Delaware | 1-11588 | 38-3042953 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
73 Kercheval Avenue Grosse Pointe Farms, MI |
48236 | |
(Address of Principal Executive Offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
SAGA COMMUNICATIONS, INC. |
||||
Dated: March 15, 2011 | By: | /s/ Samuel D. Bush | ||
Samuel D. Bush | ||||
Senior Vice President, Chief Financial Officer and Treasurer |
Exhibit No. | Description | |
99.1
|
Press Release dated March 15, 2011. |
Three Months Ended | Twelve Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2010 | 2009 | 2010 | 2009 | ||||||||||||||
Operating Results |
|||||||||||||||||
Net operating revenue |
$ | 34,133 | $ | 31,784 | $ | 127,817 | $ | 120,798 | |||||||||
Station operating expense |
23,408 | 23,856 | 92,754 | 94,647 | |||||||||||||
Corporate general and administrative |
1,754 | 1,813 | 7,274 | 7,944 | |||||||||||||
Gain on asset exchange |
| (495 | ) | | (495 | ) | |||||||||||
Impairment of intangible assets |
| 17,286 | | 17,286 | |||||||||||||
Operating income (loss) |
8,971 | (10,676 | ) | 27,789 | 1,416 | ||||||||||||
Interest expense |
1,260 | 1,359 | 5,622 | 4,948 | |||||||||||||
Other (income) expense, net |
29 | 199 | (3,369 | ) | 210 | ||||||||||||
Income (loss) before income tax |
7,682 | (12,234 | ) | 25,536 | (3,742 | ) | |||||||||||
Income tax expense (benefit) |
3,115 | (4,871 | ) | 10,400 | (1,161 | ) | |||||||||||
Net income (loss) |
$ | 4,567 | $ | (7,363 | ) | $ | 15,136 | $ | (2,581 | ) | |||||||
Earnings (loss) per share |
|||||||||||||||||
Basic |
$ | 1.08 | $ | (1.74 | ) | $ | 3.58 | $ | (0.61 | ) | |||||||
Diluted |
$ | 1.08 | $ | (1.74 | ) | $ | 3.58 | $ | (0.61 | ) | |||||||
Weighted average common shares |
4,236 | 4,227 | 4,230 | 4,207 | |||||||||||||
Weighted average common shares and
common share equivalents |
4,241 | 4,227 | 4,231 | 4,207 | |||||||||||||
Free Cash Flow |
|||||||||||||||||
Net income (loss) |
$ | 4,567 | $ | (7,363 | ) | $ | 15,136 | $ | (2,581 | ) | |||||||
Plus: Depreciation and amortization: |
|||||||||||||||||
Station |
1,911 | 2,057 | 7,494 | 8,408 | |||||||||||||
Corporate |
61 | 55 | 224 | 221 | |||||||||||||
Deferred tax provision (benefit) |
1,455 | (4,711 | ) | 5,080 | (1,145 | ) | |||||||||||
Non-cash compensation |
212 | 348 | 927 | 1,366 | |||||||||||||
Gain on asset exchange |
| (495 | ) | | (495 | ) | |||||||||||
Impairment of intangible assets |
| 17,286 | | 17,286 | |||||||||||||
Other (income) expense, net |
29 | 199 | (3,369 | ) | 210 | ||||||||||||
Less: Capital expenditures |
(1,089 | ) | (804 | ) | (4,348 | ) | (4,041 | ) | |||||||||
Free cash flow |
$ | 7,146 | $ | 6,572 | $ | 21,144 | $ | 19,229 | |||||||||
Balance Sheet Data |
|||||||||||||||||
Working capital |
$ | 18,130 | $ | 7,753 | |||||||||||||
Net fixed assets |
$ | 65,561 | $ | 69,216 | |||||||||||||
Net intangible assets and other assets |
$ | 97,683 | $ | 96,241 | |||||||||||||
Total assets |
$ | 199,803 | $ | 202,351 | |||||||||||||
Long term
debt (including current portion of $6,121 and $17,078, respectively) |
$ | 96,078 | $ | 121,078 | |||||||||||||
Stockholders equity |
$ | 80,078 | $ | 64,093 |
Corporate | ||||||||||||||||
Radio | Television | and Other | Consolidated | |||||||||||||
Three Months Ended December 31, 2010: |
||||||||||||||||
Net operating revenue |
$ | 28,997 | $ | 5,136 | $ | | $ | 34,133 | ||||||||
Station operating expense |
