EX-99.1 2 b52291scexv99w1.htm EX-99.1 PRESS RELEASE DATED OCTOBER 28, 2004 Ex-99.1 Press Release dated October 28, 2004
 

Exhibit 99.1

Saga Communications, Inc.
Reports 3rd Quarter 2004 Results

Contact:
Samuel D. Bush
313/886-7070

Grosse Pointe Farms, MI – October 28, 2004 – Saga Communications, Inc. (NYSE-SGA) today reported net income of $4.3 million ($.20 per fully diluted share) for the quarter ended September 30, 2004 compared to $3.5 million ($.16 per fully diluted share) for 2003. For the same period, operating income increased 2.6% to approximately $8.3 million. Net operating revenue increased 12.6% to approximately $34.3 million and station operating expense increased 17.3% to approximately $24.0 million (station operating expense now includes depreciation and amortization attributable to the stations). On a same station basis for the quarter, net operating revenue increased 6.7% to approximately $32.5 million, station operating expense increased 9.5% to approximately $22.4 million and operating income increased 0.2% to approximately $8.1 million.

For the nine month period ended September 30, 2004 net income was $11.7 million ($.55 per fully diluted share) compared to $9.4 million ($.44 per fully diluted share) for 2003. For the same period operating income increased 13.5% to approximately $22.7 million. Net operating revenue increased 11.5% to approximately $98.6 million and station operating expense increased 10.5% to approximately $69.9 million (station operating expense now includes depreciation and amortization attributable to the stations). On a same station basis for the nine month period, net operating revenue increased 6.1% to approximately $93.7 million, station operating expense increased 3.8% to approximately $65.6 and operating income increased 10.5% to approximately $22.2 million.

Capital expenditures in the third quarter of 2004 were approximately $4.0 million with approximately $1.2 million being spent as a result of acquisitions. For the nine months ended September 30, 2004, capital expenditures were approximately $8.3 million with $2.7 million being spent as a result of acquisitions. For the year ending December 31, 2004, total capital expenditures are expected to approximate $9.5 — $10.0 million net of insurance proceeds with approximately $4.0 million being spent as a result of acquisitions, $1.5 million on our Victoria television tower project, and $1 million on our Portland tower projects.

The attached Selected Supplemental Financial Data table discloses “as reported,” “same station” and “pro forma” information by segment. The “as reported” amounts reflect our historical financial results and include the results of operations for stations that we did not own for the entire comparable period. The “same station” amounts reflect only the

 

 

results of operations for stations that we owned for the entire comparable period. The “pro forma” amounts assume the 2004 and 2003 acquisitions and dispositions occurred as of January 1, 2003.

Saga Communications utilizes certain financial measures that are not calculated in accordance with generally accepted accounting principles (GAAP) to access its financial performance. Such non-GAAP measures include station operating income, same station financial information, pro forma station operating income and free cash flow. 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 and as a primary measure for incentive based compensation of executives and other members of management. 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 Financial Data Non-GAAP Disclosures tables.

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 24 markets, including 53 FM and 26 AM radio stations, 3 state radio networks, 2 farm radio networks, 5 television stations and 3 low power television stations. Additionally, Saga has entered into agreements to acquire an AM and FM serving the Asheville, NC radio market, 2 FMs and 2 AMs serving the Ithaca NY radio market and 2FMs and 1 AM serving the Charlottesville, VA radio market. For additional information contact us at 313/886-7070 or visit our website at www.sagacommunications.com.

Saga’s third quarter results conference call will be on Thursday, October 28 at 2:00PM EDT. The dial in number for domestic calls is 800/450-0788. For international callers the number is 612/332-0637. The call can be replayed for 7 days by calling domestically 800/475-6701 or internationally 320/365-3844 and referring to access code 749363. Thereafter, a transcript of the call will be available on our website.

