0 0 rg BT 444.19 203.10 Td (, however) Tj ET Q q 0 0 0 rg BT 483.22 203.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 502.75 203.10 Td (Third Circuit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (vacated the FCC) Tj ET Q q 0 0 0 rg BT 119.43 191.10 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 528.02 191.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (change in market definition appears to impact the ) Tj ET Q q 0 0 0 rg BT 249.93 179.10 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 281.42 179.10 Td (T) Tj ET Q q 0 0 0 rg BT 286.83 179.10 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 50.00 167.10 Td (If we chose to sell our ) Tj ET Q q 0 0 0 rg BT 140.53 167.10 Td (Austin cluster of stations, we would likely therefore have to spin of) Tj ET Q q 0 0 0 rg BT 414.17 167.10 Td (f one FM station to a separate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (buyer) Tj ET Q q 0 0 0 rg BT 72.22 155.10 Td (. ) Tj ET Q q 0 0 0 rg BT 77.04 155.10 Td (The FCC has proposed to retain intact its local radio ownership rule, and has sought comment on whether to retain intact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (its previous definition of eligible small businesses or to adopt one of several alternatives, in its most recent quadrennial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (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 74 112.76699218750002 m 172.0419921875 112.76699218750002 l s q 0 0 0 rg BT 74.00 114.10 Td (Cross-Media Ownership) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 114.10 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 97.10 Td (The FCC) Tj ET Q q 0 0 0 rg BT 113.73 97.10 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 85.10 Td (in the same market, to the extent permitted under the FCC) Tj ET Q q 0 0 0 rg BT 285.22 85.10 Td (s television duopoly rule and local radio rules:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 73.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 73.10 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 80.00 61.10 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 518.56 61.10 Td (ger;) 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 q 0 0 0 rg BT 62.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 742.10 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 80.00 730.10 Td (media voices will remain post-mer) Tj ET Q q 0 0 0 rg BT 218.67 730.10 Td (ger; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 718.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.00 718.10 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 80.00 706.10 Td (voices that will remain post-mer) Tj ET Q q 0 0 0 rg BT 209.23 706.10 Td (ger) Tj ET Q q 0 0 0 rg BT 221.45 706.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 689.10 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 50.00 677.10 Td (stations as well as some daily newspapers and no more than one cable operator) Tj ET Q q 0 0 0 rg BT 365.19 677.10 Td (. ) Tj ET Q q 0 0 0 rg BT 370.00 677.10 Td (The FCC will consider permanent waivers of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 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 430.28 665.10 Td (The FCC has proposed to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 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 72.00 636.10 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 50.00 624.10 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 50.00 612.10 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 490.28 612.10 Td (gest media ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 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 50.00 588.10 Td (TV/newspaper combinations, the ) Tj ET Q q 0 0 0 rg BT 184.79 588.10 Td (TV) Tj ET Q q 0 0 0 rg BT 197.93 588.10 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 50.00 576.10 Td (independently owned and operated ) Tj ET Q q 0 0 0 rg BT 191.99 576.10 Td (TV) Tj ET Q q 0 0 0 rg BT 205.14 576.10 Td ( stations would have had to remain in the market post-transaction. ) Tj ET Q q 0 0 0 rg BT 470.63 576.10 Td (As noted above, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 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 486.90 564.10 Td (The FCC has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 552.10 Td (gely proposed to reinstate the standards applicable to proposed newspaper/TV) Tj ET Q q 0 0 0 rg BT 372.59 552.10 Td ( combinations in its most recent quadrennial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 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 72.00 523.10 Td (A) Tj ET Q q 0 0 0 rg BT 78.11 523.10 Td (TTRIBUTION OF OWNERSHIP) Tj ET Q q 0 0 0 rg BT 213.85 523.10 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 50.00 511.10 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 50.00 499.10 Td (enough to be attributable or cognizable under its rules. Specifically) Tj ET Q q 0 0 0 rg BT 337.85 499.10 Td (, among other relationships, certain stockholders, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 487.10 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 50.00 475.10 Td (company) Tj ET Q q 0 0 0 rg BT 86.01 475.10 Td (, such that there would be a violation of the FCC) Tj ET Q q 0 0 0 rg BT 283.47 475.10 Td (s rules where the broadcasting company and such a stockholder) Tj ET Q q 0 0 0 rg BT 537.16 475.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 463.10 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 50.00 451.10 Td (of outlets in the same market. ) Tj ET Q q 0 0 0 rg BT 173.12 451.10 Td (The FCC) Tj ET Q q 0 0 0 rg BT 212.85 451.10 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 50.00 439.10 Td (for purposes of its ownership restrictions:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 427.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 427.10 Td (all of) Tj ET Q q 0 0 0 rg BT 106.64 427.10 Td (ficer and director positions in a licensee or its direct/indirect parent\(s\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 415.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 415.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 113.64 415.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 136.83 415.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 172.24 415.10 Td (of ) Tj ET Q q 0 0 0 rg BT 182.65 415.10 Td (at ) Tj ET Q q 0 0 0 rg BT 191.95 415.10 Td (least ) Tj ET Q q 0 0 0 rg BT 212.36 415.10 Td (5% ) Tj ET Q q 0 0 0 rg BT 227.77 415.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 241.51 415.10 Td (20%, ) Tj ET Q q 0 0 0 rg BT 264.43 415.10 Td (if ) Tj ET Q q 0 0 0 rg BT 272.62 415.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.92 415.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 314.54 415.10 Td (is ) Tj ET Q q 0 0 0 rg BT 323.30 415.10 Td (a ) Tj ET Q q 0 0 0 rg BT 329.82 415.10 Td (passive ) Tj ET Q q 0 0 0 rg BT 361.34 415.10 Td (institutional ) Tj ET Q q 0 0 0 rg BT 411.20 415.10 Td (investor) Tj ET Q q 0 0 0 rg BT 443.02 415.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 447.60 415.10 Td (i.e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.82 415.10 Td (, ) Tj ET Q q 0 0 0 rg BT 464.40 415.10 Td (a ) Tj ET Q q 0 0 0 rg BT 470.92 415.10 Td (mutual ) Tj ET Q q 0 0 0 rg BT 500.78 415.10 Td (fund, ) Tj ET Q q 0 0 0 rg BT 523.69 415.10 Td (insurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 403.10 Td (company ) Tj ET Q q 0 0 0 rg BT 125.16 403.10 Td (or ) Tj ET Q q 0 0 0 rg BT 135.99 403.10 Td (bank\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 391.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 391.10 Td (any ) Tj ET Q q 0 0 0 rg BT 102.43 391.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 129.41 391.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 160.84 391.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.60 391.10 Td (a ) Tj ET Q q 0 0 0 rg BT 177.03 391.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 207.35 391.10 Td (partnership ) Tj ET Q q 0 0 0 rg BT 254.33 391.10 Td (or ) Tj ET Q q 0 0 0 rg BT 264.65 391.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 294.97 391.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 328.07 391.10 Td (company ) Tj ET Q q 0 0 0 rg BT 366.71 391.10 Td (where ) Tj ET Q q 0 0 0 rg BT 393.13 391.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.34 391.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 437.66 391.10 Td (partner ) Tj ET Q q 0 0 0 rg BT 467.96 391.10 Td (or ) Tj ET Q q 0 0 0 rg BT 478.28 391.10 Td (member ) Tj ET Q q 0 0 0 rg BT 513.03 391.10 Td (has ) Tj ET Q q 0 0 0 rg BT 528.35 391.10 Td (not ) Tj ET Q q 0 0 0 rg BT 543.12 391.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 379.10 Td (insulated ) Tj ET Q q 0 0 0 rg BT 133.48 379.10 Td (from ) Tj ET Q q 0 0 0 rg BT 155.42 379.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.14 379.10 Td (media-related ) Tj ET Q q 0 0 0 rg BT 227.60 379.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 266.20 379.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.03 379.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.75 379.10 Td (LP) Tj ET Q q 0 0 0 rg BT 303.05 379.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.55 379.10 Td (or ) Tj ET Q q 0 0 0 rg BT 316.38 379.10 Td (LLC ) Tj ET Q q 0 0 0 rg BT 337.76 379.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 374.70 379.10 Td (to ) Tj ET Q q 0 0 0 rg BT 384.98 379.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 418.57 379.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 439.97 379.10 Td (criteria;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 367.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 367.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 113.17 367.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 140.89 367.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 160.27 367.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 195.77 367.10 Td (which, ) Tj ET Q q 0 0 0 rg BT 224.88 367.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.83 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.22 367.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 292.75 367.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 322.68 367.10 Td (33% ) Tj ET Q q 0 0 0 rg BT 343.18 367.10 Td (of ) Tj ET Q q 0 0 0 rg BT 353.68 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.07 367.10 Td (total ) Tj ET Q q 0 0 0 rg BT 388.02 367.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 409.63 367.10 Td (value ) Tj ET Q q 0 0 0 rg BT 433.46 367.10 Td (of ) Tj ET Q q 0 0 0 rg BT 443.96 367.10 Td (a ) Tj ET Q q 0 0 0 rg BT 450.57 367.10 Td (station ) Tj ET Q q 0 0 0 rg BT 479.41 367.10 Td (or ) Tj ET Q q 0 0 0 rg BT 489.91 367.10 Td (other ) Tj ET Q q 0 0 0 rg BT 512.63 367.10 Td (media ) Tj ET Q q 0 0 0 rg BT 539.23 367.10 Td (entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 355.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 104.02 355.10 Td (equity/debt ) Tj ET Q q 0 0 0 rg BT 155.91 355.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 175.05 355.10 Td (policy\), ) Tj ET Q q 0 0 0 rg BT 212.78 355.10 Td (if ) Tj ET Q q 0 0 0 rg BT 221.36 355.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.04 355.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 267.95 355.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 295.96 355.10 Td (supplies ) Tj ET Q q 0 0 0 rg BT 331.21 355.10 Td (more ) Tj ET Q q 0 0 0 rg BT 354.22 355.10 Td (than ) Tj ET Q q 0 0 0 rg BT 373.91 355.10 Td (15% ) Tj ET Q q 0 0 0 rg BT 394.71 355.10 Td (of ) Tj ET Q q 0 0 0 rg BT 405.50 355.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.19 355.10 Td (station) Tj ET Q q 0 0 0 rg BT 449.63 355.10 Td (s ) Tj ET Q q 0 0 0 rg BT 455.99 355.10 Td (total ) Tj ET Q q 0 0 0 rg BT 476.23 355.10 Td (weekly ) Tj ET Q q 0 0 0 rg BT 507.58 355.10 Td (programming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 343.10 Td (\(usually ) Tj ET Q q 0 0 0 rg BT 120.18 343.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 156.57 343.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.31 343.10 Td (a ) Tj ET Q q 0 0 0 rg BT 172.71 343.10 Td (time ) Tj ET Q q 0 0 0 rg BT 192.44 343.10 Td (brokerage, ) Tj ET Q q 0 0 0 rg BT 236.88 343.10 Td (local ) Tj ET Q q 0 0 0 rg BT 258.27 343.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 300.77 343.10 Td (or ) Tj ET Q q 0 0 0 rg BT 311.06 343.10 Td (network ) Tj ET Q q 0 0 0 rg BT 345.79 343.10 Td (af) Tj ET Q q 0 0 0 rg BT 353.38 343.10 Td (filiation ) Tj ET Q q 0 0 0 rg BT 387.00 343.10 Td (agreement\) ) Tj ET Q q 0 0 0 rg BT 433.93 343.10 Td (or ) Tj ET Q q 0 0 0 rg BT 444.22 343.10 Td (is ) Tj ET Q q 0 0 0 rg BT 452.85 343.10 Td (a ) Tj ET Q q 0 0 0 rg BT 459.24 343.10 Td (same-market ) Tj ET Q q 0 0 0 rg BT 512.84 343.10 Td (media ) Tj ET Q q 0 0 0 rg BT 539.24 343.10 Td (entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 331.10 Td (\() Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 89.33 331.10 Td (i.e.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.55 331.10 Td (, ) Tj ET Q q 0 0 0 rg BT 106.26 331.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 146.78 331.10 Td (company ) Tj ET Q q 0 0 0 rg BT 185.64 331.10 Td (or ) Tj ET Q q 0 0 0 rg BT 196.18 331.10 Td (newspaper\). ) Tj ET Q q 0 0 0 rg BT 246.98 331.10 Td ( ) Tj ET Q q 0 0 0 rg BT 249.19 331.10 Td (In ) Tj ET Q q 0 0 0 rg BT 259.73 331.10 Td (December ) Tj ET Q q 0 0 0 rg BT 303.02 331.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 327.73 331.10 Td (the ) Tj ET Q q 0 0 0 rg BT 342.15 331.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 363.26 331.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 403.22 331.10 Td (these ) Tj ET Q q 0 0 0 rg BT 425.98 331.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 450.97 331.10 Td (under ) Tj ET Q q 0 0 0 rg BT 475.95 331.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 505.36 331.10 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 319.10 Td (where ) Tj ET Q q 0 0 0 rg BT 112.76 319.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.32 319.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 154.65 319.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 182.53 319.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 202.08 319.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 237.74 319.10 Td (are ) Tj ET Q q 0 0 0 rg BT 252.28 319.10 Td (in ) Tj ET Q q 0 0 0 rg BT 262.40 319.10 Td (a ) Tj ET Q q 0 0 0 rg BT 269.17 319.10 Td (small ) Tj ET Q q 0 0 0 rg BT 293.17 319.10 Td (business ) Tj ET Q q 0 0 0 rg BT 329.40 319.10 Td (meeting ) Tj ET Q q 0 0 0 rg BT 363.95 319.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 393.48 319.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 450.52 319.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.86 319.10 Td (Subsequently) Tj ET Q q 0 0 0 rg BT 506.10 319.10 Td (, ) Tj ET Q q 0 0 0 rg BT 510.93 319.10 Td (however) Tj ET Q q 0 0 0 rg BT 544.96 319.10 Td (, ) Tj ET Q q 0 0 0 rg BT 549.79 319.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 307.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 111.15 307.10 Td (Circuit ) Tj ET Q q 0 0 0 rg BT 141.85 307.10 Td (vacated ) Tj ET Q q 0 0 0 rg BT 175.31 307.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.45 307.10 Td (FCC) Tj ET Q q 0 0 0 rg BT 212.13 307.10 Td (s ) Tj ET Q q 0 0 0 rg BT 218.95 307.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 260.76 307.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.02 307.10 Td (small ) Tj ET Q q 0 0 0 rg BT 296.62 307.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 341.77 307.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 374.69 307.10 Td (to ) Tj ET Q q 0 0 0 rg BT 385.39 307.10 Td (take ) Tj ET Q q 0 0 0 rg BT 404.98 307.10 Td (advantage ) Tj ET Q q 0 0 0 rg BT 448.44 307.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.70 307.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.84 307.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 515.53 307.10 Td (limits. ) Tj ET Q q 0 0 0 rg BT 543.74 307.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.45 307.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 295.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 107.39 295.10 Td (has ) Tj ET Q q 0 0 0 rg BT 123.20 295.10 Td (sought ) Tj ET Q q 0 0 0 rg BT 152.35 295.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 192.05 295.10 Td (on ) Tj ET Q q 0 0 0 rg BT 204.54 295.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 239.23 295.10 Td (to ) Tj ET Q q 0 0 0 rg BT 249.49 295.10 Td (retain ) Tj ET Q q 0 0 0 rg BT 274.74 295.10 Td (intact ) Tj ET Q q 0 0 0 rg BT 299.43 295.10 Td (its ) Tj ET Q q 0 0 0 rg BT 311.37 295.10 Td (previous ) Tj ET Q q 0 0 0 rg BT 348.29 295.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 389.66 295.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.47 295.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 432.94 295.10 Td (small ) Tj ET Q q 0 0 0 rg BT 457.09 295.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 501.80 295.10 Td (or ) Tj ET Q q 0 0 0 rg BT 512.61 295.10 Td (to ) Tj ET Q q 0 0 0 rg BT 522.88 295.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 547.58 295.10 Td (one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 283.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.83 283.10 Td (several ) Tj ET Q q 0 0 0 rg BT 127.65 283.10 Td (alternatives, ) Tj ET Q q 0 0 0 rg BT 178.73 283.10 Td (in ) Tj ET Q q 0 0 0 rg BT 189.01 283.10 Td (its ) Tj ET Q q 0 0 0 rg BT 200.96 283.10 Td (most ) Tj ET Q q 0 0 0 rg BT 222.91 283.10 Td (recent ) Tj ET Q q 0 0 0 rg BT 249.83 283.10 Td (quadrennial ) Tj ET Q q 0 0 0 rg BT 299.54 283.10 Td (reviews.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 266.10 Td (T) Tj ET Q q 0 0 0 rg BT 77.41 266.10 Td (o ) Tj ET Q q 0 0 0 rg BT 84.77 266.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 111.58 266.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 146.15 266.10 Td (a ) Tj ET Q q 0 0 0 rg BT 152.95 266.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 180.87 266.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 204.34 266.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 236.14 266.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.28 266.10 Td (a ) Tj ET Q q 0 0 0 rg BT 253.08 266.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 278.21 266.10 Td (or ) Tj ET Q q 0 0 0 rg BT 288.90 266.10 Td (indirect ) Tj ET Q q 0 0 0 rg BT 321.81 266.10 Td (parent ) Tj ET Q q 0 0 0 rg BT 349.16 266.10 Td (corporation ) Tj ET Q q 0 0 0 rg BT 397.62 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.31 266.10 Td (a ) Tj ET Q q 0 0 0 rg BT 415.11 266.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 455.79 266.10 Td (licensee ) Tj ET Q q 0 0 0 rg BT 490.35 266.10 Td (is ) Tj ET Q q 0 0 0 rg BT 499.39 266.10 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 549.79 266.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 71.28 254.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 90.88 254.10 Td (a ) Tj ET Q q 0 0 0 rg BT 97.70 254.10 Td (multiplier ) Tj ET Q q 0 0 0 rg BT 148.40 254.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 183.00 254.10 Td (in ) Tj ET Q q 0 0 0 rg BT 193.15 254.10 Td (which ) Tj ET Q q 0 0 0 rg BT 219.97 254.10 Td (non-controlling ) Tj ET Q q 0 0 0 rg BT 284.57 254.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 312.50 254.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 335.99 254.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 371.70 254.10 Td (are ) Tj ET Q q 0 0 0 rg BT 386.28 254.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 419.76 254.10 Td (proportionally ) Tj ET Q q 0 0 0 rg BT 479.35 254.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 513.38 254.10 Td (at ) Tj ET Q q 0 0 0 rg BT 522.97 254.10 Td (each ) Tj ET Q q 0 0 0 rg BT 543.67 254.10 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (controlling ) Tj ET Q q 0 0 0 rg BT 96.38 242.10 Td (link ) Tj ET Q q 0 0 0 rg BT 114.44 242.10 Td (in ) Tj ET Q q 0 0 0 rg BT 124.72 242.10 Td (a ) Tj ET Q q 0 0 0 rg BT 131.66 242.10 Td (multi-corporation ) Tj ET Q q 0 0 0 rg BT 204.69 242.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 248.85 242.10 Td (chain.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 225.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 100.33 225.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 135.33 225.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 157.57 225.10 Td (policy) Tj ET Q q 0 0 0 rg BT 181.91 225.10 Td (, ) Tj ET Q q 0 0 0 rg BT 187.75 225.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.86 225.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.42 225.10 Td (case ) Tj ET Q q 0 0 0 rg BT 234.96 225.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.63 225.10 Td (corporations ) Tj ET Q q 0 0 0 rg BT 299.95 225.10 Td (having ) Tj ET Q q 0 0 0 rg BT 330.50 225.10 Td (a ) Tj ET Q q 0 0 0 rg BT 338.28 225.10 Td (single ) Tj ET Q q 0 0 0 rg BT 369.94 225.10 Td (majority ) Tj ET Q q 0 0 0 rg BT 407.16 225.10 Td (shareholder) Tj ET Q q 0 0 0 rg BT 453.40 225.10 Td (, ) Tj ET Q q 0 0 0 rg BT 463.68 225.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.23 225.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 515.89 225.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.56 225.10 Td (minority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 102.05 213.10 Td (are ) Tj ET Q q 0 0 0 rg BT 115.77 213.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 154.48 213.10 Td (not ) Tj ET Q q 0 0 0 rg BT 168.77 213.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 201.37 213.10 Td (attributable. ) Tj ET Q q 0 0 0 rg BT 250.92 213.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.43 213.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 287.26 213.10 Td (Jef) Tj ET Q q 0 0 0 rg BT 298.74 213.10 Td (frey ) Tj ET Q q 0 0 0 rg BT 316.35 213.10 Td (H. ) Tj ET Q q 0 0 0 rg BT 327.58 213.10 Td (Smulyan) Tj ET Q q 0 0 0 rg BT 365.92 213.10 Td (s ) Tj ET Q q 0 0 0 rg BT 371.32 213.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 398.39 213.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 429.33 213.10 Td (in ) Tj ET Q q 0 0 0 rg BT 438.62 213.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.35 213.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 492.75 213.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 530.35 213.10 Td (exceeds ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.10 Td (50%, ) Tj ET Q q 0 0 0 rg BT 73.92 201.10 Td (this ) Tj ET Q q 0 0 0 rg BT 91.46 201.10 Td (exemption ) Tj ET Q q 0 0 0 rg BT 136.76 201.10 Td (appears ) Tj ET Q q 0 0 0 rg BT 170.39 201.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.26 201.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 206.57 201.10 Td (to ) Tj ET Q q 0 0 0 rg BT 217.44 201.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.74 201.10 Td (Company) Tj ET Q q 0 0 0 rg BT 270.98 201.10 Td (. ) Tj ET Q q 0 0 0 rg BT 276.57 201.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.66 201.10 Td (Elimination ) Tj ET Q q 0 0 0 rg BT 329.97 201.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.39 201.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.70 201.10 Td (exemption ) Tj ET Q q 0 0 0 rg BT 402.00 201.10 Td (is, ) Tj ET Q q 0 0 0 rg BT 414.26 201.10 Td (however) Tj ET Q q 0 0 0 rg BT 448.29 201.10 Td (, ) Tj ET Q q 0 0 0 rg BT 453.88 201.10 Td (under ) Tj ET Q q 0 0 0 rg BT 479.74 201.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 536.70 201.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.79 201.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (FCC. ) Tj ET Q q 0 0 0 rg BT 73.74 189.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.07 189.10 Td (If ) Tj ET Q q 0 0 0 rg BT 85.07 189.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.62 189.10 Td (exemption ) Tj ET Q q 0 0 0 rg BT 144.17 189.10 Td (is ) Tj ET Q q 0 0 0 rg BT 153.18 189.10 Td (eliminated, ) Tj ET Q q 0 0 0 rg BT 200.22 189.10 Td (or ) Tj ET Q q 0 0 0 rg BT 210.89 189.10 Td (if ) Tj ET Q q 0 0 0 rg BT 219.33 189.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 231.00 189.10 Td (. ) Tj ET Q q 0 0 0 rg BT 235.84 189.10 Td (Smulyan) Tj ET Q q 0 0 0 rg BT 274.17 189.10 Td (s ) Tj ET Q q 0 0 0 rg BT 280.40 189.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 308.30 189.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 340.07 189.10 Td (falls ) Tj ET Q q 0 0 0 rg BT 359.62 189.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.73 189.10 Td (or ) Tj ET Q q 0 0 0 rg BT 380.40 189.10 Td (below ) Tj ET Q q 0 0 0 rg BT 407.18 189.10 Td (50%, ) Tj ET Q q 0 0 0 rg BT 430.34 189.10 Td (then ) Tj ET Q q 0 0 0 rg BT 449.90 189.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.45 189.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 500.11 189.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.78 189.10 Td (any ) Tj ET Q q 0 0 0 rg BT 527.55 189.10 Td (minority ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 103.80 177.10 Td (that ) Tj ET Q q 0 0 0 rg BT 122.06 177.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 144.76 177.10 Td (or ) Tj ET Q q 0 0 0 rg BT 156.36 177.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 187.38 177.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.86 177.10 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 247.23 177.10 Td (described ) Tj ET Q q 0 0 0 rg BT 288.82 177.10 Td (above ) Tj ET Q q 0 0 0 rg BT 315.96 177.10 Td (would ) Tj ET Q q 0 0 0 rg BT 344.22 177.10 Td (become ) Tj ET Q q 0 0 0 rg BT 378.58 177.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 427.39 177.10 Td (and ) Tj ET Q q 0 0 0 rg BT 445.09 177.10 Td (would ) Tj ET Q q 0 0 0 rg BT 473.36 177.10 Td (be ) Tj ET Q q 0 0 0 rg BT 486.06 177.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 528.76 177.10 Td (with ) Tj ET Q q 0 0 0 rg BT 549.80 177.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 165.10 Td (s ) Tj ET Q q 0 0 0 rg BT 98.06 165.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 133.88 165.10 Td (for ) Tj ET Q q 0 0 0 rg BT 148.04 165.10 Td (purposes ) Tj ET Q q 0 0 0 rg BT 186.09 165.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.92 165.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 247.74 165.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 296.33 165.10 Td (with ) Tj ET Q q 0 0 0 rg BT 316.61 165.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 338.01 165.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 382.17 165.10 Td (rules.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 148.10 Td (Ownership-rule ) Tj ET Q q 0 0 0 rg BT 136.27 148.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 172.22 148.10 Td (arising ) Tj ET Q q 0 0 0 rg BT 200.95 148.10 Td (as ) Tj ET Q q 0 0 0 rg BT 210.79 148.10 Td (a ) Tj ET Q q 0 0 0 rg BT 216.74 148.10 Td (result ) Tj ET Q q 0 0 0 rg BT 240.47 148.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.31 148.10 Td (aggregating ) Tj ET Q q 0 0 0 rg BT 299.03 148.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.76 148.10 Td (media ) Tj ET Q q 0 0 0 rg BT 338.70 148.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 373.54 148.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.38 148.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.11 148.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 437.51 148.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.46 148.10 Td (its ) Tj ET Q q 0 0 0 rg BT 464.43 148.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 511.48 148.10 Td (shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td (could ) Tj ET Q q 0 0 0 rg BT 75.05 136.10 Td (require ) Tj ET Q q 0 0 0 rg BT 106.19 136.10 Td (divestitures ) Tj ET Q q 0 0 0 rg BT 155.13 136.10 Td (by ) Tj ET Q q 0 0 0 rg BT 167.96 136.10 Td (either ) Tj ET Q q 0 0 0 rg BT 193.55 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.60 136.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 250.32 136.10 Td (or ) Tj ET Q q 0 0 0 rg BT 261.48 136.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.53 136.10 Td (af) Tj ET Q q 0 0 0 rg BT 284.12 136.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 311.37 136.10 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 367.24 136.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.45 136.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 389.50 136.10 Td (such ) Tj ET Q q 0 0 0 rg BT 410.66 136.10 Td (conflicts ) Tj ET Q q 0 0 0 rg BT 447.92 136.10 Td (could ) Tj ET Q q 0 0 0 rg BT 472.97 136.10 Td (result ) Tj ET Q q 0 0 0 rg BT 498.02 136.10 Td (in ) Tj ET Q q 0 0 0 rg BT 508.63 136.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 539.80 136.10 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 79.67 124.10 Td (to ) Tj ET Q q 0 0 0 rg BT 90.47 124.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 118.48 124.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 140.40 124.10 Td (consents ) Tj ET Q q 0 0 0 rg BT 177.86 124.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 219.74 124.10 Td (for ) Tj ET Q q 0 0 0 rg BT 234.42 124.10 Td (future ) Tj ET Q q 0 0 0 rg BT 261.31 124.10 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 314.60 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 317.62 124.10 Td (Conversely) Tj ET Q q 0 0 0 rg BT 362.52 124.10 Td (, ) Tj ET Q q 0 0 0 rg BT 368.04 124.10 Td (Emmis) Tj ET Q q 0 0 0 rg BT 398.96 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.98 124.10 Td (media ) Tj ET Q q 0 0 0 rg BT 429.43 124.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 465.77 124.10 Td (could ) Tj ET Q q 0 0 0 rg BT 491.01 124.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 523.45 124.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.24 124.10 Td (restrict ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.05 112.10 Td (media ) Tj ET Q q 0 0 0 rg BT 99.98 112.10 Td (investments ) Tj ET Q q 0 0 0 rg BT 150.25 112.10 Td (by ) Tj ET Q q 0 0 0 rg BT 162.75 112.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 215.79 112.10 Td (having ) Tj ET Q q 0 0 0 rg BT 245.51 112.10 Td (or ) Tj ET Q q 0 0 0 rg BT 256.34 112.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 296.60 112.10 Td (an ) Tj ET Q q 0 0 0 rg BT 308.54 112.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 340.47 112.10 Td (in ) Tj ET Q q 0 0 0 rg BT 350.75 112.10 Td (Emmis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 95.10 Td (ALIEN ) Tj ET Q q 0 0 0 rg BT 104.92 95.10 Td (OWNERSHIP) Tj ET Q q 0 0 0 rg BT 162.15 95.10 Td (. ) Tj ET Q q 0 0 0 rg BT 167.59 95.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.52 95.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 198.45 95.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.60 95.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 284.21 95.10 Td (Act, ) Tj ET Q q 0 0 0 rg BT 304.09 95.10 Td (no ) Tj ET Q q 0 0 0 rg BT 317.02 95.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 338.86 95.10 Td (license ) Tj ET Q q 0 0 0 rg BT 369.56 95.10 Td (may ) Tj ET Q q 0 0 0 rg BT 389.71 95.10 Td (be ) Tj ET Q q 0 0 0 rg BT 402.08 95.10 Td (held ) Tj ET Q q 0 0 0 rg BT 422.23 95.10 Td (by ) Tj ET Q q 0 0 0 rg BT 435.17 95.10 Td (a ) Tj ET Q q 0 0 0 rg BT 442.54 95.10 Td (corporation ) Tj ET Q q 0 0 0 rg BT 491.57 95.10 Td (if ) Tj ET Q q 0 0 0 rg BT 500.61 95.10 Td (more ) Tj ET Q q 0 0 0 rg BT 524.09 95.10 Td (than ) Tj ET Q q 0 0 0 rg BT 544.24 95.10 Td (one-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.10 Td (fifth ) Tj ET Q q 0 0 0 rg BT 69.54 83.10 Td (of ) Tj ET Q q 0 0 0 rg BT 80.20 83.10 Td (its ) Tj ET Q q 0 0 0 rg BT 91.98 83.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 120.95 83.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 144.39 83.10 Td (is ) Tj ET Q q 0 0 0 rg BT 153.38 83.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 182.37 83.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.03 83.10 Td (voted ) Tj ET Q q 0 0 0 rg BT 217.57 83.10 Td (by ) Tj ET Q q 0 0 0 rg BT 229.90 83.10 Td (aliens ) Tj ET Q q 0 0 0 rg BT 255.55 83.10 Td (or ) Tj ET Q q 0 0 0 rg BT 266.21 83.10 Td (their ) Tj ET Q q 0 0 0 rg BT 286.86 83.10 Td (representatives, ) Tj ET Q q 0 0 0 rg BT 351.66 83.10 Td (a ) Tj ET Q q 0 0 0 rg BT 358.42 83.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 389.62 83.10 Td (government ) Tj ET Q q 0 0 0 rg BT 439.71 83.10 Td (or ) Tj ET Q q 0 0 0 rg BT 450.37 83.10 Td (representative ) Tj ET Q q 0 0 0 rg BT 508.78 83.10 Td (thereof, ) Tj ET Q q 0 0 0 rg BT 541.92 83.10 Td (or ) Tj ET Q q 0 0 0 rg BT 552.58 83.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 71.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 75.37 71.10 Td (or) Tj ET Q q 0 0 0 rg BT 83.52 71.10 Td (ganized ) Tj ET Q q 0 0 0 rg BT 117.22 71.10 Td (under ) Tj ET Q q 0 0 0 rg BT 142.59 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.40 71.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 178.33 71.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.26 71.10 Td (a ) Tj ET Q q 0 0 0 rg BT 196.30 71.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 227.78 71.10 Td (country ) Tj ET Q q 0 0 0 rg BT 260.93 71.10 Td (\(collectively) Tj ET Q q 0 0 0 rg BT 310.25 71.10 Td (, ) Tj ET Q q 0 0 0 rg BT 315.35 71.10 Td (Non-U.S. ) Tj ET Q q 0 0 0 rg BT 360.73 71.10 Td (Persons\). ) Tj ET Q q 0 0 0 rg BT 404.71 71.10 Td ( ) Tj ET Q q 0 0 0 rg BT 407.31 71.10 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 462.39 71.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.21 71.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 547.57 71.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 59.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 87.21 59.10 Td (that ) Tj ET Q q 0 0 0 rg BT 104.98 59.10 Td (no ) Tj ET Q q 0 0 0 rg BT 117.75 59.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 139.43 59.10 Td (license ) Tj ET Q q 0 0 0 rg BT 169.97 59.10 Td (may ) Tj ET Q q 0 0 0 rg BT 189.96 59.10 Td (be ) Tj ET Q q 0 0 0 rg BT 202.17 59.10 Td (granted ) Tj ET Q q 0 0 0 rg BT 234.93 59.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.48 59.10 Td (an ) Tj ET Q q 0 0 0 rg BT 257.69 59.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 283.24 59.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 316.55 59.10 Td (or ) Tj ET Q q 0 0 0 rg BT 327.66 59.10 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 368.75 59.10 Td (controlled ) Tj ET Q q 0 0 0 rg BT 412.07 59.10 Td (by ) Tj ET Q q 0 0 0 rg BT 424.84 59.10 Td (another ) Tj ET Q q 0 0 0 rg BT 457.60 59.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 483.14 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.25 59.10 Td (which ) Tj ET Q q 0 0 0 rg BT 521.46 59.10 Td (more ) Tj ET Q q 0 0 0 rg BT 544.78 59.10 Td (than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 47.10 Td (one-fourth ) Tj ET Q q 0 0 0 rg BT 94.86 47.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.84 47.10 Td (its ) Tj ET Q q 0 0 0 rg BT 117.94 47.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 147.24 47.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 171.00 47.10 Td (is ) Tj ET Q q 0 0 0 rg BT 180.32 47.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 209.63 47.10 Td (or ) Tj ET Q q 0 0 0 rg BT 220.62 47.10 Td (voted ) Tj ET Q q 0 0 0 rg BT 245.48 47.10 Td (by ) Tj ET Q q 0 0 0 rg BT 258.13 47.10 Td (Non-U.S. ) Tj ET Q q 0 0 0 rg BT 299.12 47.10 Td (Persons ) Tj ET Q q 0 0 0 rg BT 332.89 47.10 Td (if ) Tj ET Q q 0 0 0 rg BT 341.65 47.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.51 47.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 378.07 47.10 Td (finds ) Tj ET Q q 0 0 0 rg BT 400.72 47.10 Td (that ) Tj ET Q q 0 0 0 rg BT 418.36 47.10 Td (the ) Tj ET Q q 0 0 0 rg BT 433.23 47.10 Td (public ) Tj ET Q q 0 0 0 rg BT 460.88 47.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 492.96 47.10 Td (will ) Tj ET Q q 0 0 0 rg BT 511.17 47.10 Td (be ) Tj ET Q q 0 0 0 rg BT 523.26 47.10 Td (served ) Tj ET Q q 0 0 0 rg BT 552.01 47.10 Td (by ) 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 50.00 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.58 742.10 Td (denial ) Tj ET Q q 0 0 0 rg BT 91.38 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 102.07 742.10 Td (such ) Tj ET Q q 0 0 0 rg BT 122.76 742.10 Td (license. ) Tj ET Q q 0 0 0 rg BT 155.39 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.58 742.10 Td (The ) Tj ET Q q 0 0 0 rg BT 175.49 742.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 196.76 742.10 Td (staf) Tj ET Q q 0 0 0 rg BT 211.02 742.10 Td (f ) Tj ET Q q 0 0 0 rg BT 216.71 742.10 Td (had ) Tj ET Q q 0 0 0 rg BT 233.51 742.10 Td (interpreted ) Tj ET Q q 0 0 0 rg BT 279.18 742.10 Td (this ) Tj ET Q q 0 0 0 rg BT 296.00 742.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 336.14 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 346.28 742.10 Td (require ) Tj ET Q q 0 0 0 rg BT 376.96 742.10 Td (an ) Tj ET Q q 0 0 0 rg BT 388.76 742.10 Td (af) Tj ET Q q 0 0 0 rg BT 396.35 742.10 Td (firmative ) Tj ET Q q 0 0 0 rg BT 435.36 742.10 Td (public ) Tj ET Q q 0 0 0 rg BT 462.72 742.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 494.52 742.10 Td (finding ) Tj ET Q q 0 0 0 rg BT 525.77 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.91 742.10 Td (permit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.27 730.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 86.86 730.10 Td (or ) Tj ET Q q 0 0 0 rg BT 97.24 730.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 129.85 730.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.23 730.10 Td (a ) Tj ET Q q 0 0 0 rg BT 146.72 730.10 Td (license, ) Tj ET Q q 0 0 0 rg BT 179.03 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.52 730.10 Td (had ) Tj ET Q q 0 0 0 rg BT 212.01 730.10 Td (made ) Tj ET Q q 0 0 0 rg BT 235.71 730.10 Td (such ) Tj ET Q q 0 0 0 rg BT 256.09 730.10 Td (a ) Tj ET Q q 0 0 0 rg BT 262.58 730.10 Td (finding ) Tj ET Q q 0 0 0 rg BT 293.52 730.10 Td (only ) Tj ET Q q 0 0 0 rg BT 313.35 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.17 730.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 353.55 730.10 Td (circumstances. ) Tj ET Q q 0 0 0 rg BT 414.74 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.79 730.10 Td (In ) Tj ET Q q 0 0 0 rg BT 427.17 730.10 Td (November ) Tj ET Q q 0 0 0 rg BT 471.43 730.10 Td (2013 ) Tj ET Q q 0 0 0 rg BT 493.48 730.10 Td (the ) Tj ET Q q 0 0 0 rg BT 507.75 730.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 528.70 730.10 Td (clarified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.52 718.10 Td (it ) Tj ET Q q 0 0 0 rg BT 75.60 718.10 Td (would ) Tj ET Q q 0 0 0 rg BT 103.13 718.10 Td (accept ) Tj ET Q q 0 0 0 rg BT 131.19 718.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 166.48 718.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.79 718.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 201.53 718.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 232.93 718.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 279.34 718.10 Td (above ) Tj ET Q q 0 0 0 rg BT 305.74 718.10 Td (25% ) Tj ET Q q 0 0 0 rg BT 326.60 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.90 718.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 377.74 718.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 410.83 718.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 458.62 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 475.58 718.10 Td (that ) Tj ET Q q 0 0 0 rg BT 493.10 718.10 Td (it ) Tj ET Q q 0 0 0 rg BT 501.18 718.10 Td (would ) Tj ET Q q 0 0 0 rg BT 528.71 718.10 Td (evaluate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (those ) Tj ET Q q 0 0 0 rg BT 73.08 706.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 107.81 706.10 Td (on ) Tj ET Q q 0 0 0 rg BT 119.78 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 126.18 706.10 Td (case-by-case ) Tj ET Q q 0 0 0 rg BT 179.22 706.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 201.19 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.94 706.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 252.88 706.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 287.06 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.24 706.10 Td (requesting ) Tj ET Q q 0 0 0 rg BT 344.86 706.10 Td (party ) Tj ET Q q 0 0 0 rg BT 367.38 706.10 Td (had ) Tj ET Q q 0 0 0 rg BT 383.78 706.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 421.29 706.10 Td (a ) Tj ET Q q 0 0 0 rg BT 427.70 706.10 Td (suf) Tj ET Q q 0 0 0 rg BT 439.74 706.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 467.25 706.10 Td (public ) Tj ET Q q 0 0 0 rg BT 494.21 706.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 525.61 706.10 Td (showing. ) Tj ET Q q 0 0 0 rg BT 564.50 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.15 694.10 Td (October ) Tj ET Q q 0 0 0 rg BT 94.17 694.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 118.48 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.52 694.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 153.23 694.10 Td (proposed ) Tj ET Q q 0 0 0 rg BT 191.71 694.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 212.96 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.56 694.10 Td (simplify ) Tj ET Q q 0 0 0 rg BT 257.71 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.96 694.10 Td (streamline ) Tj ET Q q 0 0 0 rg BT 317.43 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.46 694.10 Td (process ) Tj ET Q q 0 0 0 rg BT 363.26 694.10 Td (for ) Tj ET Q q 0 0 0 rg BT 376.74 694.10 Td (requesting ) Tj ET Q q 0 0 0 rg BT 420.21 694.10 Td (authority ) Tj ET Q q 0 0 0 rg BT 458.13 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.72 694.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 497.29 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.32 694.10 Td (25% ) Tj ET Q q 0 0 0 rg BT 531.47 694.10 Td (indirect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 82.25 682.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 127.28 682.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 149.54 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.69 682.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 202.38 682.10 Td (licensees. ) Tj ET Q q 0 0 0 rg BT 244.35 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.47 682.10 Td (The ) Tj ET Q q 0 0 0 rg BT 266.39 682.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 288.67 682.10 Td (also ) Tj ET Q q 0 0 0 rg BT 308.15 682.10 Td (sought ) Tj ET Q q 0 0 0 rg BT 338.19 682.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 378.77 682.10 Td (on ) Tj ET Q q 0 0 0 rg BT 392.14 682.10 Td (related ) Tj ET Q q 0 0 0 rg BT 422.72 682.10 Td (matters, ) Tj ET Q q 0 0 0 rg BT 458.02 682.10 Td (including ) Tj ET Q q 0 0 0 rg BT 499.17 682.10 Td (revisions ) Tj ET Q q 0 0 0 rg BT 538.65 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.80 682.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (methodology ) Tj ET Q q 0 0 0 rg BT 104.22 670.10 Td (that ) Tj ET Q q 0 0 0 rg BT 120.66 670.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 172.09 670.10 Td (may ) Tj ET Q q 0 0 0 rg BT 190.75 670.10 Td (use ) Tj ET Q q 0 0 0 rg BT 205.53 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.76 670.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 240.65 670.10 Td (their ) Tj ET Q q 0 0 0 rg BT 260.42 670.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 307.96 670.10 Td (with ) Tj ET Q q 0 0 0 rg BT 327.18 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.85 670.10 Td (25% ) Tj ET Q q 0 0 0 rg BT 360.63 670.10 Td (limit. ) Tj ET Q q 0 0 0 rg BT 383.46 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.81 670.10 Td (The ) Tj ET Q q 0 0 0 rg BT 401.80 670.10 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 442.13 670.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 488.01 670.10 Td (on ) Tj ET Q q 0 0 0 rg BT 499.46 670.10 Td (alien ) Tj ET Q q 0 0 0 rg BT 520.34 670.10 Td (ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 73.84 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 83.24 658.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 120.97 658.10 Td (form ) Tj ET Q q 0 0 0 rg BT 142.03 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.43 658.10 Td (other ) Tj ET Q q 0 0 0 rg BT 173.60 658.10 Td (types ) Tj ET Q q 0 0 0 rg BT 196.34 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.29 658.10 Td (business ) Tj ET Q q 0 0 0 rg BT 241.80 658.10 Td (or) Tj ET Q q 0 0 0 rg BT 249.95 658.10 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 299.62 658.10 Td (including ) Tj ET Q q 0 0 0 rg BT 339.02 658.10 Td (partnerships ) Tj ET Q q 0 0 0 rg BT 389.52 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.58 658.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 435.53 658.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 468.26 658.10 Td (companies. ) Tj ET Q q 0 0 0 rg BT 515.15 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 516.77 658.10 Td (In ) Tj ET Q q 0 0 0 rg BT 526.73 658.10 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.48 646.10 Td (LMA) Tj ET Q q 0 0 0 rg BT 83.15 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.19 646.10 Td (with ) Tj ET Q q 0 0 0 rg BT 105.01 646.10 Td (a ) Tj ET Q q 0 0 0 rg BT 111.49 646.10 Td (foreign ) Tj ET Q q 0 0 0 rg BT 142.40 646.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 171.10 646.10 Td (company ) Tj ET Q q 0 0 0 rg BT 209.80 646.10 Td (is ) Tj ET Q q 0 0 0 rg BT 218.51 646.10 Td (not ) Tj ET Q q 0 0 0 rg BT 233.33 646.10 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 276.47 646.10 Td (as ) Tj ET Q q 0 0 0 rg BT 286.84 646.10 Td (long ) Tj ET Q q 0 0 0 rg BT 306.66 646.10 Td (as ) Tj ET Q q 0 0 0 rg BT 317.03 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.29 646.10 Td (non-foreign ) Tj ET Q q 0 0 0 rg BT 380.53 646.10 Td (holder ) Tj ET Q q 0 0 0 rg BT 408.12 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.49 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.75 646.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 453.69 646.10 Td (license ) Tj ET Q q 0 0 0 rg BT 483.49 646.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 523.86 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 533.67 646.10 Td (control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.14 634.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 99.27 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.19 634.10 Td (station. ) Tj ET Q q 0 0 0 rg BT 146.06 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.76 634.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 167.02 634.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 198.57 634.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 240.15 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 257.29 634.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 293.83 634.10 Td (Articles ) Tj ET Q q 0 0 0 rg BT 328.19 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.22 634.10 Td (Incorporation ) Tj ET Q q 0 0 0 rg BT 396.35 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 413.49 634.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 445.04 634.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 486.62 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.76 634.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 540.90 634.10 Td (Code ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.50 622.10 Td (By-Laws ) Tj ET Q q 0 0 0 rg BT 101.33 622.10 Td (authorize ) Tj ET Q q 0 0 0 rg BT 141.70 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 157.08 622.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 184.69 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 196.19 622.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 236.57 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.51 622.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 282.35 622.10 Td (such ) Tj ET Q q 0 0 0 rg BT 303.85 622.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 344.22 622.10 Td (alien ) Tj ET Q q 0 0 0 rg BT 366.82 622.10 Td (ownership, ) Tj ET Q q 0 0 0 rg BT 414.15 622.10 Td (voting ) Tj ET Q q 0 0 0 rg BT 442.88 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 454.38 622.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 488.08 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 499.58 622.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 529.40 622.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 553.68 622.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (would ) Tj ET Q q 0 0 0 rg BT 77.50 610.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 102.21 610.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 133.04 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.32 610.10 Td (violate ) Tj ET Q q 0 0 0 rg BT 173.03 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.75 610.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 258.03 610.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 274.97 610.10 Td (or ) Tj ET Q q 0 0 0 rg BT 285.80 610.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 307.20 610.10 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 356.63 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 593.10 Td (ASSIGNMENTS ) Tj ET Q q 0 0 0 rg BT 144.16 593.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 168.38 593.10 Td (TRANSFERS ) Tj ET Q q 0 0 0 rg BT 227.82 593.10 Td (OF ) Tj ET Q q 0 0 0 rg BT 243.36 593.10 Td (CONTROL. ) Tj ET Q q 0 0 0 rg BT 295.84 593.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.40 593.10 Td (The ) Tj ET Q q 0 0 0 rg BT 316.70 593.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 387.18 593.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 404.37 593.10 Td (prohibits ) Tj ET Q q 0 0 0 rg BT 442.68 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.66 593.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 505.41 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 516.50 593.10 Td (a ) Tj ET Q q 0 0 0 rg BT 523.69 593.10 Td (broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (license ) Tj ET Q q 0 0 0 rg BT 80.35 581.10 Td (or ) Tj ET Q q 0 0 0 rg BT 91.26 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.07 581.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 139.19 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.10 581.10 Td (control ) Tj ET Q q 0 0 0 rg BT 181.02 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.93 581.10 Td (a ) Tj ET Q q 0 0 0 rg BT 198.96 581.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 239.86 581.10 Td (licensee ) Tj ET Q q 0 0 0 rg BT 274.64 581.10 Td (without ) Tj ET Q q 0 0 0 rg BT 307.79 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.59 581.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 344.61 581.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 382.18 581.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.10 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.90 581.10 Td (FCC. ) Tj ET Q q 0 0 0 rg BT 431.89 581.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.47 581.10 Td (In ) Tj ET Q q 0 0 0 rg BT 445.39 581.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 496.29 581.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 531.09 581.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.45 581.10 Td (grant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (such ) Tj ET Q q 0 0 0 rg BT 70.87 569.10 Td (approval, ) Tj ET Q q 0 0 0 rg BT 110.90 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.66 569.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 147.11 569.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 187.42 569.10 Td (a ) Tj ET Q q 0 0 0 rg BT 194.40 569.10 Td (number ) Tj ET Q q 0 0 0 rg BT 227.49 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.36 569.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 270.61 569.10 Td (including ) Tj ET Q q 0 0 0 rg BT 310.93 569.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 359.56 569.10 Td (with ) Tj ET Q q 0 0 0 rg BT 379.88 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.64 569.10 Td (various ) Tj ET Q q 0 0 0 rg BT 426.62 569.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 448.60 569.10 Td (limiting ) Tj ET Q q 0 0 0 rg BT 482.82 569.10 Td (common ) Tj ET Q q 0 0 0 rg BT 520.35 569.10 Td (ownership ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.81 557.10 Td (media ) Tj ET Q q 0 0 0 rg BT 89.72 557.10 Td (properties, ) Tj ET Q q 0 0 0 rg BT 135.69 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.38 557.10 Td (character ) Tj ET Q q 0 0 0 rg BT 200.37 557.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.18 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.87 557.10 Td (assignee ) Tj ET Q q 0 0 0 rg BT 265.23 557.10 Td (or ) Tj ET Q q 0 0 0 rg BT 277.04 557.10 Td (transferee ) Tj ET Q q 0 0 0 rg BT 319.93 557.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.85 557.10 Td (those ) Tj ET Q q 0 0 0 rg BT 362.44 557.10 Td (persons ) Tj ET Q q 0 0 0 rg BT 396.47 557.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 430.50 557.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 479.52 557.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 516.32 557.10 Td (therein ) Tj ET Q q 0 0 0 rg BT 547.57 557.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 98.18 545.10 Td (with ) Tj ET Q q 0 0 0 rg BT 118.04 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 132.35 545.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 202.31 545.10 Td (Act) Tj ET Q q 0 0 0 rg BT 219.52 545.10 Td (s ) Tj ET Q q 0 0 0 rg BT 225.51 545.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 270.37 545.10 Td (on ) Tj ET Q q 0 0 0 rg BT 282.46 545.10 Td (alien ) Tj ET Q q 0 0 0 rg BT 303.98 545.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 347.73 545.10 Td (as ) Tj ET Q q 0 0 0 rg BT 358.15 545.10 Td (well ) Tj ET Q q 0 0 0 rg BT 377.46 545.10 Td (as ) Tj ET Q q 0 0 0 rg BT 387.88 545.10 Td (other ) Tj ET Q q 0 0 0 rg BT 410.51 545.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 447.60 545.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.12 545.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 507.31 545.10 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 564.51 545.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (When ) Tj ET Q q 0 0 0 rg BT 77.12 533.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 122.02 533.10 Td (an ) Tj ET Q q 0 0 0 rg BT 134.70 533.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 182.95 533.10 Td (or ) Tj ET Q q 0 0 0 rg BT 194.52 533.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 228.30 533.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.88 533.10 Td (control ) Tj ET Q q 0 0 0 rg BT 271.45 533.10 Td (application, ) Tj ET Q q 0 0 0 rg BT 321.63 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 337.09 533.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 359.24 533.10 Td (is ) Tj ET Q q 0 0 0 rg BT 369.15 533.10 Td (prohibited ) Tj ET Q q 0 0 0 rg BT 413.50 533.10 Td (from ) Tj ET Q q 0 0 0 rg BT 436.19 533.10 Td (considering ) Tj ET Q q 0 0 0 rg BT 486.09 533.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 521.54 533.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.00 533.10 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 82.11 521.10 Td (might ) Tj ET Q q 0 0 0 rg BT 108.13 521.10 Td (be ) Tj ET Q q 0 0 0 rg BT 120.25 521.10 Td (served ) Tj ET Q q 0 0 0 rg BT 149.02 521.10 Td (by ) Tj ET Q q 0 0 0 rg BT 161.70 521.10 Td (an ) Tj ET Q q 0 0 0 rg BT 173.82 521.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 221.50 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.51 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 247.40 521.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 288.40 521.10 Td (license ) Tj ET Q q 0 0 0 rg BT 318.84 521.10 Td (or ) Tj ET Q q 0 0 0 rg BT 329.85 521.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 363.07 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.08 521.10 Td (control ) Tj ET Q q 0 0 0 rg BT 405.08 521.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.09 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.99 521.10 Td (licensee ) Tj ET Q q 0 0 0 rg BT 465.87 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.33 521.10 Td (a ) Tj ET Q q 0 0 0 rg BT 483.45 521.10 Td (party ) Tj ET Q q 0 0 0 rg BT 506.67 521.10 Td (other ) Tj ET Q q 0 0 0 rg BT 529.90 521.10 Td (than ) Tj ET Q q 0 0 0 rg BT 549.80 521.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (assignee ) Tj ET Q q 0 0 0 rg BT 86.38 509.10 Td (or ) Tj ET Q q 0 0 0 rg BT 97.21 509.10 Td (transferee ) Tj ET Q q 0 0 0 rg BT 139.12 509.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 177.71 509.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.99 509.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.71 509.10 Td (application.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 492.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 102.30 492.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 138.55 492.10 Td (WBLS ) Tj ET Q q 0 0 0 rg BT 168.30 492.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.56 492.10 Td (WLIB ) Tj ET Q q 0 0 0 rg BT 212.08 492.10 Td (from ) Tj ET Q q 0 0 0 rg BT 233.48 492.10 Td (a ) Tj ET Q q 0 0 0 rg BT 239.89 492.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 282.97 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.97 492.10 Td (YMF ) Tj ET Q q 0 0 0 rg BT 316.61 492.10 Td (Media ) Tj ET Q q 0 0 0 rg BT 344.13 492.10 Td (\(YMF\), ) Tj ET Q q 0 0 0 rg BT 385.81 492.10 Td (which ) Tj ET Q q 0 0 0 rg BT 412.21 492.10 Td (itself ) Tj ET Q q 0 0 0 rg BT 434.18 492.10 Td (had ) Tj ET Q q 0 0 0 rg BT 450.58 492.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 486.98 492.10 Td (those ) Tj ET Q q 0 0 0 rg BT 510.05 492.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 542.58 492.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.19 480.10 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 101.06 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 112.15 480.10 Td (Inner ) Tj ET Q q 0 0 0 rg BT 136.00 480.10 Td (City ) Tj ET Q q 0 0 0 rg BT 155.98 480.10 Td (Broadcasting. ) Tj ET Q q 0 0 0 rg BT 214.00 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.76 480.10 Td (Several ) Tj ET Q q 0 0 0 rg BT 249.50 480.10 Td (individuals ) Tj ET Q q 0 0 0 rg BT 296.70 480.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 317.78 480.10 Td (petitions ) Tj ET Q q 0 0 0 rg BT 354.98 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 365.52 480.10 Td (deny ) Tj ET Q q 0 0 0 rg BT 387.71 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.69 480.10 Td (application ) Tj ET Q q 0 0 0 rg BT 449.87 480.10 Td (requesting ) Tj ET Q q 0 0 0 rg BT 494.28 480.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 515.94 480.10 Td (approval ) Tj ET Q q 0 0 0 rg BT 553.68 480.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.26 468.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 113.29 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.66 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.92 468.10 Td (stations) Tj ET Q q 0 0 0 rg BT 173.06 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.10 468.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 210.80 468.10 Td (from ) Tj ET Q q 0 0 0 rg BT 233.27 468.10 Td (Inner ) Tj ET Q q 0 0 0 rg BT 257.41 468.10 Td (City ) Tj ET Q q 0 0 0 rg BT 277.68 468.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.04 468.10 Td (YMF) Tj ET Q q 0 0 0 rg BT 308.92 468.10 Td (, ) Tj ET Q q 0 0 0 rg BT 314.46 468.10 Td (which ) Tj ET Q q 0 0 0 rg BT 341.94 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.19 468.10 Td (Media ) Tj ET Q q 0 0 0 rg BT 385.78 468.10 Td (Bureau ) Tj ET Q q 0 0 0 rg BT 417.70 468.10 Td (denied. ) Tj ET Q q 0 0 0 rg BT 449.89 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.93 468.10 Td (Several ) Tj ET Q q 0 0 0 rg BT 485.96 468.10 Td (petitioners ) Tj ET Q q 0 0 0 rg BT 531.21 468.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 552.57 468.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (application ) Tj ET Q q 0 0 0 rg BT 96.23 456.10 Td (for ) Tj ET Q q 0 0 0 rg BT 109.69 456.10 Td (review ) Tj ET Q q 0 0 0 rg BT 138.69 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.82 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 162.84 456.10 Td (Media ) Tj ET Q q 0 0 0 rg BT 190.19 456.10 Td (Bureau ) Tj ET Q q 0 0 0 rg BT 220.86 456.10 Td (decision, ) Tj ET Q q 0 0 0 rg BT 258.49 456.10 Td (which ) Tj ET Q q 0 0 0 rg BT 284.72 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.74 456.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 351.11 456.10 Td (denied. ) Tj ET Q q 0 0 0 rg BT 382.06 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 383.73 456.10 Td (These ) Tj ET Q q 0 0 0 rg BT 409.41 456.10 Td (petitioners ) Tj ET Q q 0 0 0 rg BT 453.42 456.10 Td (appealed ) Tj ET Q q 0 0 0 rg BT 490.75 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 504.77 456.10 Td (Commission) Tj ET Q q 0 0 0 rg BT 558.11 456.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 85.75 444.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.96 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.60 444.10 Td (United ) Tj ET Q q 0 0 0 rg BT 140.24 444.10 Td (States ) Tj ET Q q 0 0 0 rg BT 166.55 444.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 191.76 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.98 444.10 Td (Appeals ) Tj ET Q q 0 0 0 rg BT 237.17 444.10 Td (for ) Tj ET Q q 0 0 0 rg BT 251.26 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.90 444.10 Td (D.C. ) Tj ET Q q 0 0 0 rg BT 287.22 444.10 Td (Circuit. ) Tj ET Q q 0 0 0 rg BT 319.92 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.17 444.10 Td (The ) Tj ET Q q 0 0 0 rg BT 340.14 444.10 Td (D.C. ) Tj ET Q q 0 0 0 rg BT 361.46 444.10 Td (Circuit ) Tj ET Q q 0 0 0 rg BT 391.66 444.10 Td (dismissed ) Tj ET Q q 0 0 0 rg BT 433.53 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.17 444.10 Td (case, ) Tj ET Q q 0 0 0 rg BT 470.31 444.10 Td (but ) Tj ET Q q 0 0 0 rg BT 485.51 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 500.15 444.10 Td (petitioners ) Tj ET Q q 0 0 0 rg BT 544.79 444.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (still ) Tj ET Q q 0 0 0 rg BT 68.14 432.10 Td (appeal ) Tj ET Q q 0 0 0 rg BT 97.37 432.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.29 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.64 432.10 Td (United ) Tj ET Q q 0 0 0 rg BT 154.00 432.10 Td (States ) Tj ET Q q 0 0 0 rg BT 181.02 432.10 Td (Supreme ) Tj ET Q q 0 0 0 rg BT 219.70 432.10 Td (Court. ) Tj ET Q q 0 0 0 rg BT 248.12 432.10 Td (No ) Tj ET Q q 0 0 0 rg BT 263.48 432.10 Td (party ) Tj ET Q q 0 0 0 rg BT 287.16 432.10 Td (challenged ) Tj ET Q q 0 0 0 rg BT 333.61 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.96 432.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 396.54 432.10 Td (assignment ) Tj ET Q q 0 0 0 rg BT 444.67 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.14 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.49 432.10 Td (stations) Tj ET Q q 0 0 0 rg BT 504.64 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.78 432.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 542.57 432.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (YMF ) Tj ET Q q 0 0 0 rg BT 73.91 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 83.92 420.10 Td (Emmis, ) Tj ET Q q 0 0 0 rg BT 116.99 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.67 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.12 420.10 Td (time ) Tj ET Q q 0 0 0 rg BT 168.13 420.10 Td (for ) Tj ET Q q 0 0 0 rg BT 182.02 420.10 Td (filing ) Tj ET Q q 0 0 0 rg BT 205.92 420.10 Td (any ) Tj ET Q q 0 0 0 rg BT 222.60 420.10 Td (such ) Tj ET Q q 0 0 0 rg BT 243.16 420.10 Td (challenges ) Tj ET Q q 0 0 0 rg BT 287.60 420.10 Td (has ) Tj ET Q q 0 0 0 rg BT 303.17 420.10 Td (expired. ) Tj ET Q q 0 0 0 rg BT 337.89 420.10 Td (However) Tj ET Q q 0 0 0 rg BT 374.14 420.10 Td (, ) Tj ET Q q 0 0 0 rg BT 378.87 420.10 Td (in ) Tj ET Q q 0 0 0 rg BT 388.89 420.10 Td (March ) Tj ET Q q 0 0 0 rg BT 417.22 420.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 441.96 420.10 Td (one ) Tj ET Q q 0 0 0 rg BT 458.63 420.10 Td (party ) Tj ET Q q 0 0 0 rg BT 481.41 420.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 501.97 420.10 Td (a ) Tj ET Q q 0 0 0 rg BT 508.65 420.10 Td (lawsuit ) Tj ET Q q 0 0 0 rg BT 539.77 420.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.78 420.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 82.39 408.10 Td (District ) Tj ET Q q 0 0 0 rg BT 114.78 408.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 139.96 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.69 408.10 Td (New ) Tj ET Q q 0 0 0 rg BT 171.62 408.10 Td (Y) Tj ET Q q 0 0 0 rg BT 177.84 408.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 193.57 408.10 Td (challenging ) Tj ET Q q 0 0 0 rg BT 242.63 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.24 408.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 290.18 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.91 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.53 408.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 341.26 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.82 408.10 Td (WBLS-FM ) Tj ET Q q 0 0 0 rg BT 399.78 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.45 408.10 Td (WLIB-AM ) Tj ET Q q 0 0 0 rg BT 463.84 408.10 Td (from ) Tj ET Q q 0 0 0 rg BT 485.68 408.10 Td (Inner ) Tj ET Q q 0 0 0 rg BT 509.18 408.10 Td (City ) Tj ET Q q 0 0 0 rg BT 528.81 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 538.63 408.10 Td (YMF) Tj ET Q q 0 0 0 rg BT 559.51 408.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.68 396.10 Td (claimed ) Tj ET Q q 0 0 0 rg BT 100.58 396.10 Td (that ) Tj ET Q q 0 0 0 rg BT 117.82 396.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 148.40 396.10 Td (had ) Tj ET Q q 0 0 0 rg BT 165.09 396.10 Td (exerted ) Tj ET Q q 0 0 0 rg BT 196.76 396.10 Td (undue ) Tj ET Q q 0 0 0 rg BT 223.44 396.10 Td (influence ) Tj ET Q q 0 0 0 rg BT 262.89 396.10 Td (in ) Tj ET Q q 0 0 0 rg BT 272.92 396.10 Td (securing ) Tj ET Q q 0 0 0 rg BT 309.04 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.50 396.10 Td (FCC's ) Tj ET Q q 0 0 0 rg BT 350.34 396.10 Td (consent ) Tj ET Q q 0 0 0 rg BT 383.13 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.16 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.62 396.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 440.41 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.98 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.44 396.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 486.59 396.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 520.49 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.91 396.10 Td (WBLS-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 66.04 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 81.95 384.10 Td (WLIB-AM ) Tj ET Q q 0 0 0 rg BT 128.53 384.10 Td (from ) Tj ET Q q 0 0 0 rg BT 149.32 384.10 Td (YMF ) Tj ET Q q 0 0 0 rg BT 172.59 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.95 384.10 Td (Emmis. ) Tj ET Q q 0 0 0 rg BT 214.03 384.10 Td (An ) Tj ET Q q 0 0 0 rg BT 227.84 384.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 265.52 384.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 307.10 384.10 Td (was ) Tj ET Q q 0 0 0 rg BT 324.24 384.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 344.15 384.10 Td (in ) Tj ET Q q 0 0 0 rg BT 353.52 384.10 Td (February ) Tj ET Q q 0 0 0 rg BT 391.20 384.10 Td (2016. ) Tj ET Q q 0 0 0 rg BT 415.29 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.53 384.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 455.90 384.10 Td (both ) Tj ET Q q 0 0 0 rg BT 475.26 384.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 497.95 384.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 527.30 384.10 Td (pending, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 80.83 372.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 116.10 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.82 372.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 159.42 372.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 200.23 372.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 219.39 372.10 Td (merit. ) Tj ET Q q 0 0 0 rg BT 245.49 372.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 355.10 Td (PROGRAMMING ) Tj ET Q q 0 0 0 rg BT 151.04 355.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 176.45 355.10 Td (OPERA) Tj ET Q q 0 0 0 rg BT 208.13 355.10 Td (TION. ) Tj ET Q q 0 0 0 rg BT 238.25 355.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.73 355.10 Td (The ) Tj ET Q q 0 0 0 rg BT 261.02 355.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 332.27 355.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 350.45 355.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 386.40 355.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 440.13 355.10 Td (to ) Tj ET Q q 0 0 0 rg BT 451.65 355.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 476.49 355.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.45 355.10 Td (public ) Tj ET Q q 0 0 0 rg BT 525.63 355.10 Td (interest. ) Tj ET Q q 0 0 0 rg BT 564.50 355.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 94.25 343.10 Td (in ) Tj ET Q q 0 0 0 rg BT 104.61 343.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.41 343.10 Td (late ) Tj ET Q q 0 0 0 rg BT 136.43 343.10 Td (1970s, ) Tj ET Q q 0 0 0 rg BT 165.41 343.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.21 343.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 201.69 343.10 Td (gradually ) Tj ET Q q 0 0 0 rg BT 242.04 343.10 Td (relaxed ) Tj ET Q q 0 0 0 rg BT 274.05 343.10 Td (or ) Tj ET Q q 0 0 0 rg BT 284.97 343.10 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 329.76 343.10 Td (many ) Tj ET Q q 0 0 0 rg BT 354.56 343.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.47 343.10 Td (the ) Tj ET Q q 0 0 0 rg BT 380.27 343.10 Td (more ) Tj ET Q q 0 0 0 rg BT 403.41 343.10 Td (formalized ) Tj ET Q q 0 0 0 rg BT 449.30 343.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 495.75 343.10 Td (it ) Tj ET Q q 0 0 0 rg BT 503.89 343.10 Td (had ) Tj ET Q q 0 0 0 rg BT 520.92 343.10 Td (developed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.10 331.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 95.75 331.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.29 331.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 150.92 331.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.57 331.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 191.10 331.10 Td (types ) Tj ET Q q 0 0 0 rg BT 214.53 331.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.18 331.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 281.94 331.10 Td (responsive ) Tj ET Q q 0 0 0 rg BT 327.03 331.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.13 331.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.67 331.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 376.76 331.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.41 331.10 Td (a ) Tj ET Q q 0 0 0 rg BT 394.17 331.10 Td (station) Tj ET Q q 0 0 0 rg BT 423.61 331.10 Td (s ) Tj ET Q q 0 0 0 rg BT 429.82 331.10 Td (community ) Tj ET Q q 0 0 0 rg BT 477.70 331.10 Td (of ) Tj ET Q q 0 0 0 rg BT 488.35 331.10 Td (license. ) Tj ET Q q 0 0 0 rg BT 520.94 331.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.26 331.10 Td (However) Tj ET Q q 0 0 0 rg BT 559.51 331.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (licensees ) Tj ET Q q 0 0 0 rg BT 88.26 319.10 Td (are ) Tj ET Q q 0 0 0 rg BT 102.64 319.10 Td (still ) Tj ET Q q 0 0 0 rg BT 119.82 319.10 Td (required ) Tj ET Q q 0 0 0 rg BT 155.30 319.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.25 319.10 Td (present ) Tj ET Q q 0 0 0 rg BT 196.30 319.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 252.90 319.10 Td (that ) Tj ET Q q 0 0 0 rg BT 270.07 319.10 Td (is ) Tj ET Q q 0 0 0 rg BT 278.91 319.10 Td (responsive ) Tj ET Q q 0 0 0 rg BT 323.85 319.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.80 319.10 Td (community ) Tj ET Q q 0 0 0 rg BT 381.52 319.10 Td (problems, ) Tj ET Q q 0 0 0 rg BT 423.41 319.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 448.34 319.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.95 319.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 500.45 319.10 Td (and ) Tj ET Q q 0 0 0 rg BT 517.06 319.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.01 319.10 Td (maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.70 307.10 Td (records ) Tj ET Q q 0 0 0 rg BT 111.63 307.10 Td (demonstrating ) Tj ET Q q 0 0 0 rg BT 171.34 307.10 Td (such ) Tj ET Q q 0 0 0 rg BT 192.17 307.10 Td (responsiveness.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 290.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 104.46 290.10 Td (law ) Tj ET Q q 0 0 0 rg BT 121.38 290.10 Td (prohibits ) Tj ET Q q 0 0 0 rg BT 159.42 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.12 290.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 214.91 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 225.72 290.10 Td (obscene ) Tj ET Q q 0 0 0 rg BT 260.41 290.10 Td (material ) Tj ET Q q 0 0 0 rg BT 295.64 290.10 Td (at ) Tj ET Q q 0 0 0 rg BT 305.34 290.10 Td (any ) Tj ET Q q 0 0 0 rg BT 322.26 290.10 Td (time ) Tj ET Q q 0 0 0 rg BT 342.51 290.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.43 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.13 290.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 414.92 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.73 290.10 Td (indecent ) Tj ET Q q 0 0 0 rg BT 462.08 290.10 Td (material ) Tj ET Q q 0 0 0 rg BT 497.32 290.10 Td (during ) Tj ET Q q 0 0 0 rg BT 525.91 290.10 Td (specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 Td (time ) Tj ET Q q 0 0 0 rg BT 71.09 278.10 Td (periods; ) Tj ET Q q 0 0 0 rg BT 106.62 278.10 Td (these ) Tj ET Q q 0 0 0 rg BT 130.48 278.10 Td (prohibitions ) Tj ET Q q 0 0 0 rg BT 182.12 278.10 Td (are ) Tj ET Q q 0 0 0 rg BT 197.64 278.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 229.28 278.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.37 278.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 293.66 278.10 Td (by ) Tj ET Q q 0 0 0 rg BT 306.97 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 322.50 278.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 344.71 278.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.47 278.10 Td (carry ) Tj ET Q q 0 0 0 rg BT 386.32 278.10 Td (fines ) Tj ET Q q 0 0 0 rg BT 409.07 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 420.71 278.10 Td (up ) Tj ET Q q 0 0 0 rg BT 434.02 278.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.11 278.10 Td ($325,000 ) Tj ET Q q 0 0 0 rg BT 485.93 278.10 Td (per ) Tj ET Q q 0 0 0 rg BT 502.01 278.10 Td (violation. ) Tj ET Q q 0 0 0 rg BT 543.37 278.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.45 278.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (company ) Tj ET Q q 0 0 0 rg BT 88.90 266.10 Td (has ) Tj ET Q q 0 0 0 rg BT 104.48 266.10 Td (received, ) Tj ET Q q 0 0 0 rg BT 143.09 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.78 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.03 266.10 Td (may ) Tj ET Q q 0 0 0 rg BT 181.49 266.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 212.60 266.10 Td (in ) Tj ET Q q 0 0 0 rg BT 222.63 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.10 266.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 265.72 266.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 292.40 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.98 266.10 Td (inquiry ) Tj ET Q q 0 0 0 rg BT 334.12 266.10 Td (or ) Tj ET Q q 0 0 0 rg BT 344.70 266.10 Td (other ) Tj ET Q q 0 0 0 rg BT 367.49 266.10 Td (notifications ) Tj ET Q q 0 0 0 rg BT 419.73 266.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 466.40 266.10 Td (alleged ) Tj ET Q q 0 0 0 rg BT 497.52 266.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 539.22 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.79 266.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 92.91 254.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 114.72 254.10 Td (at ) Tj ET Q q 0 0 0 rg BT 124.31 254.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 153.89 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.59 254.10 Td (its ) Tj ET Q q 0 0 0 rg BT 176.42 254.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 211.85 254.10 Td ( ) Tj ET Q q 0 0 0 rg BT 214.05 254.10 Td (W) Tj ET Q q 0 0 0 rg BT 222.69 254.10 Td (e ) Tj ET Q q 0 0 0 rg BT 229.50 254.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 258.53 254.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 288.67 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.26 254.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 340.07 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.77 254.10 Td (any ) Tj ET Q q 0 0 0 rg BT 367.58 254.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 410.49 254.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 452.86 254.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 499.65 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Tj ET Q q 0 0 0 rg BT 154.99 201.10 Td (based ) Tj ET Q q 0 0 0 rg BT 180.54 201.10 Td (on ) Tj ET Q q 0 0 0 rg BT 193.32 201.10 Td (its ) Tj ET Q q 0 0 0 rg BT 205.55 201.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 233.86 201.10 Td (decision. ) Tj ET Q q 0 0 0 rg BT 272.47 201.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.05 201.10 Td (The ) Tj ET Q q 0 0 0 rg BT 293.38 201.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 315.06 201.10 Td (challenged ) Tj ET Q q 0 0 0 rg BT 361.16 201.10 Td (these ) Tj ET Q q 0 0 0 rg BT 384.49 201.10 Td (rulings ) Tj ET Q q 0 0 0 rg BT 415.05 201.10 Td (in ) Tj ET Q q 0 0 0 rg BT 425.61 201.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.61 201.10 Td (Supreme ) Tj ET Q q 0 0 0 rg BT 478.94 201.10 Td (Court. ) Tj ET Q q 0 0 0 rg BT 507.00 201.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.78 201.10 Td (In ) Tj ET Q q 0 0 0 rg BT 520.89 201.10 Td (June ) Tj ET Q q 0 0 0 rg BT 542.00 201.10 Td (2012 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.01 189.10 Td (Supreme ) Tj ET Q q 0 0 0 rg BT 103.34 189.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 128.91 189.10 Td (vacated ) Tj ET Q q 0 0 0 rg BT 162.23 189.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.24 189.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 209.47 189.10 Td (Circuit) Tj ET Q q 0 0 0 rg BT 240.02 189.10 Td (s ) Tj ET Q q 0 0 0 rg BT 246.70 189.10 Td (decision, ) Tj ET Q q 0 0 0 rg BT 285.31 189.10 Td (finding ) Tj ET Q q 0 0 0 rg BT 316.99 189.10 Td (that ) Tj ET Q q 0 0 0 rg BT 334.78 189.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.78 189.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 371.47 189.10 Td (had ) Tj ET Q q 0 0 0 rg BT 388.70 189.10 Td (failed ) Tj ET Q q 0 0 0 rg BT 414.25 189.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.82 189.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 458.16 189.10 Td (adequate ) Tj ET Q q 0 0 0 rg BT 496.48 189.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 523.70 189.10 Td (regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.14 177.10 Td (contours ) Tj ET Q q 0 0 0 rg BT 102.51 177.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.76 177.10 Td (its ) Tj ET Q q 0 0 0 rg BT 126.14 177.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 169.60 177.10 Td (policy ) Tj ET Q q 0 0 0 rg BT 197.52 177.10 Td (with ) Tj ET Q q 0 0 0 rg BT 218.22 177.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 249.46 177.10 Td (to ) Tj ET Q q 0 0 0 rg BT 260.17 177.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.31 177.10 Td (broadcasts ) Tj ET Q q 0 0 0 rg BT 320.45 177.10 Td (at ) Tj ET Q q 0 0 0 rg BT 330.59 177.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 353.52 177.10 Td (in ) Tj ET Q q 0 0 0 rg BT 364.22 177.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.36 177.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 425.61 177.10 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 479.36 177.10 Td (but ) Tj ET Q q 0 0 0 rg BT 495.06 177.10 Td (leaving ) Tj ET Q q 0 0 0 rg BT 527.42 177.10 Td (open ) Tj ET Q q 0 0 0 rg BT 549.79 177.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td (possibility ) Tj ET Q q 0 0 0 rg BT 93.84 165.10 Td (that ) Tj ET Q q 0 0 0 rg BT 111.01 165.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.39 165.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 155.87 165.10 Td (might ) Tj ET Q q 0 0 0 rg BT 181.38 165.10 Td (be ) Tj ET Q q 0 0 0 rg BT 192.98 165.10 Td (able ) Tj ET Q q 0 0 0 rg BT 211.81 165.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.75 165.10 Td (enforce ) Tj ET Q q 0 0 0 rg BT 253.90 165.10 Td (the ) Tj ET Q q 0 0 0 rg BT 268.28 165.10 Td (prohibition ) Tj ET Q q 0 0 0 rg BT 314.89 165.10 Td (on ) Tj ET Q q 0 0 0 rg BT 327.06 165.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 367.54 165.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 410.24 165.10 Td (in ) Tj ET Q q 0 0 0 rg BT 420.19 165.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.58 165.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 463.12 165.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.13 165.10 Td (The ) Tj ET Q q 0 0 0 rg BT 482.69 165.10 Td (Third ) Tj ET Q q 0 0 0 rg BT 507.07 165.10 Td (Circuit ) Tj ET Q q 0 0 0 rg BT 537.02 165.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.43 153.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 91.74 153.10 Td (vacating ) Tj ET Q q 0 0 0 rg BT 127.60 153.10 Td (another ) Tj ET Q q 0 0 0 rg BT 159.58 153.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 180.47 153.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 222.99 153.10 Td (ruling ) Tj ET Q q 0 0 0 rg BT 248.86 153.10 Td (in ) Tj ET Q q 0 0 0 rg BT 258.63 153.10 Td (November ) Tj ET Q q 0 0 0 rg BT 302.83 153.10 Td (201) Tj ET Q q 0 0 0 rg BT 317.45 153.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 326.94 153.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.37 153.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.58 153.10 Td (Supreme ) Tj ET Q q 0 0 0 rg BT 395.11 153.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 419.88 153.10 Td (denied ) Tj ET Q q 0 0 0 rg BT 448.52 153.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.73 153.10 Td (FCC) Tj ET Q q 0 0 0 rg BT 484.41 153.10 Td (s ) Tj ET Q q 0 0 0 rg BT 490.29 153.10 Td (request ) Tj ET Q q 0 0 0 rg BT 521.15 153.10 Td (for ) Tj ET Q q 0 0 0 rg BT 534.80 153.10 Td (review ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.07 141.10 Td (this ) Tj ET Q q 0 0 0 rg BT 76.25 141.10 Td (decision. ) Tj ET Q q 0 0 0 rg BT 113.82 141.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.56 141.10 Td (It ) Tj ET Q q 0 0 0 rg BT 123.40 141.10 Td (is ) Tj ET Q q 0 0 0 rg BT 131.81 141.10 Td (not ) Tj ET Q q 0 0 0 rg BT 146.33 141.10 Td (clear ) Tj ET Q q 0 0 0 rg BT 167.49 141.10 Td (how ) Tj ET Q q 0 0 0 rg BT 186.45 141.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.41 141.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 221.04 141.10 Td (will ) Tj ET Q q 0 0 0 rg BT 238.34 141.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 262.29 141.10 Td (these ) Tj ET Q q 0 0 0 rg BT 284.58 141.10 Td (judicial ) Tj ET Q q 0 0 0 rg BT 316.31 141.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 355.26 141.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.78 141.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 413.18 141.10 Td (complaints, ) Tj ET Q q 0 0 0 rg BT 461.30 141.10 Td (including ) Tj ET Q q 0 0 0 rg BT 500.82 141.10 Td (those ) Tj ET Q q 0 0 0 rg BT 523.66 141.10 Td (involving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 80.41 129.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 115.54 129.10 Td (or ) Tj ET Q q 0 0 0 rg BT 125.95 129.10 Td (how ) Tj ET Q q 0 0 0 rg BT 145.25 129.10 Td (they ) Tj ET Q q 0 0 0 rg BT 164.54 129.10 Td (will ) Tj ET Q q 0 0 0 rg BT 182.18 129.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 211.47 129.10 Td (future ) Tj ET Q q 0 0 0 rg BT 237.42 129.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 258.40 129.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 291.58 129.10 Td (in ) Tj ET Q q 0 0 0 rg BT 301.43 129.10 Td (this ) Tj ET Q q 0 0 0 rg BT 317.96 129.10 Td (area. ) Tj ET Q q 0 0 0 rg BT 339.18 129.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.11 129.10 Td (The ) Tj ET Q q 0 0 0 rg BT 358.73 129.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 379.71 129.10 Td (has ) Tj ET Q q 0 0 0 rg BT 395.11 129.10 Td (also ) Tj ET Q q 0 0 0 rg BT 413.30 129.10 Td (solicited ) Tj ET Q q 0 0 0 rg BT 449.26 129.10 Td (public ) Tj ET Q q 0 0 0 rg BT 476.33 129.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 515.62 129.10 Td (on ) Tj ET Q q 0 0 0 rg BT 527.69 129.10 Td (whether) Tj ET Q q 0 0 0 rg BT 559.50 129.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.94 117.10 Td (if ) Tj ET Q q 0 0 0 rg BT 75.55 117.10 Td (so ) Tj ET Q q 0 0 0 rg BT 86.94 117.10 Td (how) Tj ET Q q 0 0 0 rg BT 103.51 117.10 Td (, ) Tj ET Q q 0 0 0 rg BT 108.51 117.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.79 117.10 Td (revise ) Tj ET Q q 0 0 0 rg BT 145.17 117.10 Td (its ) Tj ET Q q 0 0 0 rg BT 157.11 117.10 Td (indecency ) Tj ET Q q 0 0 0 rg BT 200.15 117.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 252.62 117.10 Td (policies, ) Tj ET Q q 0 0 0 rg BT 288.72 117.10 Td (in ) Tj ET Q q 0 0 0 rg BT 299.00 117.10 Td (a ) Tj ET Q q 0 0 0 rg BT 305.94 117.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 352.86 117.10 Td (that ) Tj ET Q q 0 0 0 rg BT 370.36 117.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 404.51 117.10 Td (pending.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 100.10 Td (Federal ) Tj ET Q q 0 0 0 rg BT 103.68 100.10 Td (law ) Tj ET Q q 0 0 0 rg BT 119.82 100.10 Td (also ) Tj ET Q q 0 0 0 rg BT 137.62 100.10 Td (imposes ) Tj ET Q q 0 0 0 rg BT 172.10 100.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 221.58 100.10 Td (identification ) Tj ET Q q 0 0 0 rg BT 276.59 100.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 289.95 100.10 Td (payola\) ) Tj ET Q q 0 0 0 rg BT 330.51 100.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 386.90 100.10 Td (which ) Tj ET Q q 0 0 0 rg BT 413.04 100.10 Td (mandate ) Tj ET Q q 0 0 0 rg BT 448.61 100.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.52 100.10 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 504.77 100.10 Td (of ) Tj ET Q q 0 0 0 rg BT 514.79 100.10 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 97.44 88.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 154.88 88.10 Td (that ) Tj ET Q q 0 0 0 rg BT 172.89 88.10 Td (is ) Tj ET Q q 0 0 0 rg BT 182.57 88.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 202.80 88.10 Td (for ) Tj ET Q q 0 0 0 rg BT 217.47 88.10 Td (by ) Tj ET Q q 0 0 0 rg BT 230.48 88.10 Td (third ) Tj ET Q q 0 0 0 rg BT 252.38 88.10 Td (parties. ) Tj ET Q q 0 0 0 rg BT 284.55 88.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.34 88.10 Td (The ) Tj ET Q q 0 0 0 rg BT 305.90 88.10 Td (company ) Tj ET Q q 0 0 0 rg BT 345.57 88.10 Td (has ) Tj ET Q q 0 0 0 rg BT 361.91 88.10 Td (received, ) Tj ET Q q 0 0 0 rg BT 401.28 88.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.73 88.10 Td (may ) Tj ET Q q 0 0 0 rg BT 438.96 88.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 470.83 88.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.63 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.85 88.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 526.24 88.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 553.69 88.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (inquiry ) Tj ET Q q 0 0 0 rg BT 81.79 76.10 Td (or ) Tj ET Q q 0 0 0 rg BT 93.03 76.10 Td (other ) Tj ET Q q 0 0 0 rg BT 116.48 76.10 Td (notifications ) Tj ET Q q 0 0 0 rg BT 169.38 76.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 216.71 76.10 Td (alleged ) Tj ET Q q 0 0 0 rg BT 248.49 76.10 Td (violations ) Tj ET Q q 0 0 0 rg BT 290.84 76.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.08 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.20 76.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 367.89 76.10 Td (identification ) Tj ET Q q 0 0 0 rg BT 424.11 76.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 446.46 76.10 Td (at ) Tj ET Q q 0 0 0 rg BT 456.58 76.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 486.69 76.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.93 76.10 Td (its ) Tj ET Q q 0 0 0 rg BT 510.28 76.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 546.25 76.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.94 76.10 Td (W) Tj ET Q q 0 0 0 rg BT 557.58 76.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 78.44 64.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 107.99 64.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.00 64.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 158.22 64.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.33 64.10 Td (any ) Tj ET Q q 0 0 0 rg BT 184.56 64.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 234.13 64.10 Td (identification ) Tj ET Q q 0 0 0 rg BT 289.23 64.10 Td (complaint ) Tj ET Q q 0 0 0 rg BT 331.01 64.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 377.22 64.10 Td (or ) Tj ET Q q 0 0 0 rg BT 387.34 64.10 Td (investigation ) Tj ET Q q 0 0 0 rg BT 440.79 64.10 Td (or ) Tj ET Q q 0 0 0 rg BT 450.90 64.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.91 64.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 491.13 64.10 Td (or ) Tj ET Q q 0 0 0 rg BT 501.25 64.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 528.02 64.10 Td (of ) Tj ET Q q 0 0 0 rg BT 538.13 64.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 71.40 52.10 Td (enforcement ) Tj ET Q q 0 0 0 rg BT 123.87 52.10 Td (actions. ) Tj ET Q q 0 0 0 rg BT 157.20 52.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.70 52.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.20 52.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.70 52.10 Td ( ) 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 72.00 742.10 Td (Stations ) Tj ET Q q 0 0 0 rg BT 106.38 742.10 Td (also ) Tj ET Q q 0 0 0 rg BT 124.64 742.10 Td (must ) Tj ET Q q 0 0 0 rg BT 146.25 742.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 162.84 742.10 Td (regulatory ) Tj ET Q q 0 0 0 rg BT 206.09 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 222.68 742.10 Td (application ) Tj ET Q q 0 0 0 rg BT 269.27 742.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 287.52 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.11 742.10 Td (follow ) Tj ET Q q 0 0 0 rg BT 332.38 742.10 Td (various ) Tj ET Q q 0 0 0 rg BT 363.97 742.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 385.56 742.10 Td (promulgated ) Tj ET Q q 0 0 0 rg BT 438.26 742.10 Td (under ) Tj ET Q q 0 0 0 rg BT 463.18 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.55 742.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 547.56 742.10 Td (Act ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.66 730.10 Td (regulate, ) Tj ET Q q 0 0 0 rg BT 105.02 730.10 Td (among ) Tj ET Q q 0 0 0 rg BT 134.90 730.10 Td (other ) Tj ET Q q 0 0 0 rg BT 158.11 730.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 187.72 730.10 Td (political ) Tj ET Q q 0 0 0 rg BT 223.15 730.10 Td (advertising, ) Tj ET Q q 0 0 0 rg BT 272.75 730.10 Td (sponsorship ) Tj ET Q q 0 0 0 rg BT 323.20 730.10 Td (identification, ) Tj ET Q q 0 0 0 rg BT 381.67 730.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 405.99 730.10 Td (employment ) Tj ET Q q 0 0 0 rg BT 458.64 730.10 Td (opportunities, ) Tj ET Q q 0 0 0 rg BT 516.58 730.10 Td (contest ) Tj ET Q q 0 0 0 rg BT 547.57 730.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (lottery ) Tj ET Q q 0 0 0 rg BT 78.60 718.10 Td (advertisements, ) Tj ET Q q 0 0 0 rg BT 143.58 718.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.52 718.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 199.11 718.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 245.77 718.10 Td (including ) Tj ET Q q 0 0 0 rg BT 286.04 718.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 311.32 718.10 Td (on ) Tj ET Q q 0 0 0 rg BT 323.82 718.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 346.87 718.10 Td (frequency ) Tj ET Q q 0 0 0 rg BT 389.35 718.10 Td (radiation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 701.10 Td (Failure ) Tj ET Q q 0 0 0 rg BT 103.26 701.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.98 701.10 Td (observe ) Tj ET Q q 0 0 0 rg BT 148.01 701.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 169.85 701.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 192.23 701.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.60 701.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 243.64 701.10 Td (can ) Tj ET Q q 0 0 0 rg BT 260.46 701.10 Td (result ) Tj ET Q q 0 0 0 rg BT 285.61 701.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.33 701.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.48 701.10 Td (imposition ) Tj ET Q q 0 0 0 rg BT 357.20 701.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.47 701.10 Td (various ) Tj ET Q q 0 0 0 rg BT 400.84 701.10 Td (sanctions, ) Tj ET Q q 0 0 0 rg BT 443.50 701.10 Td (including ) Tj ET Q q 0 0 0 rg BT 484.21 701.10 Td (monetary ) Tj ET Q q 0 0 0 rg BT 524.91 701.10 Td (fines, ) Tj ET Q q 0 0 0 rg BT 549.78 701.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 72.29 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 82.37 689.10 Td (short-term ) Tj ET Q q 0 0 0 rg BT 134.64 689.10 Td (\(less ) Tj ET Q q 0 0 0 rg BT 154.72 689.10 Td (than ) Tj ET Q q 0 0 0 rg BT 173.68 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.64 689.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 229.94 689.10 Td (term\) ) Tj ET Q q 0 0 0 rg BT 253.34 689.10 Td (license ) Tj ET Q q 0 0 0 rg BT 282.85 689.10 Td (renewals ) Tj ET Q q 0 0 0 rg BT 320.13 689.10 Td (or) Tj ET Q q 0 0 0 rg BT 328.06 689.10 Td (, ) Tj ET Q q 0 0 0 rg BT 332.30 689.10 Td (for ) Tj ET Q q 0 0 0 rg BT 345.71 689.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 393.54 689.10 Td (egregious ) Tj ET Q q 0 0 0 rg BT 434.16 689.10 Td (violations, ) Tj ET Q q 0 0 0 rg BT 477.85 689.10 Td (the ) Tj ET Q q 0 0 0 rg BT 491.81 689.10 Td (denial ) Tj ET Q q 0 0 0 rg BT 517.99 689.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.06 689.10 Td (a ) Tj ET Q q 0 0 0 rg BT 534.25 689.10 Td (license ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 84.15 677.10 Td (application ) Tj ET Q q 0 0 0 rg BT 131.07 677.10 Td (or ) Tj ET Q q 0 0 0 rg BT 141.90 677.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.62 677.10 Td (revocation ) Tj ET Q q 0 0 0 rg BT 201.32 677.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.15 677.10 Td (a ) Tj ET Q q 0 0 0 rg BT 219.09 677.10 Td (license.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 660.10 Td (ADDITIONAL) Tj ET Q q 0 0 0 rg BT 133.84 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.83 660.10 Td (DEVELOPMENTS ) Tj ET Q q 0 0 0 rg BT 216.83 660.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 240.49 660.10 Td (PROPOSED ) Tj ET Q q 0 0 0 rg BT 293.62 660.10 Td (CHANGES. ) Tj ET Q q 0 0 0 rg BT 345.34 660.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.19 660.10 Td (The ) Tj ET Q q 0 0 0 rg BT 364.73 660.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 385.63 660.10 Td (has ) Tj ET Q q 0 0 0 rg BT 400.96 660.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 434.61 660.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 456.04 660.10 Td (implementing ) Tj ET Q q 0 0 0 rg BT 513.59 660.10 Td (a ) Tj ET Q q 0 0 0 rg BT 520.02 660.10 Td (low ) Tj ET Q q 0 0 0 rg BT 537.02 660.10 Td (power ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 67.40 648.10 Td (\(LPFM\) ) Tj ET Q q 0 0 0 rg BT 112.01 648.10 Td (service, ) Tj ET Q q 0 0 0 rg BT 145.77 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 163.15 648.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 223.86 648.10 Td (800 ) Tj ET Q q 0 0 0 rg BT 241.81 648.10 Td (such ) Tj ET Q q 0 0 0 rg BT 263.08 648.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 296.59 648.10 Td (are ) Tj ET Q q 0 0 0 rg BT 311.74 648.10 Td (in ) Tj ET Q q 0 0 0 rg BT 322.47 648.10 Td (operation. ) Tj ET Q q 0 0 0 rg BT 365.68 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 368.62 648.10 Td (In ) Tj ET Q q 0 0 0 rg BT 379.90 648.10 Td (November ) Tj ET Q q 0 0 0 rg BT 425.05 648.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 450.50 648.10 Td (the ) Tj ET Q q 0 0 0 rg BT 465.66 648.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 487.51 648.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 522.11 648.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 544.50 648.10 Td (that, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (among ) Tj ET Q q 0 0 0 rg BT 79.77 636.10 Td (other ) Tj ET Q q 0 0 0 rg BT 102.88 636.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 132.38 636.10 Td (enhance ) Tj ET Q q 0 0 0 rg BT 167.70 636.10 Td (LPFM) Tj ET Q q 0 0 0 rg BT 196.60 636.10 Td (s ) Tj ET Q q 0 0 0 rg BT 203.05 636.10 Td (interference ) Tj ET Q q 0 0 0 rg BT 253.34 636.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 296.44 636.10 Td (from ) Tj ET Q q 0 0 0 rg BT 318.44 636.10 Td (subsequently-authorized ) Tj ET Q q 0 0 0 rg BT 418.75 636.10 Td (full-service ) Tj ET Q q 0 0 0 rg BT 466.84 636.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 502.45 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.01 636.10 Td (Congress ) Tj ET Q q 0 0 0 rg BT 544.79 636.10 Td (then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (passed ) Tj ET Q q 0 0 0 rg BT 78.73 624.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 122.45 624.10 Td (eliminating ) Tj ET Q q 0 0 0 rg BT 170.06 624.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 199.33 624.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 240.29 624.10 Td (distance ) Tj ET Q q 0 0 0 rg BT 275.12 624.10 Td (separation ) Tj ET Q q 0 0 0 rg BT 318.28 624.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 372.54 624.10 Td (between ) Tj ET Q q 0 0 0 rg BT 407.92 624.10 Td (full-power ) Tj ET Q q 0 0 0 rg BT 452.20 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.70 624.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 496.89 624.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 532.01 624.10 Td (thereby ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (reducing ) Tj ET Q q 0 0 0 rg BT 87.50 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 102.24 612.10 Td (interference ) Tj ET Q q 0 0 0 rg BT 152.50 612.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 195.56 612.10 Td (af) Tj ET Q q 0 0 0 rg BT 203.15 612.10 Td (forded ) Tj ET Q q 0 0 0 rg BT 231.77 612.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.07 612.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 259.04 612.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 294.61 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.58 612.10 Td (As ) Tj ET Q q 0 0 0 rg BT 310.21 612.10 Td (required ) Tj ET Q q 0 0 0 rg BT 346.05 612.10 Td (by ) Tj ET Q q 0 0 0 rg BT 358.56 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.30 612.10 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 419.98 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 434.72 612.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 456.14 612.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.44 612.10 Td (January ) Tj ET Q q 0 0 0 rg BT 500.05 612.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 522.57 612.10 Td (submitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.77 600.10 Td (report ) Tj ET Q q 0 0 0 rg BT 84.97 600.10 Td (to ) Tj ET Q q 0 0 0 rg BT 96.08 600.10 Td (Congress ) Tj ET Q q 0 0 0 rg BT 136.63 600.10 Td (indicating ) Tj ET Q q 0 0 0 rg BT 179.94 600.10 Td (that ) Tj ET Q q 0 0 0 rg BT 198.27 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.81 600.10 Td (results ) Tj ET Q q 0 0 0 rg BT 243.25 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.90 600.10 Td (a ) Tj ET Q q 0 0 0 rg BT 262.67 600.10 Td (statutorily ) Tj ET Q q 0 0 0 rg BT 306.55 600.10 Td (mandated ) Tj ET Q q 0 0 0 rg BT 348.75 600.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 390.95 600.10 Td (study ) Tj ET Q q 0 0 0 rg BT 415.95 600.10 Td (indicated ) Tj ET Q q 0 0 0 rg BT 455.93 600.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 476.75 600.10 Td (on ) Tj ET Q q 0 0 0 rg BT 490.08 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.62 600.10 Td (whole, ) Tj ET Q q 0 0 0 rg BT 535.89 600.10 Td (LPFM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 82.75 588.10 Td (do ) Tj ET Q q 0 0 0 rg BT 94.94 588.10 Td (not ) Tj ET Q q 0 0 0 rg BT 109.91 588.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 148.19 588.10 Td (have, ) Tj ET Q q 0 0 0 rg BT 171.76 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.39 588.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.36 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.77 588.10 Td (future ) Tj ET Q q 0 0 0 rg BT 238.84 588.10 Td (are ) Tj ET Q q 0 0 0 rg BT 253.24 588.10 Td (unlikely ) Tj ET Q q 0 0 0 rg BT 288.20 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.17 588.10 Td (have, ) Tj ET Q q 0 0 0 rg BT 321.74 588.10 Td (a ) Tj ET Q q 0 0 0 rg BT 328.37 588.10 Td (demonstrable ) Tj ET Q q 0 0 0 rg BT 384.43 588.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 425.50 588.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 454.90 588.10 Td (on ) Tj ET Q q 0 0 0 rg BT 467.09 588.10 Td (full-service ) Tj ET Q q 0 0 0 rg BT 514.82 588.10 Td (commercial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 67.17 576.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 90.43 576.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 126.21 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 128.93 576.10 Td (In ) Tj ET Q q 0 0 0 rg BT 139.97 576.10 Td (March ) Tj ET Q q 0 0 0 rg BT 168.79 576.10 Td (2012, ) Tj ET Q q 0 0 0 rg BT 194.01 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 208.94 576.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 230.56 576.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 269.38 576.10 Td (its ) Tj ET Q q 0 0 0 rg BT 281.55 576.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 303.70 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.20 576.10 Td (permit ) Tj ET Q q 0 0 0 rg BT 343.02 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.95 576.10 Td (processing ) Tj ET Q q 0 0 0 rg BT 403.44 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.48 576.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 457.19 576.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 486.03 576.10 Td (applications ) Tj ET Q q 0 0 0 rg BT 537.07 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 554.23 576.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.10 Td (implement ) Tj ET Q q 0 0 0 rg BT 94.69 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.82 564.10 Td (legislative ) Tj ET Q q 0 0 0 rg BT 151.83 564.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 205.95 564.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 246.18 564.10 Td (interference ) Tj ET Q q 0 0 0 rg BT 295.84 564.10 Td (protection. ) Tj ET Q q 0 0 0 rg BT 340.80 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 342.58 564.10 Td (The ) Tj ET Q q 0 0 0 rg BT 360.04 564.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 380.86 564.10 Td (opened ) Tj ET Q q 0 0 0 rg BT 411.65 564.10 Td (a ) Tj ET Q q 0 0 0 rg BT 418.01 564.10 Td (window ) Tj ET Q q 0 0 0 rg BT 452.14 564.10 Td (for ) Tj ET Q q 0 0 0 rg BT 465.72 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.85 564.10 Td (filing ) Tj ET Q q 0 0 0 rg BT 503.44 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.68 564.10 Td (applications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 82.72 552.10 Td (authority ) Tj ET Q q 0 0 0 rg BT 120.99 552.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.94 552.10 Td (construct ) Tj ET Q q 0 0 0 rg BT 169.77 552.10 Td (or ) Tj ET Q q 0 0 0 rg BT 180.27 552.10 Td (make ) Tj ET Q q 0 0 0 rg BT 204.10 552.10 Td (major ) Tj ET Q q 0 0 0 rg BT 229.60 552.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 263.98 552.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.93 552.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 302.22 552.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 338.82 552.10 Td (which ) Tj ET Q q 0 0 0 rg BT 365.43 552.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 403.70 552.10 Td (from ) Tj ET Q q 0 0 0 rg BT 425.31 552.10 Td (October ) Tj ET Q q 0 0 0 rg BT 459.69 552.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 471.86 552.10 Td (through ) Tj ET Q q 0 0 0 rg BT 505.14 552.10 Td (November ) Tj ET Q q 0 0 0 rg BT 549.52 552.10 Td (14, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 75.44 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 92.83 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.55 540.10 Td (which ) Tj ET Q q 0 0 0 rg BT 130.93 540.10 Td (it ) Tj ET Q q 0 0 0 rg BT 139.43 540.10 Td (received ) Tj ET Q q 0 0 0 rg BT 176.23 540.10 Td (more ) Tj ET Q q 0 0 0 rg BT 199.72 540.10 Td (than ) Tj ET Q q 0 0 0 rg BT 219.88 540.10 Td (2,800 ) Tj ET Q q 0 0 0 rg BT 245.33 540.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 274.39 540.10 Td (applications. ) Tj ET Q q 0 0 0 rg BT 328.16 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 330.89 540.10 Td (The ) Tj ET Q q 0 0 0 rg BT 349.38 540.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 371.22 540.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 412.49 540.10 Td (to ) Tj ET Q q 0 0 0 rg BT 423.21 540.10 Td (process ) Tj ET Q q 0 0 0 rg BT 456.15 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.31 540.10 Td (applications ) Tj ET Q q 0 0 0 rg BT 522.57 540.10 Td (submitted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.97 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.04 528.10 Td (window ) Tj ET Q q 0 0 0 rg BT 129.12 528.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 148.92 528.10 Td (despite ) Tj ET Q q 0 0 0 rg BT 180.10 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.18 528.10 Td (findings ) Tj ET Q q 0 0 0 rg BT 230.82 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.01 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.08 528.10 Td (March ) Tj ET Q q 0 0 0 rg BT 286.04 528.10 Td (2012 ) Tj ET Q q 0 0 0 rg BT 308.90 528.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 330.66 528.10 Td (study) Tj ET Q q 0 0 0 rg BT 351.68 528.10 Td (, ) Tj ET Q q 0 0 0 rg BT 357.04 528.10 Td (we ) Tj ET Q q 0 0 0 rg BT 371.56 528.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 401.07 528.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 431.69 528.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 466.76 528.10 Td (any ) Tj ET Q q 0 0 0 rg BT 484.06 528.10 Td (LPFM ) Tj ET Q q 0 0 0 rg BT 513.04 528.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 546.46 528.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (actually ) Tj ET Q q 0 0 0 rg BT 84.15 516.10 Td (interfere ) Tj ET Q q 0 0 0 rg BT 120.51 516.10 Td (with ) Tj ET Q q 0 0 0 rg BT 140.79 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.51 516.10 Td (coverage ) Tj ET Q q 0 0 0 rg BT 194.09 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.92 516.10 Td (our ) Tj ET Q q 0 0 0 rg BT 220.75 516.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 243.80 516.10 Td (stations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 499.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.30 499.10 Td (June ) Tj ET Q q 0 0 0 rg BT 104.60 499.10 Td (2009, ) Tj ET Q q 0 0 0 rg BT 130.06 499.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.25 499.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 167.12 499.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 201.74 499.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 224.15 499.10 Td (that ) Tj ET Q q 0 0 0 rg BT 242.11 499.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 267.29 499.10 Td (an ) Tj ET Q q 0 0 0 rg BT 279.04 499.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 298.13 499.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 321.64 499.10 Td (station ) Tj ET Q q 0 0 0 rg BT 351.27 499.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.02 499.10 Td (use ) Tj ET Q q 0 0 0 rg BT 378.32 499.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 417.38 499.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 462.55 499.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 479.97 499.10 Td (translator ) Tj ET Q q 0 0 0 rg BT 520.70 499.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 554.23 499.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (retransmit ) Tj ET Q q 0 0 0 rg BT 93.23 487.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.54 487.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 126.34 487.10 Td (station) Tj ET Q q 0 0 0 rg BT 155.79 487.10 Td (s ) Tj ET Q q 0 0 0 rg BT 162.37 487.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 219.49 487.10 Td (within ) Tj ET Q q 0 0 0 rg BT 247.73 487.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.04 487.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 280.84 487.10 Td (station) Tj ET Q q 0 0 0 rg BT 310.29 487.10 Td (s ) Tj ET Q q 0 0 0 rg BT 316.87 487.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 361.76 487.10 Td (service ) Tj ET Q q 0 0 0 rg BT 392.76 487.10 Td (area. ) Tj ET Q q 0 0 0 rg BT 414.59 487.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.28 487.10 Td (In ) Tj ET Q q 0 0 0 rg BT 428.30 487.10 Td (October ) Tj ET Q q 0 0 0 rg BT 463.20 487.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 488.38 487.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.29 487.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 524.88 487.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 552.57 487.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (Order ) Tj ET Q q 0 0 0 rg BT 75.52 475.10 Td (that ) Tj ET Q q 0 0 0 rg BT 92.72 475.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 126.57 475.10 Td (a ) Tj ET Q q 0 0 0 rg BT 133.21 475.10 Td (two-stage ) Tj ET Q q 0 0 0 rg BT 174.29 475.10 Td (process ) Tj ET Q q 0 0 0 rg BT 206.48 475.10 Td (for ) Tj ET Q q 0 0 0 rg BT 219.86 475.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 238.17 475.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 260.92 475.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 293.68 475.10 Td (to ) Tj ET Q q 0 0 0 rg BT 303.66 475.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 335.28 475.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 377.48 475.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 394.13 475.10 Td (translators, ) Tj ET Q q 0 0 0 rg BT 440.49 475.10 Td (which ) Tj ET Q q 0 0 0 rg BT 467.13 475.10 Td (began ) Tj ET Q q 0 0 0 rg BT 493.20 475.10 Td (in ) Tj ET Q q 0 0 0 rg BT 503.18 475.10 Td (early ) Tj ET Q q 0 0 0 rg BT 525.37 475.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 547.57 475.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.61 463.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 98.08 463.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.80 463.10 Td (conclude ) Tj ET Q q 0 0 0 rg BT 147.83 463.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.54 463.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 183.98 463.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.71 463.10 Td (The ) Tj ET Q q 0 0 0 rg BT 205.19 463.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 227.03 463.10 Td (also ) Tj ET Q q 0 0 0 rg BT 246.08 463.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 280.68 463.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 310.82 463.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 345.96 463.10 Td (to ) Tj ET Q q 0 0 0 rg BT 356.68 463.10 Td (its ) Tj ET Q q 0 0 0 rg BT 369.06 463.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 391.44 463.10 Td (that ) Tj ET Q q 0 0 0 rg BT 409.38 463.10 Td (govern ) Tj ET Q q 0 0 0 rg BT 439.43 463.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 458.49 463.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 481.97 463.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 517.97 463.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.34 463.10 Td (sought ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 89.71 451.10 Td (on ) Tj ET Q q 0 0 0 rg BT 102.21 451.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 144.70 451.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 179.41 451.10 Td (to ) Tj ET Q q 0 0 0 rg BT 189.69 451.10 Td (those ) Tj ET Q q 0 0 0 rg BT 213.30 451.10 Td (rules. ) Tj ET Q q 0 0 0 rg BT 237.73 451.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.05 451.10 Td (The ) Tj ET Q q 0 0 0 rg BT 258.10 451.10 Td (October ) Tj ET Q q 0 0 0 rg BT 292.81 451.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 315.31 451.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 362.23 451.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 396.39 451.10 Td (pending. ) Tj ET Q q 0 0 0 rg BT 433.60 451.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 434.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.22 434.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 111.79 434.10 Td (also ) Tj ET Q q 0 0 0 rg BT 130.57 434.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 175.46 434.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 220.33 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.22 434.10 Td (launch ) Tj ET Q q 0 0 0 rg BT 264.54 434.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.65 434.10 Td (operation ) Tj ET Q q 0 0 0 rg BT 322.09 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.09 434.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.20 434.10 Td (satellite ) Tj ET Q q 0 0 0 rg BT 373.97 434.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 402.19 434.10 Td (audio ) Tj ET Q q 0 0 0 rg BT 427.08 434.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 450.30 434.10 Td (service ) Tj ET Q q 0 0 0 rg BT 481.28 434.10 Td (\(SDARS\) ) Tj ET Q q 0 0 0 rg BT 531.73 434.10 Td (system. ) Tj ET Q q 0 0 0 rg BT 564.50 434.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.67 422.10 Td (July ) Tj ET Q q 0 0 0 rg BT 79.68 422.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 104.52 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.07 422.10 Td (two ) Tj ET Q q 0 0 0 rg BT 136.41 422.10 Td (original ) Tj ET Q q 0 0 0 rg BT 169.85 422.10 Td (SDARS ) Tj ET Q q 0 0 0 rg BT 204.43 422.10 Td (companies-Sirius ) Tj ET Q q 0 0 0 rg BT 276.20 422.10 Td (Satellite ) Tj ET Q q 0 0 0 rg BT 311.31 422.10 Td (Radio, ) Tj ET Q q 0 0 0 rg BT 340.03 422.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 357.64 422.10 Td (and ) Tj ET Q q 0 0 0 rg BT 374.42 422.10 Td (XM ) Tj ET Q q 0 0 0 rg BT 392.87 422.10 Td (Satellite ) Tj ET Q q 0 0 0 rg BT 427.98 422.10 Td (Radio ) Tj ET Q q 0 0 0 rg BT 454.20 422.10 Td (Holdings, ) Tj ET Q q 0 0 0 rg BT 495.71 422.10 Td (Inc.-mer) Tj ET Q q 0 0 0 rg BT 529.68 422.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 546.46 422.10 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (a ) Tj ET Q q 0 0 0 rg BT 57.39 410.10 Td (new ) Tj ET Q q 0 0 0 rg BT 76.99 410.10 Td (company ) Tj ET Q q 0 0 0 rg BT 116.59 410.10 Td (called ) Tj ET Q q 0 0 0 rg BT 143.41 410.10 Td (Sirius ) Tj ET Q q 0 0 0 rg BT 169.70 410.10 Td (XM, ) Tj ET Q q 0 0 0 rg BT 191.26 410.10 Td (which ) Tj ET Q q 0 0 0 rg BT 218.65 410.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 257.69 410.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 295.07 410.10 Td (nationwide ) Tj ET Q q 0 0 0 rg BT 342.45 410.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 399.83 410.10 Td (service. ) Tj ET Q q 0 0 0 rg BT 433.59 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.54 410.10 Td (Sirius ) Tj ET Q q 0 0 0 rg BT 462.83 410.10 Td (XM ) Tj ET Q q 0 0 0 rg BT 481.89 410.10 Td (also ) Tj ET Q q 0 0 0 rg BT 500.94 410.10 Td (of) Tj ET Q q 0 0 0 rg BT 509.09 410.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 527.03 410.10 Td (channels ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.50 398.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 100.54 398.10 Td (local ) Tj ET Q q 0 0 0 rg BT 122.48 398.10 Td (traf) Tj ET Q q 0 0 0 rg BT 136.17 398.10 Td (fic ) Tj ET Q q 0 0 0 rg BT 149.22 398.10 Td (and ) Tj ET Q q 0 0 0 rg BT 166.16 398.10 Td (weather ) Tj ET Q q 0 0 0 rg BT 200.30 398.10 Td (information ) Tj ET Q q 0 0 0 rg BT 250.01 398.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.17 398.10 Td (major ) Tj ET Q q 0 0 0 rg BT 290.00 398.10 Td (cities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 381.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.02 381.10 Td (October ) Tj ET Q q 0 0 0 rg BT 117.92 381.10 Td (2002, ) Tj ET Q q 0 0 0 rg BT 143.11 381.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.01 381.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 179.60 381.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 207.29 381.10 Td (an ) Tj ET Q q 0 0 0 rg BT 219.42 381.10 Td (order ) Tj ET Q q 0 0 0 rg BT 243.21 381.10 Td (selecting ) Tj ET Q q 0 0 0 rg BT 281.44 381.10 Td (a ) Tj ET Q q 0 0 0 rg BT 288.57 381.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 327.35 381.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 363.91 381.10 Td (for ) Tj ET Q q 0 0 0 rg BT 378.26 381.10 Td (terrestrial ) Tj ET Q q 0 0 0 rg BT 419.26 381.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 447.50 381.10 Td (audio ) Tj ET Q q 0 0 0 rg BT 472.41 381.10 Td (broadcasting ) Tj ET Q q 0 0 0 rg BT 526.19 381.10 Td (\(DAB, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (also ) Tj ET Q q 0 0 0 rg BT 68.25 369.10 Td (known ) Tj ET Q q 0 0 0 rg BT 97.61 369.10 Td (as ) Tj ET Q q 0 0 0 rg BT 108.08 369.10 Td (high ) Tj ET Q q 0 0 0 rg BT 127.99 369.10 Td (definition ) Tj ET Q q 0 0 0 rg BT 169.01 369.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 191.70 369.10 Td (or ) Tj ET Q q 0 0 0 rg BT 202.17 369.10 Td (HD ) Tj ET Q q 0 0 0 rg BT 223.19 369.10 Td (Radio\). ) Tj ET Q q 0 0 0 rg BT 259.48 369.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.47 369.10 Td (The ) Tj ET Q q 0 0 0 rg BT 279.15 369.10 Td (in-band, ) Tj ET Q q 0 0 0 rg BT 314.34 369.10 Td (on-channel ) Tj ET Q q 0 0 0 rg BT 360.90 369.10 Td (\(IBOC\) ) Tj ET Q q 0 0 0 rg BT 402.47 369.10 Td (technology ) Tj ET Q q 0 0 0 rg BT 449.04 369.10 Td (chosen ) Tj ET Q q 0 0 0 rg BT 478.95 369.10 Td (by ) Tj ET Q q 0 0 0 rg BT 491.09 369.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.44 369.10 Td (agency ) Tj ET Q q 0 0 0 rg BT 535.90 369.10 Td (allows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 68.18 357.10 Td (and ) Tj ET Q q 0 0 0 rg BT 84.68 357.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 101.20 357.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 123.81 357.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 175.85 357.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.69 357.10 Td (introduce ) Tj ET Q q 0 0 0 rg BT 225.52 357.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 253.14 357.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 296.86 357.10 Td (and ) Tj ET Q q 0 0 0 rg BT 313.36 357.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 345.42 357.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 379.15 357.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 411.77 357.10 Td (to ) Tj ET Q q 0 0 0 rg BT 421.61 357.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 453.10 357.10 Td (on ) Tj ET Q q 0 0 0 rg BT 465.17 357.10 Td (their ) Tj ET Q q 0 0 0 rg BT 485.55 357.10 Td (current ) Tj ET Q q 0 0 0 rg BT 515.93 357.10 Td (frequencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.45 345.10 Td (either ) Tj ET Q q 0 0 0 rg BT 85.89 345.10 Td (full ) Tj ET Q q 0 0 0 rg BT 102.45 345.10 Td (analog ) Tj ET Q q 0 0 0 rg BT 131.78 345.10 Td (mode, ) Tj ET Q q 0 0 0 rg BT 159.17 345.10 Td (full ) Tj ET Q q 0 0 0 rg BT 175.73 345.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 203.95 345.10 Td (mode, ) Tj ET Q q 0 0 0 rg BT 231.34 345.10 Td (or ) Tj ET Q q 0 0 0 rg BT 242.35 345.10 Td (a ) Tj ET Q q 0 0 0 rg BT 249.46 345.10 Td (combination ) Tj ET Q q 0 0 0 rg BT 302.12 345.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.13 345.10 Td (both ) Tj ET Q q 0 0 0 rg BT 333.58 345.10 Td (\(at ) Tj ET Q q 0 0 0 rg BT 346.80 345.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 381.12 345.10 Td (power\). ) Tj ET Q q 0 0 0 rg BT 414.61 345.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.28 345.10 Td (In ) Tj ET Q q 0 0 0 rg BT 428.29 345.10 Td (March ) Tj ET Q q 0 0 0 rg BT 457.06 345.10 Td (2005, ) Tj ET Q q 0 0 0 rg BT 482.23 345.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.12 345.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 518.70 345.10 Td (announced ) 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 69.88 333.10 Td (pending ) Tj ET Q q 0 0 0 rg BT 104.49 333.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 141.87 333.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.59 333.10 Td (final ) Tj ET Q q 0 0 0 rg BT 173.31 333.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 197.64 333.10 Td (it ) Tj ET Q q 0 0 0 rg BT 205.58 333.10 Td (would ) Tj ET Q q 0 0 0 rg BT 232.97 333.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 257.58 333.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 290.52 333.10 Td (on ) Tj ET Q q 0 0 0 rg BT 302.91 333.10 Td (an ) Tj ET Q q 0 0 0 rg BT 314.74 333.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 346.01 333.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 368.40 333.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.57 333.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 419.27 333.10 Td (multiple ) Tj ET Q q 0 0 0 rg BT 454.99 333.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 482.93 333.10 Td (channels. ) Tj ET Q q 0 0 0 rg BT 522.81 333.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.20 333.10 Td (In ) Tj ET Q q 0 0 0 rg BT 535.91 333.10 Td (March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 75.46 321.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.63 321.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 112.50 321.10 Td (adopted ) Tj ET Q q 0 0 0 rg BT 147.11 321.10 Td (service ) Tj ET Q q 0 0 0 rg BT 178.38 321.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 200.78 321.10 Td (for ) Tj ET Q q 0 0 0 rg BT 215.40 321.10 Td (HD ) Tj ET Q q 0 0 0 rg BT 232.80 321.10 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 256.69 325.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.63 321.10 Td (. ) Tj ET Q q 0 0 0 rg BT 267.09 321.10 Td ( ) Tj ET Q q 0 0 0 rg BT 270.04 321.10 Td (Significantly) Tj ET Q q 0 0 0 rg BT 321.06 321.10 Td (, ) Tj ET Q q 0 0 0 rg BT 326.51 321.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.69 321.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 363.55 321.10 Td (decided ) Tj ET Q q 0 0 0 rg BT 397.60 321.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.34 321.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 433.52 321.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 450.93 321.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 484.44 321.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.18 321.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 536.46 321.10 Td (digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.10 Td (multicast ) Tj ET Q q 0 0 0 rg BT 89.60 309.10 Td (streams ) Tj ET Q q 0 0 0 rg BT 123.09 309.10 Td (without ) Tj ET Q q 0 0 0 rg BT 156.59 309.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 190.07 309.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 212.45 309.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 234.30 309.10 Td (authority) Tj ET Q q 0 0 0 rg BT 269.75 309.10 Td (, ) Tj ET Q q 0 0 0 rg BT 275.19 309.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.91 309.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 319.40 309.10 Td (datacasting ) Tj ET Q q 0 0 0 rg BT 367.32 309.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 404.97 309.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.69 309.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 438.61 309.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 467.65 309.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 496.15 309.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 532.40 309.10 Td (to ) Tj ET Q q 0 0 0 rg BT 543.12 309.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.10 Td (parties, ) Tj ET Q q 0 0 0 rg BT 81.55 297.10 Td (and ) Tj ET Q q 0 0 0 rg BT 98.38 297.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.55 297.10 Td (of) Tj ET Q q 0 0 0 rg BT 116.70 297.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 130.19 297.10 Td (subscription ) Tj ET Q q 0 0 0 rg BT 181.47 297.10 Td (services ) Tj ET Q q 0 0 0 rg BT 216.07 297.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 252.90 297.10 Td (to ) Tj ET Q q 0 0 0 rg BT 263.07 297.10 Td (requests ) Tj ET Q q 0 0 0 rg BT 298.23 297.10 Td (for ) Tj ET Q q 0 0 0 rg BT 312.29 297.10 Td (experimental ) Tj ET Q q 0 0 0 rg BT 366.88 297.10 Td (authority) Tj ET Q q 0 0 0 rg BT 402.33 297.10 Td (. ) Tj ET Q q 0 0 0 rg BT 407.22 297.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.61 297.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 437.00 297.10 Td (the ) Tj ET Q q 0 0 0 rg BT 451.61 297.10 Td (new ) Tj ET Q q 0 0 0 rg BT 470.66 297.10 Td (rules, ) Tj ET Q q 0 0 0 rg BT 494.99 297.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 511.84 297.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 544.79 297.10 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 82.21 285.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.78 285.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.79 285.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 151.11 285.10 Td (hybrid ) Tj ET Q q 0 0 0 rg BT 180.01 285.10 Td (mode, ) Tj ET Q q 0 0 0 rg BT 211.96 285.10 Td (which ) Tj ET Q q 0 0 0 rg BT 239.19 285.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 276.42 285.10 Td (more ) Tj ET Q q 0 0 0 rg BT 299.75 285.10 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 341.98 285.10 Td (for ) Tj ET Q q 0 0 0 rg BT 356.43 285.10 Td (multicasting ) Tj ET Q q 0 0 0 rg BT 408.66 285.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.89 285.10 Td (datacasting ) Tj ET Q q 0 0 0 rg BT 473.66 285.10 Td (services; ) Tj ET Q q 0 0 0 rg BT 511.44 285.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.67 285.10 Td (may ) Tj ET Q q 0 0 0 rg BT 548.67 285.10 Td (use ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 84.56 273.10 Td (analog ) Tj ET Q q 0 0 0 rg BT 113.03 273.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.28 273.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 156.64 273.10 Td (antennas ) Tj ET Q q 0 0 0 rg BT 193.44 273.10 Td (without ) Tj ET Q q 0 0 0 rg BT 225.80 273.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 258.16 273.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 279.41 273.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 300.12 273.10 Td (authority) Tj ET Q q 0 0 0 rg BT 335.58 273.10 Td (. ) Tj ET Q q 0 0 0 rg BT 339.89 273.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.70 273.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 357.96 273.10 Td (translators, ) Tj ET Q q 0 0 0 rg BT 403.93 273.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 420.19 273.10 Td (boosters ) Tj ET Q q 0 0 0 rg BT 455.33 273.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.58 273.10 Td (low ) Tj ET Q q 0 0 0 rg BT 488.39 273.10 Td (power ) Tj ET Q q 0 0 0 rg BT 515.19 273.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 531.46 273.10 Td (stations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.10 Td (may ) Tj ET Q q 0 0 0 rg BT 69.88 261.10 Td (also ) Tj ET Q q 0 0 0 rg BT 88.66 261.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 129.64 261.10 Td (digitally ) Tj ET Q q 0 0 0 rg BT 165.64 261.10 Td (where ) Tj ET Q q 0 0 0 rg BT 192.74 261.10 Td (feasible, ) Tj ET Q q 0 0 0 rg BT 229.00 261.10 Td (and ) Tj ET Q q 0 0 0 rg BT 245.52 261.10 Td (AM ) Tj ET Q q 0 0 0 rg BT 264.30 261.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 297.52 261.10 Td (may ) Tj ET Q q 0 0 0 rg BT 317.40 261.10 Td (now ) Tj ET Q q 0 0 0 rg BT 337.29 261.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 369.38 261.10 Td (digitally ) Tj ET Q q 0 0 0 rg BT 405.38 261.10 Td (during ) Tj ET Q q 0 0 0 rg BT 434.16 261.10 Td (nighttime ) Tj ET Q q 0 0 0 rg BT 475.16 261.10 Td (hours. ) Tj ET Q q 0 0 0 rg BT 502.54 261.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.02 261.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.23 261.10 Td (new ) Tj ET Q q 0 0 0 rg BT 542.56 261.10 Td (rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.10 Td (mandate ) Tj ET Q q 0 0 0 rg BT 85.84 249.10 Td (that ) Tj ET Q q 0 0 0 rg BT 102.80 249.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 154.74 249.10 Td (of) Tj ET Q q 0 0 0 rg BT 162.89 249.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 188.73 249.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 216.25 249.10 Td (service ) Tj ET Q q 0 0 0 rg BT 246.53 249.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 279.04 249.10 Td (at ) Tj ET Q q 0 0 0 rg BT 288.22 249.10 Td (least ) Tj ET Q q 0 0 0 rg BT 308.51 249.10 Td (one ) Tj ET Q q 0 0 0 rg BT 324.92 249.10 Td (free ) Tj ET Q q 0 0 0 rg BT 342.42 249.10 Td (over) Tj ET Q q 0 0 0 rg BT 359.99 249.10 Td (-the-air ) Tj ET Q q 0 0 0 rg BT 391.38 249.10 Td (signal ) Tj ET Q q 0 0 0 rg BT 417.23 249.10 Td (comparable ) Tj ET Q q 0 0 0 rg BT 465.83 249.10 Td (in ) Tj ET Q q 0 0 0 rg BT 475.58 249.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 505.32 249.10 Td (to ) Tj ET Q q 0 0 0 rg BT 515.06 249.10 Td (their ) Tj ET Q q 0 0 0 rg BT 535.35 249.10 Td (analog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.10 Td (signal ) Tj ET Q q 0 0 0 rg BT 76.71 237.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.97 237.10 Td (that ) Tj ET Q q 0 0 0 rg BT 111.79 237.10 Td (they ) Tj ET Q q 0 0 0 rg BT 131.83 237.10 Td (simulcast ) Tj ET Q q 0 0 0 rg BT 172.42 237.10 Td (their ) Tj ET Q q 0 0 0 rg BT 193.57 237.10 Td (analog ) Tj ET Q q 0 0 0 rg BT 223.05 237.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 280.30 237.10 Td (on ) Tj ET Q q 0 0 0 rg BT 293.13 237.10 Td (their ) Tj ET Q q 0 0 0 rg BT 314.27 237.10 Td (main ) Tj ET Q q 0 0 0 rg BT 337.09 237.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 365.46 237.10 Td (stream, ) Tj ET Q q 0 0 0 rg BT 397.44 237.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.70 237.10 Td (prohibit ) Tj ET Q q 0 0 0 rg BT 449.19 237.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 501.99 237.10 Td (from ) Tj ET Q q 0 0 0 rg BT 524.25 237.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.10 Td (exclusively ) Tj ET Q q 0 0 0 rg BT 97.89 225.10 Td (in ) Tj ET Q q 0 0 0 rg BT 108.03 225.10 Td (digital. ) Tj ET Q q 0 0 0 rg BT 138.43 225.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.61 225.10 Td (The ) Tj ET Q q 0 0 0 rg BT 158.51 225.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 179.77 225.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 215.99 225.10 Td (either ) Tj ET Q q 0 0 0 rg BT 241.11 225.10 Td (to ) Tj ET Q q 0 0 0 rg BT 251.24 225.10 Td (set ) Tj ET Q q 0 0 0 rg BT 264.70 225.10 Td (any ) Tj ET Q q 0 0 0 rg BT 281.49 225.10 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 326.60 225.10 Td (deadline ) Tj ET Q q 0 0 0 rg BT 362.83 225.10 Td (for ) Tj ET Q q 0 0 0 rg BT 376.84 225.