Welcome!

Microsoft Cloud Authors: Pat Romanski, Lori MacVittie, Andreas Grabner, Jim Kaskade, John Basso

News Feed Item

Saga Communications, Inc. Reports 3rd Quarter 2012 Results

3rd Quarter Net Income Increase 17.2%

GROSSE POINTE FARMS, Mich., Nov. 6, 2012 /PRNewswire/ -- Saga Communications, Inc. (NYSE MKT: SGA) today reported Net income for the quarter ended September 30, 2012 increased 17.2% to $4.3 million ($1.02 per fully diluted share compared to $0.87 per fully diluted share for the same period last year).  Free cash flow increased 2.2% to $6.1 million.  For the three month period net operating revenue increased 1.2% from the comparable period in 2011 to $32.4 million with operating income from continuing operations of $8.1 million compared to $7.1 million for the same period last year.  For the same period, station operating expense decreased 2.4% to $22.4 million (station operating expense includes depreciation and amortization attributable to the stations). 

For the nine month period free cash flow increased 8.7% to $16.8 million compared to $15.5 million for the same period in 2011. The Company's net operating revenue increased 1.8% to $94.7 million while station operating expense decreased 2.0% compared to the same period last year to $66.7 million (station operating expense includes depreciation and amortization attributable to the stations).  Operating income from continuing operations increased 16.4% to $22.2 million compared to $19.1 million and net income for the period was $12.2 million ($2.86 per fully diluted share compared to $2.01 per fully diluted share for the same period last year).

Capital expenditures in the third quarter of 2012 were $1.4 million compared to $1.6 million for the same period last year.  For the nine month period capital expenditures were $3.9 million compared to $4.1 million for the same period last year.  The Company currently expects to spend approximately $5.0 - $5.5 million for capital expenditures during 2012. 

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 free cash flow, trailing 12 month consolidated EBITDA, and leverage ratio. 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, as a primary measure for incentive based compensation of executives and other members of management and as a measure of financial position.  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 Supplemental Financial Data table.

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 3rd Quarter 2012 conference call will be on Tuesday, November 6, 2012 at 2:00 p.m. EST.  The dial-in number for all calls is (612) 288-0329.  A transcript of the call will be posted to the Company's web site after the call.

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 1:00 p.m. EST on November 6, 2012 to [email protected]. The Company will discuss, during the limited period of the conference call, those inquiries it deems of general relevance and interest. Only inquiries made in compliance with the foregoing will be discussed during the call.

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 and Nine Months Ended

September 30, 2012 and 2011

(amounts in 000's except per share data)

(Unaudited)











 Three Months Ended  

 Nine Months Ended  




 September 30, 

 September 30, 




2012

2011

2012

2011

Operating Results






Net operating revenue


$32,409

$32,027

$94,718

$93,039

Station operating expense


22,379

22,939

66,698

68,089

Corporate general and administrative


1,910

1,965

5,799

5,854

Operating income from continuing operations


8,120

7,123

22,221

19,096

Interest expense


381

646

1,367

2,837

Write-off debt issuance costs


-

-

-

1,326

Other (income) expense, net


145

27

135

(5)

Income from continuing operations before income tax


7,594

6,450

20,719

14,938

Income tax expense


3,227

2,473

8,450

5,930

Income from continuing operations, net of income taxes


4,367

3,977

12,269

9,008

Loss from discontinued operations, net of income taxes


(39)

(283)

(104)

(482)

Net income


$4,328

$3,694

$12,165

$8,526

Basic earnings (loss) per share:







From continuing operations


$1.03

$0.94

$2.89

$2.13


From discontinued operations


(0.01)

(0.07)

(0.02)

(0.12)


Earnings per share


$1.02

$0.87

$2.87

$2.01

Diluted earnings (loss) per share:







From continuing operations


$1.03

$0.94

$2.89

$2.12


From discontinued operations


(0.01)

(0.07)

(0.03)

(0.11)


Earnings per share


$1.02

$0.87

$2.86

$2.01

Weighted average common shares


4,246

4,242

4,243

4,238

Weighted average common and common 







equivalent shares


4,252

4,246

4,250

4,242








Free Cash Flow






Net income 


$4,328

$3,694

$12,165

$8,526

Plus:  Depreciation and amortization:







