Welcome!

Microsoft Cloud Authors: Pat Romanski, Elizabeth White, Liz McMillan, Mihai Corbuleac, David Bermingham

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
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
Apixio Inc. has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstruc...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change t...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...