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 429.17 225.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.30 225.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 471.64 225.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.77 225.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 509.67 225.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 553.68 225.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.29 213.10 Td (impose ) Tj ET Q q 0 0 0 rg BT 91.69 213.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 134.19 213.10 Td (public ) Tj ET Q q 0 0 0 rg BT 161.70 213.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 193.65 213.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 240.60 213.10 Td (\(beyond ) Tj ET Q q 0 0 0 rg BT 275.88 213.10 Td (those ) Tj ET Q q 0 0 0 rg BT 299.50 213.10 Td (that ) Tj ET Q q 0 0 0 rg BT 317.01 213.10 Td (already ) Tj ET Q q 0 0 0 rg BT 348.95 213.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 373.67 213.10 Td (to ) Tj ET Q q 0 0 0 rg BT 383.96 213.10 Td (analog ) Tj ET Q q 0 0 0 rg BT 413.13 213.10 Td (broadcasters\) ) Tj ET Q q 0 0 0 rg BT 468.95 213.10 Td (on ) Tj ET Q q 0 0 0 rg BT 481.46 213.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 509.53 213.10 Td (broadcasters. ) Tj ET Q q 0 0 0 rg BT 564.50 213.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 201.10 Td (The ) Tj ET Q q 0 0 0 rg BT 69.06 201.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 91.47 201.10 Td (did, ) Tj ET Q q 0 0 0 rg BT 110.27 201.10 Td (however) Tj ET Q q 0 0 0 rg BT 144.29 201.10 Td (, ) Tj ET Q q 0 0 0 rg BT 150.31 201.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 176.04 201.10 Td (a ) Tj ET Q q 0 0 0 rg BT 183.99 201.10 Td (Further ) Tj ET Q q 0 0 0 rg BT 216.94 201.10 Td (Notice ) Tj ET Q q 0 0 0 rg BT 247.11 201.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.95 201.10 Td (Proposed ) Tj ET Q q 0 0 0 rg BT 299.69 201.10 Td (Rulemaking ) Tj ET Q q 0 0 0 rg BT 352.08 201.10 Td (seeking ) Tj ET Q q 0 0 0 rg BT 386.14 201.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 426.87 201.10 Td (on ) Tj ET Q q 0 0 0 rg BT 440.38 201.10 Td (\(among ) Tj ET Q q 0 0 0 rg BT 474.44 201.10 Td (other ) Tj ET Q q 0 0 0 rg BT 498.50 201.10 Td (things\) ) Tj ET Q q 0 0 0 rg BT 529.79 201.10 Td (whether ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 92.13 189.10 Td (public ) Tj ET Q q 0 0 0 rg BT 119.26 189.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 150.83 189.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 197.41 189.10 Td (are ) Tj ET Q q 0 0 0 rg BT 211.76 189.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 249.98 189.10 Td (, ) Tj ET Q q 0 0 0 rg BT 254.61 189.10 Td (including ) Tj ET Q q 0 0 0 rg BT 294.52 189.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 350.53 189.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.00 189.10 Td (a ) Tj ET Q q 0 0 0 rg BT 367.58 189.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 418.03 189.10 Td (that ) Tj ET Q q 0 0 0 rg BT 435.16 189.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 457.84 189.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 490.54 189.10 Td (report ) Tj ET Q q 0 0 0 rg BT 516.55 189.10 Td (their ) Tj ET Q q 0 0 0 rg BT 537.02 189.10 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.10 Td (service ) Tj ET Q q 0 0 0 rg BT 80.75 177.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 137.61 177.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.82 177.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 172.46 177.10 Td (on ) Tj ET Q q 0 0 0 rg BT 184.89 177.10 Td (a ) Tj ET Q q 0 0 0 rg BT 191.76 177.10 Td (standardized ) Tj ET Q q 0 0 0 rg BT 244.72 177.10 Td (form ) Tj ET Q q 0 0 0 rg BT 266.59 177.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.46 177.10 Td (post ) Tj ET Q q 0 0 0 rg BT 302.56 177.10 Td (that ) Tj ET Q q 0 0 0 rg BT 319.99 177.10 Td (form ) Tj ET Q q 0 0 0 rg BT 341.86 177.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.73 177.10 Td (all ) Tj ET Q q 0 0 0 rg BT 371.15 177.10 Td (other ) Tj ET Q q 0 0 0 rg BT 394.13 177.10 Td (contents ) Tj ET Q q 0 0 0 rg BT 429.89 177.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.65 177.10 Td (their ) Tj ET Q q 0 0 0 rg BT 461.40 177.10 Td (public ) Tj ET Q q 0 0 0 rg BT 488.83 177.10 Td (inspection ) Tj ET Q q 0 0 0 rg BT 532.36 177.10 Td (files ) Tj ET Q q 0 0 0 rg BT 552.01 177.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.37 165.10 Td (station) Tj ET Q q 0 0 0 rg BT 94.81 165.10 Td (s ) Tj ET Q q 0 0 0 rg BT 101.86 165.10 Td (website. ) Tj ET Q q 0 0 0 rg BT 138.06 165.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.98 165.10 Td (The ) Tj ET Q q 0 0 0 rg BT 159.68 165.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 181.74 165.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 237.11 165.10 Td (imposed ) Tj ET Q q 0 0 0 rg BT 274.15 165.10 Td (an ) Tj ET Q q 0 0 0 rg BT 286.74 165.10 Td (online ) Tj ET Q q 0 0 0 rg BT 314.89 165.10 Td (public ) Tj ET Q q 0 0 0 rg BT 343.04 165.10 Td (file ) Tj ET Q q 0 0 0 rg BT 359.52 165.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 410.98 165.10 Td (on ) Tj ET Q q 0 0 0 rg BT 424.13 165.10 Td (television ) Tj ET Q q 0 0 0 rg BT 466.17 165.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 499.88 165.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 519.97 165.10 Td (in ) Tj ET Q q 0 0 0 rg BT 530.90 165.10 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 74.84 153.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 120.49 153.10 Td (that ) Tj ET Q q 0 0 0 rg BT 137.82 153.10 Td (it ) Tj ET Q q 0 0 0 rg BT 145.71 153.10 Td (would ) Tj ET Q q 0 0 0 rg BT 173.05 153.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 202.04 153.10 Td (that ) Tj ET Q q 0 0 0 rg BT 219.37 153.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 270.02 153.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.13 153.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 303.02 153.10 Td (stations. ) Tj ET Q q 0 0 0 rg BT 338.41 153.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.75 153.10 Td (In ) Tj ET Q q 0 0 0 rg BT 351.41 153.10 Td (January ) Tj ET Q q 0 0 0 rg BT 384.85 153.10 Td (2010, ) Tj ET Q q 0 0 0 rg BT 409.69 153.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.24 153.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 445.48 153.10 Td (revised ) Tj ET Q q 0 0 0 rg BT 476.69 153.10 Td (its ) Tj ET Q q 0 0 0 rg BT 488.47 153.10 Td (DAB ) Tj ET Q q 0 0 0 rg BT 511.92 153.10 Td (service ) Tj ET Q q 0 0 0 rg BT 542.58 153.10 Td (rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.27 141.10 Td (allow ) Tj ET Q q 0 0 0 rg BT 82.98 141.10 Td (FM ) Tj ET Q q 0 0 0 rg BT 98.93 141.10 Td (DAB ) Tj ET Q q 0 0 0 rg BT 121.54 141.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 153.59 141.10 Td (to ) Tj ET Q q 0 0 0 rg BT 162.86 141.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 197.11 141.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.82 141.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 250.63 141.10 Td (power ) Tj ET Q q 0 0 0 rg BT 277.12 141.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 301.94 141.10 Td (of ) Tj ET Q q 0 0 0 rg BT 311.76 141.10 Td (DAB ) Tj ET Q q 0 0 0 rg BT 334.37 141.10 Td (transmissions. ) Tj ET Q q 0 0 0 rg BT 392.81 141.10 Td ( ) Tj ET Q q 0 0 0 rg BT 394.31 141.10 Td (In ) Tj ET Q q 0 0 0 rg BT 404.13 141.10 Td (September ) Tj ET Q q 0 0 0 rg BT 448.39 141.10 Td (2008, ) Tj ET Q q 0 0 0 rg BT 472.38 141.10 Td (shortly ) Tj ET Q q 0 0 0 rg BT 501.66 141.10 Td (after ) Tj ET Q q 0 0 0 rg BT 521.46 141.10 Td (approving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.98 129.10 Td (Sirius-XM ) Tj ET Q q 0 0 0 rg BT 110.52 129.10 Td (mer) Tj ET Q q 0 0 0 rg BT 125.89 129.10 Td (ger) Tj ET Q q 0 0 0 rg BT 138.26 129.10 Td (, ) Tj ET Q q 0 0 0 rg BT 143.52 129.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.50 129.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 180.16 129.10 Td (sought ) Tj ET Q q 0 0 0 rg BT 209.59 129.10 Td (comment ) Tj ET Q q 0 0 0 rg BT 249.56 129.10 Td (on ) Tj ET Q q 0 0 0 rg BT 262.32 129.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 297.29 129.10 Td (it ) Tj ET Q q 0 0 0 rg BT 305.61 129.10 Td (should ) Tj ET Q q 0 0 0 rg BT 335.04 129.10 Td (mandate ) Tj ET Q q 0 0 0 rg BT 371.67 129.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.65 129.10 Td (inclusion ) Tj ET Q q 0 0 0 rg BT 426.08 129.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.17 129.10 Td (HD ) Tj ET Q q 0 0 0 rg BT 454.38 129.10 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 478.26 133.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.20 129.10 Td ( ) Tj ET Q q 0 0 0 rg BT 485.96 129.10 Td (features ) Tj ET Q q 0 0 0 rg BT 520.37 129.10 Td (in ) Tj ET Q q 0 0 0 rg BT 530.91 129.10 Td (satellite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 72.77 117.10 Td (receivers. ) Tj ET Q q 0 0 0 rg BT 113.59 117.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.65 117.10 Td (That ) Tj ET Q q 0 0 0 rg BT 136.21 117.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 182.86 117.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 216.74 117.10 Td (pending, ) Tj ET Q q 0 0 0 rg BT 253.69 117.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.35 117.10 Td (we ) Tj ET Q q 0 0 0 rg BT 284.24 117.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 313.13 117.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 343.12 117.10 Td (its ) Tj ET Q q 0 0 0 rg BT 354.79 117.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 391.45 117.10 Td (or ) Tj ET Q q 0 0 0 rg BT 402.01 117.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.46 117.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 445.90 117.10 Td (that ) Tj ET Q q 0 0 0 rg BT 463.12 117.10 Td (a ) Tj ET Q q 0 0 0 rg BT 469.79 117.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 505.34 117.10 Td (might ) Tj ET Q q 0 0 0 rg BT 530.90 117.10 Td (have ) Tj ET Q q 0 0 0 rg BT 552.01 117.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 105.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.83 105.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 88.10 Td (In ) Tj ET Q q 0 0 0 rg BT 82.02 88.10 Td (order ) Tj ET Q q 0 0 0 rg BT 104.81 88.10 Td (to ) Tj ET Q q 0 0 0 rg BT 114.27 88.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 154.28 88.10 Td (musical ) Tj ET Q q 0 0 0 rg BT 187.07 88.10 Td (compositions ) Tj ET Q q 0 0 0 rg BT 242.09 88.10 Td (or ) Tj ET Q q 0 0 0 rg BT 252.11 88.10 Td (to ) Tj ET Q q 0 0 0 rg BT 261.58 88.10 Td (stream ) Tj ET Q q 0 0 0 rg BT 289.92 88.10 Td (them ) Tj ET Q q 0 0 0 rg BT 311.60 88.10 Td (over ) Tj ET Q q 0 0 0 rg BT 331.06 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.97 88.10 Td (Internet, ) Tj ET Q q 0 0 0 rg BT 380.25 88.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 410.27 88.10 Td (must ) Tj ET Q q 0 0 0 rg BT 431.41 88.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 447.54 88.10 Td (royalties ) Tj ET Q q 0 0 0 rg BT 483.66 88.10 Td (to ) Tj ET Q q 0 0 0 rg BT 493.13 88.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 533.14 88.10 Td (owners ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.13 76.10 Td (musical ) Tj ET Q q 0 0 0 rg BT 95.03 76.10 Td (compositions ) Tj ET Q q 0 0 0 rg BT 151.17 76.10 Td (\(typically) Tj ET Q q 0 0 0 rg BT 188.84 76.10 Td (, ) Tj ET Q q 0 0 0 rg BT 194.14 76.10 Td (songwriters ) Tj ET Q q 0 0 0 rg BT 243.60 76.10 Td (and ) Tj ET Q q 0 0 0 rg BT 260.84 76.10 Td (publishers\). ) Tj ET Q q 0 0 0 rg BT 310.58 76.10 Td ( ) Tj ET Q q 0 0 0 rg BT 313.18 76.10 Td (These ) Tj ET Q q 0 0 0 rg BT 339.85 76.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 380.98 76.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 412.66 76.10 Td (often ) Tj ET Q q 0 0 0 rg BT 436.01 76.10 Td (rely ) Tj ET Q q 0 0 0 rg BT 454.36 76.10 Td (on ) Tj ET Q q 0 0 0 rg BT 467.16 76.10 Td (or) Tj ET Q q 0 0 0 rg BT 475.31 76.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 523.65 76.10 Td (known ) Tj ET Q q 0 0 0 rg BT 553.67 76.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 97.44 64.10 Td (rights 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0 0 rg BT 198.70 52.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.06 52.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 249.97 52.10 Td (owners. ) Tj ET Q q 0 0 0 rg BT 283.93 52.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.33 52.10 Td (The ) Tj ET Q q 0 0 0 rg BT 304.46 52.10 Td (three ) Tj ET Q q 0 0 0 rg BT 327.02 52.10 Td (major ) Tj ET Q q 0 0 0 rg BT 352.93 52.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 400.50 52.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 425.86 52.10 Td (or) Tj ET Q q 0 0 0 rg BT 434.01 52.10 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 484.63 52.10 Td (from ) Tj ET Q q 0 0 0 rg BT 506.65 52.10 Td (which ) Tj ET Q q 0 0 0 rg BT 533.67 52.10 Td (Emmis ) Tj ET Q endstream endobj 29 0 obj <>] /Rotate 0 /Contents 30 0 R>> endobj 30 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 (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (has ) Tj ET Q q 0 0 0 rg BT 66.58 742.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 101.48 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.17 742.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.20 742.10 Td (which ) Tj ET Q q 0 0 0 rg BT 157.88 742.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 189.47 742.10 Td (pays ) Tj ET Q q 0 0 0 rg BT 211.05 742.10 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 251.23 742.10 Td (are ) Tj ET Q q 0 0 0 rg BT 266.68 742.10 Td (the ) Tj ET Q q 0 0 0 rg BT 281.43 742.10 Td (American ) Tj ET Q q 0 0 0 rg BT 324.10 742.10 Td (Society ) Tj ET Q q 0 0 0 rg BT 357.35 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.93 742.10 Td (Composers, ) Tj ET Q q 0 0 0 rg BT 418.96 742.10 Td (Authors, ) Tj ET Q q 0 0 0 rg BT 456.93 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 474.61 742.10 Td (Publishers, ) Tj ET Q q 0 0 0 rg BT 522.03 742.10 Td (Broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (Music, ) Tj ET Q q 0 0 0 rg BT 80.85 730.10 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 101.97 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.76 730.10 Td (SESAC, ) Tj ET Q q 0 0 0 rg BT 156.74 730.10 Td (Inc.. ) Tj ET Q q 0 0 0 rg BT 177.86 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.97 730.10 Td (These ) Tj ET Q q 0 0 0 rg BT 208.20 730.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 230.43 730.10 Td (are ) Tj ET Q q 0 0 0 rg BT 245.99 730.10 Td (set ) Tj ET Q q 0 0 0 rg BT 260.45 730.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 311.56 730.10 Td (and ) Tj ET Q q 0 0 0 rg BT 329.35 730.10 Td (are ) Tj ET Q q 0 0 0 rg BT 344.91 730.10 Td (often ) Tj ET Q q 0 0 0 rg BT 368.81 730.10 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 413.81 730.10 Td (by ) Tj ET Q q 0 0 0 rg BT 427.16 730.10 Td (or) Tj ET Q q 0 0 0 rg BT 435.31 730.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 484.20 730.10 Td (acting ) Tj ET Q q 0 0 0 rg BT 511.99 730.10 Td (on ) Tj ET Q q 0 0 0 rg BT 525.34 730.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 553.68 730.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (broadcasters. ) Tj ET Q q 0 0 0 rg BT 105.74 718.10 Td (They ) Tj ET Q q 0 0 0 rg BT 129.80 718.10 Td (may ) Tj ET Q q 0 0 0 rg BT 150.54 718.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 186.81 718.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.10 718.10 Td (the ) Tj ET Q q 0 0 0 rg BT 213.84 718.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 243.73 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 247.25 718.10 Td (It ) Tj ET Q q 0 0 0 rg BT 256.87 718.10 Td (also ) Tj ET Q q 0 0 0 rg BT 276.50 718.10 Td (is ) Tj ET Q q 0 0 0 rg BT 286.69 718.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 322.98 718.10 Td (that ) Tj ET Q q 0 0 0 rg BT 341.49 718.10 Td (songwriters ) Tj ET Q q 0 0 0 rg BT 391.67 718.10 Td (or ) Tj ET Q q 0 0 0 rg BT 403.52 718.10 Td (publishers ) Tj ET Q q 0 0 0 rg BT 448.14 718.10 Td (may ) Tj ET Q q 0 0 0 rg BT 468.88 718.10 Td (disassociate ) Tj ET Q q 0 0 0 rg BT 520.16 718.10 Td (with ) Tj ET Q q 0 0 0 rg BT 541.45 718.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 97.18 706.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 122.16 706.10 Td (or) Tj ET Q q 0 0 0 rg BT 130.31 706.10 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 180.55 706.10 Td (or ) Tj ET Q q 0 0 0 rg BT 191.07 706.10 Td (that ) Tj ET Q q 0 0 0 rg BT 208.27 706.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 250.45 706.10 Td (such ) Tj ET Q q 0 0 0 rg BT 270.98 706.10 Td (or) Tj ET Q q 0 0 0 rg BT 279.13 706.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 326.87 706.10 Td (could ) Tj ET Q q 0 0 0 rg BT 351.28 706.10 Td (emer) Tj ET Q q 0 0 0 rg BT 371.09 706.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 382.72 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.70 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.11 706.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 435.69 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.89 706.10 Td (One ) Tj ET Q q 0 0 0 rg BT 456.74 706.10 Td (new ) Tj ET Q q 0 0 0 rg BT 475.60 706.10 Td (or) Tj ET Q q 0 0 0 rg BT 483.75 706.10 Td (ganization ) Tj ET Q q 0 0 0 rg BT 527.60 706.10 Td (has ) Tj ET Q q 0 0 0 rg BT 543.13 706.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (formed, ) Tj ET Q q 0 0 0 rg BT 83.35 694.10 Td (but ) Tj ET Q q 0 0 0 rg BT 98.11 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 112.30 694.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 137.05 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 147.36 694.10 Td (its ) Tj ET Q q 0 0 0 rg BT 158.78 694.10 Td (repertory ) Tj ET Q q 0 0 0 rg BT 197.41 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 206.05 694.10 Td (not ) Tj ET Q q 0 0 0 rg BT 220.81 694.10 Td (clear ) Tj ET Q q 0 0 0 rg BT 242.21 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.63 694.10 Td (it ) Tj ET Q q 0 0 0 rg BT 266.16 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 274.81 694.10 Td (not ) Tj ET Q q 0 0 0 rg BT 289.57 694.10 Td (clear ) Tj ET Q q 0 0 0 rg BT 310.97 694.10 Td (that ) Tj ET Q q 0 0 0 rg BT 327.94 694.10 Td (it ) Tj ET Q q 0 0 0 rg BT 335.47 694.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 369.11 694.10 Td (compositions ) Tj ET Q q 0 0 0 rg BT 424.42 694.10 Td (that ) Tj ET Q q 0 0 0 rg BT 441.39 694.10 Td (have ) Tj ET Q q 0 0 0 rg BT 462.25 694.10 Td (not ) Tj ET Q q 0 0 0 rg BT 477.00 694.10 Td (already ) Tj ET Q q 0 0 0 rg BT 508.40 694.10 Td (been ) Tj ET Q q 0 0 0 rg BT 529.26 694.10 Td (licensed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (by ) Tj ET Q q 0 0 0 rg BT 63.49 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.19 682.10 Td (other ) Tj ET Q q 0 0 0 rg BT 103.22 682.10 Td (or) Tj ET Q q 0 0 0 rg BT 111.37 682.10 Td (ganizations. ) Tj ET Q q 0 0 0 rg BT 162.90 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.38 682.10 Td (If ) Tj ET Q q 0 0 0 rg BT 176.53 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 184.45 682.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 230.15 682.10 Td (number ) Tj ET Q q 0 0 0 rg BT 264.18 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.00 682.10 Td (musical ) Tj ET Q q 0 0 0 rg BT 310.58 682.10 Td (composition ) Tj ET Q q 0 0 0 rg BT 363.51 682.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 405.32 682.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 437.69 682.10 Td (withdraw ) Tj ET Q q 0 0 0 rg BT 478.95 682.10 Td (from ) Tj ET Q q 0 0 0 rg BT 501.87 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 517.57 682.10 Td (established ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 98.60 670.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 124.99 670.10 Td (or) Tj ET Q q 0 0 0 rg BT 133.13 670.10 Td (ganizations, ) Tj ET Q q 0 0 0 rg BT 184.79 670.10 Td (or ) Tj ET Q q 0 0 0 rg BT 196.73 670.10 Td (if ) Tj ET Q q 0 0 0 rg BT 206.45 670.10 Td (new ) Tj ET Q q 0 0 0 rg BT 226.72 670.10 Td (performing ) Tj ET Q q 0 0 0 rg BT 275.31 670.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 301.70 670.10 Td (or) Tj ET Q q 0 0 0 rg BT 309.85 670.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 359.01 670.10 Td (form ) Tj ET Q q 0 0 0 rg BT 382.06 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 393.44 670.10 Td (license ) Tj ET Q q 0 0 0 rg BT 424.82 670.10 Td (compositions ) Tj ET Q q 0 0 0 rg BT 481.77 670.10 Td (that ) Tj ET Q q 0 0 0 rg BT 500.37 670.10 Td (are ) Tj ET Q q 0 0 0 rg BT 516.19 670.10 Td (not ) Tj ET Q q 0 0 0 rg BT 532.58 670.10 Td (already ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (licensed, ) Tj ET Q q 0 0 0 rg BT 87.76 658.10 Td (Emmis) Tj ET Q q 0 0 0 rg BT 118.69 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.19 658.10 Td (royalty ) Tj ET Q q 0 0 0 rg BT 152.01 658.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 173.39 658.10 Td (or ) Tj ET Q q 0 0 0 rg BT 184.22 658.10 Td (negotiation ) Tj ET Q q 0 0 0 rg BT 231.71 658.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 254.21 658.10 Td (could ) Tj ET Q q 0 0 0 rg BT 278.93 658.10 Td (increase.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td (In ) Tj ET Q q 0 0 0 rg BT 82.60 641.10 Td (order ) Tj ET Q q 0 0 0 rg BT 105.96 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 116.01 641.10 Td (stream ) Tj ET Q q 0 0 0 rg BT 144.93 641.10 Td (music ) Tj ET Q q 0 0 0 rg BT 171.09 641.10 Td (over ) Tj ET Q q 0 0 0 rg BT 191.13 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.61 641.10 Td (Internet, ) Tj ET Q q 0 0 0 rg BT 241.47 641.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 272.08 641.10 Td (must ) Tj ET Q q 0 0 0 rg BT 293.79 641.10 Td (also ) Tj ET Q q 0 0 0 rg BT 312.17 641.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 339.43 641.10 Td (licenses ) Tj ET Q q 0 0 0 rg BT 373.35 641.10 Td (and ) Tj ET Q q 0 0 0 rg BT 390.06 641.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 406.77 641.10 Td (royalties ) Tj ET Q q 0 0 0 rg BT 443.47 641.10 Td (to ) Tj ET Q q 0 0 0 rg BT 453.52 641.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.00 641.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 499.15 641.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.75 641.10 Td (copyrights ) Tj ET Q q 0 0 0 rg BT 554.23 641.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 76.28 629.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 120.87 629.10 Td (\(typically) Tj ET Q q 0 0 0 rg BT 158.54 629.10 Td (, ) Tj ET Q q 0 0 0 rg BT 163.43 629.10 Td (artists ) Tj ET Q q 0 0 0 rg BT 189.71 629.10 Td (and ) Tj ET Q q 0 0 0 rg BT 206.53 629.10 Td (record ) Tj ET Q q 0 0 0 rg BT 234.46 629.10 Td (companies\). ) Tj ET Q q 0 0 0 rg BT 285.44 629.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.65 629.10 Td (These ) Tj ET Q q 0 0 0 rg BT 313.92 629.10 Td (royalties ) Tj ET Q q 0 0 0 rg BT 350.74 629.10 Td (are ) Tj ET Q q 0 0 0 rg BT 365.34 629.10 Td (in ) Tj ET Q q 0 0 0 rg BT 375.50 629.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 410.66 629.10 Td (to ) Tj ET Q q 0 0 0 rg BT 420.83 629.10 Td (royalties ) Tj ET Q q 0 0 0 rg BT 457.65 629.10 Td (for ) Tj ET Q q 0 0 0 rg BT 471.70 629.10 Td (Internet ) Tj ET Q q 0 0 0 rg BT 505.18 629.10 Td (streaming ) Tj ET Q q 0 0 0 rg BT 547.00 629.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.10 Td (must ) Tj ET Q q 0 0 0 rg BT 72.20 617.10 Td (also ) Tj ET Q q 0 0 0 rg BT 91.06 617.10 Td (be ) Tj ET Q q 0 0 0 rg BT 103.26 617.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 123.23 617.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.76 617.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 187.04 617.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 212.57 617.10 Td (or) Tj ET Q q 0 0 0 rg BT 220.72 617.10 Td (ganizations. ) Tj ET Q q 0 0 0 rg BT 271.51 617.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.27 617.10 Td (For ) Tj ET Q q 0 0 0 rg BT 290.91 617.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.88 617.10 Td (license ) Tj ET Q q 0 0 0 rg BT 336.40 617.10 Td (period ) Tj ET Q q 0 0 0 rg BT 364.70 617.10 Td (2006-2015, ) Tj ET Q q 0 0 0 rg BT 413.29 617.10 Td (Emmis ) Tj ET Q q 0 0 0 rg BT 444.38 617.10 Td (has ) Tj ET Q q 0 0 0 rg BT 460.46 617.10 Td (been ) Tj ET Q q 0 0 0 rg BT 482.09 617.10 Td (paying ) Tj ET Q q 0 0 0 rg BT 512.06 617.10 Td (royalty ) Tj ET Q q 0 0 0 rg BT 543.14 617.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.30 605.10 Td (non-interactive ) Tj ET Q q 0 0 0 rg BT 127.46 605.10 Td (Internet ) Tj ET Q q 0 0 0 rg BT 161.20 605.10 Td (streaming ) Tj ET Q q 0 0 0 rg BT 203.27 605.10 Td (of ) Tj ET Q q 0 0 0 rg BT 214.24 605.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 240.77 605.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 285.61 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.03 605.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 343.63 605.10 Td (with ) Tj ET Q q 0 0 0 rg BT 364.04 605.10 Td (a ) Tj ET Q q 0 0 0 rg BT 371.12 605.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 414.86 605.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 459.14 605.10 Td (reached ) Tj ET Q q 0 0 0 rg BT 492.86 605.10 Td (in ) Tj ET Q q 0 0 0 rg BT 503.27 605.10 Td (February ) Tj ET Q q 0 0 0 rg BT 542.01 605.10 Td (2009 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.10 Td (between ) Tj ET Q q 0 0 0 rg BT 85.45 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 99.81 593.10 Td (National ) Tj ET Q q 0 0 0 rg BT 135.91 593.10 Td (Association ) Tj ET Q q 0 0 0 rg BT 185.27 593.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.73 593.10 Td (Broadcasters ) Tj ET Q q 0 0 0 rg BT 249.52 593.10 Td (\(NAB\) ) Tj ET Q q 0 0 0 rg BT 288.31 593.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.88 593.10 Td (SoundExchange ) Tj ET Q q 0 0 0 rg BT 372.01 593.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 389.69 593.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 414.61 593.10 Td (that ) Tj ET Q q 0 0 0 rg BT 431.74 593.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 474.42 593.10 Td (the ) Tj ET Q q 0 0 0 rg BT 488.77 593.10 Td (recording ) Tj ET Q q 0 0 0 rg BT 529.23 593.10 Td (industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.95 581.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 102.22 581.10 Td (royalty ) Tj ET Q q 0 0 0 rg BT 133.07 581.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 173.91 581.10 Td (from ) Tj ET Q q 0 0 0 rg BT 195.86 581.10 Td (webcasters\). ) Tj ET Q q 0 0 0 rg BT 248.08 581.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.59 581.10 Td (On ) Tj ET Q q 0 0 0 rg BT 265.33 581.10 Td (March ) Tj ET Q q 0 0 0 rg BT 293.94 581.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 303.96 581.10 Td (201) Tj ET Q q 0 0 0 rg BT 318.59 581.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 328.60 581.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.34 581.10 Td (Copyright ) Tj ET Q q 0 0 0 rg BT 386.41 581.10 Td (Royalty ) Tj ET Q q 0 0 0 rg BT 420.59 581.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 447.55 581.10 Td (\(CRB\) ) Tj ET Q q 0 0 0 rg BT 485.61 581.10 Td (published ) Tj ET Q q 0 0 0 rg BT 527.01 581.10 Td (statutory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (royalty ) Tj ET Q q 0 0 0 rg BT 80.35 569.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 101.25 569.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.72 569.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 141.96 569.10 Td (for ) Tj ET Q q 0 0 0 rg BT 155.65 569.10 Td (non-interactive ) Tj ET Q q 0 0 0 rg BT 218.20 569.10 Td (Internet ) Tj ET Q q 0 0 0 rg BT 251.32 569.10 Td (streaming ) Tj ET Q q 0 0 0 rg BT 292.78 569.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.14 569.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 329.06 569.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 373.29 569.10 Td (for ) Tj ET Q q 0 0 0 rg BT 386.98 569.10 Td (201) Tj ET Q q 0 0 0 rg BT 401.61 569.10 Td (1-2015. ) Tj ET Q q 0 0 0 rg BT 434.46 569.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.34 569.10 Td (The ) Tj ET Q q 0 0 0 rg BT 453.92 569.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 474.82 569.10 Td (published ) Tj ET Q q 0 0 0 rg BT 515.73 569.10 Td (by ) Tj ET Q q 0 0 0 rg BT 527.76 569.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.00 569.10 Td (CRB ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (do ) Tj ET Q q 0 0 0 rg BT 62.21 557.10 Td (not ) Tj ET Q q 0 0 0 rg BT 77.21 557.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 101.64 557.10 Td (to ) Tj ET Q q 0 0 0 rg BT 111.63 557.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 148.55 557.10 Td (like ) Tj ET Q q 0 0 0 rg BT 165.76 557.10 Td (Emmis) Tj ET Q q 0 0 0 rg BT 196.68 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 198.89 557.10 Td (Internet ) Tj ET Q q 0 0 0 rg BT 232.20 557.10 Td (streaming ) Tj ET Q q 0 0 0 rg BT 273.85 557.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 310.77 557.10 Td (that ) Tj ET Q q 0 0 0 rg BT 327.98 557.10 Td (are ) Tj ET Q q 0 0 0 rg BT 342.40 557.10 Td (governed ) Tj ET Q q 0 0 0 rg BT 381.82 557.10 Td (by ) Tj ET Q q 0 0 0 rg BT 394.03 557.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.46 557.10 Td (NAB-SoundExchange ) Tj ET Q q 0 0 0 rg BT 500.10 557.10 Td (settlement. ) Tj ET Q q 0 0 0 rg BT 545.91 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 548.13 557.10 Td (For ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 73.65 545.10 Td (broadcasters, ) Tj ET Q q 0 0 0 rg BT 129.22 545.10 Td (however) Tj ET Q q 0 0 0 rg BT 163.25 545.10 Td (, ) Tj ET Q q 0 0 0 rg BT 168.85 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.17 545.10 Td (CRB ) Tj ET Q q 0 0 0 rg BT 207.28 545.10 Td (modeled ) Tj ET Q q 0 0 0 rg BT 244.81 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.13 545.10 Td (statutory ) Tj ET Q q 0 0 0 rg BT 298.23 545.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 320.21 545.10 Td (after ) Tj ET Q q 0 0 0 rg BT 341.62 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.94 545.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 378.92 545.10 Td (agreed ) Tj ET Q q 0 0 0 rg BT 408.66 545.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.54 545.10 Td (in ) Tj ET Q q 0 0 0 rg BT 430.42 545.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.74 545.10 Td (settlement; ) Tj ET Q q 0 0 0 rg BT 492.71 545.10 Td (both ) Tj ET Q q 0 0 0 rg BT 513.59 545.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 531.69 545.10 Td (of ) Tj ET Q q 0 0 0 rg BT 543.13 545.10 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 85.08 533.10 Td (from ) Tj ET Q q 0 0 0 rg BT 106.84 533.10 Td (0.17 ) Tj ET Q q 0 0 0 rg BT 126.66 533.10 Td (cent ) Tj ET Q q 0 0 0 rg BT 145.64 533.10 Td (per ) Tj ET Q q 0 0 0 rg BT 160.73 533.10 Td (listener ) Tj ET Q q 0 0 0 rg BT 192.49 533.10 Td (per ) Tj ET Q q 0 0 0 rg BT 207.58 533.10 Td (song ) Tj ET Q q 0 0 0 rg BT 228.80 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.90 533.10 Td (201) Tj ET Q q 0 0 0 rg BT 253.53 533.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 260.85 533.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.95 533.10 Td (0.25 ) Tj ET Q q 0 0 0 rg BT 290.77 533.10 Td (cent ) Tj ET Q q 0 0 0 rg BT 309.75 533.10 Td (per ) Tj ET Q q 0 0 0 rg BT 324.84 533.10 Td (listener ) Tj ET Q q 0 0 0 rg BT 356.60 533.10 Td (per ) Tj ET Q q 0 0 0 rg BT 371.69 533.10 Td (song ) Tj ET Q q 0 0 0 rg BT 392.91 533.10 Td (in ) Tj ET Q q 0 0 0 rg BT 403.01 533.10 Td (2015. ) Tj ET Q q 0 0 0 rg BT 427.83 533.10 Td ( ) Tj ET Q q 0 0 0 rg BT 429.99 533.10 Td (The ) Tj ET Q q 0 0 0 rg BT 447.86 533.10 Td (CRB ) Tj ET Q q 0 0 0 rg BT 470.19 533.10 Td (has ) Tj ET Q q 0 0 0 rg BT 485.84 533.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 520.37 533.10 Td (completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (its ) Tj ET Q q 0 0 0 rg BT 62.67 521.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 110.33 521.10 Td (to ) Tj ET Q q 0 0 0 rg BT 121.33 521.10 Td (set ) Tj ET Q q 0 0 0 rg BT 135.67 521.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 157.77 521.10 Td (for ) Tj ET Q q 0 0 0 rg BT 172.66 521.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.10 521.10 Td (2016-2020 ) Tj ET Q q 0 0 0 rg BT 234.66 521.10 Td (license ) Tj ET Q q 0 0 0 rg BT 265.65 521.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 296.92 521.10 Td ( ) Tj ET Q q 0 0 0 rg BT 299.91 521.10 Td (The ) Tj ET Q q 0 0 0 rg BT 318.69 521.10 Td (CRB ) Tj ET Q q 0 0 0 rg BT 341.92 521.10 Td (set ) Tj ET Q q 0 0 0 rg BT 356.26 521.10 Td (a ) Tj ET Q q 0 0 0 rg BT 363.92 521.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 382.13 521.10 Td (during ) Tj ET Q q 0 0 0 rg BT 411.47 521.10 Td (this ) Tj ET Q q 0 0 0 rg BT 429.14 521.10 Td (period ) Tj ET Q q 0 0 0 rg BT 457.92 521.10 Td (for ) Tj ET Q q 0 0 0 rg BT 472.80 521.10 Td (performances ) Tj ET Q q 0 0 0 rg BT 530.44 521.10 Td (by ) Tj ET Q q 0 0 0 rg BT 543.67 521.10 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (subscription ) Tj ET Q q 0 0 0 rg BT 101.40 509.10 Td (noninteractive ) Tj ET Q q 0 0 0 rg BT 161.11 509.10 Td (services ) Tj ET Q q 0 0 0 rg BT 195.83 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.67 509.10 Td (0.17 ) Tj ET Q q 0 0 0 rg BT 226.68 509.10 Td (cent ) Tj ET Q q 0 0 0 rg BT 245.85 509.10 Td (per ) Tj ET Q q 0 0 0 rg BT 261.13 509.10 Td (listener ) Tj ET Q q 0 0 0 rg BT 293.08 509.10 Td (per ) Tj ET Q q 0 0 0 rg BT 308.36 509.10 Td (song, ) Tj ET Q q 0 0 0 rg BT 332.26 509.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.21 509.10 Td (a ) Tj ET Q q 0 0 0 rg BT 356.16 509.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 373.66 509.10 Td (for ) Tj ET Q q 0 0 0 rg BT 387.83 509.10 Td (noninteractive ) Tj ET Q q 0 0 0 rg BT 447.54 509.10 Td (subscription ) Tj ET Q q 0 0 0 rg BT 498.94 509.10 Td (services ) Tj ET Q q 0 0 0 rg BT 533.66 509.10 Td (of ) Tj ET Q q 0 0 0 rg BT 544.50 509.10 Td (0.22 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.10 Td (cent ) Tj ET Q q 0 0 0 rg BT 70.36 497.10 Td (per ) Tj ET Q q 0 0 0 rg BT 86.84 497.10 Td (listener ) Tj ET Q q 0 0 0 rg BT 119.98 497.10 Td (per ) Tj ET Q q 0 0 0 rg BT 136.46 497.10 Td (song. ) Tj ET Q q 0 0 0 rg BT 161.56 497.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.27 497.10 Td (Both ) Tj ET Q q 0 0 0 rg BT 188.43 497.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 211.01 497.10 Td (are ) Tj ET Q q 0 0 0 rg BT 226.93 497.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 258.96 497.10 Td (to ) Tj ET Q q 0 0 0 rg BT 270.45 497.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 306.36 497.10 Td (that ) Tj ET Q q 0 0 0 rg BT 325.07 497.10 Td (mirror ) Tj ET Q q 0 0 0 rg BT 354.32 497.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 390.24 497.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.72 497.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.65 497.10 Td (Consumer ) Tj ET Q q 0 0 0 rg BT 462.47 497.10 Td (Price ) Tj ET Q q 0 0 0 rg BT 486.72 497.10 Td (Index. ) Tj ET Q q 0 0 0 rg BT 515.70 497.10 Td ( ) Tj ET Q q 0 0 0 rg BT 519.14 497.10 Td (W) Tj ET Q q 0 0 0 rg BT 527.78 497.10 Td (e ) Tj ET Q q 0 0 0 rg BT 535.92 497.10 Td (expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.10 Td (SoundExchange ) Tj ET Q q 0 0 0 rg BT 117.49 485.10 Td (to ) Tj ET Q q 0 0 0 rg BT 127.76 485.10 Td (appeal ) Tj ET Q q 0 0 0 rg BT 156.36 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 171.07 485.10 Td (CRB) Tj ET Q q 0 0 0 rg BT 193.86 485.10 Td (s ) Tj ET Q q 0 0 0 rg BT 200.25 485.10 Td (decision, ) Tj ET Q q 0 0 0 rg BT 238.58 485.10 Td (and ) Tj ET Q q 0 0 0 rg BT 255.52 485.10 Td (we ) Tj ET Q q 0 0 0 rg BT 269.68 485.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 298.83 485.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 329.10 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.81 485.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 380.75 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 391.58 485.10 Td (that ) Tj ET Q q 0 0 0 rg BT 409.07 485.10 Td (appeal.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 468.10 Td (In ) Tj ET Q q 0 0 0 rg BT 82.42 468.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 119.78 468.10 Td (lawsuits ) Tj ET Q q 0 0 0 rg BT 154.65 468.10 Td (have ) Tj ET Q q 0 0 0 rg BT 175.62 468.10 Td (been ) Tj ET Q q 0 0 0 rg BT 196.58 468.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 217.00 468.10 Td (under ) Tj ET Q q 0 0 0 rg BT 241.86 468.10 Td (various ) Tj ET Q q 0 0 0 rg BT 273.39 468.10 Td (state ) Tj ET Q q 0 0 0 rg BT 293.80 468.10 Td (laws ) Tj ET Q q 0 0 0 rg BT 314.22 468.10 Td (challenging ) Tj ET Q q 0 0 0 rg BT 362.96 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.27 468.10 Td (right ) Tj ET Q q 0 0 0 rg BT 398.25 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.67 468.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 436.31 468.10 Td (audio ) Tj ET Q q 0 0 0 rg BT 460.61 468.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 513.26 468.10 Td (services ) Tj ET Q q 0 0 0 rg BT 547.56 468.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 102.52 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.85 456.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 148.17 456.10 Td (perform ) Tj ET Q q 0 0 0 rg BT 182.93 456.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.80 456.10 Td (reproduce ) Tj ET Q q 0 0 0 rg BT 236.33 456.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 262.77 456.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 307.52 456.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 330.62 456.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 352.60 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.93 456.10 Td (February ) Tj ET Q q 0 0 0 rg BT 401.58 456.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 416.62 456.10 Td (1972 ) Tj ET Q q 0 0 0 rg BT 439.17 456.10 Td (\(pre-1972 ) Tj ET Q q 0 0 0 rg BT 485.59 456.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 512.03 456.10 Td (recordings\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (without ) Tj ET Q q 0 0 0 rg BT 82.13 444.10 Td (a ) Tj ET Q q 0 0 0 rg BT 88.13 444.10 Td (license. ) Tj ET Q q 0 0 0 rg BT 119.97 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 121.54 444.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 143.11 444.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 168.57 444.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 212.35 444.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 250.01 444.10 Td (are ) Tj ET Q q 0 0 0 rg BT 263.79 444.10 Td (exempt ) Tj ET Q q 0 0 0 rg BT 294.79 444.10 Td (from ) Tj ET Q q 0 0 0 rg BT 315.80 444.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 345.12 444.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 385.02 444.10 Td (protection. ) Tj ET Q q 0 0 0 rg BT 429.63 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 431.09 444.10 Td (The ) Tj ET Q q 0 0 0 rg BT 448.20 444.10 Td (1976 ) Tj ET Q q 0 0 0 rg BT 469.77 444.10 Td (Copyright ) Tj ET Q q 0 0 0 rg BT 511.55 444.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 527.56 444.10 Td (provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (that ) Tj ET Q q 0 0 0 rg BT 66.68 432.10 Td (pre-1972 ) Tj ET Q q 0 0 0 rg BT 104.46 432.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 130.03 432.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 173.92 432.10 Td (may ) Tj ET Q q 0 0 0 rg BT 192.81 432.10 Td (be ) Tj ET Q q 0 0 0 rg BT 203.93 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.83 432.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 247.84 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.85 432.10 Td (state ) Tj ET Q q 0 0 0 rg BT 277.86 432.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 317.86 432.10 Td (protection ) Tj ET Q q 0 0 0 rg BT 360.09 432.10 Td (until ) Tj ET Q q 0 0 0 rg BT 380.10 432.10 Td (2067. ) Tj ET Q q 0 0 0 rg BT 404.28 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.59 432.10 Td (As ) Tj ET Q q 0 0 0 rg BT 418.39 432.10 Td (a ) Tj ET Q q 0 0 0 rg BT 424.51 432.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 450.91 432.10 Td (there ) Tj ET Q q 0 0 0 rg BT 472.57 432.10 Td (are ) Tj ET Q q 0 0 0 rg BT 486.46 432.10 Td (various ) Tj ET Q q 0 0 0 rg BT 517.58 432.10 Td (protections ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.31 420.10 Td (pre-1972 ) Tj ET Q q 0 0 0 rg BT 98.39 420.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 124.27 420.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 168.46 420.10 Td (in ) Tj ET Q q 0 0 0 rg BT 178.22 420.10 Td (place ) Tj ET Q q 0 0 0 rg BT 201.29 420.10 Td (across ) Tj ET Q q 0 0 0 rg BT 228.27 420.10 Td (various ) Tj ET Q q 0 0 0 rg BT 259.69 420.10 Td (states, ) Tj ET Q q 0 0 0 rg BT 286.39 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.81 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 317.01 420.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 341.76 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.07 420.10 Td (protections ) Tj ET Q q 0 0 0 rg BT 398.49 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.91 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.22 420.10 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 469.97 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.39 420.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 531.15 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 540.91 420.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (protections ) Tj ET Q q 0 0 0 rg BT 95.84 408.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 121.12 408.10 Td (from ) Tj ET Q q 0 0 0 rg BT 141.97 408.10 Td (state ) Tj ET Q q 0 0 0 rg BT 161.70 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.88 408.10 Td (state. ) Tj ET Q q 0 0 0 rg BT 193.12 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.52 408.10 Td (Moreover) Tj ET Q q 0 0 0 rg BT 233.55 408.10 Td (, ) Tj ET Q q 0 0 0 rg BT 237.46 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.08 408.10 Td (existence ) Tj ET Q q 0 0 0 rg BT 289.69 408.10 Td (or ) Tj ET Q q 0 0 0 rg BT 299.42 408.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 323.60 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.33 408.10 Td (any ) Tj ET Q q 0 0 0 rg BT 349.18 408.10 Td (public ) Tj ET Q q 0 0 0 rg BT 375.58 408.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 427.51 408.10 Td (right ) Tj ET Q q 0 0 0 rg BT 447.80 408.10 Td (in ) Tj ET Q q 0 0 0 rg BT 456.99 408.10 Td (pre-1972 ) Tj ET Q q 0 0 0 rg BT 494.49 408.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 519.79 408.10 Td (recordings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.87 396.10 Td (unclear) Tj ET Q q 0 0 0 rg BT 87.74 396.10 Td (. ) Tj ET Q q 0 0 0 rg BT 92.45 396.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.65 396.10 Td (In ) Tj ET Q q 0 0 0 rg BT 105.18 396.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 129.88 396.10 Td (courts ) Tj ET Q q 0 0 0 rg BT 156.52 396.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.50 396.10 Td (California ) Tj ET Q q 0 0 0 rg BT 209.25 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.89 396.10 Td (New ) Tj ET Q q 0 0 0 rg BT 246.65 396.10 Td (Y) Tj ET Q q 0 0 0 rg BT 252.87 396.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 268.40 396.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 295.60 396.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 335.02 396.10 Td (in ) Tj ET Q q 0 0 0 rg BT 345.00 396.10 Td (favor ) Tj ET Q q 0 0 0 rg BT 368.30 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 378.83 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 393.25 396.10 Td (putative ) Tj ET Q q 0 0 0 rg BT 427.67 396.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 468.19 396.10 Td (owners ) Tj ET Q q 0 0 0 rg BT 499.28 396.10 Td (against ) Tj ET Q q 0 0 0 rg BT 529.81 396.10 Td (a ) Tj ET Q q 0 0 0 rg BT 536.45 396.10 Td (digital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 384.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 103.53 384.10 Td (service. ) Tj ET Q q 0 0 0 rg BT 137.31 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.29 384.10 Td (In ) Tj ET Q q 0 0 0 rg BT 151.59 384.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 177.06 384.10 Td (a ) Tj ET Q q 0 0 0 rg BT 184.47 384.10 Td (court ) Tj ET Q q 0 0 0 rg BT 207.99 384.10 Td (in ) Tj ET Q q 0 0 0 rg BT 218.74 384.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 250.59 384.10 Td (ruled ) Tj ET Q q 0 0 0 rg BT 274.11 384.10 Td (in ) Tj ET Q q 0 0 0 rg BT 284.86 384.10 Td (favor ) Tj ET Q q 0 0 0 rg BT 308.93 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.23 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.42 384.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 363.94 384.10 Td (transmission ) Tj ET Q q 0 0 0 rg BT 417.47 384.10 Td (service, ) Tj ET Q q 0 0 0 rg BT 451.26 384.10 Td (holding ) Tj ET Q q 0 0 0 rg BT 484.79 384.10 Td (that ) Tj ET Q q 0 0 0 rg BT 502.75 384.10 Td (no ) Tj ET Q q 0 0 0 rg BT 515.72 384.10 Td (state ) Tj ET Q q 0 0 0 rg BT 537.02 384.10 Td (public ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 103.29 372.10 Td (right ) Tj ET Q q 0 0 0 rg BT 124.94 372.10 Td (exists ) Tj ET Q q 0 0 0 rg BT 150.49 372.10 Td (under ) Tj ET Q q 0 0 0 rg BT 176.02 372.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 207.67 372.10 Td (law) Tj ET Q q 0 0 0 rg BT 221.46 372.10 Td (. ) Tj ET Q q 0 0 0 rg BT 226.73 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 229.29 372.10 Td (The ) Tj ET Q q 0 0 0 rg BT 247.61 372.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 268.16 372.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 293.70 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.19 372.10 Td (Appeals ) Tj ET Q q 0 0 0 rg BT 339.72 372.10 Td (for ) Tj ET Q q 0 0 0 rg BT 354.15 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.13 372.10 Td (Second ) Tj ET Q q 0 0 0 rg BT 401.34 372.10 Td (Circuit ) Tj ET Q q 0 0 0 rg BT 431.88 372.10 Td (\(in ) Tj ET Q q 0 0 0 rg BT 445.75 372.10 Td (New ) Tj ET Q q 0 0 0 rg BT 466.99 372.10 Td (Y) Tj ET Q q 0 0 0 rg BT 473.21 372.10 Td (ork\) ) Tj ET Q q 0 0 0 rg BT 492.63 372.10 Td (recently ) Tj ET Q q 0 0 0 rg BT 527.60 372.10 Td (heard ) Tj ET Q q 0 0 0 rg BT 552.58 372.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 360.10 Td (appeal ) Tj ET Q q 0 0 0 rg BT 78.44 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.11 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 103.67 360.10 Td (New ) Tj ET Q q 0 0 0 rg BT 124.55 360.10 Td (Y) Tj ET Q q 0 0 0 rg BT 130.77 360.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 146.44 360.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 182.11 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 198.90 360.10 Td (has ) Tj ET Q q 0 0 0 rg BT 214.57 360.10 Td (asked ) Tj ET Q q 0 0 0 rg BT 239.68 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.24 360.10 Td (New ) Tj ET Q q 0 0 0 rg BT 275.12 360.10 Td (Y) Tj ET Q q 0 0 0 rg BT 281.34 360.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 297.01 360.10 Td (State ) Tj ET Q q 0 0 0 rg BT 319.35 360.10 Td (Court ) Tj ET Q q 0 0 0 rg BT 344.48 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 354.63 360.10 Td (Appeals ) Tj ET Q q 0 0 0 rg BT 389.74 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 399.87 360.10 Td (of) Tj ET Q q 0 0 0 rg BT 408.02 360.10 Td (ficially ) Tj ET Q q 0 0 0 rg BT 438.68 360.10 Td (advise ) Tj ET Q q 0 0 0 rg BT 466.57 360.10 Td (on ) Tj ET Q q 0 0 0 rg BT 478.91 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.48 360.10 Td (issue. ) Tj ET Q q 0 0 0 rg BT 518.32 360.10 Td ( ) Tj ET Q q 0 0 0 rg BT 520.49 360.10 Td (W) Tj ET Q q 0 0 0 rg BT 529.13 360.10 Td (e ) Tj ET Q q 0 0 0 rg BT 535.91 360.10 Td (expect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (these ) Tj ET Q q 0 0 0 rg BT 74.19 348.10 Td (other ) Tj ET Q q 0 0 0 rg BT 98.38 348.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 123.13 348.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.55 348.10 Td (be ) Tj ET Q q 0 0 0 rg BT 147.63 348.10 Td (appealed. ) Tj ET Q q 0 0 0 rg BT 189.31 348.10 Td ( ) Tj ET Q q 0 0 0 rg BT 192.96 348.10 Td (If ) Tj ET Q q 0 0 0 rg BT 203.26 348.10 Td (appellate ) Tj ET Q q 0 0 0 rg BT 243.00 348.10 Td (courts ) Tj ET Q q 0 0 0 rg BT 271.08 348.10 Td (af) Tj ET Q q 0 0 0 rg BT 278.67 348.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 299.53 348.10 Td (these ) Tj ET Q q 0 0 0 rg BT 323.72 348.10 Td (rulings ) Tj ET Q q 0 0 0 rg BT 355.14 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 373.23 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.09 348.10 Td (decisions ) Tj ET Q q 0 0 0 rg BT 429.95 348.10 Td (are ) Tj ET Q q 0 0 0 rg BT 445.80 348.10 Td (interpreted ) Tj ET Q q 0 0 0 rg BT 492.76 348.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.18 348.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 530.04 348.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.47 348.10 Td (radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 336.10 Td (broadcasting ) Tj ET Q q 0 0 0 rg BT 103.55 336.10 Td (or ) Tj ET Q q 0 0 0 rg BT 114.33 336.10 Td (Internet ) Tj ET Q q 0 0 0 rg BT 147.88 336.10 Td (streaming, ) Tj ET Q q 0 0 0 rg BT 192.27 336.10 Td (this ) Tj ET Q q 0 0 0 rg BT 209.17 336.10 Td (could ) Tj ET Q q 0 0 0 rg BT 233.85 336.10 Td (impede ) Tj ET Q q 0 0 0 rg BT 265.74 336.10 Td (Emmis) Tj ET Q q 0 0 0 rg BT 296.66 336.10 Td ( ) Tj ET Q q 0 0 0 rg BT 299.11 336.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 327.12 336.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.35 336.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 378.12 336.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 406.13 336.10 Td (stream ) Tj ET Q q 0 0 0 rg BT 435.24 336.10 Td (pre-1972 ) Tj ET Q q 0 0 0 rg BT 473.79 336.10 Td (sound ) Tj ET Q q 0 0 0 rg BT 500.14 336.10 Td (recordings ) Tj ET Q q 0 0 0 rg BT 544.80 336.10 Td (and/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 324.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.83 324.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 96.08 324.10 Td (its ) Tj ET Q q 0 0 0 rg BT 108.03 324.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 133.03 324.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 307.10 Td (Legislation ) Tj ET Q q 0 0 0 rg BT 120.16 307.10 Td (also ) Tj ET Q q 0 0 0 rg BT 139.44 307.10 Td (has ) Tj ET Q q 0 0 0 rg BT 155.94 307.10 Td (previously ) Tj ET Q q 0 0 0 rg BT 201.32 307.10 Td (been ) Tj ET Q q 0 0 0 rg BT 223.37 307.10 Td (introduced ) Tj ET Q q 0 0 0 rg BT 269.30 307.10 Td (in ) Tj ET Q q 0 0 0 rg BT 280.25 307.10 Td (Congress ) Tj ET Q q 0 0 0 rg BT 320.64 307.10 Td (that ) Tj ET Q q 0 0 0 rg BT 338.80 307.10 Td (would ) Tj ET Q q 0 0 0 rg BT 366.97 307.10 Td (require ) Tj ET Q q 0 0 0 rg BT 398.46 307.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.84 307.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 451.44 307.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.94 307.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 516.63 307.10 Td (royalties ) Tj ET Q q 0 0 0 rg BT 554.24 307.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (artists, ) Tj ET Q q 0 0 0 rg BT 78.88 295.10 Td (musicians, ) Tj ET Q q 0 0 0 rg BT 123.87 295.10 Td (or ) Tj ET Q q 0 0 0 rg BT 134.69 295.10 Td (record ) Tj ET Q q 0 0 0 rg BT 162.73 295.10 Td (companies ) Tj ET Q q 0 0 0 rg BT 207.98 295.10 Td (whose ) Tj ET Q q 0 0 0 rg BT 236.03 295.10 Td (music ) Tj ET Q q 0 0 0 rg BT 262.41 295.10 Td (is ) Tj ET Q q 0 0 0 rg BT 271.57 295.10 Td (played ) Tj ET Q q 0 0 0 rg BT 300.72 295.10 Td (on ) Tj ET Q q 0 0 0 rg BT 313.22 295.10 Td (terrestrial ) Tj ET Q q 0 0 0 rg BT 354.02 295.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 377.06 295.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 412.61 295.10 Td (ending ) Tj ET Q q 0 0 0 rg BT 442.33 295.10 Td (a ) Tj ET Q q 0 0 0 rg BT 449.26 295.10 Td (long-standing ) Tj ET Q q 0 0 0 rg BT 506.75 295.10 Td (copyright ) Tj ET Q q 0 0 0 rg BT 547.57 295.10 Td (law ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (exception. ) Tj ET Q q 0 0 0 rg BT 93.87 283.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.37 283.10 Td (If ) Tj ET Q q 0 0 0 rg BT 105.53 283.10 Td (enacted, ) Tj ET Q q 0 0 0 rg BT 141.06 283.10 Td (such ) Tj ET Q q 0 0 0 rg BT 161.89 283.10 Td (legislation ) Tj ET Q q 0 0 0 rg BT 206.05 283.10 Td (could ) Tj ET Q q 0 0 0 rg BT 230.77 283.10 Td (have ) Tj ET Q q 0 0 0 rg BT 252.15 283.10 Td (an ) Tj ET Q q 0 0 0 rg BT 264.09 283.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 297.12 283.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 326.84 283.10 Td (on ) Tj ET Q q 0 0 0 rg BT 339.34 283.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.05 283.10 Td (cost ) Tj ET Q q 0 0 0 rg BT 372.66 283.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.49 283.10 Td (music ) Tj ET Q q 0 0 0 rg BT 409.88 283.10 Td (programming.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 266.10 Td (In ) Tj ET Q q 0 0 0 rg BT 83.41 266.10 Td (December ) Tj ET Q q 0 0 0 rg BT 127.57 266.10 Td (2007, ) Tj ET Q q 0 0 0 rg BT 153.15 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 168.44 266.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 190.42 266.10 Td (initiated ) Tj ET Q q 0 0 0 rg BT 226.27 266.10 Td (a ) Tj ET Q q 0 0 0 rg BT 233.78 266.10 Td (proceeding ) Tj ET Q q 0 0 0 rg BT 281.28 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.14 266.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 329.09 266.10 Td (imposing ) Tj ET Q q 0 0 0 rg BT 369.40 266.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 424.68 266.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 462.19 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 473.05 266.10 Td (promote ) Tj ET Q q 0 0 0 rg BT 509.45 266.10 Td (broadcasters) Tj ET Q q 0 0 0 rg BT 562.01 266.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (service ) Tj ET Q q 0 0 0 rg BT 81.22 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 91.90 254.10 Td (their ) Tj ET Q q 0 0 0 rg BT 113.13 254.10 Td (local ) Tj ET Q q 0 0 0 rg BT 135.46 254.10 Td (communities, ) Tj ET Q q 0 0 0 rg BT 192.53 254.10 Td (including ) Tj ET Q q 0 0 0 rg BT 233.20 254.10 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 245.54 254.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 285.10 254.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 318.56 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 329.24 254.10 Td (establish ) Tj ET Q q 0 0 0 rg BT 367.14 254.10 Td (a ) Tj ET Q q 0 0 0 rg BT 374.48 254.10 Td (community ) Tj ET Q q 0 0 0 rg BT 427.38 254.10 Td (advisory ) Tj ET Q q 0 0 0 rg BT 464.72 254.10 Td (board, ) Tj ET Q q 0 0 0 rg BT 497.33 254.10 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 512.45 254.10 Td (reinstating ) Tj ET Q q 0 0 0 rg BT 557.56 254.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 100.63 242.10 Td (that ) Tj ET Q q 0 0 0 rg BT 117.94 242.10 Td (a ) Tj ET Q q 0 0 0 rg BT 124.70 242.10 Td (station) Tj ET Q q 0 0 0 rg BT 154.15 242.10 Td (s ) Tj ET Q q 0 0 0 rg BT 160.36 242.10 Td (main ) Tj ET Q q 0 0 0 rg BT 182.67 242.10 Td (studio ) Tj ET Q q 0 0 0 rg BT 209.44 242.10 Td (be ) Tj ET Q q 0 0 0 rg BT 221.20 242.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.29 242.10 Td (its ) Tj ET Q q 0 0 0 rg BT 243.06 242.10 Td (community ) Tj ET Q q 0 0 0 rg BT 290.93 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 301.58 242.10 Td (license ) Tj ET Q q 0 0 0 rg BT 331.67 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.42 242.10 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 365.74 242.10 Td (imposing ) Tj ET Q q 0 0 0 rg BT 405.28 242.10 Td (local ) Tj ET Q q 0 0 0 rg BT 427.04 242.10 Td (programming ) Tj ET Q q 0 0 0 rg BT 483.79 242.10 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 536.09 242.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 555.90 242.10 Td (if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.10 Td (not ) Tj ET Q q 0 0 0 rg BT 65.75 230.10 Td (met, ) Tj ET Q q 0 0 0 rg BT 86.21 230.10 Td (would ) Tj ET Q q 0 0 0 rg BT 114.18 230.10 Td (result ) Tj ET Q q 0 0 0 rg BT 139.37 230.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.12 230.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 193.08 230.10 Td (scrutiny ) Tj ET Q q 0 0 0 rg BT 228.27 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.57 230.10 Td (a ) Tj ET Q q 0 0 0 rg BT 246.98 230.10 Td (station) Tj ET Q q 0 0 0 rg BT 276.42 230.10 Td (s ) Tj ET Q q 0 0 0 rg BT 283.28 230.10 Td (license ) Tj ET Q q 0 0 0 rg BT 314.02 230.10 Td (renewal ) Tj ET Q q 0 0 0 rg BT 348.63 230.10 Td (application. ) Tj ET Q q 0 0 0 rg BT 398.53 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.29 230.10 Td (While ) Tj ET Q q 0 0 0 rg BT 428.69 230.10 Td (many ) Tj ET Q q 0 0 0 rg BT 453.88 230.10 Td (broadcasters ) Tj ET Q q 0 0 0 rg BT 506.82 230.10 Td (have ) Tj ET Q q 0 0 0 rg BT 528.67 230.10 Td (opposed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.10 Td (these ) Tj ET Q q 0 0 0 rg BT 73.05 218.10 Td (proposals, ) Tj ET Q q 0 0 0 rg BT 116.38 218.10 Td (we ) Tj ET Q q 0 0 0 rg BT 130.54 218.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 159.69 218.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 189.96 218.10 Td (how ) Tj ET Q q 0 0 0 rg BT 209.68 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.39 218.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 245.80 218.10 Td (will ) Tj ET Q q 0 0 0 rg BT 263.85 218.10 Td (resolve ) Tj ET Q q 0 0 0 rg BT 295.23 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 309.95 218.10 Td (issues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 201.10 Td (Congress ) Tj ET Q q 0 0 0 rg BT 111.76 201.10 Td (and ) Tj ET Q q 0 0 0 rg BT 128.73 201.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.48 201.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 164.92 201.10 Td (also ) Tj ET Q q 0 0 0 rg BT 183.56 201.10 Td (have ) Tj ET Q q 0 0 0 rg BT 204.98 201.10 Td (under ) Tj ET Q q 0 0 0 rg BT 230.28 201.10 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 289.19 201.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.16 201.10 Td (may ) Tj ET Q q 0 0 0 rg BT 325.92 201.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.23 201.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.98 201.10 Td (future ) Tj ET Q q 0 0 0 rg BT 377.40 201.10 Td (consider ) Tj ET Q q 0 0 0 rg BT 413.81 201.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.78 201.10 Td (adopt, ) Tj ET Q q 0 0 0 rg BT 458.03 201.10 Td (new ) Tj ET Q q 0 0 0 rg BT 477.23 201.10 Td (laws, ) Tj ET Q q 0 0 0 rg BT 500.60 201.10 Td (regulations ) Tj ET Q q 0 0 0 rg BT 547.56 201.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 84.83 189.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 126.87 189.10 Td (a ) Tj ET Q q 0 0 0 rg BT 135.03 189.10 Td (wide ) Tj ET Q q 0 0 0 rg BT 158.19 189.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 189.68 189.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.73 189.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 245.44 189.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 278.60 189.10 Td (that ) Tj ET Q q 0 0 0 rg BT 297.32 189.10 Td (could, ) Tj ET Q q 0 0 0 rg BT 325.76 189.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 360.02 189.10 Td (or ) Tj ET Q q 0 0 0 rg BT 372.08 189.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 409.75 189.10 Td (, ) Tj ET Q q 0 0 0 rg BT 415.97 189.10 Td (af) Tj ET Q q 0 0 0 rg BT 423.56 189.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 442.27 189.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.21 189.10 Td (operation, ) Tj ET Q q 0 0 0 rg BT 502.19 189.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 547.58 189.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 100.03 177.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.62 177.10 Td (our ) Tj ET Q q 0 0 0 rg BT 126.22 177.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 166.79 177.10 Td (stations, ) Tj ET Q q 0 0 0 rg BT 202.11 177.10 Td (result ) Tj ET Q q 0 0 0 rg BT 226.59 177.10 Td (in ) Tj ET Q q 0 0 0 rg BT 236.63 177.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.11 177.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 268.93 177.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.53 177.10 Td (audience ) Tj ET Q q 0 0 0 rg BT 317.32 177.10 Td (share ) Tj ET Q q 0 0 0 rg BT 340.68 177.10 Td (and ) Tj ET Q q 0 0 0 rg BT 357.38 177.10 Td (advertising ) Tj ET Q q 0 0 0 rg BT 404.08 177.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 441.88 177.10 Td (for ) Tj ET Q q 0 0 0 rg BT 455.80 177.10 Td (our ) Tj ET Q q 0 0 0 rg BT 471.39 177.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 511.97 177.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 544.79 177.10 Td (and/) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.45 165.10 Td (af) Tj ET Q q 0 0 0 rg BT 68.03 165.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 85.14 165.10 Td (our ) Tj ET Q q 0 0 0 rg BT 100.58 165.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 128.25 165.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.15 165.10 Td (acquire ) Tj ET Q q 0 0 0 rg BT 169.69 165.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 211.79 165.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 252.23 165.10 Td (stations ) Tj ET Q q 0 0 0 rg BT 284.90 165.10 Td (or ) Tj ET Q q 0 0 0 rg BT 295.35 165.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 326.89 165.10 Td (such ) Tj ET Q q 0 0 0 rg BT 347.33 165.10 Td (acquisitions. ) Tj ET Q q 0 0 0 rg BT 399.72 165.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.84 165.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 423.96 165.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 455.51 165.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 489.56 165.10 Td (but ) Tj ET Q q 0 0 0 rg BT 504.45 165.10 Td (are ) Tj ET Q q 0 0 0 rg BT 518.78 165.10 Td (not ) Tj ET Q q 0 0 0 rg BT 533.67 165.10 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.10 Td (to:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 141.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 141.10 Td (proposals to impose spectrum use or other fees on FCC licensees;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 129.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 129.10 Td (proposals to repeal or modify some or all of the FCC) Tj ET Q q 0 0 0 rg BT 300.41 129.10 Td (s multiple ownership rules and/or policies;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 117.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 117.10 Td (proposals to change rules relating to political broadcasting;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 105.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 105.10 Td (technical and frequency allocation matters;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 93.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 93.10 Td (AM stereo broadcasting;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 81.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 81.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 126.02 81.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.48 81.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 166.06 81.10 Td (service ) Tj ET Q q 0 0 0 rg BT 196.06 81.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.18 81.10 Td (technical ) Tj ET Q q 0 0 0 rg BT 249.96 81.10 Td (rules ) Tj ET Q q 0 0 0 rg BT 271.09 81.10 Td (for ) Tj ET Q q 0 0 0 rg BT 284.43 81.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 311.67 81.10 Td (radio, ) Tj ET Q q 0 0 0 rg BT 336.41 81.10 Td (including ) Tj ET Q q 0 0 0 rg BT 375.87 81.10 Td (possible ) Tj ET Q q 0 0 0 rg BT 410.33 81.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 452.01 81.10 Td (public ) Tj ET Q q 0 0 0 rg BT 478.69 81.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 509.81 81.10 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 69.10 Td (for ) Tj ET Q q 0 0 0 rg BT 100.16 69.10 Td (terrestrial ) Tj ET Q q 0 0 0 rg BT 140.97 69.10 Td (digital ) Tj ET Q q 0 0 0 rg BT 169.02 69.10 Td (audio ) Tj ET Q q 0 0 0 rg BT 193.74 69.10 Td (broadcasters;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 57.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 57.10 Td (proposals to restrict or prohibit the advertising of beer) Tj ET Q q 0 0 0 rg BT 301.65 57.10 Td (, wine and other alcoholic beverages;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 45.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 45.10 Td (proposals to tighten safety guidelines relating to radio frequency radiation exposure;) 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 68.00 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 742.10 Td (proposals permitting FM stations to accept formerly impermissible interference;) 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 to reinstate holding periods for licenses;) 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 (changes to broadcast technical requirements related to the implementation of SDARS; ) 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 to modify broadcasters) Tj ET Q q 0 0 0 rg BT 221.06 706.10 Td ( public interest obligations;) 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 to limit the tax deductibility of advertising expenses by advertisers; and) 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 (proposals to regulate violence and hate speech in broadcasts.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 665.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 665.10 Td (e ) Tj ET Q q 0 0 0 rg BT 87.58 665.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 116.75 665.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 147.02 665.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 181.73 665.10 Td (any ) Tj ET Q q 0 0 0 rg BT 198.68 665.10 Td (proposed ) Tj ET Q q 0 0 0 rg BT 237.84 665.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 272.56 665.10 Td (will ) Tj ET Q q 0 0 0 rg BT 290.62 665.10 Td (be ) Tj ET Q q 0 0 0 rg BT 302.57 665.10 Td (adopted, ) Tj ET Q q 0 0 0 rg BT 339.23 665.10 Td (what ) Tj ET Q q 0 0 0 rg BT 361.18 665.10 Td (other ) Tj ET Q q 0 0 0 rg BT 384.23 665.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 416.17 665.10 Td (might ) Tj ET Q q 0 0 0 rg BT 442.01 665.10 Td (be ) Tj ET Q q 0 0 0 rg BT 453.96 665.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 499.78 665.10 Td (in ) Tj ET Q q 0 0 0 rg BT 510.07 665.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.79 665.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 553.68 665.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (what ) Tj ET Q q 0 0 0 rg BT 71.94 653.10 Td (impact, ) Tj ET Q q 0 0 0 rg BT 104.15 653.10 Td (if ) Tj ET Q q 0 0 0 rg BT 112.76 653.10 Td (any) Tj ET Q q 0 0 0 rg BT 126.55 653.10 Td (, ) Tj ET Q q 0 0 0 rg BT 131.55 653.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.26 653.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 211.53 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.36 653.10 Td (any ) Tj ET Q q 0 0 0 rg BT 239.30 653.10 Td (of ) Tj ET Q q 0 0 0 rg BT 250.13 653.10 Td (these ) Tj ET Q q 0 0 0 rg BT 273.17 653.10 Td (proposals ) Tj ET Q q 0 0 0 rg BT 314.00 653.10 Td (or ) Tj ET Q q 0 0 0 rg BT 324.83 653.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 359.54 653.10 Td (might ) Tj ET Q q 0 0 0 rg BT 385.38 653.10 Td (have ) Tj ET Q q 0 0 0 rg BT 406.75 653.10 Td (on ) Tj ET Q q 0 0 0 rg BT 419.25 653.10 Td (our ) Tj ET Q q 0 0 0 rg BT 435.08 653.10 Td (business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 636.10 Td (The ) Tj ET Q q 0 0 0 rg BT 90.38 636.10 Td (foregoing ) Tj ET Q q 0 0 0 rg BT 132.09 636.10 Td (is ) Tj ET Q q 0 0 0 rg BT 141.60 636.10 Td (only ) Tj ET Q q 0 0 0 rg BT 162.21 636.10 Td (a ) Tj ET Q q 0 0 0 rg BT 169.48 636.10 Td (brief ) Tj ET Q q 0 0 0 rg BT 191.19 636.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 231.25 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.41 636.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 272.45 636.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 316.95 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 328.12 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 343.17 636.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 413.71 636.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 430.98 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.25 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.42 636.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 493.34 636.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 515.08 636.10 Td (regulations. ) Tj ET Q q 0 0 0 rg BT 564.51 636.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.10 Td (Reference ) Tj ET Q q 0 0 0 rg BT 92.10 624.10 Td (should ) Tj ET Q q 0 0 0 rg BT 120.35 624.10 Td (be ) Tj ET Q q 0 0 0 rg BT 131.36 624.10 Td (made ) Tj ET Q q 0 0 0 rg BT 154.59 624.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.95 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.74 624.10 Td (Communications ) Tj ET Q q 0 0 0 rg BT 247.30 624.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 263.32 624.10 Td (as ) Tj ET Q q 0 0 0 rg BT 273.23 624.10 Td (well ) Tj ET Q q 0 0 0 rg BT 292.02 624.10 Td (as ) Tj ET Q q 0 0 0 rg BT 301.93 624.10 Td (FCC ) Tj ET Q q 0 0 0 rg BT 322.41 624.10 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 370.92 624.10 Td (public ) Tj ET Q q 0 0 0 rg BT 397.49 624.10 Td (notices ) Tj ET Q q 0 0 0 rg BT 427.39 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.41 624.10 Td (rulings ) Tj ET Q q 0 0 0 rg BT 472.76 624.10 Td (for ) Tj ET Q q 0 0 0 rg BT 486.00 624.10 Td (further ) Tj ET Q q 0 0 0 rg BT 514.78 624.10 Td (information ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (concerning ) Tj ET Q q 0 0 0 rg BT 96.92 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.64 612.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 139.13 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.06 612.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 183.00 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.83 612.10 Td (federal ) Tj ET Q q 0 0 0 rg BT 224.08 612.10 Td (regulation ) Tj ET Q q 0 0 0 rg BT 267.12 612.10 Td (of ) Tj ET Q q 0 0 0 rg BT 277.95 612.10 Td (broadcast ) Tj ET Q q 0 0 0 rg BT 318.77 612.10 Td (stations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 583.10 Td (ITEM1A. RISK F) Tj ET Q q 0 0 0 rg BT 128.71 583.10 Td (ACT) Tj ET Q q 0 0 0 rg BT 149.64 583.10 Td (ORS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 566.10 Td (The risk factors listed below) Tj ET Q q 0 0 0 rg BT 187.21 566.10 Td (, in addition to those set forth elsewhere in this report, could af) Tj ET Q q 0 0 0 rg BT 438.08 566.10 Td (fect the business and future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (results of the Company) Tj ET Q q 0 0 0 rg BT 142.39 554.10 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 50.00 542.10 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 50.00 513.10 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 136.76 513.10 Td ( Business) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 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 74.00 479.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 479.10 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 50.00 467.10 Td (disproportionately during an economic recession or downturn as compared to other types of business spending. 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If that sector) Tj ET Q q 0 0 0 rg BT 306.94 390.10 Td () Tj ET Q q 0 0 0 rg BT 309.72 390.10 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 50.00 378.10 Td (revenues, any reduction in its advertising expenditures may af) Tj ET Q q 0 0 0 rg BT 297.80 378.10 Td (fect our revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (Radio ) Tj ET Q q 0 0 0 rg BT 76.95 361.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 116.11 361.10 Td (in ) Tj ET Q q 0 0 0 rg BT 126.95 361.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.23 361.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 177.50 361.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.34 361.10 Td (which ) Tj ET Q q 0 0 0 rg BT 215.85 361.10 Td (we ) Tj ET Q q 0 0 0 rg BT 229.46 361.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 262.51 361.10 Td (have ) Tj ET Q q 0 0 0 rg BT 284.45 361.10 Td (been ) Tj ET Q q 0 0 0 rg BT 306.39 361.10 Td (challenged ) Tj ET Q q 0 0 0 rg BT 353.88 361.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.94 361.10 Td (may ) Tj ET Q q 0 0 0 rg BT 391.66 361.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 423.61 361.10 Td (so. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 344.10 Td (Radio ) Tj ET Q q 0 0 0 rg BT 99.58 344.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 138.32 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 149.29 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 164.70 344.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 199.55 344.10 Td (in ) Tj ET Q q 0 0 0 rg BT 210.53 344.10 Td (which ) Tj ET Q q 0 0 0 rg BT 238.16 344.10 Td (we ) Tj ET Q q 0 0 0 rg BT 253.02 344.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 285.64 344.10 Td (have ) Tj ET Q q 0 0 0 rg BT 307.71 344.10 Td (lagged ) Tj ET Q q 0 0 0 rg BT 337.56 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.97 344.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 384.50 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.03 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.44 344.10 Td (general ) Tj ET Q q 0 0 0 rg BT 444.06 344.10 Td (United ) Tj ET Q q 0 0 0 rg BT 474.47 344.10 Td (States ) Tj ET Q q 0 0 0 rg BT 501.55 344.10 Td (economy) Tj ET Q q 0 0 0 rg BT 537.56 344.10 Td (. ) Tj ET Q q 0 0 0 rg BT 543.25 344.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.45 344.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.10 Td (market ) Tj ET Q q 0 0 0 rg BT 79.51 332.10 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 119.29 332.10 Td (as ) Tj ET Q q 0 0 0 rg BT 129.37 332.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 169.43 332.10 Td (by ) Tj ET Q q 0 0 0 rg BT 181.18 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.15 332.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 240.76 332.10 Td (firm ) Tj ET Q q 0 0 0 rg BT 259.73 332.10 Td (Miller ) Tj ET Q q 0 0 0 rg BT 286.47 332.10 Td (Kaplan ) Tj ET Q q 0 0 0 rg BT 316.71 332.10 Td (Arase ) Tj ET Q q 0 0 0 rg BT 341.78 332.10 Td (LLP) Tj ET Q q 0 0 0 rg BT 359.18 332.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.93 332.10 Td (\("Miller ) Tj ET Q q 0 0 0 rg BT 395.08 332.10 Td (Kaplan"\), ) Tj ET Q q 0 0 0 rg BT 435.62 332.10 Td (during ) Tj ET Q q 0 0 0 rg BT 463.48 332.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.44 332.10 Td (years ) Tj ET Q q 0 0 0 rg BT 500.29 332.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 525.91 332.10 Td (February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 320.10 Td (2014, ) Tj ET Q q 0 0 0 rg BT 76.03 320.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 99.55 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.52 320.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 141.05 320.10 Td (were ) Tj ET Q q 0 0 0 rg BT 164.00 320.10 Td (up ) Tj ET Q q 0 0 0 rg BT 177.53 320.10 Td (2.7%, ) Tj ET Q q 0 0 0 rg BT 204.39 320.10 Td (down ) Tj ET Q q 0 0 0 rg BT 230.13 320.10 Td (3.7% ) Tj ET Q q 0 0 0 rg BT 254.49 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 272.46 320.10 Td (down ) Tj ET Q q 0 0 0 rg BT 298.20 320.10 Td (1.5%, ) Tj ET Q q 0 0 0 rg BT 325.06 320.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 372.72 320.10 Td (. ) Tj ET Q q 0 0 0 rg BT 378.75 320.10 Td (During ) Tj ET Q q 0 0 0 rg BT 410.61 320.10 Td (this ) Tj ET Q q 0 0 0 rg BT 428.58 320.10 Td (same ) Tj ET Q q 0 0 0 rg BT 452.66 320.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 484.23 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 499.97 320.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 521.28 320.10 Td (Bureau ) Tj ET Q q 0 0 0 rg BT 553.69 320.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 308.10 Td (Economic ) Tj ET Q q 0 0 0 rg BT 92.86 308.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 130.84 308.10 Td (reports ) Tj ET Q q 0 0 0 rg BT 161.59 308.10 Td (that ) Tj ET Q q 0 0 0 rg BT 179.56 308.10 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 200.32 308.10 Td (GDP) Tj ET Q q 0 0 0 rg BT 219.95 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.93 308.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 254.24 308.10 Td (has ) Tj ET Q q 0 0 0 rg BT 270.55 308.10 Td (been ) Tj ET Q q 0 0 0 rg BT 292.40 308.10 Td (3% ) Tj ET Q q 0 0 0 rg BT 308.71 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.46 308.10 Td (4% ) Tj ET Q q 0 0 0 rg BT 335.77 308.10 Td (each ) Tj ET Q q 0 0 0 rg BT 357.06 308.10 Td (year) Tj ET Q q 0 0 0 rg BT 373.72 308.10 Td (. ) Tj ET Q q 0 0 0 rg BT 379.20 308.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 397.73 308.10 Td (results ) Tj ET Q q 0 0 0 rg BT 426.81 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.12 308.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 482.75 308.10 Td (could ) Tj ET Q q 0 0 0 rg BT 507.95 308.10 Td (be ) Tj ET Q q 0 0 0 rg BT 520.36 308.10 Td (negatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 296.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 88.39 296.10 Td (if ) Tj ET Q q 0 0 0 rg BT 96.24 296.10 Td (radio ) Tj ET Q q 0 0 0 rg BT 118.52 296.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 151.90 296.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 204.17 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.68 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 227.64 296.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 261.03 296.10 Td (in ) Tj ET Q q 0 0 0 rg BT 270.55 296.10 Td (which ) Tj ET Q q 0 0 0 rg BT 296.72 296.10 Td (we ) Tj ET Q q 0 0 0 rg BT 310.12 296.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 341.28 296.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 381.35 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 390.86 296.10 Td (lag ) Tj ET Q q 0 0 0 rg BT 404.82 296.10 Td (general ) Tj ET Q q 0 0 0 rg BT 435.98 296.10 Td (United ) Tj ET Q q 0 0 0 rg BT 464.94 296.10 Td (States ) Tj ET Q q 0 0 0 rg BT 490.56 296.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 531.17 296.10 Td (growth.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 279.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 279.10 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 74.00 262.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 262.10 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 50.00 250.10 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 50.00 238.10 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 497.92 238.10 Td (Any adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.10 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 50.00 214.10 Td (could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 178.92 214.10 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 50.00 202.10 Td (market, and could adversely af) Tj ET Q q 0 0 0 rg BT 172.82 202.10 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 50.00 190.10 Td (which we operate or may operate in the future. ) Tj ET Q q 0 0 0 rg BT 239.18 190.10 Td (These companies may be lar) Tj ET Q q 0 0 0 rg BT 352.85 190.10 Td (ger and have more financial resources than we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 178.10 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 50.00 166.10 Td (face of such competition.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 149.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 149.10 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 50.00 137.10 Td (determine that a station could improve its operating performance by serving a dif) Tj ET Q q 0 0 0 rg BT 374.16 137.10 Td (ferent demographic within its market, we may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.10 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 50.00 113.10 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 96.10 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 84.10 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 84.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 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 72.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (lower earnings and cash flow for us. ) Tj ET Q q 0 0 0 rg BT 197.18 60.10 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 48.10 Td (an adverse ef) Tj ET Q q 0 0 0 rg BT 102.56 48.10 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 48.10 Td (ge competitors changed the ) 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 (format of one of its radio stations in the Los ) Tj ET Q q 0 0 0 rg BT 227.75 742.10 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 50.00 730.10 Td (Angeles. ) Tj ET Q q 0 0 0 rg BT 87.59 730.10 Td (This development in Los ) Tj ET Q q 0 0 0 rg BT 189.24 730.10 Td (Angeles negatively impacted our financial performance in fiscal 2016. ) Tj ET Q q 0 0 0 rg BT 473.40 730.10 Td (W) Tj ET Q q 0 0 0 rg BT 482.04 730.10 Td (e expect this to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (continue in fiscal 2017 and possibly in succeeding years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 701.10 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 50.00 689.10 Td (current audience ratings and advertising revenue.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (Our radio operations are heavily concentrated in the New ) Tj ET Q q 0 0 0 rg BT 289.54 672.10 Td (Y) Tj ET Q q 0 0 0 rg BT 294.54 672.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 346.12 672.10 Td (Angeles markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 655.10 Td (Our radio operations in New ) Tj ET Q q 0 0 0 rg BT 190.54 655.10 Td (Y) Tj ET Q q 0 0 0 rg BT 196.76 655.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 246.48 655.10 Td (Angeles, including the LMA) Tj ET Q q 0 0 0 rg BT 360.91 655.10 Td ( fee we receive from a subsidiary of Disney) Tj ET Q q 0 0 0 rg BT 534.63 655.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.10 Td (accounted for approximately 50% of our radio revenues in fiscal 2016. Our results from operations can be materially af) Tj ET Q q 0 0 0 rg BT 527.15 643.10 Td (fected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.10 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 50.00 614.10 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 401.47 614.10 Td (Y) Tj ET Q q 0 0 0 rg BT 406.47 614.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 458.05 614.10 Td (Angeles markets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 597.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 597.10 Td (e currently own one station in Los ) Tj ET Q q 0 0 0 rg BT 221.22 597.10 Td (Angeles and four stations in New ) Tj ET Q q 0 0 0 rg BT 356.93 597.10 Td (Y) Tj ET Q q 0 0 0 rg BT 363.16 597.10 Td (ork, one of which is being programmed by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 585.10 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 446.64 585.10 Td (ger clusters of radio stations. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 573.10 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 50.00 561.10 Td (these markets and may be able to realize operating ef) Tj ET Q q 0 0 0 rg BT 262.22 561.10 Td (ficiencies by programming multiple stations in a market. ) Tj ET Q q 0 0 0 rg BT 490.78 561.10 Td (Also, given the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.10 Td (reliance on urban formats in each of these markets, our results from operations can be materially af) Tj ET Q q 0 0 0 rg BT 446.05 549.10 Td (fected by additional urban ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 537.10 Td (format competition by our competitors. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 520.10 Td (e must respond to the rapid changes in technology) Tj ET Q q 0 0 0 rg BT 264.46 520.10 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 50.00 508.10 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 74.00 491.10 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 535.36 491.10 Td (gence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.10 Td (of competition from new technologies and services. ) Tj ET Q q 0 0 0 rg BT 259.20 479.10 Td (W) Tj ET Q q 0 0 0 rg BT 267.84 479.10 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 50.00 467.10 Td (technologies or to introduce new services that could compete with these new technologies. ) Tj ET Q q 0 0 0 rg BT 414.71 467.10 Td (V) Tj ET Q q 0 0 0 rg BT 420.83 467.10 Td (arious media technologies and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 455.10 Td (services that have been developed or introduced include:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 438.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 438.10 Td (satellite-delivered digital audio radio service, which has resulted in subscriber) Tj ET Q q 0 0 0 rg BT 396.96 438.10 Td (-based satellite radio services with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 426.10 Td (numerous niche formats;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 409.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 409.10 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 85.60 397.10 Td (content providers and other digital audio broadcast formats;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 380.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 380.10 Td (personal digital audio devices \(e.g., audio via ) Tj ET Q q 0 0 0 rg BT 269.25 380.10 Td (W) Tj ET Q q 0 0 0 rg BT 278.29 380.10 Td (i-Fi, smartphones, iPods) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 375.52 384.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.45 380.10 Td (, iPhones) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 417.12 384.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.06 380.10 Td (, ) Tj ET Q q 0 0 0 rg BT 426.88 380.10 Td (W) Tj ET Q q 0 0 0 rg BT 435.92 380.10 Td (iMAX, the Internet and MP3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 368.10 Td (players\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 351.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 351.10 Td (HD Radio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 126.43 355.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.37 351.10 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 85.60 339.10 Td (occupied by traditional ) Tj ET Q q 0 0 0 rg BT 179.74 339.10 Td (AM and FM radio services; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 322.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 322.10 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 85.60 310.10 Td (radio signals authorized in December 2010 under the Local Community Radio ) Tj ET Q q 0 0 0 rg BT 401.36 310.10 Td (Act.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 293.10 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 50.00 281.10 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 50.00 269.10 Td (results of operations. ) Tj ET Q q 0 0 0 rg BT 135.91 269.10 Td (W) Tj ET Q q 0 0 0 rg BT 144.55 269.10 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 362.56 273.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.50 269.10 Td (, ) Tj ET Q q 0 0 0 rg BT 372.32 269.10 Td (T) Tj ET Q q 0 0 0 rg BT 377.73 269.10 Td (agStation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 415.50 273.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.44 269.10 Td (, NextRadio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 468.76 273.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.70 269.10 Td ( and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.10 Td (technologies will produce the desired returns.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 240.10 Td (Programmatic buying, which enables an advertiser to purchase advertising inventory through an exchange or other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (service and bypass the traditional personal sales relationship, has become widely adopted in the purchase of digital advertising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (and is an emer) Tj ET Q q 0 0 0 rg BT 107.85 216.10 Td (ging trend in the radio industry) Tj ET Q q 0 0 0 rg BT 231.35 216.10 Td (. ) Tj ET Q q 0 0 0 rg BT 238.67 216.10 Td (W) Tj ET Q q 0 0 0 rg BT 247.30 216.10 Td (e cannot predict the impact programmatic buying may have on the radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (industry or our financial condition and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 187.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 123.90 187.10 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 50.00 175.10 Td (number of patent and other intellectual property infringement claims brought against broadcasters, including Emmis. ) Tj ET Q q 0 0 0 rg BT 519.69 175.10 Td (While ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.10 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 50.00 151.10 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 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 /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Our business depends heavily on maintaining our licenses with the FCC. ) Tj ET Q q 0 0 0 rg BT 352.66 742.25 Td (W) Tj ET Q q 0 0 0 rg BT 360.81 742.25 Td (e could be prevented from operating a radio ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 730.25 Td (station if we fail to maintain its license.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.25 Td (The radio broadcasting industry is subject to extensive and changing regulation. ) Tj ET Q q 0 0 0 rg BT 395.96 713.25 Td (The Communications ) Tj ET Q q 0 0 0 rg BT 484.28 713.25 Td (Act and FCC rules ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (and policies require FCC approval for transfers of control and assignments of FCC licenses. ) Tj ET Q q 0 0 0 rg BT 420.02 701.25 Td (The filing of petitions or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 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 50.00 665.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 120.28 665.25 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 50.00 653.25 Td (common stock. ) Tj ET Q q 0 0 0 rg BT 113.42 653.25 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 50.00 641.25 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 50.00 629.25 Td (operate and dispose of stations or) Tj ET Q q 0 0 0 rg BT 183.18 629.25 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 74.00 612.25 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 50.00 600.25 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 422.94 600.25 Td (Although we will apply to renew ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (these licenses, third parties may challenge our renewal applications. ) Tj ET Q q 0 0 0 rg BT 323.89 588.25 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 50.00 576.25 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 50.00 564.25 Td (renewals will not include conditions or qualifications that could adversely af) Tj ET Q q 0 0 0 rg BT 355.84 564.25 Td (fect our business and operations. Failure to obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.25 Td (the renewal of any of our broadcast licenses may have a material adverse ef) Tj ET Q q 0 0 0 rg BT 352.18 552.25 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 50.00 540.25 Td (we or any of our of) Tj ET Q q 0 0 0 rg BT 126.74 540.25 Td (ficers, directors or significant stockholders materially violates the FCC) Tj ET Q q 0 0 0 rg BT 413.06 540.25 Td (s rules and regulations or the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.25 Td (Communications ) Tj ET Q q 0 0 0 rg BT 120.28 528.25 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 50.00 516.25 Td (another government agency) Tj ET Q q 0 0 0 rg BT 160.42 516.25 Td (, the FCC may) Tj ET Q q 0 0 0 rg BT 218.10 516.25 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 50.00 504.25 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 50.00 492.25 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 50.00 480.25 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 50.00 468.25 Td (administrative and judicial review without success.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 451.25 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 461.32 451.25 Td (, which could have a ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 439.25 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 128.13 439.25 Td (fect on our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 422.25 Td (The FCC) Tj ET Q q 0 0 0 rg BT 113.73 422.25 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 50.00 410.25 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 502.94 410.25 Td (s broad ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 398.25 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 74.00 381.25 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 50.00 369.25 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 50.00 357.25 Td (indecent material. In addition, the FCC) Tj ET Q q 0 0 0 rg BT 209.13 357.25 Td (s heightened focus on indecency) Tj ET Q q 0 0 0 rg BT 338.44 357.25 Td (, against the broadcast industry generally) Tj ET Q q 0 0 0 rg BT 501.63 357.25 Td (, may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.25 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 543.17 345.25 Td (As a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.25 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 50.00 321.25 Td (indecent material in violation of the FCC) Tj ET Q q 0 0 0 rg BT 217.19 321.25 Td (s rules. ) Tj ET Q q 0 0 0 rg BT 247.84 321.25 Td (These and other future modifications to our programming in an ef) Tj ET Q q 0 0 0 rg BT 510.91 321.25 Td (fort to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.25 Td (reduce the risk of indecency violations could have an adverse ef) Tj ET Q q 0 0 0 rg BT 305.83 309.25 Td (fect on our competitive position.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 292.25 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 50.00 280.25 Td (business operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 263.25 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 50.00 251.25 Td (rules that are no longer necessary in the public interest. ) Tj ET Q q 0 0 0 rg BT 281.67 251.25 Td (W) Tj ET Q q 0 0 0 rg BT 290.31 251.25 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 50.00 239.25 Td (their ef) Tj ET Q q 0 0 0 rg BT 78.41 239.25 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 50.00 227.25 Td (have already acquired.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 210.25 Td (In 2003, we acquired a controlling interest in five FM stations and one ) Tj ET Q q 0 0 0 rg BT 357.83 210.25 Td (AM station in the ) Tj ET Q q 0 0 0 rg BT 430.05 210.25 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 461.54 210.25 Td (T) Tj ET Q q 0 0 0 rg BT 466.95 210.25 Td (exas market. Under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.25 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 50.00 186.25 Td (four FM stations in the ) Tj ET Q q 0 0 0 rg BT 143.61 186.25 Td (Austin market \(ownership of one ) Tj ET Q q 0 0 0 rg BT 277.75 186.25 Td (AM station would continue to be allowed\). ) Tj ET Q q 0 0 0 rg BT 451.99 186.25 Td (The new rules do not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 174.25 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 50.00 162.25 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 527.70 162.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 150.25 Td (Consequently) Tj ET Q q 0 0 0 rg BT 104.35 150.25 Td (, if we wish to sell our interest in the ) Tj ET Q q 0 0 0 rg BT 252.38 150.25 Td (Austin stations, we will likely have to either sell to an entity that meets those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 138.25 Td (FCC 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 50.00 121.25 Td (Changes in current Federal regulations could adversely af) Tj ET Q q 0 0 0 rg BT 290.66 121.25 Td (fect our business operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 104.25 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 92.25 Td (policies that could, directly or indirectly) Tj ET Q q 0 0 0 rg BT 209.86 92.25 Td (, af) Tj ET Q q 0 0 0 rg BT 222.45 92.25 Td (fect the profitability of our broadcast stations. In particular) Tj ET Q q 0 0 0 rg BT 456.69 92.25 Td (, Congress is considering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 80.25 Td (a revocation of radio) Tj ET Q q 0 0 0 rg BT 135.80 80.25 Td (s exemption from paying royalties to performing artists for use of their recordings \(radio already pays a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.25 Td (royalty to songwriters\). ) Tj ET Q q 0 0 0 rg BT 145.54 68.25 Td (A) Tj ET Q q 0 0 0 rg BT 152.21 68.25 Td ( requirement to pay additional royalties could have an adverse ef) Tj ET Q q 0 0 0 rg BT 410.82 68.25 Td (fect on our business operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 56.25 Td (financial performance.) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 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 50.00 730.25 Td (whom could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 210.36 730.25 Td (fect on our business.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.25 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 427.07 713.25 Td (forts and abilities of our senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (management team and certain key employees. ) Tj ET Q q 0 0 0 rg BT 236.31 701.25 Td (Although our executive of) Tj ET Q q 0 0 0 rg BT 341.38 701.25 Td (ficers are typically under employment agreements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (their managerial, technical and other services would be dif) Tj ET Q q 0 0 0 rg BT 283.89 689.25 Td (ficult to replace if we lose the services of one or more of them or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 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 50.00 665.25 Td (directly or indirectly against us.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 648.25 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 50.00 636.25 Td (programs with significant loyal audiences in their respective broadcast areas. ) Tj ET Q q 0 0 0 rg BT 359.99 636.25 Td (These on-air personalities are sometimes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (significantly responsible for the ranking of a station and, thus, the ability of the station to sell advertising. In the first quarter of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (calendar 2015, a competitor hired our morning radio host in Los ) Tj ET Q q 0 0 0 rg BT 308.83 612.25 Td (Angeles to host a morning show on a station that had changed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (its format to directly compete with us. ) Tj ET Q q 0 0 0 rg BT 204.79 600.25 Td (The loss of our morning radio host in Los ) Tj ET Q q 0 0 0 rg BT 373.38 600.25 Td (Angeles and the addition of a direct format ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (competitor negatively impacted our financial performance in fiscal 2016. ) Tj ET Q q 0 0 0 rg BT 344.71 588.25 Td (W) Tj ET Q q 0 0 0 rg BT 353.34 588.25 Td (e expect this impact to continue in fiscal 2017 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (possibly in succeeding years. Other key individuals may not remain with our radio stations and we may not retain their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.25 Td (audiences.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 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 72.50 530.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 530.25 Td (e have reported significant net losses in our consolidated statement of operations in the past as a result of recording ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (noncash impairment char) Tj ET Q q 0 0 0 rg BT 150.89 518.25 Td (ges, mostly related to FCC licenses and goodwill. During the years ended February 2015 and 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.25 Td (we incurred impairment losses of $67.9 million and $9.5 million, respectively) Tj ET Q q 0 0 0 rg BT 360.68 506.25 Td (. ) Tj ET Q q 0 0 0 rg BT 367.63 506.25 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.07 506.25 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.67 506.25 Td (, our FCC licenses and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.25 Td (goodwill comprise 69% 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 50.00 482.25 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 535.46 482.25 Td (ges, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 470.25 Td (which may be material, in future periods.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 453.25 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 74.00 436.25 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 526.24 436.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.25 Td (additional acquisitions may require lar) Tj ET Q q 0 0 0 rg BT 203.66 424.25 Td (ge amounts of capital. ) Tj ET Q q 0 0 0 rg BT 294.29 424.25 Td (W) Tj ET Q q 0 0 0 rg BT 302.92 424.25 Td (e intend to fund our growth, including acquisitions, if any) Tj ET Q q 0 0 0 rg BT 533.07 424.25 Td (, with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 412.25 Td (cash generated from operations, borrowings under our Credit ) Tj ET Q q 0 0 0 rg BT 296.32 412.25 Td (Agreement dated June 10, 2014 \(the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 497.66 412.25 Td (Agreement\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (as amended, and proceeds from future issuances of debt and equity) Tj ET Q q 0 0 0 rg BT 317.31 400.25 Td (, both public and private. Currently) Tj ET Q q 0 0 0 rg BT 457.47 400.25 Td (, the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (Agreement substantially limits our ability to make acquisitions. Our ability to raise additional debt or equity financing is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (subject to market conditions, our financial condition and other factors. If we cannot obtain financing on acceptable terms when ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (needed, our 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 50.00 346.85 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 346.85 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 428.43 346.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 329.85 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 50.00 317.85 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 50.00 305.85 Td (ongoing business or inconsistencies in standards, controls, procedures and policies that adversely af) Tj ET Q q 0 0 0 rg BT 448.61 305.85 Td (fect our ability to maintain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.85 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 50.00 281.85 Td (integration may also be hampered by any dif) Tj ET Q q 0 0 0 rg BT 228.37 281.85 Td (ferences between the operations and corporate culture of the two or) Tj ET Q q 0 0 0 rg BT 497.52 281.85 Td (ganizations. If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.85 Td (we experience dif) Tj ET Q q 0 0 0 rg BT 120.89 269.85 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 537.89 269.85 Td (, or at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 257.85 Td (all, or may take longer to realize than expected. Finally) Tj ET Q q 0 0 0 rg BT 270.10 257.85 Td (, any cost savings that are realized may be of) Tj ET Q q 0 0 0 rg BT 449.29 257.85 Td (fset by losses in revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.85 Td (from the acquired business. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 228.85 Td (Our operating results have been and may again be adversely af) Tj ET Q q 0 0 0 rg BT 309.25 228.85 Td (fected by acts of war) Tj ET Q q 0 0 0 rg BT 392.56 228.85 Td (, terrorism and natural catastrophes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 211.85 Td (Acts of war and terrorism against the United States, and the country) Tj ET Q q 0 0 0 rg BT 348.37 211.85 Td (s response to such acts, may negatively af) Tj ET Q q 0 0 0 rg BT 515.36 211.85 Td (fect the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 199.85 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 50.00 187.85 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 495.22 187.85 Td (fects on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.85 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 74.00 158.85 Td (For example, after the September1) Tj ET Q q 0 0 0 rg BT 214.69 158.85 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 50.00 146.85 Td (the presentation of continuous commercial-free coverage of the unfolding events on our stations. ) Tj ET Q q 0 0 0 rg BT 439.14 146.85 Td (This temporary policy had a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 134.85 Td (material adverse ef) Tj ET Q q 0 0 0 rg BT 125.88 134.85 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 50.00 122.85 Td (those of September1) Tj ET Q q 0 0 0 rg BT 134.33 122.85 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 479.87 122.85 Td (fect on our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.85 Td (advertising revenues and operating results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 93.85 Td (Additionally) Tj ET Q q 0 0 0 rg BT 123.90 93.85 Td (, the attacks on the ) Tj ET Q q 0 0 0 rg BT 200.92 93.85 Td (W) Tj ET Q q 0 0 0 rg BT 209.56 93.85 Td (orld ) Tj ET Q q 0 0 0 rg BT 227.98 93.85 Td (T) Tj ET Q q 0 0 0 rg BT 233.74 93.85 Td (rade Center on September1) Tj ET Q q 0 0 0 rg BT 345.00 93.85 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 81.85 Td (facilities that were located there. ) Tj ET Q q 0 0 0 rg BT 182.16 81.85 Td (Although we had no transmitter facilities located at the ) Tj ET Q q 0 0 0 rg BT 404.41 81.85 Td (W) Tj ET Q q 0 0 0 rg BT 413.05 81.85 Td (orld ) Tj ET Q q 0 0 0 rg BT 431.47 81.85 Td (T) Tj ET Q q 0 0 0 rg BT 437.23 81.85 Td (rade Center) Tj ET Q q 0 0 0 rg BT 483.19 81.85 Td (, broadcasters that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.85 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 57.85 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 45.85 Td (State Building in New ) Tj ET Q q 0 0 0 rg BT 141.29 45.85 Td (Y) Tj ET Q q 0 0 0 rg BT 147.51 45.85 Td (ork, further terrorist attacks or other disasters could cause similar disruptions in our broadcasts in the ) 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 (areas af) Tj ET Q q 0 0 0 rg BT 80.63 742.10 Td (fected. If these disruptions occur) Tj ET Q q 0 0 0 rg BT 211.01 742.10 Td (, we may not be able to locate adequate replacement facilities in a cost-ef) Tj ET Q q 0 0 0 rg BT 503.47 742.10 Td (fective or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 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 50.00 718.10 Td (degradation in signal coverage could have a material adverse ef) Tj ET Q q 0 0 0 rg BT 303.87 718.10 Td (fect on our business and results of operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 701.10 Td (Similarly) Tj ET Q q 0 0 0 rg BT 110.57 701.10 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 50.00 689.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 689.10 Td (fect on our operations in any given market. ) Tj ET Q q 0 0 0 rg BT 232.08 689.10 Td (While we generally carry insurance covering such catastrophes, we cannot be sure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (that the proceeds from such insurance will be suf) Tj ET Q q 0 0 0 rg BT 245.87 677.10 Td (ficient to of) Tj ET Q q 0 0 0 rg BT 292.34 677.10 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 50.00 665.10 Td (income.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.15 648.10 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 72.50 631.10 Td (In February 2016, the Financial ) Tj ET Q q 0 0 0 rg BT 200.81 631.10 Td (Accounting Standards Board released ) Tj ET Q q 0 0 0 rg BT 353.54 631.10 Td (Accounting Standards Update 2016-02, Leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 58.74 619.10 Td (opic 842\) \("ASU 2016-02"\). ) Tj ET Q q 0 0 0 rg BT 174.77 619.10 Td (This update requires lessees to recognize, on the balance sheet, assets and liabilities for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (rights and obligations created by leases of greater than twelve months. Leases will be classified as either finance or operating, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (with classification af) Tj ET Q q 0 0 0 rg BT 133.13 595.10 Td (fecting the pattern of expense recognition in the income statement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 578.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.94 578.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.54 578.10 Td (, we had operating lease commitments of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.42 578.10 Td ($55.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.31 578.10 Td (. ) Tj ET Q q 0 0 0 rg BT 456.13 578.10 Td (These leases are classified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (as operating leases and disclosed in Note 1) Tj ET Q q 0 0 0 rg BT 220.97 566.10 Td (1 to our accompanying consolidated financial statements. Currently) Tj ET Q q 0 0 0 rg BT 490.80 566.10 Td (, operating leases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (are classified as of) Tj ET Q q 0 0 0 rg BT 123.95 554.10 Td (f-balance sheet transactions and only the current year operating lease expense is accounted for in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (consolidated statements of operations as rent expense. ) Tj ET Q q 0 0 0 rg BT 268.27 542.10 Td (All of our leases, which have been classified as operating leases, require ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (us to make certain estimates at the inception of the lease in order to determine whether the lease is operating or capital. ) Tj ET Q q 0 0 0 rg BT 527.32 530.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (2016-02 requires that substantially all operating leases be recognized as assets \(the right to use the leased property\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (liabilities \(the present value of future lease payments\). ) Tj ET Q q 0 0 0 rg BT 269.46 506.10 Td (This guidance will be ef) Tj ET Q q 0 0 0 rg BT 365.92 506.10 Td (fective for the Company as of March 1, 2019 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (and requires a modified retrospective implementation. ) Tj ET Q q 0 0 0 rg BT 268.91 494.10 Td (When adopted, ) Tj ET Q q 0 0 0 rg BT 331.39 494.10 Td (ASU 2016-02 will result in an increase in the assets and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 482.10 Td (liabilities reflected on our consolidated balance sheets.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 465.10 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 50.00 453.10 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 72.50 436.10 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 477.50 436.10 Td (ficient operation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 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 50.00 412.10 Td (af) Tj ET Q q 0 0 0 rg BT 57.59 412.10 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 493.68 412.10 Td (ficiently scalable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.10 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 50.00 388.10 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 50.00 376.10 Td (disruption caused by circumstances beyond our control. ) Tj ET Q q 0 0 0 rg BT 275.32 376.10 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 50.00 364.10 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 50.00 352.10 Td (cyber) Tj ET Q q 0 0 0 rg BT 72.01 352.10 Td (-attacks. ) Tj ET Q q 0 0 0 rg BT 107.55 352.10 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 50.00 340.10 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 50.00 328.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 328.10 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 50.00 311.10 Td (Because of our holding company structure, we depend on our subsidiaries for cash flow) Tj ET Q q 0 0 0 rg BT 411.33 311.10 Td (, and our access to this cash flow is ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 299.10 Td (restricted. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 282.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 282.10 Td (e operate as a holding company) Tj ET Q q 0 0 0 rg BT 206.83 282.10 Td (. ) Tj ET Q q 0 0 0 rg BT 211.28 282.10 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 50.00 270.10 Td (subsidiaries. Emmis Operating Company \(EOC\), our wholly-owned subsidiary) Tj ET Q q 0 0 0 rg BT 374.02 270.10 Td (, is the borrower under our credit facility) Tj ET Q q 0 0 0 rg BT 536.09 270.10 Td (. ) Tj ET Q q 0 0 0 rg BT 540.54 270.10 Td (All ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 258.10 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 501.17 258.10 Td (, we guarantee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 246.10 Td (EOC) Tj ET Q q 0 0 0 rg BT 72.78 246.10 Td (s obligations under the credit facility and substantially all of EOC) Tj ET Q q 0 0 0 rg BT 338.28 246.10 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 50.00 234.10 Td (facility) Tj ET Q q 0 0 0 rg BT 77.67 234.10 Td (. ) Tj ET Q q 0 0 0 rg BT 82.12 234.10 Td (As a holding company) Tj ET Q q 0 0 0 rg BT 171.73 234.10 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 50.00 222.10 Td (distributed from our subsidiaries. ) Tj ET Q q 0 0 0 rg BT 185.08 222.10 Td (W) Tj ET Q q 0 0 0 rg BT 193.72 222.10 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 50.00 210.10 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 50.00 198.10 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 50.00 186.10 Td (contained in our credit facility) Tj ET Q q 0 0 0 rg BT 170.42 186.10 Td (, would permit such dividends or distributions. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 136.76 152.10 Td ( Indebtedness:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 135.10 Td (Our substantial indebtedness could adversely af) Tj ET Q q 0 0 0 rg BT 246.22 135.10 Td (fect our financial health.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 118.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 118.10 Td (e have a significant amount of indebtedness. ) Tj ET Q q 0 0 0 rg BT 262.03 118.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.53 118.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.13 118.10 Td (, our total indebtedness was $256.4 million, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 106.10 Td (consisting of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 106.10 Td ($184.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.78 106.10 Td ( under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 255.82 106.10 Td (Agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.24 106.10 Td ($65.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.14 106.10 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 94.10 Td (other long-term debt. ) Tj ET Q q 0 0 0 rg BT 137.02 94.10 Td (The Company expects that proceeds from the LMA) Tj ET Q q 0 0 0 rg BT 342.79 94.10 Td ( in New ) Tj ET Q q 0 0 0 rg BT 376.58 94.10 Td (Y) Tj ET Q q 0 0 0 rg BT 382.80 94.10 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 82.10 Td (suf) Tj ET Q q 0 0 0 rg BT 62.04 82.10 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 82.10 Td ( deficit was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.83 82.10 Td ($52.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.72 82.10 Td (. Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 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 53.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 53.10 Td (make it more dif) Tj ET Q q 0 0 0 rg BT 151.79 53.10 Td (ficult for us to satisfy our obligations with respect to our indebtedness;) 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 (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 67.60 725.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 725.10 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 85.60 713.10 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 85.60 701.10 Td (purposes;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 684.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 684.10 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 85.60 672.10 Td (of interest;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.60 655.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 655.10 Td (limit our flexibility in planning for) Tj ET Q q 0 0 0 rg BT 223.79 655.10 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 67.60 638.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 638.10 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 67.60 621.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 621.10 Td (limit, along with the financial and other restrictive covenants in our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 407.19 621.10 Td (Agreement, our ability to borrow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.60 609.10 Td (additional funds.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 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 50.00 580.10 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 74.00 563.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 563.10 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 50.00 551.10 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 50.00 539.10 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 50.00 527.10 Td (beyond our control. ) Tj ET Q q 0 0 0 rg BT 130.91 527.10 Td (W) Tj ET Q q 0 0 0 rg BT 139.55 527.10 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 50.00 515.10 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 425.56 515.10 Td (There can be no assurance that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 503.10 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 50.00 491.10 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 50.00 479.10 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 50.00 467.10 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 50.00 455.10 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 50.00 443.10 Td (to declare all amounts outstanding under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 280.23 443.10 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 50.00 431.10 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 50.00 419.10 Td (collateral granted to them to secure that indebtedness. Our lenders under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 407.39 419.10 Td (Agreement have taken security ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.10 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 50.00 395.10 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 461.92 395.10 Td (ficient assets will remain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 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 50.00 371.10 Td (liquidate assets is af) Tj ET Q q 0 0 0 rg BT 130.08 371.10 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 50.00 359.10 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 74.00 342.10 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 471.71 342.10 Td (Agreement, as certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.10 Td (rights and payments under the 98.7FM LMA) Tj ET Q q 0 0 0 rg BT 229.15 330.10 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 50.00 318.10 Td (nonrecourse to the rest of Emmis, and the LMA) Tj ET Q q 0 0 0 rg BT 240.79 318.10 Td ( payments have been guaranteed by Disney Enterprises, Inc.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 301.10 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 50.00 289.10 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 74.00 272.10 Td (Our debt instruments impose significant operating and financial restrictions on us. ) Tj ET Q q 0 0 0 rg BT 404.86 272.10 Td (These restrictions significantly limit or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 260.10 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 50.00 248.10 Td (stock, incur liens, pay dividends, enter into asset purchase or sale transactions, mer) Tj ET Q q 0 0 0 rg BT 381.39 248.10 Td (ge or consolidate with another company) Tj ET Q q 0 0 0 rg BT 540.97 248.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 236.10 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 74.00 219.10 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 50.00 207.10 Td (respond to market conditions or meet extraordinary capital needs. ) Tj ET Q q 0 0 0 rg BT 314.73 207.10 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 50.00 195.10 Td (ways. ) Tj ET Q q 0 0 0 rg BT 75.37 195.10 Td (These restrictions could adversely af) Tj ET Q q 0 0 0 rg BT 221.80 195.10 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 50.00 178.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.19 178.10 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 50.00 166.10 Td (depends on many factors beyond our control.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 149.10 Td (Our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 141.50 149.10 Td (Agreement, as amended, requires us to repay $9.3 million of our term notes in fiscal 2017 and annually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (thereafter until maturity 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 50.00 125.10 Td (fund capital expenditures will depend on our ability to generate cash in the future. ) Tj ET Q q 0 0 0 rg BT 379.99 125.10 Td (This ability to generate cash, to a certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.10 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 50.00 101.10 Td (control. Our businesses might not generate suf) Tj ET Q q 0 0 0 rg BT 235.62 101.10 Td (ficient cash flow from operations. ) Tj ET Q q 0 0 0 rg BT 373.17 101.10 Td (W) Tj ET Q q 0 0 0 rg BT 381.81 101.10 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 89.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 89.10 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 89.10 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 77.10 Td (fund our other liquidity needs. ) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (Risks Related to our) Tj ET Q q 0 0 0 rg BT 136.76 742.25 Td ( Common Stock:) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 725.25 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 50.00 713.25 Td (other shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 696.25 Td (As of ) Tj ET Q q 0 0 0 rg BT 97.89 696.25 Td (April 29, 2016, our Chairman of the Board of Directors and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 416.79 696.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 434.71 696.25 Td (, Jef) Tj ET Q q 0 0 0 rg BT 451.19 696.25 Td (frey H. Smulyan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 684.25 Td (beneficially owned shares representing approximately 51.9% 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 50.00 672.25 Td (common stock, as calculated pursuant to Rule 13d-3 of the Exchange ) Tj ET Q q 0 0 0 rg BT 328.81 672.25 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 50.00 660.25 Td (influence over the outcome of most matters submitted to a vote of our shareholders, including the election of directors.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 643.25 Td (The dif) Tj ET Q q 0 0 0 rg BT 79.54 643.25 Td (ficulties associated with any attempt to gain control of our company could adversely af) Tj ET Q q 0 0 0 rg BT 435.18 643.25 Td (fect the price of our Class) Tj ET Q q 0 0 0 rg BT 543.13 643.25 Td (A) Tj ET Q q 0 0 0 rg BT 549.25 643.25 Td ( ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 631.25 Td (common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 614.25 Td (Jef) Tj ET Q q 0 0 0 rg BT 85.48 614.25 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 50.00 602.25 Td (company) Tj ET Q q 0 0 0 rg BT 86.01 602.25 Td (. ) Tj ET Q q 0 0 0 rg BT 90.83 602.25 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 50.00 590.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 590.25 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 50.00 578.25 Td (assignments of FCC licenses are required. ) Tj ET Q q 0 0 0 rg BT 220.62 578.25 Td (These restrictions and limitations could adversely af) Tj ET Q q 0 0 0 rg BT 429.26 578.25 Td (fect the trading price of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.25 Td (Class) Tj ET Q q 0 0 0 rg BT 73.62 566.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 566.25 Td ( common stock.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 549.25 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 72.50 532.25 Td (Our Class ) Tj ET Q q 0 0 0 rg BT 114.17 532.25 Td (A) Tj ET Q q 0 0 0 rg BT 120.84 532.25 Td ( common stock is currently listed on the National ) Tj ET Q q 0 0 0 rg BT 319.97 532.25 Td (Association of Securities Dealers ) Tj ET Q q 0 0 0 rg BT 454.94 532.25 Td (Automated Quotation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.25 Td (\("Nasdaq"\) Global Select Market under the symbol EMMS. ) Tj ET Q q 0 0 0 rg BT 300.42 520.25 Td (The market price of our Class ) Tj ET Q q 0 0 0 rg BT 421.50 520.25 Td (A) Tj ET Q q 0 0 0 rg BT 428.17 520.25 Td ( common stock and our trading ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.25 Td (volume have been subject to fluctuations since our initial public of) Tj ET Q q 0 0 0 rg BT 316.42 508.25 Td (fering in 1994. ) Tj ET Q q 0 0 0 rg BT 377.52 508.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 426.86 508.25 Td (, the market price of our Class ) Tj ET Q q 0 0 0 rg BT 549.60 508.25 Td (A) Tj ET Q q 0 0 0 rg BT 556.27 508.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.25 Td (common stock could experience volatility) Tj ET Q q 0 0 0 rg BT 217.08 496.25 Td (, regardless of our operating performance. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 472.25 Td (Our Class ) Tj ET Q q 0 0 0 rg BT 93.54 472.25 Td (A) Tj ET Q q 0 0 0 rg BT 99.65 472.25 Td ( common stock may cease to be listed on the Nasdaq Global Select Market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 455.25 Td (Our Class ) Tj ET Q q 0 0 0 rg BT 114.17 455.25 Td (A) Tj ET Q q 0 0 0 rg BT 120.84 455.25 Td ( common stock is currently listed on the Nasdaq Global Select Market under the symbol EMMS. On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.25 Td (December 7, 2015, we received a notification from the Listing Qualifications Department of Nasdaq indicating that our Class ) Tj ET Q q 0 0 0 rg BT 553.74 443.25 Td (A) Tj ET Q q 0 0 0 rg BT 560.41 443.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.25 Td (common stock was not in compliance with Markeplace Rule 5450\(a\)\(1\) \(the Minimum Bid Price Rule\) because the minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.25 Td (bid price of our Class ) Tj ET Q q 0 0 0 rg BT 138.04 419.25 Td (A) Tj ET Q q 0 0 0 rg BT 144.71 419.25 Td ( common stock on the Nasdaq Global Select Market closed below $1.00 per share for 30 consecutive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 407.25 Td (business days.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 390.25 Td (In accordance with Marketplace Rules 5810\(c\)\(3\)\(A\) and 5810\(c\)\(3\)\(D\), the Company has 180 calendar days, or until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.25 Td (June 6, 2016 to regain compliance with the Minimum Bid Price Rule. During the 180 day period, the Class ) Tj ET Q q 0 0 0 rg BT 479.93 378.25 Td (A) Tj ET Q q 0 0 0 rg BT 486.60 378.25 Td ( common stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.25 Td (will continue to trade on the Nasdaq Global Select Market. If the Company does not regain compliance prior to the end of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (180 day period, Nasdaq will notify us that the Class ) Tj ET Q q 0 0 0 rg BT 259.14 354.25 Td (A) Tj ET Q q 0 0 0 rg BT 265.81 354.25 Td ( common stock will be delisted from the Nasdaq Global Select Market. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 342.25 Td (Nasdaq rules would then permit us to appeal any delisting determination by the Nasdaq staf) Tj ET Q q 0 0 0 rg BT 416.40 342.25 Td (f to a Listing Qualifications Panel ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.25 Td (and we would seek such an appeal. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 313.25 Td (On May 3, 2016, the Company's board of directors unanimously determined that it would be in the Company's best ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 301.25 Td (interests to seek shareholder approval to amend the Company's articles of incorporation to ef) Tj ET Q q 0 0 0 rg BT 420.67 301.25 Td (fect a reverse stock split of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.25 Td (authorized and outstanding Class ) Tj ET Q q 0 0 0 rg BT 184.42 289.25 Td (A) Tj ET Q q 0 0 0 rg BT 191.09 289.25 Td ( common stock and Class B common stock using a one-for) Tj ET Q q 0 0 0 rg BT 426.42 289.25 Td (-four conversion ratio. ) Tj ET Q q 0 0 0 rg BT 518.43 289.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.25 Td (amendment would also apply to the number of authorized shares of our Class C common stock, but would not apply to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.25 Td (number of authorized shares of any preferred stock. ) Tj ET Q q 0 0 0 rg BT 258.90 265.25 Td (There are no shares of Class C common stock or preferred stock currently ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 253.25 Td (outstanding. One of the primary objectives in ef) Tj ET Q q 0 0 0 rg BT 241.44 253.25 Td (fecting a reverse stock split would be to raise the per share trading price of our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.62 241.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 241.25 Td ( common stock in order to maintain the eligibility of the Class ) Tj ET Q q 0 0 0 rg BT 330.81 241.25 Td (A) Tj ET Q q 0 0 0 rg BT 337.48 241.25 Td ( common stock for continued listing on the Nasdaq ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 229.25 Td (Global Select Market. However) Tj ET Q q 0 0 0 rg BT 176.78 229.25 Td (, there can be no assurance that the Class ) Tj ET Q q 0 0 0 rg BT 342.28 229.25 Td (A) Tj ET Q q 0 0 0 rg BT 348.95 229.25 Td ( common stock will remain equal to or in excess of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.25 Td ($1.00 per share for a substantial period of time after a reverse stock split is completed. Jef) Tj ET Q q 0 0 0 rg BT 409.15 217.25 Td (frey H. Smulyan, who controls more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 205.25 Td (than fifty percent of the combined voting power of our common stock, has stated that he intends to vote for this amendment at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.25 Td (the Company's annual shareholder meeting scheduled to be held on July 7, 2016, thus we expect this amendment will be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.25 Td (approved. ) Tj ET Q q 0 0 0 rg BT 92.03 181.25 Td (While any reverse stock split would not be implemented until after the expiration of our 180 day grace period for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.25 Td (continued listing on the Nasdaq Global Select Market, we expect to seek an extension of the grace period from Nasdaq, if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.25 Td (necessary) Tj ET Q q 0 0 0 rg BT 88.22 157.