Note 16: Quarterly Results of Operations (Unaudited)

The table below sets forth a summary of the unaudited consolidated quarterly results of operations for 2019 and 2018.



	1st Quarter				2nd Quarter				3rd Quarter				4th Quarter
	2019		2018		2019		2018		2019		2018		2019		2018
Net operating revenue	$	46,589	$	49,453	$	47,115	$	51,169	$	43,057	$	49,052	$	46,802	$	52,613
Operating income (loss)		(3,928)		(6,217)		22,855		(1,367)		(6,974)		(1,302)		(2,414)		(17,946)
Net income (loss)		(2,135)		(4,014)		16,528		(534)		(4,005)		(1,036)		(1,096)		(19,637)

Net income (loss) per share
Basic and diluted	$	(0.10)	$	(0.19)	$	0.77	$	(0.03)	$	(0.19)	$	(0.05)	$	(0.05)	$	(0.91)

The following are significant activities in 2019:

 In the second quarter of 2019, the Company completed the sale of real estate previously used as the Company’s headquarters for $28,000, resulting in a pretax gain of $25,908; see Note 15 – Disposal of Assets.

 In the third quarter of 2019, in conjunction with a strategic change to a single decision-making reporting structure that resulted in one reportable segment and a significant decrease in the Marketing Services forecast, the Company completed a goodwill impairment test for the Marketing Services reporting unit. Upon completion of the test, it was determined the Marketing Services reporting unit’s carrying value exceeded its estimated fair value. Accordingly, the Company recorded a noncash goodwill impairment charge of $1,593, fully impairing goodwill; see Note 6 – Goodwill and Intangible Assets.

The following are significant activities in 2018:

 In the second quarter of 2018, the Company received an income tax refund of $3,210 for a tax benefit recognized in 2016 that was carried back against taxes paid in 2014 related to the abandonment of the Company's ownership interest in Wanderful Media, LLC and the sale of the Company's equity investment in Homesnap, Inc. in the fourth quarter of 2016; see Note 9 – Income Taxes.

 In the third quarter of 2018, the Company received an income tax refund of $4,095 for a tax benefit recognized in 2017 related to a capital loss on the sale of the Denton Record-Chronicle in the fourth quarter of 2017, of which a portion was carried back against taxes paid in 2014; see Note 9 – Income Taxes.

 In the fourth quarter of 2018, as a result of the Company’s annual goodwill impairment test the Company recorded a noncash goodwill impairment charge of $13,973. In connection with the goodwill impairment, the Company conducted a long-lived assets impairment test, resulting in an intangible assets impairment charge of $2,970; see Note 6 – Goodwill and Intangible Assets.

Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding.