Corporate expenses increased to $4.5 million for the three-month period ended September 30, 2012 from $3.9 million for the three-month period ended September 30, 2011, an increase of $0.6 million. The increase was primarily attributable to the increase in bonuses, non-cash stock-based compensation, salary expense and interactive media-related expenses.
Nine-Month Period Ended September 30, 2012 Compared to Nine-Month Period Ended September 30, 2011 (Unaudited) Nine-Month Period Ended September 30, ------------------- 2012 2011 % Change ---- ---- -------- Net revenue $159,501 $144,424 10% Operating expenses (1) 96,403 93,040 4% Corporate expenses (1) 12,527 11,402 10% Depreciation and amortization 12,436 14,172 (12)% Operating income (loss) 38,135 25,810 48% Interest expense, net (26,707) (28,344) (6)% Other income (loss) - 687 NM Loss on debt extinguishment (1,230) - NM Income (loss) before income taxes 10,198 (1,847) NM Income tax (expense) benefit (4,294) (4,321) (1)% ------ ------ Net income (loss) $5,904 $(6,168) NM ====== ======= (1) Operating expenses and corporate expenses are defined on page 1.
Net revenue increased to $159.5 million for the nine-month period ended September 30, 2012 from $144.4 million for the nine-month period ended September 30, 2011, an increase of $15.1 million. Of the overall increase, $14.1 million came from our television segment and was primarily attributable to increases in core advertising revenue, political advertising revenue, which was not material in 2011, and retransmission consent revenue. Additionally, $1.0 million of the overall increase came from our radio segment and was primarily attributable to increases in political advertising revenue, which was not material in 2011.
Operating expenses increased to $96.4 million for the nine-month period ended September 30, 2012 from $93.0 million for the nine-month period ended September 30, 2011, an increase of $3.4 million. The increase was primarily attributable to an increase in expenses associated with the increase in net revenue and an increase in salary expense.