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 140.25 Td (A) Tj ET Q q 0 0 0 rg BT 79.17 140.25 Td ( delisting of our Class ) Tj ET Q q 0 0 0 rg BT 168.89 140.25 Td (A) Tj ET Q q 0 0 0 rg BT 175.56 140.25 Td ( common stock from the Nasdaq Global Select Market could negatively impact us by) Tj ET Q q 0 0 0 rg BT 515.66 140.25 Td (, among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.25 Td (other things, reducing the liquidity and market price of our common stock. ) Tj ET Q q 0 0 0 rg BT 350.86 128.25 Td (There can be no assurance that we will be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 116.25 Td (comply with the Minimum Bid Price Rule, or any other requirement in the future.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 87.25 Td (ITEM1B. UNRESOL) Tj ET Q q 0 0 0 rg BT 143.27 87.25 Td (VED ST) Tj ET Q q 0 0 0 rg BT 178.37 87.25 Td (AFF) Tj ET Q q 0 0 0 rg BT 197.44 87.25 Td ( COMMENTS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 70.25 Td (None.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (ITEM2. PROPER) Tj ET Q q 0 0 0 rg BT 129.93 742.25 Td (TIES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (The types of properties required to support each of our radio stations include of) Tj ET Q q 0 0 0 rg BT 391.23 725.25 Td (fices, studios and transmitter/antenna ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (sites. ) Tj ET Q q 0 0 0 rg BT 72.60 713.25 Td (W) Tj ET Q q 0 0 0 rg BT 81.24 713.25 Td (e typically lease our studio and of) Tj ET Q q 0 0 0 rg BT 216.02 713.25 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 536.04 713.25 Td (fice ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (space leases contain lease terms with expiration dates of five to fifteen years. ) Tj ET Q q 0 0 0 rg BT 359.88 701.25 Td (A) Tj ET Q q 0 0 0 rg BT 366.55 701.25 Td ( station) Tj ET Q q 0 0 0 rg BT 398.50 701.25 Td (s studios are generally housed with its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 689.25 Td (fices in downtown or business districts. ) Tj ET Q q 0 0 0 rg BT 218.23 689.25 Td (W) Tj ET Q q 0 0 0 rg BT 226.87 689.25 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 50.00 677.25 Td (and intended purposes. ) Tj ET Q q 0 0 0 rg BT 144.24 677.25 Td (W) Tj ET Q q 0 0 0 rg BT 152.88 677.25 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 50.00 665.25 Td (sites with lease terms that generally range from five to twenty years. ) Tj ET Q q 0 0 0 rg BT 325.56 665.25 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 50.00 653.25 Td (located so as to provide maximum market coverage, consistent with the station) Tj ET Q q 0 0 0 rg BT 368.25 653.25 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 50.00 641.25 Td (dif) Tj ET Q q 0 0 0 rg BT 60.93 641.25 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 506.71 641.25 Td (W) Tj ET Q q 0 0 0 rg BT 515.35 641.25 Td (e have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.26 629.25 Td ($55.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.15 629.25 Td ( 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 50.00 617.25 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 74.00 600.25 Td (Our principal executive of) Tj ET Q q 0 0 0 rg BT 179.05 600.25 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 50.00 588.25 Td (approximately 91,500 square feet of owned of) Tj ET Q q 0 0 0 rg BT 234.48 588.25 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 50.00 576.25 Td (Monthly publication. ) Tj ET Q q 0 0 0 rg BT 136.76 576.25 Td (This property is subject to a mortgage under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 381.43 576.25 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 559.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 559.25 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 50.00 547.25 Td (equipment and general of) Tj ET Q q 0 0 0 rg BT 151.72 547.25 Td (fice equipment. ) Tj ET Q q 0 0 0 rg BT 216.24 547.25 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 50.00 535.25 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 50.00 506.25 Td (ITEM3. LEGAL) Tj ET Q q 0 0 0 rg BT 123.63 506.25 Td ( PROCEEDINGS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 485.25 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 50.00 473.25 Td (management of the Company) Tj ET Q q 0 0 0 rg BT 167.37 473.25 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 50.00 461.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 461.25 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 140.53 461.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 440.25 Td (Emmis and certain of its of) Tj ET Q q 0 0 0 rg BT 182.40 440.25 Td (ficers and directors were named as defendants in a lawsuit filed ) Tj ET Q q 0 0 0 rg BT 438.14 440.25 Td (April 16, 2012 by certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.25 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 50.00 416.25 Td (entitled Corre Opportunities Fund, LP) Tj ET Q q 0 0 0 rg BT 201.38 416.25 Td (, et al. v) Tj ET Q q 0 0 0 rg BT 232.66 416.25 Td (. Emmis Communications Corporation, et al. ) Tj ET Q q 0 0 0 rg BT 414.40 416.25 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 461.15 416.25 Td (fs alleged, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.25 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 50.00 392.25 Td (duties in connection with Emmis) Tj ET Q q 0 0 0 rg BT 184.24 392.25 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 50.00 380.25 Td (Preferred Stock, as well as by issuing shares of Preferred Stock to Emmis) Tj ET Q q 0 0 0 rg BT 346.69 380.25 Td ( 2012 Retention Plan and ) Tj ET Q q 0 0 0 rg BT 450.11 380.25 Td (T) Tj ET Q q 0 0 0 rg BT 455.86 380.25 Td (rust \(the T) Tj ET Q q 0 0 0 rg BT 501.61 380.25 Td (rust\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.25 Td (entering into a voting agreement with the trustee of the ) Tj ET Q q 0 0 0 rg BT 271.97 368.25 Td (T) Tj ET Q q 0 0 0 rg BT 277.73 368.25 Td (rust. ) Tj ET Q q 0 0 0 rg BT 297.55 368.25 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 344.30 368.25 Td (fs also alleged that Emmis violated certain provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.25 Td (of Indiana corporate law by directing the voting of the shares of Preferred Stock subject to the total return swap agreements \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.25 Td (Swap Shares\) and the shares of Preferred Stock held by the ) Tj ET Q q 0 0 0 rg BT 297.79 344.25 Td (T) Tj ET Q q 0 0 0 rg BT 303.55 344.25 Td (rust \(the T) Tj ET Q q 0 0 0 rg BT 349.29 344.25 Td (rust Shares\) in favor of certain amendments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.25 Td (Emmis) Tj ET Q q 0 0 0 rg BT 80.92 332.25 Td ( ) Tj ET Q q 0 0 0 rg BT 82.87 332.25 Td (Articles of Incorporation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 311.25 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 50.00 299.25 Td (judgment that Emmis could legally direct the voting of the Swap Shares and the ) Tj ET Q q 0 0 0 rg BT 371.97 299.25 Td (T) Tj ET Q q 0 0 0 rg BT 377.73 299.25 Td (rust Shares in favor of the proposed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (amendments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 266.25 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 266.25 Td (August31, 2012, the U.S. District Court denied the plaintif) Tj ET Q q 0 0 0 rg BT 324.91 266.25 Td (fs' request for a preliminary injunction. Plaintif) Tj ET Q q 0 0 0 rg BT 512.87 266.25 Td (fs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.25 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 529.43 254.25 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.25 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 50.00 230.25 Td (March 2014, the Plaintif) Tj ET Q q 0 0 0 rg BT 147.58 230.25 Td (fs filed with the U.S. Court of ) Tj ET Q q 0 0 0 rg BT 268.96 230.25 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 50.00 218.25 Td (decision. ) Tj ET Q q 0 0 0 rg BT 88.14 218.25 Td (The U.S. Court of ) Tj ET Q q 0 0 0 rg BT 162.03 218.25 Td (Appeals for the Seventh Circuit heard oral ar) Tj ET Q q 0 0 0 rg BT 341.51 218.25 Td (guments in this case on December 5, 2014, and on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (July 2, 2015, unanimously af) Tj ET Q q 0 0 0 rg BT 165.92 206.25 Td (firmed the U.S. District Court's ruling.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 189.25 Td (On December 4, 2015, Emmis entered into a settlement agreement with the Lock-Up Group to settle any and all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.25 Td (remaining issues with respect to the Lawsuit described above. Under the terms of the settlement agreement, \(i\) the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 165.25 Td (withdrew its bill of costs with respect to certain reimbursable expenses in the Lawsuit; \(ii\) the Company agreed to submit to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.25 Td (vote of its shareholders, and the Lock-Up Group and Jef) Tj ET Q q 0 0 0 rg BT 274.76 153.25 Td (frey H. Smulyan agreed to vote in favor of, an amendment to Exhibit ) Tj ET Q q 0 0 0 rg BT 552.74 153.25 Td (A) Tj ET Q q 0 0 0 rg BT 559.41 153.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 141.25 Td (to the Company) Tj ET Q q 0 0 0 rg BT 116.66 141.25 Td (s Second ) Tj ET Q q 0 0 0 rg BT 154.44 141.25 Td (Amended and Restated ) Tj ET Q q 0 0 0 rg BT 249.14 141.25 Td (Articles of Incorporation \(the Revisions\) to amend the terms of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 129.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 129.25 Td (s Series ) Tj ET Q q 0 0 0 rg BT 124.44 129.25 Td (A) Tj ET Q q 0 0 0 rg BT 131.11 129.25 Td ( Non-Cumulative Convertible Preferred Stock \(the Preferred Stock\) to \(A\) change the voluntary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 117.25 Td (conversion ratio to permit holders of Preferred Stock to convert their shares of Preferred Stock into Class ) Tj ET Q q 0 0 0 rg BT 472.39 117.25 Td (A) Tj ET Q q 0 0 0 rg BT 479.06 117.25 Td ( Common Stock at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 105.25 Td (ratio of 2.80 shares of the Company) Tj ET Q q 0 0 0 rg BT 196.36 105.25 Td (s Class ) Tj ET Q q 0 0 0 rg BT 226.37 105.25 Td (A) Tj ET Q q 0 0 0 rg BT 233.04 105.25 Td ( Common Stock for each share of Preferred Stock, and \(B\) provide that all shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 93.25 Td (of Preferred Stock shall automatically convert into shares of Class ) Tj ET Q q 0 0 0 rg BT 316.60 93.25 Td (A) Tj ET Q q 0 0 0 rg BT 323.27 93.25 Td ( Common Stock at a ratio of 2.80 shares of Class ) Tj ET Q q 0 0 0 rg BT 521.02 93.25 Td (A) Tj ET Q q 0 0 0 rg BT 527.69 93.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 81.25 Td (Common Stock for each share of Preferred Stock on the fifth business day after the delisting of the Preferred Stock by Nasdaq; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 69.25 Td (and \(iii\) both the Company and the Lock-Up Group released each other from claims related to the lawsuit. ) Tj ET Q q 0 0 0 rg BT 477.18 69.25 Td (The Revisions were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 57.25 Td (approved at a special meeting of shareholders on February 17, 2016. ) Tj ET Q q 0 0 0 rg BT 325.75 57.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 375.65 57.25 Td (, the Preferred Stock was delisted by Nasdaq ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 45.25 Td (on March 28, 2016, and pursuant to the Revisions, all outstanding shares of Preferred Stock were automatically converted to ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.62 742.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 742.10 Td ( Common Stock on ) Tj ET Q q 0 0 0 rg BT 159.74 742.10 Td (April 4, 2016. ) Tj ET Q q 0 0 0 rg BT 218.17 742.10 Td (The value associated with the increase to the conversion ratio was accounted for upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the ef) Tj ET Q q 0 0 0 rg BT 72.30 730.10 Td (fective date of the Revisions and resulted in a decrease of approximately $0.2 million to earnings available to common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (shareholders.) 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 (. ) Tj ET Q q 0 0 0 rg BT 243.11 661.10 Td (The District of Columbia Circuit dismissed the case, but the individuals may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (still appeal to the United States Supreme Court. ) Tj ET Q q 0 0 0 rg BT 242.47 649.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 292.37 649.10 Td (, in March 2015, an individual filed a lawsuit in the Federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (District Court of New ) Tj ET Q q 0 0 0 rg BT 139.61 637.10 Td (Y) Tj ET Q q 0 0 0 rg BT 145.83 637.10 Td (ork challenging the transfer of the assets of ) Tj ET Q q 0 0 0 rg BT 320.60 637.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 385.42 637.10 Td (WLIB-AM from Inner City to ) Tj ET Q q 0 0 0 rg BT 508.08 637.10 Td (YMF) Tj ET Q q 0 0 0 rg BT 528.95 637.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (claimed that Emmis had exerted undue influence in securing the FCC's consent to the transfer of the FCC licenses of ) Tj ET Q q 0 0 0 rg BT 519.28 625.10 Td (WBLS-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (FM and ) Tj ET Q q 0 0 0 rg BT 83.71 613.10 Td (WLIB-AM from ) Tj ET Q q 0 0 0 rg BT 152.77 613.10 Td (YMF to Emmis. ) Tj ET Q q 0 0 0 rg BT 220.00 613.10 Td (An amended complaint was filed in February 2016. Based upon the facts alleged in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (the cases and the extensive precedent of courts not overturning FCC approvals of transfers of broadcast licenses except in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (exceedingly rare circumstances, Emmis believes the claims presented lack merit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 568.10 Td (Certain groups and individuals have challenged an application for renewal of one of the Company's FCC licenses. ) Tj ET Q q 0 0 0 rg BT 532.17 568.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 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 50.00 544.10 Td (renewal.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 527.10 Td (EXECUTIVE OFFICERS OF) Tj ET Q q 0 0 0 rg BT 178.54 527.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.85 527.10 Td (THE REGISTRANT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 510.10 Td (Listed below is certain information about the executive of) Tj ET Q q 0 0 0 rg BT 305.41 510.10 Td (ficers of Emmis or its af) Tj ET Q q 0 0 0 rg BT 402.15 510.10 Td (filiates who are not directors or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 498.10 Td (nominees to be directors.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 445.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.50 445.60 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 445.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 445.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 445.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 445.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 415.60 94.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 144.50 415.60 265.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.50 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 413.50 415.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 415.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 415.60 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 144.5 445.6 m 409.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 413.5 445.6 m 483.5 445.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 445.6 m 562.5 445.6 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 53 448.580078125 m 77.44140625 448.580078125 l s q 0 0 0 rg BT 53.00 449.83 Td (NAME) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.90 449.83 Td (POSITION) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.35 465.83 Td (AGE ) Tj ET Q q 0 0 0 rg BT 452.24 465.83 Td (A) Tj ET Q q 0 0 0 rg BT 457.43 465.83 Td (T) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.05 457.83 Td (FEBRUAR) Tj ET Q q 0 0 0 rg BT 458.44 457.83 Td (Y) Tj ET Q q 0 0 0 rg BT 463.92 457.83 Td (29,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.00 449.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.15 473.83 Td (YEAR) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.75 465.83 Td (FIRST) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.35 457.83 Td (ELECTED) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 449.83 Td (OFFICER) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.17 Td (J. Scott Enright) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.00 435.27 Td (Executive Vice President, General Counsel and Secretary) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 435.27 Td (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 435.27 Td (1998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 421.17 Td (Ryan A. Hornaday) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.00 420.27 Td (Executive Vice President, Chief Financial Officer and Treasurer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 420.27 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 420.27 Td (2006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 406.17 Td (GregoryT.Loewen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.00 405.27 Td (PresidentPublishing Division and Chief Strategy Officer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 405.27 Td (44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.50 405.27 Td (2007) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 384.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 85.67 384.10 Td (.Enright was appointed Executive ) Tj ET Q q 0 0 0 rg BT 225.45 384.10 Td (V) Tj ET Q q 0 0 0 rg BT 232.07 384.10 Td (ice President, General Counsel and Secretary in March 2009. Previously) Tj ET Q q 0 0 0 rg BT 521.07 384.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 372.10 Td (.Enright served as Senior ) Tj ET Q q 0 0 0 rg BT 167.02 372.10 Td (V) Tj ET Q q 0 0 0 rg BT 173.64 372.10 Td (ice President, ) Tj ET Q q 0 0 0 rg BT 229.46 372.10 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 50.00 360.10 Td (February 2009 and as ) Tj ET Q q 0 0 0 rg BT 138.69 360.10 Td (V) Tj ET Q q 0 0 0 rg BT 145.31 360.10 Td (ice President, ) Tj ET Q q 0 0 0 rg BT 201.13 360.10 Td (Associate General Counsel and ) Tj ET Q q 0 0 0 rg BT 328.32 360.10 Td (Assistant Secretary fromthe date he joined Emmis in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 348.10 Td (October 1998, adding the of) Tj ET Q q 0 0 0 rg BT 162.29 348.10 Td (fice of Secretary in 2002.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 331.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 85.67 331.10 Td (. Hornaday was appointed Executive ) Tj ET Q q 0 0 0 rg BT 234.88 331.10 Td (V) Tj ET Q q 0 0 0 rg BT 241.50 331.10 Td (ice President, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 372.68 331.10 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 410.25 331.10 Td (T) Tj ET Q q 0 0 0 rg BT 416.01 331.10 Td (reasurer in ) Tj ET Q q 0 0 0 rg BT 460.43 331.10 Td (August 2015. Previously) Tj ET Q q 0 0 0 rg BT 558.95 331.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 61.67 319.10 Td (. Hornaday served as Senior ) Tj ET Q q 0 0 0 rg BT 176.46 319.10 Td (V) Tj ET Q q 0 0 0 rg BT 183.08 319.10 Td (ice President - Finance and ) Tj ET Q q 0 0 0 rg BT 293.69 319.10 Td (T) Tj ET Q q 0 0 0 rg BT 299.45 319.10 Td (reasurer from December 2008 to July 2015. Mr) Tj ET Q q 0 0 0 rg BT 488.29 319.10 Td (. Hornaday joined ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (Emmis in 1999.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 290.10 Td (Mr) Tj ET Q q 0 0 0 rg BT 85.67 290.10 Td (.Loewen was appointed President Publishing Division and Chief Strategy Of) Tj ET Q q 0 0 0 rg BT 402.67 290.10 Td (ficer in March 2010. Mr) Tj ET Q q 0 0 0 rg BT 499.03 290.10 Td (. Loewen has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.10 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 475.10 278.10 Td (, Mr) Tj ET Q q 0 0 0 rg BT 491.77 278.10 Td (.Loewen served ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.10 Td (as Chief Strategy Of) Tj ET Q q 0 0 0 rg BT 131.74 266.10 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 489.47 266.10 Td (.Loewen served ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.65 254.10 Td (V) Tj ET Q q 0 0 0 rg BT 67.27 254.10 Td (ice President of Digital Media and Strategy for ) Tj ET Q q 0 0 0 rg BT 257.04 254.10 Td (The ) Tj ET Q q 0 0 0 rg BT 274.90 254.10 Td (T) Tj ET Q q 0 0 0 rg BT 280.31 254.10 Td (oronto Star) Tj ET Q q 0 0 0 rg BT 324.48 254.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 225.10 Td (ITEM4. MINE SAFETY) Tj ET Q q 0 0 0 rg BT 157.97 225.10 Td ( DISCLOSURES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (Not applicable.) 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 /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 50.50 573.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 573.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 573.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 573.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 543.75 358.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 543.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 543.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 543.75 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 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 578.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 578.42 Td (3.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 578.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 578.42 Td (2.74) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 564.32 Td (August 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 563.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 563.42 Td (3.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 563.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 563.42 Td (2.41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 549.32 Td (November 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 548.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 548.42 Td (2.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 548.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 548.42 Td (1.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 534.32 Td (February 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 533.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 533.42 Td (2.22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 533.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 533.42 Td (1.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 511.32 Td (May 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 510.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 510.42 Td (2.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 510.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 510.42 Td (1.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 496.32 Td (August 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 495.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 495.42 Td (1.49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 495.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 495.42 Td (0.99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 481.32 Td (November 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 480.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 480.42 Td (1.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 480.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 480.42 Td (0.61) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 466.32 Td (February 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.00 465.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 465.42 Td (0.81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 465.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 465.42 Td (0.43) 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 ) Tj ET Q q 0 0 0 rg BT 85.95 427.25 Td (April 29, 2016, there were 4,749 record holders of the Class) Tj ET Q q 0 0 0 rg BT 328.11 427.25 Td (A) Tj ET Q q 0 0 0 rg BT 334.78 427.25 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 50.00 328.25 Td (SHARE REPURCHASES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 311.25 Td (During the three-month period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.34 311.25 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.94 311.25 Td (, 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 50.00 299.25 Td (of restricted stock to cover withholding tax obligations. ) Tj ET Q q 0 0 0 rg BT 273.94 299.25 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 50.00 287.25 Td (three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.81 287.25 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.41 287.25 Td (:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 194.75 200.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 194.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 194.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 194.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 194.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 194.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 194.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 194.75 75.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 165.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 165.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 165.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 165.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 165.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 165.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 165.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 165.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 135.75 200.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 135.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 325.50 135.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 135.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 135.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 135.75 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 135.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 135.75 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 250.5 194.75 m 325.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329.5 194.75 m 404.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 194.75 m 483.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 194.75 m 562.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 135.75 m 325.5 135.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 135.75 m 483.5 135.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 121.75 m 325.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 119.75 m 325.5 119.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 121.75 m 483.5 121.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 119.75 m 483.5 119.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 198.98 Td (Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 282.80 222.98 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 263.60 214.98 Td (T) Tj ET Q q 0 0 0 rg BT 268.20 214.98 Td (otalNumber) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 271.65 206.98 Td (of Shar) Tj ET Q q 0 0 0 rg BT 296.62 206.98 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 269.55 198.98 Td (Pur) Tj ET Q q 0 0 0 rg BT 282.29 198.98 Td (chased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.60 222.98 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 342.70 214.98 Td (A) Tj ET Q q 0 0 0 rg BT 347.88 214.98 Td (veragePrice) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.75 206.98 Td (Paid Per) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.55 198.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 372.85 198.98 Td (e) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.05 254.98 Td (\(c\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.25 246.98 Td (T) Tj ET Q q 0 0 0 rg BT 420.85 246.98 Td (otalNumber) Tj ET Q q 0 0 0 rg BT 464.04 246.98 Td ( of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.00 238.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 450.30 238.98 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.00 230.98 Td (Pur) Tj ET Q q 0 0 0 rg BT 435.74 230.98 Td (chased as) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.60 222.98 Td (Part of Publicly) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.90 214.98 Td (Announced) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.45 206.98 Td (Plans or) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.65 198.98 Td (Pr) Tj ET Q q 0 0 0 rg BT 436.94 198.98 Td (ograms) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.60 254.98 Td (\(d\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.70 246.98 Td (Maximum) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.90 238.98 Td (Appr) Tj ET Q q 0 0 0 rg BT 519.98 238.98 Td (oximate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.75 230.98 Td (Dollar) Tj ET Q q 0 0 0 rg BT 520.38 230.98 Td () Tj ET Q q 0 0 0 rg BT 522.23 230.98 Td (V) Tj ET Q q 0 0 0 rg BT 527.28 230.98 Td (alueof) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.05 222.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 511.35 222.98 Td (es) Tj ET Q q 0 0 0 rg BT 519.87 222.98 Td (ThatMay) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.55 214.98 Td (Y) Tj ET Q q 0 0 0 rg BT 499.44 214.98 Td (etBePur) Tj ET Q q 0 0 0 rg BT 531.28 214.98 Td (chased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.30 206.98 Td (Under) Tj ET Q q 0 0 0 rg BT 513.93 206.98 Td ( the Plans or) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.90 198.98 Td (Pr) Tj ET Q q 0 0 0 rg BT 499.19 198.98 Td (ograms\(in000) Tj ET Q q 0 0 0 rg BT 552.22 198.98 Td (s\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 53.00 185.48 Td (ClassA Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 171.32 Td (December 1, 2015 - December 31, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 170.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 170.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.65 170.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 170.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 170.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 170.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.70 156.32 Td (January 1, 2016 - January 31, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.15 155.42 Td (71,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 155.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 155.42 Td (0.66) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 155.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 155.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 155.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.70 141.32 Td (February 1, 2016 - February 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 140.42 Td (225,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.00 140.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 140.42 Td (0.53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 140.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.00 140.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 140.42 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 125.42 Td (296,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 125.42 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 92.25 Td (ITEM6. SELECTED FINANCIAL) Tj ET Q q 0 0 0 rg BT 201.14 92.25 Td ( DA) Tj ET Q q 0 0 0 rg BT 217.34 92.25 Td (T) Tj ET Q q 0 0 0 rg BT 223.27 92.25 Td (A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 68.25 Td (As a smaller reporting company) Tj ET Q q 0 0 0 rg BT 200.15 68.25 Td (, we are not required to provide this information.) 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 BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (ITEM7. MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 239.19 730.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 262.81 730.10 Td (ANAL) Tj ET Q q 0 0 0 rg BT 290.22 730.10 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 328.48 730.10 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 387.09 730.10 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 450.44 730.10 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 507.03 730.10 Td (TS OF) Tj ET Q q 0 0 0 rg BT 535.28 730.10 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (OPERA) Tj ET Q q 0 0 0 rg BT 84.26 718.10 Td (TIONS.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 701.10 Td (GENERAL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 684.10 Td (The following discussion pertains to Emmis Communications Corporation \(ECC\) and its subsidiaries \(collectively) Tj ET Q q 0 0 0 rg BT 539.94 684.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (Emmis or the Company\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 655.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 655.10 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 508.44 655.10 Td (fected by the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 643.10 Td (advertising rates our entities char) Tj ET Q q 0 0 0 rg BT 182.55 643.10 Td (ge, as advertising sales represent approximately 70% of our consolidated revenues. ) Tj ET Q q 0 0 0 rg BT 516.98 643.10 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 631.10 Td (rates are in lar) Tj ET Q q 0 0 0 rg BT 106.73 631.10 Td (ge part based on our entities) Tj ET Q q 0 0 0 rg BT 221.78 631.10 Td ( ability to attract audiences/subscribers in demographic groups tar) Tj ET Q q 0 0 0 rg BT 484.85 631.10 Td (geted by their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 619.10 Td (advertisers. ) Tj ET Q q 0 0 0 rg BT 98.13 619.10 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 50.00 607.10 Td (People Meter) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 103.59 611.63 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.96 607.10 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 481.22 607.10 Td (s local market are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (critical to the station) Tj ET Q q 0 0 0 rg BT 134.70 595.10 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 50.00 583.10 Td (audiences in each station) Tj ET Q q 0 0 0 rg BT 152.46 583.10 Td (s chosen demographic tar) Tj ET Q q 0 0 0 rg BT 254.19 583.10 Td (get group.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 566.10 Td (Our revenues vary throughout the year) Tj ET Q q 0 0 0 rg BT 228.12 566.10 Td (. ) Tj ET Q q 0 0 0 rg BT 232.56 566.10 Td (As is typical in the broadcasting industry) Tj ET Q q 0 0 0 rg BT 395.78 566.10 Td (, our revenues and operating income are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.10 Td (usually lowest in our fourth fiscal quarter) Tj ET Q q 0 0 0 rg BT 214.96 554.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 537.10 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 50.00 525.10 Td (which can be used by the station in its business operations. ) Tj ET Q q 0 0 0 rg BT 287.56 525.10 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 50.00 513.10 Td (the product or service received. ) Tj ET Q q 0 0 0 rg BT 178.09 513.10 Td (W) Tj ET Q q 0 0 0 rg BT 186.73 513.10 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 50.00 501.10 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 50.00 489.10 Td (with advertising spots paid for in trade.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 468.10 Td (The following table summarizes the sources of our revenues for the past three years. ) Tj ET Q q 0 0 0 rg BT 411.92 468.10 Td (The category Non ) Tj ET Q q 0 0 0 rg BT 490.87 468.10 Td (T) Tj ET Q q 0 0 0 rg BT 496.63 468.10 Td (raditional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (principally consists of ticket sales and sponsorships of events our stations and magazines conduct in their local markets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (Growth within the Non ) Tj ET Q q 0 0 0 rg BT 145.37 444.10 Td (T) Tj ET Q q 0 0 0 rg BT 151.12 444.10 Td (raditional category during the three years ended February 29, 2016 mostly relates to the growth of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (revenues associated with our outdoor concerts, including Summer Jam, our annual hip hop festival held at MetLife Stadium in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (New Jersey) Tj ET Q q 0 0 0 rg BT 95.72 420.10 Td (. ) Tj ET Q q 0 0 0 rg BT 100.54 420.10 Td (The category Other includes, among other items, revenues related to our ) Tj ET Q q 0 0 0 rg BT 401.08 420.10 Td (T) Tj ET Q q 0 0 0 rg BT 406.49 420.10 Td (agStation and Digonex businesses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (network revenues and barter) Tj ET Q q 0 0 0 rg BT 163.01 408.10 Td (. ) Tj ET Q q 0 0 0 rg BT 167.83 408.10 Td (W) Tj ET Q q 0 0 0 rg BT 176.46 408.10 Td (e began operating ) Tj ET Q q 0 0 0 rg BT 249.86 408.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 314.68 408.10 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 393.46 408.10 Td (Y) Tj ET Q q 0 0 0 rg BT 399.68 408.10 Td (ork pursuant to a Local Programming ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (and Marketing ) Tj ET Q q 0 0 0 rg BT 110.54 396.10 Td (Agreement in fiscal 2015, which impacts the comparability of fiscal 2014 to fiscal 2015 and 2016.) 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0.9333333333333333 1 rg /GS0 gs 267.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 294.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 294.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 294.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 294.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 294.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 294.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 264.60 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 264.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 264.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 264.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 264.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 264.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 264.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 264.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 234.60 162.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 212.50 234.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 267.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 271.50 234.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 326.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 330.50 234.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 385.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 389.50 234.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 234.60 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 234.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 234.60 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 212.5 367.6 m 267.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 267.5 367.6 m 271.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 367.6 m 326.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 326.5 367.6 m 330.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 367.6 m 385.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 367.6 m 389.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 367.6 m 444.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 367.6 m 448.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 367.6 m 503.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503.5 367.6 m 507.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 367.6 m 562.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 367.6 m 267.5 367.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 354.6 m 267.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 271.5 354.6 m 326.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 354.6 m 385.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 354.6 m 444.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 354.6 m 503.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 354.6 m 562.5 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 219.60000000000002 m 267.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 219.60000000000002 m 385.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 219.60000000000002 m 503.5 219.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 205.60000000000002 m 267.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 212.5 203.60000000000002 m 267.5 203.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 205.60000000000002 m 385.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 203.60000000000002 m 385.5 203.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 205.60000000000002 m 503.5 205.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 203.60000000000002 m 503.5 203.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 371.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.95 371.83 Td (Year ended February28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 358.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 231.50 358.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.45 358.83 Td (%ofTotal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.50 358.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.45 358.83 Td (%ofTotal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.50 358.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.45 358.83 Td (%ofTotal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 345.17 Td (Net revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 330.17 Td (Local) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 329.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 329.27 Td (113,378) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 329.27 Td (55.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 329.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 329.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 329.27 Td (136,283) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 329.27 Td (57.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 329.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 329.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 329.27 Td (130,486) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 329.27 Td (56.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 329.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 315.17 Td (National) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 314.27 Td (26,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 314.27 Td (13.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 314.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 314.27 Td (29,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 314.27 Td (12.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 314.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 314.27 Td (26,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 314.27 Td (11.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 314.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 300.17 Td (Political) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.65 299.27 Td (604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 299.27 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 299.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 299.27 Td (1,434) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 299.27 Td (0.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 299.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 299.27 Td (661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 299.27 Td (0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 299.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 285.17 Td (Publication Sales) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.15 284.27 Td (6,312) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 284.27 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 284.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.15 284.27 Td (6,076) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 284.27 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 284.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 284.27 Td (5,612) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 284.27 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 284.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 270.17 Td (Non Traditional) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 269.27 Td (20,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.15 269.27 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 269.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 269.27 Td (23,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.15 269.27 Td (10.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 269.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 269.27 Td (25,683) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 269.27 Td (11.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 269.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 255.17 Td (Interactive) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 254.27 Td (11,429) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 254.27 Td (5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 254.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 254.27 Td (12,894) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 254.27 Td (5.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 254.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 254.27 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 254.27 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 254.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 240.17 Td (LMA Fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 239.27 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 239.27 Td (5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 239.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 239.27 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 239.27 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 239.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 239.27 Td (13,223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 239.27 Td (5.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 239.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 225.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.15 224.27 Td (15,703) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.15 224.27 Td (7.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 224.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.15 224.27 Td (17,317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.15 224.27 Td (7.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.65 224.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 224.27 Td (18,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 224.27 Td (7.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 224.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 210.17 Td (Total net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.00 209.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.15 209.27 Td (205,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.00 209.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.15 209.27 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.00 209.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 209.27 Td (231,433) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 188.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 188.10 Td ( significant portion of our expenses varies in connection with changes in revenue. ) Tj ET Q q 0 0 0 rg BT 409.28 188.10 Td (These variable expenses primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.10 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 50.00 164.10 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 50.00 152.10 Td (programming fees, utilities, of) Tj ET Q q 0 0 0 rg BT 171.18 152.10 Td (fice expenses and salaries. Lastly) Tj ET Q q 0 0 0 rg BT 303.54 152.10 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 50.00 140.10 Td (marketing and promotions department, which we primarily incur to maintain and/or increase our audience and market share.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (KNOWN ) Tj ET Q q 0 0 0 rg BT 92.32 742.25 Td (TRENDS ) Tj ET Q q 0 0 0 rg BT 134.83 742.25 Td (AND UNCER) Tj ET Q q 0 0 0 rg BT 194.20 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 200.13 742.25 Td (AINTIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 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 50.00 713.25 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 50.00 701.25 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 50.00 689.25 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 50.00 677.25 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 50.00 665.25 Td (to conclude that the ef) Tj ET Q q 0 0 0 rg BT 138.67 665.25 Td (fectiveness of radio advertising has diminished.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 641.25 Td (The Company and the radio industry are leading several initiatives to address these issues. ) Tj ET Q q 0 0 0 rg BT 437.33 641.25 Td (The radio industry is working ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.25 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 499.31 629.25 Td (. Most ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.25 Td (smartphones currently sold in the United States contain an FM tuner) Tj ET Q q 0 0 0 rg BT 322.73 617.25 Td (. However) Tj ET Q q 0 0 0 rg BT 366.48 617.25 Td (, most wireless carriers in the United States have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.25 Td (not historically permitted the FM tuner to receive the free over) Tj ET Q q 0 0 0 rg BT 300.27 605.25 Td (-the-air local radio stations it was designed to receive. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.25 Td (Furthermore, in many countries outside the United States, enabled FM tuners are made available to smartphone consumers; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.25 Td (consequently) Tj ET Q q 0 0 0 rg BT 102.11 581.25 Td (, radio listening increases. ) Tj ET Q q 0 0 0 rg BT 210.70 581.25 Td (Activating FM as a feature on smartphones sold in the United States has the potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.25 Td (to increase radio listening and improve perception of the radio industry while of) Tj ET Q q 0 0 0 rg BT 369.73 569.25 Td (fering wireless network providers the benefits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.25 Td (of a proven emer) Tj ET Q q 0 0 0 rg BT 117.84 557.25 Td (gency notification system, reduced network congestion from audio streaming services, and a host of new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.25 Td (revenue generating applications. Emmis is at the leading edge of this initiative and has developed ) Tj ET Q q 0 0 0 rg BT 441.92 545.25 Td (T) Tj ET Q q 0 0 0 rg BT 447.33 545.25 Td (agStation) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 485.11 549.78 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.04 545.25 Td (, a cloud-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.25 Td (software platform that allows a broadcaster to manage album art, meta data and enhanced advertising on its various broadcasts, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.25 Td (and NextRadio) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 110.26 525.78 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.20 521.25 Td (, a smartphone application that marries over) Tj ET Q q 0 0 0 rg BT 290.77 521.25 Td (-the-air FM radio broadcasts with visual and interactive features, as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.25 Td (an industry solution to enrich the user experience of listening to free over) Tj ET Q q 0 0 0 rg BT 343.04 509.25 Td (-the-air radio broadcasts on their FM-enabled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 497.25 Td (smartphones. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 476.25 Td (On ) Tj ET Q q 0 0 0 rg BT 86.67 476.25 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 50.00 464.25 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 294.24 468.78 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.86 464.25 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 50.00 452.25 Td (wireless devices on the Sprint wireless network over a three-year period. In return, NextRadio LLC agreed to serve as a conduit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.25 Td (for the radio industry to pay Sprint $15 million per year in equal quarterly installments over the three year term and to share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.25 Td (with Sprint certain revenue generated by the NextRadio application. NextRadio LLC collects money from the radio industry ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.25 Td (and forwards it to Sprint. During the three years ended February 2014, 2015 and 2016, Emmis' funding of its share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.25 Td (NextRadio's payment to Sprint was $1.1 million, $0.5 million and $0.4 million, respectively) Tj ET Q q 0 0 0 rg BT 417.50 404.25 Td (. ) Tj ET Q q 0 0 0 rg BT 422.32 404.25 Td (These amounts are included in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.25 Td (station operating expenses in the accompanying consolidated statements of operations. Emmis has not guaranteed NextRadio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.25 Td (LLC's performance under this agreement and Sprint does not have recourse to any Emmis related entity other than NextRadio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.25 Td (LLC. ) Tj ET Q q 0 0 0 rg BT 73.33 368.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 123.24 368.25 Td (, the agreement does not limit the ability of NextRadio LLC to place the NextRadio application on FM-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.25 Td (enabled devices on other wireless networks. ) Tj ET Q q 0 0 0 rg BT 228.37 356.25 Td (Through February 29, 2016, the NextRadio application had not generated a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.25 Td (material amount of revenue.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 323.25 Td (Since the inception of NextRadio LLC's agreement with Sprint, NextRadio LLC has remitted to Sprint approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td ($31.0 million through February 29, 2016. NextRadio LLC is currently in arrears with Sprint, but is in discussions with radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (broadcasters and other companies involved in the radio industry to fund the remaining $14.0 million due to Sprint. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 278.25 Td (On July 27, 2015, NextRadio LLC entered into an agreement with ) Tj ET Q q 0 0 0 rg BT 339.39 278.25 Td (A) Tj ET Q q 0 0 0 rg BT 345.50 278.25 Td (T&T) Tj ET Q q 0 0 0 rg BT 365.32 278.25 Td ( whereby ) Tj ET Q q 0 0 0 rg BT 404.19 278.25 Td (A) Tj ET Q q 0 0 0 rg BT 410.31 278.25 Td (T&T) Tj ET Q q 0 0 0 rg BT 430.12 278.25 Td ( agreed to include FM chip ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.25 Td (activation in its ) Tj ET Q q 0 0 0 rg BT 113.60 266.25 Td (Android device specifications to wireless device manufacturers. In exchange, ) Tj ET Q q 0 0 0 rg BT 427.37 266.25 Td (A) Tj ET Q q 0 0 0 rg BT 433.49 266.25 Td (T&T) Tj ET Q q 0 0 0 rg BT 453.30 266.25 Td ( will receive a share of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 254.25 Td (certain revenue generated by the NextRadio application. In ) Tj ET Q q 0 0 0 rg BT 292.96 254.25 Td (August 2015, ) Tj ET Q q 0 0 0 rg BT 349.17 254.25 Td (T) Tj ET Q q 0 0 0 rg BT 354.36 254.25 Td (-Mobile expressed its intent to include FM chip ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 242.25 Td (activation in its device specifications. ) Tj ET Q q 0 0 0 rg BT 205.05 242.25 Td (T) Tj ET Q q 0 0 0 rg BT 210.46 242.25 Td (agStation LLC, the parent entity of NextRadio LLC and owner of the ) Tj ET Q q 0 0 0 rg BT 489.93 242.25 Td (T) Tj ET Q q 0 0 0 rg BT 495.34 242.25 Td (agStation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 230.25 Td (NextRadio applications, and ) Tj ET Q q 0 0 0 rg BT 165.90 230.25 Td (T) Tj ET Q q 0 0 0 rg BT 171.09 230.25 Td (-Mobile are working together to formalize this business relationship. BLU Products, an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 218.25 Td (American mobile phone manufacturer) Tj ET Q q 0 0 0 rg BT 202.04 218.25 Td (, began installing the NextRadio application as the native FM tuner for all its new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 206.25 Td (Android devices in the first half of 2016. ) Tj ET Q q 0 0 0 rg BT 218.12 206.25 Td (T) Tj ET Q q 0 0 0 rg BT 223.53 206.25 Td (agStation LLC and the radio industry continue to work with other leading United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 194.25 Td (States wireless network providers, device manufacturers, regulators and legislators to cause FM tuners to be enabled in all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 182.25 Td (smartphones.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 161.25 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 50.00 149.25 Td (assets used in the NextRadio and ) Tj ET Q q 0 0 0 rg BT 184.24 149.25 Td (T) Tj ET Q q 0 0 0 rg BT 189.65 149.25 Td (agStation businesses in the United States. ) Tj ET Q q 0 0 0 rg BT 358.06 149.25 Td (The call option may be exercised in ) Tj ET Q q 0 0 0 rg BT 502.73 149.25 Td (August 2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.28 137.25 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 50.00 125.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.76 125.25 Td (T) Tj ET Q q 0 0 0 rg BT 72.17 125.25 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 50.00 113.25 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 473.14 113.25 Td (, and no radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.25 Td (operator will be permitted to own more than 30% of the NextRadio and ) Tj ET Q q 0 0 0 rg BT 338.35 101.25 Td (T) Tj ET Q q 0 0 0 rg BT 343.76 101.25 Td (agStation businesses. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 80.25 Td (Along with the rest of the radio industry) Tj ET Q q 0 0 0 rg BT 234.16 80.25 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 84.78 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.27 80.25 Td (. HD Radio of) Tj ET Q q 0 0 0 rg BT 512.75 80.25 Td (fers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 68.25 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 56.25 Td (addition to of) Tj ET Q q 0 0 0 rg BT 103.70 56.25 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 56.25 Td (W) Tj ET Q q 0 0 0 rg BT 526.76 56.25 Td (e are ) 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 50.00 742.10 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 50.00 730.10 Td (based data to hand-held and in-car navigation devices. ) Tj ET Q q 0 0 0 rg BT 269.46 730.10 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 50.00 718.10 Td (the past year) Tj ET Q q 0 0 0 rg BT 100.13 718.10 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 50.00 706.10 Td (operate.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 685.10 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 50.00 673.10 Td (development of emer) Tj ET Q q 0 0 0 rg BT 134.79 673.10 Td (ging business opportunities by becoming one of the lar) Tj ET Q q 0 0 0 rg BT 354.01 673.10 Td (gest streaming audio providers in the United States, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 661.10 Td (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 50.00 649.10 Td (applications, harnessing the power of digital video on our websites and ) Tj ET Q q 0 0 0 rg BT 336.23 649.10 Td (Y) Tj ET Q q 0 0 0 rg BT 342.45 649.10 Td (ouT) Tj ET Q q 0 0 0 rg BT 358.21 649.10 Td (ube channels, and delivering real-time traf) Tj ET Q q 0 0 0 rg BT 527.40 649.10 Td (fic to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (navigation devices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 616.10 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 464.80 616.10 Td (Y) Tj ET Q q 0 0 0 rg BT 471.02 616.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 520.74 616.10 Td (Angeles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 604.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 86.47 604.10 Td (These markets account for approximately 50% of our radio net revenues. Our acquisition of ) Tj ET Q q 0 0 0 rg BT 455.89 604.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 520.71 604.10 Td (WLIB-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (AM in New ) Tj ET Q q 0 0 0 rg BT 99.90 592.10 Td (Y) Tj ET Q q 0 0 0 rg BT 106.12 592.10 Td (ork in fiscal 2015 enhanced our ability to adapt to competitive environment shifts in that market, but our single ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 580.10 Td (station in the Los ) Tj ET Q q 0 0 0 rg BT 121.11 580.10 Td (Angeles market, KPWR-FM, has less ability to adapt. Furthermore, some of our competitors that operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 568.10 Td (lar) Tj ET Q q 0 0 0 rg BT 60.37 568.10 Td (ger station clusters in New ) Tj ET Q q 0 0 0 rg BT 169.14 568.10 Td (Y) Tj ET Q q 0 0 0 rg BT 175.36 568.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 225.07 568.10 Td (Angeles are able to leverage their market share to extract a greater percentage of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 556.10 Td (available advertising revenue through packaging a variety of advertising inventory at discounted unit rates and may be able to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 544.10 Td (realize operating ef) Tj ET Q q 0 0 0 rg BT 126.99 544.10 Td (ficiencies by programming multiple stations in these markets. In February 2015, one of our lar) Tj ET Q q 0 0 0 rg BT 504.50 544.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (competitors changed the format of one of its radio stations in the Los ) Tj ET Q q 0 0 0 rg BT 327.99 532.10 Td (Angeles radio market to more directly compete with our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (radio station in Los ) Tj ET Q q 0 0 0 rg BT 129.44 520.10 Td (Angeles. In addition, the new station hired our former KPWR-FM morning radio host to be its morning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (radio host. ) Tj ET Q q 0 0 0 rg BT 94.54 508.10 Td (This development in Los ) Tj ET Q q 0 0 0 rg BT 196.19 508.10 Td (Angeles negatively impacted our financial performance in fiscal 2016 and we expect this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (to continue in fiscal 2017 and possibly in succeeding years. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 475.10 Td (Both the Los ) Tj ET Q q 0 0 0 rg BT 126.11 475.10 Td (Angeles and New ) Tj ET Q q 0 0 0 rg BT 199.33 475.10 Td (Y) Tj ET Q q 0 0 0 rg BT 205.55 475.10 Td (ork radio markets remain weak, down 0.2% and 2.5%, respectively) Tj ET Q q 0 0 0 rg BT 473.43 475.10 Td (, for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (February 29, 2016 as compared to the same period of the prior year) Tj ET Q q 0 0 0 rg BT 319.23 463.10 Td (, according to Miller Kaplan ) Tj ET Q q 0 0 0 rg BT 434.76 463.10 Td (Arase LLP) Tj ET Q q 0 0 0 rg BT 477.25 463.10 Td (, an independent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (public accounting firm used by the radio industry to compile revenue information. During the same period, KPWR-FM in Los ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (Angeles lagged the Los ) Tj ET Q q 0 0 0 rg BT 146.09 439.10 Td (Angeles radio market due to the introduction of a new format competitor) Tj ET Q q 0 0 0 rg BT 436.99 439.10 Td (, as discussed above, and our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 427.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 427.10 Td (ork cluster) Tj ET Q q 0 0 0 rg BT 119.32 427.10 Td (, which includes ) Tj ET Q q 0 0 0 rg BT 186.90 427.10 Td (WQHT) Tj ET Q q 0 0 0 rg BT 215.97 427.10 Td (-FM, ) Tj ET Q q 0 0 0 rg BT 238.57 427.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 303.39 427.10 Td (WLIB-AM, underperformed the New ) Tj ET Q q 0 0 0 rg BT 456.03 427.10 Td (Y) Tj ET Q q 0 0 0 rg BT 462.25 427.10 Td (ork radio market. ) Tj ET Q q 0 0 0 rg BT 533.71 427.10 Td (W) Tj ET Q q 0 0 0 rg BT 542.34 427.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (made several leadership changes in New ) Tj ET Q q 0 0 0 rg BT 214.56 415.10 Td (Y) Tj ET Q q 0 0 0 rg BT 220.78 415.10 Td (ork in January 2016, and financial performance in early fiscal 2017 has improved.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 394.10 Td (As part of our business strategy) Tj ET Q q 0 0 0 rg BT 199.72 394.10 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 50.00 382.10 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 524.73 382.10 Td (, Emmis' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (2014 Credit ) Tj ET Q q 0 0 0 rg BT 99.44 370.10 Td (Agreement substantially limits our ability to make acquisitions. ) Tj ET Q q 0 0 0 rg BT 355.61 370.10 Td (W) Tj ET Q q 0 0 0 rg BT 364.25 370.10 Td (e also regularly review our portfolio of assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 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 50.00 334.10 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 99.46 334.10 Td ( ) Tj ET Q q 0 0 0 rg BT 101.41 334.10 Td (ACCOUNTING POLICIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 317.10 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 50.00 305.10 Td (derive materially dif) Tj ET Q q 0 0 0 rg BT 131.45 305.10 Td (ferent results under dif) Tj ET Q q 0 0 0 rg BT 222.07 305.10 Td (ferent assumptions and conditions. ) Tj ET Q q 0 0 0 rg BT 363.26 305.10 Td (W) Tj ET Q q 0 0 0 rg BT 371.89 305.10 Td (e believe that our critical accounting policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.10 Td (are those described below) Tj ET Q q 0 0 0 rg BT 152.92 293.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 276.10 Td (Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 259.10 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 50.00 247.10 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 50.00 235.10 Td (conditions such as persuasive evidence that an arrangement exists and collection is reasonably assured. ) Tj ET Q q 0 0 0 rg BT 464.41 235.10 Td (These criteria are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 223.10 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 50.00 211.10 Td (publication revenue. ) Tj ET Q q 0 0 0 rg BT 133.58 211.10 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 50.00 199.10 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 77.00 178.10 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 50.00 166.10 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 50.00 154.10 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 50.00 142.10 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 50.00 130.10 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 74.00 113.10 Td (FCC Licenses and Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 96.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 96.10 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 84.10 Td (and goodwill assets. ) Tj ET Q q 0 0 0 rg BT 132.77 84.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.22 84.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.82 84.10 Td (, we have recorded approximately $219.8 million in goodwill and FCC licenses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (which represents approximately 69% of our total assets.) 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 74.00 742.10 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 50.00 730.10 Td (property) Tj ET Q q 0 0 0 rg BT 83.23 730.10 Td (. FCC licenses are renewed every eight years; consequently) Tj ET Q q 0 0 0 rg BT 320.55 730.10 Td (, we continually monitor our stations) Tj ET Q q 0 0 0 rg BT 470.34 730.10 Td ( compliance with the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (various regulatory requirements. Historically) Tj ET Q q 0 0 0 rg BT 229.30 718.10 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 50.00 706.10 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 362.50 706.10 Td (W) Tj ET Q q 0 0 0 rg BT 371.14 706.10 Td (e consider our FCC licenses to be indefinite-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (lived intangibles.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 677.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 677.10 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 50.00 665.10 Td (more frequently if events or circumstances indicate that an asset may be impaired. ) Tj ET Q q 0 0 0 rg BT 380.81 665.10 Td (When evaluating our radio broadcasting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 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 438.50 653.10 Td (Accounting Standards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (Codification \(ASC\) ) Tj ET Q q 0 0 0 rg BT 139.80 641.10 Td (T) Tj ET Q q 0 0 0 rg BT 145.21 641.10 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 50.00 629.10 Td (accounting, provided that they are not being operated under a Local Marketing ) Tj ET Q q 0 0 0 rg BT 366.83 629.10 Td (Agreement by another broadcaster) Tj ET Q q 0 0 0 rg BT 504.27 629.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 612.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 612.10 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 50.00 600.10 Td (whenever triggering events suggest such testing is warranted.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 583.10 Td (V) Tj ET Q q 0 0 0 rg BT 79.00 583.10 Td (aluation of Indefinite-lived Br) Tj ET Q q 0 0 0 rg BT 198.33 583.10 Td (oadcasting Licenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 566.10 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 50.00 554.10 Td (liability in an orderly transaction between market participants at the measurement date. ) Tj ET Q q 0 0 0 rg BT 400.52 554.10 Td (T) Tj ET Q q 0 0 0 rg BT 405.93 554.10 Td (o determine the fair value of our FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 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 50.00 530.10 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 50.00 518.10 Td (commencing operations in its respective market at the beginning of the valuation period. ) Tj ET Q q 0 0 0 rg BT 406.38 518.10 Td (This cash flow stream is discounted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (arrive at a value for the FCC license. ) Tj ET Q q 0 0 0 rg BT 199.49 506.10 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 50.00 494.10 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 50.00 482.10 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 50.00 470.10 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 50.00 458.10 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 50.00 446.10 Td (changes in general economic conditions, audience behavior) Tj ET Q q 0 0 0 rg BT 287.56 446.10 Td (, consummated transactions, and numerous other variables that may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (be beyond our control. ) Tj ET Q q 0 0 0 rg BT 142.85 434.10 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 50.00 422.10 Td (consideration.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 405.10 Td (Below are some of the key assumptions used in our annual impairment assessments. ) Tj ET Q q 0 0 0 rg BT 412.83 405.10 Td (As part of both of our December 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 393.10 Td (2014 and December 1, 2015 annual impairment assessments, we reduced long-term growth rates in the markets in which we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (operate based on recent industry trends and our expectations for the markets going forward. ) Tj ET Q q 0 0 0 rg BT 418.86 381.10 Td (The methodology used to value our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (FCC licenses has not changed in the three-year period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.92 369.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.52 369.10 Td (.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 340.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 340.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 340.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 340.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 340.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 310.60 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 310.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 310.60 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 310.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 310.60 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 329.5 340.6 m 404.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 340.6 m 483.5 340.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 340.6 m 562.5 340.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 344.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 344.83 Td (December1,2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 344.83 Td (December1,2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.25 344.83 Td (December1,2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 331.17 Td (Discount Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 330.27 Td (12.0%-12.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 330.27 Td (12.1%-12.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 330.27 Td (12.0%-12.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.17 Td (Long-term Revenue Growth Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 315.27 Td (2.3%-3.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 315.27 Td (1.5%-3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 315.27 Td (1.3%-2.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 301.17 Td (Mature Market Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 300.27 Td (3.5%-30.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 300.27 Td (3.2%-29.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 300.27 Td (3.2%-29.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 286.17 Td (Operating Profit Margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 285.27 Td (25.0%-39.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 285.27 Td (25.1%-39.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 285.27 Td (25.0%-39.1%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 264.10 Td (In connection with the ) Tj ET Q q 0 0 0 rg BT 165.65 264.10 Td (April 2012 LMA) Tj ET Q q 0 0 0 rg BT 233.42 264.10 Td ( of 98.7FM in New ) Tj ET Q q 0 0 0 rg BT 312.50 264.10 Td (Y) Tj ET Q q 0 0 0 rg BT 318.72 264.10 Td (ork previously discussed, the Company separated its New ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.10 Td (Y) Tj ET Q q 0 0 0 rg BT 56.22 252.10 Td (ork stations into two separate units of accounting \(one consisting of 98.7FM and the other consisting of our remaining stations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.10 Td (in New ) Tj ET Q q 0 0 0 rg BT 81.29 240.10 Td (Y) Tj ET Q q 0 0 0 rg BT 87.51 240.10 Td (ork\). ) Tj ET Q q 0 0 0 rg BT 111.12 240.10 Td (As part of the annual impairment testing as of December 1, 2014, the Company recorded an impairment char) Tj ET Q q 0 0 0 rg BT 546.63 240.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.10 Td (related to the 98.7FM FCC license of $9.5 million and also recorded $0.1 million of impairment related to our ) Tj ET Q q 0 0 0 rg BT 492.51 228.10 Td (T) Tj ET Q q 0 0 0 rg BT 497.92 228.10 Td (erre Haute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.10 Td (radio cluster) Tj ET Q q 0 0 0 rg BT 99.15 216.10 Td (. ) Tj ET Q q 0 0 0 rg BT 106.47 216.10 Td (These impairments were mostly related to market revenue performance during calendar 2014 that was below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.10 Td (expectations as well as lowered expectations for future long-term revenue growth rates. ) Tj ET Q q 0 0 0 rg BT 404.32 204.10 Td (As part of the annual impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.10 Td (testing as of December 1, 2015, the Company recorded an impairment char) Tj ET Q q 0 0 0 rg BT 350.55 192.10 Td (ge related to the 98.7FM FCC license of $1.8 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.10 Td (million and also recorded $3.7 million of impairment related to our St. Louis, ) Tj ET Q q 0 0 0 rg BT 361.61 180.10 Td (Austin and ) Tj ET Q q 0 0 0 rg BT 407.54 180.10 Td (T) Tj ET Q q 0 0 0 rg BT 412.95 180.10 Td (erre Haute radio clusters. Similar to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (the prior year) Tj ET Q q 0 0 0 rg BT 103.46 168.10 Td (, these impairments were mostly related to market revenue performance during calendar 2015 that was below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (expectations as well as lowered expectations for future long-term revenue growth rates.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 74.00 139.10 Td (V) Tj ET Q q 0 0 0 rg BT 79.00 139.10 Td (aluation of Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 122.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 95.77 122.10 Td (T) Tj ET Q q 0 0 0 rg BT 101.18 122.10 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 527.02 122.10 Td (The first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 110.10 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 452.48 110.10 Td (The Company conducts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 98.10 Td (the two-step impairment test on December1 of each fiscal year) Tj ET Q q 0 0 0 rg BT 302.83 98.10 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 86.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 80.37 86.10 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 74.10 Td (value of each of the Company) Tj ET Q q 0 0 0 rg BT 173.01 74.10 Td (s reporting units \(radio stations grouped by market, excluding any stations being operated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 62.10 Td (pursuant to an LMA, and magazines on an individual basis\). 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 50.10 Td (units by multiplying the two-year average station operating income generated by each reporting unit \(current year based on ) Tj ET Q endstream endobj 59 0 obj <>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 50 771.2669921875 m 120.9521484375 771.2669921875 l s q 0 0 1 rg BT 50.00 772.60 Td (T) Tj ET Q q 0 0 1 rg BT 55.41 772.60 Td (able of Contents) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (actual results and the next year based on budgeted results\) by an estimated market multiple. ) Tj ET Q q 0 0 0 rg BT 418.59 742.10 Td (The Company uses a blended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 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 50.00 718.10 Td (radio reporting units. ) Tj ET Q q 0 0 0 rg BT 136.47 718.10 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 50.00 706.10 Td (magazines as is our publishing segment. ) Tj ET Q q 0 0 0 rg BT 213.40 706.10 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 50.00 694.10 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 50.00 682.10 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 50.00 670.10 Td (December1, 2015, the Company applied a market multiple of 8.0 times and 6.0 times the reporting unit) Tj ET Q q 0 0 0 rg BT 467.96 670.10 Td (s operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (performance for our radio and publishing reporting units, respectively) Tj ET Q q 0 0 0 rg BT 328.99 658.10 Td (. Management believes this methodology for valuing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 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 50.00 634.10 Td (our peer comparisons and market transactions. ) Tj ET Q q 0 0 0 rg BT 238.37 634.10 Td (T) Tj ET Q q 0 0 0 rg BT 243.78 634.10 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 50.00 622.10 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 50.00 610.10 Td (determine the fair value of the reporting unit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 593.10 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 50.00 581.10 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 50.00 569.10 Td (test. For its step-two testing, the enterprise value is allocated among the tangible assets, indefinite-lived intangible assets \(FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (licenses valued using a direct-method valuation approach\) 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 50.00 545.10 Td (residual amount representing the implied fair value of the goodwill. ) Tj ET Q q 0 0 0 rg BT 322.80 545.10 Td (T) Tj ET Q q 0 0 0 rg BT 328.21 545.10 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 50.00 533.10 Td (the implied fair value of the goodwill, the dif) Tj ET Q q 0 0 0 rg BT 230.05 533.10 Td (ference is recorded as an impairment char) Tj ET Q q 0 0 0 rg BT 397.00 533.10 Td (ge in the statement of operations. ) Tj ET Q q 0 0 0 rg BT 532.06 533.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 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 403.79 521.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.39 521.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 504.10 Td (During our December 1, 2014 annual goodwill impairment test, the Company wrote of) Tj ET Q q 0 0 0 rg BT 420.96 504.10 Td (f $58.4 million of goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (associated with our ) Tj ET Q q 0 0 0 rg BT 129.52 492.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 194.34 492.10 Td (WLIB-AM radio stations in New ) Tj ET Q q 0 0 0 rg BT 329.22 492.10 Td (Y) Tj ET Q q 0 0 0 rg BT 335.44 492.10 Td (ork. ) Tj ET Q q 0 0 0 rg BT 356.09 492.10 Td (W) Tj ET Q q 0 0 0 rg BT 364.73 492.10 Td (e began programming these stations on March 1, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (2014 pursuant to an LMA) Tj ET Q q 0 0 0 rg BT 153.33 480.10 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 50.00 468.10 Td (13, 2015. ) Tj ET Q q 0 0 0 rg BT 92.32 468.10 Td (W) Tj ET Q q 0 0 0 rg BT 100.96 468.10 Td (e accounted for the acquisition of the stations as a purchase in June 2014. ) Tj ET Q q 0 0 0 rg BT 398.65 468.10 Td (According to Miller Kaplan, gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (revenues for the New ) Tj ET Q q 0 0 0 rg BT 137.92 456.10 Td (Y) Tj ET Q q 0 0 0 rg BT 144.15 456.10 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 50.00 444.10 Td (for the year) Tj ET Q q 0 0 0 rg BT 95.53 444.10 Td (. ) Tj ET Q q 0 0 0 rg BT 102.48 444.10 Td (Although our New ) Tj ET Q q 0 0 0 rg BT 179.60 444.10 Td (Y) Tj ET Q q 0 0 0 rg BT 185.82 444.10 Td (ork cluster outperformed the market for the year) Tj ET Q q 0 0 0 rg BT 378.39 444.10 Td (, financial performance at the newly acquired ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 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 50.00 420.10 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 50.00 408.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 408.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 408.10 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 393.10 408.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 457.92 408.10 Td (WLIB-AM, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (impaired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 379.10 Td (During our December 1, 2015 annual goodwill impairment test, the Company wrote of) Tj ET Q q 0 0 0 rg BT 419.46 379.10 Td (f $0.7 million of goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (associated with Digonex, our dynamic pricing business. Emmis acquired a controlling interest in Digonex in June 2014. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 355.10 Td (connection with our acquisition of a controlling interest of Digonex, Emmis recorded approximately $2.8 million of goodwill. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (Although Emmis still believes that Digonex's long-term prospects remain strong, Digonex's performance since Emmis' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (acquisition of a controlling interest has lagged original expectations. Digonex failed the step-one analysis and upon completing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (the step-two analysis, Emmis determined that the goodwill of Digonex was partially impaired and recorded a $0.7 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 307.10 Td (ge during the three months ended February 29, 2016. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (Sensitivity ) Tj ET Q q 0 0 0 rg BT 93.42 290.10 Td (Analysis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 273.10 Td (Based on the results of our December1, 2015 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 50.00 261.10 Td (was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.31 261.10 Td ($291.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.20 261.10 Td (, which was in excess of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.62 261.10 Td ($205.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.51 261.10 Td ( carrying value by $86.5 million, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.20 261.10 Td (42.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.03 261.10 Td (. ) Tj ET Q q 0 0 0 rg BT 535.85 261.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.10 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 50.00 237.10 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 50.00 225.10 Td (may be needed.) Tj ET Q 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 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 701.50 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 701.50 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 701.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 701.50 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 701.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 701.50 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 671.50 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 671.50 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 671.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 671.50 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 671.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 671.50 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 641.50 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 641.50 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 641.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 641.50 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 641.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 641.50 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 611.50 174.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 224.50 611.50 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 611.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 611.50 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 611.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 611.50 110.00 -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 224.5 735.5 m 334.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 735.5 m 338.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 735.5 m 448.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 735.5 m 452.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 735.5 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 224.5 722.5 m 334.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 334.5 722.5 m 338.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 722.5 m 448.5 722.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 701.5 m 334.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 701.5 m 448.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 701.5 m 562.5 701.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 596.5 m 334.5 596.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 596.5 m 448.5 596.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 596.5 m 562.5 596.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 582.5 m 334.5 582.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 580.5 m 334.5 580.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 582.5 m 448.5 582.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 580.5 m 448.5 580.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 582.5 m 562.5 582.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 580.5 m 562.5 580.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 739.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.70 739.73 Td (Radio Broadcasting Licenses) Tj ET Q BT /F1 8.00 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 (1,2015) 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 (1,2015) 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 (108,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 691.17 Td (52.0) 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 (49,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 676.17 Td (49,297) 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 (36,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 661.17 Td (36,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 661.17 Td () 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 (26,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 646.17 Td (26,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 646.17 Td () 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 (18,166) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.15 631.17 Td (19,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 631.17 Td (8.7) 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 (49,743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.65 616.17 Td (2,365.0) 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 (722) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 601.17 Td (722) 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 (205,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.15 586.17 Td (291,677) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 586.17 Td (42.2) 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, 2015, the resulting impairment char) Tj ET Q q 0 0 0 rg BT 346.67 541.00 Td (ge would have been $35.1 million, $23.5 million and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.00 Td ($17.2 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 recorded for financial reporting purposes as compared to amounts recorded for income tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 387.00 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 90.00 387.00 Td (After determining the total amount of deferred tax assets, the Company determines whether it is more likely than not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.00 Td (that some portion of the deferred tax assets will not be realized. If the Company determines that a deferred tax asset is not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.00 Td (likely to be 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 $0.8 million and $0.7 million accrued for employee healthcare claims as of February28 \(29\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 293.00 Td (2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.44 293.00 Td (2016) 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 (February29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 226.00 Td (2016) 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. ) Tj ET Q q 0 0 0 rg BT 440.49 124.00 Td (As Emmis controlled the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.00 Td (board of directors of Digonex as of its initial investment on June 16, 2014, Emmis began consolidating the results of Digonex ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.00 Td (as of that date. Subsequent to its consolidation of Digonex, Emmis has contributed an additional $4.5 million to Digonex in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.00 Td (form of convertible debt, which has resulted in Emmis owning rights that are convertible into at least 76% of the common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.00 Td (equity of Digonex. ) Tj ET Q endstream endobj 63 0 obj <>] /Rotate 0 /Contents 64 0 R>> endobj 64 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 (31) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 388.10 Td (RESUL) Tj ET Q q 0 0 0 rg BT 82.43 388.10 Td (TS OF) Tj ET Q q 0 0 0 rg BT 110.67 388.10 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 147.43 388.10 Td (TIONS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (YEAR ENDED FEBRUAR) Tj ET Q q 0 0 0 rg BT 165.82 364.10 Td (Y) Tj ET Q q 0 0 0 rg BT 172.67 364.10 Td ( 28, 2015 COMP) Tj ET Q q 0 0 0 rg BT 242.48 364.10 Td (ARED ) Tj ET Q q 0 0 0 rg BT 273.13 364.10 Td (T) Tj ET Q q 0 0 0 rg BT 279.62 364.10 Td (O ) Tj ET Q q 0 0 0 rg BT 289.53 364.10 Td (YEAR ENDED FEBRUAR) Tj ET Q q 0 0 0 rg BT 405.85 364.10 Td (Y) Tj ET Q q 0 0 0 rg BT 412.70 364.10 Td ( 29, 2016) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 343.10 Td (Net r) Tj ET Q q 0 0 0 rg BT 71.25 343.10 Td (evenues:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 284.60 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.00 284.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 284.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 284.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 284.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 284.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 254.60 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.00 254.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 254.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 254.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 254.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 254.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 254.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 254.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 224.60 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.00 224.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.00 224.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.00 224.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.00 224.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.00 224.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.00 224.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 224.60 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 270 310.6 m 340 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 310.6 m 344 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 310.6 m 414 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 310.6 m 340 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 297.6 m 340 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 310.6 m 414 310.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 297.6 m 414 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 297.6 m 488 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 297.6 m 562 297.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 224.60000000000002 m 340 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 224.60000000000002 m 414 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 224.60000000000002 m 488 224.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 210.60000000000002 m 340 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270 208.60000000000002 m 340 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 210.60000000000002 m 414 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344 208.60000000000002 m 414 208.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 210.60000000000002 m 488 210.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418 208.60000000000002 m 488 208.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 314.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.80 314.83 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.50 314.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.50 314.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 301.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.50 301.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.50 301.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.35 301.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.35 301.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 288.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.20 288.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.50 288.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 275.17 Td (Net revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 260.17 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.50 259.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 259.27 Td (176,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.50 259.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 259.27 Td (169,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 259.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 259.32 Td (\(7,022) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 259.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.95 259.27 Td (\(4.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 259.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 245.17 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.65 244.27 Td (61,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.65 244.27 Td (60,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.80 244.32 Td (\(150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 244.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.95 244.27 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 244.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 230.17 Td (Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 229.27 Td (546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.65 229.27 Td (1,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.15 229.27 Td (667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 229.27 Td (122.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 229.27 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 215.17 Td (Total net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.65 214.27 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.65 214.27 Td (231,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 214.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.30 214.32 Td (\(6,505) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.15 214.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.95 214.27 Td (\(2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 214.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 186.10 Td (Radio net revenues decreased during the year ended February 29, 2016 due to general declines in radio revenues in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.10 Td (markets where we operate radio stations, coupled with below-market performance for our stations in New ) Tj ET Q q 0 0 0 rg BT 475.10 174.10 Td (Y) Tj ET Q q 0 0 0 rg BT 481.32 174.10 Td (ork, Los ) Tj ET Q q 0 0 0 rg BT 516.59 174.10 Td (Angeles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.89 162.10 Td (Austin. ) Tj ET Q q 0 0 0 rg BT 99.88 162.10 Td (W) Tj ET Q q 0 0 0 rg BT 108.51 162.10 Td (e typically monitor the performance of our stations against the aggregate performance of the markets in which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.10 Td (we 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 49.50 138.10 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 494.13 138.10 Td (T) Tj ET Q q 0 0 0 rg BT 499.54 138.10 Td (erre Haute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (radio market. ) Tj ET Q q 0 0 0 rg BT 104.76 126.10 Td (A) Tj ET Q q 0 0 0 rg BT 111.43 126.10 Td ( summary of market revenue performance and Emmis) Tj ET Q q 0 0 0 rg BT 329.77 126.10 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 49.50 114.10 Td (February29, 2016 is presented below:) 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 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 712.50 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 712.50 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 712.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 712.50 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 684.50 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 684.50 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 684.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 684.50 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 656.50 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 656.50 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.00 656.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.00 656.50 100.00 -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 354 736.5 m 454 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454 736.5 m 458 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 736.5 m 558 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 712.5 m 454 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458 712.5 m 558 712.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 740.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.05 740.58 Td (FortheyearendedFebruary29,2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 728.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.70 728.58 Td (Overall Market) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.50 728.58 Td (Emmis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 716.58 Td (Market) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.60 716.58 Td (RevenuePerformance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.00 716.58 Td (RevenuePerformance ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 545.75 721.11 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 703.07 Td (New York) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.95 703.07 Td (\(2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 703.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 703.07 Td (\(4.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 703.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 689.07 Td (Los Angeles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.95 689.07 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 689.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.95 689.07 Td (\(14.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 689.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 675.07 Td (St. Louis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.95 675.07 Td (\(3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 675.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 675.07 Td (2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 675.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 661.07 Td (Indianapolis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.95 661.07 Td (\(1.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 661.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 661.07 Td (4.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 661.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 647.07 Td (Austin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.95 647.07 Td (\(2.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 647.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 647.07 Td (\(4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 647.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 633.07 Td (All Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.95 633.07 Td (\(1.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.80 633.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 633.07 Td (\(4.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.80 633.07 Td (%\)) 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 49.50 614.02 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.10 610.40 Td ( Emmis revenue performance in New ) Tj ET Q q 0 0 0 rg BT 173.53 610.40 Td (Y) Tj ET Q q 0 0 0 rg BT 178.51 610.40 Td (ork excludes the results of ) Tj ET Q q 0 0 0 rg BT 264.34 610.40 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 73.50 589.40 Td (In Los ) Tj ET Q q 0 0 0 rg BT 101.28 589.40 Td (Angeles, our weak performance mostly related to a new format competitor that began directly competing against ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 577.40 Td (our station there in February 2015. ) Tj ET Q q 0 0 0 rg BT 193.18 577.40 Td (The revenue impact was most pronounced in the second half of fiscal 2016. Emmis expects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 565.40 Td (a similar decline for our station in the first half of fiscal 2017 as we experienced in the back half of fiscal 2016. However) Tj ET Q q 0 0 0 rg BT 532.82 565.40 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 553.40 Td (Emmis expects these declines to abate beginning in the third quarter of fiscal 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 532.40 Td (Publishing net revenues were flat for the year ended February 29, 2016 as strong performance by the division in general, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.40 Td (and ) Tj ET Q q 0 0 0 rg BT 66.26 520.40 Td (T) Tj ET Q q 0 0 0 rg BT 71.67 520.40 Td (exas Monthly in particular) Tj ET Q q 0 0 0 rg BT 177.07 520.40 Td (, in the first half of the fiscal year were of) Tj ET Q q 0 0 0 rg BT 343.21 520.40 Td (fset by weakness in the second half of the fiscal year) Tj ET Q q 0 0 0 rg BT 553.14 520.40 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 499.40 Td ( Emer) Tj ET Q q 0 0 0 rg BT 99.97 499.40 Td (ging ) Tj ET Q q 0 0 0 rg BT 120.07 499.40 Td (T) Tj ET Q q 0 0 0 rg BT 125.48 499.40 Td (echnologies consist of our NextRadio, ) Tj ET Q q 0 0 0 rg BT 280.83 499.40 Td (T) Tj ET Q q 0 0 0 rg BT 286.24 499.40 Td (agStation, and Digonex businesses. Current revenues primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 487.40 Td (relate to licensing fees of our ) Tj ET Q q 0 0 0 rg BT 168.16 487.40 Td (T) Tj ET Q q 0 0 0 rg BT 173.57 487.40 Td (agStation software. ) Tj ET Q q 0 0 0 rg BT 253.09 487.40 Td (These fees are recognized as revenue over the life of the license agreement, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 475.40 Td (which is typically two years. ) Tj ET Q q 0 0 0 rg BT 166.52 475.40 Td (T) Tj ET Q q 0 0 0 rg BT 171.93 475.40 Td (agStation supplements radio broadcasts with visual content \(e.g., album art, artist information, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 463.40 Td (etc.\) and enhanced ads for display on HD Radio dashboards, HD Radio devices, and the NextRadio application. ) Tj ET Q q 0 0 0 rg BT 498.92 463.40 Td (The increase in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.40 Td (net revenues of Emer) Tj ET Q q 0 0 0 rg BT 134.56 451.40 Td (ging ) Tj ET Q q 0 0 0 rg BT 154.66 451.40 Td (T) Tj ET Q q 0 0 0 rg BT 160.07 451.40 Td (echnologies for the year ended February 29, 2016 is due to additional stations licensing the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.40 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 439.40 Td (agStation software as well as Digonex revenues. Since Emmis acquired its controlling interest in Digonex on June 16, 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 427.40 Td (Digonex net revenues were included in our consolidated results for only a portion of the prior year) Tj ET Q q 0 0 0 rg BT 442.72 427.40 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 406.40 Td (Station operating expenses excluding LMA) Tj ET Q q 0 0 0 rg BT 232.29 406.40 Td ( fees and depr) Tj ET Q q 0 0 0 rg BT 291.83 406.40 Td (eciation and amortization expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 347.90 233.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 347.90 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 347.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 347.90 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 347.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 347.90 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 347.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 347.90 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 307.90 233.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 307.90 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 307.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 307.90 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 307.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 307.90 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 307.90 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 307.90 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 277.90 233.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 277.90 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 277.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 277.90 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 277.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 277.90 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 277.90 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 277.90 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 283 373.9 m 350 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 373.9 m 354 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 373.9 m 420 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 373.9 m 350 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 360.9 m 350 360.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 373.9 m 420 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 360.9 m 420 360.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 360.9 m 491 360.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 360.9 m 562 360.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 277.9 m 350 277.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 277.9 m 420 277.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 277.9 m 491 277.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 253.89999999999998 m 350 253.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 251.89999999999998 m 350 251.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 253.89999999999998 m 420 253.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 251.89999999999998 m 420 251.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 253.89999999999998 m 491 253.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 251.89999999999998 m 491 251.89999999999998 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 378.15 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.30 378.13 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.50 378.15 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 378.15 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 365.15 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 365.13 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 365.13 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 365.13 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 365.13 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 352.15 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 352.13 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 352.15 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 338.47 Td (Station operating expenses excluding LMA fees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 328.47 Td (depreciation and amortization expense:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 313.47 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 312.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 312.57 Td (117,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 312.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 312.57 Td (116,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 312.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 312.62 Td (\(305) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 312.57 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.95 312.57 Td (\(0.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 312.57 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 298.47 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.65 297.57 Td (60,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 297.57 Td (58,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 297.62 Td (\(1,192) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 297.57 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.95 297.57 Td (\(2.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 297.57 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 283.47 Td (Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 282.57 Td (3,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 282.57 Td (7,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 282.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 282.57 Td (3,882) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.30 282.57 Td (103.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 282.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 268.47 Td (Total station operating expenses excluding LMA fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 258.47 Td (and depreciation and amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 257.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.65 257.57 Td (181,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 257.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.65 257.57 Td (183,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 257.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 257.57 Td (2,385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.30 257.57 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 257.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 232.40 Td (Radio station operating expenses, excluding LMA) Tj ET Q q 0 0 0 rg BT 274.02 232.40 Td ( fees and depreciation and amortization expense were mostly flat for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.40 Td (the year ended February 29, 2016 due to a variety of of) Tj ET Q q 0 0 0 rg BT 269.80 220.40 Td (fsetting items. ) Tj ET Q q 0 0 0 rg BT 331.28 220.40 Td (These items include \(i\) increased marketing expenses in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.40 Td (Los ) Tj ET Q q 0 0 0 rg BT 66.45 208.40 Td (Angeles for KPWR-FM, \(ii\) severance costs of $2.3 million primarily associated with cost reductions implemented in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.40 Td (January 2016, \(iii\) reduced operating expenses in January 2016 and February 2016 as a result of the January 2016 cost ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.40 Td (reductions and \(iv\) lower commission expense and other revenue-related expenses due to lower revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 163.40 Td (Station operating expenses excluding depreciation and amortization expense for publishing decreased during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.40 Td (ended February 29, 2016 primarily due to lower magazine production costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 130.40 Td (Station operating expenses excluding depreciation and amortization expense for emer) Tj ET Q q 0 0 0 rg BT 415.70 130.40 Td (ging technologies increased during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.40 Td (the year ended February 29, 2016 mostly due to increased headcount and development expenses associated with ) Tj ET Q q 0 0 0 rg BT 500.57 118.40 Td (T) Tj ET Q q 0 0 0 rg BT 505.98 118.40 Td (agStation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.40 Td (NextRadio as well as expenses of Digonex, which was acquired in the second quarter of the prior fiscal year and only included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.40 Td (in our consolidated results for a portion of the prior year) Tj ET Q q 0 0 0 rg BT 273.88 94.40 Td (.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Corporate expenses excluding depr) Tj ET Q q 0 0 0 rg BT 199.59 742.25 Td (eciation and amortization expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 683.75 233.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 683.75 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 683.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 683.75 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 683.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 683.75 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 683.75 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 683.75 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 283 709.75 m 349 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 709.75 m 353 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 709.75 m 420 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 709.75 m 349 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 696.75 m 349 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 709.75 m 420 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 696.75 m 420 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 696.75 m 491 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 696.75 m 562 696.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 714.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.30 713.98 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.50 714.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 714.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 701.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 700.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 700.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 700.98 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 700.98 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 688.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 687.98 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 688.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 674.32 Td (Corporate expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 664.32 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 663.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 663.42 Td (14,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 663.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 663.42 Td (13,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 663.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 663.47 Td (\(1,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 663.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.95 663.42 Td (\(12.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 663.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 638.25 Td (Corporate expenses excluding depreciation and amortization expense decreased during the year ended February 29, 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.25 Td (mostly due to lower legal fees associated with our preferred stock litigation coupled with reduced discretionary spending. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.40 614.25 Td (, ef) Tj ET Q q 0 0 0 rg BT 111.99 614.25 Td (fective January 2016, our executive of) Tj ET Q q 0 0 0 rg BT 265.08 614.25 Td (ficers and other key employees agreed to a 5% pay reduction for calendar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.25 Td (2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 581.25 Td (LMA) Tj ET Q q 0 0 0 rg BT 72.28 581.25 Td ( fees:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 525.75 305.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.00 525.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 525.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 525.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 525.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 525.75 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 355 549.75 m 421 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 549.75 m 425 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 549.75 m 492 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 549.75 m 421 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355 537.75 m 421 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 549.75 m 492 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 537.75 m 492 537.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 537.75 m 563 537.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 553.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 359.90 553.83 Td (FortheyearendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 553.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 541.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.50 541.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 450.00 541.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.85 541.83 Td ($Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 529.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.20 529.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 516.32 Td (LMA fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.50 516.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 516.32 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 516.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 516.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.50 516.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.30 516.37 Td (\(4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.15 516.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 491.25 Td (On February 1) Tj ET Q q 0 0 0 rg BT 129.95 491.25 Td (1, 2014, Emmis and ) Tj ET Q q 0 0 0 rg BT 212.35 491.25 Td (YMF entered into an LMA) Tj ET Q q 0 0 0 rg BT 320.12 491.25 Td ( for ) Tj ET Q q 0 0 0 rg BT 336.59 491.25 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 401.41 491.25 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 480.19 491.25 Td (Y) Tj ET Q q 0 0 0 rg BT 486.41 491.25 Td (ork. ) Tj ET Q q 0 0 0 rg BT 504.19 491.25 Td (As discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 479.25 Td (in Note 1 to the accompanying consolidated financial statements, on March 1, 2014, Emmis began providing programming and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.25 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 492.40 467.25 Td (YMF for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.25 Td (right to program the stations and sell advertising. ) Tj ET Q q 0 0 0 rg BT 247.89 455.25 Td (The monthly LMA) Tj ET Q q 0 0 0 rg BT 323.45 455.25 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 49.50 443.25 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 396.99 443.25 Td (fective with the second closing on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.25 Td (February 13, 2015. ) Tj ET Q q 0 0 0 rg BT 127.92 431.25 Td (The LMA) Tj ET Q q 0 0 0 rg BT 167.63 431.25 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 49.50 419.25 Td (stations on June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 155.33 419.25 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 204.67 419.25 Td (, LMA) Tj ET Q q 0 0 0 rg BT 231.34 419.25 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 49.50 398.25 Td (Hungary license litigation expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 342.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 342.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 342.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 342.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 342.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 342.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 342.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 342.75 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 283 366.75 m 349 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 366.75 m 353 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 366.75 m 420 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 366.75 m 349 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 354.75 m 349 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 366.75 m 420 366.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 354.75 m 420 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 354.75 m 491 354.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 354.75 m 562 354.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 370.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.90 370.83 Td (FortheyearendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.50 370.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 370.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 358.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 358.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 358.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 358.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 358.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 346.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 346.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 346.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 333.32 Td (Hungary license litigation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 333.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.15 333.32 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 333.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 333.32 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 333.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.80 333.37 Td (\(521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 333.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.95 333.32 Td (\(100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 333.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 308.25 Td (On October 28, 2009, the Hungarian National Radio and ) Tj ET Q q 0 0 0 rg BT 300.93 308.25 Td (T) Tj ET Q q 0 0 0 rg BT 306.34 308.25 Td (elevision Board \(OR) Tj ET Q q 0 0 0 rg BT 388.50 308.25 Td (TT\) announced that it was awarding to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (another bidder the national radio license then held by our majority-owned subsidiary) Tj ET Q q 0 0 0 rg BT 387.37 296.25 Td (, Slager) Tj ET Q q 0 0 0 rg BT 417.36 296.25 Td (. Slager ceased broadcasting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 284.25 Td (fective November 19, 2009. ) Tj ET Q q 0 0 0 rg BT 171.32 284.25 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 49.50 272.25 Td (October 201) Tj ET Q q 0 0 0 rg BT 98.84 272.25 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 49.50 260.25 Td (seeking resolution of its claim. In ) Tj ET Q q 0 0 0 rg BT 185.31 260.25 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 49.50 248.25 Td (the merits of Emmis' claim. ) Tj ET Q q 0 0 0 rg BT 162.21 248.25 Td (W) Tj ET Q q 0 0 0 rg BT 170.85 248.25 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 49.50 236.25 Td (Dutch holding companies in December 2014. ) Tj ET Q q 0 0 0 rg BT 233.44 236.25 Td (W) Tj ET Q q 0 0 0 rg BT 242.08 236.25 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 49.50 215.25 Td (Impairment loss on intangible assets:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 158.75 264.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 314.00 158.75 68.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 382.00 158.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 386.00 158.75 62.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.00 158.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.00 158.75 53.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 505.00 158.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 509.00 158.75 54.00 -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 314 182.75 m 382 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 382 182.75 m 386 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 182.75 m 448 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 182.75 m 382 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314 170.75 m 382 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 182.75 m 448 182.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 386 170.75 m 448 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452 170.75 m 505 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 170.75 m 509 170.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 170.75 m 563 170.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 187.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.40 186.98 Td (FortheyearendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.50 187.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 174.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.50 174.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.50 174.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.85 174.83 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.35 174.83 Td (% Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 162.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.70 162.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 149.32 Td (Impairment loss on intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.50 149.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 149.32 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 149.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.65 149.32 Td (9,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.50 149.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.30 149.37 Td (\(58,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.15 149.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 149.32 Td (\(86.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 149.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 124.25 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 49.50 112.25 Td (license for 98.7FM in New ) Tj ET Q q 0 0 0 rg BT 159.67 112.25 Td (Y) Tj ET Q q 0 0 0 rg BT 165.89 112.25 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 49.50 100.25 Td (licenses of our ) Tj ET Q q 0 0 0 rg BT 110.13 100.25 Td (T) Tj ET Q q 0 0 0 rg BT 115.54 100.25 Td (erre Haute radio cluster were impaired by $9.5 million. ) Tj ET Q q 0 0 0 rg BT 340.84 100.25 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 88.25 Td (associated with its acquisition of ) Tj ET Q q 0 0 0 rg BT 182.35 88.25 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 247.17 88.25 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 325.95 88.25 Td (Y) Tj ET Q q 0 0 0 rg BT 332.17 88.25 Td (ork was fully impaired. ) Tj ET Q q 0 0 0 rg BT 430.30 88.25 Td (The Company recorded an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.25 Td (impairment loss of $58.4 million related to this goodwill impairment.) 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 73.50 742.10 Td (In connection with the annual impairment review conducted on December 1, 2015, the Company concluded that its FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (license for 98.7FM in New ) Tj ET Q q 0 0 0 rg BT 159.67 730.10 Td (Y) Tj ET Q q 0 0 0 rg BT 165.89 730.10 Td (ork, and the licenses for our ) Tj ET Q q 0 0 0 rg BT 279.47 730.10 Td (Austin, St. Louis and ) Tj ET Q q 0 0 0 rg BT 366.51 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 371.92 730.10 Td (erre Haute clusters were impaired by $5.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (million. ) Tj ET Q q 0 0 0 rg BT 85.71 718.10 Td (The Company also concluded that the goodwill and patents associated with Digonex were impaired and recorded an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (impairment loss of $4.1 million related to these assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 689.10 Td (W) Tj ET Q q 0 0 0 rg BT 80.64 689.10 Td (e may determine that it will be necessary to take impairment char) Tj ET Q q 0 0 0 rg BT 341.75 689.10 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 49.50 677.10 Td (value of our intangible assets exceeds their fair value. Our annual impairment test of our broadcasting licenses and goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (was performed as of December 1, 2015. ) Tj ET Q q 0 0 0 rg BT 211.76 665.10 Td (W) Tj ET Q q 0 0 0 rg BT 220.40 665.10 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 49.50 653.10 Td (additional impairment char) Tj ET Q q 0 0 0 rg BT 157.62 653.10 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 70.98 632.10 Td (eciation and amortization:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 576.60 234.