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. 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 Month Periods
Ended September 30, 2004 and 2003
(amounts in 000’s except per share data)

                                 
    Three Months Ended   Nine Months Ended
    September 30,
   September 30,
    2004
   2003
   2004
   2003
Operating Results
                                
Net revenue
   $ 34,262     $ 30,433     $ 98,562     $ 88,364  
Station operating expense
     24,006       20,470       69,924       63,281  
Corporate general and administrative
     1,927       1,844       5,938       5,084  
 
    
 		      
 		      
 		      
 		  
Operating income
     8,329       8,119       22,700       19,999  
Interest expense
     1,036       1,081       3,216       3,773  
Other (income) expense, net
     210       1,215       283       850  
 
    
 		      
 		      
 		      
 		  
Income before income tax
     7,083       5,823       19,201       15,376  
Income tax expense
     2,765       2,356       7,491       6,031  
 
    
 		      
 		      
 		      
 		  
Net income
   $ 4,318     $ 3,467     $ 11,710     $ 9,345  
 
    
 		      
 		      
 		      
 		  
Earnings per share:
                                
Basic
   $ .21     $ .17     $ .56     $ .45  
 
    
 		      
 		      
 		      
 		  
Diluted
   $ .20     $ .16     $ .55     $ .44  
 
    
 		      
 		      
 		      
 		  
Weighted average common shares
     20,750       20,810       20,792       20,810  
Weighted average common shares and common equivalents
     21,116       21,292       21,227       21,303  
Free Cash Flow
                                
Net Income
   $ 4,318     $ 3,467     $ 11,710     $ 9,345  
Plus Depreciation and amortization:
                                
Station
     1,783       1,632       5,176       5,133  
Corporate
     49       50       148       149  
Deferred tax provision
     1,135       793       3,074       2,128  
Less: Capital expenditures
     (3,986 )     (2,207 )     (8,249 )     (6,410 )
 
    
 		      
 		      
 		      
 		  
Free cash flow
   $ 3,299     $ 3,735     $ 11,859     $ 10,345  
 
    
 		      
 		      
 		      
 		  
Balance Sheet Data
                                
Working capital
                   $ 20,425     $ 31,642  
Net fixed assets
                     65,404       61,355  
Net intangible and other assets
                     174,857       149,004  
Total assets
                     275,847       255,665  
Long term debt (including current portion of $0 and $72, respectively)
                     121,161       120,793  
Stockholders’ equity
                     115,912       102,439  

 

 

Saga Communications, Inc.
Selected Supplemental Financial Data
For the Three Months Ended
September 30, 2004 and 2003
(amounts in 000’s except per share data)
(Unaudited)

                                                 
    As-Reported   Same Station   Pro Forma (1)
    Three Months Ended   Three Months Ended   Three Months Ended
    September 30,
   September 30,
   September 30,
Consolidated
   2004
   2003
   2004
   2003
   2004
   2003
Net operating revenue
   $ 34,262     $ 30,433     $ 32,483     $ 30,433     $ 34,262     $ 32,192  
Station operating expense
     24,006       20,470       22,417       20,470       24,005       22,109  
Corporate general and administrative
     1,927       1,844       1,927       1,844       1,927       1,844  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating income
     8,329       8,119       8,139       8,119       8,330       8,239  
Interest expense
     1,036       1,081                       1,036       1,154  
Other (income) expense, net
     210       1,215                       210       1,215  
Income tax expense
     2,765       2,356                       2,765       2,370  
 
    
 		      
 		                      
 		      
 		  
Net income
   $ 4,318     $ 3,467                     $ 4,319     $ 3,500  
 
    
 		      
 		                      
 		      
 		  
Earnings per share:
                                                
Basic
   $ 0.21     $ 0.17                     $ 0.21     $ 0.17  
 
    
 		      
 		                      
 		      
 		  
Diluted
   $ 0.20     $ 0.16                     $ 0.20     $ 0.16  
 
    
 		      
 		                      
 		      
 		  
                                                 
    As-Reported   Same Station   Pro Forma (1)
    Three Months Ended   Three Months Ended   Three Months Ended
    September 30,
   September 30,
   September 30,
Radio Segment
   2004
   2003
   2004
   2003
   2004
   2003
Net operating revenue
   $ 30,616     $ 27,370     $ 28,837     $ 27,370     $ 30,616     $ 29,129  
Station operating expense
     20,781       17,796       19,192       17,796       20,780       18,083  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating income
   $ 9,835     $ 9,574     $ 9,645     $ 9,574     $ 9,836     $ 11,046  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
                                                 
