6. REPORTABLE SEGMENTS An operating segment is defined as a component of an enterprise which has discrete financial information that is evaluated regularly by the Companys Chief Executive Officer to decide how to allocate resources and to access performance. In accordance with ASC 280 - 10, Segment Reporting , the Company has two segments of business. The Companys reportable segments are: (i) The Traditional Business and (ii) Journal Technologies. All inter-segment transactions were eliminated. Summarized financial information concerning the Companys reportable segments and Corporate income and expenses is shown in the following table: The Companys Traditional Business is one reportable segment and the other is Journal Technologies. Additional details about each of the reportable segments and its corporate income and expenses is set forth below: Reportable Segments Traditional Business Journal Technologies Corporate Total Fiscal 2019 Revenues Advertising $ 9,132,000 $ --- $ --- $ 9,132,000 Circulation 5,249,000 --- --- 5,249,000 Advertising service fees and other 2,712,000 --- --- 2,712,000 Licensing and maintenance fees --- 20,179,000 --- 20,179,000 Consulting fees --- 5,539,000 --- 5,539,000 Other public service fees --- 5,844,000 --- 5,844,000 Operating expenses 16,981,000 49,898,000* --- 66,879,000* Income (loss) from operations 112,000 (18,336,000 ) --- (18,224,000 ) Dividends and interest income --- --- 5,380,000 5,380,000 Other income --- --- 38,000 38,000 Net unrealized losses on investments --- --- (17,715,000 ) (17,715,000 ) Interest expenses on note payable collateralized by real estate (93,000 ) --- --- (93,000 ) Interest expenses on margin loans --- --- (862,000 ) (862,000 ) Pretax income 19,000 (18,336,000 ) (13,159,000 ) (31,476,000 ) Income tax expense (5,000 ) 2,450,000 3,815,000 6,260,000 Net loss 14,000 (15,886,000 ) (9,344,000 ) (25,216,000 ) Total assets 17,176,000 22,741,000 197,459,000 237,376,000 Capital expenditures 132,000 33,000 --- 165,000 * included goodwill impairment of $13,400,000 Reportable Segments Traditional Business Journal Technologies Corporate Total Fiscal 2018 Revenues Advertising, net $ 9,112,000 $ --- $ --- $ 9,112,000 Circulation 5,401,000 --- --- 5,401,000 Advertising service fees and other 2,659,000 --- --- 2,659,000 Licensing and maintenance fees --- 17,225,000 --- 17,225,000 Consulting fees --- 2,832,000 --- 2,832,000 Other public service fees --- 3,474,000 --- 3,474,000 Operating expenses 16,840,000 37,923,000 --- 54,763,000 Income (loss) from operations 332,000 (14,392,000 ) --- (14,060,000 ) Dividends and interest income --- --- 4,808,000 4,808,000 Other income --- --- 37,000 37,000 Interest expense on note payable collateralized by real estate (95,000 ) --- --- (95,000 ) Interest expense on margin loans --- --- (651,000 ) (651,000 ) Capital gains on sales of marketable Securities and others --- --- 3,182,000 3,182,000 Other-than-temporary impairment losses on investments --- --- (4,560,000 ) (4,560,000 ) Pretax (loss) income 237,000 (14,392,000 ) 2,816,000 (11,339,000 ) Income tax benefit 490,000 695,000 18,355,000 19,540,000 Net (loss) income 727,000 (13,697,000 ) 21,171,000 8,201,000 Total assets 19,602,000 29,885,000 214,511,000 263,998,000 Capital expenditures 212,000 --- --- 212,000 Amortization of intangible assets --- 3,058,000 --- 3,058,000 Reportable Segments Traditional Business Journal Technologies Corporate Total Fiscal 2017 Revenues Advertising, net $ 9,104,000 $ --- $ --- $ 9,104,000 Circulation 5,654,000 --- --- 5,654,000 Advertising service fees and other 2,812,000 --- --- 2,812,000 Licensing and maintenance fees --- 16,037,000 --- 16,037,000 Consulting fees --- 4,476,000 --- 4,476,000 Other public service fees --- 3,301,000 --- 3,301,000 Operating expenses 17,852,000 36,699,000 --- 54,551,000 Loss from operations (282,000 ) (12,885,000 ) --- (13,167,000 ) Dividends and interest income --- --- 4,844,000 4,844,000 Other income 22,000 --- 12,000 34,000 Interest expense on note payable collateralized by real estate (100,000 ) --- --- (100,000 ) Interest expense on margin loans --- --- (422,000 ) (422,000 ) Interest and penalty expense reversal for uncertain and unrecognized tax benefits --- 743,000 --- 743,000 Pretax (loss) income (360,000 ) (12,142,000 ) 4,434,000 (8,068,000 ) Income tax benefit (expense) (2,000 ) 7,910,000 (758,000 ) 7,150,000 Net (loss) income (362,000 ) (4,232,000 ) 3,676,000 (918,000 ) Total assets 16,606,000 33,461,000 230,641,000 280,708,000 Capital expenditures 160,000 93,000 --- 253,000 Amortization of intangible assets --- 4,895,000 --- 4,895,000 During fiscal 2019, 2018 and 2017, the Traditional Business had total operating revenues of $17,093,000, $17,172,000 and $17,570,000 of which $11,844,000, $11,771,000 and $11,916,000, respectively, were recognized after services were provided while $5,249,000, $5,401,000 and $5,654,000, respectively, were recognized ratably over the subscription terms. Total operating revenues for Journal Technologies were $31,562,000, $23,531,000 and $23,814,000, of which $12,353,000, $7,437,000 and $8,618,000, respectively, were recognized upon completion of services while $19,209,000, $16,094,000 and $15,196,000, respectively, were recognized ratably over the subscription periods.