19,828 | 3,580 | | 23,408 | ||||||||||||
Corporate G&A |
| | 1,754 | 1,754 | ||||||||||||
Operating income (loss) |
$ | 9,169 | $ | 1,556 | $ | (1,754 | ) | $ | 8,971 | |||||||
Depreciation and amortization |
$ | 1,460 | $ | 451 | $ | 61 | $ | 1,972 | ||||||||
Corporate | ||||||||||||||||
Radio | Television | and Other | Consolidated | |||||||||||||
Three Months Ended December 31, 2009: |
||||||||||||||||
Net operating revenue |
$ | 27,382 | $ | 4,402 | $ | | $ | 31,784 | ||||||||
Station operating expense |
20,325 | 3,531 | | 23,856 | ||||||||||||
Corporate G&A |
| | 1,813 | 1,813 | ||||||||||||
Gain on asset exchange |
| (495 | ) | | (495 | ) | ||||||||||
Impairment of intangible assets |
16,206 | 1,080 | | 17,286 | ||||||||||||
Operating income (loss) |
$ | (9,149 | ) | $ | 286 | $ | (1,813 | ) | $ | (10,676 | ) | |||||
Depreciation and amortization |
$ | 1,598 | $ | 459 | $ | 55 | $ | 2,112 | ||||||||
Corporate | ||||||||||||||||
Radio | Television | and Other | Consolidated | |||||||||||||
Twelve Months Ended December 31, 2010: |
||||||||||||||||
Net operating revenue |
$ | 109,891 | $ | 17,926 | $ | | $ | 127,817 | ||||||||
Station operating expense |
79,012 | 13,742 | | 92,754 | ||||||||||||
Corporate G&A |
| | 7,274 | 7,274 | ||||||||||||
Operating income (loss) |
$ | 30,879 | $ | 4,184 | $ | (7,274 | ) | $ | 27,789 | |||||||
Depreciation and amortization |
$ | 5,772 | $ | 1,722 | $ | 224 | $ | 7,718 | ||||||||
Corporate | ||||||||||||||||
Radio | Television | and Other | Consolidated | |||||||||||||
Twelve Months Ended December 31, 2009: |
||||||||||||||||
Net operating revenue |
$ | 104,601 | $ | 16,197 | $ | | $ | 120,798 | ||||||||
Station operating expense |
80,382 | 14,265 | | 94,647 | ||||||||||||
Corporate G&A |
| | 7,944 | 7,944 | ||||||||||||
Gain on asset exchange |
| (495 | ) | | (495 | ) | ||||||||||
Impairment of intangible assets |
16,206 | 1,080 | | 17,286 | ||||||||||||
Operating income (loss) |
$ | 8,013 | $ | 1,347 | $ | (7,944 | ) | $ | 1,416 | |||||||
Depreciation and amortization |
$ | 6,166 | $ | 2,242 | $ | 221 | $ | 8,629 | ||||||||
Trailing | ||||||||
Twelve Months Ended | ||||||||
December 31, | ||||||||
2010 | 2009 | |||||||
Trailing 12 Month Consolidated EBITDA (1) |
||||||||
Net income (loss) |
$ | 15,136 | $ | (2,581 | ) | |||
Less: Loss on sale of assets |
(386 | ) | (210 | ) | ||||
Gain on exchange of assets |
| 495 | ||||||
Impairment of intangible assets |
| (17,286 | ) | |||||
Gain on license downgrade and other gains |
3,756 | | ||||||
Other |
46 | 196 | ||||||
Total exclusions |
3,416 | (16,805 | ) | |||||
Consolidated Adjusted Net Income (1) |
11,720 | 14,224 | ||||||
Plus: Interest expense |
5,622 | 4,948 | ||||||
Income tax expense (benefit) |
10,400 | (1,161 | ) | |||||
Depreciation & amortization expense |
7,718 | 8,629 | ||||||
Amortization of television syndicated
programming contracts |
732 | 706 | ||||||
Non-cash stock based compensation expense |
927 | 1,366 | ||||||
Less: Cash television programming payments |
(744 | ) | (725 | ) | ||||
Trailing twelve month consolidated EBITDA (1) |
$ | 36,375 | $ | 27,987 | ||||
Total long-term debt, including current maturities |
$ | 96,078 | $ | 121,078 | ||||
Divided by trailing twelve month consolidated EBITDA (1) |
36,375 | 27,987 | ||||||
Leverage ratio |
2.6 | 4.3 | ||||||
(1) | As defined in the Companys credit agreement. |