    As-Reported   Same Station   Pro Forma (1)
    Three Months Ended   Three Months Ended   Three Months Ended
    September 30,
   September 30,
   September 30,
Television Segment
   2004
   2003
   2004
   2003
   2004
   2003
Net operating revenue
   $ 3,646     $ 3,063     $ 3,646     $ 3,063     $ 3,646     $ 3,063  
Station operating expense
     3,225       2,674       3,225       2,674       3,225       2,674  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating income
   $ 421     $ 389     $ 421     $ 389     $ 421     $ 389  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
                                                 
    As-Reported   Same Station   Pro Forma (1)
    Three Months Ended   Three Months Ended   Three Months Ended
Depreciation and amortization   September 30,
   September 30,
   September 30,
    by segment
   2004
   2003
   2004
   2003
   2004
   2003
Radio Segment
     1,361       1,279       1,197       1,279       1,360       1,352  
Television Segment
     422       353       422       353       422       353  
Corporate and Other
     49       50       49       50       49       50  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
 
   $ 1,832     $ 1,682     $ 1,668     $ 1,682     $ 1,831     $ 1,755  
 
    
 		      
 		      
 		      
 		      
 		      
 		  

(1)   Pro Forma results assume all acquisitions and dispositions in 2003 and 2004 occurred as of January 1, 2003.

 

 

Saga Communications, Inc.
Selected Supplemental Financial Data
For the Nine Months Ended
September 30, 2004 and 2003
(amounts in 000’s except per share data)
(Unaudited)

                                                 
    As-Reported   Same Station   Pro Forma (1)
    Nine Months Ended   Nine Months Ended   Nine Months Ended
    September 30,
   September 30,
   September 30,
Consolidated
   2004
   2003
   2004
   2003
   2004
   2003
Net operating revenue
   $ 98,562     $ 88,364     $ 93,696     $ 88,324     $ 99,417     $ 94,051  
Station operating expense
     69,924       63,281       65,595       63,188       70,678       68,283  
Corporate general and administrative
     5,938       5,084       5,938       5,084       5,938       5,084  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating income
     22,700       19,999     $ 22,163     $ 20,052       22,801       20,684  
Interest expense
     3,216       3,773                       3,216       3,990  
Other (income) expense, net
     283       850                       283       850  
Income tax expense
     7,491       6,031                       7,536       6,221  
 
    
 		      
 		                      
 		      
 		  
Net income
   $ 11,710     $ 9,345                     $ 11,766     $ 9,623  
 
    
 		      
 		                      
 		      
 		  
Earnings per share:
                                                
Basic
   $ 0.56     $ 0.45                     $ 0.57     $ 0.46  
 
    
 		      
 		                      
 		      
 		  
Diluted
   $ 0.55     $ 0.44                     $ 0.55     $ 0.45  
 
    
 		      
 		                      
 		      
 		  
                                                 
    As-Reported   Same Station   Pro Forma (1)
    Nine Months Ended   Nine Months Ended   Nine Months Ended
    September 30,
   September 30,
   September 30,
Radio Segment
   2004
   2003
   2004
   2003
   2004
   2003
Net operating revenue
   $ 87,997     $ 79,570     $ 83,866     $ 79,530     $ 88,852     $ 85,257  
Station operating expense
     60,399       55,120       56,227       55,027       61,153       60,122  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating income
   $ 27,598     $ 24,450     $ 27,639     $ 24,503     $ 27,699     $ 25,135  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
                                                 
    As-Reported   Same Station   Pro Forma (1)
    Nine Months Ended   Nine Months Ended   Nine Months Ended
    September 30,
   September 30,
   September 30,
Television Segment
   2004
   2003
   2004
   2003
   2004
   2003
Net operating revenue
   $ 10,565     $ 8,794     $ 9,830     $ 8,794     $ 10,565     $ 8,794  
Station operating expense
     9,525       8,161       9,368       8,161       9,525       8,161  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating income
   $ 1,040     $ 633     $ 462     $ 633     $ 1,040     $ 633  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
                                                 
