Delaware (State or other jurisdiction of incorporation) |
1-11588 (Commission File Number) |
38-3042953 (IRS Employer Identification No.) |
73 Kercheval Avenue Grosse Pointe Farms, MI (Address of Principal Executive Offices) |
48236 (Zip Code) |
99.1 | Press Release dated May 10, 2011. |
SAGA COMMUNICATIONS, INC. |
||||
Dated: May 10, 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 May 10, 2011. |
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Operating Results |
||||||||
Net operating revenue |
$ | 28,708 | $ | 27,987 | ||||
Station operating expense |
22,736 | 22,560 | ||||||
Corporate general and administrative |
1,940 | 1,882 | ||||||
Operating income |
4,032 | 3,545 | ||||||
Interest expense |
1,157 | 1,519 | ||||||
Other (income) expense, net |
68 | (3,596 | ) | |||||
Income before income tax |
2,807 | 5,622 | ||||||
Income tax expense |
1,145 | 2,305 | ||||||
Net income |
$ | 1,662 | $ | 3,317 | ||||
Earnings per share |
||||||||
Basic |
$ | 0.39 | $ | 0.78 | ||||
Diluted |
$ | 0.39 | $ | 0.78 | ||||
Weighted average common shares |
4,237 | 4,228 | ||||||
Weighted average common and common
equivalent shares |
4,243 | 4,229 | ||||||
Free Cash Flow |
||||||||
Net income |
$ | 1,662 | $ | 3,317 | ||||
Plus: Depreciation and amortization: |
||||||||
Station |
1,751 | 1,845 | ||||||
Corporate |
54 | 52 | ||||||
Deferred tax provision |
655 | 1,180 | ||||||
Non-cash compensation |
162 | 298 | ||||||
Other
(income) expense, net |
68 | (3,596 | ) | |||||
Less: Capital expenditures |
(1,145 | ) | (845 | ) | ||||
Free cash flow |
$ | 3,207 | $ | 2,251 | ||||
Balance Sheet Data |
||||||||
Working capital |
$ | 18,665 | $ | 9,203 | ||||
Net fixed assets |
$ | 64,844 | $ | 68,152 | ||||
Net intangible assets and other assets |
$ | 97,420 | $ | 97,432 | ||||
Total assets |
$ | 197,552 | $ | 202,823 | ||||
Long-term debt (including current
portion of $4,443 and $15,200, respectively) |
$ | 92,078 | $ | 116,078 | ||||
Stockholders equity |
$ | 81,785 | $ | 67,630 |
Corporate | ||||||||||||||||
Radio | Television | and Other | Consolidated | |||||||||||||
Three Months Ended March 31,
2011: |
||||||||||||||||
Net operating revenue |
$ | 24,506 | $ | 4,202 | $ | | $ | 28,708 | ||||||||
Station operating expense |
19,278 | 3,458 | | 22,736 | ||||||||||||
Corporate G&A |
| | 1,940 | 1,940 | ||||||||||||
Operating income (loss) |
$ | 5,228 | $ | 744 | $ | (1,940 | ) | $ | 4,032 | |||||||
Depreciation and amortization |
$ | 1,339 | $ | 412 | $ | 54 | $ | 1,805 | ||||||||
Corporate | ||||||||||||||||
Radio | Television | and Other | Consolidated | |||||||||||||
Three Months Ended March 31, 2010: |
||||||||||||||||
Net operating revenue |
$ | 24,144 | $ | 3,843 | $ | | $ | 27,987 | ||||||||
Station operating expense |
19,223 | 3,337 | | 22,560 | ||||||||||||
Corporate G&A |
| | 1,882 | 1,882 | ||||||||||||
Operating income (loss) |
$ | 4,921 | $ | 506 | $ | (1,882 | ) | $ | 3,545 | |||||||
Depreciation and amortization |
$ | 1,421 | $ | 424 | $ | 52 | $ | 1,897 | ||||||||
Less: | Plus: | Trailing | ||||||||||||||
12 Mos Ended | 3 Mos Ended | 3 Mos Ended | 12 Mos Ended | |||||||||||||
December 31, | March 31, | March 31, | March 31, | |||||||||||||
2010 | 2010 | 2011 | 2011 | |||||||||||||
Trailing 12 Month Consolidated EBITDA (1) |
||||||||||||||||
Net income |
$ | 15,136 | $ | 3,317 | $ | 1,662 | $ | 13,481 | ||||||||
Less: Gain (loss) on sale of assets |
(386 | ) | 35 | (68 | ) | (489 | ) | |||||||||
Gain on license downgrade |
3,756 | 3,561 | | 195 | ||||||||||||
Other |
46 | (12 | ) | 20 | 78 | |||||||||||
Total exclusions |
3,416 | 3,584 | (48 | ) | (216 | ) | ||||||||||
Consolidated Adjusted Net Income (1) |
11,720 | (267 | ) | 1,710 | 13,697 | |||||||||||
Plus: Interest expense |
5,622 | 1,519 | 1,157 | 5,260 | ||||||||||||
Income tax expense |
10,400 | 2,305 | 1,145 | 9,240 | ||||||||||||
Depreciation & amortization expense |
7,718 | 1,897 | 1,805 | 7,626 | ||||||||||||
Amortization of television syndicated
programming contracts |
732 | 180 | 189 | 741 | ||||||||||||
Non-cash stock based compensation expense |
927 | 298 | 162 | 791 | ||||||||||||
Less: Cash television programming payments |
(744 | ) | (181 | ) | (171 | ) | (734 | ) | ||||||||
Trailing twelve month consolidated EBITDA (1) |
$ | 36,375 | $ | 5,751 | $ | 5,997 | $ | 36,621 | ||||||||
Total long-term debt, including current maturities |
$ | 92,078 | ||||||||||||||
Divided by trailing twelve month consolidated EBITDA (1) |
36,621 | |||||||||||||||
Leverage ratio |
2.5 | |||||||||||||||
(1) | As defined in the companys credit agreement. |