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 576.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 576.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 576.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 576.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 576.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 548.60 234.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 548.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 548.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 548.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 548.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 548.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 520.60 234.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.00 520.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.00 520.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 520.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 421.00 520.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 425.00 520.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.00 520.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.00 520.60 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 284 600.6 m 350 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 600.6 m 354 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 600.6 m 421 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 600.6 m 425 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 600.6 m 492 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 600.6 m 350 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 588.6 m 350 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 600.6 m 421 600.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 588.6 m 421 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 588.6 m 492 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 588.6 m 563 588.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 520.6 m 350 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 520.6 m 421 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 520.6 m 492 520.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 507.6 m 350 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284 505.6 m 350 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 507.6 m 421 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 505.6 m 421 505.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 507.6 m 492 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 505.6 m 492 505.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 604.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.80 604.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 604.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 592.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.50 592.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.00 592.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.85 592.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.85 592.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 580.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.20 580.68 Td (\(Asreported,amountsinthousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 580.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 567.17 Td (Depreciation and amortization:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 553.17 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.50 553.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 553.17 Td (3,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 553.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 553.17 Td (3,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 553.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.15 553.17 Td (202) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 553.17 Td (6.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 553.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 539.17 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.15 539.17 Td (245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.15 539.17 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.15 539.17 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 539.17 Td (8.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.15 539.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 525.17 Td (Corporate & Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 525.17 Td (2,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 525.17 Td (2,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.80 525.22 Td (\(352) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 525.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.95 525.17 Td (\(13.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 525.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 511.17 Td (Total depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.50 511.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.65 511.17 Td (5,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 511.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.65 511.17 Td (5,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.50 511.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.80 511.22 Td (\(129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.15 511.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.95 511.17 Td (\(2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.80 511.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 486.10 Td (The increase in depreciation and amortization for the year ended February 29, 2016 for our radio division is mostly due to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.10 Td (the June 2014 acquisition of ) Tj ET Q q 0 0 0 rg BT 164.58 474.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 229.40 474.10 Td (WLIB-AM. ) Tj ET Q q 0 0 0 rg BT 279.21 474.10 Td (The decrease in Corporate and Emer) Tj ET Q q 0 0 0 rg BT 425.34 474.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 445.44 474.10 Td (T) Tj ET Q q 0 0 0 rg BT 450.85 474.10 Td (echnologies is mostly due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.10 Td (to certain computer equipment and software becoming fully depreciated in fiscal 2015. ) Tj ET Q q 0 0 0 rg BT 401.98 462.10 Td (This decrease in Corporate and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.10 Td (Emer) Tj ET Q q 0 0 0 rg BT 70.97 450.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 91.07 450.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.48 450.10 Td (echnologies depreciation and amortization expense is partially of) Tj ET Q q 0 0 0 rg BT 356.49 450.10 Td (fset by the amortization of Digonex intangibles, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.10 Td (which we began amortizing with the commencement of our consolidation of Digonex in June 2014. See Note 7 of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.10 Td (accompanying consolidated financial statements for a discussion of our acquisitions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 405.10 Td (Gain on contract settlement:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 349.60 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.00 349.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 349.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 349.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 349.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 349.60 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 354 373.6 m 420 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 373.6 m 424 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 373.6 m 491 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 373.6 m 420 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354 361.6 m 420 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 373.6 m 491 373.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 361.6 m 491 361.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 361.6 m 562 361.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 377.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.90 377.68 Td (FortheyearendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 377.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 365.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 365.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.00 365.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.85 365.68 Td ($ Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 353.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.20 353.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 340.17 Td (Gain on contract settlement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 340.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.30 340.22 Td (\(2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 340.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 340.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 340.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.50 340.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 340.17 Td (2,500) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 315.10 Td (Emmis and ) Tj ET Q q 0 0 0 rg BT 119.40 315.10 Td (YMF Media executed an amendment to their ) Tj ET Q q 0 0 0 rg BT 301.30 315.10 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 364.07 315.10 Td (Agreement dated ) Tj ET Q q 0 0 0 rg BT 434.59 315.10 Td (April 5, 2012 relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.10 Td (Emmis' sale of the intellectual property of ) Tj ET Q q 0 0 0 rg BT 219.68 303.10 Td (WRKS-FM to ) Tj ET Q q 0 0 0 rg BT 278.76 303.10 Td (YMF Media. ) Tj ET Q q 0 0 0 rg BT 333.30 303.10 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 49.50 291.10 Td (future earn-out payments ) Tj ET Q q 0 0 0 rg BT 152.15 291.10 Td (YMF Media owed to Emmis pursuant to the ) Tj ET Q q 0 0 0 rg BT 331.02 291.10 Td (April 5, 2012 ) Tj ET Q q 0 0 0 rg BT 386.58 291.10 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 449.35 291.10 Td (Agreement based upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.10 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 49.50 267.10 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 49.50 246.10 Td (Operating income \(loss\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 190.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 190.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 190.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 190.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 190.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 190.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 190.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 190.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 162.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 162.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 162.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 162.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 162.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 162.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 162.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 162.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 134.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 134.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 134.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 134.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 134.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 134.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 134.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 134.60 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 283 214.60000000000002 m 349 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 214.60000000000002 m 353 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 214.60000000000002 m 420 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 214.60000000000002 m 424 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 214.60000000000002 m 491 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 214.60000000000002 m 349 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 202.60000000000002 m 349 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 214.60000000000002 m 420 214.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 202.60000000000002 m 420 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 202.60000000000002 m 491 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 202.60000000000002 m 562 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 134.60000000000002 m 349 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 134.60000000000002 m 420 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 134.60000000000002 m 491 134.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 121.60000000000002 m 349 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 119.60000000000002 m 349 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 121.60000000000002 m 420 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 119.60000000000002 m 420 119.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 121.60000000000002 m 491 121.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 119.60000000000002 m 491 119.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 218.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.80 218.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 218.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 206.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 206.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 206.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 206.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 206.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 194.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 194.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 194.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 181.17 Td (Operating income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 167.17 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 167.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 167.22 Td (\(14,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 167.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 167.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 167.17 Td (43,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 167.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 167.17 Td (57,731) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.95 167.17 Td (\(406.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 167.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 153.17 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.15 153.17 Td (814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 153.17 Td (1,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 153.17 Td (1,021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.95 153.17 Td (\(125.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 153.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.50 139.17 Td (Corporate & Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 139.22 Td (\(20,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 139.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 139.22 Td (\(25,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 139.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 139.22 Td (\(5,025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 139.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.95 139.17 Td (\(24.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 139.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 125.17 Td (Total operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 125.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 125.22 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 125.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 125.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 125.17 Td (19,664) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 125.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 125.17 Td (53,727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.95 125.17 Td (\(157.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 125.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 100.10 Td (Radio operating income increased in the year ended February 29, 2016 principally due to the ef) Tj ET Q q 0 0 0 rg BT 454.86 100.10 Td (fect of impairment losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.10 Td (recorded during fiscal 2015 and 2016. Excluding the impairment losses, radio operating income would have decreased $4.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (million mostly due to lower net revenues partially of) Tj ET Q q 0 0 0 rg BT 259.83 76.10 Td (fset by the elimination of LMA) Tj ET Q q 0 0 0 rg BT 384.53 76.10 Td ( fees.) 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 73.50 742.10 Td (Publishing operating income increased in the year ended February 29, 2016 mostly due operating expense savings as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (discussed above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 709.10 Td (Corporate and Emer) Tj ET Q q 0 0 0 rg BT 154.40 709.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 174.50 709.10 Td (T) Tj ET Q q 0 0 0 rg BT 179.91 709.10 Td (echnologies operating losses increased mostly due to additional investments in ) Tj ET Q q 0 0 0 rg BT 496.88 709.10 Td (T) Tj ET Q q 0 0 0 rg BT 502.29 709.10 Td (agStation and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 697.10 Td (NextRadio as previously discussed and the losses of Digonex, which was acquired in June 2014 and only included in our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 685.10 Td (consolidated results for a portion of the prior year) Tj ET Q q 0 0 0 rg BT 247.78 685.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 664.10 Td (Inter) Tj ET Q q 0 0 0 rg BT 70.98 664.10 Td (est expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 608.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 608.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 608.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 608.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 608.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 608.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 608.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 608.60 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 283 632.6 m 349 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 632.6 m 353 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 632.6 m 420 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 632.6 m 424 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 632.6 m 491 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 632.6 m 349 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 620.6 m 349 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 632.6 m 420 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 620.6 m 420 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 620.6 m 491 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 620.6 m 562 620.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 636.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.80 636.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 636.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 624.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 624.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 624.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 624.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 624.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 612.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 612.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 612.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 599.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 599.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 599.22 Td (\(17,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 599.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 599.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.30 599.22 Td (\(18,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 599.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 599.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.30 599.22 Td (\(1,855) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 599.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.95 599.17 Td (\(10.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 599.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 574.10 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 484.29 574.10 Td (WBLS-FM and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (WLIB-AM and higher rates on amounts borrowed. ) Tj ET Q q 0 0 0 rg BT 257.88 562.10 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 49.50 550.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.44 550.10 Td (Agreement was 7.0% at February 29, 2016. ) Tj ET Q q 0 0 0 rg BT 255.38 550.10 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 49.50 538.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.44 538.10 Td (Agreement was 4.3% prior to its retirement on June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 328.15 538.10 Td (This increase in interest expense is partially of) Tj ET Q q 0 0 0 rg BT 513.74 538.10 Td (fset by $3.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (million of interest expense related to the accretion of certain liabilities recognized as part of our acquisition of ) Tj ET Q q 0 0 0 rg BT 491.38 526.10 Td (WBLS-FM and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (WLIB-AM in fiscal 2015. For more discussion of this transaction, refer to Note 7 of our accompanying consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (statements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 481.10 Td (Loss on debt extinguishment:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 425.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 425.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 425.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 425.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 425.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 425.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 425.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 425.60 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 283 449.6 m 349 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 449.6 m 353 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 449.6 m 420 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 449.6 m 424 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 449.6 m 491 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 449.6 m 349 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 437.6 m 349 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 449.6 m 420 449.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 437.6 m 420 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 437.6 m 491 437.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 437.6 m 562 437.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 453.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 321.80 453.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 453.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 441.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 441.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 441.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 441.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 441.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 429.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 429.68 Td (\(Asreported,amountsinthousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 429.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 416.17 Td (Loss on debt extinguishment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 416.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.30 416.22 Td (\(1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 416.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 416.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.15 416.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 416.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.65 416.17 Td (1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.65 416.17 Td (100.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.15 416.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 391.10 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 441.16 391.10 Td (f of unamortized deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.10 Td (debt issuance costs and original issue discount related to our 2012 Credit ) Tj ET Q q 0 0 0 rg BT 342.78 379.10 Td (Agreement that was retired on June 10, 2014.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (Other) Tj ET Q q 0 0 0 rg BT 74.87 358.10 Td ( \(expense\) income, net:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 302.60 269.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 302.60 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 302.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 302.60 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 302.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 302.60 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 319 326.6 m 397 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 326.6 m 401 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 326.6 m 479 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 326.6 m 397 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 314.6 m 397 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 326.6 m 479 326.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 314.6 m 479 314.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 314.6 m 562 314.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 330.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.80 330.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.50 330.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 318.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.50 318.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.50 318.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.85 318.68 Td ($ Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 306.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.70 306.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 293.17 Td (Other \(expense\) income, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.50 293.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.30 293.22 Td (\(6,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 293.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.50 293.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.65 293.17 Td (1,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 293.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 293.17 Td (7,475) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 268.10 Td (Other expense for the year ended February28, 2015 included a $6.7 million write-of) Tj ET Q q 0 0 0 rg BT 411.83 268.10 Td (f of an investment in preferred stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (of Courseload, Inc, a provider of online textbooks and other course material. ) Tj ET Q q 0 0 0 rg BT 360.33 256.10 Td (While an unrealized loss on this type of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (investment is generally included as a component of other comprehensive income until it is realized, Emmis concluded that this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (loss was other) Tj ET Q q 0 0 0 rg BT 105.96 232.10 Td (-than-temporary and included the loss in its statement of operations. ) Tj ET Q q 0 0 0 rg BT 380.43 232.10 Td (The activity in fiscal 2016 mostly relates to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (various nonrecurring recoveries and noncash gains.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 199.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 59.87 199.10 Td (ovision for) Tj ET Q q 0 0 0 rg BT 104.96 199.10 Td ( income taxes:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 143.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 143.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 143.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 143.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 143.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 143.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 143.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 143.60 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 283 167.60000000000002 m 349 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 167.60000000000002 m 353 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 167.60000000000002 m 420 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 167.60000000000002 m 349 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 155.60000000000002 m 349 155.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 167.60000000000002 m 420 167.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 155.60000000000002 m 420 155.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 155.60000000000002 m 491 155.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 155.60000000000002 m 562 155.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 171.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.30 171.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.50 171.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 171.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 159.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 159.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 159.68 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 159.68 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 159.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 147.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 147.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 147.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 134.17 Td (Provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 134.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.65 134.17 Td (36,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 134.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.65 134.17 Td (2,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 134.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.30 134.22 Td (\(34,879) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.15 134.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.95 134.17 Td (\(94.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 134.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 109.10 Td (During the fourth quarter of the year ended February 28, 2015, we recorded a full valuation allowance for our net deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 97.10 Td (tax assets, including our net operating loss carryforwards, but excluding deferred tax liabilities related to indefinite-lived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.10 Td (intangibles, as substantial impairment losses recorded in the fourth quarter of that year caused us to be in a three year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 73.10 Td (cumulative loss position.) 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 (Consolidated net loss:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 683.75 233.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.00 683.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.00 683.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.00 683.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.00 683.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.00 683.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.00 683.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.00 683.75 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 283 709.75 m 349 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349 709.75 m 353 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 709.75 m 420 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 709.75 m 349 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283 696.75 m 349 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 709.75 m 420 709.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 696.75 m 420 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424 696.75 m 491 696.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495 696.75 m 562 696.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 714.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.30 713.98 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.50 714.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 714.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 701.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 700.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.00 700.98 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.85 700.98 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.85 700.98 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 688.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.20 687.98 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.50 688.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 674.32 Td (Consolidated net loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.50 673.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.30 673.47 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.15 673.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 673.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.80 673.47 Td (\(304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 673.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.50 673.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.65 673.42 Td (95,681) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.95 673.42 Td (\(99.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.80 673.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 648.25 Td (The change in consolidated net loss is principally due to the $34.9 million change in our provision for income taxes and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (the $58.4 million change in impairment loss, both of which were recorded in the prior year and are discussed above.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 615.25 Td (Loss on modification of pr) Tj ET Q q 0 0 0 rg BT 161.55 615.25 Td (eferr) Tj ET Q q 0 0 0 rg BT 182.45 615.25 Td (ed stock:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.00 559.75 269.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 319.00 559.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.00 559.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 401.00 559.75 78.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.00 559.75 4.00 -12.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.00 559.75 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 319 583.75 m 397 583.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 583.75 m 401 583.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 583.75 m 479 583.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 583.75 m 397 583.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319 571.75 m 397 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 583.75 m 479 583.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 401 571.75 m 479 571.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483 571.75 m 562 571.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 587.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 333.80 587.83 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.50 587.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 575.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.50 575.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 431.50 575.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.85 575.83 Td ($ Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 563.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.70 563.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.50 550.37 Td (Loss on modification of preferred stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.50 550.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 550.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.50 550.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 550.37 Td (\(162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.15 550.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.50 550.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.80 550.37 Td (\(162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.15 550.37 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 527.25 Td (On February 17, 2016, Emmis filed amendments to its ) Tj ET Q q 0 0 0 rg BT 291.70 527.25 Td (Articles of Incorporation that modified the rights of holders of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.25 Td (Company's Preferred Stock. ) Tj ET Q q 0 0 0 rg BT 166.38 515.25 Td (The amendments, among other things, modified the conversion ratio for shares of Preferred Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.25 Td (into Class ) Tj ET Q q 0 0 0 rg BT 91.17 503.25 Td (A) Tj ET Q q 0 0 0 rg BT 97.84 503.25 Td ( Common Stock from 2.44 shares of Class ) Tj ET Q q 0 0 0 rg BT 269.23 503.25 Td (A) Tj ET Q q 0 0 0 rg BT 275.90 503.25 Td ( Common Stock to 2.80 shares of Class ) Tj ET Q q 0 0 0 rg BT 435.62 503.25 Td (A) Tj ET Q q 0 0 0 rg BT 442.29 503.25 Td ( Common Stock. In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.25 Td (connection with this modification, the Company recorded a loss of $0.2 million.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 458.25 Td (YEAR ENDED FEBRUAR) Tj ET Q q 0 0 0 rg BT 166.32 458.25 Td (Y) Tj ET Q q 0 0 0 rg BT 173.17 458.25 Td ( 28, 2014 COMP) Tj ET Q q 0 0 0 rg BT 242.98 458.25 Td (ARED ) Tj ET Q q 0 0 0 rg BT 273.63 458.25 Td (T) Tj ET Q q 0 0 0 rg BT 280.12 458.25 Td (O ) Tj ET Q q 0 0 0 rg BT 290.03 458.25 Td (YEAR ENDED FEBRUAR) Tj ET Q q 0 0 0 rg BT 406.35 458.25 Td (Y) Tj ET Q q 0 0 0 rg BT 413.20 458.25 Td ( 28, 2015) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 441.25 Td (Net r) Tj ET Q q 0 0 0 rg BT 71.75 441.25 Td (evenues:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 386.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 386.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 386.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 386.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 386.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 386.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 386.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 386.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 356.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 356.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 356.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 356.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 356.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 356.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 356.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 356.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 326.75 220.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 326.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 326.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 326.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 326.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 326.75 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 326.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 326.75 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 270.5 412.75 m 340.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 412.75 m 344.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 412.75 m 414.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 412.75 m 340.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 399.75 m 340.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 412.75 m 414.5 412.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 399.75 m 414.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 399.75 m 488.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 399.75 m 562.5 399.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 326.75 m 340.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 326.75 m 414.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 326.75 m 488.5 326.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 312.75 m 340.5 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 310.75 m 340.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 312.75 m 414.5 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 310.75 m 414.5 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 312.75 m 488.5 312.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 310.75 m 488.5 310.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 417.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 284.95 416.98 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.00 417.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 417.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 404.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 297.00 403.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.00 403.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.85 403.98 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.85 403.98 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 391.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.70 390.98 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.00 391.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 377.32 Td (Net revenues:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 362.32 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 361.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 361.42 Td (145,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 361.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 361.42 Td (176,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 361.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 361.42 Td (30,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 361.42 Td (21.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 361.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 347.32 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 346.42 Td (59,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 346.42 Td (61,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 346.42 Td (1,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 346.42 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 346.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 332.32 Td (Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.65 331.42 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.65 331.42 Td (546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 331.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.65 331.42 Td (423) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.30 331.42 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 317.32 Td (Total net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.00 316.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 316.42 Td (205,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 316.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 316.42 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.00 316.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 316.42 Td (32,792) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 316.42 Td (16.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 316.42 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 291.25 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 544.70 291.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 279.25 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 114.82 279.25 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 193.60 279.25 Td (Y) Tj ET Q q 0 0 0 rg BT 199.82 279.25 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 50.00 267.25 Td (revenues of ) Tj ET Q q 0 0 0 rg BT 98.69 267.25 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 163.51 267.25 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 50.00 255.25 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 114.82 255.25 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 74.00 234.25 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 234.25 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 50.00 222.25 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 50.00 210.25 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 494.63 210.25 Td (T) Tj ET Q q 0 0 0 rg BT 500.04 210.25 Td (erre Haute ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.25 Td (radio market. ) Tj ET Q q 0 0 0 rg BT 105.26 198.25 Td (A) Tj ET Q q 0 0 0 rg BT 111.93 198.25 Td ( summary of market revenue performance and Emmis) Tj ET Q q 0 0 0 rg BT 330.27 198.25 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 50.00 186.25 Td (February28, 2015 is presented below:) 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 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 712.50 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 712.50 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 712.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 712.50 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 684.50 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 684.50 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 684.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 684.50 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 656.50 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 656.50 100.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 656.50 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 458.50 656.50 100.00 -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 354.5 736.5 m 454.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 736.5 m 458.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 736.5 m 558.5 736.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 712.5 m 454.5 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 712.5 m 558.5 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 712.5 m 454.5 712.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 458.5 712.5 m 558.5 712.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 740.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.55 740.58 Td (FortheyearendedFebruary28,2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 728.45 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.20 728.58 Td (Overall Market) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.00 728.58 Td (Emmis) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 716.58 Td (Market) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.10 716.58 Td (RevenuePerformance) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.50 716.58 Td (RevenuePerformance ) Tj ET Q BT /F2 10.00 Tf ET BT /F2 6.50 Tf ET q 0 0 0 rg BT 546.25 721.11 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 703.07 Td (New York) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.45 703.07 Td (\(7.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 703.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.45 703.07 Td (\(5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 703.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 689.07 Td (Los Angeles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.45 689.07 Td (\(2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 689.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 689.07 Td (7.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 689.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 675.07 Td (St. Louis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.45 675.07 Td (\(2.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 675.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.45 675.07 Td (\(1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 675.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 661.07 Td (Indianapolis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.45 661.07 Td (\(0.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 661.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 661.07 Td (3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 661.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 647.07 Td (Austin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.80 647.07 Td (5.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 647.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 647.07 Td (8.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 647.07 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 633.07 Td (All Markets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.45 633.07 Td (\(3.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.30 633.07 Td (%\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.80 633.07 Td (1.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.30 633.07 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 50.00 618.02 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.90 614.40 Td ( Emmis revenue performance in New ) Tj ET Q q 0 0 0 rg BT 175.33 614.40 Td (Y) Tj ET Q q 0 0 0 rg BT 180.31 614.40 Td (ork reflects only ) Tj ET Q q 0 0 0 rg BT 234.59 614.40 Td (WQHT) Tj ET Q q 0 0 0 rg BT 257.85 614.40 Td (-FM and Los ) Tj ET Q q 0 0 0 rg BT 301.18 614.40 Td (Angeles reflects only KPWR-FM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 593.40 Td (W) Tj ET Q q 0 0 0 rg BT 82.64 593.40 Td (e principally attribute our better) Tj ET Q q 0 0 0 rg BT 209.61 593.40 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 50.00 581.40 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 50.00 569.40 Td (\(2\) our Incite group, which caters to the under) Tj ET Q q 0 0 0 rg BT 233.90 569.40 Td (-served government, not-for) Tj ET Q q 0 0 0 rg BT 346.16 569.40 Td (-profit, and corporate philanthropy segment of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.40 Td (local advertising market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 536.40 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 50.00 524.40 Td (to sustain revenue growth at our magazines. In addition, we increased the number of custom publications \(e.g., college alumni ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 512.40 Td (magazines, tourism guides, etc.\) that we produce.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 491.40 Td (Emer) Tj ET Q q 0 0 0 rg BT 95.47 491.40 Td (ging ) Tj ET Q q 0 0 0 rg BT 115.57 491.40 Td (T) Tj ET Q q 0 0 0 rg BT 120.98 491.40 Td (echnologies consist of our NextRadio, ) Tj ET Q q 0 0 0 rg BT 276.33 491.40 Td (T) Tj ET Q q 0 0 0 rg BT 281.74 491.40 Td (agStation, and Digonex businesses. Current revenues primarily relate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 479.40 Td (to licensing fees of our ) Tj ET Q q 0 0 0 rg BT 143.96 479.40 Td (T) Tj ET Q q 0 0 0 rg BT 149.37 479.40 Td (agStation software. ) Tj ET Q q 0 0 0 rg BT 228.89 479.40 Td (These fees are recognized as revenue over the life of the license agrement, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 467.40 Td (is typically two years. ) Tj ET Q q 0 0 0 rg BT 140.08 467.40 Td (T) Tj ET Q q 0 0 0 rg BT 145.49 467.40 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 50.00 455.40 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 462.50 455.40 Td (The increase in net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.40 Td (revenues of Emer) Tj ET Q q 0 0 0 rg BT 120.34 443.40 Td (ging ) Tj ET Q q 0 0 0 rg BT 140.44 443.40 Td (T) Tj ET Q q 0 0 0 rg BT 145.85 443.40 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 50.00 431.40 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 431.40 Td (T) Tj ET Q q 0 0 0 rg BT 69.95 431.40 Td (agStation software.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 389.40 Td (Station operating expenses excluding depr) Tj ET Q q 0 0 0 rg BT 229.83 389.40 Td (eciation and amortization expense:) Tj ET Q 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 334.90 233.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 283.50 334.90 66.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 349.50 334.90 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 353.50 334.90 67.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 420.50 334.90 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 424.50 334.90 67.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 491.50 334.90 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 495.50 334.90 67.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 294.90 233.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 283.50 294.90 66.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 349.50 294.90 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 353.50 294.90 67.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 420.50 294.90 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 424.50 294.90 67.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 491.50 294.90 4.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 495.50 294.90 67.00 -15.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 50.50 264.90 233.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 283.50 264.90 66.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 349.50 264.90 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 353.50 264.90 67.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 420.50 264.90 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 424.50 264.90 67.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 491.50 264.90 4.00 -25.00 re f /GS0 gs 0.7490196078431373 0.8941176470588236 1 rg /GS0 gs 495.50 264.90 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 283.5 360.9 m 349.5 360.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 360.9 m 353.5 360.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 360.9 m 420.5 360.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 360.9 m 349.5 360.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 347.9 m 349.5 347.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 360.9 m 420.5 360.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 347.9 m 420.5 347.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 347.9 m 491.5 347.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 347.9 m 562.5 347.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 264.9 m 349.5 264.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 264.9 m 420.5 264.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 264.9 m 491.5 264.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 240.89999999999998 m 349.5 240.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 238.89999999999998 m 349.5 238.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 240.89999999999998 m 420.5 240.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 238.89999999999998 m 420.5 238.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 240.89999999999998 m 491.5 240.89999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 238.89999999999998 m 491.5 238.89999999999998 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 365.15 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.45 365.13 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.00 365.15 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 365.15 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 352.15 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 352.13 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 352.13 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 352.13 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 352.13 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 339.15 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 339.13 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 339.15 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 325.47 Td (Station operating expenses, excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 315.47 Td (amortization expense:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 300.47 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 299.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 299.57 Td (97,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 299.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 299.57 Td (117,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 299.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 299.57 Td (19,603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 299.57 Td (20.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 299.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 285.47 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 284.57 Td (59,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 284.57 Td (60,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 284.57 Td (998) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 284.57 Td (1.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 284.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 270.47 Td (Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 269.57 Td (2,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 269.57 Td (3,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 269.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 269.57 Td (1,399) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.30 269.57 Td (N/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 255.47 Td (Total station operating expenses, excluding depreciation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 245.47 Td (and amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 244.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.15 244.57 Td (159,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 244.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 244.57 Td (181,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 244.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 244.57 Td (22,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 244.57 Td (13.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 244.57 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 219.40 Td (The increase in station operating expenses excluding LMA) Tj ET Q q 0 0 0 rg BT 309.21 219.40 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 50.00 207.40 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 430.75 207.40 Td ( of ) Tj ET Q q 0 0 0 rg BT 443.90 207.40 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 508.72 207.40 Td (WLIB-AM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 195.40 Td (in New ) Tj ET Q q 0 0 0 rg BT 81.29 195.40 Td (Y) Tj ET Q q 0 0 0 rg BT 87.51 195.40 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 50.00 183.40 Td (excluding LMA) Tj ET Q q 0 0 0 rg BT 113.60 183.40 Td ( fees and depreciation and amortization expense of ) Tj ET Q q 0 0 0 rg BT 318.89 183.40 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 383.71 183.40 Td (WLIB-AM for the year ended February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 171.40 Td (2015 totaled $16.1 million. Excluding these expenses of ) Tj ET Q q 0 0 0 rg BT 277.00 171.40 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 341.82 171.40 Td (WLIB-AM, radio station operating expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 159.40 Td (excluding LMA) Tj ET Q q 0 0 0 rg BT 113.60 159.40 Td ( fees and depreciation and amortization would have increased $3.5 million or 3.6%. ) Tj ET Q q 0 0 0 rg BT 453.04 159.40 Td (The remaining increase is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 147.40 Td (mostly attributable to higher ratings expense as we recently entered into a new long-term agreement with Nielsen, legal fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 135.40 Td (associated with the contested departure of our morning radio host in Los ) Tj ET Q q 0 0 0 rg BT 341.60 135.40 Td (Angeles and the non-recurring nature of a songwriter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.40 Td (performing rights or) Tj ET Q q 0 0 0 rg BT 130.91 123.40 Td (ganization credit recognized in the prior year) Tj ET Q q 0 0 0 rg BT 310.28 123.40 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 102.40 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 90.40 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 50.00 78.40 Td (including increases in paper and printing costs. ) 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 /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 emer) Tj ET Q q 0 0 0 rg BT 416.20 742.10 Td (ging technologies increased during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 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 50.00 718.10 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 50.00 701.10 Td (Corporate expenses excluding depr) Tj ET Q q 0 0 0 rg BT 200.09 701.10 Td (eciation and amortization expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 646.60 233.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 646.60 66.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 646.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 646.60 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 646.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 646.60 67.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 646.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 646.60 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 283.5 672.6 m 349.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 672.6 m 353.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 672.6 m 420.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 672.6 m 349.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 659.6 m 349.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 672.6 m 420.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 659.6 m 420.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 659.6 m 491.5 659.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 659.6 m 562.5 659.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 676.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.45 676.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.00 676.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 676.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 663.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 663.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 663.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 663.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 663.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 650.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 650.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 650.85 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 637.17 Td (Corporate expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 627.17 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 626.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 626.27 Td (17,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 626.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 626.27 Td (14,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 626.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 626.32 Td (\(2,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 626.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 626.27 Td (\(12.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 626.27 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 601.10 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 50.00 589.10 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 50.00 577.10 Td (nonrecurring, \(ii\) a decrease in compensation expense for incentives as certain operating tar) Tj ET Q q 0 0 0 rg BT 416.61 577.10 Td (gets were not met in fiscal 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (but were met during the same period in fiscal 2014, \(iii\) a decrease in legal costs associated with our preferred stock litigation, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 553.10 Td (and \(iv\) 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 50.00 536.10 Td (LMA) Tj ET Q q 0 0 0 rg BT 72.78 536.10 Td ( fees:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 481.60 304.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 481.60 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 481.60 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 481.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 481.60 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 354.5 507.6 m 420.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 507.6 m 424.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 507.6 m 491.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 507.6 m 420.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 494.6 m 420.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 507.6 m 491.5 507.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 494.6 m 491.5 494.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 494.6 m 562.5 494.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 511.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.45 511.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 511.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 498.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.00 498.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.50 498.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.35 498.83 Td ($Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 485.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.70 485.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 472.17 Td (LMA fees) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 471.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 471.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 471.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 471.27 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 471.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 471.27 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 446.10 Td (On February 1) Tj ET Q q 0 0 0 rg BT 130.45 446.10 Td (1, 2014, Emmis and ) Tj ET Q q 0 0 0 rg BT 212.85 446.10 Td (YMF entered into an LMA) Tj ET Q q 0 0 0 rg BT 320.62 446.10 Td ( for ) Tj ET Q q 0 0 0 rg BT 337.09 446.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 401.91 446.10 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 480.69 446.10 Td (Y) Tj ET Q q 0 0 0 rg BT 486.91 446.10 Td (ork. ) Tj ET Q q 0 0 0 rg BT 504.69 446.10 Td (As discussed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 434.10 Td (in Note 1 to the accompanying consolidated financial statements, on March 1, 2014, Emmis began providing programming and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 422.10 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 492.90 422.10 Td (YMF for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 410.10 Td (right to program the stations and sell advertising. ) Tj ET Q q 0 0 0 rg BT 248.39 410.10 Td (The monthly LMA) Tj ET Q q 0 0 0 rg BT 323.95 410.10 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 50.00 398.10 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 397.49 398.10 Td (fective with the second closing on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (February 13, 2015. ) Tj ET Q q 0 0 0 rg BT 128.42 386.10 Td (The LMA) Tj ET Q q 0 0 0 rg BT 168.13 386.10 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 50.00 374.10 Td (stations on June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 155.83 374.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 205.17 374.10 Td (, LMA) Tj ET Q q 0 0 0 rg BT 231.84 374.10 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 50.00 357.10 Td (Hungary license litigation expense:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 305.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 305.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 305.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 305.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 305.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 305.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 305.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 305.60 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 283.5 329.6 m 349.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 329.6 m 353.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 329.6 m 420.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 329.6 m 349.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 317.6 m 349.5 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 329.6 m 420.5 329.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 317.6 m 420.5 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 317.6 m 491.5 317.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 317.6 m 562.5 317.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 333.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.05 333.68 Td (FortheyearendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.00 333.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 333.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 321.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 321.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 321.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 321.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 321.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 309.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 309.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 309.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 296.17 Td (Hungary license litigation expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 296.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 296.17 Td (2,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 296.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 296.17 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 296.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 296.22 Td (\(1,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 296.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.45 296.17 Td (\(74.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 296.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 271.10 Td (On October 28, 2009, the Hungarian National Radio and ) Tj ET Q q 0 0 0 rg BT 301.43 271.10 Td (T) Tj ET Q q 0 0 0 rg BT 306.84 271.10 Td (elevision Board \(OR) Tj ET Q q 0 0 0 rg BT 389.00 271.10 Td (TT\) announced that it was awarding to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 259.10 Td (another bidder the national radio license then held by our majority-owned subsidiary) Tj ET Q q 0 0 0 rg BT 387.87 259.10 Td (, Slager) Tj ET Q q 0 0 0 rg BT 417.86 259.10 Td (. Slager ceased broadcasting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 247.10 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 247.10 Td (fective November 19, 2009. ) Tj ET Q q 0 0 0 rg BT 171.82 247.10 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 50.00 235.10 Td (October 201) Tj ET Q q 0 0 0 rg BT 99.34 235.10 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 50.00 223.10 Td (seeking resolution of its claim. In ) Tj ET Q q 0 0 0 rg BT 185.81 223.10 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 50.00 211.10 Td (the merits of Emmis' claim. ) Tj ET Q q 0 0 0 rg BT 162.71 211.10 Td (W) Tj ET Q q 0 0 0 rg BT 171.35 211.10 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 50.00 199.10 Td (Dutch holding companies in December 2014. ) Tj ET Q q 0 0 0 rg BT 233.94 199.10 Td (W) Tj ET Q q 0 0 0 rg BT 242.58 199.10 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 50.00 182.10 Td (Impairment loss on intangible assets:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 130.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 130.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 130.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 130.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 130.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 130.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 130.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 130.60 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 283.5 154.60000000000002 m 349.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 154.60000000000002 m 353.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 154.60000000000002 m 420.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 154.60000000000002 m 349.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 142.60000000000002 m 349.5 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 154.60000000000002 m 420.5 154.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 142.60000000000002 m 420.5 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 142.60000000000002 m 491.5 142.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 142.60000000000002 m 562.5 142.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 158.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 296.05 158.68 Td (FortheyearendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.00 158.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 158.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 146.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 146.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 146.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 146.68 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 146.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 134.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 134.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 134.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 121.17 Td (Impairment loss on intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 121.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.65 121.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 121.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 121.17 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 121.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 121.17 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.30 121.17 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 96.10 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 50.00 84.10 Td (license for 98.7FM in New ) Tj ET Q q 0 0 0 rg BT 160.17 84.10 Td (Y) Tj ET Q q 0 0 0 rg BT 166.39 84.10 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 50.00 72.10 Td (licenses of our ) Tj ET Q q 0 0 0 rg BT 110.63 72.10 Td (T) Tj ET Q q 0 0 0 rg BT 116.04 72.10 Td (erre Haute radio cluster were impaired by $9.5 million. ) Tj ET Q q 0 0 0 rg BT 341.34 72.10 Td (The Company also concluded that the goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (associated with its acquisition of ) Tj ET Q q 0 0 0 rg BT 182.85 60.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 247.67 60.10 Td (WLIB-AM in New ) Tj ET Q q 0 0 0 rg BT 326.45 60.10 Td (Y) Tj ET Q q 0 0 0 rg BT 332.67 60.10 Td (ork was fully impaired. ) Tj ET Q q 0 0 0 rg BT 430.80 60.10 Td (The Company recorded an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 48.10 Td (impairment loss of $58.4 million related to this goodwill impairment.) 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 72.50 742.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 742.10 Td (e may determine that it will be necessary to take impairment char) Tj ET Q q 0 0 0 rg BT 342.25 742.10 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 50.00 730.10 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 50.00 718.10 Td (performed as of December 1, 2014. ) Tj ET Q q 0 0 0 rg BT 194.21 718.10 Td (W) Tj ET Q q 0 0 0 rg BT 202.85 718.10 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 50.00 706.10 Td (additional impairment char) Tj ET Q q 0 0 0 rg BT 158.12 706.10 Td (ges.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (Depr) Tj ET Q q 0 0 0 rg BT 71.48 689.10 Td (eciation and amortization:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 637.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 637.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 637.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 637.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 637.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 637.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 637.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 637.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 609.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 609.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 609.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 609.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 609.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 609.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 609.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 609.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 581.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 581.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 581.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 581.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 581.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 581.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 581.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 581.60 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 283.5 661.6 m 349.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 661.6 m 353.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 661.6 m 420.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 661.6 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 491.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 661.6 m 349.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 649.6 m 349.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 661.6 m 420.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 649.6 m 420.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 649.6 m 491.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 649.6 m 562.5 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 581.6 m 349.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 581.6 m 420.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 581.6 m 491.5 581.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 568.6 m 349.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 566.6 m 349.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 568.6 m 420.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 566.6 m 420.5 566.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 568.6 m 491.5 568.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 566.6 m 491.5 566.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 665.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.95 665.68 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 665.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 653.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 653.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 653.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 653.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 653.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 641.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 641.68 Td (\(Asreported,amountsinthousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 641.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.17 Td (Depreciation and amortization:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 614.17 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 614.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 614.17 Td (2,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 614.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 614.17 Td (3,143) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 614.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 614.17 Td (667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 614.17 Td (26.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 614.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 600.17 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 600.17 Td (235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 600.17 Td (245) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 600.17 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 600.17 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 600.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 586.17 Td (Corporate & Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 586.17 Td (2,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 586.17 Td (2,538) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 586.17 Td (383) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 586.17 Td (17.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 586.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 572.17 Td (Total depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 572.17 Td (4,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 572.17 Td (5,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 572.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.15 572.17 Td (1,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 572.17 Td (21.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 572.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 547.10 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 50.00 535.10 Td (the newly acquired tangible and intangible assets of ) Tj ET Q q 0 0 0 rg BT 259.20 535.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 324.02 535.10 Td (WLIB-AM. ) Tj ET Q q 0 0 0 rg BT 373.83 535.10 Td (The increase in Corporate and Emer) Tj ET Q q 0 0 0 rg BT 518.31 535.10 Td (ging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 523.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 523.10 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 50.00 511.10 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 50.00 499.10 Td (acquisitions.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (Gain on contract settlement:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 422.60 304.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 422.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 422.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 422.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 422.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 422.60 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 354.5 446.6 m 420.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 446.6 m 424.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 446.6 m 491.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 446.6 m 420.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 434.6 m 420.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 446.6 m 491.5 446.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 434.6 m 491.5 434.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 434.6 m 562.5 434.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 450.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.05 450.68 Td (FortheyearendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 450.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 438.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.00 438.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.50 438.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.35 438.68 Td ($ Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 426.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.70 426.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 413.17 Td (Gain on contract settlement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.00 413.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.65 413.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 413.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.80 413.22 Td (\(2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 413.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.00 413.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 413.22 Td (\(2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 413.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 388.10 Td (Emmis and ) Tj ET Q q 0 0 0 rg BT 119.90 388.10 Td (YMF Media executed an amendment to their ) Tj ET Q q 0 0 0 rg BT 301.80 388.10 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 364.57 388.10 Td (Agreement dated ) Tj ET Q q 0 0 0 rg BT 435.09 388.10 Td (April 5, 2012 relating to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.10 Td (Emmis' sale of the intellectual property of ) Tj ET Q q 0 0 0 rg BT 220.18 376.10 Td (WRKS-FM to ) Tj ET Q q 0 0 0 rg BT 279.26 376.10 Td (YMF Media. ) Tj ET Q q 0 0 0 rg BT 333.80 376.10 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 50.00 364.10 Td (future earn-out payments ) Tj ET Q q 0 0 0 rg BT 152.65 364.10 Td (YMF Media owed to Emmis pursuant to the ) Tj ET Q q 0 0 0 rg BT 331.52 364.10 Td (April 5, 2012 ) Tj ET Q q 0 0 0 rg BT 387.08 364.10 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 449.85 364.10 Td (Agreement based upon the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.10 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 50.00 340.10 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 50.00 323.10 Td (Operating income \(loss\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 271.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 271.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 271.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 271.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 271.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 271.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 271.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 271.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 243.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 243.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 243.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 243.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 243.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 243.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 243.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 243.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 215.60 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 215.60 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 215.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 215.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 215.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 215.60 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 215.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 215.60 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 283.5 295.6 m 349.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 295.6 m 353.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 295.6 m 420.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 295.6 m 424.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 295.6 m 491.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 295.6 m 349.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 283.6 m 349.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 295.6 m 420.5 295.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 283.6 m 420.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 283.6 m 491.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 283.6 m 562.5 283.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 215.60000000000002 m 349.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 215.60000000000002 m 420.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 215.60000000000002 m 491.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 202.60000000000002 m 349.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 200.60000000000002 m 349.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 202.60000000000002 m 420.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 200.60000000000002 m 420.5 200.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 202.60000000000002 m 491.5 202.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 200.60000000000002 m 491.5 200.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 299.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.95 299.68 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 299.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 287.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 287.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 287.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 287.68 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 287.68 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 275.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 275.68 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 275.55 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 262.17 Td (Operating income \(loss\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 248.17 Td (Radio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 248.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 248.17 Td (43,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 248.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.80 248.22 Td (\(14,204) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 248.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 248.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 248.22 Td (\(57,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 248.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 248.17 Td (\(132.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 248.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 234.17 Td (Publishing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.65 234.17 Td (425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 234.17 Td (814) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 234.17 Td (389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 234.17 Td (91.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 234.17 Td (%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 220.17 Td (Corporate & Emerging Technologies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.80 220.22 Td (\(21,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 220.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.80 220.22 Td (\(20,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 220.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 220.17 Td (743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.45 220.17 Td (\(3.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 220.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 206.17 Td (Total operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 206.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 206.17 Td (22,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 206.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.80 206.22 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 206.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 206.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.80 206.22 Td (\(56,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 206.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 206.17 Td (\(253.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 206.17 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 181.10 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 50.00 169.10 Td (loss that was recorded in connection with our December 1, 2014 annual impairment review) Tj ET Q q 0 0 0 rg BT 414.24 169.10 Td (. Excluding the impairment loss, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 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 419.46 157.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 484.28 157.10 Td (WLIB-AM during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (the year) Tj ET Q q 0 0 0 rg BT 81.37 145.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 124.10 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 50.00 112.10 Td (profitable custom publications we produced during the period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 91.10 Td (Corporate and Emer) Tj ET Q q 0 0 0 rg BT 154.90 91.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 175.00 91.10 Td (T) Tj ET Q q 0 0 0 rg BT 180.41 91.10 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 50.00 79.10 Td (incentive-based compensation, lower legal fees and lower consulting fees as previously discussed. ) Tj ET Q q 0 0 0 rg BT 445.26 79.10 Td (These operating expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 Td (reductions were partially of) Tj ET Q q 0 0 0 rg BT 160.05 67.10 Td (fset by continued investment in the development and enhancement of our NextRadio application ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.10 Td (and operating expenses associated with Digonex.) 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 (Inter) Tj ET Q q 0 0 0 rg BT 71.48 742.25 Td (est expense:) 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 353.5 714.75 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 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 (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 706.83 Td (2015) 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 (\(As reported, amounts in thousands\)) 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 (Interest expense) 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 (\(7,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 681.32 Td (\)) 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 385.80 681.37 Td (\(17,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 681.32 Td (\)) 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 456.80 681.37 Td (\(10,033) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 681.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 681.32 Td (141.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 681.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 656.25 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 484.79 656.25 Td (WBLS-FM and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 644.25 Td (WLIB-AM and higher rates on amounts borrowed. ) Tj ET Q q 0 0 0 rg BT 258.38 644.25 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 50.00 632.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.94 632.25 Td (Agreement was 6.0% at February 28, 2015. ) Tj ET Q q 0 0 0 rg BT 255.88 632.25 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 50.00 620.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.94 620.25 Td (Agreement was 4.3% prior to its retirement on June 10, 2014.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 603.25 Td (Loss on debt extinguishment:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 551.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 551.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 551.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 551.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 551.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 551.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 551.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 551.75 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 283.5 575.75 m 349.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 575.75 m 353.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 575.75 m 420.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 575.75 m 424.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 575.75 m 491.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 575.75 m 349.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 563.75 m 349.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 575.75 m 420.5 575.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 563.75 m 420.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 563.75 m 491.5 563.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 563.75 m 562.5 563.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 579.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.95 579.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 579.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 567.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 567.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 567.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 567.83 Td ($Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 567.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 555.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 555.83 Td (\(Asreported,amountsinthousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 555.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 542.32 Td (Loss on debt extinguishment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 542.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.30 542.37 Td (\(653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 542.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 542.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.80 542.37 Td (\(1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 542.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 542.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.30 542.37 Td (\(802) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 542.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 542.32 Td (122.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 542.32 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 517.25 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 441.66 517.25 Td (f of unamortized deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.25 Td (debt issuance costs and original issue discount related to our 2012 Credit ) Tj ET Q q 0 0 0 rg BT 343.28 505.25 Td (Agreement that was retired on June 10, 2014.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 476.25 Td (Other) Tj ET Q q 0 0 0 rg BT 75.37 476.25 Td ( income \(expense\), net:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 424.75 265.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 315.50 424.75 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 393.50 424.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 397.50 424.75 78.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 475.50 424.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 479.50 424.75 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 315.5 448.75 m 393.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 393.5 448.75 m 397.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 448.75 m 475.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 448.75 m 393.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 436.75 m 393.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 448.75 m 475.5 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 436.75 m 475.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 436.75 m 558.5 436.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 452.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.95 452.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.00 452.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 440.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.00 440.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.00 440.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.35 440.83 Td ($ Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 428.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.20 428.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 415.32 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.00 415.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 415.32 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 415.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.80 415.37 Td (\(6,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 415.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.00 415.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.80 415.37 Td (\(6,534) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 415.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 390.25 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 411.22 390.25 Td (f of an investment in preferred stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 378.25 Td (of Courseload, Inc, a provider of online textbooks and other course material. ) Tj ET Q q 0 0 0 rg BT 360.83 378.25 Td (While unrealized losses on this type of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 366.25 Td (investment is generally included as a component of other comprehensive income until it is realized, Emmis concluded that this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 354.25 Td (loss was other) Tj ET Q q 0 0 0 rg BT 106.46 354.25 Td (-than-temporary and included the loss in its statement of operations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 337.25 Td (\(Benefit\) pr) Tj ET Q q 0 0 0 rg BT 99.53 337.25 Td (ovision for) Tj ET Q q 0 0 0 rg BT 144.62 337.25 Td ( income taxes:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 285.75 233.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 285.75 66.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 285.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 285.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 285.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 285.75 67.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 285.75 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 285.75 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 283.5 309.75 m 349.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 309.75 m 353.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 309.75 m 420.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 309.75 m 349.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 297.75 m 349.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 309.75 m 420.5 309.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 297.75 m 420.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 297.75 m 491.5 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 297.75 m 562.5 297.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 313.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.45 313.83 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.00 313.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 313.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 301.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 301.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 301.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 301.83 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 301.83 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 289.70 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 289.83 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 289.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 276.32 Td (\(Benefit\) provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 276.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.80 276.37 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.65 276.32 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 276.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.15 276.32 Td (36,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 276.32 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 276.32 Td (71,011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 276.32 Td (\(208.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 276.32 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 251.25 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 50.00 239.25 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 50.00 227.25 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 50.00 215.25 Td (position. ) Tj ET Q q 0 0 0 rg BT 87.05 215.25 Td (W) Tj ET Q q 0 0 0 rg BT 95.68 215.25 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 50.00 198.25 Td (Consolidated net income \(loss\):) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 143.75 233.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 283.50 143.75 66.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 349.50 143.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 353.50 143.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 143.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 143.75 67.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 491.50 143.75 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 143.75 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 283.5 169.75 m 349.5 169.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 169.75 m 353.5 169.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 169.75 m 420.5 169.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 169.75 m 349.5 169.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 156.75 m 349.5 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 169.75 m 420.5 169.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 156.75 m 420.5 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 156.75 m 491.5 156.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 495.5 156.75 m 562.5 156.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 174.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 294.45 173.98 Td (FortheyearsendedFebruary28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.00 174.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 174.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 161.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 308.00 160.98 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 160.98 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 441.35 160.98 Td ($ Change) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.35 160.98 Td (%Change) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 148.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.70 147.98 Td (\(As reported, amounts in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.00 148.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 134.32 Td (Consolidated net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.00 133.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 133.42 Td (48,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.00 133.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.80 133.47 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.65 133.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.00 133.42 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 133.47 Td (\(144,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 133.42 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.45 133.42 Td (\(297.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 133.42 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 108.25 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 50.00 96.25 Td (taxes and the $67.9 million impairment loss, both of which are discussed above.) 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 (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 397.5 714.75 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 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 (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.00 706.83 Td (2015) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.65 681.37 Td (325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.00 681.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 681.37 Td () 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 536.30 681.37 Td (\(325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 554.65 681.37 Td (\)) 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 average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 650.25 Td (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 483.56 650.25 Td (ference between ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 638.25 Td (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. Capitalized terms in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.25 Td (section not defined elsewhere in this 10-K are defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 342.97 518.25 Td (Agreement and related amendments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 497.25 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 139.99 497.25 Td (Agreement includes a senior secured term loan facility \(the T) Tj ET Q q 0 0 0 rg BT 388.91 497.25 Td (erm Loan\) of $185.0 million and a senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 485.25 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 50.00 473.25 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 50.00 461.25 Td (revolving credit facility and/or the ) Tj ET Q q 0 0 0 rg BT 189.49 461.25 Td (T) Tj ET Q q 0 0 0 rg BT 194.90 461.25 Td (erm Loan subject to the satisfaction of certain conditions. ) Tj ET Q q 0 0 0 rg BT 426.88 461.25 Td (The revolving credit facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.25 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 479.36 449.25 Td (Agreement, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 437.25 Td (Borrower borrowed $185.0 million of the ) Tj ET Q q 0 0 0 rg BT 218.40 437.25 Td (T) Tj ET Q q 0 0 0 rg BT 223.81 437.25 Td (erm Loan on June 10, 2014.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 416.25 Td (The ) Tj ET Q q 0 0 0 rg BT 90.37 416.25 Td (T) Tj ET Q q 0 0 0 rg BT 95.78 416.25 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 374.33 416.25 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 500.70 416.25 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.25 Td (discussed below) Tj ET Q q 0 0 0 rg BT 114.62 404.25 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 50.00 392.25 Td (installments commencing ) Tj ET Q q 0 0 0 rg BT 154.43 392.25 Td (April 1, 2015, with the balance payable on the maturity date. ) Tj ET Q q 0 0 0 rg BT 399.73 392.25 Td (The revolving credit facility expires not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.25 Td (later than June 10, 2019. ) Tj ET Q q 0 0 0 rg BT 150.26 380.25 Td (An unused commitment fee of 50 basis points per annum is payable quarterly on the average unused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.25 Td (amount of the revolving credit facility) Tj ET Q q 0 0 0 rg BT 201.80 368.25 Td (. Prior to the First ) Tj ET Q q 0 0 0 rg BT 274.58 368.25 Td (Amendment and Second ) Tj ET Q q 0 0 0 rg BT 374.84 368.25 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 501.22 368.25 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.25 Td (discussed below) Tj ET Q q 0 0 0 rg BT 114.62 356.25 Td (, the ) Tj ET Q q 0 0 0 rg BT 134.16 356.25 Td (T) Tj ET Q q 0 0 0 rg BT 139.57 356.25 Td (erm Loan and amounts borrowed under the revolving credit facility bore interest, at the Borrower) Tj ET Q q 0 0 0 rg BT 529.53 356.25 Td () Tj ET Q q 0 0 0 rg BT 532.30 356.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.25 Td (option, at either \(i\) the ) Tj ET Q q 0 0 0 rg BT 141.64 344.25 Td (Alternate Base Rate \(as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 345.19 344.25 Td (Agreement\) \(but not less than 2.00%\) plus 3.75% or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.25 Td (\(ii\) the ) Tj ET Q q 0 0 0 rg BT 78.88 332.25 Td (Adjusted LIBO Rate \(as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 285.23 332.25 Td (Agreement\) \(but not less than 1.00%\) plus 4.75%. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 311.25 Td (Approximately $1.0 million of transaction fees related to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 366.88 311.25 Td (Agreement were originally capitalized and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (included in other assets, net. ) Tj ET Q q 0 0 0 rg BT 165.63 299.25 Td (The Company adopted the provisions of ) Tj ET Q q 0 0 0 rg BT 328.38 299.25 Td (Accounting Standards Update 2015-03 during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (ended February 29, 2016. ) Tj ET Q q 0 0 0 rg BT 154.42 287.25 Td (As such, the unamortized balance of existing deferred debt fees was reclassified and is now shown as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (a direct reduction of the carrying amount of long-term debt. ) Tj ET Q q 0 0 0 rg BT 291.12 275.25 Td (These fees, along with an original issue discount of $8.2 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (\($6.1 million incurred in connection with the original issuance of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 377.15 263.25 Td (Agreement debt on June10, 2014, $1.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (million incurred in connection with the November 7, 2014 amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 409.65 251.25 Td (Agreement and $1.1 million incurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.25 Td (in connection with the ) Tj ET Q q 0 0 0 rg BT 141.09 239.25 Td (April 30, 2015 amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 325.79 239.25 Td (Agreement\) are being amortized as additional interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.25 Td (expense over the life of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 210.51 227.25 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 206.25 Td (The obligations under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 226.92 206.25 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 50.00 194.25 Td (all of the assets of the Company) Tj ET Q q 0 0 0 rg BT 177.66 194.25 Td (, the Borrower and the Subsidiary Guarantors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 173.25 Td (On November 7, 2014, Emmis entered into the First ) Tj ET Q q 0 0 0 rg BT 282.75 173.25 Td (Amendment \(the First ) Tj ET Q q 0 0 0 rg BT 377.46 173.25 Td (Amendment\) to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 511.60 173.25 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.25 Td (The First ) Tj ET Q q 0 0 0 rg BT 88.33 161.25 Td (Amendment \(i\) increased the maximum ) Tj ET Q q 0 0 0 rg BT 250.05 161.25 Td (T) Tj ET Q q 0 0 0 rg BT 255.46 161.25 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 50.00 149.25 Td (February 29, 2016, \(ii\) adjusted the definition of Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 337.45 149.25 Td ( to exclude during the term of the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.25 Td (Agreement up to $5 million in severance and/or contract termination expenses and up to $2.5 million in losses attributable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.25 Td (the reformatting of the Company) Tj ET Q q 0 0 0 rg BT 184.41 125.25 Td (s radio stations, \(iii\) extended 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 50.00 113.25 Td (prepayments of the ) Tj ET Q q 0 0 0 rg BT 128.96 113.25 Td (T) Tj ET Q q 0 0 0 rg BT 134.37 113.25 Td (erm Loan to November 7, 2015, \(iv\) increased the ) Tj ET Q q 0 0 0 rg BT 336.81 113.25 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 399.66 113.25 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 50.00 101.25 Td (from the date of the First ) Tj ET Q q 0 0 0 rg BT 151.65 101.25 Td (Amendment and until the ) Tj ET Q q 0 0 0 rg BT 255.89 101.25 Td (T) Tj ET Q q 0 0 0 rg BT 261.30 101.25 Td (otal Leverage Ratio is less than 5.00:1.00, and \(v\) made certain technical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.25 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 89.25 Td (Account ) Tj ET Q q 0 0 0 rg BT 452.26 89.25 Td (T) Tj ET Q q 0 0 0 rg BT 457.67 89.25 Td (ax Compliance ) Tj ET Q q 0 0 0 rg BT 519.88 89.25 Td (Act. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 77.25 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 77.25 Td (Amendment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.25 Td (which were recorded as original issue discount and are being amortized as interest expense over the remaining life of the 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 53.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.94 53.25 Td (Agreement ) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.67 742.10 Td (April 30, 2015, Emmis entered into a Second ) Tj ET Q q 0 0 0 rg BT 269.42 742.10 Td (Amendment to our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 396.90 742.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 446.15 742.10 Td (The Second ) Tj ET Q q 0 0 0 rg BT 495.58 742.10 Td (Amendment \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (increased the maximum ) Tj ET Q q 0 0 0 rg BT 147.84 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 153.25 730.10 Td (otal Leverage Ratio to \(A\) 6.75:1.00 during the period from May 31, 2015 through February 29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (2016, \(B\) 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 419.63 718.10 Td (August 31, 2016, \(D\) 6.00:1.00 for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (the 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 50.00 694.10 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 358.67 694.10 Td (, \(ii\) required Emmis to pay a 2.00% fee on certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (prepayments of the ) Tj ET Q q 0 0 0 rg BT 128.96 682.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.37 682.10 Td (erm Loan prior to the first anniversary of the Second ) Tj ET Q q 0 0 0 rg BT 347.08 682.10 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 50.00 670.10 Td (on certain prepayments of the ) Tj ET Q q 0 0 0 rg BT 171.16 670.10 Td (T) Tj ET Q q 0 0 0 rg BT 176.57 670.10 Td (erm Loan from the first anniversary of the Second ) Tj ET Q q 0 0 0 rg BT 379.01 670.10 Td (Amendment until the second anniversary of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (the Second ) Tj ET Q q 0 0 0 rg BT 96.10 658.10 Td (Amendment, \(iii\) increased the ) Tj ET Q q 0 0 0 rg BT 222.45 658.10 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 285.30 658.10 Td (gin throughout the remainder of the term of the Credit ) Tj ET Q q 0 0 0 rg BT 503.58 658.10 Td (Agreement to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 646.10 Td (5.00% for ) Tj ET Q q 0 0 0 rg BT 91.94 646.10 Td (ABR Loans \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 240.52 646.10 Td (Agreement\) and 6.00% for Eurodollar Loans \(as defined in the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 634.10 Td (Agreement\), and \(iv\) increased 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 50.00 622.10 Td (calendar quarter thereafter commencing ) Tj ET Q q 0 0 0 rg BT 211.58 622.10 Td (April 1, 2016. ) Tj ET Q q 0 0 0 rg BT 272.50 622.10 Td (The Second ) Tj ET Q q 0 0 0 rg BT 321.94 622.10 Td (Amendment also required Emmis to pay a fee of 0.50% of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 610.10 Td (T) Tj ET Q q 0 0 0 rg BT 69.95 610.10 Td (erm Loan and Revolving Commitment of each Lender that consented to the Second ) Tj ET Q q 0 0 0 rg BT 406.25 610.10 Td (Amendment. ) Tj ET Q q 0 0 0 rg BT 463.00 610.10 Td (This fee totaled $1.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (million and was recorded as additional original issue discount and is being amortized as interest expense over the remaining life ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 124.99 586.10 Td (Agreement. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 565.10 Td (2012 CREDIT) Tj ET Q q 0 0 0 rg BT 111.22 565.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.16 565.10 Td (AGREEMENT) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 544.10 Td (On December 28, 2012, EOC entered into a credit facility \(the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 378.24 544.10 Td (Agreement\) to provide for total borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 532.10 Td (of up to $100 million, including \(i\) an $80 million term loan and \(ii\) a $20 million revolver) Tj ET Q q 0 0 0 rg BT 413.98 532.10 Td (, of which $5 million may be used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 520.10 Td (for letters of credit. On June 10, 2014, Emmis entered into the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 350.21 520.10 Td (Agreement. In connection with the execution of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (2014 Credit ) Tj ET Q q 0 0 0 rg BT 99.44 508.10 Td (Agreement, the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 213.03 508.10 Td (Agreement was terminated ef) Tj ET Q q 0 0 0 rg BT 330.85 508.10 Td (fective June 10, 2014, and all amounts outstanding under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 Td (that agreement were paid in full. During the three months ended ) Tj ET Q q 0 0 0 rg BT 308.25 496.10 Td (August 31, 2014, the Company recorded a loss on debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 484.10 Td (extinguishment of $1.5 million related to the termination of the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 354.67 484.10 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (SOURCES OF) Tj ET Q q 0 0 0 rg BT 113.25 463.10 Td ( LIQUIDITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 446.10 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 50.00 434.10 Td (our credit facility) Tj ET Q q 0 0 0 rg BT 118.76 434.10 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 50.00 422.10 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 50.00 410.10 Td (related businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 393.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.50 393.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.10 393.10 Td (, we had cash and cash equivalents of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.54 393.10 Td ($4.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.44 393.10 Td ( and net working capital of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.40 393.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.29 393.10 Td (. ) Tj ET Q q 0 0 0 rg BT 524.74 393.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 381.10 Td (, we had cash and cash equivalents of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.04 381.10 Td ($3.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.94 381.10 Td ( and net working capital of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.90 381.10 Td ($13.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.79 381.10 Td (. ) Tj ET Q q 0 0 0 rg BT 493.24 381.10 Td (As the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.10 Td (no longer operates radio stations in Europe, the Company does not hold a material amount of cash outside of the United States. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 357.10 Td (Since we manage cash on a consolidated basis, any cash needs of a particular segment or operating entity are met by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 345.10 Td (intercompany transactions. See Investing ) Tj ET Q q 0 0 0 rg BT 216.35 345.10 Td (Activities below for a discussion of specific segment needs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 328.10 Td (In an ef) Tj ET Q q 0 0 0 rg BT 102.86 328.10 Td (fort to improve liquidity and provide additional debt covenant compliance cushion, the Company has implemented ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 316.10 Td (a series of personnel and non-personnel expense reductions. ) Tj ET Q q 0 0 0 rg BT 292.24 316.10 Td (The Company estimates that these actions will result in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (approximately $7.5 million of savings in fiscal 2017, as compared to fiscal 2016. ) Tj ET Q q 0 0 0 rg BT 376.05 304.10 Td (Approximately $5.3 million of these savings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (relates to our radio division, approximately $1.5 million relates to our publishing division, and approximately $0.7 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 280.10 Td (relates to corporate. ) Tj ET Q q 0 0 0 rg BT 131.45 280.10 Td (These actions resulted in severance char) Tj ET Q q 0 0 0 rg BT 292.02 280.10 Td (ges of approximately $1.6 million during the three months ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 Td (February 29, 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 251.10 Td (Ef) Tj ET Q q 0 0 0 rg BT 81.76 251.10 Td (fective December 21, 2015, the Company completed a reor) Tj ET Q q 0 0 0 rg BT 318.15 251.10 Td (ganization that allows it to exclude, on a pro forma basis, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 239.10 Td (operating results of ) Tj ET Q q 0 0 0 rg BT 129.52 239.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.93 239.10 Td (agStation/NextRadio from Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 334.63 239.10 Td ( \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 435.71 239.10 Td (Agreement\), a metric used in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 227.10 Td (the calculation of certain of our debt covenants. Furthermore, the assets and stock of ) Tj ET Q q 0 0 0 rg BT 389.71 227.10 Td (T) Tj ET Q q 0 0 0 rg BT 395.12 227.10 Td (agStation LLC and its subsidiaries, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 215.10 Td (including NextRadio LLC, are not collateral under the Credit ) Tj ET Q q 0 0 0 rg BT 296.60 215.10 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 95.83 198.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 181.10 Td (Cash flows provided by operating activities were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.56 181.10 Td ($18.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.45 181.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.89 181.10 Td ($25.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.78 181.10 Td ( for the years ended February 28 \(29\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (2015 and 2016, respectively) Tj ET Q q 0 0 0 rg BT 162.10 169.10 Td (. ) Tj ET Q q 0 0 0 rg BT 166.92 169.10 Td (The increase in cash flows provided by operating activities was mainly attributable to additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 Td (operating cash flows provided by the acquisition of ) Tj ET Q q 0 0 0 rg BT 257.55 157.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 322.37 157.10 Td (WLIB-AM midway through fiscal 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 140.10 Td (Cash flows provided by operating activities were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.56 140.10 Td ($24.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.45 140.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.89 140.10 Td ($18.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.78 140.10 Td ( for the years ended February 28, 2014 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 128.10 Td (and 2015, respectively) Tj ET Q q 0 0 0 rg BT 139.60 128.10 Td (. ) Tj ET Q q 0 0 0 rg BT 144.42 128.10 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 50.00 116.10 Td (that was partially of) Tj ET Q q 0 0 0 rg BT 129.52 116.10 Td (fset by additional operating cash flows provided by the acquisition of ) Tj ET Q q 0 0 0 rg BT 408.99 116.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 473.81 116.10 Td (WLIB-AM.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 99.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 91.40 99.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 82.10 Td (Cash used in investing activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.20 82.10 Td ($3.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.09 82.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.55 82.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.15 82.10 Td ( primarily consisted of $3.4 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 70.10 Td (of capital expenditures partially of) Tj ET Q q 0 0 0 rg BT 187.54 70.10 Td (fset by $0.1 million of cash distributed from investments.) 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 72.50 742.10 Td (Cash used in investing activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.70 742.10 Td ($140.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.59 742.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.05 742.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 742.10 Td ( primarily consisted of $136.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (million of cash used in our acquisitions of ) Tj ET Q q 0 0 0 rg BT 220.35 730.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 285.17 730.10 Td (WLIB-AM and Digonex ) Tj ET Q q 0 0 0 rg BT 386.36 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 391.77 730.10 Td (echnologies, Inc. In addition, we used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 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 50.00 706.10 Td (investments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 689.10 Td (Cash flows provided by investing activities of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.86 689.10 Td ($5.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.75 689.10 Td ( for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.21 689.10 Td (February28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.81 689.10 Td ( primarily consisted of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td ($3.1 million of capital expenditures, $1.7 million related to the settlement of transaction fees and working capital adjustments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (associated with the sale of our Bulgarian and Slovakian radio operations which were included in discontinued operations and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td ($0.7 million of additional investments, net of distributions from investments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 94.74 636.10 Td (Activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 619.10 Td (Cash used in financing activities for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.43 619.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.03 619.10 Td ( primarily relates to net payments on our senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 607.10 Td (credit agreement and senior unsecured notes of $13.2 million, distributions to noncontrolling interests of $5.8 million, debt-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 595.10 Td (related costs of $1.1 million and the settlement of tax withholding obligations of $1.0 million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 578.10 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 300.87 578.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.47 578.10 Td ( primarily relates to net borrowings related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 566.10 Td (our senior credit agreement of $134.5 million. Partially of) Tj ET Q q 0 0 0 rg BT 281.43 566.10 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 50.00 554.10 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 50.00 542.10 Td (million.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 525.10 Td ( Cash used in financing activities for the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.93 525.10 Td (February28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.53 525.10 Td ( primarily relates to net payments related to our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 513.10 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 50.00 501.10 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 74.00 484.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 484.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 484.10 Td (, Emmis had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.82 484.10 Td ($184.