    As-Reported   Same Station   Pro Forma (1)
    Nine Months Ended   Nine Months Ended   Nine Months Ended
Depreciation and amortization   September 30,
   September 30,
   September 30,
    by segment
   2004
   2003
   2004
   2003
   2004
   2003
Radio Segment
     3,913       3,997       3,574       3,997       4,042       4,315  
Television Segment
     1,263       1,136       1,208       1,136       1,263       1,136  
Corporate and Other
     148       149       148       149       148       149  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
 
   $ 5,324     $ 5,282     $ 4,930     $ 5,282     $ 5,453     $ 5,600  
 
    
 		      
 		      
 		      
 		      
 		      
 		  

(1)   Pro Forma results assume all acquisitions and dispositions in 2003 and 2004 occurred as of January 1, 2003.

 

 

Saga Communications, Inc.
Selected Supplemental Financial Data
Quarterly Proforma Information
September 30, 2004 and 2003
(amounts in 000’s except per share data)
(Unaudited)

                                                                 
    Pro Forma (1)   Pro Forma (1)   Pro Forma (1)   Pro Forma (1)
    Three Months Ended   Three Months Ended   Three Months Ended   Three Months Ended
    March 31,
   June 30,
   September 30,
   December 31,
Consolidated
   2004
   2003
   2004
   2003
   2004
   2003
   2004
   2003
Net operating revenue
   $ 29,954     $ 27,811     $ 35,201     $ 34,048     $ 34,262     $ 32,192             $ 34,218  
Station operating expense
     22,802       22,295       23,871       23,879       24,005       22,109               23,954  
Corporate general and administrative
     1,732       1,295       2,279       1,945       1,927       1,844               1,565  
 
    
 		      
 		      
 		      
 		      
 		      
 		              
 		  
Operating income
     5,420       4,221       9,051       8,224       8,330       8,239               8,699  
Interest expense
     1,095       1,607       1,085       1,229       1,036       1,154               1,006  
Other (income) expense, net
     8       (8 )     65       (357 )     210       1,215               281  
Income tax expense
     1,691       1,044       3,080       2,807       2,765       2,370               2,787  
 
    
 		      
 		      
 		      
 		      
 		      
 		              
 		  
Net income
   $ 2,626     $ 1,578     $ 4,821     $ 4,545     $ 4,319     $ 3,500             $ 4,625  
 
    
 		      
 		      
 		      
 		      
 		      
 		              
 		  
Earnings per share:
                                                                
Basic
   $ 0.13     $ 0.08     $ 0.23     $ 0.22     $ 0.21     $ 0.17             $ 0.22  
 
    
 		      
 		      
 		      
 		      
 		      
 		              
 		  
Diluted
   $ 0.12     $ 0.07     $ 0.23     $ 0.21     $ 0.20     $ 0.16             $ 0.22  
 
    
 		      
 		      
 		      
 		      
 		      
 		              
 		  
                                                                 
    Pro Forma (1)   Pro Forma (1)   Pro Forma (1)   Pro Forma (1)
    Three Months Ended   Three Months Ended   Three Months Ended   Three Months Ended
    March 31,
   June 30,
   September 30,
   December 31,
Radio Segment
   2004
   2003
   2004
   2003
   2004
   2003
   2004
   2003
Net operating revenue
   $ 26,800     $ 25,195     $ 31,436     $ 30,933     $ 30,616     $ 29,129             $ 30,780  
Station operating expense
     19,766       19,619       20,607       21,068       20,780       19,435               20,946  
 
    
 		      
 		      
 		      
 		      
 		      
 		              
 		  
Operating income
   $ 7,034     $ 5,576     $ 10,829     $ 9,865     $ 9,836     $ 9,694             $ 9,834  
 
    
 		      
 		      
 		      
 		      
 		      
 		              
 		  
                                                                 
    Pro Forma (1)   Pro Forma (1)   Pro Forma (1)   Pro Forma (1)
    Three Months Ended   Three Months Ended   Three Months Ended   Three Months Ended
    March 31,
   June 30,
   September 30,
   December 31,
Television Segment
   2004
   2003
   2004
   2003
   2004
   2003
   2004
   2003
Net operating revenue
   $ 3,154     $ 2,616     $ 3,765     $ 3,115     $ 3,646     $ 3,063             $ 3,438  
Station operating expense
     3,036       2,676       3,264       2,811       3,225       2,674               3,008  
 