        Station


1,642

1,724

4,898

5,048


        Corporate


57

60

170

173


        Discontinued operations


-

102

194

291

          Deferred tax provision


1,297

1,900

3,070

3,950

          Non-cash compensation


25

75

107

311

          Debt issuance cost write-off


-

-

-

1,326

          Other (income) expense, net


145

27

135

-

Less: Capital expenditures


(1,402)

(1,618)

(3,904)

(4,140)

Free cash flow


$6,092

$5,964

$16,835

$15,485








Balance Sheet Data







Working capital




$25,802

$14,748


Net fixed assets




$59,398

$61,609


Net intangible assets and other assets




$98,691

$96,675


Total assets




$197,113

$192,190


Long-term debt (including current 







   portion of $0 and $4,000, respectively)




$58,828

$76,328


Stockholders' equity




$105,168

$88,798

 

Saga Communications, Inc.

Selected Supplemental Financial Data

For the Three and Nine Months Ended

September 30, 2012 and 2011

(amounts in 000's)

(Unaudited)
















Corporate





Radio


Television


and Other


Consolidated

Three Months Ended September 30, 2012:








Net operating revenue

$27,498


$4,911


$          -


$32,409

Station operating expense

19,365


3,014


-


22,379

Corporate G&A

-


-


1,910


1,910

Operating income (loss) from continuing operations

$8,133


$1,897


$(1,910)


$8,120

Depreciation and amortization

$1,301


$341


$57


$1,699
















Corporate





Radio


Television


and Other


Consolidated

Three Months Ended September 30, 2011:








Net operating revenue

$27,885


$4,142


$          -


$32,027

Station operating expense

20,029


2,910


-


22,939

Corporate G&A

-


-


1,965


1,965

Operating income (loss) from continuing operations

$7,856


$1,232


$(1,965)


$7,123

Depreciation and amortization

$1,385


$339


$60


$1,784
















Corporate





Radio


Television


and Other


Consolidated

Nine Months Ended September 30, 2012:








Net operating revenue

$81,180


$13,538


$          -


$94,718

Station operating expense

57,641


9,057


-


66,698

Corporate G&A

-


-


5,799


5,799

Operating income (loss) from continuing operations

$23,539


$4,481


$(5,799)


$22,221

Depreciation and amortization

$3,872


$1,026


$170


$5,068
















Corporate





Radio


Television


and Other


Consolidated

Nine Months Ended September 30, 2011:








Net operating revenue

$81,002


$12,037


$          -


$93,039

Station operating expense

59,311


8,778


-


68,089

Corporate G&A

-


-


5,854


5,854

Operating income (loss) from continuing operations

$21,691


$3,259


$(5,854)


$19,096

Depreciation and amortization

$4,072


$976


$173


$5,221

 

Saga Communications, Inc.

Selected Supplemental Financial Data

September 30, 2012

(amounts in 000's except ratios)

(Unaudited)
































Less:


Plus:


Trailing



12 Mos Ended


9 Mos Ended


9 Mos Ended


12 Mos Ended



December 31,


September 30,


September 30,


September 30,



2011


2011


2012


2012

Trailing 12 Month Consolidated Earnings Before Interest,








  Taxes, Depreciation and Amortization ("EBITDA") (1)








Net income

$12,631


$8,526


$12,165


$16,270

Exclusions:









Loss on sale of assets

(643)


(109)


(132)


(666)


Loss on write off of unamortized debt issuance costs

(1,326)


(1,326)


-


-


Other

348


310


332


370

Total exclusions

(1,621)


(1,125)


200


(296)










Consolidated Adjusted Net Income (1)

14,252


9,651


11,965


16,566

Plus:

Interest expense

3,420


2,837


1,367


1,950


Income tax expense

8,430


5,930


8,380


10,880


Depreciation & amortization expense

7,486


5,512


5,262


7,236


Amortization of television syndicated programming contracts

721


543


516


694


Non-cash stock based compensation expense

383


311


107


179

Less: Cash television programming payments

(715)


(536)


(529)


(708)

Trailing twelve month consolidated EBITDA (1)

$33,977


$24,248


$27,068


$36,797










Total long-term debt, including current maturities







$58,828

Divided by trailing twelve month consolidated EBITDA (1)







36,797

Leverage ratio







1.6



















(1)

As defined in the Company's credit facility.

 

SOURCE Saga Communications, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...