Click here to close now.

Welcome!

.NET Authors: Plutora Blog, Aria Blog, Pat Romanski, Elizabeth White, Hovhannes Avoyan

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
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use cases.
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
The IoT market is projected to be $1.9 trillion tidal wave that’s bigger than the combined market for smartphones, tablets and PCs. While IoT is widely discussed, what not being talked about are the monetization opportunities that are created from ubiquitous connectivity and the ensuing avalanche of data. While we cannot foresee every service that the IoT will enable, we should future-proof operations by preparing to monetize them with extremely agile systems.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. Learn about IoT, Big Data and deployments processing massive data volumes from wearables, utilities and other machines.
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...