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Company’s NBC affiliates, and $18.6 million in increased retransmission revenues. Operating margin at the
television broadcasting division was 52% in 2014 and 47% in 2013.
Competitive market position remained strong for the Company’s television stations. KSAT in San Antonio and
WJXT in Jacksonville ranked number one in the November 2014 ratings period, Monday through Friday, sign-on
to sign-off; WDIV in Detroit ranked second, and KPRC in Houston and WKMG in Orlando ranked third.
In November 2014, the television broadcasting division acquired SocialNewsDesk, a market-leading software-
based technology platform created by journalists to help newsroom and content producers publish, manage and
monetize social media.
As a result of the Berkshire exchange transaction discussed above, the television broadcasting operating results
exclude WPLG, the Company’s Miami-based television station, which has been reclassified to discontinued
operations for all periods presented.
Other Businesses. Other businesses includes the operating results of The Slate Group and Foreign Policy
Group, which publish online and print magazines and websites; SocialCode, a marketing solutions provider
helping companies with marketing on social-media platforms; Celtic Healthcare, a provider of home health and
hospice services; Forney, a global supplier of products and systems that control and monitor combustion
processes in electric utility and industrial applications, acquired by the Company in August 2013; and Trove, a
digital innovation team that builds products and technologies in the news space. Other businesses also includes a
number of businesses acquired in 2014.
In April 2014, Celtic Healthcare, Inc. (Celtic) acquired the assets of VNA-TIP Healthcare of Bridgeton, MO.
This acquisition has expanded Celtic’s home health and hospice service areas from Pennsylvania and Maryland
to the Missouri and Illinois regions. The operating results of VNA-TIP are included in other businesses from the
date of acquisition in the second quarter of 2014. In January 2015, Celtic and Allegheny Health Network (AHN)
closed on the formation of a joint venture to combine each other’s home health and hospice assets in the western
Pennsylvania region. Although Celtic manages the operations of the joint venture, Celtic holds a 40% interest in
the joint venture, so the operating results of the joint venture are not consolidated and the pro rata operating
results are included in the Company’s equity in earnings of affiliates starting in January 2015. Celtic’s revenues
from the western Pennsylvania region that now are part of the joint venture made up 29% of total Celtic revenues
in 2014.
On May 30, 2014, the Company acquired Joyce/Dayton Corp. (Joyce/Dayton), a Dayton, OH-based manufacturer
of screw jacks and other linear motion systems. The operating results of Joyce/Dayton are included in other
businesses from the date of acquisition in the second quarter of 2014.
On July 3, 2014, the Company acquired a majority interest in Residential Healthcare Group, Inc. (Residential),
the parent company of Residential Home Health and Residential Hospice, leading providers of skilled home
health and hospice services in Michigan and Illinois. The operating results of Residential are included in other
businesses from the date of acquisition in the third quarter of 2014. Since Residential owns a minority interest in
the Illinois operations it manages, the operating results of the Illinois operations are not being consolidated and
the pro rata operating results are included in the Company’s equity in earnings of affiliates.
The increase in revenues for 2014 is due primarily to the inclusion of revenues from the businesses acquired in
2014 and 2013. The improvement in operating results in 2014 is due to improved results at SocialCode. This
improvement was partially offset by increased amortization expense, and acquisition-related costs and other
integration expenses incurred in conjunction with the VNA-TIP Healthcare acquisition.
Corporate Office. Corporate office includes the expenses of the Company’s corporate office, the pension
credit for the Company’s traditional defined benefit plan and certain continuing obligations related to prior
2015 FORM 10-K 56