Saga Communications, Inc. News
Saga Communications, Inc. Reports 1st Quarter 2008 Results
Capital expenditures in the first quarter of 2008 were
During the quarter ended
The attached Selected Supplemental Financial Data table discloses "as reported," "same station" and "pro forma" information by segment. The "as reported" amounts reflect our historical financial results and include the results of operations for stations that we did not own for the entire comparable period. The "same station" amounts reflect only the results of operations for stations that we owned for the entire comparable period. The "pro forma" amounts assume the 2008 and 2007 acquisitions and dispositions occurred as of
Saga Communications utilizes certain financial measures that are not calculated in accordance with generally accepted accounting principles (GAAP) to assess its financial performance. Such non-GAAP measures include same station financial information and free cash flow. These non-GAAP measures are generally recognized by the broadcasting industry as measures of performance and are used by Saga to assess its financial performance including but not limited to evaluating individual station and market-level performance, evaluating overall operations and as a primary measure for incentive based compensation of executives and other members of management. Saga's management believes these non-GAAP measures are used by analysts who report on the industry and by investors to provide meaningful comparisons between broadcasting groups, as well as an indicator of their market value. These measures are not measures of liquidity or of performance in accordance with GAAP, and should be viewed as a supplement to and not as a substitute for the results of operations presented on a GAAP basis including net operating revenue, operating income, and net income. Reconciliations for all of the non-GAAP financial measures to the most directly comparable GAAP measure are attached in the Selected Financial Data Non-GAAP Disclosures tables.
Saga Communications, Inc. is a broadcasting company whose business is devoted to acquiring, developing and operating broadcast properties. The Company owns or operates broadcast properties in 26 markets, including 61 FM and 30 AM radio stations, 3 state radio networks, 2 farm radio networks, 5 television stations and 4 low-power television stations. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacommunications.com .
Saga's first quarter 2008 results conference call will be on
The Company requests that all parties that have a question that they would like to submit to the Company to please email the inquiry by
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "believes," "expects," "anticipates," "guidance" and similar expressions are intended to identify forward-looking statements. Key risks, including risks associated with Saga's ability to effectively integrate the stations it acquires and the impact of federal regulation on Saga's business, are described in the reports Saga Communications, Inc. periodically files with the U.S. Securities and Exchange Commission, including Item 1A of our annual report on Form 10-K. Readers should note that these statements may be impacted by several factors, including national and local economic changes and changes in the radio and television broadcast industry in general, as well as Saga's actual performance. Results may vary from those stated herein and Saga undertakes no obligation to update the information contained here.
Saga Communications, Inc. Selected Consolidated Financial Data For The Three Months Ended March 31, 2008 and 2007 (amounts in 000's except per share data) (Unaudited) Three Months Ended March 31, 2008 2007 Operating Results Net operating revenue $31,532 $31,883 Station operating expense 25,421 25,995 Corporate general and administrative 2,552 2,316 Operating income 3,559 3,572 Interest expense 1,995 2,297 Other expense, net 20 35 Income before income tax 1,544 1,240 Income tax expense 634 500 Net income $910 $740 Earnings per share Basic $0.05 $0.04 Diluted $0.05 $0.04 Weighted average common shares 20,078 20,221 Weighted average common shares and common shares equivalents 20,087 20,242 Free Cash Flow Net income $910 $740 Plus: Depreciation and amortization: Station 1,957 1,895 Corporate 53 47 Deferred tax provision 402 270 Non-cash compensation 366 286 Other expense (income), net 20 35 Less: Capital expenditures (2,046) (2,414) Free cash flow $1,662 $859 Balance Sheet Data Working capital $18,838 $18,544 Net fixed assets 76,358 74,146 Net intangible assets and other assets 228,981 211,929 Total assets 338,455 318,564 Long term debt (including current portion of $1,061 and $0, respectively) 134,411 131,911 Stockholders' equity 149,168 137,306 Saga Communications, Inc. Selected Supplemental Financial Data For the Three Months Ended March 31, 2008 and 2007 (amounts in 000's except per share data) (Unaudited) As-Reported Same Station Pro Forma(1) Three Months Three Months Three Months Ended Ended Ended March 31, March 31, March 31, 2008 2007 2008 2007 2008 2007 Consolidated Net operating revenue $31,532 $31,883 $31,233 $31,883 $31,532 $32,193 Station operating expense 25,421 25,995 25,193 25,995 25,421 26,284 Corporate general and administrative 2,552 2,316 2,552 2,316 2,552 2,316 Operating income 3,559 3,572 $3,488 $3,572 3,559 3,593 Interest expense 1,995 2,297 1,995 2,297 Other expense, net 20 35 20 35 Income tax expense 634 500 634 509 Net income $910 $740 $910 $752 Earnings per share: Basic $0.05 $0.04 $0.05 $0.04 Diluted $0.05 $0.04 $0.05 $0.04 As-Reported Same Station Pro Forma(1) Three Months Three Months Three Months Ended Ended Ended March 31, March 31, March 31, 2008 2007 2008 2007 2008 2007 Radio Segment Net operating revenue $27,381 $27,893 $27,082 $27,893 $27,381 $28,203 Station operating expense 21,913 22,513 21,685 22,513 21,913 22,802 Operating income $5,468 $5,380 $5,397 $5,380 $5,468 $5,401 As-Reported Same Station Pro Forma(1) Three Months Three Months Three Months Ended Ended Ended March 31, March 31, March 31, 2008 2007 2008 2007 2008 2007 Television Segment Net operating revenue $4,151 $3,990 $4,151 $3,990 $4,151 $3,990 Station operating expense 3,508 3,482 3,508 3,482 3,508 3,482 Operating income $643 $508 $643 $508 $643 $508 As-Reported Same Station Pro Forma(1) Three Months Three Months Three Months Ended Ended Ended March 31, March 31, March 31, 2008 2007 2008 2007 2008 2007 Depreciation and amortization by segment Radio Segment $1,562 $1,506 $1,533 $1,506 $1,562 $1,566 Television Segment 395 389 395 389 395 389 Corporate and Other 53 47 53 47 53 47 $2,010 $1,942 $1,981 $1,942 $2,010 $2,002 (1) Pro Forma results assume all acquisitions and dispositions in 2007 and 2008 occurred as of January 1, 2007. Saga Communications, Inc. Selected Supplemental Financial Data Quarterly Proforma Information March 31, 2008 and 2007 (amounts in 000's except per share data) (Unaudited) Pro Pro Pro Pro Forma(1) Forma(1) Forma(1) Forma(1) Three Three Three Three Months Months Months Months Ended Ended Ended Ended March 31, June 30, September 30, December 31, 2008 2007 2007 2007 2007 Consolidated Net operating revenue $31,532 $32,193 $38,752 $36,500 $37,537 Station operating expense 25,421 26,284 27,284 26,239 27,352 Corporate general and administra- tive 2,552 2,316 2,606 2,272 2,606 Operating income 3,559 3,593 8,862 7,989 7,579 Interest expense 1,995 2,297 2,281 2,283 2,093 Other expense, net 20 35 47 60 131 Income tax expense 634 509 2,686 2,315 2,222 Net income $910 $752 $3,848 $3,331 $3,133 Earnings per share: Basic $0.05 $0.04 $0.19 $0.17 $0.16 Diluted $0.05 $0.04 $0.19 $0.17 $0.16 Pro Pro Pro Pro Forma(1) Forma(1) Forma(1) Forma(1) Three Three Three Three Months Months Months Months Ended Ended Ended Ended March 31, June 30, September 30, December 31, 2008 2007 2007 2007 2007 Radio Segment Net operating revenue $27,381 $28,203 $34,174 $32,186 $32,992 Station operating expense 21,913 22,802 23,723 22,756 23,738 Operating income $5,468 $5,401 $10,451 $9,430 $9,254 Pro Pro Pro Pro Forma(1) Forma(1) Forma(1) Forma(1) Three Three Three Three Months Months Months Months Ended Ended Ended Ended March 31, June 30, September 30, December 31, 2008 2007 2007 2007 2007 Television Segment Net operating revenue $4,151 $3,990 $4,578 $4,314 $4,545 Station operating expense 3,508 3,482 3,561 3,483 3,614 Operating income $643 $508 $1,017 $831 $931 Pro Pro Pro Pro Forma(1) Forma(1) Forma(1) Forma(1) Three Three Three Three Months Months Months Months Ended Ended Ended Ended March 31, June 30, September 30, December 31, 2008 2007 2007 2007 2007 Depreciation and amortization by segment Radio Segment $1,562 $1,566 $1,599 $1,660 $1,723 Television Segment 395 389 400 405 425 Corporate and Other 53 47 51 48 58 $2,010 $2,002 $2,050 $2,113 $2,206 (1) Pro Forma results assume all acquisitions and dispositions in 2007 and 2008 occurred as of January 1, 2007. Saga Communications, Inc. Selected Financial Data Non-GAAP Disclosures For the Three Months Ended March 31, 2008 and 2007 (amounts in 000's) (Unaudited) Reconciliation of As-Reported (historical) information to Same Station Operating Income Adjustment Adjustment For For As- Acquisitions Same As- Acquisitions Same Reported and Station Reported and Station Three Dispositions Three Three Dispositions Three Months Not Included Months Months Not Included Months Ended in Entire Ended Ended in Entire Ended March 31, Comparable March 31, March 31, Comparable March 31, 2008 Period 2008 2007 Period 2007 Consolidated Net operating revenue $31,532 $(299) $31,233 $31,883 - $31,883 Station operating expense 25,421 (228) 25,193 25,995 - 25,995 Corporate general and administra- tive 2,552 - 2,552 2,316 - 2,316 Operating income $3,559 $(71) $3,488 $3,572 - $3,572 Adjustment Adjustment For For As- Acquisitions Same As- Acquisitions Same Reported and Station Reported and Station Three Dispositions Three Three Dispositions Three Months Not Included Months Months Not Included Months Ended in Entire Ended Ended in Entire Ended March 31, Comparable March 31, March 31, Comparable March 31, 2008 Period 2008 2007 Period 2007 Radio Segment Net operating revenue $27,381 $(299) $27,082 $27,893 - $27,893 Station operating expense 21,913 (228) 21,685 22,513 - 22,513 Operating income $5,468 $(71) $5,397 $5,380 - $5,380 Adjustment Adjustment For For As- Acquisitions Same As- Acquisitions Same Reported and Station Reported and Station Three Dispositions Three Three Dispositions Three Months Not Included Months Months Not Included Months Ended in Entire Ended Ended in Entire Ended March 31, Comparable March 31, March 31, Comparable March 31, 2008 Period 2008 2007 Period 2007 Television Segment Net operating revenue $4,151 - $4,151 $3,990 - $3,990 Station operating expense 3,508 - 3,508 3,482 - 3,482 Operating income $643 - $643 $508 - $508
SOURCE Saga Communications, Inc.
Search Our News Using Google Search
Can't find what you want? Try using Google:
