Segment Information

6 Months Ended

Aug. 31, 2019

Note 7. Segment Information

The Company’s operations are currently aligned into two business segments, Radio and Publishing. The Company combines the results of all other immaterial business activities in the “all other” category. Revenues of the “all other” category generally consist of revenues associated with dynamic pricing consulting services provided by Digonex. Our determination of reportable segments is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, and planning and forecasting future periods. Corporate expenses are not allocated to reportable segments and are included in the “all other” category. The Company’s segments operate exclusively in the United States.

The accounting policies as described in the summary of significant accounting policies included in the Company’s Annual Report filed on Form 10-K for the year ended February 28, 2019, and in Note 1 to these condensed consolidated financial statements, are applied consistently across segments.

Three Months Ended August 31, 2019	Radio			Publishing			All Other			Consolidated
Net revenues	$	7,846		$	758		$	279		$	8,883
Station operating expenses excluding depreciation and amortization expense		6,277			954			568			7,799
Corporate expenses excluding depreciation and amortization expense		—			—			2,216			2,216
Impairment loss		4,022			—			—			4,022
Depreciation and amortization		96			4			196			296
Loss on sale of assets, net of disposition costs		—			—			31			31
Operating loss	$	(2,549	)	$	(200	)	$	(2,732	)	$	(5,481	)

Three Months Ended August 31, 2018	Radio		Publishing			All Other			Consolidated
Net revenues	$	8,079	$	897		$	428		$	9,404
Station operating expenses excluding depreciation and amortization expense		5,665		1,009			2,334			9,008
Corporate expenses excluding depreciation and amortization expense		—		—			2,802			2,802
Impairment loss		205		—			—			205
Depreciation and amortization		127		5			225			357
Loss on sale of assets, net of disposition costs		15		—			—			15
Operating income (loss)	$	2,067	$	(117	)	$	(4,933	)	$	(2,983	)

Six Months Ended August 31, 2019	Radio			Publishing			All Other			Consolidated
Net revenues	$	16,106		$	1,896		$	527		$	18,529
Station operating expenses excluding depreciation and amortization expense		12,317			2,080			1,071			15,468
Corporate expenses excluding depreciation and amortization expense		—			—			4,774			4,774
Impairment loss		4,022			—			—			4,022
Depreciation and amortization		201			7			395			603
Loss on sale of assets, net of disposition costs		—			—			31			31
Operating loss	$	(434	)	$	(191	)	$	(5,744	)	$	(6,369	)

Six Months Ended August 31, 2018	Radio			Publishing			All Other			Consolidated
Net revenues	$	17,139		$	2,170		$	777		$	20,086
Station operating expenses excluding depreciation and amortization expense		12,504			2,208			4,973			19,685
Corporate expenses excluding depreciation and amortization expense		—			—			5,310			5,310
Impairment loss		205			—			—			205
Depreciation and amortization		264			10			449			723
(Gain) loss on sale of assets, net of disposition costs		(32,383	)		331			—			(32,052	)
Operating income (loss)	$	36,549		$	(379	)	$	(9,955	)	$	26,215

Total Assets	Radio		Publishing		All Other		Consolidated
As of February 28, 2019	$	216,473	$	728	$	20,545	$	237,746
As of August 31, 2019	$	239,089	$	670	$	16,481	$	256,240

The increase in radio assets is mostly due to the operating lease right-of-use assets recorded in connection with the implementation of Accounting Standard Update 2016-02, Leases. Radio assets classified as held for sale as of February 28, 2019 and August 31, 2019 were $117.3 million and $132.8 million, respectively. See Note 11 for more discussion of leases and Note 1 for more discussion of the sale of our stations in New York and Austin.