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.71 484.10 Td ( of borrowings under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 434.52 484.10 Td (Agreement \($12.1 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 472.10 Td (current and $172.7 million long-term\), $70.1 million of non-recourse debt \($5.5 million current and $64.6 million long-term\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 460.10 Td (and $43.3 million of Preferred Stock liquidation preference. Borrowings under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 431.30 460.10 Td (Agreement debt bears interest, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 448.10 Td (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 403.85 448.10 Td (gin. ) Tj ET Q q 0 0 0 rg BT 421.45 448.10 Td (The non-recourse debt bears ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 436.10 Td (interest at 4.1%per annum. ) Tj ET Q q 0 0 0 rg BT 161.91 436.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.36 436.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.96 436.10 Td (, our weighted average borrowing rate under our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 505.71 436.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 424.10 Td (was approximately 7.0%.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 407.10 Td (The debt service requirements of Emmis over the next twelve-month period are expected to be $25.0 million related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.10 Td (our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 115.27 395.10 Td (Agreement, as amended, \($12.1 million of principal repayments and $12.5 million of interest payments\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.10 Td ($8.0 million related to our 98.7FM non-recourse debt \($5.4 million of principal repayments and $2.6 million of interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.10 Td (payments\). ) Tj ET Q q 0 0 0 rg BT 96.47 371.10 Td (The Company expects that proceeds from the 98.7FM LMA) Tj ET Q q 0 0 0 rg BT 336.70 371.10 Td ( will be suf) Tj ET Q q 0 0 0 rg BT 381.24 371.10 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 50.00 359.10 Td (98.7FM non-recourse debt. ) Tj ET Q q 0 0 0 rg BT 161.19 359.10 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 228.68 359.10 Td (Agreement debt bears interest at variable rates. ) Tj ET Q q 0 0 0 rg BT 418.96 359.10 Td (The Company estimated interest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.10 Td (payments for the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 169.15 347.10 Td (Agreement above by using the amounts outstanding as of February 29, 2016 and then-current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.10 Td (interest rates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 318.10 Td (The Company's Preferred Stock was delisted by Nasdaq on March 28, 2016. Pursuant to the Company's ) Tj ET Q q 0 0 0 rg BT 491.87 318.10 Td (Articles of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.10 Td (Incorporation, all Preferred Stock was automatically converted to Class ) Tj ET Q q 0 0 0 rg BT 337.69 306.10 Td (A) Tj ET Q q 0 0 0 rg BT 344.36 306.10 Td ( common stock on ) Tj ET Q q 0 0 0 rg BT 419.91 306.10 Td (April 4, 2016 at a ratio of 2.80 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.10 Td (shares of Class ) Tj ET Q q 0 0 0 rg BT 111.94 294.10 Td (A) Tj ET Q q 0 0 0 rg BT 118.61 294.10 Td ( common stock for each share of Preferred Stock. ) Tj ET Q q 0 0 0 rg BT 321.41 294.10 Td (The aggregate liquidation preference of the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.10 Td (Preferred Stock as of February 29, 2016 that was eliminated as a result of its conversion to Class ) Tj ET Q q 0 0 0 rg BT 438.53 282.10 Td (A) Tj ET Q q 0 0 0 rg BT 445.20 282.10 Td ( common stock was $43.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 270.10 Td (million. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 253.10 Td (As of ) Tj ET Q q 0 0 0 rg BT 97.89 253.10 Td (April 29, 2016, we had $14.0 million available for additional borrowing under our credit facility) Tj ET Q q 0 0 0 rg BT 482.42 253.10 Td (. ) Tj ET Q q 0 0 0 rg BT 486.87 253.10 Td (A) Tj ET Q q 0 0 0 rg BT 493.35 253.10 Td (vailability under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 241.10 Td (the 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 50.00 229.10 Td (compliance with these covenants as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.06 229.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.66 229.10 Td (. ) Tj ET Q q 0 0 0 rg BT 284.11 229.10 Td (As part of our business strategy) Tj ET Q q 0 0 0 rg BT 409.82 229.10 Td (, we continually evaluate potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 217.10 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 50.00 205.10 Td (appreciation in value and leverage our strengths. However) Tj ET Q q 0 0 0 rg BT 282.84 205.10 Td (, Emmis Operating Company) Tj ET Q q 0 0 0 rg BT 402.83 205.10 Td (s credit facility substantially limits our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 Td (ability to make acquisitions. ) Tj ET Q q 0 0 0 rg BT 165.08 193.10 Td (W) Tj ET Q q 0 0 0 rg BT 173.72 193.10 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 50.00 181.10 Td (we believe it is appropriate to do so. See Note 7 to our consolidated financial statements for a discussion of various acquisitions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.10 Td (and dispositions that occurred during the three years ended February 2016.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 152.10 Td (INT) Tj ET Q q 0 0 0 rg BT 67.04 152.10 Td (ANGIBLES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 135.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.44 135.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.04 135.10 Td (, approximately 69% of our total assets consisted of FCC licenses and goodwill, the value of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 123.10 Td (which depends significantly upon the operational results of our businesses. In the case of our radio stations, we would not be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 111.10 Td (able to operate the properties without the related FCC license for each property) Tj ET Q q 0 0 0 rg BT 365.90 111.10 Td (. FCC licenses are renewed every eight years; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 99.10 Td (consequently) Tj ET Q q 0 0 0 rg BT 102.11 99.10 Td (, we continually monitor the activities of our stations for compliance with regulatory requirements. Historically) Tj ET Q q 0 0 0 rg BT 546.35 99.10 Td (, all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 87.10 Td (of our FCC licenses have been renewed \(or a waiver has been granted pending renewal\) at the end of their respective eight-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 75.10 Td (periods, and we expect that all of our FCC licenses will continue to be renewed in the future.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (SEASONALITY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 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 50.00 713.25 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 50.00 701.25 Td (many of our stations. ) Tj ET Q q 0 0 0 rg BT 136.38 701.25 Td (Advertisers increase spending during the summer months to tar) Tj ET Q q 0 0 0 rg BT 389.48 701.25 Td (get these listeners. In addition, advertisers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (generally increase spending across all segments during the months of October and November) Tj ET Q q 0 0 0 rg BT 422.82 689.25 Td (, which are part of our third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.92 677.25 Td (, in anticipation of the holiday season.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 660.25 Td (INFLA) Tj ET Q q 0 0 0 rg BT 80.37 660.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 643.25 Td (The impact of inflation on operations has not been significant to date. However) Tj ET Q q 0 0 0 rg BT 391.01 643.25 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 50.00 631.25 Td (of inflation in the future would not have an adverse ef) Tj ET Q q 0 0 0 rg BT 265.30 631.25 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 50.00 619.25 Td (comprised entirely of variable-rate debt.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 602.25 Td (OFF-BALANCE SHEET) Tj ET Q q 0 0 0 rg BT 157.89 602.25 Td ( FINANCINGS ) Tj ET Q q 0 0 0 rg BT 225.68 602.25 Td (AND LIABILITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 585.25 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 50.00 573.25 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 495.61 573.25 Td (1 to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 561.25 Td (consolidated financial statements, the Company does not have any material of) Tj ET Q q 0 0 0 rg BT 361.67 561.25 Td (f-balance sheet financings or liabilities. ) Tj ET Q q 0 0 0 rg BT 521.43 561.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 549.25 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 50.00 537.25 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 50.00 525.25 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 50.00 496.25 Td (ITEM7A. QUANTIT) Tj ET Q q 0 0 0 rg BT 142.32 496.25 Td (A) Tj ET Q q 0 0 0 rg BT 148.80 496.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 175.21 496.25 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 238.08 496.25 Td (A) Tj ET Q q 0 0 0 rg BT 244.56 496.25 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 344.04 496.25 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 379.42 496.25 Td ( MARKET) Tj ET Q q 0 0 0 rg BT 426.74 496.25 Td ( RISK.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 472.25 Td (As a smaller reporting company) Tj ET Q q 0 0 0 rg BT 200.15 472.25 Td (, we are not required to provide this information.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.00 576.25 Td (W) Tj ET Q q 0 0 0 rg BT 94.64 576.25 Td (e ) Tj ET Q q 0 0 0 rg BT 101.49 576.25 Td (conducted ) Tj ET Q q 0 0 0 rg BT 144.99 576.25 Td (our ) Tj ET Q q 0 0 0 rg BT 160.73 576.25 Td (audits ) Tj ET Q q 0 0 0 rg BT 187.03 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 197.22 576.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 244.59 576.25 Td (with ) Tj ET Q q 0 0 0 rg BT 264.78 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.41 576.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 319.59 576.25 Td (of ) Tj ET Q q 0 0 0 rg BT 330.33 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.96 576.25 Td (Public ) Tj ET Q q 0 0 0 rg BT 372.93 576.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 413.69 576.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 462.76 576.25 Td (Oversight ) Tj ET Q q 0 0 0 rg BT 504.61 576.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 531.46 576.25 Td (\(United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 564.25 Td (States\). ) Tj ET Q q 0 0 0 rg BT 82.46 564.25 Td (Those ) Tj ET Q q 0 0 0 rg BT 109.86 564.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 150.58 564.25 Td (require ) Tj ET Q q 0 0 0 rg BT 181.86 564.25 Td (that ) Tj ET Q q 0 0 0 rg BT 199.81 564.25 Td (we ) Tj ET Q q 0 0 0 rg BT 214.43 564.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 234.60 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 252.00 564.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 287.17 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.34 564.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 325.29 564.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.03 564.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 363.98 564.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 409.69 564.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 451.52 564.25 Td (about ) Tj ET Q q 0 0 0 rg BT 476.69 564.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 511.86 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.03 564.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 552.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 95.11 552.25 Td (are ) Tj ET Q q 0 0 0 rg BT 110.22 552.25 Td (free ) Tj ET Q q 0 0 0 rg BT 128.66 552.25 Td (of ) Tj ET Q q 0 0 0 rg BT 139.90 552.25 Td (material ) Tj ET Q q 0 0 0 rg BT 175.56 552.25 Td (misstatement. ) Tj ET Q q 0 0 0 rg BT 233.52 552.25 Td (W) Tj ET Q q 0 0 0 rg BT 242.16 552.25 Td (e ) Tj ET Q q 0 0 0 rg BT 249.50 552.25 Td (were ) Tj ET Q q 0 0 0 rg BT 271.83 552.25 Td (not ) Tj ET Q q 0 0 0 rg BT 287.51 552.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 323.73 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 334.41 552.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 369.52 552.25 Td (an ) Tj ET Q q 0 0 0 rg BT 381.86 552.25 Td (audit ) Tj ET Q q 0 0 0 rg BT 404.76 552.25 Td (of ) Tj ET Q q 0 0 0 rg BT 415.99 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 431.11 552.25 Td (Company) Tj ET Q q 0 0 0 rg BT 472.78 552.25 Td (s ) Tj ET Q q 0 0 0 rg BT 479.57 552.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 513.02 552.25 Td (control ) Tj ET Q q 0 0 0 rg BT 544.25 552.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.93 540.25 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 130.04 540.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 148.55 540.25 Td (audits ) Tj ET Q q 0 0 0 rg BT 175.39 540.25 Td (included ) Tj ET Q q 0 0 0 rg BT 212.78 540.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 269.60 540.25 Td (of ) Tj ET Q q 0 0 0 rg BT 280.89 540.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 314.38 540.25 Td (control ) Tj ET Q q 0 0 0 rg BT 345.66 540.25 Td (over ) Tj ET Q q 0 0 0 rg BT 366.39 540.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 404.32 540.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 443.93 540.25 Td (as ) Tj ET Q q 0 0 0 rg BT 455.21 540.25 Td (a ) Tj ET Q q 0 0 0 rg BT 462.61 540.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 485.56 540.25 Td (for ) Tj ET Q q 0 0 0 rg BT 500.18 540.25 Td (designing ) Tj ET Q q 0 0 0 rg BT 542.02 540.25 Td (audit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 96.33 528.25 Td (that ) Tj ET Q q 0 0 0 rg BT 113.79 528.25 Td (are ) Tj ET Q q 0 0 0 rg BT 128.47 528.25 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 176.46 528.25 Td (in ) Tj ET Q q 0 0 0 rg BT 186.71 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.39 528.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 263.00 528.25 Td (but ) Tj ET Q q 0 0 0 rg BT 278.24 528.25 Td (not ) Tj ET Q q 0 0 0 rg BT 293.49 528.25 Td (for ) Tj ET Q q 0 0 0 rg BT 307.61 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 322.29 528.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 356.42 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 367.22 528.25 Td (expressing ) Tj ET Q q 0 0 0 rg BT 412.45 528.25 Td (an ) Tj ET Q q 0 0 0 rg BT 424.36 528.25 Td (opinion ) Tj ET Q q 0 0 0 rg BT 457.38 528.25 Td (on ) Tj ET Q q 0 0 0 rg BT 469.84 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.53 528.25 Td (ef) Tj ET Q q 0 0 0 rg BT 492.11 528.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 539.00 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.80 528.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 516.25 Td (s ) Tj ET Q q 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504.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 111.52 504.25 Td (evidence ) Tj ET Q q 0 0 0 rg BT 149.73 504.25 Td (supporting ) Tj ET Q q 0 0 0 rg BT 195.18 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.08 504.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 246.64 504.25 Td (and ) Tj ET Q q 0 0 0 rg BT 263.75 504.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 310.86 504.25 Td (in ) Tj ET Q q 0 0 0 rg BT 321.32 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.21 504.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 373.86 504.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 421.25 504.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 461.15 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 476.04 504.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 522.59 504.25 Td (principles ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.25 Td (used ) Tj ET Q q 0 0 0 rg BT 70.65 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 87.40 492.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 131.93 492.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 171.46 492.25 Td (made ) Tj ET Q q 0 0 0 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1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 254.79999999999995 m 493.5 254.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 256.79999999999995 m 562.5 256.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 254.79999999999995 m 562.5 254.79999999999995 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 399.95 688.05 Td (For the years ended February28 \(29\),) 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 (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 675.05 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 675.05 Td (2016) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 660.47 Td (205,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 660.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 660.47 Td (237,938) 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 (231,433) 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 $2,711, $3,984 and $4,713 respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 620.47 Td (159,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 620.47 Td (181,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 620.47 Td (183,394) 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 $2,155, $1,942 and $1,084, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 595.47 Td (17,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 595.47 Td (14,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 595.47 Td (13,023) 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 467.15 580.47 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 580.47 Td () 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 (2,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 565.47 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 565.47 Td () 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 410.65 550.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 550.47 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 550.47 Td (9,499) 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 (4,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 535.47 Td (5,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 535.47 Td (5,797) 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 463.80 520.52 Td (\(2,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 520.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 506.37 Td (\(Gain\) loss on sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 505.52 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 505.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 505.47 Td (56) 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 (182,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 490.47 Td (272,001) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 490.47 Td (211,769) 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 (22,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 475.52 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 475.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 475.47 Td (19,664) 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 394.80 445.52 Td (\(7,068) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 445.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 445.52 Td (\(17,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 445.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 445.52 Td (\(18,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 445.47 Td (\)) 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 402.30 430.52 Td (\(653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 430.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 430.52 Td (\(1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 430.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 430.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 416.37 Td (Other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 415.47 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 415.52 Td (\(6,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 415.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 415.47 Td (1,057) 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 394.80 400.52 Td (\(7,605) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 400.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 400.52 Td (\(24,974) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 400.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 400.52 Td (\(17,899) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 400.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 386.37 Td (INCOME \(LOSS\) BEFORE INCOME TAXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 385.47 Td (14,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 385.52 Td (\(59,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 385.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 385.47 Td (1,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 371.37 Td (\(BENEFIT\) PROVISION FOR INCOME TAXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 370.52 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 370.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 370.47 Td (36,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 370.47 Td (2,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 356.37 Td (CONSOLIDATED NET INCOME \(LOSS\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 355.47 Td (48,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 355.52 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 355.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 355.52 Td (\(304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 355.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.37 Td (NET INCOME \(LOSS\) ATTRIBUTABLE TO NONCONTROLLING) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 331.37 Td (INTERESTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 330.47 Td (5,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 330.47 Td (3,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 330.52 Td (\(2,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 330.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.37 Td (NET INCOME \(LOSS\) ATTRIBUTABLE TO THE COMPANY) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 315.47 Td (43,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 315.52 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 315.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 315.47 Td (2,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 301.37 Td (GAIN ON EXTINGUISHMENT OF PREFERRED STOCK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 300.47 Td (325) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 300.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 300.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 286.37 Td (LOSS ON MODIFICATION OF PREFERRED STOCK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 285.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 285.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 285.52 Td (\(162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 285.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 271.37 Td (NET INCOME \(LOSS\) ATTRIBUTABLE TO COMMON) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 261.37 Td (SHAREHOLDERS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 260.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 260.47 Td (43,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 260.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 260.52 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 260.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 260.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 260.47 Td (1,952) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 211.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) Tj ET Q endstream endobj 95 0 obj <>] /Rotate 0 /Contents 96 0 R>> endobj 96 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 (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.30 742.10 Td (EMMIS COMMUNICA) Tj ET Q q 0 0 0 rg BT 256.81 742.10 Td (TIONS CORPORA) Tj ET Q q 0 0 0 rg BT 334.89 742.10 Td (TION ) Tj ET Q q 0 0 0 rg BT 360.72 742.10 Td (AND SUBSIDIARIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.00 730.10 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 215.67 730.10 Td (TED ST) Tj ET Q q 0 0 0 rg BT 248.48 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 254.59 730.10 Td (TEMENTS OF OPERA) Tj ET Q q 0 0 0 rg BT 350.16 730.10 Td (TIONS - \(CONTINUED\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.10 718.10 Td (\(DOLLARS IN ) Tj ET Q q 0 0 0 rg BT 242.91 718.10 Td (THOUSANDS, EXCEPT) Tj ET Q q 0 0 0 rg BT 346.07 718.10 Td ( PER SHARE DA) Tj ET Q q 0 0 0 rg BT 418.03 718.10 Td (T) Tj ET Q q 0 0 0 rg BT 423.34 718.10 Td (A\)) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 681.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 681.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 681.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 681.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 681.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 681.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 651.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 651.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 651.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 651.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 651.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 651.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 621.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 621.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 621.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 621.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 621.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 621.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 591.60 315.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 365.50 591.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 591.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 591.60 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 495.50 591.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 499.50 591.60 63.00 -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 365.5 681.6 m 428.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 681.6 m 495.5 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499.5 681.6 m 562.5 681.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 698.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 402.95 698.85 Td (FortheyearsendedFebruary28\(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 685.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 388.50 685.85 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.50 685.85 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.50 685.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 672.17 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 368.00 671.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 671.27 Td (43,806) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 671.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 671.32 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 671.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 671.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 671.27 Td (1,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 657.17 Td (Amounts attributable to common shareholders for diluted earnings per share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.00 656.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 656.27 Td (43,481) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 656.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.80 656.32 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 656.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 656.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 656.27 Td (1,952) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 627.17 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 368.00 626.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 626.27 Td (1.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 626.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 626.32 Td (\(2.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 626.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 626.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 626.27 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 612.17 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 368.00 611.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.15 611.27 Td (0.94) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.00 611.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.80 611.32 Td (\(2.33) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.65 611.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.00 611.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 611.27 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 582.17 Td (Basic weighted average common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 581.27 Td (40,506) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 581.27 Td (42,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 581.27 Td (44,136) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 567.17 Td (Diluted weighted average common shares outstanding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.15 566.27 Td (46,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.15 566.27 Td (42,537) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 566.27 Td (45,264) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 541.10 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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500.00 630.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 630.47 Td (4,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 616.37 Td (Restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 615.47 Td (2,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 615.47 Td (1,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 601.37 Td (Accounts receivable, net of allowance for doubtful accounts of $665 and $934,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 591.37 Td (respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 590.47 Td (37,328) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 590.47 Td (34,906) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 576.37 Td (Prepaid expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 575.47 Td (8,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 575.47 Td (7,413) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 561.37 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 560.47 Td (3,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 560.47 Td (3,452) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 546.37 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 545.47 Td (55,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 545.47 Td (51,691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 531.37 Td (PROPERTY AND EQUIPMENT:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 516.37 Td (Land and buildings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 515.47 Td (27,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 515.47 Td (27,689) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 501.37 Td (Leasehold improvements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 500.47 Td (13,911) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 500.47 Td (13,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 486.37 Td (Broadcasting equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 485.47 Td (42,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 485.47 Td (43,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 471.37 Td (Office equipment and automobiles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 470.47 Td (33,153) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 470.47 Td (31,248) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 456.37 Td (Construction in progress) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 455.47 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 455.47 Td (544) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 440.47 Td (117,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 440.47 Td (117,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 426.37 Td (Less-accumulated depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 425.47 Td (82,898) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 425.47 Td (83,498) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 411.37 Td (Total property and equipment, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 410.47 Td (34,794) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 410.47 Td (33,843) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 396.37 Td (INTANGIBLE ASSETS:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 381.37 Td (Indefinite lived intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 380.47 Td (210,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 380.47 Td (205,129) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 366.37 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 365.47 Td (15,392) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 365.47 Td (14,697) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 351.37 Td (Other intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 350.47 Td (9,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 350.47 Td (6,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 335.47 Td (235,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 335.47 Td (226,050) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 321.37 Td (Less-accumulated amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 320.47 Td (1,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 320.47 Td (2,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 306.37 Td (Total intangible assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 305.47 Td (233,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 305.47 Td (223,125) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 291.37 Td (OTHER ASSETS:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 276.37 Td (Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 275.47 Td (1,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 275.47 Td (1,137) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 261.37 Td (Deposits and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 260.47 Td (5,956) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 260.47 Td (6,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 246.37 Td (Total other assets, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 245.47 Td (6,982) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 245.47 Td (7,947) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 231.37 Td (Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 230.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 230.47 Td (331,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 230.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 230.47 Td (316,606) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 205.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 253 m 562.5 253 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 251 m 562.5 251 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 460.35 689.25 Td (FEBRUARY 28 \(29\),) 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 452.50 676.25 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 676.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 662.57 Td (LIABILITIES AND 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 631.67 Td (9,497) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 631.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 631.67 Td (8,127) 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 467.15 616.67 Td (6,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 616.67 Td (17,573) 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 (8,241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 601.67 Td (8,375) 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 (11,568) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 586.67 Td (11,435) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 572.57 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 571.67 Td (6,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 571.67 Td (5,775) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 557.57 Td (Total current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 556.67 Td (42,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 556.67 Td (51,285) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 542.57 Td (LONG-TERM DEBT, NET OF CURRENT PORTION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 541.67 Td (250,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 541.67 Td (228,027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 527.57 Td (OTHER NONCURRENT LIABILITIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 526.67 Td (8,351) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 526.67 Td (7,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 512.57 Td (DEFERRED INCOME TAXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 511.67 Td (41,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 511.67 Td (43,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 497.57 Td (Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 496.67 Td (343,443) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 496.67 Td (330,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 482.57 Td (COMMITMENTS AND CONTINGENCIES \(NOTE 11\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 467.57 Td (SHAREHOLDERS DEFICIT:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 466.67 Td (`) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 452.57 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 71.00 442.57 Td (outstanding 39,0547,719 shares and 41,609,601 shares at February 28, 2015 and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 432.57 Td (February 29, 2016, respectively) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 431.67 Td (391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 431.67 Td (416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 417.57 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 71.00 407.57 Td (outstanding 4,569,464 shares at February 28 \(29\), 2015 and 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 406.67 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 406.67 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 392.57 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 479.65 391.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 391.67 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 377.57 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 71.00 367.57 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 71.00 357.57 Td (28, 2015 and $43,316 at February 29, 2016; authorized 2,875,000 shares; issued and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 347.57 Td (outstanding 928,991 shares at February 28, 2015, and 866,319 at February 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 346.67 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 346.67 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 332.57 Td (Additional paid-in capital) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 331.67 Td (585,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 331.67 Td (589,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 317.57 Td (Accumulated deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.80 316.72 Td (\(644,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 316.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.80 316.72 Td (\(642,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 316.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 302.57 Td (Total shareholders deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 301.72 Td (\(58,810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 301.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 301.72 Td (\(52,546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 301.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 287.57 Td (NONCONTROLLING INTERESTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 286.67 Td (46,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 286.67 Td (38,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 272.57 Td (Total deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 271.72 Td (\(12,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 271.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 271.72 Td (\(14,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 271.67 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 257.57 Td (Total liabilities and deficit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 256.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.15 256.67 Td (331,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 256.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 256.67 Td (316,606) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 231.50 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) Tj ET Q endstream endobj 103 0 obj <>] /Rotate 0 /Contents 104 0 R>> endobj 104 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 (51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.30 742.10 Td (EMMIS COMMUNICA) Tj ET Q q 0 0 0 rg BT 256.81 742.10 Td (TIONS CORPORA) Tj ET Q q 0 0 0 rg BT 334.89 742.10 Td (TION ) Tj ET Q q 0 0 0 rg BT 360.72 742.10 Td (AND SUBSIDIARIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.70 730.10 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 209.37 730.10 Td (TED ST) Tj ET Q q 0 0 0 rg BT 242.18 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 248.29 730.10 Td (TEMENTS OF CHANGES IN EQUITY) Tj ET Q q 0 0 0 rg BT 411.80 730.10 Td ( \(DEFICIT\)) Tj ET Q BT /F1 10.00 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 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.79 718.10 Td (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 (29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.71 718.10 Td ( ) 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 0.9333333333333333 1 rg /GS0 gs 415.50 620.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 620.80 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 620.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 620.80 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 620.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 620.80 45.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 570.80 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 570.80 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 570.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 570.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 570.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 570.80 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.50 570.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 419.50 570.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 464.50 570.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 468.50 570.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 513.50 570.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 517.50 570.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 530.80 204.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 530.80 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 308.50 530.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 312.50 530.80 45.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 357.50 530.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 530.80 54.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 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191.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 189.79999999999995 m 513.5 189.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 191.79999999999995 m 562.5 191.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517.5 189.79999999999995 m 562.5 189.79999999999995 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 28, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.60 640.47 Td (35,907,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 640.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 640.47 Td (359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 640.47 Td (4,722,684) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 640.47 Td ($) 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 477.10 640.47 Td (937,641) 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 553.65 640.47 Td (9) 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 (425,800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 600.47 Td (4) 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 (780,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 575.47 Td (9) 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 (Conversion of Class B to Class A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 560.47 Td (153,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 560.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.80 560.52 Td (\(153,220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.65 560.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 560.52 Td (\(1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.65 560.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 546.37 Td (Payments of dividends and distributions to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 536.37 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 535.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 521.37 Td (Purchase of preferred stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.80 520.52 Td (\(8,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 520.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 506.37 Td (Cumulative translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 505.47 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 53.00 491.37 Td (Change in value of derivative instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 490.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 490.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 490.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 490.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 490.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 490.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 476.37 Td (BALANCE, FEBRUARY 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.60 475.47 Td (37,267,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 475.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 475.47 Td (373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 475.47 Td (4,569,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 475.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 475.47 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 475.47 Td (928,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 475.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 475.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 461.37 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 460.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 460.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 460.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 460.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 460.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 460.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 446.37 Td (Exercise of stock options and related income tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 436.37 Td (benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 435.47 Td (792,385) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 435.47 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 435.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 435.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 435.47 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 53.00 421.37 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 411.37 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 410.47 Td (387,910) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 410.47 Td (4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 410.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 410.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 410.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 410.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 396.37 Td (Distribution of 2012 Retention Plan Trust, net of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 386.37 Td (taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 385.47 Td (607,301) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 385.47 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 385.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 385.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 385.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 385.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 371.37 Td (Payments of dividends and distributions to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 361.37 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 360.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 360.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 360.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 360.47 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 (Acquisition of noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 345.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 345.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 345.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 345.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 345.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 345.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 331.37 Td (Change in value of derivative instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 330.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 330.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 330.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 330.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 330.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 330.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 316.37 Td (BALANCE, FEBRUARY 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.60 315.47 Td (39,054,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 315.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 315.47 Td (391) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 315.47 Td (4,569,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 315.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 315.47 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 315.47 Td (928,991) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 315.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 315.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 301.37 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 300.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 300.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 300.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 300.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 300.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 300.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 286.37 Td (Exercise of stock options and related income tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 276.37 Td (benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 275.47 Td (190,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 275.47 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 275.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 275.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 275.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 275.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 261.37 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 251.37 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.60 250.47 Td (2,211,963) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 250.47 Td (22) 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 (Conversion of Preferred Stock to Class A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 226.37 Td (Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.15 225.47 Td (152,919) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.65 225.47 Td (1) 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 478.80 225.52 Td (\(62,672) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.65 225.47 Td (\)) 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 (Distributions to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.65 210.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.65 210.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.65 210.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 210.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.65 210.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 210.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 196.37 Td (BALANCE, FEBRUARY 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.60 195.47 Td (41,609,601) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.00 195.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.65 195.47 Td (416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.60 195.47 Td (4,569,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.00 195.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.65 195.47 Td (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.10 195.47 Td (866,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.00 195.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 195.47 Td (9) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 170.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) Tj ET Q endstream endobj 105 0 obj <>] /Rotate 0 /Contents 106 0 R>> endobj 106 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 (52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.30 730.10 Td (EMMIS COMMUNICA) Tj ET Q q 0 0 0 rg BT 256.81 730.10 Td (TIONS CORPORA) Tj ET Q q 0 0 0 rg BT 334.89 730.10 Td (TION ) Tj ET Q q 0 0 0 rg BT 360.72 730.10 Td (AND SUBSIDIARIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.20 718.10 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 171.87 718.10 Td (TED ST) Tj ET Q q 0 0 0 rg BT 204.68 718.10 Td (A) Tj ET Q q 0 0 0 rg BT 210.79 718.10 Td (TEMENTS OF CHANGES IN EQUITY) Tj ET Q q 0 0 0 rg BT 374.30 718.10 Td ( \(DEFICIT\) \(CONTINUED\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.25 706.10 Td (FOR ) Tj ET Q q 0 0 0 rg BT 208.02 706.10 Td (THE ) Tj ET Q q 0 0 0 rg BT 229.78 706.10 Td (THREE ) Tj ET Q q 0 0 0 rg BT 264.13 706.10 Td (YEARS ENDED ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.79 706.10 Td (FEBRUAR) Tj ET Q q 0 0 0 rg BT 381.36 706.10 Td (Y) Tj ET Q q 0 0 0 rg BT 388.21 706.10 Td (29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.71 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.50 694.10 Td (\(DOLLARS IN ) Tj ET Q q 0 0 0 rg BT 253.31 694.10 Td (THOUSANDS, EXCEPT) Tj ET Q q 0 0 0 rg BT 356.47 694.10 Td ( SHARE DA) Tj ET Q q 0 0 0 rg BT 407.59 694.10 Td (T) Tj ET Q q 0 0 0 rg BT 412.90 694.10 Td (A\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 683.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 635.80 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 635.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 635.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 635.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 635.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 635.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 635.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 635.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 635.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 635.80 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 605.80 192.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 605.80 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 605.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 605.80 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 605.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 605.80 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 605.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 605.80 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 605.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 605.80 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 555.80 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 555.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 555.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 555.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 555.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 555.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 555.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 555.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 555.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 555.80 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 515.80 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 515.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 515.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 515.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 515.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 515.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 515.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 515.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 515.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 515.80 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 485.80 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 485.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 485.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 485.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 485.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 485.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 485.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 485.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 485.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 485.80 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 455.80 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 455.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 455.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 455.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 455.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 455.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 455.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 455.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 455.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 455.80 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 415.80 192.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 415.80 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 415.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 415.80 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 415.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 415.80 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 415.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 415.80 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 415.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 415.80 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 365.80 192.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 365.80 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 365.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 365.80 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 365.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 365.80 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 365.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 365.80 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 365.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 365.80 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 325.80 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 325.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 325.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 325.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 325.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 325.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 325.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 325.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 325.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 325.80 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 295.80 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 295.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 295.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 295.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 295.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 295.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 295.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 295.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 295.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 295.80 64.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 255.80 192.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 255.80 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 255.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 255.80 63.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 255.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 255.80 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 255.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 255.80 57.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 255.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 255.80 64.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 205.80 192.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 205.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 305.50 205.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 309.50 205.80 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 372.50 205.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 376.50 205.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.50 205.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.50 205.80 57.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 494.50 205.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 498.50 205.80 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 242.5 470.79999999999995 m 305.5 470.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 456.79999999999995 m 305.5 456.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 454.79999999999995 m 305.5 454.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 470.79999999999995 m 372.5 470.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 456.79999999999995 m 372.5 456.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 454.79999999999995 m 372.5 454.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 470.79999999999995 m 433.5 470.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 456.79999999999995 m 433.5 456.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 454.79999999999995 m 433.5 454.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 470.79999999999995 m 494.5 470.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 456.79999999999995 m 494.5 456.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 454.79999999999995 m 494.5 454.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 470.79999999999995 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 498.5 456.79999999999995 m 562.5 456.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 454.79999999999995 m 562.5 454.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 310.79999999999995 m 305.5 310.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 296.79999999999995 m 305.5 296.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 294.79999999999995 m 305.5 294.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 310.79999999999995 m 372.5 310.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 296.79999999999995 m 372.5 296.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 294.79999999999995 m 372.5 294.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 310.79999999999995 m 433.5 310.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 296.79999999999995 m 433.5 296.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 294.79999999999995 m 433.5 294.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 310.79999999999995 m 494.5 310.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 296.79999999999995 m 494.5 296.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 294.79999999999995 m 494.5 294.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 310.79999999999995 m 562.5 310.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 296.79999999999995 m 562.5 296.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 294.79999999999995 m 562.5 294.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 190.79999999999995 m 305.5 190.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 176.79999999999995 m 305.5 176.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 242.5 174.79999999999995 m 305.5 174.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 190.79999999999995 m 372.5 190.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 176.79999999999995 m 372.5 176.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 309.5 174.79999999999995 m 372.5 174.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 190.79999999999995 m 433.5 190.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 176.79999999999995 m 433.5 176.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376.5 174.79999999999995 m 433.5 174.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 190.79999999999995 m 494.5 190.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 176.79999999999995 m 494.5 176.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.5 174.79999999999995 m 494.5 174.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 190.79999999999995 m 562.5 190.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 176.79999999999995 m 562.5 176.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 174.79999999999995 m 562.5 174.79999999999995 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 28, 2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 625.47 Td (578,555) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.80 625.52 Td (\(588,836) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 625.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.30 625.52 Td (\(118) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 625.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 625.47 Td (47,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 625.47 Td (37,099) 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 (43,481) 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 (5,174) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 610.47 Td (48,655) 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 (325) 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 (329) 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 (2,003) 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 (2,012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 545.47 Td (Conversion of Class B to Class A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 545.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 545.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 545.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 545.47 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 53.00 530.47 Td (Payments of dividends and distributions to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 520.47 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 520.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 520.52 Td (\(4,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 520.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 520.52 Td (\(4,620) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 520.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 505.47 Td (Purchase of preferred stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.30 505.47 Td (\(107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.65 505.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 505.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 505.52 Td (\(107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 505.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 490.47 Td (Cumulative translation adjustment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 490.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 490.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 490.47 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.30 490.52 Td (\(19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 490.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.30 490.52 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 490.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 475.47 Td (Change in value of derivative instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 475.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 475.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 475.47 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 475.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 475.47 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 460.47 Td (BALANCE, FEBRUARY 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 460.47 Td (580,776) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.80 460.52 Td (\(545,355) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 460.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.30 460.52 Td (\(99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.65 460.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 460.47 Td (47,618) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 460.47 Td (83,368) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 445.47 Td (Net income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 445.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.80 445.52 Td (\(99,259) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 445.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 445.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 445.47 Td (3,274) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 445.52 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 445.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 430.47 Td (Exercise of stock options and related income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 420.47 Td (tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 420.47 Td (411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 420.47 Td () 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 480.65 420.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 420.47 Td (419) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 405.47 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 395.47 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 395.47 Td (2,119) 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 536.15 395.47 Td (2,123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 380.47 Td (Distribution of 2012 Retention Plan Trust, net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 370.47 Td (of taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 370.47 Td (2,052) 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 (2,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 355.47 Td (Payments of dividends and distributions to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 345.47 Td (noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 345.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 345.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 345.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 345.52 Td (\(5,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 345.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 345.52 Td (\(5,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 345.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 330.47 Td (Acquisition of noncontrolling interest) 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 468.15 330.47 Td (1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 330.47 Td (1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 315.47 Td (Change in value of derivative instrument) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 315.47 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 (99) 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 548.65 315.47 Td (99) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 300.47 Td (BALANCE, FEBRUARY 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 300.47 Td (585,358) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.80 300.52 Td (\(644,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 300.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 300.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.15 300.47 Td (46,661) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 300.52 Td (\(12,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 300.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 285.47 Td (Net income \(loss\)) 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 346.15 285.47 Td (2,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 285.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 285.52 Td (\(2,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 285.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 285.52 Td (\(304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 285.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 270.47 Td (Exercise of stock options and related income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 260.47 Td (tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.65 260.47 Td (133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 260.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 260.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 260.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 260.47 Td (135) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 245.47 Td (Issuance of Common Stock to employees and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 235.47 Td (officers and related income tax benefits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.15 235.47 Td (3,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 235.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 235.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 235.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 235.47 Td (4,014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 220.47 Td (Conversion of Preferred Stock to Class A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 210.47 Td (Common Stock) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 210.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 210.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 210.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 210.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 210.47 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 195.47 Td (Distributions to noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.65 195.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.65 195.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.65 195.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.80 195.52 Td (\(5,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 195.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 195.52 Td (\(5,846) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 195.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 180.47 Td (BALANCE, FEBRUARY 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.15 180.47 Td (589,483) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.80 180.52 Td (\(642,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.65 180.47 Td (\)) 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 463.15 180.47 Td (38,397) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 180.52 Td (\(14,149) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 180.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 155.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) Tj ET Q endstream endobj 107 0 obj <>] /Rotate 0 /Contents 108 0 R>> endobj 108 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 (53) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.30 742.10 Td (EMMIS COMMUNICA) Tj ET Q q 0 0 0 rg BT 256.81 742.10 Td (TIONS CORPORA) Tj ET Q q 0 0 0 rg BT 334.89 742.10 Td (TION ) Tj ET Q q 0 0 0 rg BT 360.72 742.10 Td (AND SUBSIDIARIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.70 730.10 Td (CONSOLIDA) Tj ET Q q 0 0 0 rg BT 251.37 730.10 Td (TED ST) Tj ET Q q 0 0 0 rg BT 284.18 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 290.29 730.10 Td (TEMENTS OF CASH FLOWS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.60 718.10 Td (\(DOLLARS IN ) Tj ET Q q 0 0 0 rg BT 306.41 718.10 Td (THOUSANDS\)) 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 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 600.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 600.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 600.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 600.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 600.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 600.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 570.80 309.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 570.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 570.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 570.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 570.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 570.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 530.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 530.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 530.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 530.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 530.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 530.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 500.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 500.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 500.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 500.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 500.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 500.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 460.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 460.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 460.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 460.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 460.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 460.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 430.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 430.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 430.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 430.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 430.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 430.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 400.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 400.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 400.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 400.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 400.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 400.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 370.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 370.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 370.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 370.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 370.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 370.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 340.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 340.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 340.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 340.80 65.00 -15.00 re f /GS0 gs 0.8 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 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 359.5 295.79999999999995 m 424.5 295.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 295.79999999999995 m 493.5 295.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 295.79999999999995 m 562.5 295.79999999999995 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 359.5 175.79999999999995 m 424.5 175.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 175.79999999999995 m 493.5 175.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 175.79999999999995 m 562.5 175.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 160.79999999999995 m 424.5 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 160.79999999999995 m 493.5 160.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 160.79999999999995 m 562.5 160.79999999999995 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 379.85 688.05 Td (FORTHEYEARSENDEDFEBRUARY28 \(29\),) 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 (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 675.05 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 675.05 Td (2016) 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 393.15 645.47 Td (48,655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 645.52 Td (\(95,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 645.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 645.52 Td (\(304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 645.47 Td (\)) 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 (Impairment losses on intangible assets) 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 462.15 605.47 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 605.47 Td (9,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 591.37 Td (Loss on debt extinguishment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 590.47 Td (653) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 590.47 Td (1,455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 590.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 576.37 Td (Noncash accretion of debt instruments to interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 575.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 575.47 Td (3,472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 575.47 Td (743) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 561.37 Td (Amortization of deferred financing costs, including original issue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 551.37 Td (discount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 550.47 Td (838) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 550.47 Td (1,227) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 550.47 Td (1,667) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 536.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 535.47 Td (4,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 535.47 Td (5,926) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 535.47 Td (5,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 521.37 Td (Provision for bad debts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 520.47 Td (510) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 520.47 Td (627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 520.47 Td (626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 506.37 Td (\(Benefit\) provision for deferred income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 505.52 Td (\(33,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 505.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 505.47 Td (36,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 505.47 Td (2,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 491.37 Td (Noncash compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 490.47 Td (4,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 490.47 Td (2,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 490.47 Td (4,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 476.37 Td (\(Gain\) loss on equity method investments and other-than-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 466.37 Td (temporary impairment of available-for-sale investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 465.52 Td (\(96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 465.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 465.47 Td (6,682) 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 89.00 451.37 Td (\(Gain\) loss on sale of assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.30 450.52 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 450.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 450.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 450.47 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 436.37 Td (Changes in assets and liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 421.37 Td (Restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 420.52 Td (\(813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 420.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 420.52 Td (\(501) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 420.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 420.47 Td (1,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 406.37 Td (Accounts receivable) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 405.52 Td (\(3,256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 405.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 405.52 Td (\(6,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 405.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 405.47 Td (1,796) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 391.37 Td (Prepaid expenses and other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 390.47 Td (1,638) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 390.52 Td (\(1,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 390.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 390.47 Td (1,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 376.37 Td (Other assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 375.52 Td (\(1,831) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 375.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 375.52 Td (\(682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 375.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 375.52 Td (\(1,583) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 375.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 361.37 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 360.47 Td (1,704) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 360.52 Td (\(373) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 360.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 360.52 Td (\(1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 360.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 346.37 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 345.47 Td (644) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 345.47 Td (62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 345.52 Td (\(133) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 345.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 331.37 Td (Income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 330.52 Td (\(686) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 330.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 330.52 Td (\(30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 330.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 330.52 Td (\(117) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 330.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 316.37 Td (Other liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 315.47 Td (237) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 315.52 Td (\(2,390) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 315.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 315.52 Td (\(1,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 315.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 301.37 Td (Net cash used in operating activitiesdiscontinued operations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 300.52 Td (\(68) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 300.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 300.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 300.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.00 286.37 Td (Net cash provided by operating activities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 285.47 Td (24,695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 285.47 Td (18,456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 285.47 Td (25,114) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 271.37 Td (INVESTING ACTIVITIES:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 256.37 Td (Purchases of property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 255.52 Td (\(3,057) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 255.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 255.52 Td (\(3,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 255.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 255.52 Td (\(3,388) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 255.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 241.37 Td (Cash paid for 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rg BT 489.65 165.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 165.52 Td (\(3,281) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 165.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.80 140.30 Td (The accompanying notes to consolidated financial statements are an integral part of these statements.) 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466.65 575.47 Td (411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 575.47 Td (133) 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 387.30 560.52 Td (\(164) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 560.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 560.52 Td (\(7,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 560.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 560.52 Td (\(1,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 560.47 Td (\)) 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 387.30 545.52 Td (\(107) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 545.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 545.47 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 374.80 530.52 Td (\(22,763) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 530.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 530.47 Td (120,127) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 530.52 Td (\(21,046) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 530.47 Td (\)) 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 397.30 515.52 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 515.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 515.47 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 (\(DECREASE\) INCREASE IN CASH AND CASH EQUIVALENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.80 500.52 Td (\(3,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 500.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.80 500.52 Td (\(1,635) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 500.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 500.47 Td (787) 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 (8,735) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 470.47 Td (5,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 470.47 Td (3,669) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 455.47 Td (5,304) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 455.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 455.47 Td (3,669) 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 (4,456) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 410.47 Td (6,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.00 410.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 410.47 Td (9,781) 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 531.15 410.47 Td (16,742) 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 387.30 395.52 Td (\(903) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 395.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.65 395.47 Td (243) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 395.47 Td (216) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 381.37 Td (Noncash 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 (3,074) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.15 355.47 Td (5,637) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 355.47 Td (4,963) 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.) Tj ET Q endstream endobj 111 0 obj <>] /Rotate 0 /Contents 112 0 R>> endobj 112 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 (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.30 742.10 Td (EMMIS COMMUNICA) Tj ET Q q 0 0 0 rg BT 256.81 742.10 Td (TIONS CORPORA) Tj ET Q q 0 0 0 rg BT 334.89 742.10 Td (TION ) Tj ET Q q 0 0 0 rg BT 360.72 742.10 Td (AND SUBSIDIARIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.00 730.10 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 216.54 730.10 Td (T) Tj ET Q q 0 0 0 rg BT 222.47 730.10 Td (O CONSOLIDA) Tj ET Q q 0 0 0 rg BT 288.86 730.10 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 364.31 730.10 Td ( ST) Tj ET Q q 0 0 0 rg BT 377.68 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 383.80 730.10 Td (TEMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.70 718.10 Td (\(DOLLARS IN ) Tj ET Q q 0 0 0 rg BT 228.51 718.10 Td (THOUSANDS UNLESS INDICA) Tj ET Q q 0 0 0 rg BT 365.75 718.10 Td (TED OTHER) Tj ET Q q 0 0 0 rg BT 420.46 718.10 Td (WISE\)) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (1. 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. See Note 1e below for more discussion of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (LMAs. ) Tj ET Q q 0 0 0 rg BT 80.56 557.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 130.46 557.10 Td (, we own and operate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.21 557.10 Td (fifteen) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.30 557.10 Td ( FM and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.69 557.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.68 557.10 Td ( ) Tj ET Q q 0 0 0 rg BT 302.63 557.10 Td (AM radio stations with strong positions in St. Louis, ) Tj ET Q q 0 0 0 rg BT 514.58 557.10 Td (Austin \(we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (have a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.32 545.10 Td (50.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.15 545.10 Td ( controlling interest in our radio stations located there\), Indianapolis and ) Tj ET Q q 0 0 0 rg BT 395.55 545.10 Td (T) Tj ET Q q 0 0 0 rg BT 400.96 545.10 Td (erre Haute. 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 has developed NextRadio) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 320.21 521.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.77 521.10 Td (, a smartphone application that marries over) Tj ET Q q 0 0 0 rg BT 500.34 521.10 Td (-the-air FM ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (radio broadcasts with visual and interactive features on smartphones.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 492.10 Td (In addition to our radio businesses, we operate a radio news network in Indiana, publish ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 428.08 492.10 Td (T) Tj ET Q q 0 0 0 rg BT 432.73 492.10 Td (exas Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.32 492.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 491.32 492.10 Td (Los ) Tj ET Q q 0 0 0 rg BT 508.09 492.10 Td (Angeles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.75 492.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (Atlanta) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.44 480.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 84.44 480.10 Td (Indianapolis Monthly) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.83 480.10 Td (, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 175.83 480.10 Td (Cincinnati) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.05 480.10 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 237.49 480.10 Td (Orange Coast) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.88 480.10 Td (, and operate Digonex, a dynamic pricing business. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 459.10 Td (Substantially all of ECC) Tj ET Q q 0 0 0 rg BT 174.27 459.10 Td (s business is conducted through its subsidiaries. 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. 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 50.00 368.10 Td (conditions such as persuasive evidence that an arrangement exists and collection is reasonably assured. ) Tj ET Q q 0 0 0 rg BT 464.41 368.10 Td (These criteria are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 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 50.00 344.10 Td (publication revenue. ) Tj ET Q q 0 0 0 rg BT 133.58 344.10 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 50.00 332.10 Td (of advertising agency fees, usually at a rate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.04 332.10 Td (15%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.37 332.10 Td ( of gross revenues.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 311.10 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 50.00 299.10 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 50.00 287.10 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 50.00 275.10 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 50.00 263.10 Td (for the related events or as merchandise is sold.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 237.10 Td (d. ) Tj ET Q q 0 0 0 rg BT 83.45 237.10 Td (Allowance for Doubtful ) Tj ET Q q 0 0 0 rg BT 181.48 237.10 Td (Accounts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 220.10 Td (An allowance for doubtful accounts is recorded based on management) Tj ET Q q 0 0 0 rg BT 358.07 220.10 Td (s judgment of the collectability of receivables. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (When assessing the collectability of receivables, management considers, among other things, historical loss experience and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (existing economic conditions. ) Tj ET Q q 0 0 0 rg BT 171.65 196.10 Td (Amounts are written of) Tj ET Q q 0 0 0 rg BT 264.50 196.10 Td (f after all normal collection ef) Tj ET Q q 0 0 0 rg BT 383.98 196.10 Td (forts have been exhausted. ) Tj ET Q q 0 0 0 rg BT 492.37 196.10 Td (The activity in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (the allowance for doubtful accounts for the three years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.12 184.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.72 184.10 Td ( was as follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 173.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 133.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 133.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 133.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 133.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 133.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 133.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 133.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 133.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 103.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 103.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 103.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 103.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 103.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 103.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 103.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 103.80 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 290.5 133.79999999999995 m 355.5 133.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 133.79999999999995 m 424.5 133.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 133.79999999999995 m 493.5 133.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 133.79999999999995 m 562.5 133.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 133.79999999999995 m 424.5 133.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 304.80 154.05 Td (Balance) Tj ET Q q 0 0 0 rg BT 332.12 154.05 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, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 123.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 123.47 Td (523) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 123.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 123.47 Td (510) 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 (\(459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 123.47 Td (\)) 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 (574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 109.37 Td (Year ended February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 108.47 Td (574) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 108.47 Td (627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 108.52 Td (\(536) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 108.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 108.47 Td (665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 94.37 Td (Year ended February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 93.47 Td (665) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 93.47 Td (626) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 93.52 Td (\(357) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 93.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 93.47 Td (934) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 113 0 obj <>] /Rotate 0 /Contents 114 0 R>> endobj 114 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 (56) 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 74.00 368.10 Td (LMA) Tj ET Q q 0 0 0 rg BT 95.67 368.10 Td ( fees recorded as net revenues in the accompanying consolidated statements of operations were as follows for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (years ended February 2014, 2015 and 2016:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 321.60 283.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 333.50 321.60 73.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 321.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 321.60 74.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 321.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 321.60 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 333.5 333.6 m 406.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 333.6 m 410.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 333.6 m 484.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 333.6 m 488.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 333.6 m 562.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333.5 321.6 m 406.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 333.6 m 484.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 321.6 m 484.5 321.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 333.6 m 562.5 333.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 321.6 m 562.5 321.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 337.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.80 337.68 Td (FortheyearsendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 325.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 361.50 325.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 325.68 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 325.68 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 312.17 Td (98.7FM, New York) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.00 312.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.15 312.17 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 312.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.15 312.17 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 312.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 312.17 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 287.10 Td (f. Share-based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 270.10 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 50.00 258.10 Td (pricing model. ) Tj ET Q q 0 0 0 rg BT 110.64 258.10 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 50.00 246.10 Td (options that have no vesting restrictions and are fully transferable. ) Tj ET Q q 0 0 0 rg BT 316.68 246.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 376.40 246.10 Td (s employee stock options have characteristics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 234.10 Td (significantly dif) Tj ET Q q 0 0 0 rg BT 113.42 234.10 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 50.00 222.10 Td (assumptions, including the expected stock price volatility and expected term of the options granted. ) Tj ET Q q 0 0 0 rg BT 450.27 222.10 Td (The Company relies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 210.10 Td (heavily upon historical data of its stock price when determining expected volatility) Tj ET Q q 0 0 0 rg BT 380.64 210.10 Td (, but each year the Company reassesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 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 50.00 186.10 Td (compensation.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 160.10 Td (g. Cash and Cash Equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 143.10 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 50.00 131.10 Td (maturities of three months or less to be cash equivalents. ) Tj ET Q q 0 0 0 rg BT 278.56 131.10 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 74.00 105.10 Td (h. Restricted Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 88.10 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 88.10 Td ( in New ) Tj ET Q q 0 0 0 rg BT 523.23 88.10 Td (Y) Tj ET Q q 0 0 0 rg BT 529.45 88.10 Td (ork ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.10 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 76.10 Td (, NextRadio LLC, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 64.10 Td (from other radio broadcasters for payments to Sprint. Usage of cash collected by NextRadio LLC is restricted for specific ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 52.10 Td (purposes by funding agreements. For more discussion of NextRadio LLC, see Note 8.) Tj ET Q endstream endobj 115 0 obj <>] /Rotate 0 /Contents 116 0 R>> endobj 116 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 (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 742.10 Td (i. Property and Equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.10 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 50.00 713.10 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 264.37 713.10 Td (39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.37 713.10 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 50.00 701.10 Td (for leasehold improvements, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.64 701.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.18 701.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.96 701.10 Td (seven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.73 701.10 Td ( years for broadcasting equipment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.79 701.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.34 701.10 Td ( years for automobiles, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.42 701.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.41 701.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.18 701.10 Td (five) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.73 701.10 Td ( years ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (for of) Tj ET Q q 0 0 0 rg BT 72.31 689.10 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 50.00 677.10 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 50.00 665.10 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 50.00 653.10 Td (recorded through a char) Tj ET Q q 0 0 0 rg BT 145.05 653.10 Td (ge to operations. See Note 1p 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 50.00 641.10 Td (equipment. Depreciation expense for the years ended February 2014, 2015 and 2016 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.50 641.10 Td ($4.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.39 641.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.39 641.10 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.28 641.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.72 641.10 Td ($4.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 629.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 131.55 629.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 603.10 Td (j. Intangible ) Tj ET Q q 0 0 0 rg BT 124.27 603.10 Td (Assets and Goodwill) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (Indefinite-lived Intangibles and Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 569.10 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 50.00 557.10 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 50.00 545.10 Td (tangible and identifiable intangible net assets acquired. In accordance with ) Tj ET Q q 0 0 0 rg BT 350.17 545.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 371.94 545.10 Td (T) Tj ET Q q 0 0 0 rg BT 377.35 545.10 Td (opic 350, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 421.50 545.10 Td (IntangiblesGoodwill and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (Other) Tj ET Q q 0 0 0 rg BT 72.22 533.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.28 533.10 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 50.00 521.10 Td (reporting unit level and unit of accounting level, respectively) Tj ET Q q 0 0 0 rg BT 293.44 521.10 Td (. ) Tj ET Q q 0 0 0 rg BT 298.26 521.10 Td (W) Tj ET Q q 0 0 0 rg BT 306.89 521.10 Td (e test for impairment annually) Tj ET Q q 0 0 0 rg BT 426.76 521.10 Td (, on December1 of each year) Tj ET Q q 0 0 0 rg BT 543.80 521.10 Td (, or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 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 50.00 497.10 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 50.00 485.10 Td (operations as an impairment char) Tj ET Q q 0 0 0 rg BT 182.55 485.10 Td (ge. See Note 9, Intangible ) Tj ET Q q 0 0 0 rg BT 288.35 485.10 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 50.00 473.10 Td (impairment tests performed during the three years ended February29, 2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 452.10 Td (Definite-lived Intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 435.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 435.10 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 50.00 423.10 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 50.00 411.10 Td (indirectly to the Company) Tj ET Q q 0 0 0 rg BT 157.48 411.10 Td (s future cash flows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 385.10 Td (k. ) Tj ET Q q 0 0 0 rg BT 83.45 385.10 Td (Advertising and Subscription ) Tj ET Q q 0 0 0 rg BT 202.61 385.10 Td (Acquisition Costs) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 368.10 Td (Advertising and subscription acquisition costs are expensed when incurred. ) Tj ET Q q 0 0 0 rg BT 377.26 368.10 Td (Advertising expense for the years ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.10 Td (February 2014, 2015 and 2016 was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.59 356.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.48 356.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.48 356.10 Td ($3.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.37 356.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.81 356.10 Td ($4.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.70 356.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 417.36 356.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 330.10 Td (l. Investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 313.10 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 50.00 301.10 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 50.00 289.10 Td (method. For other investments held at February29, 2016, the Company applies the accounting guidance for certain investments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 277.10 Td (in debt and equity securities. Emmis) Tj ET Q q 0 0 0 rg BT 198.12 277.10 Td ( equity method investment reports on a fiscal year ending December31, which Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 265.10 Td (incorporates into its fiscal year ended February28 \(29\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 244.10 Td (Emmis has two investments, the carrying values of which are summarized in the following table and discussed below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 207.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 207.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 207.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 207.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 177.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 177.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 177.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 177.60 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 410.5 220.60000000000002 m 484.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 220.60000000000002 m 488.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 220.60000000000002 m 562.5 220.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 207.60000000000002 m 484.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 207.60000000000002 m 562.5 207.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 177.60000000000002 m 484.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 177.60000000000002 m 562.5 177.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 163.60000000000002 m 484.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 161.60000000000002 m 484.5 161.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 163.60000000000002 m 562.5 163.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 161.60000000000002 m 562.5 161.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 224.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.95 224.83 Td (FortheyearsendingFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 211.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.00 211.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.00 211.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 198.17 Td (Available-for-sale investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 197.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 197.27 Td (500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 197.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 197.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 183.17 Td (Equity method investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.65 182.27 Td (526) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 182.27 Td (337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 168.17 Td (Total investments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.00 167.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.15 167.27 Td (1,026) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 167.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 167.27 Td (1,137) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 137.10 Td (Equity method investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 120.10 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 q 0 0 0 rg BT 50.00 94.10 Td (A) Tj ET Q q 0 0 0 rg BT 55.56 94.10 Td (vailable for sale investment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 77.10 Td (Emmis) Tj ET Q q 0 0 0 rg BT 104.92 77.10 Td ( available for sale investment is an investment in the preferred shares of a non-public company) Tj ET Q q 0 0 0 rg BT 483.31 77.10 Td (. During the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 65.10 Td (ended February 29, 2016, Emmis received an additional $0.3 million of preferred shares of this non-public company in ) Tj ET Q 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 50.00 742.10 Td (exchange for promotional airtime on its various radio stations. ) Tj ET Q q 0 0 0 rg BT 301.43 742.10 Td (This investment is accounted for under the provisions of ) Tj ET Q q 0 0 0 rg BT 528.88 742.10 Td (ASC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (320, and as such, is carried at its fair value which Emmis believes approximates its cost basis of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.02 730.10 Td ($0.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.91 730.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 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 382.54 709.10 Td ($6.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.44 709.10 Td ( in Courseload, Inc, a provider ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 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 470.73 697.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.62 697.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.06 697.10 Td ($0.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 685.10 Td ( during the years ended February 28, 2014 and 2015, respectively) Tj ET Q q 0 0 0 rg BT 340.39 685.10 Td (. During the year ended February 28, 2015, Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (recorded a noncash impairment char) Tj ET Q q 0 0 0 rg BT 195.31 673.10 Td (ge of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.08 673.10 Td ($6.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.97 673.10 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 50.00 661.10 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 438.02 661.10 Td (-than-temporary) Tj ET Q q 0 0 0 rg BT 502.34 661.10 Td (. ) Tj ET Q q 0 0 0 rg BT 509.66 661.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (impairment char) Tj ET Q q 0 0 0 rg BT 115.63 649.10 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 523.82 649.10 Td (zero) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.03 649.10 Td ( as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (of February 28, 2015.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 616.10 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 50.00 604.10 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 555.21 604.10 Td (-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (than-temporarily impaired, the Company will recognize, through the statements of operations, a loss on the investment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 566.10 Td (m. Deferred Revenue and Barter ) Tj ET Q q 0 0 0 rg BT 206.53 566.10 Td (T) Tj ET Q q 0 0 0 rg BT 212.29 566.10 Td (ransactions) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 549.10 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 50.00 537.10 Td (payments are received prior to the performance of services \(i.e. cash-in-advance advertising and prepaid LMA) Tj ET Q q 0 0 0 rg BT 490.92 537.10 Td ( payments\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 525.10 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 50.00 513.10 Td (fair value of the product or service received. Revenue from barter transactions is recognized when commercials are broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 501.10 Td (or a publication is delivered. ) Tj ET Q q 0 0 0 rg BT 166.45 501.10 Td (The appropriate expense or asset is recognized when merchandise or services are used or received. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.10 Td (Barter revenues for the years ended February 2014, 2015 and 2016 were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.84 489.10 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.73 489.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.73 489.10 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.62 489.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.06 489.10 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.95 489.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 477.10 Td (, and barter expenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.94 477.10 Td ($8.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.83 477.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.83 477.10 Td ($8.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.73 477.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.66 477.10 Td ($8.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.56 477.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 432.22 477.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 451.10 Td (n. Earnings Per Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 434.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 95.77 434.10 Td (T) Tj ET Q q 0 0 0 rg BT 101.18 434.10 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 50.00 422.10 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 50.00 410.10 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 50.00 398.10 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 50.00 386.10 Td (Potentially dilutive securities at February 2014, 2015 and 2016 consisted of stock options, restricted stock awards and preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 353.10 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 50.50 290.60 158.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 290.60 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 290.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 290.60 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 290.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 290.60 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 290.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 290.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 290.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 290.60 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 290.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 290.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 290.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 290.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 290.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 290.60 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 290.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 290.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 256.60 158.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 256.60 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 256.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 256.60 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 256.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 256.60 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 256.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 256.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 256.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 256.60 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 256.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 256.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 256.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 256.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 256.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 256.60 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 256.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 256.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 222.60 158.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 208.50 222.60 37.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 245.50 222.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 249.50 222.60 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 280.50 222.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 284.50 222.60 36.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 320.50 222.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 222.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 363.50 222.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 367.50 222.60 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 222.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 222.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 441.50 222.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 445.50 222.60 39.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 484.50 222.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 222.60 31.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 519.50 222.60 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 523.50 222.60 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 208.5 331.6 m 245.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 331.6 m 249.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 331.6 m 280.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 331.6 m 284.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 331.6 m 320.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 320.5 331.6 m 324.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 331.6 m 363.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 331.6 m 367.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 331.6 m 398.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 331.6 m 402.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 331.6 m 441.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441.5 331.6 m 445.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 331.6 m 484.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 331.6 m 488.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 331.6 m 519.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 331.6 m 523.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 331.6 m 562.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 320.6 m 245.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 320.6 m 249.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 320.6 m 280.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 280.5 320.6 m 284.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 320.6 m 320.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 320.6 m 363.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 363.5 320.6 m 367.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 320.6 m 398.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 320.6 m 402.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 320.6 m 441.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 320.6 m 484.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484.5 320.6 m 488.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 320.6 m 519.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 519.5 320.6 m 523.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 320.6 m 562.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 303.6 m 245.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 303.6 m 280.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 284.5 303.6 m 320.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 303.6 m 363.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 303.6 m 398.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 303.6 m 441.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 303.6 m 484.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 303.6 m 519.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 523.5 303.6 m 562.5 303.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 222.60000000000002 m 245.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 222.60000000000002 m 280.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 222.60000000000002 m 363.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 222.60000000000002 m 398.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 222.60000000000002 m 484.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 222.60000000000002 m 519.5 222.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 189.60000000000002 m 245.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 208.5 187.60000000000002 m 245.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 189.60000000000002 m 280.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 187.60000000000002 m 280.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 189.60000000000002 m 363.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 187.60000000000002 m 363.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 189.60000000000002 m 398.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367.5 187.60000000000002 m 398.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 189.60000000000002 m 484.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 187.60000000000002 m 484.5 187.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 189.60000000000002 m 519.5 189.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 187.60000000000002 m 519.5 187.60000000000002 l s BT /F1 6.00 Tf ET q 0 0 0 rg BT 53.00 335.44 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 360.85 335.44 Td (For the year ended) Tj ET Q BT /F1 6.00 Tf ET q 0 0 0 rg BT 53.00 324.44 Td () Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 240.55 324.44 Td (February 28, 2014) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 359.05 324.44 Td (February 28, 2015) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 480.05 324.44 Td (February 29, 2016) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 215.40 307.44 Td (NetLoss) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 255.85 307.44 Td (Shares) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 290.90 313.44 Td (Net Loss) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 289.35 307.44 Td (PerShare) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 328.75 307.44 Td (Net Income) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 373.85 307.44 Td (Shares) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 406.75 313.44 Td (NetIncome) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 408.85 307.44 Td (Per) Tj ET Q q 0 0 0 rg BT 417.73 307.44 Td ( Shar) Tj ET Q q 0 0 0 rg BT 431.46 307.44 Td (e) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 453.40 307.44 Td (NetLoss) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 494.85 307.44 Td (Shares) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 531.40 313.44 Td (NetLoss) Tj ET Q BT /F2 6.00 Tf ET q 0 0 0 rg BT 529.85 307.44 Td (Per) Tj ET Q q 0 0 0 rg BT 538.73 307.44 Td ( Shar) Tj ET Q q 0 0 0 rg BT 552.46 307.44 Td (e) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 294.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.35 294.85 Td (\(amounts in 000s, except per share data\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 281.85 Td (Basic net income \(loss\) per common share:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 268.85 Td (Net income \(loss\) available to common) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 260.85 Td (shareholders from continuing operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.00 260.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.30 260.85 Td (43,806) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 260.85 Td (40,506) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.00 260.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.30 260.85 Td (1.08) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.00 260.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.60 260.85 Td (\(99,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 260.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 260.85 Td (42,537) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.00 260.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.60 260.85 Td (\(2.33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 260.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.00 260.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.25 260.85 Td (1,952) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.30 260.85 Td (44,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 260.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.25 260.85 Td (0.04) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 247.85 Td (Impact of equity awards) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.30 247.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.30 247.85 Td (3,264) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.25 247.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.30 247.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.25 247.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.30 247.85 Td (1,128) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 234.85 Td (Impact of conversion of preferred stock into) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 226.85 Td (common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 227.60 226.85 Td (\(325) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 242.30 226.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.30 226.85 Td (2,272) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.25 226.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.30 226.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.25 226.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.30 226.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 213.85 Td (Diluted net income \(loss\) per common share:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 200.85 Td (Net income \(loss\) available to common) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 192.85 Td (shareholders from continuing operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.00 192.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.30 192.85 Td (43,481) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.30 192.85 Td (46,042) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.00 192.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.30 192.85 Td (0.94) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.00 192.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.60 192.85 Td (\(99,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 192.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.30 192.85 Td (42,537) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.00 192.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.60 192.85 Td (\(2.33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.30 192.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 448.00 192.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 463.25 192.85 Td (1,952) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.30 192.85 Td (45,264) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 192.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.25 192.85 Td (0.04) Tj ET Q BT /F1 10.00 Tf ET 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 (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 383.90 700.88 Td (FortheyearendedFebruary28 \(29\),) 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 (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.50 688.88 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.00 688.88 Td (2016) 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 393.65 663.37 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 663.37 Td (2,266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 663.37 Td (2,426) 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 (1,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 649.37 Td (4,324) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 649.37 Td (5,115) 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 (1,995) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 635.37 Td (6,590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.15 635.37 Td (7,541) 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 (o. 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 (p. Long-Lived ) Tj ET Q q 0 0 0 rg BT 134.08 483.30 Td (T) Tj ET Q q 0 0 0 rg BT 139.49 483.30 Td (angible ) Tj ET Q q 0 0 0 rg BT 170.88 483.30 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 (q. Noncontrolling Interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 339.30 Td (The Company follows ) Tj ET Q q 0 0 0 rg BT 163.88 339.30 Td (Accounting Standards Codification paragraph 810-10-65-1 to report the noncontrolling interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 327.30 Td (related to our ) Tj ET Q q 0 0 0 rg BT 105.26 327.30 Td (Austin radio partnership and Digonex. ) Tj ET Q q 0 0 0 rg BT 261.16 327.30 Td (W) Tj ET Q q 0 0 0 rg BT 269.79 327.30 Td (e have a 50.1% controlling interest in our ) Tj ET Q q 0 0 0 rg BT 437.25 327.30 Td (Austin radio partnership. ) Tj ET Q q 0 0 0 rg BT 541.77 327.30 Td (W) Tj ET Q q 0 0 0 rg BT 550.41 327.30 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 315.30 Td (do not own any of the common equity of Digonex, but we consolidate the entity because we control its board of directors via ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 303.30 Td (rights granted in convertible preferred stock and convertible debt that we own.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 286.30 Td (Noncontrolling interests represents the noncontrolling interest holders' proportionate share of the equity of the ) Tj ET Q q 0 0 0 rg BT 514.75 286.30 Td (Austin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.30 Td (radio partnership and Digonex. Noncontrolling interests are adjusted for the noncontrolling interest holders' proportionate share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.30 Td (of the earnings or losses of the applicable entity) Tj ET Q q 0 0 0 rg BT 240.41 262.30 Td (. ) Tj ET Q q 0 0 0 rg BT 245.22 262.30 Td (The noncontrolling interest continues to be attributed its share of losses even if ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.30 Td (that attribution results in a deficit noncontrolling interest balance. Below is a summary of the noncontrolling interest activity for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.30 Td (the years ended February 2015 and 2016:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 72.25 193.80 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.25 193.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.25 193.80 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.25 193.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.25 193.80 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.25 193.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.25 193.80 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.25 193.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.25 193.80 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 72.25 163.80 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.25 163.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.25 163.80 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.25 163.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.25 163.80 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.25 163.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.25 163.80 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.25 163.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.25 163.80 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 72.25 133.80 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.25 133.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.25 133.80 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.25 133.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.25 133.80 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.25 133.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.25 133.80 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.25 133.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.25 133.80 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 72.25 103.80 231.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 303.25 103.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 307.25 103.80 53.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 360.25 103.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 364.25 103.80 69.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 433.25 103.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 437.25 103.80 51.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.25 103.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.25 103.80 69.00 -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 307.25 193.79999999999995 m 360.25 193.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.25 193.79999999999995 m 433.25 193.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.25 193.79999999999995 m 488.25 193.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.25 193.79999999999995 m 561.25 193.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.25 133.79999999999995 m 360.25 133.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.25 119.79999999999995 m 360.25 119.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.25 117.79999999999995 m 360.25 117.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.25 133.79999999999995 m 433.25 133.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.25 119.79999999999995 m 433.25 119.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.25 117.79999999999995 m 433.25 117.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.25 133.79999999999995 m 488.25 133.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.25 119.79999999999995 m 488.25 119.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.25 117.79999999999995 m 488.25 117.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.25 133.79999999999995 m 561.25 133.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.25 119.79999999999995 m 561.25 119.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.25 117.79999999999995 m 561.25 117.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.25 88.79999999999995 m 360.25 88.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.25 74.79999999999995 m 360.25 74.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 307.25 72.79999999999995 m 360.25 72.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.25 88.79999999999995 m 433.25 88.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.25 74.79999999999995 m 433.25 74.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364.25 72.79999999999995 m 433.25 72.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.25 88.79999999999995 m 488.25 88.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.25 74.79999999999995 m 488.25 74.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437.25 72.79999999999995 m 488.25 72.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.25 88.79999999999995 m 561.25 88.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.25 74.79999999999995 m 561.25 74.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.25 72.79999999999995 m 561.25 72.79999999999995 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.80 206.03 Td (Austin radio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 313.00 198.03 Td (partnership) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.25 198.03 Td (Digonex) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.10 198.03 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.50 214.03 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.20 206.03 Td (noncontrolling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.85 198.03 Td (interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.75 185.75 Td (Balance, February 28, 2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.75 183.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.00 183.05 Td (47,604) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 183.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.05 183.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.75 183.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.05 183.05 Td (14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.75 183.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.05 183.05 Td (47,618) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 80.75 170.75 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.05 168.05 Td (5,697) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.35 168.05 Td (\(2,419) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.05 168.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.35 168.05 Td (\(4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.05 168.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.05 168.05 Td (3,274) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 80.75 155.75 Td (Payments of dividends and distributions to noncontrolling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.35 153.05 Td (\(5,418) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.05 153.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.05 153.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 474.35 153.05 Td (\(10) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.05 153.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.35 153.05 Td (\(5,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.05 153.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 80.75 140.75 Td (Acquisition of noncontrolling interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.05 138.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 412.05 138.05 Td (1,197) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.05 138.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.05 138.05 Td (1,197) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.75 125.75 Td (Balance, February 28, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.00 123.05 Td (47,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.35 123.05 Td (\(1,222) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.05 123.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.75 123.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.05 123.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.05 123.05 Td (46,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 80.75 110.75 Td (Net income \(loss\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.05 108.05 Td (5,519) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.35 108.05 Td (\(7,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.05 108.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.05 108.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.35 108.05 Td (\(2,418) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.05 108.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 80.75 95.75 Td (Payments of dividends and distributions to noncontrolling interests) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.35 93.05 Td (\(5,846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.05 93.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.05 93.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.05 93.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.35 93.05 Td (\(5,846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.05 93.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 74.75 80.75 Td (Balance, February 29, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.75 78.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.00 78.05 Td (47,556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.75 78.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.35 78.05 Td (\(9,159) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.05 78.05 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.75 78.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.05 78.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.75 78.05 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.05 78.05 Td (38,397) Tj ET Q BT /F1 10.00 Tf ET 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 74.00 716.10 Td (r) Tj ET Q q 0 0 0 rg BT 76.78 716.10 Td (. Estimates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 699.10 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 50.00 687.10 Td (requires management to make estimates and assumptions that af) Tj ET Q q 0 0 0 rg BT 306.41 687.10 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 50.00 675.10 Td (expenses in the financial statements and in disclosures of contingent assets and liabilities. ) Tj ET Q q 0 0 0 rg BT 409.92 675.10 Td (Actual results could dif) Tj ET Q q 0 0 0 rg BT 503.33 675.10 Td (fer from those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 663.10 Td (estimates.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 637.10 Td (s. National Representation ) Tj ET Q q 0 0 0 rg BT 181.75 637.10 Td (Agreement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 620.10 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 50.00 608.10 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 50.00 596.10 Td (2018. Emmis) Tj ET Q q 0 0 0 rg BT 105.92 596.10 Td ( existing contract with Interep at the time extended through September 201) Tj ET Q q 0 0 0 rg BT 405.19 596.10 Td (1. Emmis, Interep and Katz entered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 584.10 Td (into a tri-party termination and mutual release agreement under which Interep agreed to release Emmis from its future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 572.10 Td (contractual obligations in exchange for a one-time payment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.30 572.10 Td ($15.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.19 572.10 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 50.00 560.10 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 516.33 560.10 Td (ge ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 548.10 Td (associated with terminating the Interep contract as of the ef) Tj ET Q q 0 0 0 rg BT 286.67 548.10 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 50.00 536.10 Td (termination fee in the year ended February 2008. ) Tj ET Q q 0 0 0 rg BT 247.80 536.10 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 50.00 524.10 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 50.00 512.10 Td (agreement with Katz. ) Tj ET Q q 0 0 0 rg BT 138.12 512.10 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 50.00 500.10 Td (liability is included in other noncurrent liabilities in the accompanying consolidated balance sheets at February28, 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 488.10 Td (February 29, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 462.10 Td (t. Liquidity) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 445.10 Td (The Company continually projects its anticipated cash needs, which include its operating needs, capital needs, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 433.10 Td (principal and interest payments on its indebtedness. ) Tj ET Q q 0 0 0 rg BT 258.29 433.10 Td (As of the filing of this Form 10-K, management believes the Company can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 421.10 Td (meet its liquidity needs through the end of fiscal year 2017 with cash and cash equivalents on hand, projected cash flows from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 409.10 Td (operations, and, to the extent necessary) Tj ET Q q 0 0 0 rg BT 206.24 409.10 Td (, through its borrowing capacity under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 426.20 409.10 Td (Agreement, which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.61 409.10 Td ($17.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 397.10 Td ( at February29, 2016. Based on these projections, management also believes the Company will be in compliance with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (its debt covenants through the end of fiscal year 2017.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 359.10 Td (u. Recent ) Tj ET Q q 0 0 0 rg BT 113.71 359.10 Td (Accounting Standards Updates) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (Adoption of New ) Tj ET Q q 0 0 0 rg BT 119.54 333.10 Td (Accounting Standar) Tj ET Q q 0 0 0 rg BT 198.88 333.10 Td (ds Updates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 316.10 Td (In ) Tj ET Q q 0 0 0 rg BT 84.28 316.10 Td (April 2014, the F) Tj ET Q q 0 0 0 rg BT 152.42 316.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 201.32 316.10 Td (Accounting Standards Update 2014-08, Presentation of Financial Statements \(T) Tj ET Q q 0 0 0 rg BT 519.72 316.10 Td (opic 205\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 304.10 Td (and Property) Tj ET Q q 0 0 0 rg BT 100.73 304.10 Td (, Plant, and Equipment \(T) Tj ET Q q 0 0 0 rg BT 203.34 304.10 Td (opic 360\): Reporting Discontinued Operations and Disclosures of Disposals of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 292.10 Td (Components of an Entity) Tj ET Q q 0 0 0 rg BT 149.62 292.10 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 50.00 280.10 Td (new guidance, only disposals that have a major ef) Tj ET Q q 0 0 0 rg BT 248.93 280.10 Td (fect through a strategic shift on an or) Tj ET Q q 0 0 0 rg BT 396.20 280.10 Td (ganization) Tj ET Q q 0 0 0 rg BT 440.63 280.10 Td (s operations and financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 268.10 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 50.00 256.10 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 50.00 244.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.47 244.10 Td (The guidance was ef) Tj ET Q q 0 0 0 rg BT 178.75 244.10 Td (fective for the Company as of March 1, 2015. ) Tj ET Q q 0 0 0 rg BT 363.80 244.10 Td (This guidance did not have any af) Tj ET Q q 0 0 0 rg BT 499.13 244.10 Td (fect on the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (Company's results of operations, cash flows or financial condition. ) Tj ET Q q 0 0 0 rg BT 319.07 232.10 Td (The Company believes that implementation of this guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (will reduce the number of transactions that will qualify for reporting as discontinued operations in the future. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 203.10 Td (In ) Tj ET Q q 0 0 0 rg BT 84.28 203.10 Td (April 2015, the F) Tj ET Q q 0 0 0 rg BT 152.42 203.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 201.32 203.10 Td (Accounting Standards Update 2015-03, Interest Imputation of Interest \(Subtopic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 191.10 Td (835-30\): Simplifying the Presentation of Debt Issuance Costs. ) Tj ET Q q 0 0 0 rg BT 300.62 191.10 Td (This update requires that all debt issuance costs be presented as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 179.10 Td (an of) Tj ET Q q 0 0 0 rg BT 70.09 179.10 Td (fset to the associated debt liability rather than as a deferred char) Tj ET Q q 0 0 0 rg BT 325.07 179.10 Td (ge. ) Tj ET Q q 0 0 0 rg BT 339.33 179.10 Td (This guidance was modified in ) Tj ET Q q 0 0 0 rg BT 464.58 179.10 Td (August 2015 to allow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 167.10 Td (the existing presentation to continue for line-of-credit arrangements. ) Tj ET Q q 0 0 0 rg BT 325.19 167.10 Td (Although the guidance would have been ef) Tj ET Q q 0 0 0 rg BT 496.62 167.10 Td (fective for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 155.10 Td (Company as of March 1, 2016, the Company chose to adopt the provisions of this ) Tj ET Q q 0 0 0 rg BT 379.13 155.10 Td (ASU as of February 29, 2016 as permitted by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (the F) Tj ET Q q 0 0 0 rg BT 69.54 143.10 Td (ASB. ) Tj ET Q q 0 0 0 rg BT 93.81 143.10 Td (The Company chose to early-adopt this ) Tj ET Q q 0 0 0 rg BT 253.22 143.10 Td (Accounting Standards Update as it simplified the presentation of debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (issuance costs and the associated debt liability) Tj ET Q q 0 0 0 rg BT 234.30 131.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 114.10 Td (As required by ) Tj ET Q q 0 0 0 rg BT 135.38 114.10 Td (Accounting Standards Update 2015-03, the reclassification of debt issuance costs was applied ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 102.10 Td (retrospectively) Tj ET Q q 0 0 0 rg BT 108.77 102.10 Td (. ) Tj ET Q q 0 0 0 rg BT 113.59 102.10 Td (The following depicts the impact of the adoption of this ) Tj ET Q q 0 0 0 rg BT 338.54 102.10 Td (Accounting Standards Update on our consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 90.10 Td (balance sheets as of February 28, 2015. ) Tj ET Q q 0 0 0 rg BT 210.05 90.10 Td (The adoption of this ) Tj ET Q q 0 0 0 rg BT 292.82 90.10 Td (Accounting Standards Update did not have any ef) Tj ET Q q 0 0 0 rg BT 491.75 90.10 Td (fect on our ) 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 50.00 742.10 Td (results of operations or cash flows.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 692.60 201.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 692.60 110.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 692.60 92.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 692.60 85.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 652.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 652.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 652.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 652.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 622.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 622.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 622.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 622.60 85.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 592.60 201.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 251.50 592.60 110.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 361.50 592.60 92.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 453.50 592.60 85.00 -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 251.5 707.6 m 361.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 707.6 m 453.5 707.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 707.6 m 538.5 707.6 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.85 721.05 Td (February 28, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.55 712.05 Td (\(As originally r) Tj ET Q q 0 0 0 rg BT 318.88 712.05 Td (eported\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 369.45 721.05 Td (Impact of ) Tj ET Q q 0 0 0 rg BT 408.45 721.05 Td (Adoption) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.20 712.05 Td (of ) Tj ET Q q 0 0 0 rg BT 386.45 712.05 Td (ASU 2015-03) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.35 721.05 Td (February 28, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.85 712.05 Td (\(As adjusted\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 697.06 Td (ASSETS:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 681.06 Td (Deferred debt issuance costs, net of accumulated) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 672.06 Td (amortization of $868) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 337.75 672.06 Td (3,438) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 672.06 Td (\(3,438) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 672.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 526.00 672.06 Td () Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 657.06 Td (Total other assets, net) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 333.25 657.06 Td (10,420) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 657.06 Td (\(3,438) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 657.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 514.75 657.06 Td (6,982) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 642.06 Td (Total assets) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.75 642.06 Td (334,732) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 642.06 Td (\(3,438) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 642.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.75 642.06 Td (331,294) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 53.00 627.06 Td (LIABILITIES AND DEFICIT:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 612.06 Td (Long-term debt, net of current portion) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.75 612.06 Td (254,150) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 612.06 Td (\(3,438) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 612.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.75 612.06 Td (250,712) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 597.06 Td (Total liabilities) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.75 597.06 Td (346,881) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 597.06 Td (\(3,438) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 597.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.75 597.06 Td (343,443) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 62.00 582.06 Td (Total liabilities and deficit) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 328.75 582.06 Td (334,732) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 426.75 582.06 Td (\(3,438) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 450.00 582.06 Td (\)) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 505.75 582.06 Td (331,294) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 554.10 Td (In November 2015, the F) Tj ET Q q 0 0 0 rg BT 172.57 554.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 221.47 554.10 Td (Accounting Standards Update 2015-17, Income ) Tj ET Q q 0 0 0 rg BT 414.58 554.10 Td (T) Tj ET Q q 0 0 0 rg BT 419.99 554.10 Td (axes - Balance Sheet Classification ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 542.10 Td (of Deferred ) Tj ET Q q 0 0 0 rg BT 98.68 542.10 Td (T) Tj ET Q q 0 0 0 rg BT 104.09 542.10 Td (axes. ) Tj ET Q q 0 0 0 rg BT 126.67 542.10 Td (This update simplifies the presentation of deferred taxes by requiring deferred tax assets and liabilities to be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 530.10 Td (presented as noncurrent in a classified balance sheet. ) Tj ET Q q 0 0 0 rg BT 263.34 530.10 Td (The Company early adopted this update as of September 1, 2015 as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 518.10 Td (permitted by the F) Tj ET Q q 0 0 0 rg BT 122.86 518.10 Td (ASB. ) Tj ET Q q 0 0 0 rg BT 146.76 518.10 Td (Adoption of this update did not have any ef) Tj ET Q q 0 0 0 rg BT 320.43 518.10 Td (fect on the Company's financial position as the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 506.10 Td (did not have any deferred tax assets or liabilities classified as current in any period presented in the accompanying consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 494.10 Td (balance sheets.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 79.52 468.10 Td (Accounting Standar) Tj ET Q q 0 0 0 rg BT 158.86 468.10 Td (ds Updates Not Y) Tj ET Q q 0 0 0 rg BT 227.68 468.10 Td (et ) Tj ET Q q 0 0 0 rg BT 237.21 468.10 Td (Adopted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 451.10 Td (In May 2014, the F) Tj ET Q q 0 0 0 rg BT 150.20 451.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 199.10 451.10 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 50.00 439.10 Td (clarify the principles used to recognize revenue for all entities. In ) Tj ET Q q 0 0 0 rg BT 312.68 439.10 Td (April 2015, the F) Tj ET Q q 0 0 0 rg BT 380.82 439.10 Td (ASB voted to defer the ef) Tj ET Q q 0 0 0 rg BT 483.11 439.10 Td (fective date of this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (Accounting Standards Update for one year) Tj ET Q q 0 0 0 rg BT 220.22 427.10 Td (. ) Tj ET Q q 0 0 0 rg BT 225.04 427.10 Td (This guidance will be ef) Tj ET Q q 0 0 0 rg BT 321.50 427.10 Td (fective for the Company as of March 1, 2018. ) Tj ET Q q 0 0 0 rg BT 506.54 427.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 Td (Company is currently evaluating the method of adoption and impact, if any) Tj ET Q q 0 0 0 rg BT 350.39 415.10 Td (, the adoption of this guidance will have on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 386.10 Td (In ) Tj ET Q q 0 0 0 rg BT 82.78 386.10 Td (August 2014, the F) Tj ET Q q 0 0 0 rg BT 158.71 386.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 207.61 386.10 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 50.00 374.10 Td (Concern \(Subtopic 205-40\) - Disclosure of Uncertainties about an Entity) Tj ET Q q 0 0 0 rg BT 343.54 374.10 Td (s ) Tj ET Q q 0 0 0 rg BT 349.38 374.10 Td (Ability to Continue as a Going Concern. ) Tj ET Q q 0 0 0 rg BT 513.62 374.10 Td (This update ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (provides guidance about management) Tj ET Q q 0 0 0 rg BT 204.12 362.10 Td (s responsibility to evaluate whether there is substantial doubt about an entity) Tj ET Q q 0 0 0 rg BT 512.66 362.10 Td (s ability to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (continue as a going concern and to provide related footnote disclosures. ) Tj ET Q q 0 0 0 rg BT 339.17 350.10 Td (This guidance was ef) Tj ET Q q 0 0 0 rg BT 423.69 350.10 Td (fective for the Company as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (March 1, 2016. ) Tj ET Q q 0 0 0 rg BT 113.42 338.10 Td (The adoption of this update is not expected to have an impact on the Company) Tj ET Q q 0 0 0 rg BT 430.56 338.10 Td (s consolidated financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 326.10 Td (statements.) 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 82.78 309.10 Td (April 2015, the F) Tj ET Q q 0 0 0 rg BT 150.92 309.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 199.82 309.10 Td (Accounting Standards Update 2015-05, Customer) Tj ET Q q 0 0 0 rg BT 399.88 309.10 Td () Tj ET Q q 0 0 0 rg BT 402.66 309.10 Td (s ) Tj ET Q q 0 0 0 rg BT 408.50 309.10 Td (Accounting for Fees Paid in a Cloud ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 297.10 Td (Computing ) Tj ET Q q 0 0 0 rg BT 96.95 297.10 Td (Arrangement. ) Tj ET Q q 0 0 0 rg BT 154.53 297.10 Td (This update provides guidance as to when a company using a cloud computing service that includes a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 285.10 Td (software license should capitalize and depreciate the software license. ) Tj ET Q q 0 0 0 rg BT 331.91 285.10 Td (This guidance was ef) Tj ET Q q 0 0 0 rg BT 416.43 285.10 Td (fective for the Company as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 273.10 Td (March 1, 2016. ) Tj ET Q q 0 0 0 rg BT 113.42 273.10 Td (The Company is currently evaluating this guidance, but does not anticipate it will have a material impact on its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 261.10 Td (consolidated financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 244.10 Td (In September 2015, the F) Tj ET Q q 0 0 0 rg BT 173.13 244.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 222.03 244.10 Td (Accounting Standards Update 2015-16, Business Combinations - Simplifying the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (Accounting for Measurement-Period ) Tj ET Q q 0 0 0 rg BT 199.13 232.10 Td (Adjustments. ) Tj ET Q q 0 0 0 rg BT 254.50 232.10 Td (This update requires that an acquirer recognize adjustments to provisional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 220.10 Td (amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 208.10 Td (determined, including the cumulative ef) Tj ET Q q 0 0 0 rg BT 209.49 208.10 Td (fect of the change in the provisional amount as if the accounting had been completed at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (the acquisition date. ) Tj ET Q q 0 0 0 rg BT 132.57 196.10 Td (This guidance was ef) Tj ET Q q 0 0 0 rg BT 217.08 196.10 Td (fective for the Company as of March 1, 2016. ) Tj ET Q q 0 0 0 rg BT 402.13 196.10 Td (The Company does not anticipate this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (guidance will have any impact on its consolidated financial statements as the purchase price allocations of the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (recent business combinations have been finalized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 155.10 Td (In February 2016, the F) Tj ET Q q 0 0 0 rg BT 166.46 155.10 Td (ASB issued ) Tj ET Q q 0 0 0 rg BT 215.37 155.10 Td (Accounting Standards Update 2016-02, Leases \(T) Tj ET Q q 0 0 0 rg BT 414.61 155.10 Td (opic 842\). ) Tj ET Q q 0 0 0 rg BT 457.48 155.10 Td (This update requires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 143.10 Td (lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 131.10 Td (twelve months. Leases will be classified as either finance or operating, with classification af) Tj ET Q q 0 0 0 rg BT 420.81 131.10 Td (fecting the pattern of expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.10 Td (recognition in the income statement. ) Tj ET Q q 0 0 0 rg BT 200.61 119.10 Td (This guidance will be ef) Tj ET Q q 0 0 0 rg BT 297.07 119.10 Td (fective for the Company as of March 1, 2019. ) Tj ET Q q 0 0 0 rg BT 481.74 119.10 Td (A) Tj ET Q q 0 0 0 rg BT 488.41 119.10 Td ( modified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.10 Td (retrospective transition method is required. ) Tj ET Q q 0 0 0 rg BT 224.21 107.10 Td (The Company is currently evaluating the impact the adoption of this guidance will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.10 Td (have on its consolidated financial statements.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (2. COMMON ST) Tj ET Q q 0 0 0 rg BT 123.43 742.25 Td (OCK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (Emmis has authorized Class) Tj ET Q q 0 0 0 rg BT 188.99 725.25 Td (A) Tj ET Q q 0 0 0 rg BT 195.66 725.25 Td ( common stock, Class B common stock, and Class C common stock. ) Tj ET Q q 0 0 0 rg BT 472.40 725.25 Td (The rights of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 Td (three classes are essentially identical except that each share of Class) Tj ET Q q 0 0 0 rg BT 324.05 713.25 Td (A) Tj ET Q q 0 0 0 rg BT 330.72 713.25 Td ( common stock has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.16 713.25 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.59 713.25 Td ( vote with respect to substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 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 262.45 701.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.45 701.25 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 50.00 689.25 Td (C common stock has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.10 689.25 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.10 689.25 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 50.00 677.25 Td (Chairman, CEO and President, Jef) Tj ET Q q 0 0 0 rg BT 187.57 677.25 Td (frey H. Smulyan. ) Tj ET Q q 0 0 0 rg BT 258.39 677.25 Td (All shares of Class B common stock automatically convert to Class) Tj ET Q q 0 0 0 rg BT 529.74 677.25 Td (A) Tj ET Q q 0 0 0 rg BT 536.41 677.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (common stock upon sale or other transfer to a party unaf) Tj ET Q q 0 0 0 rg BT 276.42 665.25 Td (filiated with Mr) Tj ET Q q 0 0 0 rg BT 339.18 665.25 Td (.Smulyan. ) Tj ET Q q 0 0 0 rg BT 384.19 665.25 Td (At February28 \(29\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.45 665.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.45 665.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.89 665.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.89 665.25 Td (, no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (shares of Class C common stock were issued or outstanding.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 636.25 Td (On December 7, 2015, we received a notification from the Listing Qualifications Department of Nasdaq indicating that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 624.25 Td (our Class ) Tj ET Q q 0 0 0 rg BT 89.45 624.25 Td (A) Tj ET Q q 0 0 0 rg BT 96.12 624.25 Td ( common stock was not in compliance with Markeplace Rule 5450\(a\)\(1\) \(the Minimum Bid Price Rule\) because ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.25 Td (the minimum bid price of our Class ) Tj ET Q q 0 0 0 rg BT 194.15 612.25 Td (A) Tj ET Q q 0 0 0 rg BT 200.82 612.25 Td ( common stock on the Nasdaq Global Select Market closed below ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.14 612.25 Td ($1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.64 612.25 Td ( per share for 30 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 600.25 Td (consecutive business days. In accordance with Marketplace Rules 5810\(c\)\(3\)\(A\) and 5810\(c\)\(3\)\(D\), the Company has 180 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 588.25 Td (calendar days, or until June 6, 2016 to regain compliance with the Minimum Bid Price Rule. During the 180 day period, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.62 576.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 576.25 Td ( common stock will continue to trade on the Nasdaq Global Select Market.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 559.25 Td (If the Company does not regain compliance prior to the end of the 180 day period, Nasdaq will notify us that the Class ) Tj ET Q q 0 0 0 rg BT 548.51 559.25 Td (A) Tj ET Q q 0 0 0 rg BT 555.18 559.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.25 Td (common stock will be delisted from the Nasdaq Global Select Market. Nasdaq rules would then permit us to appeal any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.25 Td (delisting determination by the Nasdaq staf) Tj ET Q q 0 0 0 rg BT 218.95 535.25 Td (f to a Listing Qualifications Panel.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 506.25 Td (3. REDEEMABLE PREFERRED ST) Tj ET Q q 0 0 0 rg BT 209.29 506.25 Td (OCK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 489.25 Td (The Company's redeemable Preferred Stock was delisted from the Nasdaq Global Select Market on March 28, 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 477.25 Td (Pursuant to the Company's ) Tj ET Q q 0 0 0 rg BT 159.02 477.25 Td (Articles of Incorporation, all shares of Preferred Stock were converted into shares of Class ) Tj ET Q q 0 0 0 rg BT 523.07 477.25 Td (A) Tj ET Q q 0 0 0 rg BT 529.74 477.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 465.25 Td (common stock on ) Tj ET Q q 0 0 0 rg BT 123.05 465.25 Td (April 4, 2016. Subsequent to the mandatory conversion on ) Tj ET Q q 0 0 0 rg BT 358.85 465.25 Td (April 4, 2016, no shares of the Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 453.25 Td (redeemable Preferred Stock remain outstanding. On various dates subsequent to February 29, 2016, including the mandatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 441.25 Td (conversion date of ) Tj ET Q q 0 0 0 rg BT 125.81 441.25 Td (April 4, 2016, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.42 441.25 Td (866,319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.92 441.25 Td ( shares of Preferred Stock were converted into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.62 441.25 Td (2,425,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.62 441.25 Td ( shares of Class ) Tj ET Q q 0 0 0 rg BT 509.06 441.25 Td (A) Tj ET Q q 0 0 0 rg BT 515.73 441.25 Td ( common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 429.25 Td (stock. See Note 16, Subsequent Events, for more details.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 412.25 Td (Each share of redeemable Preferred Stock was convertible into a number of shares of common stock, which was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 400.25 Td (determined by dividing the liquidation preference of the share of preferred stock \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.09 400.25 Td ($50.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.59 400.25 Td ( per share\) by the conversion price. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 388.25 Td (The conversion price was originally ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.34 388.25 Td ($20.495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.84 388.25 Td (, which resulted in a conversion ratio of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.44 388.25 Td (2.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.94 388.25 Td ( shares of common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 376.25 Td (stock per share of Preferred Stock. On February 17, 2016, shareholders of Emmis' common stock and Preferred Stock approved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 364.25 Td (amendments to Emmis' ) Tj ET Q q 0 0 0 rg BT 145.41 364.25 Td (Articles of Incorporation which, among other things, modified the conversion ratio to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.77 364.25 Td (2.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.27 364.25 Td ( shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 352.25 Td (Class ) Tj ET Q q 0 0 0 rg BT 73.62 352.25 Td (A) Tj ET Q q 0 0 0 rg BT 80.29 352.25 Td ( common stock per share of Preferred Stock. In connection with this modification, the Company recorded a loss of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.50 352.25 Td ($0.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 340.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 340.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 323.25 Td (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 452.51 323.25 Td (s Preferred Stock under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 311.25 Td (which the Company could repurchase up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.34 311.25 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.23 311.25 Td ( in aggregate purchase price of its Preferred Stock commencing May 9, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 299.25 Td (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 344.37 299.25 Td (8,650) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.87 299.25 Td ( shares of Preferred Stock at a weighted average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 287.25 Td (price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.32 287.25 Td ($12.38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.82 287.25 Td ( per share. ) Tj ET Q q 0 0 0 rg BT 154.50 287.25 Td (W) Tj ET Q q 0 0 0 rg BT 163.14 287.25 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 395.27 287.25 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.17 287.25 Td (, net of transaction fees and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 275.25 Td (expenses, which was recorded as a decrease to accumulated deficit and included in the computation of net income available to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 263.25 Td (common shareholders in the accompanying consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 363.89 263.25 Td (W) Tj ET Q q 0 0 0 rg BT 372.53 263.25 Td (e did not repurchase any of our Preferred Stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 251.25 Td (during the years ended February 28, 2015 or February 29, 2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 230.25 Td (2012 Retention Planand T) Tj ET Q q 0 0 0 rg BT 157.22 230.25 Td (rust) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 213.25 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 213.25 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 50.00 201.25 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 105.36 201.25 Td (The Company contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.83 201.25 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.33 201.25 Td ( shares of its Preferred Stock to the ) Tj ET Q q 0 0 0 rg BT 387.89 201.25 Td (T) Tj ET Q q 0 0 0 rg BT 393.65 201.25 Td (rust in connection with the approval of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.25 Td (the 2012 Retention Plan. ) Tj ET Q q 0 0 0 rg BT 150.83 189.25 Td (A) Tj ET Q q 0 0 0 rg BT 157.13 189.25 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 533.69 189.25 Td (two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 177.25 Td (years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.10 177.25 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 50.00 165.25 Td (and remained an employee through the vesting date. ) Tj ET Q q 0 0 0 rg BT 261.14 165.25 Td (The ) Tj ET Q q 0 0 0 rg BT 279.00 165.25 Td (T) Tj ET Q q 0 0 0 rg BT 284.76 165.25 Td (rustee of the plan was Jef) Tj ET Q q 0 0 0 rg BT 385.93 165.25 Td (frey H. Smulyan, our Chairman of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 153.25 Td (Board and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 171.45 153.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 189.21 153.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 132.25 Td (In connection with the approval of the 2012 Retention Plan, the ) Tj ET Q q 0 0 0 rg BT 330.43 132.25 Td (T) Tj ET Q q 0 0 0 rg BT 336.18 132.25 Td (rustee and the ) Tj ET Q q 0 0 0 rg BT 394.03 132.25 Td (T) Tj ET Q q 0 0 0 rg BT 399.79 132.25 Td (rust entered into a ) Tj ET Q q 0 0 0 rg BT 474.03 132.25 Td (V) Tj ET Q q 0 0 0 rg BT 479.96 132.25 Td (oting and ) Tj ET Q q 0 0 0 rg BT 519.78 132.25 Td (T) Tj ET Q q 0 0 0 rg BT 525.53 132.25 Td (ransfer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.25 Td (Restriction ) Tj ET Q q 0 0 0 rg BT 95.83 120.25 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 449.92 120.25 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.42 120.25 Td ( shares of Preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.25 Td (Stock contributed to the ) Tj ET Q q 0 0 0 rg BT 148.13 108.25 Td (T) Tj ET Q q 0 0 0 rg BT 153.89 108.25 Td (rust under the 2012 Retention Plan. ) Tj ET Q q 0 0 0 rg BT 297.86 108.25 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 494.19 108.25 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.69 108.25 Td ( shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.25 Td (of Preferred Stock into shares of Class) Tj ET Q q 0 0 0 rg BT 205.80 96.25 Td (A) Tj ET Q q 0 0 0 rg BT 212.47 96.25 Td ( common stock at the same ratio as the then current conversion formula in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.25 Td (Preferred Stock \(approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.56 84.25 Td (2.44) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.06 84.25 Td ( shares of Class) Tj ET Q q 0 0 0 rg BT 260.50 84.25 Td (A) Tj ET Q q 0 0 0 rg BT 267.17 84.25 Td ( common stock for each share of Preferred Stock\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 63.25 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 51.25 Td (under the ) Tj ET Q q 0 0 0 rg BT 89.80 51.25 Td (V) Tj ET Q q 0 0 0 rg BT 95.74 51.25 Td (oting and ) Tj ET Q q 0 0 0 rg BT 135.55 51.25 Td (T) Tj ET Q q 0 0 0 rg BT 141.31 51.25 Td (ransfer Restriction ) Tj ET Q q 0 0 0 rg BT 217.40 51.25 Td (Agreement with the ) Tj ET Q q 0 0 0 rg BT 299.14 51.25 Td (T) Tj ET Q q 0 0 0 rg BT 304.89 51.25 Td (rustee of the 2012 Retention Plan and ) Tj ET Q q 0 0 0 rg BT 457.73 51.25 Td (T) Tj ET Q q 0 0 0 rg BT 463.49 51.25 Td (rust. Pursuant to the ) 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 50.00 742.10 Td (exercise of that option, the Company repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.04 742.10 Td (400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.54 742.10 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 519.84 742.10 Td (975,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.34 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (shares of the Company's Class ) Tj ET Q q 0 0 0 rg BT 173.74 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 180.41 730.10 Td ( common stock. On ) Tj ET Q q 0 0 0 rg BT 263.18 730.10 Td (April 2, 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.79 730.10 Td (975,848) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.29 730.10 Td ( shares of Class ) Tj ET Q q 0 0 0 rg BT 418.73 730.10 Td (A) Tj ET Q q 0 0 0 rg BT 425.40 730.10 Td ( common stock were distributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (to employees who met the vesting requirements of the plan. ) Tj ET Q q 0 0 0 rg BT 291.15 718.10 Td (The Company recognized approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.20 718.10 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.09 718.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.53 718.10 Td ($0.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 706.10 Td ( of compensation expense related to the 2012 Retention Plan during the years ended February28, 2014 and 2015, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.66 694.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (4. SHARE BASED P) Tj ET Q q 0 0 0 rg BT 138.16 670.10 Td (A) Tj ET Q q 0 0 0 rg BT 144.47 670.10 Td (YMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 653.10 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 50.00 641.10 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 50.00 615.10 Td (Stock Option ) Tj ET Q q 0 0 0 rg BT 108.35 615.10 Td (A) Tj ET Q q 0 0 0 rg BT 114.83 615.10 Td (wards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 598.10 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 50.00 586.10 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 479.71 586.10 Td (These options are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (granted for a term not exceeding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.72 574.10 Td (10 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.32 574.10 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 50.00 562.10 Td (director terminates his or her employment or relationship with the Company) Tj ET Q q 0 0 0 rg BT 354.28 562.10 Td (. Generally) Tj ET Q q 0 0 0 rg BT 398.05 562.10 Td (, these options either vest annually over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.60 550.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.43 550.10 Td (one-third) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.08 550.10 Td ( each year for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.27 550.10 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.87 550.10 Td (\), or clif) Tj ET Q q 0 0 0 rg BT 239.17 550.10 Td (f vest at the end of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.81 550.10 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.41 550.10 Td (. ) Tj ET Q q 0 0 0 rg BT 349.23 550.10 Td (The Company issues new shares upon the exercise ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (of stock options.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 514.10 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 50.00 502.10 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 50.00 490.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 490.10 Td (s stock. ) Tj ET Q q 0 0 0 rg BT 123.98 490.10 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 50.00 478.10 Td (valuation model. ) Tj ET Q q 0 0 0 rg BT 119.53 478.10 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 50.00 466.10 Td (through the final vesting date of awards. ) Tj ET Q q 0 0 0 rg BT 213.66 466.10 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 50.00 454.10 Td (T) Tj ET Q q 0 0 0 rg BT 55.76 454.10 Td (reasury yield curve in ef) Tj ET Q q 0 0 0 rg BT 152.75 454.10 Td (fect at the time of grant. ) Tj ET Q q 0 0 0 rg BT 251.14 454.10 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 50.00 442.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 442.10 Td (s options on the date of grant during the years ended February 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.15 442.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.15 442.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.59 442.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.59 442.10 Td (:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 431.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 384.80 159.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 384.80 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 384.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 384.80 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 384.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 384.80 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 354.80 159.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 209.50 354.80 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 324.50 354.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 328.50 354.80 115.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 443.50 354.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 447.50 354.80 115.00 -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 209.5 397.8 m 324.5 397.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 397.8 m 328.5 397.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 397.8 m 443.5 397.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443.5 397.8 m 447.5 397.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 397.8 m 562.5 397.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 397.8 m 324.5 397.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 384.8 m 324.5 384.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324.5 384.8 m 328.5 384.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 384.8 m 443.5 384.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 384.8 m 562.5 384.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 209.5 384.8 m 324.5 384.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328.5 384.8 m 443.5 384.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 447.5 384.8 m 562.5 384.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 402.05 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.35 402.25 Td (For the Years Ended February 28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 389.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.50 389.03 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.50 389.03 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.50 389.03 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 375.37 Td (Risk-Free Interest Rate:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.50 374.47 Td (0.6% - 1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.50 374.47 Td (1.2% - 1.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.50 374.47 Td (1.2% - 1.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 360.37 Td (Expected Dividend Yield:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.80 359.47 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.80 359.47 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.80 359.47 Td (0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 345.37 Td (Expected Life \(Years\):) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.25 344.47 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.25 344.47 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.25 344.47 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 330.37 Td (Expected Volatility:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.15 329.47 Td (80.4% - 115.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.50 329.47 Td (69.0% - 73.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.50 329.47 Td (57.2% - 64.6%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 301.30 Td (The following table presents a summary of the Company) Tj ET Q q 0 0 0 rg BT 304.50 301.30 Td (s stock options outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.33 301.30 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.93 301.30 Td (, and stock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 289.30 Td (option activity during the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.96 289.30 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.55 289.30 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 50.00 278.50 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 240.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 240.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 240.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 240.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 240.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 240.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 240.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 240.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 212.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 212.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 212.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 212.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 212.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 212.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 212.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 212.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 184.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 184.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 184.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 184.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 184.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 184.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 184.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 184.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 156.00 220.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 270.50 156.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 340.50 156.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 156.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 156.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 418.50 156.00 70.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 488.50 156.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 156.00 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 270.5 240 m 340.5 240 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 240 m 414.5 240 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 418.5 240 m 488.5 240 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492.5 240 m 562.5 240 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 270.5 170 m 340.5 170 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.40 244.23 Td (Options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.10 244.23 Td (Price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.05 260.08 Td (W) Tj ET Q q 0 0 0 rg BT 429.61 260.08 Td (eighted) Tj ET Q q 0 0 0 rg BT 456.05 260.08 Td (A) Tj ET Q q 0 0 0 rg BT 461.24 260.08 Td (verage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.30 252.08 Td (Remaining) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 422.20 244.08 Td (Contractual) Tj ET Q q 0 0 0 rg BT 465.38 244.08 Td (T) Tj ET Q q 0 0 0 rg BT 469.99 244.08 Td (erm) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.50 260.08 Td (Aggr) Tj ET Q q 0 0 0 rg BT 526.68 260.08 Td (egate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.30 252.08 Td (Intrinsic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.35 244.08 Td (V) Tj ET Q q 0 0 0 rg BT 522.39 244.08 Td (alue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 230.57 Td (Outstanding, beginning of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 230.57 Td (5,724,446) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.00 230.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 230.57 Td (1.76) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 216.57 Td (Granted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 216.57 Td (2,478,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 216.57 Td (1.48) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 202.57 Td (Exercised \(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 202.57 Td (190,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 202.57 Td (0.70) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 188.57 Td (Forfeited) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.15 188.57 Td (135,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 188.57 Td (2.29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 174.57 Td (Expired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.15 174.57 Td (84,463) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.15 174.57 Td (10.87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 160.57 Td (Outstanding, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 160.57 Td (7,793,702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 160.57 Td (1.59) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.75 160.57 Td (6.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 160.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 160.57 Td (104) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 146.57 Td (Exercisable, end of period) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.65 146.57 Td (4,470,449) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 146.57 Td (1.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.75 146.57 Td (5.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.00 146.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 146.57 Td (92) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 120.90 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 120.90 Td (The Company did not record an income tax benefit related to option exercises in the years ended February 2014, 2015 and 2016. Cash received from ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 111.30 Td (option exercises during the years ended February 2014, 2015 and 2016 was ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 306.77 111.30 Td ($0.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.77 111.30 Td ( million, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.89 111.30 Td ($0.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 363.89 111.30 Td ( million and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 404.55 111.30 Td ($0.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.55 111.30 Td ( million, respectively) Tj ET Q q 0 0 0 rg BT 485.79 111.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 90.30 Td (The weighted average grant date fair value of options granted during the years ended February2014, 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.62 90.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.62 90.30 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 78.30 Td ($1.67) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 78.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.50 78.30 Td ($1.64) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.00 78.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.44 78.30 Td ($0.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.94 78.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 194.60 78.30 Td (.) 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 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 (February29, 2016) 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 (February29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (2016) 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 (3,167,083) 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 (1.08) 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 444.65 657.37 Td (2,478,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 657.37 Td (0.75) 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 444.65 643.37 Td (2,187,549) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 643.37 Td (0.93) 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 452.15 629.37 Td (135,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 629.37 Td (1.22) 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 (3,323,253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 615.37 Td (0.93) 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 (2.3 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 (February29, 2016) 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 (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.33 578.30 Td (1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.22 578.30 Td ( shares under the 2015 Equity Compensation Plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.35 578.30 Td (1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.24 578.30 Td ( shares under other plans\). ) 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 (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.43 566.30 Td ( range from March 2016 to January 2019, and expiration dates range from March 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 554.30 Td (to January 2026.) 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 2015 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 2015 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 year ended February 28, 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 (February29, 2016) 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 (February29, 2016) 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 (677,634) 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 (2.26) 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 (3,138,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 243.57 Td (1.09) 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 (2,949,279) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 229.57 Td (1.16) 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 462.15 215.57 Td (15,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 215.57 Td (1.82) 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 (852,028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.15 201.57 Td (1.78) 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 February2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.32 173.50 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.32 173.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.76 173.50 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.76 173.50 Td (, was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.81 173.50 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.70 173.50 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 161.50 Td ($4.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 161.50 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.33 161.50 Td ($3.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.22 161.50 Td (, respectively) Tj ET Q q 0 0 0 rg BT 219.88 161.50 Td (.) Tj ET Q 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 /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 February2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.57 701.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.57 701.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.01 701.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.01 701.25 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 411.05 672.03 Td (Year Ended February 28 \(29\),) 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 (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.00 660.03 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.00 660.03 Td (2016) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 646.52 Td (2,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 646.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.65 646.52 Td (720) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 646.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 646.52 Td (1,760) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 632.52 Td (Corporate expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 632.52 Td (2,648) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 632.52 Td (2,093) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 632.52 Td (3,144) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 618.52 Td (Stock-based compensation expense included in operating expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 617.62 Td (4,884) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 617.62 Td (2,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 617.62 Td (4,904) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 603.52 Td (Tax benefit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 603.52 Td (1,954) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.65 603.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 603.52 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.52 Td (Recognized stock-based compensation expense, net of tax) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.00 589.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.15 589.52 Td (2,930) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.00 589.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.15 589.52 Td (2,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.00 589.52 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 589.52 Td (4,904) 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 (February29, 2016) 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 ($2.3 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 (1.7) 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 February 28 \(29\), 2015 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.04 496.45 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.04 496.45 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 50.50 407.15 352.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 407.15 79.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 407.15 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 407.15 77.00 -14.00 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 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 402.5 426.15 m 481.5 426.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 426.15 m 562.5 426.15 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 402.5 338.15 m 481.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 336.15 m 481.5 336.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 338.15 m 562.5 338.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 336.15 m 562.5 336.15 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 (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.50 466.38 Td (As of February 29,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.50 458.38 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 444.72 Td (Revolver) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 444.72 Td (8,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 444.72 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 430.72 Td (Term Loan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 430.72 Td (185,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 430.72 Td (181,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 416.72 Td (Total 2014 Credit Agreement debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 416.72 Td (193,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 416.72 Td (184,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 397.72 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 161.02 402.25 Td (\(1\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.15 397.72 Td (3,971) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 397.72 Td (4,714) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 383.72 Td (98.7FM nonrecourse debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.15 383.72 Td (70,401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 383.72 Td (65,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 369.72 Td (Current maturities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 369.77 Td (\(6,840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 369.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 369.77 Td (\(17,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 369.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 355.72 Td (Unamortized original issue discount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.80 355.77 Td (\(9,820) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.65 355.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 355.77 Td (\(9,287) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 355.72 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 341.72 Td (Total long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 341.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.15 341.72 Td (250,712) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.00 341.72 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 341.72 Td (228,027) 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 50.00 326.68 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 56.06 323.05 Td ( ) Tj ET Q q 0 0 0 rg BT 57.92 323.05 Td (The face value of Digonex nonrecourse debt is ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 209.41 323.05 Td ($6.2 million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 248.53 323.05 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 302.05 Td (2014 Cr) Tj ET Q q 0 0 0 rg BT 82.69 302.05 Td (edit ) Tj ET Q q 0 0 0 rg BT 100.00 302.05 Td (Agr) Tj ET Q q 0 0 0 rg BT 114.63 302.05 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 281.05 Td (On June 10, 2014, Emmis entered into the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 297.53 281.05 Td (Agreement, by and among the Company) Tj ET Q q 0 0 0 rg BT 459.06 281.05 Td (, EOC, as borrower \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 269.05 Td (Borrower\), certain other subsidiaries of the Company) Tj ET Q q 0 0 0 rg BT 271.78 269.05 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 50.00 257.05 Td (JPMor) Tj ET Q q 0 0 0 rg BT 76.49 257.05 Td (gan Chase Bank, N.A., as administrative agent, and Fifth ) Tj ET Q q 0 0 0 rg BT 306.82 257.05 Td (Third Bank, as syndication agent. Capitalized terms in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.05 Td (section not defined elsewhere in this Form 10-K are defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 367.14 245.05 Td (Agreement and related amendments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 224.05 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 139.99 224.05 Td (Agreement includes a senior secured term loan facility \(the T) Tj ET Q q 0 0 0 rg BT 388.91 224.05 Td (erm Loan\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.60 224.05 Td ($185.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.50 224.05 Td ( and a senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 212.05 Td (secured revolving credit facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.78 212.05 Td ($20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.67 212.05 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 496.83 212.05 Td ($20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.72 212.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 200.05 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 50.00 188.05 Td (revolving credit facility and/or the ) Tj ET Q q 0 0 0 rg BT 189.49 188.05 Td (T) Tj ET Q q 0 0 0 rg BT 194.90 188.05 Td (erm Loan subject to the satisfaction of certain conditions. ) Tj ET Q q 0 0 0 rg BT 426.88 188.05 Td (The revolving credit facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 176.05 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 239.67 176.05 Td ($5.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.56 176.05 Td ( of letters of credit. Pursuant to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 479.36 176.05 Td (Agreement, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 164.05 Td (Borrower borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.64 164.05 Td ($185.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.53 164.05 Td ( of the ) Tj ET Q q 0 0 0 rg BT 218.40 164.05 Td (T) Tj ET Q q 0 0 0 rg BT 223.81 164.05 Td (erm Loan on June 10, 2014; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.51 164.05 Td ($109.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 164.05 Td ( was disbursed to the Borrower \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 152.05 Td (Initial Proceeds\) and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.88 152.05 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.78 152.05 Td ( was funded into escrow \(the Subsequent ) Tj ET Q q 0 0 0 rg BT 426.02 152.05 Td (Acquisition Proceeds\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 131.05 Td (The Initial Proceeds, coupled with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.46 131.05 Td ($13.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.35 131.05 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 50.00 119.05 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 428.79 119.05 Td ($55.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.69 119.05 Td ( initial payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 107.05 Td (associated with our acquisition of ) Tj ET Q q 0 0 0 rg BT 186.73 107.05 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 251.55 107.05 Td (WLIB-AM, and to pay fees and expenses. ) Tj ET Q q 0 0 0 rg BT 422.15 107.05 Td (The Subsequent ) Tj ET Q q 0 0 0 rg BT 488.26 107.05 Td (Acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 95.05 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 95.05 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.22 95.05 Td ( payment related to the acquisition of ) Tj ET Q q 0 0 0 rg BT 406.39 95.05 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 471.21 95.05 Td (WLIB-AM on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 83.05 Td (February 13, 2015. See Note 7 for more discussion of our acquisition of ) Tj ET Q q 0 0 0 rg BT 340.04 83.05 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 404.86 83.05 Td (WLIB-AM. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 62.05 Td (The ) Tj ET Q q 0 0 0 rg BT 90.37 62.05 Td (T) Tj ET Q q 0 0 0 rg BT 95.78 62.05 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 62.05 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 500.70 62.05 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 50.05 Td (discussed below) Tj ET Q q 0 0 0 rg BT 114.62 50.05 Td (, amortized in an amount equal to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.25 50.05 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.58 50.05 Td ( per annum of the total principal amount outstanding, payable in quarterly ) 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 (installments commencing ) Tj ET Q q 0 0 0 rg BT 154.43 742.10 Td (April 1, 2015, with the balance payable on the maturity date. ) Tj ET Q q 0 0 0 rg BT 399.73 742.10 Td (The revolving credit facility expires not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (later than June 10, 2019. ) Tj ET Q q 0 0 0 rg BT 150.26 730.10 Td (An unused commitment fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.39 730.10 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.39 730.10 Td ( basis points per annum is payable quarterly on the average unused ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (amount of the revolving credit facility) Tj ET Q q 0 0 0 rg BT 201.80 718.10 Td (. Prior to the First ) Tj ET Q q 0 0 0 rg BT 274.58 718.10 Td (Amendment and Second ) Tj ET Q q 0 0 0 rg BT 374.84 718.10 Td (Amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 501.22 718.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (discussed below) Tj ET Q q 0 0 0 rg BT 114.62 706.10 Td (, the ) Tj ET Q q 0 0 0 rg BT 134.16 706.10 Td (T) Tj ET Q q 0 0 0 rg BT 139.57 706.10 Td (erm Loan and amounts borrowed under the revolving credit facility bore interest, at the Borrower) Tj ET Q q 0 0 0 rg BT 529.53 706.10 Td () Tj ET Q q 0 0 0 rg BT 532.30 706.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (option, at either \(i\) the ) Tj ET Q q 0 0 0 rg BT 141.64 694.10 Td (Alternate Base Rate \(as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 345.19 694.10 Td (Agreement\) \(but not less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.55 694.10 Td (2.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.38 694.10 Td (\) plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.38 694.10 Td (3.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.21 694.10 Td ( or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (\(ii\) the ) Tj ET Q q 0 0 0 rg BT 78.88 682.10 Td (Adjusted LIBO Rate \(as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 285.23 682.10 Td (Agreement\) \(but not less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.59 682.10 Td (1.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.42 682.10 Td (\) plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.42 682.10 Td (4.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.25 682.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 661.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.54 661.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.43 661.10 Td ( of transaction fees related to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 366.88 661.10 Td (Agreement were originally capitalized and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 Td (included in other assets, net. ) Tj ET Q q 0 0 0 rg BT 165.63 649.10 Td (The Company adopted the provisions of ) Tj ET Q q 0 0 0 rg BT 328.38 649.10 Td (Accounting Standards Update 2015-03 during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 637.10 Td (ended February 29, 2016. ) Tj ET Q q 0 0 0 rg BT 154.42 637.10 Td (As such, the unamortized balance of existing deferred debt fees was reclassified and is now shown as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (a direct reduction of the carrying amount of long-term debt. ) Tj ET Q q 0 0 0 rg BT 291.12 625.10 Td (These fees, along with an original issue discount of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.85 625.10 Td ($8.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.74 625.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 613.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.33 613.10 Td ($6.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.22 613.10 Td ( incurred in connection with the original issuance of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 377.15 613.10 Td (Agreement debt on June10, 2014, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.62 613.10 Td ($1.0 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 601.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 601.10 Td ( million incurred in connection with the November 7, 2014 amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 441.04 601.10 Td (Agreement and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.90 601.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.79 601.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 589.10 Td (incurred in connection with the ) Tj ET Q q 0 0 0 rg BT 176.91 589.10 Td (April 30, 2015 amendment to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 361.61 589.10 Td (Agreement\) are being amortized as additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 577.10 Td (interest expense over the life of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 242.44 577.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 556.10 Td (The obligations under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 226.92 556.10 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 50.00 544.10 Td (all of the assets of the Company) Tj ET Q q 0 0 0 rg BT 177.66 544.10 Td (, the Borrower and the Subsidiary Guarantors. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 523.10 Td (On November 7, 2014, Emmis entered into the First ) Tj ET Q q 0 0 0 rg BT 282.75 523.10 Td (Amendment \(the First ) Tj ET Q q 0 0 0 rg BT 377.46 523.10 Td (Amendment\) to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 511.60 523.10 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 511.10 Td (The First ) Tj ET Q q 0 0 0 rg BT 88.33 511.10 Td (Amendment \(i\) increased the maximum ) Tj ET Q q 0 0 0 rg BT 250.05 511.10 Td (T) Tj ET Q q 0 0 0 rg BT 255.46 511.10 Td (otal Leverage Ratio to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.09 511.10 Td (6.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.59 511.10 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 50.00 499.10 Td (February 29, 2016, \(ii\) adjusted the definition of Consolidated EBITDA) Tj ET Q q 0 0 0 rg BT 337.45 499.10 Td ( to exclude during the term of the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 487.10 Td (Agreement up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.70 487.10 Td ($5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.09 487.10 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 405.45 487.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.34 487.10 Td ( in losses attributable to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 475.10 Td (the reformatting of the Company) Tj ET Q q 0 0 0 rg BT 184.41 475.10 Td (s radio stations, \(iii\) extended the requirement for the Borrower to pay a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.87 475.10 Td (1.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.70 475.10 Td ( fee on certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 463.10 Td (prepayments of the ) Tj ET Q q 0 0 0 rg BT 128.96 463.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.37 463.10 Td (erm Loan to November 7, 2015, \(iv\) increased the ) Tj ET Q q 0 0 0 rg BT 336.81 463.10 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 399.66 463.10 Td (gin by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.44 463.10 Td (0.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.27 463.10 Td ( for at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.47 463.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.14 463.10 Td ( months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 451.10 Td (from the date of the First ) Tj ET Q q 0 0 0 rg BT 151.65 451.10 Td (Amendment and until the ) Tj ET Q q 0 0 0 rg BT 255.89 451.10 Td (T) Tj ET Q q 0 0 0 rg BT 261.30 451.10 Td (otal Leverage Ratio is less than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.04 451.10 Td (5.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.54 451.10 Td (:1.00, and \(v\) made certain technical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 439.10 Td (adjustments to the definition of Consolidated Excess Cash Flow and to address the Foreign ) Tj ET Q q 0 0 0 rg BT 416.06 439.10 Td (Account ) Tj ET Q q 0 0 0 rg BT 452.26 439.10 Td (T) Tj ET Q q 0 0 0 rg BT 457.67 439.10 Td (ax Compliance ) Tj ET Q q 0 0 0 rg BT 519.88 439.10 Td (Act. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 427.10 Td (Emmis paid a total of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.85 427.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.74 427.10 Td ( of transaction fees to the Lenders that consented to the First ) Tj ET Q q 0 0 0 rg BT 491.01 427.10 Td (Amendment, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 415.10 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 507.35 415.10 Td (Agreement. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 394.10 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 394.10 Td (April 30, 2015, Emmis entered into a Second ) Tj ET Q q 0 0 0 rg BT 270.92 394.10 Td (Amendment to our 2014 Credit ) Tj ET Q q 0 0 0 rg BT 398.40 394.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 447.65 394.10 Td (The Second ) Tj ET Q q 0 0 0 rg BT 497.08 394.10 Td (Amendment \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 382.10 Td (increased the maximum ) Tj ET Q q 0 0 0 rg BT 147.84 382.10 Td (T) Tj ET Q q 0 0 0 rg BT 153.25 382.10 Td (otal Leverage Ratio to \(A\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.26 382.10 Td (6.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.76 382.10 Td (:1.00 during the period from May 31, 2015 through February 29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 370.10 Td (2016, \(B\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.83 370.10 Td (6.50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.33 370.10 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 293.84 370.10 Td (6.25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.34 370.10 Td (:1.00 for the quarter ended ) Tj ET Q q 0 0 0 rg BT 419.63 370.10 Td (August 31, 2016, \(D\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.41 370.10 Td (6.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.91 370.10 Td (:1.00 for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 358.10 Td (the quarter ended November 30, 2016, and \(E\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.32 358.10 Td (5.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.82 358.10 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 50.00 346.10 Td (original ratio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.26 346.10 Td (4.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.76 346.10 Td (:1.00 for the quarters ended May 31, 2017 and thereafter) Tj ET Q q 0 0 0 rg BT 358.67 346.10 Td (, \(ii\) required Emmis to pay a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.19 346.10 Td (2.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.02 346.10 Td ( fee on certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 334.10 Td (prepayments of the ) Tj ET Q q 0 0 0 rg BT 128.96 334.10 Td (T) Tj ET Q q 0 0 0 rg BT 134.37 334.10 Td (erm Loan prior to the first anniversary of the Second ) Tj ET Q q 0 0 0 rg BT 347.08 334.10 Td (Amendment and requires Emmis to pay a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.65 334.10 Td (1.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.48 334.10 Td ( fee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 322.10 Td (on certain prepayments of the ) Tj ET Q q 0 0 0 rg BT 171.16 322.10 Td (T) Tj ET Q q 0 0 0 rg BT 176.57 322.10 Td (erm Loan from the first anniversary of the Second ) Tj ET Q q 0 0 0 rg BT 379.01 322.10 Td (Amendment until the second anniversary of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 310.10 Td (the Second ) Tj ET Q q 0 0 0 rg BT 96.10 310.10 Td (Amendment, \(iii\) increased the ) Tj ET Q q 0 0 0 rg BT 222.45 310.10 Td (Applicable Mar) Tj ET Q q 0 0 0 rg BT 285.30 310.10 Td (gin throughout the remainder of the term of the Credit ) Tj ET Q q 0 0 0 rg BT 503.58 310.10 Td (Agreement to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 298.10 Td (5.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.83 298.10 Td ( for ) Tj ET Q q 0 0 0 rg BT 91.94 298.10 Td (ABR Loans \(as defined in the Credit ) Tj ET Q q 0 0 0 rg BT 240.52 298.10 Td (Agreement\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.71 298.10 Td (6.00%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.54 298.10 Td ( for Eurodollar Loans \(as defined in the 2014 Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (Agreement\), and \(iv\) increased the amortization to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.92 286.10 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.75 286.10 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 492.62 286.10 Td (1.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.45 286.10 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (calendar quarter thereafter commencing ) Tj ET Q q 0 0 0 rg BT 211.58 274.10 Td (April 1, 2016. ) Tj ET Q q 0 0 0 rg BT 272.50 274.10 Td (The Second ) Tj ET Q q 0 0 0 rg BT 321.94 274.10 Td (Amendment also required Emmis to pay a fee of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.82 274.10 Td (0.50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.65 274.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 262.10 Td (T) Tj ET Q q 0 0 0 rg BT 69.95 262.10 Td (erm Loan and Revolving Commitment of each Lender that consented to the Second ) Tj ET Q q 0 0 0 rg BT 406.25 262.10 Td (Amendment. ) Tj ET Q q 0 0 0 rg BT 460.50 262.10 Td (This fee totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.20 262.10 Td ($1.1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 250.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 250.10 Td ( and was recorded as additional original issue discount and is being amortized as interest expense over the remaining life ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 238.10 Td (of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 124.99 238.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 217.10 Td (Borrowing under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 209.26 217.10 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 50.00 205.10 Td (and financial ratios, including leverage and interest coverage as specifically defined. ) Tj ET Q q 0 0 0 rg BT 389.95 205.10 Td (The operating covenants and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 193.10 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 50.00 181.10 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 50.00 169.10 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 438.89 169.10 Td (The 2014 Credit ) Tj ET Q q 0 0 0 rg BT 506.38 169.10 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.10 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 442.18 157.10 Td (The payment of principal, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 145.10 Td (premium and interest under the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 226.90 145.10 Td (Agreement is fully and unconditionally guaranteed, jointly and severally) Tj ET Q q 0 0 0 rg BT 516.45 145.10 Td (, by ECC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 133.10 Td (and most of its existing wholly-owned domestic subsidiaries. Substantially all of Emmis) Tj ET Q q 0 0 0 rg BT 405.89 133.10 Td ( assets, including the stock of most of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 121.10 Td (Emmis) Tj ET Q q 0 0 0 rg BT 80.92 121.10 Td ( wholly-owned, domestic subsidiaries are pledged to secure the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 385.85 121.10 Td (Agreement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 100.10 Td (2012 Cr) Tj ET Q q 0 0 0 rg BT 82.69 100.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 100.00 100.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 114.63 100.10 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 79.10 Td (On December 28, 2012, Emmis entered into a credit facility \(the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 386.57 79.10 Td (Agreement\) to provide for total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 Td (borrowings of up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.66 67.10 Td ($100 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.05 67.10 Td (, including \(i\) an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.20 67.10 Td ($80 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.59 67.10 Td ( term loan and \(ii\) a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.23 67.10 Td ($20 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.62 67.10 Td ( revolver) Tj ET Q q 0 0 0 rg BT 462.04 67.10 Td (, of which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.80 67.10 Td ($5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.20 67.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.10 Td (could 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 407.70 55.10 Td (Agreement. In connection with the ) 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 50.00 742.10 Td (execution of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 166.36 742.10 Td (Agreement, the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 279.95 742.10 Td (Agreement was terminated ef) Tj ET Q q 0 0 0 rg BT 397.77 742.10 Td (fective June 10, 2014, and all amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (outstanding under that agreement were paid in full. During the three months ended ) Tj ET Q q 0 0 0 rg BT 382.69 730.10 Td (August 31, 2014, the Company recorded a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (loss on debt extinguishment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.27 718.10 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.16 718.10 Td ( related to the termination of the 2012 Credit ) Tj ET Q q 0 0 0 rg BT 404.95 718.10 Td (Agreement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (2014 Cr) Tj ET Q q 0 0 0 rg BT 82.69 697.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 100.00 697.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 114.63 697.10 Td (eement Covenants) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 676.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 676.10 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 376.02 676.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.62 676.10 Td (. Our ) Tj ET Q q 0 0 0 rg BT 472.49 676.10 Td (T) Tj ET Q q 0 0 0 rg BT 477.90 676.10 Td (otal Leverage Ratio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 664.10 Td (and Minimum Interest Coverage Ratio \(each as defined in the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 348.81 664.10 Td (Agreement\) requirements and actual amounts as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 652.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 652.10 Td ( were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 597.80 378.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 597.80 65.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 597.80 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 597.80 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 428.5 618.8 m 493.5 618.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 618.8 m 497.5 618.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 618.8 m 562.5 618.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 597.8 m 493.5 597.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 597.8 m 562.5 597.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 622.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.00 622.88 Td (As of February 29, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 602.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.05 610.03 Td (Covenant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.10 602.03 Td (Requirement) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.70 602.03 Td (ActualResults) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 588.37 Td (Maximum Total Leverage Ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.20 588.37 Td (6.75 : 1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.20 588.37 Td (5.40 : 1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.37 Td (Minimum Interest Coverage Ratio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.20 574.37 Td (2.00 : 1.00) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.20 574.37 Td (2.49 : 1.00) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 546.30 Td (98.7FM Nonr) Tj ET Q q 0 0 0 rg BT 104.63 546.30 Td (ecourse Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 529.30 Td (On May30, 2012, the Company) Tj ET Q q 0 0 0 rg BT 202.51 529.30 Td (, through wholly-owned, newly-created subsidiaries, issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.73 529.30 Td ($82.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.62 529.30 Td ( of nonrecourse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 517.30 Td (notes. ) Tj ET Q q 0 0 0 rg BT 75.93 517.30 Td (T) Tj ET Q q 0 0 0 rg BT 81.34 517.30 Td (eachers Insurance and ) Tj ET Q q 0 0 0 rg BT 171.57 517.30 Td (Annuity ) Tj ET Q q 0 0 0 rg BT 206.29 517.30 Td (Association of ) Tj ET Q q 0 0 0 rg BT 266.29 517.30 Td (America, through a participation agreement with ) Tj ET Q q 0 0 0 rg BT 463.54 517.30 Td (W) Tj ET Q q 0 0 0 rg BT 472.17 517.30 Td (ells Far) Tj ET Q q 0 0 0 rg BT 501.71 517.30 Td (go Bank ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 505.30 Td (Northwest, National ) Tj ET Q q 0 0 0 rg BT 133.04 505.30 Td (Association, is entitled to receive payments made on the notes. ) Tj ET Q q 0 0 0 rg BT 386.68 505.30 Td (The notes are obligations only of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.30 Td (newly-created subsidiaries, are non-recourse to the rest of the Company) Tj ET Q q 0 0 0 rg BT 339.90 493.30 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 50.00 481.30 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 50.00 469.30 Td (are guaranteed by Disney Enterprises, Inc. ) Tj ET Q q 0 0 0 rg BT 221.97 469.30 Td (The notes bear interest at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.99 469.30 Td (4.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.82 469.30 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 452.30 Td (Digonex Nonr) Tj ET Q q 0 0 0 rg BT 106.57 452.30 Td (ecourse Debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 435.30 Td (Digonex issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.94 435.30 Td ($6.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.83 435.30 Td ( of notes payable prior to Emmis) Tj ET Q q 0 0 0 rg BT 319.50 435.30 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 50.00 423.30 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 447.20 423.30 Td (The dif) Tj ET Q q 0 0 0 rg BT 476.18 423.30 Td (ference between the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.30 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 50.00 399.30 Td (maturity date of the notes. ) Tj ET Q q 0 0 0 rg BT 157.01 399.30 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 50.00 387.30 Td (subsidiaries.) Tj ET Q q 0 0 0 rg BT 101.67 387.30 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.71 387.30 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.60 387.30 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 525.45 387.30 Td ($4.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 375.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 375.30 Td ( are unsecured. ) Tj ET Q q 0 0 0 rg BT 141.46 375.30 Td (The notes bear simple interest at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.63 375.30 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.96 375.30 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 50.00 363.30 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 72.50 342.30 Td (Based on amounts outstanding at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.21 342.30 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.81 342.30 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 50.00 330.30 Td (years and thereafter are summarized below:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 271.00 136.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 271.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 271.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 271.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 271.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 271.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 271.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 271.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 271.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 271.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 243.00 136.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 243.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 243.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 243.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 243.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 243.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 243.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 243.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 243.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 243.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 215.00 136.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 186.50 215.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 258.50 215.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 262.50 215.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 334.50 215.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 338.50 215.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 215.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 414.50 215.00 72.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.50 215.00 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.50 215.00 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 186.5 297 m 258.5 297 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 297 m 262.5 297 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 297 m 334.5 297 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 297 m 258.5 297 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258.5 297 m 262.5 297 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 297 m 334.5 297 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 285 m 258.5 285 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 285 m 334.5 285 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 285 m 410.5 285 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 285 m 486.5 285 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 285 m 490.5 285 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 285 m 562.5 285 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 201 m 258.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 201 m 334.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 201 m 410.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 201 m 486.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 201 m 490.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 201 m 562.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 188 m 258.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 186.5 186 m 258.5 186 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 188 m 334.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 186 m 334.5 186 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 188 m 410.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 186 m 410.5 186 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 188 m 486.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 186 m 486.5 186 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 188 m 490.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 186 m 490.5 186 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 188 m 562.5 188 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 186 m 562.5 186 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 301.08 Td (Year Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 220.35 301.08 Td (2014 Credit Agreement) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.00 300.95 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.00 300.95 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 53 287.830078125 m 112.765625 287.830078125 l s q 0 0 0 rg BT 53.00 289.08 Td (February28 \(29\),) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 206.70 289.08 Td (Revolver) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 278.90 289.08 Td (Term Loan) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.55 289.08 Td (98.7FMDebt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.75 289.08 Td (Digonex Debt) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 289.08 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 275.57 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 275.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 275.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 275.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.15 275.57 Td (12,120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 275.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 275.57 Td (5,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 275.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 275.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 275.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 275.57 Td (17,573) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 261.57 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 261.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 261.57 Td (9,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 261.57 Td (6,039) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 261.57 Td (6,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 261.57 Td (21,488) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 247.57 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 247.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 247.57 Td (9,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 247.57 Td (6,587) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 247.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 247.57 Td (15,837) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 233.57 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 233.57 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 233.57 Td (9,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 233.57 Td (7,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 233.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 233.57 Td (19,400) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 219.57 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 219.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.15 219.57 Td (9,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.15 219.57 Td (7,755) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 219.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 219.57 Td (17,005) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 205.57 Td (Thereafter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 205.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 205.57 Td (132,642) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 205.57 Td (32,427) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.65 205.57 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 205.57 Td (165,069) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 191.57 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.00 191.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.15 191.57 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.00 191.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.15 191.57 Td (181,762) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.00 191.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 191.57 Td (65,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.00 191.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.15 191.57 Td (6,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.00 191.57 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 191.57 Td (256,372) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 154.50 Td (6. F) Tj ET Q q 0 0 0 rg BT 65.37 154.50 Td (AIR ) Tj ET Q q 0 0 0 rg BT 86.02 154.50 Td (V) Tj ET Q q 0 0 0 rg BT 91.95 154.50 Td (ALUE MEASUREMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 133.50 Td (As defined in ) Tj ET Q q 0 0 0 rg BT 129.83 133.50 Td (ASC ) Tj ET Q q 0 0 0 rg BT 151.60 133.50 Td (T) Tj ET Q q 0 0 0 rg BT 157.01 133.50 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 50.00 121.50 Td (an orderly transaction between market participants at the measurement date \(exit price\). ) Tj ET Q q 0 0 0 rg BT 403.28 121.50 Td (The Company utilizes market data or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 109.50 Td (assumptions that market participants would use in pricing the asset or liability) Tj ET Q q 0 0 0 rg BT 361.24 109.50 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 97.50 Td (inherent in the inputs to the valuation technique. ) Tj ET Q q 0 0 0 rg BT 245.61 97.50 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 85.50 Td (unobservable. ) Tj ET Q q 0 0 0 rg BT 108.13 85.50 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 73.50 Td (unobservable inputs. ) Tj ET Q q 0 0 0 rg BT 134.71 73.50 Td (ASC ) Tj ET Q q 0 0 0 rg BT 156.48 73.50 Td (T) Tj ET Q q 0 0 0 rg BT 161.89 73.50 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 73.50 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.50 Td (hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities \(Level 1 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.50 Td (measurement\) and the lowest priority to unobservable inputs \(Level 3 measurement\).) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Recurring Fair V) Tj ET Q q 0 0 0 rg BT 118.33 742.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 168.22 742.10 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 721.10 Td (The following table sets forth by level within the fair value hierarchy the Company) Tj ET Q q 0 0 0 rg BT 409.18 721.10 Td (s financial assets and liabilities that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 709.10 Td (were accounted for at fair value on a recurring basis as of February28 \(29\), 2015 and 2016. ) Tj ET Q q 0 0 0 rg BT 419.13 709.10 Td (The financial assets and liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 Td (are 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 501.06 697.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 685.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 685.10 Td (s 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 543.55 685.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 Td (the 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 50.50 582.60 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 582.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 582.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 582.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 582.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 582.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 443.60 240.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 443.60 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 443.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 443.60 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 443.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 443.60 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 443.60 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 443.60 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 290.5 640.6 m 355.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 640.6 m 359.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 640.6 m 424.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 640.6 m 428.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 640.6 m 493.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 640.6 m 497.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 640.6 m 562.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 627.6 m 355.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 627.6 m 424.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 627.6 m 493.5 627.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 582.6 m 355.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 582.6 m 424.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 582.6 m 493.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 582.6 m 562.5 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 567.6 m 355.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 567.6 m 424.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 567.6 m 493.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 567.6 m 562.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 543.6 m 355.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 541.6 m 355.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 543.6 m 424.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 541.6 m 424.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 543.6 m 493.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 541.6 m 493.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 543.6 m 562.5 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 541.6 m 562.5 541.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 516.6 m 355.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 516.6 m 359.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 516.6 m 424.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 516.6 m 428.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 516.6 m 493.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 516.6 m 497.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 516.6 m 562.5 516.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 503.6 m 355.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 503.6 m 424.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 503.6 m 493.5 503.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 458.6 m 355.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 458.6 m 424.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 458.6 m 493.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 458.6 m 562.5 458.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 443.6 m 355.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 443.6 m 424.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 443.6 m 493.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 443.6 m 562.5 443.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 419.6 m 355.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 417.6 m 355.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 419.6 m 424.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 417.6 m 424.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 419.6 m 493.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 417.6 m 493.5 417.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 419.6 m 562.5 419.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 417.6 m 562.5 417.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 644.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.00 644.83 Td (As of February 29, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 631.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.15 631.83 Td (Level 1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.15 631.83 Td (Level 2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.15 631.83 Td (Level 3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 631.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 586.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.35 618.83 Td (QuotedPrices) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 610.83 Td (in ) Tj ET Q q 0 0 0 rg BT 315.73 610.83 Td (Active) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 602.83 Td (Markets for) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.90 594.83 Td (Identical) Tj ET Q q 0 0 0 rg BT 327.68 594.83 Td (Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.65 586.83 Td (or) Tj ET Q q 0 0 0 rg BT 308.06 586.83 Td ( Liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.05 610.83 Td (Significant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.35 602.83 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.90 594.83 Td (Observable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.35 586.83 Td (Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.05 602.83 Td (Significant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.90 594.83 Td (Unobservable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.35 586.83 Td (Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.75 586.83 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 573.17 Td (Available for sale securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 572.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 572.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 572.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 572.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 572.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 558.17 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 71.00 548.17 Td (basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 547.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 547.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 547.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 547.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 547.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 547.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 547.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 547.27 Td (800) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 520.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.00 520.83 Td (As of February 28, 2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 507.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.15 507.83 Td (Level 1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.15 507.83 Td (Level 2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.15 507.83 Td (Level 3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.00 507.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 462.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.35 494.83 Td (QuotedPrices) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.50 486.83 Td (in ) Tj ET Q q 0 0 0 rg BT 315.73 486.83 Td (Active) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.00 478.83 Td (Markets for) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.90 470.83 Td (Identical ) Tj ET Q q 0 0 0 rg BT 327.68 470.83 Td (Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.65 462.83 Td (or) Tj ET Q q 0 0 0 rg BT 308.06 462.83 Td ( Liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.05 486.83 Td (Significant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.35 478.83 Td (Other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.90 470.83 Td (Observable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.35 462.83 Td (Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.05 478.83 Td (Significant) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.90 470.83 Td (Unobservable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.35 462.83 Td (Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 520.75 462.83 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 449.17 Td (Available for sale securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 448.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 448.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 448.27 Td (500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 448.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 448.27 Td (500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 434.17 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 71.00 424.17 Td (basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 423.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 423.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 423.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 423.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 423.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 423.27 Td (500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 423.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 423.27 Td (500) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 398.10 Td (A) Tj ET Q q 0 0 0 rg BT 55.56 398.10 Td (vailable for sale securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.37 398.10 Td ( Emmis) Tj ET Q q 0 0 0 rg BT 207.29 398.10 Td ( available for sale securities are comprised of preferred stock of a private company that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 386.10 Td (is not traded in active markets. ) Tj ET Q q 0 0 0 rg BT 175.06 386.10 Td (The preferred stock is recorded at fair value, which is generally estimated using significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 374.10 Td (unobservable market parameters, resulting in a level 3 categorization. ) Tj ET Q q 0 0 0 rg BT 330.54 374.10 Td (The carrying value of our available for sale securities is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (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 50.00 350.10 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 50.00 338.10 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 50.00 326.10 Td (impairment was other) Tj ET Q q 0 0 0 rg BT 137.00 326.10 Td (-than-temporary) Tj ET Q q 0 0 0 rg BT 201.32 326.10 Td (. ) Tj ET Q q 0 0 0 rg BT 208.27 326.10 Td (As such, the Company recorded a noncash inpairment char) Tj ET Q q 0 0 0 rg BT 443.84 326.10 Td (ge of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.61 326.10 Td ($6.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.50 326.10 Td (. ) Tj ET Q q 0 0 0 rg BT 522.45 326.10 Td (A) Tj ET Q q 0 0 0 rg BT 528.93 326.10 Td (vailable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (for sale securities are included in investments on our consolidated balance sheets. See Note 1l for more discussion.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 293.10 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 50.00 281.10 Td (significant unobservable inputs:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 198.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 198.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 198.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 198.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 168.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 168.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 168.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 168.60 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 428.5 227.60000000000002 m 493.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 227.60000000000002 m 562.5 227.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 198.60000000000002 m 493.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 198.60000000000002 m 497.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 198.60000000000002 m 562.5 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 153.60000000000002 m 493.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 153.60000000000002 m 562.5 153.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 139.60000000000002 m 493.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 137.60000000000002 m 493.5 137.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 139.60000000000002 m 562.5 139.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 137.60000000000002 m 562.5 137.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 244.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.05 244.83 Td (Year Ended February 28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 231.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 231.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 231.83 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.05 218.83 Td (A) Tj ET Q q 0 0 0 rg BT 484.23 218.83 Td (vailable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.70 210.83 Td (For) Tj ET Q q 0 0 0 rg BT 492.99 210.83 Td ( Sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.30 202.83 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 189.17 Td (Beginning Balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 188.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 188.27 Td (6,750) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 188.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 188.27 Td (500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 174.17 Td (Purchases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 173.27 Td (432) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 173.27 Td (300) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 159.17 Td (Other than temporary impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 158.32 Td (\(6,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 158.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 158.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 144.17 Td (Ending Balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 143.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 143.27 Td (500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 143.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 143.27 Td (800) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 118.10 Td (Non-Recurring Fair V) Tj ET Q q 0 0 0 rg BT 138.33 118.10 Td (alue Measur) Tj ET Q q 0 0 0 rg BT 188.22 118.10 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 97.10 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 85.10 Td (that include those described in Note 9, Intangible ) Tj ET Q q 0 0 0 rg BT 248.56 85.10 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 73.10 Td (values are more than the fair values. ) Tj ET Q q 0 0 0 rg BT 196.98 73.10 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 61.10 Td (measurement due to the subjective nature of the unobservable inputs used to determine the fair value \(see Note 9 for more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.10 Td (discussion\).) 