Business Segment Information

12 Months Ended

Mar. 31, 2016

After the divestiture of Shape, Fit Pregnancy and Natural Health in January 2015, which comprised our Women's Actively Lifestyle segment, the Company has three reporting segments: Celebrity Brands, Men’s Active Lifestyle and Corporate and Other. The operating segments are based on each having the following characteristics: the operating segments engage in similar business activities from which they earn revenues and incur expenses; the operating results are regularly reviewed by the chief operating decision maker (the "CODM"), and there is discrete financial information. The Company does not aggregate any of its operating segments.

The Celebrity Brands segment includes National Enquirer, Star, Globe, National Examiner, OK! and Soap Opera Digest.

The Men’s Active Lifestyle segment includes Men’s Fitness, Muscle & Fitness, Flex and Muscle & Fitness Hers.

The Corporate and Other segment includes international licensing, photo syndication to third parties and corporate overhead. Corporate overhead expenses are not allocated to other segments and include production, circulation, executive staff, information technology, accounting, legal, human resources and administration department costs. The Corporate and Other segment also includes print and digital advertising sales and strategic management direction in the following areas: manufacturing, subscription circulation, logistics, event marketing and full back office financial functions.

The Company’s accounting policies for the business segments are the same as those described in Note 2, "Summary of Significant Accounting Policies." The following information includes certain intersegment transactions and is, therefore, not necessarily indicative of the results had the operations existed as stand-alone businesses. Intersegment transactions represent intercompany services, which are billed at what management believes are prevailing market rates. These intersegment transactions, which represent transactions between operating units in different business segments, are eliminated in consolidation.

Segment information for fiscal 2016, 2015 and 2014 and the assets employed as of March 31, 2016 and 2015 are as follows (in thousands):



	Fiscal years ended March 31,
	2016			2015			2014
Operating revenues
Celebrity Brands	$	164,367		$	179,825		$	202,580
Men's Active Lifestyle Group	55,622			59,226			66,698
Corporate and Other	3,052			6,129			18,068
Total operating revenues	$	223,041		$	245,180		$	287,346
Operating income (loss)
Celebrity Brands	$	54,133		$	67,915		$	73,276
Men's Active Lifestyle Group	13,107			(5,846		)	11,730
Corporate and Other	(41,538		)	(67,850		)	(51,221		)
Total operating income (loss)	$	25,702		$	(5,781	)	$	33,785
Depreciation and amortization
Celebrity Brands	$	13,155		$	1,787		$	3,545
Men's Active Lifestyle Group	3,852			2,478			824
Corporate and Other	9,475			9,700			9,066
Total depreciation and amortization	$	26,482		$	13,965		$	13,435
Impairment of goodwill and intangible assets
Men's Active Lifestyle Group	$	—		$	17,403		$	9,238
Corporate and Other	—			1,055			—
Total impairment of goodwill and intangible assets	$	—		$	18,458		$	9,238
Amortization of deferred rack costs
Celebrity Brands	$	4,939		$	5,391		$	6,170
Men's Active Lifestyle Group	60			74			64
Total amortization of deferred rack costs	$	4,999		$	5,465		$	6,234



Total Assets	March 31, 2016		March 31, 2015
Celebrity Brands	$	315,404	$	330,850
Men's Active Lifestyle Group	80,457		86,775
Corporate and Other (1)	25,856		48,400
Total assets	$	421,717	$	466,025

(1) Amounts are primarily comprised of inventories, prepaid expenses, property and equipment, deferred financing costs and certain other assets.

Geographic Data

The Company operates principally in two geographic areas, the United States of America and Europe (primarily the United Kingdom). There were no significant transfers between geographic areas during the three fiscal years ended March 31, 2016. The following tables present revenue by geographic area for fiscal 2016, 2015 and 2014 and the assets employed as of March 31, 2016 and 2015 (in thousands):



	Fiscal years ended March 31,
	2016		2015		2014
Operating revenues:
United States of America	$	217,349	$	234,554	$	275,161
Europe	5,692		10,626		12,185
Total operating revenues	$	223,041	$	245,180	$	287,346



	March 31, 2016		March 31, 2015
Assets:
United States of America	$	415,422	$	458,197
Europe	6,295		7,828
Total assets	$	421,717	$	466,025

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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