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 /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 742.10 Td (Fair V) Tj ET Q q 0 0 0 rg BT 75.28 742.10 Td (alue of Other Financial Instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 721.10 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 50.00 709.10 Td (adjustments in certain circumstances, such as when there is evidence of impairment. ) Tj ET Q q 0 0 0 rg BT 388.78 709.10 Td (Assets and liabilities acquired in business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 697.10 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 50.00 685.10 Td (and liabilities assumed in connection with the Company's acquisitions. ) Tj ET Q q 0 0 0 rg BT 334.91 685.10 Td (The estimated fair value of financial instruments is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 673.10 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 50.00 661.10 Td (necessary) Tj ET Q q 0 0 0 rg BT 88.22 661.10 Td (, however) Tj ET Q q 0 0 0 rg BT 127.25 661.10 Td (, in interpreting market data to develop the estimates of fair value. ) Tj ET Q q 0 0 0 rg BT 393.27 661.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 442.60 661.10 Td (, the estimates presented are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 649.10 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 50.00 637.10 Td (ultimately will be realized upon maturity or disposition. ) Tj ET Q q 0 0 0 rg BT 275.61 637.10 Td (The use of dif) Tj ET Q q 0 0 0 rg BT 331.25 637.10 Td (ferent market assumptions may have a material ef) Tj ET Q q 0 0 0 rg BT 530.15 637.10 Td (fect on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 625.10 Td (the estimated fair value amounts. ) Tj ET Q q 0 0 0 rg BT 184.78 625.10 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 50.00 613.10 Td (instruments: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 Td (- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 55.83 592.10 Td (Cash and cash equivalents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.76 592.10 Td (: ) Tj ET Q q 0 0 0 rg BT 167.86 592.10 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 50.00 580.10 Td (instruments.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 559.10 Td (- 2014 Cr) Tj ET Q q 0 0 0 rg BT 88.52 559.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 105.83 559.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 120.46 559.10 Td (eement debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 559.10 Td (: ) Tj ET Q q 0 0 0 rg BT 173.22 559.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.67 559.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.26 559.10 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 50.00 547.10 Td (the Company's 2014 Credit ) Tj ET Q q 0 0 0 rg BT 161.24 547.10 Td (Agreement debt was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.93 547.10 Td ($157.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.82 547.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.26 547.10 Td ($184.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.15 547.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 435.82 547.10 Td (. ) Tj ET Q q 0 0 0 rg BT 440.63 547.10 Td (The Company's estimate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 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 50.00 514.10 Td (- ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 55.83 514.10 Td (Other long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.82 514.10 Td (: ) Tj ET Q q 0 0 0 rg BT 145.91 514.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 205.63 514.10 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 50.00 502.10 Td (considered a level 3 measurement. ) Tj ET Q q 0 0 0 rg BT 190.32 502.10 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 50.00 490.10 Td (its fair value. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 466.10 Td (7. ) Tj ET Q q 0 0 0 rg BT 59.45 466.10 Td (ACQUISITIONS ) Tj ET Q q 0 0 0 rg BT 135.31 466.10 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 50 447.7669921875 m 204.130859375 447.7669921875 l s q 0 0 0 rg BT 50.00 449.10 Td (For the year ended February 28, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (WBLS-FM & WLIB-AM) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 415.10 Td (On February 1) Tj ET Q q 0 0 0 rg BT 130.45 415.10 Td (1, 2014, subsidiaries of Emmis entered into a Purchase and Sale ) Tj ET Q q 0 0 0 rg BT 388.45 415.10 Td (Agreement with ) Tj ET Q q 0 0 0 rg BT 455.28 415.10 Td (YMF) Tj ET Q q 0 0 0 rg BT 476.16 415.10 Td (, pursuant to which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 Td (Emmis agreed to purchase the assets of New ) Tj ET Q q 0 0 0 rg BT 230.68 403.10 Td (Y) Tj ET Q q 0 0 0 rg BT 236.90 403.10 Td (ork radio stations ) Tj ET Q q 0 0 0 rg BT 308.66 403.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 373.48 403.10 Td (WLIB-AM \(collectively) Tj ET Q q 0 0 0 rg BT 470.29 403.10 Td (, the "Stations"\) for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 391.10 Td ($131.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 391.10 Td (, subject to customary adjustments and prorations. ) Tj ET Q q 0 0 0 rg BT 311.73 391.10 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 50.00 379.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 379.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 379.10 Td (ork, the second lar) Tj ET Q q 0 0 0 rg BT 150.91 379.10 Td (gest market in the United States as measured by total radio revenues. ) Tj ET Q q 0 0 0 rg BT 430.83 379.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 480.74 379.10 Td (, the Stations' adult ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 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 429.82 367.10 Td (Y) Tj ET Q q 0 0 0 rg BT 436.04 367.10 Td (ork.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 350.10 Td (Upon approval of the transaction by the Federal Communications Commission, Emmis and ) Tj ET Q q 0 0 0 rg BT 440.13 350.10 Td (YMF executed the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (closing of the transaction on June 10, 2014, whereby ) Tj ET Q q 0 0 0 rg BT 263.19 338.10 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 50.00 326.10 Td (YMF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.17 326.10 Td ($55.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.07 326.10 Td ( of cash and transferred to ) Tj ET Q q 0 0 0 rg BT 234.32 326.10 Td (YMF Media New ) Tj ET Q q 0 0 0 rg BT 307.55 326.10 Td (Y) Tj ET Q q 0 0 0 rg BT 313.77 326.10 Td (ork a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.54 326.10 Td (49.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.37 326.10 Td ( ownership interest in the Emmis subsidiaries that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 314.10 Td (own the Stations' assets. ) Tj ET Q q 0 0 0 rg BT 149.12 314.10 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 50.00 302.10 Td (purchase price of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.35 302.10 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.24 302.10 Td ( to ) Tj ET Q q 0 0 0 rg BT 187.65 302.10 Td (YMF in exchange for the transfer to Emmis of ) Tj ET Q q 0 0 0 rg BT 375.84 302.10 Td (YMF Media New ) Tj ET Q q 0 0 0 rg BT 449.08 302.10 Td (Y) Tj ET Q q 0 0 0 rg BT 455.30 302.10 Td (ork's interest in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.10 Td (Emmis subsidiaries that own the Stations' assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 269.10 Td (On February 1) Tj ET Q q 0 0 0 rg BT 131.95 269.10 Td (1, 2014, Emmis and ) Tj ET Q q 0 0 0 rg BT 214.35 269.10 Td (YMF entered into an LMA) Tj ET Q q 0 0 0 rg BT 322.12 269.10 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 50.00 257.10 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 480.21 257.10 Td ($1.275 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.10 257.10 Td ( per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 245.10 Td (month to ) Tj ET Q q 0 0 0 rg BT 87.96 245.10 Td (YMF for the right to program the Stations and sell advertising. ) Tj ET Q q 0 0 0 rg BT 343.58 245.10 Td (The monthly LMA) Tj ET Q q 0 0 0 rg BT 419.13 245.10 Td ( fee decreased to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 233.10 Td ($0.74 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.89 233.10 Td ( after the first closing of the purchase of the Stations on June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 391.43 233.10 Td (The ongoing, reduced monthly LMA) Tj ET Q q 0 0 0 rg BT 538.90 233.10 Td ( fees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.10 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 550.98 221.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (fees were recognized as operating expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 192.10 Td (Emmis gained control over the Stations ef) Tj ET Q q 0 0 0 rg BT 240.62 192.10 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 50.00 180.10 Td (beginning on that date. ) Tj ET Q q 0 0 0 rg BT 143.77 180.10 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 357.88 180.10 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.77 180.10 Td ( at the second closing and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.02 180.10 Td ($0.74 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 168.10 Td ( monthly LMA) Tj ET Q q 0 0 0 rg BT 138.90 168.10 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 50.00 156.10 Td (to the first closing.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 139.10 Td (On June 10, 2014, Emmis entered into the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 293.03 139.10 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 50.00 127.10 Td ($185.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 127.10 Td ( and a senior secured revolving credit facility of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.98 127.10 Td ($20.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.88 127.10 Td (. Pursuant to the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 476.31 127.10 Td (Agreement, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 115.10 Td (Company borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.21 115.10 Td ($185.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.10 115.10 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 397.16 115.10 Td ($109.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.05 115.10 Td ( was disbursed to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 103.10 Td (Company and the remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.08 103.10 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.98 103.10 Td ( was funded into escrow) Tj ET Q q 0 0 0 rg BT 316.52 103.10 Td (. ) Tj ET Q q 0 0 0 rg BT 323.84 103.10 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 91.10 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 79.10 Td (under the Company's former credit facility) Tj ET Q q 0 0 0 rg BT 219.71 79.10 Td (, and pay fees related to the issuance of the Credit ) Tj ET Q q 0 0 0 rg BT 420.75 79.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 472.49 79.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.54 79.10 Td ($76.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.43 79.10 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 67.10 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 55.10 Td (for more discussion of the 2014 Credit ) Tj ET Q q 0 0 0 rg BT 206.37 55.10 Td (Agreement.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (The following table \(in thousands\) summarizes the fair values of the identifiable assets acquired and liabilities assumed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the acquisition of the Stations as of June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 253.68 730.10 Td (The second closing liability and the LMA) Tj ET Q q 0 0 0 rg BT 420.32 730.10 Td ( payments made subsequent to the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (first closing that were recognized as additional purchase price were discounted as of the first closing on June 10, 2014. ) Tj ET Q q 0 0 0 rg BT 529.40 718.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 706.10 Td (purchase price allocation of ) Tj ET Q q 0 0 0 rg BT 163.10 706.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 227.92 706.10 Td (WLIB-AM was based on the present values of these liabilities. ) Tj ET Q q 0 0 0 rg BT 483.41 706.10 Td (Accretion of these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 694.10 Td (liabilities, totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.27 694.10 Td ($3.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.16 694.10 Td (, was recognized during the year ended February 28, 2015 as additional interest expense. ) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 668.60 350.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 668.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 638.60 350.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 638.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 608.60 350.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 608.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 578.60 350.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 578.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 548.60 350.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 548.60 139.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 508.60 350.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 400.50 508.60 139.00 -25.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 593.6 m 539.5 593.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 579.6 m 539.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 577.6 m 539.5 577.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 523.6 m 539.5 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 483.6 m 539.5 483.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 469.6 m 539.5 469.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 467.6 m 539.5 467.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 673.27 Td (Other current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 673.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.65 673.27 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 658.27 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 658.27 Td (4,054) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 643.27 Td (Indefinite-lived intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 643.27 Td (69,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 628.27 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 628.27 Td (58,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 613.27 Td (Other intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.15 613.27 Td (2,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 598.27 Td (Other current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.30 598.32 Td (\(512) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 598.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 583.27 Td ( Total purchase price, including assumed liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 583.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 583.27 Td (133,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 553.27 Td (Cash paid at first closing on June 10, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 553.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 553.27 Td (55,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 538.27 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 53.00 528.27 Td (closing on February 13, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 528.27 Td (81,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 513.27 Td ( Total cash paid for acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 513.27 Td (136,563) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.50 498.27 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 57.50 488.27 Td (interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.80 488.32 Td (\(3,101) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.65 488.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 473.27 Td ( Adjusted cash paid for acquisition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.00 473.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.15 473.27 Td (133,462) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 452.10 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 50.00 440.10 Td (goodwill recognized in the acquisition of the Stations to the power of the existing ) Tj ET Q q 0 0 0 rg BT 378.09 440.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 442.91 440.10 Td (WLIB-AM brands in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.10 Td (New ) Tj ET Q q 0 0 0 rg BT 71.01 428.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.23 428.10 Td (ork marketplace as well as the syner) Tj ET Q q 0 0 0 rg BT 221.99 428.10 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 50.00 416.10 Td (and urban gospel stations with the Company's existing hip-hop station. ) Tj ET Q q 0 0 0 rg BT 335.21 416.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.25 416.10 Td ($58.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.14 416.10 Td ( of goodwill recognized in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.10 Td (transaction was included in our radio segment and is deductible for tax purposes. ) Tj ET Q q 0 0 0 rg BT 377.97 404.10 Td (As part of our annual impairment testing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.10 Td (conducted in December 2014, the Company determined that the goodwill associated with this transaction was fully impaired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.10 Td (See Note 9 for more discussion of the goodwill impairment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 363.10 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 50.00 351.10 Td (renewed every eight years; consequently) Tj ET Q q 0 0 0 rg BT 212.06 351.10 Td (, we continually monitor our stations) Tj ET Q q 0 0 0 rg BT 361.85 351.10 Td ( compliance with the various regulatory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 339.10 Td (requirements. Historically) Tj ET Q q 0 0 0 rg BT 153.76 339.10 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 50.00 327.10 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 50.00 315.10 Td (intangibles are not amortized.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 298.10 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 321.34 298.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.23 298.10 Td ( and a syndicated programming intangible asset ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 286.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.83 286.10 Td ($2.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.72 286.10 Td (. ) Tj ET Q q 0 0 0 rg BT 117.04 286.10 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 350.03 286.10 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.63 286.10 Td ( and the syndicated programming intangible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 274.10 Td (asset is being amortized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.57 274.10 Td (7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.17 274.10 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 50.00 262.10 Td (are at the option of the Company) Tj ET Q q 0 0 0 rg BT 180.98 262.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 245.10 Td (The results of operations of the Stations are lar) Tj ET Q q 0 0 0 rg BT 259.49 245.10 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 50.00 233.10 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 50.00 221.10 Td (pursuant to an LMA. Net revenues and station operating expenses, excluding LMA) Tj ET Q q 0 0 0 rg BT 384.92 221.10 Td ( fees and depreciation and amortization ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.10 Td (expense, of ) Tj ET Q q 0 0 0 rg BT 97.86 209.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 162.68 209.10 Td (WLIB-AM were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.09 209.10 Td ($28.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.99 209.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.42 209.10 Td ($20.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.32 209.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 411.98 209.10 Td (, for the year ended February 28, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.10 Td (2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 180.10 Td (W) Tj ET Q q 0 0 0 rg BT 81.14 180.10 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 315.25 180.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.14 180.10 Td ( for the year ended February 28, 2015. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (Acquisition costs included in station operating expenses, excluding LMA) Tj ET Q q 0 0 0 rg BT 343.01 168.10 Td ( fees and depreciation and amortization expense, in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.10 Td (the accompanying consolidated statements of operations were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.20 156.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.09 156.10 Td ( for the year ended February 28, 2015. ) Tj ET Q q 0 0 0 rg BT 504.59 156.10 Td (Acquisition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.10 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 50.00 132.10 Td (statements of operations were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.63 132.10 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.52 132.10 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 50.00 120.10 Td (the year ended February 28, 2014 of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.73 120.10 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.62 120.10 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 50.00 108.10 Td (2015 were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.43 108.10 Td ($1.6 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.32 108.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 91.10 Td (In connection with the first closing, Emmis and ) Tj ET Q q 0 0 0 rg BT 264.59 91.10 Td (YMF executed an amendment to their ) Tj ET Q q 0 0 0 rg BT 418.44 91.10 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 481.21 91.10 Td (Agreement dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 79.10 Td (April 5, 2012 relating to Emmis' sale of the intellectual property of ) Tj ET Q q 0 0 0 rg BT 319.61 79.10 Td (WRKS-FM. ) Tj ET Q q 0 0 0 rg BT 373.60 79.10 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 67.10 Td (fixed all future earn-out payments ) Tj ET Q q 0 0 0 rg BT 188.19 67.10 Td (YMF owed to Emmis pursuant to the ) Tj ET Q q 0 0 0 rg BT 339.02 67.10 Td (April 5, 2012 ) Tj ET Q q 0 0 0 rg BT 394.58 67.10 Td (Asset Purchase ) Tj ET Q q 0 0 0 rg BT 457.34 67.10 Td (Agreement based upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 55.10 Td (the parties' estimate of the earn-out payments that would otherwise be owed to Emmis under this pre-existing contractual ) Tj ET Q 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 (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 335.74 742.10 Td ($2.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.63 742.10 Td (, which is included in gain on contract ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (settlement in the accompanying consolidated statements of operations. ) Tj ET Q q 0 0 0 rg BT 336.59 730.10 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 50.00 718.10 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 72.50 701.10 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 50.00 689.10 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 50.50 628.60 366.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 628.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 628.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 628.60 59.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 600.60 366.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 600.60 61.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 600.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 600.60 59.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 571.60 366.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 416.50 571.60 61.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 477.50 571.60 4.00 -14.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 481.50 571.60 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 416.5 652.6 m 477.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 652.6 m 481.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 652.6 m 540.5 652.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 640.6 m 477.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 640.6 m 540.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 640.6 m 477.5 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 615.6 m 477.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 613.6 m 477.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 615.6 m 540.5 615.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 613.6 m 540.5 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 601.6 m 477.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 599.6 m 477.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 601.6 m 540.5 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 599.6 m 540.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 572.6 m 477.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 570.6 m 477.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 572.6 m 540.5 572.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 570.6 m 540.5 570.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 558.6 m 477.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 556.6 m 477.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 558.6 m 540.5 558.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 556.6 m 540.5 556.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.30 669.83 Td (\(Unaudited\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.60 656.83 Td (Year ended February 28,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 644.55 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.50 644.68 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.50 644.68 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 632.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.90 632.55 Td (\(in 000s, except per share data\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.17 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 619.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.15 619.17 Td (237,171) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 619.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.15 619.17 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 605.17 Td (Net income attributable to common shareholders) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 605.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.15 605.17 Td (48,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 605.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.80 605.22 Td (\(94,035) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 605.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 591.17 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 53.00 576.17 Td ( Basic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 576.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 576.17 Td (1.20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 576.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.80 576.22 Td (\(2.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 576.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.17 Td ( Diluted) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 562.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.15 562.17 Td (1.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.00 562.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.80 562.22 Td (\(2.21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 562.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 541.10 Td (As mentioned above and in Note 1, Emmis commenced an LMA) Tj ET Q q 0 0 0 rg BT 331.61 541.10 Td ( on both ) Tj ET Q q 0 0 0 rg BT 366.71 541.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 431.53 541.10 Td (WLIB-AM beginning on March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 529.10 Td (1, 2014. ) Tj ET Q q 0 0 0 rg BT 84.45 529.10 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 50.00 517.10 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 50.00 505.10 Td (reflect the elimination of the LMA) Tj ET Q q 0 0 0 rg BT 188.01 505.10 Td ( fee and other purchase accounting adjustments. ) Tj ET Q q 0 0 0 rg BT 382.21 505.10 Td (The pro forma financial information for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 493.10 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 499.41 493.10 Td (WBLS-FM and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 481.10 Td (WLIB-AM and further reflects the ef) Tj ET Q q 0 0 0 rg BT 198.36 481.10 Td (fect of purchase accounting adjustments. ) Tj ET Q q 0 0 0 rg BT 366.18 481.10 Td (This pro forma information is not necessarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 469.10 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 50.00 457.10 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 50.00 436.10 Td (Acquisition of a contr) Tj ET Q q 0 0 0 rg BT 136.57 436.10 Td (olling inter) Tj ET Q q 0 0 0 rg BT 180.92 436.10 Td (est in Digonex T) Tj ET Q q 0 0 0 rg BT 245.83 436.10 Td (echnologies, Inc.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 415.10 Td (On June 16, 2014, Emmis invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.71 415.10 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.60 415.10 Td ( in Digonex ) Tj ET Q q 0 0 0 rg BT 313.14 415.10 Td (T) Tj ET Q q 0 0 0 rg BT 318.55 415.10 Td (echnologies, Inc \("Digonex"\), an Indiana corporation that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 403.10 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 50.00 391.10 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 50.00 379.10 Td (yields on its own advertising inventory and special events. Emmis) Tj ET Q q 0 0 0 rg BT 316.99 379.10 Td ( initial investment of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.53 379.10 Td ($3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.42 379.10 Td ( \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.25 379.10 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.14 379.10 Td ( in Digonex ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 367.10 Td (Preferred Stock and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.91 367.10 Td ($2.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.81 367.10 Td ( in the form of convertible debt\) 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 50.00 355.10 Td (directors of Digonex and holding rights convertible into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.06 355.10 Td (51%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.39 355.10 Td ( of the fully diluted common equity of Digonex. ) Tj ET Q q 0 0 0 rg BT 488.81 355.10 Td (As Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (controlled the board of directors of Digonex as of its initial investment on June 16, 2014, Emmis began consolidating the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 331.10 Td (results of Digonex as of that date. Subsequent to its consolidation of Digonex, Emmis has contributed an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.81 331.10 Td ($4.5 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 319.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 319.10 Td ( to Digonex in the form of 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 50.00 307.10 Td (76%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.33 307.10 Td ( of the common equity of Digonex. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 286.10 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 50.00 274.10 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 50.00 262.10 Td (16, 2014 to December 31, 2014, which Emmis consolidated 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 50.00 250.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.93 250.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.82 250.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.26 250.10 Td ($1.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.15 250.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 241.81 250.10 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 50.00 238.10 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 50.00 226.10 Td (16, 2014 were not material.) 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 /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 742.10 Td (The following table \(in thousands\) summarizes the fair values of the identifiable assets acquired and liabilities assumed in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the acquisition of Digonex as of June 16, 2014.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 704.60 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 704.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 674.60 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 674.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 644.60 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 644.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 614.60 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 614.60 139.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 584.60 373.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 584.60 139.00 -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 423.5 599.6 m 562.5 599.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 569.6 m 562.5 569.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 555.6 m 562.5 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423.5 553.6 m 562.5 553.6 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 709.27 Td (Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 709.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 709.27 Td (456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 694.27 Td (Other current and noncurrent assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 553.65 694.27 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 679.27 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 679.27 Td (2,753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 664.27 Td (Other intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 664.27 Td (6,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 649.27 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 649.32 Td (\(462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 649.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.27 Td (Other current liabilities and noncurrent liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 634.32 Td (\(1,139) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 634.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 619.27 Td (Long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 619.32 Td (\(3,600) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 619.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 604.27 Td (Noncontrolling interests) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 604.32 Td (\(1,197) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 604.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 589.27 Td ( Total purchase price, including assumed liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 589.27 Td (3,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 574.27 Td (Less: Cash acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.30 574.32 Td (\(456) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 574.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 559.27 Td ( Total purchase price, net of cash acquired) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.00 559.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 559.27 Td (2,544) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 538.10 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 50.00 526.10 Td (processes. ) Tj ET Q q 0 0 0 rg BT 93.14 526.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.19 526.10 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.08 526.10 Td ( of goodwill recognized in the transaction is included in our corporate and emer) Tj ET Q q 0 0 0 rg BT 478.40 526.10 Td (ging technologies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 514.10 Td (segment and is not deductible for tax purposes. ) Tj ET Q q 0 0 0 rg BT 240.24 514.10 Td (As part of our annual impairment testing conducted in December 2015, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.10 Td (Company determined that the goodwill associated with Digonex was partially impaired, and recorded an impairment char) Tj ET Q q 0 0 0 rg BT 536.34 502.10 Td (ge of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td ($0.7 million. See Note 9 for more discussion of the goodwill impairment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 473.10 Td (Other intangibles consist of patents of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.91 473.10 Td ($5.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.81 473.10 Td (, a customer list intangible asset of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.88 473.10 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.78 473.10 Td ( and trademarks of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.97 473.10 Td ($0.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 461.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 461.10 Td (. ) Tj ET Q q 0 0 0 rg BT 86.21 461.10 Td (The patents are being amortized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.26 461.10 Td (7 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.85 461.10 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 500.52 461.10 Td (3 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.12 461.10 Td ( and the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 449.10 Td (trademarks are being amortized over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.10 449.10 Td (15 years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.70 449.10 Td (. See Note 9 for more discussion of the definite-lived intangible impairments.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 425.10 Td (8. OTHER SIGNIFICANT) Tj ET Q q 0 0 0 rg BT 164.62 425.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.94 425.10 Td (TRANSACTIONS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 401.10 Td (Next Radio LLC - Sprint ) Tj ET Q q 0 0 0 rg BT 149.60 401.10 Td (Agr) Tj ET Q q 0 0 0 rg BT 164.23 401.10 Td (eement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 384.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.17 384.10 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 49.50 372.10 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 466.76 372.10 Td (30 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.15 372.10 Td ( FM-enabled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 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 269.16 360.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.15 360.10 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 532.96 360.10 Td ($15 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 348.10 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 49.50 336.10 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 49.50 324.10 Td (have recourse to any Emmis related entity other than NextRadio LLC. ) Tj ET Q q 0 0 0 rg BT 332.20 324.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 382.10 324.10 Td (, the agreement does not limit the ability of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 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 469.21 312.10 Td (Through February 29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (2016, 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 72.00 283.10 Td (Nearly all of the lar) Tj ET Q q 0 0 0 rg BT 150.12 283.10 Td (gest radio broadcasters and many smaller radio broadcasters expressed support for NextRadio LLC's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 271.10 Td (agreement with Sprint. ) Tj ET Q q 0 0 0 rg BT 142.82 271.10 Td (Accordingly) Tj ET Q q 0 0 0 rg BT 192.15 271.10 Td (, NextRadio LLC entered into a number of funding agreements with radio broadcasters and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.10 Td (other participants in the radio industry to collect and remit cash to Sprint to fulfill the quarterly payment obligation. ) Tj ET Q q 0 0 0 rg BT 513.28 259.10 Td (As part of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.10 Td (some of these funding agreements, Emmis agreed to certain limitations on the operation of its NextRadio and ) Tj ET Q q 0 0 0 rg BT 489.21 247.10 Td (T) Tj ET Q q 0 0 0 rg BT 494.62 247.10 Td (agStation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.10 Td (businesses, including assurances of access to the NextRadio app and to ) Tj ET Q q 0 0 0 rg BT 335.92 235.10 Td (T) Tj ET Q q 0 0 0 rg BT 341.33 235.10 Td (agStation \(the cloud-based engine that provides data to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.10 Td (the NextRadio application\), and limitations on the sale of the businesses to potential competitors of the U.S. radio industry) Tj ET Q q 0 0 0 rg BT 539.04 223.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.10 Td (Emmis also granted the U.S. radio industry \(as defined in the funding agreements\) a call option on substantially all of the assets ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.10 Td (used in the NextRadio and ) Tj ET Q q 0 0 0 rg BT 157.91 199.10 Td (T) Tj ET Q q 0 0 0 rg BT 163.32 199.10 Td (agStation businesses in the United States. ) Tj ET Q q 0 0 0 rg BT 331.73 199.10 Td (The call option may be exercised in ) Tj ET Q q 0 0 0 rg BT 476.40 199.10 Td (August 2017 or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.10 Td (August 2019 by paying Emmis a purchase price equal to the greater of \(i\) the appraised fair market value of the NextRadio and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 175.10 Td (agStation businesses, or \(ii\) two times Emmis' cumulative investments in the development of the businesses. If the call option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.10 Td (is exercised, the businesses will continue to be subject to the operating limitations applicable today) Tj ET Q q 0 0 0 rg BT 444.59 163.10 Td (, and no radio operator will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.10 Td (be permitted to own more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.02 151.10 Td (30%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.35 151.10 Td ( of the NextRadio and ) Tj ET Q q 0 0 0 rg BT 283.98 151.10 Td (T) Tj ET Q q 0 0 0 rg BT 289.39 151.10 Td (agStation businesses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 134.10 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 49.50 122.10 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 49.50 110.10 Td (may absorb certain losses and receive certain benefits from the operations of the ) Tj ET Q q 0 0 0 rg BT 372.81 110.10 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 98.10 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 86.10 Td (actually contributed to NextRadio LLC by Emmis. Emmis contributed approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 86.10 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.04 86.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.04 86.10 Td ($0.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.94 86.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.38 86.10 Td ($0.4 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.39 74.10 Td ( to NextRadio LLC during the years ended February 2014, 2015 and 2016, respectively) Tj ET Q q 0 0 0 rg BT 427.38 74.10 Td (. ) Tj ET Q q 0 0 0 rg BT 432.20 74.10 Td (These amounts were recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.10 Td (as station operating expenses, excluding depreciation and amortization expense. ) 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 72.00 742.10 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 411.37 742.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.26 742.10 Td (, which represented cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 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 477.06 730.10 Td (. ) Tj ET Q q 0 0 0 rg BT 481.88 730.10 Td (This cash is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (restricted because it must be remitted to Sprint. NextRadio LLC had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.99 718.10 Td ($1.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.88 718.10 Td ( of liabilities at February 28, 2015, which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (represented the obligation to remit cash received from radio industry participants to Sprint. NextRadio LLC remitted all cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (collected from other broadcasting companies and other companies in the radio industry to Sprint as of February 29, 2016, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (thus has no assets or liabilities as of that date.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (LMA) Tj ET Q q 0 0 0 rg BT 69.32 658.10 Td ( of 98.7FM in New Y) Tj ET Q q 0 0 0 rg BT 151.74 658.10 Td (ork, NY and Related Financing T) Tj ET Q q 0 0 0 rg BT 283.95 658.10 Td (ransaction) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 641.10 Td (On ) Tj ET Q q 0 0 0 rg BT 86.17 641.10 Td (April 26, 2012 Emmis entered into an LMA) Tj ET Q q 0 0 0 rg BT 261.70 641.10 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 49.50 629.10 Td (Disney subsidiary purchased the right to provide programming for 98.7FM in New ) Tj ET Q q 0 0 0 rg BT 383.24 629.10 Td (Y) Tj ET Q q 0 0 0 rg BT 389.46 629.10 Td (ork, NY) Tj ET Q q 0 0 0 rg BT 421.86 629.10 Td ( until ) Tj ET Q q 0 0 0 rg BT 444.65 629.10 Td (August 24, 2024. Emmis ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 617.10 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 466.09 617.10 Td ( and receives an annual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 605.10 Td (fee from the Disney subsidiary) Tj ET Q q 0 0 0 rg BT 172.15 605.10 Td (. ) Tj ET Q q 0 0 0 rg BT 179.47 605.10 Td (The fee, initially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.33 605.10 Td ($8.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.22 605.10 Td ( annually) Tj ET Q q 0 0 0 rg BT 333.51 605.10 Td (, increases by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.15 605.10 Td (3.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.98 605.10 Td ( annually until the LMA's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 593.10 Td (termination. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 576.10 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 374.45 576.10 Td ($82.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.34 576.10 Td ( of notes, which are nonrecourse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 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 49.50 552.10 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 437.21 552.10 Td ( payments and nonrecourse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (debt.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 523.10 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 49.50 511.10 Td (98.7FM until the LMA) Tj ET Q q 0 0 0 rg BT 141.17 511.10 Td ( commenced on ) Tj ET Q q 0 0 0 rg BT 206.43 511.10 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 49.50 499.10 Td (for the years ended February 2014, 2015 and 2016 were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 450.60 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.25 450.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 450.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 450.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 450.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 410.60 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.25 410.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 410.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 410.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 410.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 410.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 380.60 292.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 341.25 380.60 70.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 411.25 380.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 415.25 380.60 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 486.25 380.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 490.25 380.60 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 341.25 463.6 m 411.25 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 411.25 463.6 m 415.25 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 463.6 m 486.25 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.25 463.6 m 490.25 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.25 463.6 m 561.25 463.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.25 450.6 m 411.25 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 450.6 m 486.25 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.25 450.6 m 561.25 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341.25 450.6 m 411.25 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.25 450.6 m 486.25 450.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 467.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.65 467.83 Td (For the year ended February28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 454.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.75 454.83 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.25 454.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 517.25 454.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 441.17 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.75 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.90 440.27 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.75 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.90 440.27 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.75 440.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 440.27 Td (10,331) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 426.17 Td (Station operating expenses, excluding depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 416.17 Td (expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 415.27 Td (1,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 415.27 Td (1,002) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 415.27 Td (1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 401.17 Td (Impairment loss on intangible assets \(Note 9\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 400.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 400.27 Td (9,462) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 400.27 Td (1,766) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 386.17 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.40 385.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.40 385.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.40 385.27 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 371.17 Td (Interest expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.90 370.27 Td (3,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.90 370.27 Td (3,238) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 370.27 Td (3,042) Tj ET Q BT /F1 10.00 Tf ET 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 BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 742.10 Td (Assets and liabilities of 98.7FM as of February 28 \(29\), 2015 and 2016 were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 700.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 700.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 700.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 700.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 670.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 670.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 670.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 670.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 640.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 640.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 640.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 640.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 610.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 610.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 610.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 610.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 580.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 580.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 580.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 580.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 550.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 550.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 550.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 550.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 520.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 520.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 520.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 520.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 490.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 490.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 490.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 490.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 460.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 460.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 460.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 460.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 430.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 430.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 430.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 430.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.25 400.60 360.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 409.25 400.60 74.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.25 400.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.25 400.60 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 409.25 713.6 m 483.25 713.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 483.25 713.6 m 487.25 713.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 713.6 m 561.25 713.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 713.6 m 483.25 713.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 700.6 m 483.25 700.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 700.6 m 561.25 700.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 655.6 m 483.25 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 655.6 m 561.25 655.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 640.6 m 483.25 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 640.6 m 561.25 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 580.6 m 483.25 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 565.6 m 483.25 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 580.6 m 561.25 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 565.6 m 561.25 565.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 551.6 m 483.25 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 549.6 m 483.25 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 551.6 m 561.25 551.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 549.6 m 561.25 549.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 475.6 m 483.25 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 475.6 m 561.25 475.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 460.6 m 483.25 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 460.6 m 561.25 460.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 415.6 m 483.25 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 400.6 m 483.25 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 415.6 m 561.25 415.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 400.6 m 561.25 400.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 386.6 m 483.25 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409.25 384.6 m 483.25 384.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 386.6 m 561.25 386.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.25 384.6 m 561.25 384.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 717.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.05 717.83 Td (AsofFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 704.85 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.75 704.83 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 515.75 704.83 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 691.17 Td (Current assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 676.17 Td (Restricted cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.75 675.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 675.27 Td (1,467) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.75 675.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 675.27 Td (1,464) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 661.17 Td (Prepaid expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.40 660.27 Td (603) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.40 660.27 Td (545) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 646.17 Td (Total current assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 645.27 Td (2,070) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 645.27 Td (2,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 631.17 Td (Noncurrent assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 616.17 Td ( Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.40 615.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.40 615.27 Td (253) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 601.17 Td ( Indefinite lived intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 600.27 Td (51,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 600.27 Td (49,297) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 586.17 Td ( Deposits and other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 585.27 Td (4,428) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 585.27 Td (5,460) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 571.17 Td (Total noncurrent assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 570.27 Td (55,491) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 570.27 Td (55,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 556.17 Td ( Total assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.75 555.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 555.27 Td (57,561) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.75 555.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 555.27 Td (57,019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 541.17 Td (Current liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 526.17 Td (Accounts payable and accrued expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.75 525.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.40 525.27 Td (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.75 525.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.40 525.27 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 511.17 Td (Current maturities of long-term debt) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 510.27 Td (4,990) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 510.27 Td (5,453) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 496.17 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.40 495.27 Td (753) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.40 495.27 Td (779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 481.17 Td (Other current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.40 480.27 Td (241) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.40 480.27 Td (223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 466.17 Td (Total current liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.90 465.27 Td (6,006) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.90 465.27 Td (6,469) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 451.17 Td (Noncurrent liabilities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 436.17 Td ( Long-term debt, net of current portion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 435.27 Td (62,916) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 435.27 Td (57,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 421.17 Td ( Other noncurrent liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.40 420.27 Td (27) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.40 420.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.75 406.17 Td (Total noncurrent liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 405.27 Td (62,943) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 405.27 Td (57,728) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 51.75 391.17 Td ( Total liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.75 390.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.90 390.27 Td (68,949) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.75 390.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.90 390.27 Td (64,197) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (9. INT) Tj ET Q q 0 0 0 rg BT 77.04 362.10 Td (ANGIBLE ) Tj ET Q q 0 0 0 rg BT 125.11 362.10 Td (ASSETS ) Tj ET Q q 0 0 0 rg BT 164.31 362.10 Td (AND GOODWILL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 345.10 Td (In accordance with ) Tj ET Q q 0 0 0 rg BT 152.02 345.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 173.79 345.10 Td (T) Tj ET Q q 0 0 0 rg BT 179.20 345.10 Td (opic 350, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 218.92 345.10 Td (IntangiblesGoodwill and Other) Tj ET Q q 0 0 0 rg BT 352.25 345.10 Td (,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.75 345.10 Td ( the Company reviews goodwill and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 333.10 Td (intangibles at least annually for impairment. In connection with any such review) Tj ET Q q 0 0 0 rg BT 370.92 333.10 Td (, if the recorded value of goodwill and other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 321.10 Td (intangibles is greater than its fair value, the intangibles are written down and char) Tj ET Q q 0 0 0 rg BT 375.82 321.10 Td (ged to results of operations. FCC licenses are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 309.10 Td (renewed every ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.07 309.10 Td (eight years) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.67 309.10 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 50.00 297.10 Td (respective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.03 297.10 Td (eight-year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.56 297.10 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 50.00 285.10 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 50.00 273.10 Td (that they are not being operated under a Local Marketing ) Tj ET Q q 0 0 0 rg BT 279.91 273.10 Td (Agreement by another broadcaster) Tj ET Q q 0 0 0 rg BT 417.35 273.10 Td (.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 247.10 Td (Impairment testing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 230.10 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 50.00 218.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.66 218.10 Td (. ) Tj ET Q q 0 0 0 rg BT 71.10 218.10 Td (At the time of each impairment review) Tj ET Q q 0 0 0 rg BT 225.40 218.10 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 50.00 206.10 Td (char) Tj ET Q q 0 0 0 rg BT 67.03 206.10 Td (ge is recorded to results of operations. ) Tj ET Q q 0 0 0 rg BT 221.80 206.10 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 50.00 194.10 Td (impairment test. In connection with the ) Tj ET Q q 0 0 0 rg BT 209.13 194.10 Td (April 2012 LMA) Tj ET Q q 0 0 0 rg BT 276.91 194.10 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 50.00 182.10 Td (Company separated its two New ) Tj ET Q q 0 0 0 rg BT 182.10 182.10 Td (Y) Tj ET Q q 0 0 0 rg BT 188.32 182.10 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 50.00 170.10 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 50.00 158.10 Td (a result of our annual impairment testing is summarized in the table below) Tj ET Q q 0 0 0 rg BT 346.49 158.10 Td (. ) Tj ET Q q 0 0 0 rg BT 351.31 158.10 Td (W) Tj ET Q q 0 0 0 rg BT 359.95 158.10 Td (e will perform additional interim impairment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 146.10 Td (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 50.00 135.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 90.80 293.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 90.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 90.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 90.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 90.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 90.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 90.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 90.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 60.80 293.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 343.50 60.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 60.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 60.80 42.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 444.50 60.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 448.50 60.80 55.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 503.50 60.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 507.50 60.80 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 343.5 90.79999999999995 m 398.5 90.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 90.79999999999995 m 444.5 90.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 90.79999999999995 m 503.5 90.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.5 90.79999999999995 m 562.5 90.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 116.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 389.95 116.03 Td (Annual Assessment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.00 116.05 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 95.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.80 95.03 Td (FCCLicenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.40 95.03 Td (Goodwill) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.35 95.03 Td (Definite-lived) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 525.75 95.03 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 80.47 Td (Year Ended February 28, 2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.65 80.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 80.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 80.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 80.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 65.47 Td (Year Ended February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 65.47 Td (9,520) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.10 65.47 Td (58,395) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 65.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 65.47 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 50.47 Td (Year Ended February 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 50.47 Td (5,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.65 50.47 Td (695) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.15 50.47 Td (3,364) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 50.47 Td (9,499) Tj ET Q BT /F1 10.00 Tf ET 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 /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 730.10 Td (V) Tj ET Q q 0 0 0 rg BT 104.56 730.10 Td (aluation of Indefinite-lived Broadcasting Licenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.10 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 50.00 701.10 Td (liability in an orderly transaction between market participants at the measurement date. ) Tj ET Q q 0 0 0 rg BT 400.52 701.10 Td (T) Tj ET Q q 0 0 0 rg BT 405.93 701.10 Td (o determine the fair value of our FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 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 50.00 677.10 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 50.00 665.10 Td (commencing operations in its respective market at the beginning of the valuation period. ) Tj ET Q q 0 0 0 rg BT 406.38 665.10 Td (This cash flow stream is discounted to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (arrive at a value for the FCC license. ) Tj ET Q q 0 0 0 rg BT 199.49 653.10 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 50.00 641.10 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 50.00 629.10 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 50.00 617.10 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 50.00 605.10 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 50.00 593.10 Td (changes in general economic conditions, audience behavior) Tj ET Q q 0 0 0 rg BT 287.56 593.10 Td (, consummated transactions, and numerous other variables that may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (be beyond our control. ) Tj ET Q q 0 0 0 rg BT 142.85 581.10 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 50.00 569.10 Td (conditions.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 552.10 Td (Below are some of the key assumptions used in our annual impairment assessments. ) Tj ET Q q 0 0 0 rg BT 412.83 552.10 Td (As part of our December 1, 2014 and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 540.10 Td (2015 annual impairment assessments, we reduced long-term growth rates in most of the markets in which we operate based on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 528.10 Td (recent industry trends and our expectations for the markets going forward. ) Tj ET Q q 0 0 0 rg BT 349.17 528.10 Td (The methodology used to value our FCC licenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 516.10 Td (has not changed in the three-year period ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.37 516.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.96 516.10 Td (.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 505.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 473.80 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 473.80 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 473.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 473.80 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 473.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 473.80 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 443.80 279.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 329.50 443.80 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 404.50 443.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 408.50 443.80 75.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 483.50 443.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 487.50 443.80 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 329.5 473.8 m 404.5 473.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408.5 473.8 m 483.5 473.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487.5 473.8 m 562.5 473.8 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 478.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.25 478.03 Td (December) Tj ET Q q 0 0 0 rg BT 370.75 478.03 Td (1,2013) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.25 478.03 Td (December) Tj ET Q q 0 0 0 rg BT 449.75 478.03 Td (1,2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.25 478.03 Td (December) Tj ET Q q 0 0 0 rg BT 528.75 478.03 Td (1,2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 463.47 Td (Discount Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 463.47 Td (12.0%-12.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 463.47 Td (12.1%-12.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 463.47 Td (12.0%-12.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 448.47 Td (Long-term Revenue Growth Rate) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.50 448.47 Td (2.3%-3.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.50 448.47 Td (1.5%-3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.50 448.47 Td (1.3%-2.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 433.47 Td (Mature Market Share) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.00 433.47 Td (3.5%-30.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.00 433.47 Td (3.2%-29.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.00 433.47 Td (3.2%-29.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 418.47 Td (Operating Profit Margin) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 418.47 Td (25.0%-39.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.50 418.47 Td (25.1%-39.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.50 418.47 Td (25.0%-39.1%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 393.30 Td (As of February28 \(29\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.20 393.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.20 393.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.64 393.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.64 393.30 Td (, the carrying amounts of the Company) Tj ET Q q 0 0 0 rg BT 389.77 393.30 Td (s FCC licenses were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 393.30 Td ($210.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.54 393.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 381.30 Td ($205.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.89 381.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 161.55 381.30 Td (. ) Tj ET Q q 0 0 0 rg BT 166.37 381.30 Td (These amounts are entirely attributable to our radio division. ) Tj ET Q q 0 0 0 rg BT 411.12 381.30 Td (The table below presents the changes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 369.30 Td (to the carrying values of the Company) Tj ET Q q 0 0 0 rg BT 206.07 369.30 Td (s FCC licenses for the years ended February 2015 and 2016 for each unit of accounting. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 358.50 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 293.00 144.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 293.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 293.00 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 293.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 293.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 293.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 293.00 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 293.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 293.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 293.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 293.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 293.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 293.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 293.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 293.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 293.00 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 267.00 144.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 267.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 267.00 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 267.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 267.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 267.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 267.00 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 267.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 267.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 267.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 267.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 267.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 267.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 267.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 267.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 267.00 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 241.00 144.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 241.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 241.00 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 241.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 241.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 241.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 241.00 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 241.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 241.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 241.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 241.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 241.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 241.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 241.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 241.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 241.00 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 215.00 144.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 194.50 215.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 198.50 215.00 52.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 250.50 215.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 254.50 215.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 295.50 215.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 299.50 215.00 48.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 347.50 215.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 351.50 215.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 215.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 406.50 215.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 410.50 215.00 41.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 451.50 215.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 455.50 215.00 51.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 215.00 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 215.00 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 198.5 335 m 250.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 250.5 335 m 254.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 335 m 295.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 335 m 299.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 335 m 347.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 347.5 335 m 351.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 351.5 335 m 355.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 335 m 406.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406.5 335 m 410.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 335 m 451.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451.5 335 m 455.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 335 m 506.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 335 m 510.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 335 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 198.5 335 m 250.5 335 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 306 m 250.5 306 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 306 m 295.5 306 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 306 m 347.5 306 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 306 m 406.5 306 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 306 m 451.5 306 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 306 m 506.5 306 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 306 m 562.5 306 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 215 m 250.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 203 m 250.5 203 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 201 m 250.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 215 m 295.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 203 m 295.5 203 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 254.5 201 m 295.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 215 m 347.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 203 m 347.5 203 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 299.5 201 m 347.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 215 m 406.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 203 m 406.5 203 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 355.5 201 m 406.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 215 m 451.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 203 m 451.5 203 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 201 m 451.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 215 m 506.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 203 m 506.5 203 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 201 m 506.5 201 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 215 m 562.5 215 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 203 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 510.5 201 m 562.5 201 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 339.25 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.55 339.23 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 53 308.980078125 m 117.44921875 308.980078125 l s q 0 0 0 rg BT 53.00 310.23 Td (UnitofAccounting) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 215.20 326.23 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 201.75 318.23 Td (February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 216.00 310.23 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 258.75 310.23 Td (Purchase) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.30 310.23 Td (Impairment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.70 326.23 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.25 318.23 Td (February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.50 310.23 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.75 310.23 Td (Purchase) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.80 310.23 Td (Impairment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 527.20 326.23 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 513.75 318.23 Td (February 29,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 528.00 310.23 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 297.95 Td (New York Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.00 297.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.30 297.25 Td (2,597) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.00 297.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.25 297.25 Td (69,019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.00 297.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.30 297.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.00 297.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.25 297.25 Td (71,616) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.00 297.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 297.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.00 297.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 297.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.00 297.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 297.25 Td (71,616) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 284.95 Td (98.7FM \(New York\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.25 284.25 Td (60,525) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 284.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.60 284.25 Td (\(9,462) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.30 284.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.00 284.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.25 284.25 Td (51,063) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 284.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.60 284.25 Td (\(1,766) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 284.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 284.25 Td (49,297) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 271.95 Td (Austin Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.25 271.25 Td (39,255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 271.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.30 271.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.00 271.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.25 271.25 Td (39,255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 271.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.60 271.25 Td (\(2,343) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 271.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 271.25 Td (36,912) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 258.95 Td (St. Louis Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.25 258.25 Td (27,692) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 258.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.30 258.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.00 258.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.25 258.25 Td (27,692) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 258.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.60 258.25 Td (\(1,293) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 258.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 258.25 Td (26,399) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 245.95 Td (Indianapolis Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.25 245.25 Td (17,654) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 245.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.30 245.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.00 245.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.25 245.25 Td (17,654) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.25 245.25 Td (512) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 245.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 245.25 Td (18,166) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 232.95 Td (KPWR-FM \(Los Angeles\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 229.30 232.25 Td (2,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 232.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.30 232.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.00 232.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.30 232.25 Td (2,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 232.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 495.30 232.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.30 232.25 Td (2,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 219.95 Td (Terre Haute Cluster) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.30 219.25 Td (817) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 284.30 219.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.60 219.25 Td (\(58) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.30 219.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.00 219.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.30 219.25 Td (759) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 440.30 219.25 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.60 219.25 Td (\(38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 219.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 219.25 Td (721) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 59.00 206.95 Td ( Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 201.00 206.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 221.25 206.25 Td (150,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 257.00 206.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 270.25 206.25 Td (69,019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.00 206.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.60 206.25 Td (\(9,520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.30 206.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.00 206.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.25 206.25 Td (210,057) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.00 206.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.25 206.25 Td (512) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.00 206.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.60 206.25 Td (\(5,440) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.30 206.25 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.00 206.25 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.25 206.25 Td (205,129) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 181.50 Td (The FCC license purchase of $69.0 million during the year ended February 28, 2015 solely relates to our purchase of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 169.50 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 114.82 169.50 Td (WLIB-AM. See Note 7 for more discussion of this acquisition. ) Tj ET Q q 0 0 0 rg BT 374.04 169.50 Td (The FCC license purchase of $0.5 million ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 157.50 Td (during the year ended February 29, 2016 solely relates to our purchase of an FM translator in Indianapolis. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 136.50 Td (Impairment recorded during the year ended February 28, 2015 mostly relates to our FCC license in New ) Tj ET Q q 0 0 0 rg BT 492.02 136.50 Td (Y) Tj ET Q q 0 0 0 rg BT 498.24 136.50 Td (ork that is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.50 Td (being operated pursuant to an LMA) Tj ET Q q 0 0 0 rg BT 192.47 124.50 Td ( and this license is assessed individually since it is the only FCC license in that unit of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 112.50 Td (account. ) Tj ET Q q 0 0 0 rg BT 88.04 112.50 Td (Additional impairment was recorded for our New ) Tj ET Q q 0 0 0 rg BT 288.44 112.50 Td (Y) Tj ET Q q 0 0 0 rg BT 294.66 112.50 Td (ork station being operated pursuant to an LMA) Tj ET Q q 0 0 0 rg BT 482.12 112.50 Td ( during the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 100.50 Td (ended February 29, 2016 along with impairment for our ) Tj ET Q q 0 0 0 rg BT 275.51 100.50 Td (Austin, St. Louis and ) Tj ET Q q 0 0 0 rg BT 362.55 100.50 Td (T) Tj ET Q q 0 0 0 rg BT 367.96 100.50 Td (erre Haute clusters. Declining market revenues ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 88.50 Td (in calendar 2014 and 2015, coupled with a reduction in the Company's estimate of long-term revenue growth rates, led to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 76.50 Td (lower estimate of fair value for these FCC licenses.) 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 /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 742.25 Td (V) Tj ET Q q 0 0 0 rg BT 104.56 742.25 Td (aluation of Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 95.77 725.25 Td (T) Tj ET Q q 0 0 0 rg BT 101.18 725.25 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 527.02 725.25 Td (The first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 713.25 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 452.48 713.25 Td (The Company conducts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (the two-step impairment test on December1 of each fiscal year) Tj ET Q q 0 0 0 rg BT 302.83 701.25 Td (, unless indications of impairment exist during an interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 80.37 689.25 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 50.00 677.25 Td (value of each of the Company) Tj ET Q q 0 0 0 rg BT 173.01 677.25 Td (s reporting units \(radio stations grouped by market, excluding any stations that are being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.25 Td (operated pursuant to an LMA, and magazines on an individual basis\). Management determines enterprise value for each of its ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.25 Td (reporting units by multiplying the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.49 653.25 Td (two-year) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.03 653.25 Td ( average station operating income generated by each reporting unit \(current year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.25 Td (based on actual results and the next year based on budgeted results\) by an estimated market multiple. ) Tj ET Q q 0 0 0 rg BT 456.36 641.25 Td (The Company uses a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.25 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 50.00 617.25 Td (benchmark for the multiple it applies to its radio reporting units. ) Tj ET Q q 0 0 0 rg BT 309.21 617.25 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 50.00 605.25 Td (focused predominantly on city and regional magazines as is our publishing segment. ) Tj ET Q q 0 0 0 rg BT 390.02 605.25 Td (Therefore, the market multiple used as a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.25 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 50.00 581.25 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 50.00 569.25 Td (annual assessment performed as of December1, 2015, the Company applied a market multiple of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.38 569.25 Td (8.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.88 569.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.32 569.25 Td (6.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.82 569.25 Td ( times the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.25 Td (reporting unit) Tj ET Q q 0 0 0 rg BT 107.49 557.25 Td (s operating performance for our radio and publishing reporting units, respectively) Tj ET Q q 0 0 0 rg BT 433.13 557.25 Td (. Management believes this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.25 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 50.00 533.25 Td (valuation are reasonable given our peer comparisons and market transactions. ) Tj ET Q q 0 0 0 rg BT 362.76 533.25 Td (T) Tj ET Q q 0 0 0 rg BT 368.17 533.25 Td (o corroborate the step-one reporting unit fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.25 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 50.00 509.25 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 74.00 492.25 Td (The Company used an income approach to determine the enterprise value of Digonex. Digonex is a dynamic pricing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.25 Td (business that does not have well-established industry trading multiples, analyst estimates of valuations, or recently completed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.25 Td (transactions that would indicate fair values of these businesses. ) Tj ET Q q 0 0 0 rg BT 306.88 468.25 Td (As such, the Company used a discounted cash flow method to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.25 Td (determine the fair value of Digonex.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 435.25 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 50.00 423.25 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 50.00 411.25 Td (test. For its step-two testing, the enterprise value is allocated among the tangible assets, indefinite-lived intangible assets \(FCC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.25 Td (licenses valued using a direct-method valuation approach\) 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 50.00 387.25 Td (residual amount representing the implied fair value of the goodwill. ) Tj ET Q q 0 0 0 rg BT 322.80 387.25 Td (T) Tj ET Q q 0 0 0 rg BT 328.21 387.25 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 50.00 375.25 Td (the implied fair value of the goodwill, the dif) Tj ET Q q 0 0 0 rg BT 230.05 375.25 Td (ference is recorded as an impairment char) Tj ET Q q 0 0 0 rg BT 397.00 375.25 Td (ge in the statement of operations. ) Tj ET Q q 0 0 0 rg BT 532.06 375.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 363.25 Td (methodology used to value our goodwill has not changed in the three-year period ended February29, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 342.25 Td (During our December 2015 annual goodwill impairment test, the Company wrote of) Tj ET Q q 0 0 0 rg BT 410.96 342.25 Td (f ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.79 342.25 Td ($0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.68 342.25 Td ( of goodwill associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 330.25 Td (with Digonex. Emmis acquired a controlling interest in Digonex in June 2014 and recorded approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.23 330.25 Td ($2.8 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.12 330.25 Td ( of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 318.25 Td (goodwill. ) Tj ET Q q 0 0 0 rg BT 90.38 318.25 Td (The performance of Digonex since Emmis acquired its controlling interest has lagged the original assumptions used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 306.25 Td (when estimating the fair values of the acquired assets and liabilities of the business. ) Tj ET Q q 0 0 0 rg BT 389.17 306.25 Td (This, coupled with a reduction in long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 294.25 Td (term growth estimates for Digonex, resulted in a step-one indication of impairment. Upon completion of the step-two analysis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 282.25 Td (the Company determined that Digonex goodwill was partially impaired. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 261.25 Td (During our December 2014 annual goodwill impairment test, the Company wrote of) Tj ET Q q 0 0 0 rg BT 410.96 261.25 Td (f ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.79 261.25 Td ($58.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.68 261.25 Td ( of goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.25 Td (associated with our New ) Tj ET Q q 0 0 0 rg BT 150.71 249.25 Td (Y) Tj ET Q q 0 0 0 rg BT 156.93 249.25 Td (ork radio cluster) Tj ET Q q 0 0 0 rg BT 221.91 249.25 Td (. ) Tj ET Q q 0 0 0 rg BT 229.23 249.25 Td (This goodwill related entirely to our purchase of ) Tj ET Q q 0 0 0 rg BT 425.11 249.25 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 489.93 249.25 Td (WLIB-AM on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 237.25 Td (June 10, 2014. Declining performance of the entire New ) Tj ET Q q 0 0 0 rg BT 280.11 237.25 Td (Y) Tj ET Q q 0 0 0 rg BT 286.33 237.25 Td (ork radio market significantly impacted our operating performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 225.25 Td (in New ) Tj ET Q q 0 0 0 rg BT 81.29 225.25 Td (Y) Tj ET Q q 0 0 0 rg BT 87.51 225.25 Td (ork. ) Tj ET Q q 0 0 0 rg BT 105.66 225.25 Td (These declines, combined with lower projected revenue growth rates in the New ) Tj ET Q q 0 0 0 rg BT 429.34 225.25 Td (Y) Tj ET Q q 0 0 0 rg BT 435.56 225.25 Td (ork market, resulted in a step-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 213.25 Td (one indication of impairment for our New ) Tj ET Q q 0 0 0 rg BT 219.86 213.25 Td (Y) Tj ET Q q 0 0 0 rg BT 226.08 213.25 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 50.00 201.25 Td (two analysis, the Company determined that the full carrying amount of the New ) Tj ET Q q 0 0 0 rg BT 371.77 201.25 Td (Y) Tj ET Q q 0 0 0 rg BT 377.99 201.25 Td (ork cluster goodwill of $58.4 million was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 189.25 Td (impaired. No goodwill impairment was recorded in connection with our annual test in December 2013.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 168.25 Td (As of February28 \(29\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.20 168.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.20 168.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.64 168.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.64 168.25 Td (, the carrying amount of the Company) Tj ET Q q 0 0 0 rg BT 385.88 168.25 Td (s goodwill was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.38 168.25 Td ($15.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.27 168.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.71 168.25 Td ($14.7 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 156.25 Td (. ) Tj ET Q q 0 0 0 rg BT 83.71 156.25 Td (The table below presents the changes to the carrying values of the Company) Tj ET Q q 0 0 0 rg BT 391.39 156.25 Td (s goodwill for the years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.25 Td (2015 and 2016 for each reporting unit. ) Tj ET Q q 0 0 0 rg BT 206.07 144.25 Td (As noted above, each reporting unit is a cluster of radio stations in one geographical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.25 Td (market \(except for stations being operated pursuant to LMAs\) and magazines on an individual basis. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 121.45 Td () 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 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 706.50 154.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 706.50 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 706.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 706.50 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 706.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 706.50 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 706.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 706.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 706.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 706.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 706.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 706.50 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 706.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 706.50 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 680.50 154.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 680.50 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 680.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 680.50 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 680.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 680.50 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 680.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 680.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 680.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 680.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 680.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 680.50 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 680.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 680.50 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 654.50 154.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 654.50 56.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 260.50 654.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 264.50 654.50 49.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 313.50 654.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 317.50 654.50 54.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 371.50 654.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 375.50 654.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 379.50 654.50 53.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 432.50 654.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 436.50 654.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 440.50 654.50 60.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 500.50 654.50 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 504.50 654.50 54.00 -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 204.5 735.5 m 260.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 260.5 735.5 m 264.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 735.5 m 313.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 735.5 m 317.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 735.5 m 371.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 371.5 735.5 m 375.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 735.5 m 379.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 735.5 m 432.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 432.5 735.5 m 436.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436.5 735.5 m 440.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 735.5 m 500.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500.5 735.5 m 504.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 735.5 m 558.5 735.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 706.5 m 260.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 706.5 m 313.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 706.5 m 317.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 706.5 m 371.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 706.5 m 432.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 706.5 m 500.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 706.5 m 558.5 706.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 641.5 m 260.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 629.5 m 260.5 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 627.5 m 260.5 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 641.5 m 313.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 629.5 m 313.5 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 627.5 m 313.5 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 641.5 m 317.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 641.5 m 371.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 629.5 m 371.5 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 627.5 m 371.5 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 641.5 m 432.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 629.5 m 432.5 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 627.5 m 432.5 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 641.5 m 500.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 629.5 m 500.5 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 627.5 m 500.5 627.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 641.5 m 558.5 641.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 629.5 m 558.5 629.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 627.5 m 558.5 627.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 739.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.05 739.73 Td (Change in Goodwill 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 53 709.480078125 m 104.77734375 709.480078125 l s q 0 0 0 rg BT 53.00 710.73 Td (Reporting Unit) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 223.20 726.73 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 209.75 718.73 Td (February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 224.00 710.73 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 267.35 710.73 Td (Acquisitions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.30 710.73 Td (Impairment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 396.70 726.73 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.25 718.73 Td (February 28,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.50 710.73 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.30 710.73 Td (Impairment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.20 726.73 Td (As of) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 508.75 718.73 Td (February 29,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 523.00 710.73 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 698.45 Td (New York Cluster \(Radio\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 207.00 697.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 697.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 267.00 697.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 697.75 Td (58,395) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.00 697.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.60 697.75 Td (\(58,395) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.30 697.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.00 697.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.30 697.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.00 697.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 697.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 697.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 697.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 685.45 Td (Indianapolis Cluster \(Radio\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 245.30 684.75 Td (265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.30 684.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 684.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 417.30 684.75 Td (265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 684.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.30 684.75 Td (265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 672.45 Td (Austin Cluster \(Radio\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.30 671.75 Td (4,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.30 671.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 671.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 671.75 Td (4,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 671.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.30 671.75 Td (4,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 659.45 Td (Texas Monthly) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 239.30 658.75 Td (8,036) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.30 658.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 658.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 658.75 Td (8,036) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.30 658.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.30 658.75 Td (8,036) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 645.75 Td (Digonex) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 645.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.25 645.75 Td (2,753) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.30 645.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 411.30 645.75 Td (2,753) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.60 645.75 Td (\(695) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.30 645.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.30 645.75 Td (2,058) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 62.00 632.75 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 207.00 632.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.30 632.75 Td (12,639) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 267.00 632.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.25 632.75 Td (61,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 320.00 632.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.60 632.75 Td (\(58,395) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.30 632.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.00 632.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.25 632.75 Td (15,392) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.00 632.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 482.60 632.75 Td (\(695) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.30 632.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 632.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.25 632.75 Td (14,697) Tj ET Q BT /F1 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 99.00 605.00 Td (Definite-lived intangibles) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 588.00 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 374.44 588.00 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.04 588.00 Td ( and gross carrying amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 576.00 Td (and accumulated amortization for each major class of definite-lived intangible assets at February28 \(29\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.74 576.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.74 576.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.17 576.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.17 576.00 Td (:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 565.20 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 502.70 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 502.70 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 502.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 502.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 502.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 502.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 502.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 502.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 502.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 502.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 502.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 502.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 502.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 502.70 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 472.70 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 472.70 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 472.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 472.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 472.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 472.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 472.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 472.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 472.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 472.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 472.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 472.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 472.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 472.70 52.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 442.70 123.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 173.50 442.70 63.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 236.50 442.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 240.50 442.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 442.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 294.50 442.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 344.50 442.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 348.50 442.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 398.50 442.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 402.50 442.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 452.50 442.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 456.50 442.70 50.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 506.50 442.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 510.50 442.70 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 173.5 542.7 m 236.5 542.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 542.7 m 290.5 542.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 542.7 m 294.5 542.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 542.7 m 344.5 542.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 344.5 542.7 m 348.5 542.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 542.7 m 398.5 542.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 542.7 m 452.5 542.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 542.7 m 456.5 542.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 542.7 m 506.5 542.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 542.7 m 510.5 542.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 542.7 m 562.5 542.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 173.5 502.7 m 236.5 502.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 502.7 m 290.5 502.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 502.7 m 344.5 502.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 502.7 m 398.5 502.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 502.7 m 452.5 502.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 502.7 m 506.5 502.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 502.7 m 562.5 502.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 442.7 m 290.5 442.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 428.7 m 290.5 428.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 240.5 426.7 m 290.5 426.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 442.7 m 344.5 442.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 428.7 m 344.5 428.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 426.7 m 344.5 426.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 442.7 m 398.5 442.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 428.7 m 398.5 428.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 426.7 m 398.5 426.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 442.7 m 452.5 442.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 428.7 m 452.5 428.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 426.7 m 452.5 426.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 442.7 m 506.5 442.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 428.7 m 506.5 428.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456.5 426.7 m 506.5 426.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 442.7 m 562.5 442.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 428.7 m 562.5 428.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 426.7 m 562.5 426.7 l s BT /F1 7.00 Tf ET q 0 0 0 rg BT 53.00 546.75 Td () Tj ET Q BT /F1 7.00 Tf ET q 0 0 0 rg BT 176.00 546.75 Td () Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 283.10 546.76 Td (As of February 28, 2015) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 446.10 546.76 Td (As of February 29, 2016) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 190.30 534.76 Td (W) Tj ET Q q 0 0 0 rg BT 196.91 534.76 Td (eighted) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 192.30 527.76 Td (A) Tj ET Q q 0 0 0 rg BT 196.84 527.76 Td (verage) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 177.75 520.76 Td (RemainingUseful) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 198.45 513.76 Td (Life) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 190.40 506.76 Td (\(in years\)) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 256.30 520.76 Td (Gr) Tj ET Q q 0 0 0 rg BT 264.73 520.76 Td (oss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 251.15 513.76 Td (Carrying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 252.70 506.76 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 299.15 513.76 Td (Accumulated) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 298.95 506.76 Td (Amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 367.75 520.76 Td (Net) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 359.15 513.76 Td (Carrying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 360.70 506.76 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 418.30 520.76 Td (Gr) Tj ET Q q 0 0 0 rg BT 426.73 520.76 Td (oss) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 413.15 513.76 Td (Carrying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 414.70 506.76 Td (Amount) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 461.15 513.76 Td (Accumulated) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 460.95 506.76 Td (Amortization) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 530.75 520.76 Td (Net) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 522.15 513.76 Td (Carrying) Tj ET Q BT /F2 7.00 Tf ET q 0 0 0 rg BT 523.70 506.76 Td (Amount) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 492.37 Td (Trademarks) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.25 492.37 Td (6.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 492.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 492.37 Td (1,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 492.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 492.37 Td (585) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 492.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 492.37 Td (655) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 492.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 492.37 Td (1,240) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 492.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 492.37 Td (727) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 492.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 492.37 Td (513) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 477.37 Td (Patents) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.25 477.37 Td (5.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 477.37 Td (5,180) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 477.37 Td (401) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 477.37 Td (4,779) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 477.37 Td (1,815) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 477.37 Td (1,141) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 477.37 Td (674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 462.37 Td (Programming Contract) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.25 462.37 Td (5.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 462.37 Td (2,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 462.37 Td (220) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 462.37 Td (1,934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 462.37 Td (2,154) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 462.37 Td (514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 462.37 Td (1,640) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 447.37 Td (Customer List) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.25 447.37 Td (1.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 447.37 Td (1,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.65 447.37 Td (205) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 447.37 Td (810) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 447.37 Td (1,015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.65 447.37 Td (543) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 447.37 Td (472) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 432.37 Td ( Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.00 432.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.15 432.37 Td (9,589) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 432.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 432.37 Td (1,411) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.00 432.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.15 432.37 Td (8,178) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.00 432.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.15 432.37 Td (6,224) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.00 432.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.15 432.37 Td (2,925) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 432.37 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 432.37 Td (3,299) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 407.20 Td (In accordance with ) Tj ET Q q 0 0 0 rg BT 152.02 407.20 Td (Accounting Standards Codification paragraph 360-10, the Company performs an analysis to \(i\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 395.20 Td (determine if indicators of impairment of a long-lived asset are present, \(ii\) test the long-lived asset for recoverability by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 383.20 Td (comparing undiscounted cash flows of the long-lived asset to its carrying value and \(iii\) measure any potential impairment by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 371.20 Td (comparing the long-lived asset's fair value to its current carrying value. In connection with this analysis in the year ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 359.20 Td (February 29, 2016, the Company determined that the patents of Digonex were impaired and recorded an impairment char) Tj ET Q q 0 0 0 rg BT 534.94 359.20 Td (ge of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 347.20 Td ($3.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 347.20 Td (. Much like the goodwill impairment of Digonex, key factors that led to impairment of Digonex's definite-lived ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 335.20 Td (intangible assets include financial performance that has lagged the original assumptions used when estimating the fair values of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 323.20 Td (Digonex's acquired assets in June 2014 and a reduction in long-term growth estimates for Digonex. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 302.20 Td (T) Tj ET Q q 0 0 0 rg BT 79.41 302.20 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 364.61 302.20 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.50 302.20 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 302.20 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.39 302.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.83 302.20 Td ($1.5 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.72 302.20 Td ( for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 290.20 Td (the years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.29 290.20 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.29 290.20 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.29 290.20 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.29 290.20 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.73 290.20 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.73 290.20 Td (, respectively) Tj ET Q q 0 0 0 rg BT 290.39 290.20 Td (. ) Tj ET Q q 0 0 0 rg BT 297.71 290.20 Td (The following table presents the Company's estimate of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.20 Td (amortization expense for each of the five succeeding fiscal years for definite-lived intangibles:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 230.70 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 230.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 230.70 194.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 200.70 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 200.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 200.70 194.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 170.70 150.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 200.50 170.70 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 204.50 170.70 194.00 -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 50.5 243.70000000000005 m 200.5 243.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 204.5 243.70000000000005 m 398.5 243.70000000000005 l s BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.20 248.37 Td (Year ended February 28 \(29\),) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.55 248.37 Td (Expected Amortization Expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.90 234.95 Td (\(in 000's\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 220.37 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 220.37 Td (896) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 205.37 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 205.37 Td (691) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 190.37 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 190.37 Td (503) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 175.37 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 175.37 Td (457) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 160.37 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.65 160.37 Td (457) Tj ET Q BT /F1 10.00 Tf ET 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 742.25 Td (10. EMPLOYEE BENEFIT) Tj ET Q q 0 0 0 rg BT 168.45 742.25 Td ( PLANS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 725.25 Td (a. Equity Incentive Plans) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 704.25 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 50.00 692.25 Td (directors under one or more of the following plans: the 2004 Equity Compensation Plan, the 2010 Equity Compensation Plan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 680.25 Td (the 2012 Equity Compensation Plan, the 2015 Equity Compensation Plan and the 2016 Equity Compensation Plan. ) Tj ET Q q 0 0 0 rg BT 512.56 680.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 668.25 Td (outstanding grants 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 74.00 647.25 Td (2015 Equity Compensation Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 630.25 Td (At the 2015 annual meeting, the shareholders of Emmis approved the 2015 Equity Compensation Plan \(the 2015 Plan\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 618.25 Td (Under the 2015 Plan, awards equivalent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.73 618.25 Td (3.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.63 618.25 Td ( shares of common stock may be granted. Furthermore, any unissued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 606.25 Td (awards from the 2012 Equity Compensation Plan \(or shares subject to outstanding awards that would again become available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 594.25 Td (for awards under this plan\) increases the number of shares of common stock available for grant under the 2015 Plan. ) Tj ET Q q 0 0 0 rg BT 518.29 594.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 582.25 Td (awards, which have certain restrictions, may be for incentive stock options, nonqualified stock options, shares of restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 570.25 Td (stock, restricted stock units, stock appreciation rights or performance units. Under the 2015 Plan, all awards are granted with a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 558.25 Td (purchase price equal to at least the fair market value of the stock except for shares of restricted stock and restricted stock units, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 546.25 Td (which may be granted with any purchase price \(including zero\). ) Tj ET Q q 0 0 0 rg BT 307.78 546.25 Td (The stock options under the 2015 Plan generally expire not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 534.25 Td (more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.76 534.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.76 534.25 Td ( years from the date of grant. Under the 2015 Plan, awards equivalent to approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.04 534.25 Td (1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.93 534.25 Td ( shares of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 522.25 Td (common stock were available for grant at February29, 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 505.25 Td (2016 Equity Compensation Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 488.25 Td (On January 29, 2016, the board of directors of Emmis approved the 2016 Equity Compensation Plan and made certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 476.25 Td (amendments on May 3, 2016, in connection with their recommendation that our shareholders approve the 2016 Plan \("the 2016 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 464.25 Td (Plan"\). ) Tj ET Q q 0 0 0 rg BT 80.01 464.25 Td (The 2016 Plan won't become ef) Tj ET Q q 0 0 0 rg BT 206.32 464.25 Td (fective until it is approved by Emmis' shareholders at the annual meeting in July 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 452.25 Td (However) Tj ET Q q 0 0 0 rg BT 86.25 452.25 Td (, Emmis' Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 260.33 452.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 278.24 452.25 Td (, Jef) Tj ET Q q 0 0 0 rg BT 294.72 452.25 Td (frey H. Smulyan, controls more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.58 452.25 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.91 452.25 Td ( of the vote on this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 440.25 Td (matter and has informed the board of directors that he intends to vote in favor of approving the 2016 Plan. Under the 2016 Plan, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 428.25 Td (awards equivalent to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.25 428.25 Td (6.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.14 428.25 Td ( shares of common stock may be granted. Furthermore, any unissued awards from the 2015 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 416.25 Td (Equity Compensation Plan \(or shares subject to outstanding awards that would again become available for awards under this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 404.25 Td (plan\) increases the number of shares of common stock available for grant under the 2016 Plan. ) Tj ET Q q 0 0 0 rg BT 431.09 404.25 Td (The awards, which have certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 392.25 Td (restrictions, may be for incentive stock options, nonqualified stock options, shares of restricted stock, restricted stock units, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 380.25 Td (stock appreciation rights or performance units. Under the 2016 Plan, all awards are granted with a purchase price equal to at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 368.25 Td (least the fair market value of the stock except for shares of restricted stock and restricted stock units, which may be granted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 356.25 Td (with any purchase price \(including zero\). ) Tj ET Q q 0 0 0 rg BT 216.70 356.25 Td (The stock options under the 2016 Plan generally expire not more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.30 356.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.30 356.25 Td ( years from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 344.25 Td (the date of grant. Under the 2016 Plan, stock option awards for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.38 344.25 Td (0.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.27 344.25 Td ( shares of common stock have been granted \(subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 332.25 Td (to shareholder approval of the 2016 Plan\) as of February 29, 2016. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 311.25 Td (b. 401\(k\) Retirement Savings Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 290.25 Td (Emmis sponsors a Section401\(k\) retirement savings plan that is available to substantially all employees age ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.46 290.25 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.46 290.25 Td ( years and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 278.25 Td (older who have at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.69 278.25 Td (30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.69 278.25 Td ( days of service. Employees may make pretax contributions to the plan up to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.22 278.25 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.55 278.25 Td ( of their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 266.25 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 50.00 254.25 Td (discretionary matching contributions to the plan in the form of cash or shares of the Company) Tj ET Q q 0 0 0 rg BT 427.96 254.25 Td (s Class) Tj ET Q q 0 0 0 rg BT 457.97 254.25 Td (A) Tj ET Q q 0 0 0 rg BT 464.64 254.25 Td ( common stock.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 233.25 Td (Emmis has historically matched employee contributions at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.89 233.25 Td (33%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.22 233.25 Td ( up to a maximum of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.32 233.25 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.65 233.25 Td ( of eligible compensation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 221.25 Td (Emmis' discretionary contributions were made in cash until March 2015. From March 2015 through December 2015, Emmis' ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 209.25 Td (discretionary contributions were made in the form of Class ) Tj ET Q q 0 0 0 rg BT 287.44 209.25 Td (A) Tj ET Q q 0 0 0 rg BT 294.11 209.25 Td ( common stock. Emmis suspended its discretionary contributions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 197.25 Td (on January 1, 2016. Emmis) Tj ET Q q 0 0 0 rg BT 164.52 197.25 Td ( discretionary contributions to the plan totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.42 197.25 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.31 197.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.31 197.25 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.20 197.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.64 197.25 Td ($0.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.53 197.25 Td ( for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 185.25 Td (years ended February 2014, 2015 and 2016, respectively) Tj ET Q q 0 0 0 rg BT 275.67 185.25 Td (. ) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 72.50 164.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.75 164.25 Td (c. Defined Contribution Health and Retirement Plan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 143.25 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 50.00 131.25 Td (of a certain labor union. ) Tj ET Q q 0 0 0 rg BT 147.74 131.25 Td (Amounts char) Tj ET Q q 0 0 0 rg BT 203.94 131.25 Td (ged to expense related to the multi-employer plan were approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.17 131.25 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.06 131.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.06 131.25 Td ($0.3 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 119.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 119.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.33 119.25 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.22 119.25 Td ( for the years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.17 119.25 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.17 119.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.17 119.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.17 119.25 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.61 119.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.61 119.25 Td (, respectively) Tj ET Q q 0 0 0 rg BT 404.27 119.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 95.25 Td (1) Tj ET Q q 0 0 0 rg BT 54.45 95.25 Td (1. OTHER COMMITMENTS ) Tj ET Q q 0 0 0 rg BT 185.01 95.25 Td (AND CONTINGENCIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 78.25 Td (a. Commitments) 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 74.00 742.10 Td (The Company has various commitments under the following types of material contracts: \(i\)operating leases; \(ii\)radio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (syndicated programming; \(iii\)employment agreements and \(iv\)other contracts with annual commitments \(mostly contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (services for audience measurement information\) at February29, 2016 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 (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.00 665.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.15 665.47 Td (8,745) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 665.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 665.47 Td (272) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 665.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 665.47 Td (15,306) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 665.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 665.47 Td (11,490) 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 (35,813) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 651.37 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.15 650.47 Td (8,199) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 650.47 Td (148) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 650.47 Td (6,087) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 650.47 Td (10,668) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 650.47 Td (25,102) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 636.37 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.15 635.47 Td (8,150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 635.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 635.47 Td (3,095) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 635.47 Td (9,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 635.47 Td (20,985) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 621.37 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.15 620.47 Td (7,993) 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 (282) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 620.47 Td (3,043) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 620.47 Td (11,318) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 606.37 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.15 605.47 Td (7,864) 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 (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 605.47 Td (90) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 605.47 Td (7,991) 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 (14,991) 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 474.65 590.47 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 590.47 Td (15,141) 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 (55,942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 575.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 575.47 Td (420) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 575.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 575.47 Td (24,807) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 575.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 575.47 Td (35,181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 575.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 575.47 Td (116,350) 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 during the years ended February 2014, 2015 and 2016 was approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.67 514.30 Td ($8.2 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 502.30 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 502.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.89 502.30 Td ($9.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.78 502.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.22 502.30 Td ($8.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.11 502.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 253.77 502.30 Td (. ) Tj ET Q q 0 0 0 rg BT 258.59 502.30 Td (The Company recognized approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.65 502.30 Td ($1.0 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.54 502.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.54 502.30 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.43 502.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.30 Td ($0.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.89 490.30 Td ( of sublease income as a reduction of rent expense for the years ended February 2014, 2015, and 2016 respectively) Tj ET Q q 0 0 0 rg BT 556.70 490.30 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.30 Td (T) Tj ET Q q 0 0 0 rg BT 55.41 478.30 Td (otal minimum sublease rentals to be received in the future under noncancelable subleases as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.67 478.30 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.26 478.30 Td ( were as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 466.30 Td (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 (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 413.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 413.67 Td (319) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 399.57 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 398.67 Td (258) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 384.57 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 383.67 Td (337) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 369.57 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 368.67 Td (317) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 354.57 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 353.67 Td (359) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 339.57 Td (Total) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 338.67 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 338.67 Td (1,590) 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 74.00 292.50 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 50.00 280.50 Td (management of the Company) Tj ET Q q 0 0 0 rg BT 167.37 280.50 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 50.00 268.50 Td (ef) Tj ET Q q 0 0 0 rg BT 57.59 268.50 Td (fect on the Company) Tj ET Q q 0 0 0 rg BT 140.53 268.50 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 247.50 Td (Emmis and certain of its of) Tj ET Q q 0 0 0 rg BT 182.40 247.50 Td (ficers and directors were named as defendants in a lawsuit filed ) Tj ET Q q 0 0 0 rg BT 438.14 247.50 Td (April 16, 2012 by certain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 235.50 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 50.00 223.50 Td (entitled Corre Opportunities Fund, LP) Tj ET Q q 0 0 0 rg BT 201.38 223.50 Td (, et al. v) Tj ET Q q 0 0 0 rg BT 232.66 223.50 Td (. Emmis Communications Corporation, et al. ) Tj ET Q q 0 0 0 rg BT 414.40 223.50 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 461.15 223.50 Td (fs alleged, among other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 211.50 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 50.00 199.50 Td (duties in connection with Emmis) Tj ET Q q 0 0 0 rg BT 184.24 199.50 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 50.00 187.50 Td (Preferred Stock, as well as by issuing shares of Preferred Stock to Emmis) Tj ET Q q 0 0 0 rg BT 346.69 187.50 Td ( 2012 Retention Plan and ) Tj ET Q q 0 0 0 rg BT 450.11 187.50 Td (T) Tj ET Q q 0 0 0 rg BT 455.86 187.50 Td (rust \(the T) Tj ET Q q 0 0 0 rg BT 501.61 187.50 Td (rust\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 175.50 Td (entering into a voting agreement with the trustee of the ) Tj ET Q q 0 0 0 rg BT 271.97 175.50 Td (T) Tj ET Q q 0 0 0 rg BT 277.73 175.50 Td (rust. ) Tj ET Q q 0 0 0 rg BT 297.55 175.50 Td (The plaintif) Tj ET Q q 0 0 0 rg BT 344.30 175.50 Td (fs also alleged that Emmis violated certain provisions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 163.50 Td (of Indiana corporate law by directing the voting of the shares of Preferred Stock subject to the total return swap agreements \(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 151.50 Td (Swap Shares\) and the shares of Preferred Stock held by the ) Tj ET Q q 0 0 0 rg BT 297.79 151.50 Td (T) Tj ET Q q 0 0 0 rg BT 303.55 151.50 Td (rust \(the T) Tj ET Q q 0 0 0 rg BT 349.29 151.50 Td (rust Shares\) in favor of certain amendments to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 139.50 Td (Emmis) Tj ET Q q 0 0 0 rg BT 80.92 139.50 Td ( ) Tj ET Q q 0 0 0 rg BT 82.87 139.50 Td (Articles of Incorporation. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 118.50 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 50.00 106.50 Td (judgment that Emmis could legally direct the voting of the Swap Shares and the ) Tj ET Q q 0 0 0 rg BT 371.97 106.50 Td (T) Tj ET Q q 0 0 0 rg BT 377.73 106.50 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 94.50 Td (amendments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 73.50 Td (On ) Tj ET Q q 0 0 0 rg BT 88.17 73.50 Td (August31, 2012, the U.S. District Court denied the plaintif) Tj ET Q q 0 0 0 rg BT 324.91 73.50 Td (fs' request for a preliminary injunction. Plaintif) Tj ET Q q 0 0 0 rg BT 512.87 73.50 Td (fs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 61.50 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 61.50 Td (ficer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 49.50 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 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 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, and on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 Td (July 2, 2015, unanimously af) Tj ET Q q 0 0 0 rg BT 165.92 718.10 Td (firmed the U.S. District Court's ruling.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 701.10 Td (On December 4, 2015, Emmis entered into a settlement agreement with the Lock-Up Group to settle any and all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (remaining issues with respect to the Lawsuit described above. Under the terms of the settlement agreement, \(i\) the Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 677.10 Td (withdrew its bill of costs with respect to certain reimbursable expenses in the Lawsuit; \(ii\) the Company agreed to submit to a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 665.10 Td (vote of its shareholders, and the Lock-Up Group and Jef) Tj ET Q q 0 0 0 rg BT 274.76 665.10 Td (frey H. Smulyan agreed to vote in favor of, an amendment to Exhibit ) Tj ET Q q 0 0 0 rg BT 552.74 665.10 Td (A) Tj ET Q q 0 0 0 rg BT 559.41 665.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 653.10 Td (to the Company) Tj ET Q q 0 0 0 rg BT 116.66 653.10 Td (s Second ) Tj ET Q q 0 0 0 rg BT 154.44 653.10 Td (Amended and Restated ) Tj ET Q q 0 0 0 rg BT 249.14 653.10 Td (Articles of Incorporation \(the Revisions\) to amend the terms of the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 641.10 Td (Company) Tj ET Q q 0 0 0 rg BT 91.67 641.10 Td (s Series ) Tj ET Q q 0 0 0 rg BT 124.44 641.10 Td (A) Tj ET Q q 0 0 0 rg BT 131.11 641.10 Td ( Non-Cumulative Convertible Preferred Stock \(the Preferred Stock\) to \(A\) change the voluntary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 629.10 Td (conversion ratio to permit holders of Preferred Stock to convert their shares of Preferred Stock into Class ) Tj ET Q q 0 0 0 rg BT 472.39 629.10 Td (A) Tj ET Q q 0 0 0 rg BT 479.06 629.10 Td ( common stock at a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 617.10 Td (ratio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 81.66 617.10 Td (2.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.16 617.10 Td ( shares of the Company) Tj ET Q q 0 0 0 rg BT 196.36 617.10 Td (s Class ) Tj ET Q q 0 0 0 rg BT 226.37 617.10 Td (A) Tj ET Q q 0 0 0 rg BT 233.04 617.10 Td ( common stock for each share of Preferred Stock, and \(B\) provide that all shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 605.10 Td (of Preferred Stock shall automatically convert into shares of Class ) Tj ET Q q 0 0 0 rg BT 316.60 605.10 Td (A) Tj ET Q q 0 0 0 rg BT 323.27 605.10 Td ( common stock at a ratio of 2.80 shares of Class ) Tj ET Q q 0 0 0 rg BT 517.12 605.10 Td (A) Tj ET Q q 0 0 0 rg BT 523.79 605.10 Td ( common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 593.10 Td (stock for each share of Preferred Stock on the fifth business day after the delisting of the Preferred Stock by ) Tj ET Q q 0 0 0 rg BT 483.57 593.10 Td (The NASDAQ ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 581.10 Td (Stock Market LLC \("Nasdaq"\); and \(iii\) both the Company and the Lock-Up Group released each other from claims related to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 569.10 Td (the lawsuit. ) Tj ET Q q 0 0 0 rg BT 98.42 569.10 Td (The Revisions were approved at a special meeting of shareholders on February 17, 2016. ) Tj ET Q q 0 0 0 rg BT 456.10 569.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 506.00 569.10 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 557.10 Td (Preferred Stock was delisted by Nasdaq on March 28, 2016, and pursuant to the Revisions, all outstanding Preferred Stock was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 545.10 Td (automatically converted to Class ) Tj ET Q q 0 0 0 rg BT 182.74 545.10 Td (A) Tj ET Q q 0 0 0 rg BT 189.41 545.10 Td ( common stock on ) Tj ET Q q 0 0 0 rg BT 264.97 545.10 Td (April 4, 2016. ) Tj ET Q q 0 0 0 rg BT 323.39 545.10 Td (The value associated with the increase to the conversion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 533.10 Td (ratio was accounted for upon the ef) Tj ET Q q 0 0 0 rg BT 190.87 533.10 Td (fective date of the Revisions and resulted in a decrease of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.54 533.10 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.43 533.10 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 521.10 Td (earnings available to common shareholders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 504.10 Td (On July 7, 2014, individuals who had been seeking to overturn the FCC) Tj ET Q q 0 0 0 rg BT 362.47 504.10 Td (s approval of the transfer of the broadcast ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.10 Td (licenses for ) Tj ET Q q 0 0 0 rg BT 98.13 492.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 162.95 492.10 Td (WLIB-AM from entities associated with Inner City Broadcasting to ) Tj ET Q q 0 0 0 rg BT 436.13 492.10 Td (YMF \(the entities that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (subsequently sold the two stations to Emmis\) filed with the U.S. Court of ) Tj ET Q q 0 0 0 rg BT 345.26 480.10 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 50.00 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.28 468.10 Td (Appeal of the FCC) Tj ET Q q 0 0 0 rg BT 138.88 468.10 Td (s approval of the transfer) Tj ET Q q 0 0 0 rg BT 238.29 468.10 Td (. ) Tj ET Q q 0 0 0 rg BT 243.11 468.10 Td (The District of Columbia Circuit dismissed the case, but the individuals may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (still appeal to the United States Supreme Court. ) Tj ET Q q 0 0 0 rg BT 242.47 456.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 292.37 456.10 Td (, in March 2015, an individual filed a lawsuit in the Federal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (District Court of New ) Tj ET Q q 0 0 0 rg BT 139.61 444.10 Td (Y) Tj ET Q q 0 0 0 rg BT 145.83 444.10 Td (ork challenging the transfer of the assets of ) Tj ET Q q 0 0 0 rg BT 320.60 444.10 Td (WBLS-FM and ) Tj ET Q q 0 0 0 rg BT 385.42 444.10 Td (WLIB-AM from Inner City to ) Tj ET Q q 0 0 0 rg BT 508.08 444.10 Td (YMF) Tj ET Q q 0 0 0 rg BT 528.95 444.10 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td (claimed that Emmis had exerted undue influence in securing the FCC's consent to the transfer of the FCC licenses of ) Tj ET Q q 0 0 0 rg BT 519.28 432.10 Td (WBLS-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (FM and ) Tj ET Q q 0 0 0 rg BT 83.71 420.10 Td (WLIB-AM from ) Tj ET Q q 0 0 0 rg BT 152.77 420.10 Td (YMF to Emmis. ) Tj ET Q q 0 0 0 rg BT 220.00 420.10 Td (An amended complaint was filed in February 2016. Based upon the facts alleged in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.10 Td (the cases and the extensive precedent of courts not overturning FCC approvals of transfers of broadcast licenses except in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.10 Td (exceedingly rare circumstances, Emmis believes the claims presented lack merit.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 372.10 Td (12. INCOME ) Tj ET Q q 0 0 0 rg BT 109.54 372.10 Td (T) Tj ET Q q 0 0 0 rg BT 115.47 372.10 Td (AXES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 355.10 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 435.54 355.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.54 355.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.54 355.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.54 355.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.98 355.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.98 355.10 Td ( was as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 343.10 Td (follows:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 332.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 308.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 308.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 308.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 308.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 308.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 308.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 278.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 278.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 278.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 278.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 278.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 278.80 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 359.5 308.79999999999995 m 424.5 308.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 308.79999999999995 m 493.5 308.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 308.79999999999995 m 562.5 308.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 278.79999999999995 m 424.5 278.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 278.79999999999995 m 493.5 278.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 278.79999999999995 m 562.5 278.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 264.79999999999995 m 424.5 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 262.79999999999995 m 424.5 262.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 264.79999999999995 m 493.5 264.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 262.79999999999995 m 493.5 262.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 264.79999999999995 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 497.5 262.79999999999995 m 562.5 262.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 313.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 313.05 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 313.05 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 298.47 Td (United States) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 298.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 298.47 Td (16,659) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 298.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 298.52 Td (\(58,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 298.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 298.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 298.47 Td (1,765) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 283.47 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 283.52 Td (\(2,067) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 283.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 283.52 Td (\(345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 283.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 283.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 268.47 Td (Income \(loss\) before income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 268.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 268.47 Td (14,592) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 268.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 268.52 Td (\(59,037) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 268.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 268.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 268.47 Td (1,765) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 243.30 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 355.84 243.30 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.84 243.30 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.84 243.30 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.84 243.30 Td (, and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.78 243.30 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.78 243.30 Td ( consisted of the following:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 207.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 207.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 207.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 207.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 207.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 207.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 177.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 177.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 177.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 177.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 177.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 177.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 147.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 147.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 147.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 147.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 147.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 147.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 117.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 117.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 117.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 117.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 117.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 117.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 87.80 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 87.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 87.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 87.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 87.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 87.80 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 359.5 207.79999999999995 m 424.5 207.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 207.79999999999995 m 493.5 207.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 207.79999999999995 m 562.5 207.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 162.79999999999995 m 424.5 162.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 162.79999999999995 m 493.5 162.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 162.79999999999995 m 562.5 162.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 147.79999999999995 m 424.5 147.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 147.79999999999995 m 493.5 147.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 147.79999999999995 m 562.5 147.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 102.79999999999995 m 424.5 102.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 102.79999999999995 m 493.5 102.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 102.79999999999995 m 562.5 102.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 87.79999999999995 m 424.5 87.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 87.79999999999995 m 493.5 87.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 87.79999999999995 m 562.5 87.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 73.79999999999995 m 424.5 73.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 71.79999999999995 m 424.5 71.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 73.79999999999995 m 493.5 73.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 71.79999999999995 m 493.5 71.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 73.79999999999995 m 562.5 73.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 71.79999999999995 m 562.5 71.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 212.05 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 212.05 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 212.05 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 197.47 Td (Current:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 182.47 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 182.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 182.52 Td (\(900) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 182.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 182.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 182.47 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 182.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 182.52 Td (\(31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 182.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 167.47 Td (Foreign) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 167.47 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 167.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 167.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 152.47 Td ( Total current) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.30 152.52 Td (\(887) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 152.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 152.47 Td (229) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 152.52 Td (\(31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 152.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 137.47 Td (Deferred:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 122.47 Td (Federal) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 122.52 Td (\(25,219) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 122.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 122.47 Td (27,431) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 122.47 Td (1,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 107.47 Td (State) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 107.52 Td (\(7,957) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 107.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 107.47 Td (9,288) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 107.47 Td (307) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 92.47 Td ( Total deferred) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 92.52 Td (\(33,176) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 92.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 92.47 Td (36,719) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 92.47 Td (2,100) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 77.47 Td (\(Benefit\) provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 77.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 77.52 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 77.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 77.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 77.47 Td (36,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 77.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 77.47 Td (2,069) Tj ET Q BT /F1 10.00 Tf ET 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 72.50 742.10 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 354.34 742.10 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.34 742.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.34 742.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.34 742.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.78 742.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.78 742.10 Td ( dif) Tj ET Q q 0 0 0 rg BT 452.21 742.10 Td (fers from that computed at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (the 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 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65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 646.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 646.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 616.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 616.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 616.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 616.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 616.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 586.60 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 586.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 586.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 586.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 586.60 4.00 -15.00 re f /GS0 gs 0.8 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 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 359.5 556.6 m 424.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 556.6 m 493.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 556.6 m 562.5 556.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 542.6 m 424.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 540.6 m 424.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 542.6 m 493.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 540.6 m 493.5 540.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 542.6 m 562.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 540.6 m 562.5 540.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.50 710.85 Td (2014) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 710.85 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 710.85 Td (2016) 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 ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 696.27 Td (5,110) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 696.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 696.32 Td (\(20,663) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 696.27 Td (\)) 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 543.65 696.27 Td (618) 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 (\(8,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 681.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 681.27 Td (9,517) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 681.27 Td (276) 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 (737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 666.27 Td (120) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 666.27 Td () 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 484.65 651.27 Td (5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 651.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 636.27 Td (Nondeductible stock compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 636.27 Td (55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 636.27 Td (122) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 636.27 Td (296) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 621.27 Td (Entertainment disallowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 621.27 Td (455) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 621.27 Td (421) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 621.27 Td (366) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 606.27 Td (Change in valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 606.32 Td (\(31,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 606.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 606.27 Td (50,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 606.27 Td (2,376) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 591.27 Td (Tax attributed to noncontrolling interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.80 591.32 Td (\(1,793) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 591.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 591.32 Td (\(1,994) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 591.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 591.32 Td (\(1,932) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 591.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 576.27 Td (Federal tax credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 576.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 576.32 Td (\(173) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 576.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 576.32 Td (\(43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 576.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 561.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 561.27 Td (1,289) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 561.32 Td (\(657) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 561.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 561.27 Td (112) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 546.27 Td (\(Benefit\) provision for income taxes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 546.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.80 546.32 Td (\(34,063) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 546.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 546.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 546.27 Td (36,948) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 546.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 546.27 Td (2,069) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 521.10 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 346.95 521.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.55 521.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.99 521.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.58 521.10 Td ( are as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 509.10 Td (follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 485.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 485.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 485.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 485.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 455.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 455.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 455.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 455.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 425.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 425.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 425.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 425.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 395.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 395.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 395.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 395.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 365.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 365.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 365.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 365.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 335.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 335.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 335.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 335.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 305.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 305.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 305.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 305.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 275.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 275.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 275.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 275.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 245.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 245.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 245.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 245.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 215.60 378.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 215.60 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 215.60 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 215.60 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 428.5 485.6 m 493.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 485.6 m 562.5 485.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 320.6 m 493.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 320.6 m 562.5 320.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 305.6 m 493.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 305.6 m 562.5 305.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 230.60000000000002 m 493.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 230.60000000000002 m 562.5 230.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 215.60000000000002 m 493.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 215.60000000000002 m 562.5 215.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 201.60000000000002 m 493.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 199.60000000000002 m 493.5 199.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 201.60000000000002 m 562.5 201.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 199.60000000000002 m 562.5 199.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.50 489.85 Td (2015) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.50 489.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 475.27 Td (Deferred tax assets:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 460.27 Td (Net operating loss carryforwards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 460.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 460.27 Td (32,627) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 460.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 460.27 Td (34,341) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 445.27 Td (Intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 445.27 Td (30,299) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 445.27 Td (28,737) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 430.27 Td (Compensation relating to stock options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 430.27 Td (1,438) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 430.27 Td (1,768) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 415.27 Td (Deferred revenue) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 415.27 Td (1,260) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 415.27 Td (840) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 400.27 Td (Accrued rent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 400.27 Td (2,071) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 400.27 Td (2,275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 385.27 Td (Tax credits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 385.27 Td (1,987) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 385.27 Td (3,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 370.27 Td (Investments in subsidiaries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 370.27 Td (2,951) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 370.27 Td (214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 355.27 Td (Capital loss carryforward) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 355.27 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 355.27 Td (2,740) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 340.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 340.27 Td (1,875) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 340.27 Td (1,628) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 325.27 Td (Valuation allowance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 325.32 Td (\(62,984) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 325.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 325.32 Td (\(66,674) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 325.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 310.27 Td (Total deferred tax assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 310.27 Td (11,524) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 310.27 Td (9,134) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 295.27 Td (Deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 280.27 Td (Indefinite-lived intangible assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 280.32 Td (\(41,576) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 280.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 280.32 Td (\(43,673) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 280.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 265.27 Td (Property and equipment) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.30 265.32 Td (\(751) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 265.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 265.32 Td (\(1,055) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 265.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 250.27 Td (Cancellation of debt income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 250.32 Td (\(10,772) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 250.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.80 250.32 Td (\(8,079) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 250.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 235.27 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.30 235.32 Td (\(39) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 235.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 235.32 Td (\(42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 235.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 220.27 Td (Total deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 220.32 Td (\(53,138) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 220.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 220.32 Td (\(52,849) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 220.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.00 205.27 Td (Net deferred tax liabilities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 205.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 205.32 Td (\(41,614) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 205.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 205.27 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.80 205.32 Td (\(43,715) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 205.27 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 180.10 Td (A) Tj ET Q q 0 0 0 rg BT 80.67 180.10 Td ( valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset \("DT) Tj ET Q q 0 0 0 rg BT 528.27 180.10 Td (A"\) will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.10 Td (not be realized. ) Tj ET Q q 0 0 0 rg BT 113.68 168.10 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 50.00 156.10 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 50.00 144.10 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 50.00 132.10 Td (deferred tax assets \(with the exception of certain state net operating loss deferred DT) Tj ET Q q 0 0 0 rg BT 388.78 132.10 Td (As\). During the fourth quarter of the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.10 Td (ended February 28, 2015, an impairment char) Tj ET Q q 0 0 0 rg BT 232.54 120.10 Td (ge of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.31 120.10 Td ($67.9 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.20 120.10 Td ( was recorded, resulting in a three year cumulative loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 108.10 Td (position. For that reason, the Company recorded a valuation allowance on the majority of its U.S. \(federal and state\) net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 96.10 Td (deferred tax assets as of February 28, 2015. ) Tj ET Q q 0 0 0 rg BT 226.43 96.10 Td (The Company does not benefit its deferred tax assets based on the deferred tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 84.10 Td (liabilities \("DTLs"\) related to indefinite-lived intangibles that are not expected to reverse during the carry-forward period. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 72.10 Td (Because these DTLs would not reverse until some future indefinite period when the intangibles are either sold or impaired, any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.10 Td (resulting temporary dif) Tj ET Q q 0 0 0 rg BT 142.02 60.10 Td (ferences cannot be considered a source of future taxable income to support realization of the DT) Tj ET Q q 0 0 0 rg BT 526.33 60.10 Td (As. ) 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 74.00 742.10 Td (The Company increased its valuation allowance by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.88 742.10 Td ($3.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.38 742.10 Td ( million \() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.60 742.10 Td ($2.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.49 742.10 Td ( federal and $) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.19 742.10 Td (1.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.69 742.10 Td ( million state\), from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.17 742.10 Td ($63.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.67 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (million as of February 28, 2015, to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.93 730.10 Td ($66.7) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.43 730.10 Td ( million as of February 29, 2016.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 709.10 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 50.00 697.10 Td (the need for the valuation allowance. ) Tj ET Q q 0 0 0 rg BT 200.03 697.10 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 50.00 685.10 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 50.00 673.10 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 50.00 661.10 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 74.00 640.10 Td (The Company has federal net operating losses \("NOLs"\) of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.49 640.10 Td ($82 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.88 640.10 Td ( and state NOLs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.92 640.10 Td ($185 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.31 640.10 Td ( available to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 628.10 Td (of) Tj ET Q q 0 0 0 rg BT 58.15 628.10 Td (fset future taxable income.) Tj ET Q q 0 0 0 rg BT 167.09 628.10 Td (These NOLs include an unrealized benefit of approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.78 628.10 Td ($2.7 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.67 628.10 Td ( related to share-based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.10 Td (compensation that will be recorded in equity when realized. ) Tj ET Q q 0 0 0 rg BT 291.40 616.10 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 50.00 604.10 Td (2028, and the state net operating loss carryforwards expire between the years ending February 2017 and February 2037. ) Tj ET Q q 0 0 0 rg BT 531.52 604.10 Td (A) Tj ET Q q 0 0 0 rg BT 538.19 604.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 592.10 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 50.00 580.10 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 74.00 559.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.05 559.10 Td ($3.3 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.94 559.10 Td ( of tax credits at February29, 2016 primarily relates to alternative minimum tax carryforwards that can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 547.10 Td (be carried forward indefinitely) Tj ET Q q 0 0 0 rg BT 171.79 547.10 Td (. ) Tj ET Q q 0 0 0 rg BT 176.61 547.10 Td (This amount also includes tax credits in Illinois, ) Tj ET Q q 0 0 0 rg BT 371.12 547.10 Td (T) Tj ET Q q 0 0 0 rg BT 376.53 547.10 Td (exas, and a federal research credit, all of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 535.10 Td (which have a full valuation allowance.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 514.10 Td (The activities of Digonex ) Tj ET Q q 0 0 0 rg BT 178.23 514.10 Td (T) Tj ET Q q 0 0 0 rg BT 183.64 514.10 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 50.00 502.10 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 466.01 502.10 Td (As of February 29, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 490.10 Td (2016, Digonex has federal NOLs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.80 490.10 Td ($43 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.19 490.10 Td ( and state NOLs of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.22 490.10 Td ($43 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.62 490.10 Td ( . If Digonex produces pretax income in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 478.10 Td (future, it is possible that the utilization of these NOL) Tj ET Q q 0 0 0 rg BT 260.70 478.10 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 50.00 466.10 Td (Code. ) Tj ET Q q 0 0 0 rg BT 75.93 466.10 Td (The Company is in the process of completing a Section 382 study to determine the applicable limitation, if any) Tj ET Q q 0 0 0 rg BT 518.79 466.10 Td (. ) Tj ET Q q 0 0 0 rg BT 523.24 466.10 Td (As of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 454.10 Td (February 29, 2016, the Company was able to determine that at least ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.71 454.10 Td ($13 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.10 454.10 Td ( of federal NOLs and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.56 454.10 Td ($13 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.95 454.10 Td ( of state NOLs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 442.10 Td (will be fully available to of) Tj ET Q q 0 0 0 rg BT 158.40 442.10 Td (fset future taxable income. ) Tj ET Q q 0 0 0 rg BT 267.34 442.10 Td (These amounts are included in the above consolidated NOL) Tj ET Q q 0 0 0 rg BT 506.34 442.10 Td ( totals of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.83 442.10 Td ($82 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 430.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.89 430.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.33 430.10 Td ($185 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.72 430.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 409.10 Td (Accounting Standards Codification paragraph 740-10 clarifies the accounting for uncertainty in income taxes by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 397.10 Td (prescribing a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 385.10 Td (position taken or expected to be taken within a tax return. For those benefits to be recognized, a tax position must be more-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 373.10 Td (likely-than-not to be sustained upon examination by taxing authorities. ) Tj ET Q q 0 0 0 rg BT 335.32 373.10 Td (The amount recognized is measured as the lar) Tj ET Q q 0 0 0 rg BT 518.12 373.10 Td (gest ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 361.10 Td (benefit that is greater than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.90 361.10 Td (50 percent) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.82 361.10 Td ( likely of being realized upon ultimate settlement. ) Tj ET Q q 0 0 0 rg BT 399.60 361.10 Td (As of February29, 2016, the estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 349.10 Td (value of the Company) Tj ET Q q 0 0 0 rg BT 141.37 349.10 Td (s net uncertain tax positions is approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.94 349.10 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.83 349.10 Td (, most of which is included in other noncurrent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 337.10 Td (liabilities, 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 74.00 316.10 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 50.00 304.10 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.60 304.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.04 304.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.64 304.10 Td (:) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 293.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 256.80 370.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 256.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 256.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 256.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 226.80 370.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 226.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 226.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 226.80 71.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 196.80 370.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 420.50 196.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 485.50 196.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 489.50 196.80 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 420.5 269.79999999999995 m 485.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 269.79999999999995 m 489.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 269.79999999999995 m 560.5 269.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 256.79999999999995 m 485.5 256.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 256.79999999999995 m 560.5 256.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 196.79999999999995 m 485.5 196.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 196.79999999999995 m 560.5 196.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 182.79999999999995 m 485.5 182.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 180.79999999999995 m 485.5 180.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 182.79999999999995 m 560.5 182.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489.5 180.79999999999995 m 560.5 180.79999999999995 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 274.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.55 274.03 Td (FortheyearendingFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 261.05 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 261.03 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 516.50 261.03 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 246.47 Td (Gross unrecognized tax benefit opening balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 246.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 246.52 Td (\(158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 246.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 246.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.30 246.52 Td (\(172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 246.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 231.47 Td (Gross increases tax positions in prior periods) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.30 231.52 Td (\(14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 231.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.30 231.52 Td (\(21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 231.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 216.47 Td (Gross decreasessettlements with taxing authorities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 216.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 216.47 Td (81) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 201.47 Td (Gross decreases lapse of applicable statute of limitations) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.65 201.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.65 201.47 Td (25) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 186.47 Td (Gross unrecognized tax benefit ending balance) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 186.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.30 186.52 Td (\(172) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.65 186.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.00 186.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.30 186.52 Td (\(87) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.65 186.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 161.30 Td (Included in the balance of unrecognized tax benefits are tax benefits that, if recognized, would reduce the Company) Tj ET Q q 0 0 0 rg BT 539.65 161.30 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 149.30 Td (provision for income taxes totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.47 149.30 Td ($0.2 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.36 149.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.80 149.30 Td ($0.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.69 149.30 Td ( as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.85 149.30 Td (February28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.45 149.30 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.89 149.30 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.49 149.30 Td (, respectively) Tj ET Q q 0 0 0 rg BT 553.15 149.30 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 137.30 Td (Due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of audits may result in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 125.30 Td (liabilities that could be dif) Tj ET Q q 0 0 0 rg BT 154.79 125.30 Td (ferent from this estimate. In such case, the Company will record additional tax expense or tax benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.30 Td (in the tax provision, or reclassify amounts on the accompanying consolidated balance sheets in the period in which such matter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.30 Td (is ef) Tj ET Q q 0 0 0 rg BT 66.76 101.30 Td (fectively settled with the taxing authority) Tj ET Q q 0 0 0 rg BT 230.79 101.30 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 80.30 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 68.30 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 56.30 Td (ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.72 56.30 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.32 56.30 Td ( and in total, as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.47 56.30 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.06 56.30 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 56.30 Td ($9 thousand) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.34 56.30 Td (.) Tj ET Q 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 /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (13. SEGMENT) Tj ET Q q 0 0 0 rg BT 114.83 730.10 Td ( INFORMA) Tj ET Q q 0 0 0 rg BT 165.47 730.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 713.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 133.71 713.10 Td (s operations are aligned into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.96 713.10 Td (three) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.94 713.10 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 50.00 701.10 Td (Emer) Tj ET Q q 0 0 0 rg BT 71.47 701.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 91.57 701.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.98 701.10 Td (echnologies. Emer) Tj ET Q q 0 0 0 rg BT 171.22 701.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 191.32 701.10 Td (T) Tj ET Q q 0 0 0 rg BT 196.73 701.10 Td (echnologies includes our ) Tj ET Q q 0 0 0 rg BT 298.47 701.10 Td (T) Tj ET Q q 0 0 0 rg BT 303.88 701.10 Td (agStation, NextRadio and Digonex businesses. Results of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 689.10 Td (Emer) Tj ET Q q 0 0 0 rg BT 71.47 689.10 Td (ging ) Tj ET Q q 0 0 0 rg BT 91.57 689.10 Td (T) Tj ET Q q 0 0 0 rg BT 96.98 689.10 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 74.00 672.10 Td (These business segments are consistent with the Company) Tj ET Q q 0 0 0 rg BT 310.35 672.10 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 50.00 660.10 Td (structure. Corporate expenses are not allocated to reportable segments. Our radio operations in New ) Tj ET Q q 0 0 0 rg BT 451.71 660.10 Td (Y) Tj ET Q q 0 0 0 rg BT 457.93 660.10 Td (ork and Los ) Tj ET Q q 0 0 0 rg BT 507.65 660.10 Td (Angeles, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (including the LMA) Tj ET Q q 0 0 0 rg BT 126.66 648.10 Td ( fee we receive from a subsidiary of Disney) Tj ET Q q 0 0 0 rg BT 300.39 648.10 Td (, accounted for more than ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.34 648.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.67 648.10 Td ( of our radio revenues for the year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 636.10 Td (ended February 29, 2016. ) Tj ET Q q 0 0 0 rg BT 154.79 636.10 Td (The Company) Tj ET Q q 0 0 0 rg BT 214.51 636.10 Td (s segments operate exclusively in the United States.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 615.10 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 50.00 603.10 Td (consolidated financial statements, are applied consistently across segments.) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 50.00 592.30 Td () Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 552.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 552.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 552.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 552.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 552.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 552.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 552.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 552.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 512.80 240.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 512.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 512.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 512.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 512.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 512.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 512.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 512.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 472.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 472.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 472.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 472.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 472.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 472.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 472.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 472.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 442.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 442.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 442.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 442.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 442.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 442.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 442.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 442.80 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 290.5 552.8 m 355.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 552.8 m 424.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 552.8 m 493.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 552.8 m 562.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 552.8 m 355.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 552.8 m 424.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 552.8 m 493.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 552.8 m 562.5 552.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 442.8 m 355.5 442.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 442.8 m 424.5 442.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 442.8 m 493.5 442.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 442.8 m 562.5 442.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 428.8 m 355.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 426.8 m 355.5 426.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 428.8 m 424.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 426.8 m 424.5 426.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 428.8 m 493.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 426.8 m 493.5 426.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 428.8 m 562.5 428.8 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 426.8 m 562.5 426.8 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 53 555.780078125 m 157.51953125 555.780078125 l s q 0 0 0 rg BT 53.00 557.03 Td (Year Ended February 29, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.25 557.03 Td (Radio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.25 557.03 Td (Publishing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.35 573.03 Td (Corporate &) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.60 565.03 Td (Emerging) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.60 557.03 Td (Technologies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.05 557.03 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 543.37 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 542.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 542.47 Td (169,228) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 542.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 542.47 Td (60,992) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 542.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 542.47 Td (1,213) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 542.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 542.47 Td (231,433) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 528.37 Td (Station operating expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 518.37 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 517.47 Td (116,862) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 517.47 Td (58,891) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 517.47 Td (7,641) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 517.47 Td (183,394) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 503.37 Td (Corporate expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 493.37 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 492.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 492.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 492.47 Td (13,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 492.47 Td (13,023) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 478.37 Td (Impairment loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 477.47 Td (5,440) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 477.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 477.47 Td (4,059) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 477.47 Td (9,499) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 463.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 462.47 Td (3,345) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 462.47 Td (266) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 462.47 Td (2,186) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 462.47 Td (5,797) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 448.37 Td (Loss on disposal of fixed assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 447.47 Td (54) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 447.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.65 447.47 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 447.47 Td (56) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 433.37 Td (Operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 432.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 432.47 Td (43,527) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 432.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.15 432.47 Td (1,835) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 432.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.80 432.52 Td (\(25,698) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 432.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 432.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 432.47 Td (19,664) Tj ET Q BT /F1 10.00 Tf ET 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 376.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 376.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 376.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 376.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 376.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 376.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 376.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 376.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 336.80 240.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 336.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 336.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 336.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 336.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 336.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 336.80 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 336.80 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 296.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 296.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 296.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 296.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 296.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 296.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 296.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 296.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 266.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 266.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 266.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 266.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 266.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 266.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 266.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 266.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 236.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 290.50 236.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 355.50 236.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 236.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 236.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 236.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 236.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 236.80 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 290.5 376.79999999999995 m 355.5 376.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 376.79999999999995 m 424.5 376.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 376.79999999999995 m 493.5 376.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 376.79999999999995 m 562.5 376.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 376.79999999999995 m 355.5 376.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 376.79999999999995 m 424.5 376.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 376.79999999999995 m 493.5 376.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 376.79999999999995 m 562.5 376.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 236.79999999999995 m 355.5 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 236.79999999999995 m 424.5 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 236.79999999999995 m 493.5 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 236.79999999999995 m 562.5 236.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 222.79999999999995 m 355.5 222.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 290.5 220.79999999999995 m 355.5 220.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 222.79999999999995 m 424.5 222.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 220.79999999999995 m 424.5 220.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 222.79999999999995 m 493.5 222.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 220.79999999999995 m 493.5 220.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 222.79999999999995 m 562.5 222.79999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 220.79999999999995 m 562.5 220.79999999999995 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 53 379.78007812499993 m 157.51953125 379.78007812499993 l s q 0 0 0 rg BT 53.00 381.03 Td (Year Ended February 28, 2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.25 381.03 Td (Radio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.25 381.03 Td (Publishing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.35 397.03 Td (Corporate &) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.60 389.03 Td (Emerging) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.60 381.03 Td (Technologies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.05 381.03 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 367.37 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.00 366.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 366.47 Td (176,250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 366.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 366.47 Td (61,142) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 366.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 366.47 Td (546) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 366.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 366.47 Td (237,938) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 352.37 Td (Station operating expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 342.37 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 341.47 Td (117,167) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.15 341.47 Td (60,083) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.15 341.47 Td (3,759) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.15 341.47 Td (181,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 327.37 Td (Corporate expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 317.37 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.65 316.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 316.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 316.47 Td (14,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.15 316.47 Td (14,922) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 302.37 Td (LMA fee) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.15 301.47 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 301.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 301.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 301.47 Td (4,208) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 287.37 Td (Hungary license litigation and related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.65 286.47 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 286.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 286.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.65 286.47 Td (521) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 272.37 Td (Impairment loss) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.15 271.47 Td (67,915) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 271.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 271.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 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1 rg /GS0 gs 289.50 90.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 90.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 90.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 90.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 90.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 90.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 496.50 90.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 49.50 60.80 240.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 289.50 60.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 354.50 60.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 358.50 60.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 423.50 60.80 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 427.50 60.80 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 492.50 60.80 4.00 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60.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 60.799999999999955 m 492.5 60.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 60.799999999999955 m 561.5 60.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 46.799999999999955 m 354.5 46.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289.5 44.799999999999955 m 354.5 44.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 46.799999999999955 m 423.5 46.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 358.5 44.799999999999955 m 423.5 44.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 46.799999999999955 m 492.5 46.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 427.5 44.799999999999955 m 492.5 44.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 46.799999999999955 m 561.5 46.799999999999955 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 44.799999999999955 m 561.5 44.799999999999955 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 52 173.78007812499993 m 156.51953125 173.78007812499993 l s q 0 0 0 rg BT 52.00 175.03 Td (Year Ended February 28, 2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.25 175.03 Td (Radio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.25 175.03 Td (Publishing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.35 191.03 Td (Corporate &) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.60 183.03 Td (Emerging) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.60 175.03 Td (Technologies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.05 175.03 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 161.37 Td (Net revenues) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 160.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.15 160.47 Td (145,276) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 160.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 160.47 Td (59,747) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 160.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.65 160.47 Td (123) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 160.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 160.47 Td (205,146) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 146.37 Td (Station operating expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 136.37 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 135.47 Td (97,564) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.15 135.47 Td (59,085) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 135.47 Td (2,360) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 135.47 Td (159,009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 121.37 Td (Corporate expenses excluding depreciation and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 111.37 Td (amortization expense) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.65 110.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 110.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.15 110.47 Td (17,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 110.47 Td (17,024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 96.37 Td (Hungary license litigation and related expenses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 95.47 Td (2,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.65 95.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 95.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 95.47 Td (2,058) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 81.37 Td (Depreciation and amortization) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.15 80.47 Td (2,476) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 80.47 Td (235) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 466.15 80.47 Td (2,155) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.15 80.47 Td (4,866) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 66.37 Td (\(Gain\) loss on sale of fixed assets) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.30 65.52 Td (\(10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.65 65.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.65 65.47 Td (2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.65 65.47 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.30 65.52 Td (\(8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 557.65 65.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 51.37 Td (Operating income \(loss\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.00 50.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.15 50.47 Td (43,188) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.00 50.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.65 50.47 Td (425) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.00 50.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.80 50.52 Td (\(21,416) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.65 50.47 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 50.47 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.15 50.47 Td (22,197) Tj ET Q BT /F1 10.00 Tf 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0.9333333333333333 1 rg /GS0 gs 493.50 704.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 704.50 64.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 719.5 m 357.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361.5 719.5 m 425.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 429.5 719.5 m 493.5 719.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 719.5 m 561.5 719.5 l s BT /F2 8.00 Tf ET 0 0 0 RG /GS0 gs 0.76 w 0 i [] 0 d 1 J 1 j 3 M 52 722.480078125 m 92.37890625 722.480078125 l s q 0 0 0 rg BT 52.00 723.73 Td (Total Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.25 723.73 Td (Radio) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.75 723.73 Td (Publishing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.85 739.73 Td (Corporate &) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.10 731.73 Td (Emerging) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.10 723.73 Td (Technologies) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.55 723.73 Td (Consolidated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 710.07 Td (As of February 28, 2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.00 709.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 709.17 Td (280,158) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 709.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 709.17 Td (21,622) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.00 709.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 709.17 Td (29,514) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 709.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 709.17 Td (331,294) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.00 695.07 Td (As of February 29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.15 694.17 Td (271,336) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 694.17 Td (22,060) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 694.17 Td (23,210) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.15 694.17 Td (316,606) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 666.00 Td (14. OTHER INCOME \(EXPENSE\), NET) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 649.00 Td (Components of other income \(expense\), net for the three years ended February ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.39 649.00 Td (2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.39 649.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.39 649.00 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.39 649.00 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.83 649.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.83 649.00 Td ( were as follows:) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 612.50 309.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 612.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 612.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 612.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 612.50 4.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 612.50 65.00 -25.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 572.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 572.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 572.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 572.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 572.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 572.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 542.50 309.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 359.50 542.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 424.50 542.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 428.50 542.50 65.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 493.50 542.50 4.00 -15.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 497.50 542.50 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 359.5 625.5 m 424.5 625.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 424.5 625.5 m 428.5 625.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 625.5 m 493.5 625.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 493.5 625.5 m 497.5 625.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 625.5 m 562.5 625.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 612.5 m 424.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 612.5 m 493.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 612.5 m 562.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 612.5 m 424.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 612.5 m 493.5 612.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 542.5 m 424.5 542.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 542.5 m 493.5 542.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 542.5 m 562.5 542.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 528.5 m 424.5 528.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 526.5 m 424.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 528.5 m 493.5 528.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428.5 526.5 m 493.5 526.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 528.5 m 562.5 528.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 526.5 m 562.5 526.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.40 629.73 Td (FortheyearendedFebruary28 \(29\),) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 616.75 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.50 616.73 Td (2014) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.50 616.73 Td (2015) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.50 616.73 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 602.17 Td (Income \(loss\) from unconsolidated affiliate, including other-than-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 592.17 Td (temporary impairment losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 592.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 592.17 Td (96) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 592.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 592.17 Td (11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 592.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.30 592.22 Td (\(82) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 558.65 592.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 577.17 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 410.65 577.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 577.22 Td (\(6,682) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 577.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 577.17 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 562.17 Td (Interest income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.65 562.17 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.65 562.17 Td (78) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 548.65 562.17 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 547.17 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.30 547.22 Td (\(18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 547.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.65 547.17 Td (175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 547.17 Td (1,103) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 532.17 Td (Total other income \(expense\), net) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.00 532.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.65 532.17 Td (116) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.00 532.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.80 532.22 Td (\(6,418) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.65 532.17 Td (\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.00 532.17 Td ($) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.15 532.17 Td (1,057) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 504.00 Td (See Note 1l for further discussion of the other) Tj ET Q q 0 0 0 rg BT 255.59 504.00 Td (-than-temporary impairment loss on available for sale investments recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 492.00 Td (in the year ended February 28, 2015. Other income in the year ended February 29, 2016 mostly relates to various nonrecurring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.00 Td (recoveries and noncash gains.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 456.00 Td (15. RELA) Tj ET Q q 0 0 0 rg BT 92.04 456.00 Td (TED P) Tj ET Q q 0 0 0 rg BT 120.47 456.00 Td (AR) Tj ET Q q 0 0 0 rg BT 134.56 456.00 Td (TY) Tj ET Q q 0 0 0 rg BT 148.08 456.00 Td ( ) Tj ET Q q 0 0 0 rg BT 150.40 456.00 Td (TRANSACTIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 435.00 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 459.45 435.00 Td (.Smulyan. ) Tj ET Q q 0 0 0 rg BT 504.83 435.00 Td (The Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 423.00 Td (discontinued making such payments in 2001; however) Tj ET Q q 0 0 0 rg BT 267.34 423.00 Td (, pursuant to a Split Dollar Life Insurance ) Tj ET Q q 0 0 0 rg BT 435.91 423.00 Td (Agreement and Limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 411.00 Td (Collateral ) Tj ET Q q 0 0 0 rg BT 91.38 411.00 Td (Assignment dated November2, 1997, the Company retains the right, upon Mr) Tj ET Q q 0 0 0 rg BT 403.55 411.00 Td (.Smulyan) Tj ET Q q 0 0 0 rg BT 446.88 411.00 Td (s death, resignation or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 399.00 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 422.40 399.00 Td ($1.1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.29 399.00 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 375.00 Td (16. SUBSEQUENT) Tj ET Q q 0 0 0 rg BT 127.07 375.00 Td ( EVENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 354.00 Td (On ) Tj ET Q q 0 0 0 rg BT 81.67 354.00 Td (August 21, 2015, the Company received a notification from the Listing Qualifications Department of Nasdaq indicating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 342.00 Td (that the Company's Series ) Tj ET Q q 0 0 0 rg BT 150.68 342.00 Td (A) Tj ET Q q 0 0 0 rg BT 157.35 342.00 Td ( preferred stock was not in compliance with Nasdaq Listing Rule 5450\(a\)\(2\) \(the Minimum Market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 330.00 Td (V) Tj ET Q q 0 0 0 rg BT 51.11 330.00 Td (alue Rule\) because the Market ) Tj ET Q q 0 0 0 rg BT 179.48 330.00 Td (V) Tj ET Q q 0 0 0 rg BT 185.60 330.00 Td (alue of Publicly Held Shares \(as defined by Nasdaq, "MVPHS"\) of our Preferred Stock was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 318.00 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.27 318.00 Td ($1 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.66 318.00 Td (. In accordance with Nasdaq Listing Rule 5810\(c\)\(3\)\(D\), the Company had 180 calendar days to regain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 306.00 Td (compliance with the requirements under the Minimum Market ) Tj ET Q q 0 0 0 rg BT 296.97 306.00 Td (V) Tj ET Q q 0 0 0 rg BT 303.09 306.00 Td (alue Rule. On March 17, 2016, Nasdaq filed with the United ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 294.00 Td (States Securities and Exchange Commission Form 25-NSE to formally delist from the Nasdaq Global Select Market our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 282.00 Td (Preferred Stock. ) Tj ET Q q 0 0 0 rg BT 112.29 282.00 Td (The delisting occurred on March 28, 2016. ) Tj ET Q q 0 0 0 rg BT 285.68 282.00 Td (Thus, pursuant to Emmis' ) Tj ET Q q 0 0 0 rg BT 389.98 282.00 Td (Articles of Incorporation, each outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 270.00 Td (share of Preferred Stock was automatically converted on ) Tj ET Q q 0 0 0 rg BT 273.25 270.00 Td (April 4, 2016, into our Class ) Tj ET Q q 0 0 0 rg BT 389.37 270.00 Td (A) Tj ET Q q 0 0 0 rg BT 396.04 270.00 Td ( common stock at a ratio of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.95 270.00 Td (2.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.45 270.00 Td ( shares ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 258.00 Td (of Class ) Tj ET Q q 0 0 0 rg BT 79.45 258.00 Td (A) Tj ET Q q 0 0 0 rg BT 86.12 258.00 Td ( common stock for each share of Preferred Stock. Subsequent to the conversion, no shares of Preferred Stock remain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 45.00 246.00 Td (outstanding.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 217.00 Td (ITEM9. ) Tj ET Q q 0 0 0 rg BT 108.50 217.00 Td (CHANGES IN ) Tj ET Q q 0 0 0 rg BT 173.51 217.00 Td (AND DISAGREEMENTS ) Tj ET Q q 0 0 0 rg BT 287.80 217.00 Td (WITH ) Tj ET Q q 0 0 0 rg BT 318.08 217.00 Td (ACCOUNT) Tj ET Q q 0 0 0 rg BT 367.90 217.00 Td (ANTS ON ) Tj ET Q q 0 0 0 rg BT 414.02 217.00 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 485.42 217.00 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.50 205.00 Td (FINANCIAL) Tj ET Q q 0 0 0 rg BT 164.62 205.00 Td ( DISCLOSURE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 188.00 Td (None.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 159.20 Td (ITEM9A. ) Tj ET Q q 0 0 0 rg BT 108.50 159.20 Td (CONTROLS ) Tj ET Q q 0 0 0 rg BT 166.57 159.20 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 50 140.86699218750005 m 250.234375 140.86699218750005 l s q 0 0 0 rg BT 50.00 142.20 Td (Evaluation of Disclosure Controls and Procedures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 125.20 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 424.54 125.20 Td (fectiveness of the design and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 113.20 Td (operation of its disclosure controls and procedures \(Disclosure Controls\). ) Tj ET Q q 0 0 0 rg BT 363.06 113.20 Td (This evaluation \(the Controls Evaluation\) was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 101.20 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 488.30 101.20 Td (ficer \(CEO\) and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 89.20 Td (Chief Financial Of) Tj ET Q q 0 0 0 rg BT 124.80 89.20 Td (ficer \(CFO\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 72.20 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 72.20 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.99 72.20 Td (, our Disclosure Controls ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 60.20 Td (are ef) Tj ET Q q 0 0 0 rg BT 72.29 60.20 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 48.20 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 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 (within the time periods specified in the Securities and Exchange Commission) Tj ET Q q 0 0 0 rg BT 362.71 742.10 Td (s rules and forms, and is accumulated and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 730.10 Td (communicated to our management, including our principal executive and principal financial of) Tj ET Q q 0 0 0 rg BT 429.13 730.10 Td (ficers, or persons performing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 718.10 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 50 699.7669921875 m 271.064453125 699.7669921875 l s q 0 0 0 rg BT 50.00 701.10 Td (Changes in Internal Control Over Financial Reporting. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.50 684.10 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 50.00 672.10 Td (the fourth quarter of fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.46 672.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.46 672.10 Td ( that has materially af) Tj ET Q q 0 0 0 rg BT 263.91 672.10 Td (fected, or is reasonably likely to materially af) Tj ET Q q 0 0 0 rg BT 445.32 672.10 Td (fect, our internal control ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 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 50 641.7669921875 m 465 641.7669921875 l s q 0 0 0 rg BT 50.00 643.10 Td (Limitations on Ef) Tj ET Q q 0 0 0 rg BT 120.37 643.10 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 72.50 626.10 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 50.00 614.10 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 50.00 602.10 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 50.00 590.10 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 50.00 578.10 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 50 559.7669921875 m 322.4365234375 559.7669921875 l s q 0 0 0 rg BT 50.00 561.10 Td (Management) Tj ET Q q 0 0 0 rg BT 104.98 561.10 Td (s Report on Internal Control Over Financial Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 544.10 Td (Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 226.77 544.10 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 50.00 532.10 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 50.00 520.10 Td (control over financial reporting is a process designed by) Tj ET Q q 0 0 0 rg BT 273.73 520.10 Td (, or under the supervision of, Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 544.25 520.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 508.10 Td (principal executive and principal financial of) Tj ET Q q 0 0 0 rg BT 229.46 508.10 Td (ficers and ef) Tj ET Q q 0 0 0 rg BT 278.70 508.10 Td (fected by Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 470.89 508.10 Td (s board of directors, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 496.10 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 50.00 484.10 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 50.00 472.10 Td (includes those policies and procedures that:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 448.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 448.10 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 80.45 436.10 Td (dispositions of the assets of Emmis Communications Corporation;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 412.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 412.10 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 80.45 400.10 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 80.45 388.10 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 80.45 376.10 Td (Emmis Communications Corporation; and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.45 352.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.45 352.10 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 80.45 340.10 Td (Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 233.22 340.10 Td (s assets that could have a material ef) Tj ET Q q 0 0 0 rg BT 378.81 340.10 Td (fect on the financial statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 319.10 Td (Management has evaluated the ef) Tj ET Q q 0 0 0 rg BT 207.65 319.10 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 459.78 319.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.38 319.10 Td (, based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 307.10 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 261.87 307.10 Td (Internal Contr) Tj ET Q q 0 0 0 rg BT 319.56 307.10 Td (olIntegrated Framework) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.04 307.10 Td ( \(2013 Framework\), issued by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 295.10 Td (the Committee of Sponsoring Or) Tj ET Q q 0 0 0 rg BT 180.92 295.10 Td (ganizations of the ) Tj ET Q q 0 0 0 rg BT 254.33 295.10 Td (T) Tj ET Q q 0 0 0 rg BT 260.08 295.10 Td (readway Commission. Based on such evaluation, we have concluded that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 283.10 Td (Emmis Communications Corporation) Tj ET Q q 0 0 0 rg BT 202.77 283.10 Td (s internal control over financial reporting is ef) Tj ET Q q 0 0 0 rg BT 386.69 283.10 Td (fective as of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.05 283.10 Td (February29, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.65 283.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 249.10 Td (Jef) Tj ET Q q 0 0 0 rg BT 61.48 249.10 Td (frey H. Smulyan ) Tj ET Q q 0 0 0 rg BT 158.00 249.10 Td (Chairman and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 294.44 249.10 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (R) Tj ET Q q 0 0 0 rg BT 56.27 232.10 Td (yan ) Tj ET Q q 0 0 0 rg BT 72.66 232.10 Td (A. Hornaday ) Tj ET Q q 0 0 0 rg BT 158.00 232.10 Td (Executive ) Tj ET Q q 0 0 0 rg BT 200.30 232.10 Td (V) Tj ET Q q 0 0 0 rg BT 206.92 232.10 Td (ice President, Chief Financial Of) Tj ET Q q 0 0 0 rg BT 338.09 232.10 Td (ficer and ) Tj ET Q q 0 0 0 rg BT 375.67 232.10 Td (T) Tj ET Q q 0 0 0 rg BT 381.42 232.10 Td (reasurer) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 198.10 Td (ITEM9B. ) Tj ET Q q 0 0 0 rg BT 108.50 198.10 Td (OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 195.26 198.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 181.10 Td (Not applicable.) Tj ET Q 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 /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, and Executive Compensation in the proxy statement for the ) Tj ET Q q 0 0 0 rg BT 418.79 583.45 Td (Annual Meeting of Shareholders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 571.45 Td (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 50.00 542.45 Td (ITEM12. ) Tj ET Q q 0 0 0 rg BT 108.50 542.45 Td (SECURITY) Tj ET Q q 0 0 0 rg BT 159.81 542.45 Td ( OWNERSHIP) Tj ET Q q 0 0 0 rg BT 223.99 542.45 Td ( OF) Tj ET Q q 0 0 0 rg BT 240.00 542.45 Td ( CER) Tj ET Q q 0 0 0 rg BT 263.27 542.45 Td (T) Tj ET Q q 0 0 0 rg BT 269.19 542.45 Td (AIN BENEFICIAL) Tj ET Q q 0 0 0 rg BT 351.71 542.45 Td ( OWNERS ) Tj ET Q q 0 0 0 rg BT 400.61 542.45 Td (AND MANAGEMENT) Tj ET Q q 0 0 0 rg BT 500.15 542.45 Td ( ) Tj ET Q q 0 0 0 rg BT 502.10 542.45 Td (AND ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 108.50 530.45 Td (RELA) Tj ET Q q 0 0 0 rg BT 135.54 530.45 Td (TED ST) Tj ET Q q 0 0 0 rg BT 170.65 530.45 Td (OCKHOLDER MA) Tj ET Q q 0 0 0 rg BT 255.19 530.45 Td (TTERS.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 513.45 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 50.00 501.45 Td (Beneficial Owners and Management in the proxy statement for the ) Tj ET Q q 0 0 0 rg BT 323.24 501.45 Td (Annual Meeting of Shareholders expected to be filed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 489.45 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 221.10 472.45 Td (Equity Compensation Plan Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 455.45 Td (The following table gives information about our common stock that may be issued upon the exercise of options, warrants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 443.45 Td (and rights under our 2004 Equity Compensation Plan, 2010 Equity Compensation Plan, 2012 Equity Compensation Plan and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 431.45 Td (2015 Equity Compensation Plan as of February29, 2016. Our shareholders have approved these plans. ) Tj ET Q q 0 0 0 rg BT 463.62 431.45 Td (The table also shows the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 419.45 Td (same information for the 2016 Equity Compensation Plan, which has not yet been approved by our shareholders.) Tj ET Q 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 337.95 192.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 337.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 337.95 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 337.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 337.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 337.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 311.95 192.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 311.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 311.95 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 311.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 311.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 311.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 50.50 285.95 192.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 242.50 285.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 342.50 285.95 8.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 350.50 285.95 100.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 450.50 285.95 4.00 -13.00 re f /GS0 gs 0.8 0.9333333333333333 1 rg /GS0 gs 454.50 285.95 100.00 -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 242.5 337.95000000000005 m 342.5 337.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 337.95000000000005 m 450.5 337.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 337.95000000000005 m 554.5 337.95000000000005 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.85 379.18 Td (Number) Tj ET Q q 0 0 0 rg BT 284.15 379.18 Td (ofSecurities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 246.05 371.18 Td (tobeIssued Upon Exer) Tj ET Q q 0 0 0 rg BT 325.47 371.18 Td (cise ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 250.75 363.18 Td (of Outstanding Options, ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 255.95 355.18 Td (W) Tj ET Q q 0 0 0 rg BT 263.51 355.18 Td (arrants and Rights) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 353.15 379.18 Td (W) Tj ET Q q 0 0 0 rg BT 360.71 379.18 Td (eighted-A) Tj ET Q q 0 0 0 rg BT 393.44 379.18 Td (verage Exer) Tj ET Q q 0 0 0 rg BT 434.39 379.18 Td (cise) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.40 371.18 Td (PriceofOutstanding ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.60 363.18 Td (Options, ) Tj ET Q q 0 0 0 rg BT 391.58 363.18 Td (W) Tj ET Q q 0 0 0 rg BT 399.14 363.18 Td (arrants and ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.85 355.18 Td (Rights) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.85 395.18 Td (Number) Tj ET Q q 0 0 0 rg BT 496.15 395.18 Td (ofSecurities ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.60 387.18 Td (Remaining ) Tj ET Q q 0 0 0 rg BT 507.49 387.18 Td (A) Tj ET Q q 0 0 0 rg BT 512.68 387.18 Td (vailable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.40 379.18 Td (for) Tj ET Q q 0 0 0 rg BT 469.47 379.18 Td (Futur) Tj ET Q q 0 0 0 rg BT 491.33 379.18 Td (e Issuanceunder) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.75 371.18 Td (EquityCompensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.30 363.18 Td (Plans\(Excluding Securities ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.00 355.18 Td (Reflected in Column \(A\)\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 53.00 342.18 Td (Plan Category) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.40 342.18 Td (\(A\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.65 342.18 Td (\(B\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.40 342.18 Td (\(C\)) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 59.00 329.90 Td (ClassA common stock) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 316.90 Td (Equity Compensation Plans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 303.90 Td (Approved by Security Holders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.30 303.20 Td (7,093,702) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.00 303.20 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 303.20 Td (1.70) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.30 303.20 Td (2,325,614) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 290.90 Td (Equity Compensation Plans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 71.00 277.90 Td (Not Approved by Security Holders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.30 277.20 Td (700,000) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 344.40 281.31 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.00 277.20 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 277.20 Td (0.51) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.30 277.20 Td (5,300,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 264.90 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.30 264.20 Td (7,793,702) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.00 264.20 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.30 264.20 Td (1.59) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.30 264.20 Td (7,625,614) 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 50.00 242.48 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.60 238.85 Td ( ) Tj ET Q q 0 0 0 rg BT 56.46 238.85 Td (Though not approved by shareholders on the grant date, these options issued under the 2016 Equity Compensation Plan are granted subject to shareholder ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 226.85 Td (approval. Refer to Note 10 to the accompanying consolidated financial statements for more discussion of the 2016 Equity Compensation Plan.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.67 226.85 Td ( ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 202.85 Td (ITEM13. CER) Tj ET Q q 0 0 0 rg BT 114.93 202.85 Td (T) Tj ET Q q 0 0 0 rg BT 120.86 202.85 Td (AIN RELA) Tj ET Q q 0 0 0 rg BT 168.74 202.85 Td (TIONSHIPS ) Tj ET Q q 0 0 0 rg BT 225.15 202.85 Td (AND RELA) Tj ET Q q 0 0 0 rg BT 276.35 202.85 Td (TED ) Tj ET Q q 0 0 0 rg BT 299.23 202.85 Td (TRANSACTIONS ) Tj ET Q q 0 0 0 rg BT 380.64 202.85 Td (AND DIRECT) Tj ET Q q 0 0 0 rg BT 443.53 202.85 Td (OR INDEPENDENCE.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 185.85 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 50.00 173.85 Td (Independent Directors and Corporate Governance ) Tj ET Q q 0 0 0 rg BT 268.06 173.85 Td (T) Tj ET Q q 0 0 0 rg BT 273.81 173.85 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 50.00 161.85 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 50.00 149.85 Td (applies.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 120.85 Td (ITEM14. PRINCIP) Tj ET Q q 0 0 0 rg BT 135.09 120.85 Td (AL) Tj ET Q q 0 0 0 rg BT 148.43 120.85 Td ( ) Tj ET Q q 0 0 0 rg BT 150.38 120.85 Td (ACCOUNTING FEES ) Tj ET Q q 0 0 0 rg BT 249.29 120.85 Td (AND SER) Tj ET Q q 0 0 0 rg BT 292.55 120.85 Td (VICES.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 103.85 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 91.85 Td (Independent Registered Public ) Tj ET Q q 0 0 0 rg BT 174.69 91.85 Td (Accountants in the proxy statement for the ) Tj ET Q q 0 0 0 rg BT 351.59 91.85 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 79.85 Td (filed within 120 days after the end of the fiscal year to which this report applies.) 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 /F2 10.00 Tf ET q 0 0 0 rg BT 286.30 742.25 Td (P) Tj ET Q q 0 0 0 rg BT 291.67 742.25 Td (AR) Tj ET Q q 0 0 0 rg BT 305.76 742.25 Td (T) Tj ET Q q 0 0 0 rg BT 312.25 742.25 Td ( IV) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 718.25 Td (ITEM15. EXHIBITS ) Tj ET Q q 0 0 0 rg BT 144.47 718.25 Td (AND FINANCIAL) Tj ET Q q 0 0 0 rg BT 224.76 718.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 238.75 718.25 Td (A) Tj ET Q q 0 0 0 rg BT 245.22 718.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 288.38 718.25 Td ( SCHEDULES.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 701.25 Td (Financial Statements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 684.25 Td (The financial statements filed as a part of this report are set forth under Item8.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 667.25 Td (Financial Statement Schedules) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.00 650.25 Td (No financial statement schedules are required to be filed with this report.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 633.25 Td (Exhibits) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 616.25 Td (The following exhibits are filed or incorporated by reference as a part of this report:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 587.75 m 416.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 587.75 m 420.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 587.75 m 472.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 587.75 m 476.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 587.75 m 506.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 587.75 m 510.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 587.75 m 562.5 587.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 566.75 m 94.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98.5 566.75 m 345.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 566.75 m 385.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 566.75 m 416.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 566.75 m 472.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 566.75 m 506.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 566.75 m 562.5 566.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 51.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 51.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 51.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 51.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 51.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 51.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 51.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 51.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98.5 51.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 51.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 51.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 51.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 51.25 m 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 51.25 m BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 592.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 101.00 592.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.00 592.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.85 592.00 Td (Incorporated by Reference) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 579.00 Td (Exhibit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 571.00 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.05 571.00 Td (Exhibit Description) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.75 579.00 Td (Filed) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.10 571.00 Td (Herewith) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.80 571.00 Td (Form) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.55 579.00 Td (Period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.40 571.00 Td (Ending) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.20 571.00 Td (Exhibit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.40 579.00 Td (Filing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.40 571.00 Td (Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 557.32 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 557.32 Td (Second Amended and Restated Articles of Incorporation of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 547.32 Td (Emmis Communications Corporation, as amended effective) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 537.32 Td (February 17, 2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.35 557.32 Td (X) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 522.32 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 522.32 Td (Second Amended and Restated Bylaws of Emmis) Tj ET Q BT /F1 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 June 10, 2014, among) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 472.32 Td (Emmis Communications Corporation, Emmis Operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 462.32 Td (Company, certain other subsidiaries of the Company, the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 452.32 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 101.00 442.32 Td (administrative agent, and Fifth Third Bank, as syndication) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 432.32 Td (agent.) 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 (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 482.32 Td (6/10/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 417.32 Td (10.02) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 417.32 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 101.00 407.32 Td (November 7, 2014, among Emmis Communications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 397.32 Td (Corporation, Emmis Operating Company, certain other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 387.32 Td (subsidiaries of the Company, the lenders party thereto,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 377.32 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 101.00 367.32 Td (Fifth Third Bank, as syndication agent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 417.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 417.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 417.32 Td (11/7/2014) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 352.32 Td (10.03) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 352.32 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 101.00 342.32 Td (April 30, 2015, among Emmis Communications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 332.32 Td (Corporation, Emmis Operating Company, certain other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 322.32 Td (subsidiaries of the Company, the lenders party thereto,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 312.32 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 101.00 302.32 Td (Fifth Third Bank, as syndication agent.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 352.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 352.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 352.32 Td (4/30/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 287.32 Td (10.04) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 287.32 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 101.00 277.32 Td (7, 2012, by and between Emmis Communications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 267.32 Td (Corporation and Jeffrey H. Smulyan ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 287.32 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 287.32 Td (2/29/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 287.32 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 287.32 Td (5/10/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 252.32 Td (10.05) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 252.32 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 101.00 242.32 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 101.00 232.32 Td (Jeffrey H. Smulyan ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 252.32 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 252.32 Td (5/31/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 252.32 Td (10.18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 252.32 Td (7/12/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 217.32 Td (10.06) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 217.32 Td (Employment Agreement, dated as of December 26, 2012,) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 207.32 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 101.00 197.32 Td (Smulyan ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 217.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 217.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 217.32 Td (12/28/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 182.32 Td (10.07) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 182.32 Td (Change in Control Severance Agreement, dated as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 172.32 Td (September 4, 2011, by and between Emmis Operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 162.32 Td (Company and Patrick M. Walsh ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 182.32 Td (10-Q) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 182.32 Td (11/30/2011) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 182.32 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 182.32 Td (1/12/2012) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 147.32 Td (10.08) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 147.32 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 101.00 137.32 Td (and between Emmis Operating Company and Patrick M.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 127.32 Td (Walsh ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 147.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 147.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 147.32 Td (10/25/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 112.32 Td (10.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 112.32 Td (Employment Agreement, effective as of August 1, 2015, by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 102.32 Td (and between Emmis Operating Company and Ryan A.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 92.32 Td (Hornaday ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 112.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 112.32 Td (10.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 112.32 Td (8/3/2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 77.32 Td (10.10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 77.32 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 67.32 Td (August 1, 2015, by and between Emmis Operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 57.32 Td (Company and Ryan A. Hornaday ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 77.32 Td (8-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 77.32 Td (10.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 77.32 Td (8/3/2015) Tj ET Q 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 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 734.5 m 416.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416.5 734.5 m 420.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 734.5 m 472.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472.5 734.5 m 476.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 734.5 m 506.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 734.5 m 510.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 734.5 m 562.5 734.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50.5 713.5 m 94.5 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 98.5 713.5 m 345.5 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 349.5 713.5 m 385.5 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 389.5 713.5 m 416.5 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420.5 713.5 m 472.5 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476.5 713.5 m 506.5 713.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 713.5 m 562.5 713.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 738.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 101.00 738.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.00 738.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.85 738.75 Td (Incorporated by Reference) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 725.75 Td (Exhibit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 53.00 717.75 Td (Number) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 190.05 717.75 Td (Exhibit Description) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.75 725.75 Td (Filed) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.10 717.75 Td (Herewith) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.80 717.75 Td (Form) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.55 725.75 Td (Period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.40 717.75 Td (Ending) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.20 717.75 Td (Exhibit) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.40 725.75 Td (Filing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.40 717.75 Td (Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 704.07 Td (10.11) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 704.07 Td (Employment Agreement, effective as of March3, 2009, by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 694.07 Td (and between Emmis Operating Company and Gary L.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 684.07 Td (Kaseff ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 704.07 Td (10-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 694.07 Td (K/A) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 704.07 Td (2/28/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 704.07 Td (10.31) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 704.07 Td (10/9/2009) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 669.07 Td (10.12) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 669.07 Td (Amendment to Employment Agreement, effective as of) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 659.07 Td (March 1, 2013, by and between Emmis Operating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 649.07 Td (Company and Gary L. Kaseff ++) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.00 669.07 Td (10-K) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.00 669.07 Td (2/28/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.00 669.07 Td (10.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.00 669.07 Td (5/8/2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 53.00 634.07 Td (10.13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 634.07 Td (Employment Agreement, effective as of March 1, 2015, by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.00 624.07 Td (and between Emmis Operating Company and Richard F.) 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