    
 		      
 		      
 		      
 		      
 		      
 		              
 		  
Operating income (loss)
   $ 118     $ (60 )   $ 501     $ 304     $ 421     $ 389             $ 430  
 
    
 		      
 		      
 		      
 		      
 		      
 		              
 		  
                                                                 
    Pro Forma (1)   Pro Forma (1)   Pro Forma (1)   Pro Forma (1)
    Three Months Ended   Three Months Ended   Three Months Ended   Three Months Ended
Depreciation and amortization   March 31,
   June 30,
   September 30,
   December 31,
    by segment
   2004
   2003
   2004
   2003
   2004
   2003
   2004
   2003
Radio Segment
   $ 1,325     $ 1,488     $ 1,357     $ 1,475     $ 1,360     $ 1,352             $ 1,257  
Television Segment
     415       392       426       391       422       353               438  
Corporate and Other
     49       50       50       49       49       50               50  
 
    
 		      
 		      
 		      
 		      
 		      
 		              
 		  
 
   $ 1,789     $ 1,930     $ 1,833     $ 1,915     $ 1,831     $ 1,755             $ 1,745  
 
    
 		      
 		      
 		      
 		      
 		      
 		              
 		  

(1)   Pro Forma results assume all acquisitions and dispositions in 2003 and 2004 occurred as of January 1, 2003.

 

 

Saga Communications, Inc.
Selected Financial Data Non-GAAP Disclosures
For the Three Months Ended
September 30, 2004 and 2003
(Unaudited)

Reconciliation of As Reported (historical) information to Same Station Operating Income

                                                 
            Adjustment                   Adjustment    
    As-Reported   For Acquisitions   Same Station   As-Reported   For Acquisitions   Same Station
    Three Months   and Dispositions   Three Months   Three Months   and Dispositions   Three Months
    Ended   Not Included in   Ended   Ended   Not Included in   Ended
    September 30,   Entire Comparable   September 30,   September 30,   Entire Comparable   September 30,
Consolidated
   2004
   Period
   2004
   2003
   Period
   2003
Net operating revenue
   $ 34,262     $ (1,779 )   $ 32,483     $ 30,433     $ 0     $ 30,433  
Station operating expense
     24,006       (1,589 )     22,417       20,470       0       20,470  
Corporate general and administrative
     1,927       —       1,927       1,844       —       1,844  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating income
   $ 8,329     $ (190 )   $ 8,139     $ 8,119     $ 0     $ 8,119  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
                                                 
            Adjustment                   Adjustment    
    As-Reported   For Acquisitions   Same Station   As-Reported   For Acquisitions   Same Station
    Three Months   and Dispositions   Three Months   Three Months   and Dispositions   Three Months
    Ended   Not Included in   Ended   Ended   Not Included in   Ended
    September 30,   Entire Comparable   September 30,   September 30,   Entire Comparable   September 30,
Radio Segment
   2004
   Period
   2004
   2003
   Period
   2003
Net operating revenue
   $ 30,616     $ (1,779 )   $ 28,837     $ 27,370     $ 0     $ 27,370  
Station operating expense
     20,781       (1,589 )     19,192       17,796       0       17,796  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating income
   $ 9,835     $ (190 )   $ 9,645     $ 9,574     $ 0     $ 9,574  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
                                                 
            Adjustment                   Adjustment    
    As-Reported   For Acquisitions   Same Station   As-Reported   For Acquisitions   Same Station
    Three Months   and Dispositions   Three Months   Three Months   and Dispositions   Three Months
    Ended   Not Included in   Ended   Ended   Not Included in   Ended
    September 30,   Entire Comparable   September 30,   September 30,   Entire Comparable   September 30,
Television Segment
   2004
   Period
   2004
   2003
   Period
   2003
Net operating revenue
   $ 3,646     $ 0     $ 3,646     $ 3,063     $ 0     $ 3,063  
Station operating expense
     3,225       0       3,225       2,674       0       2,674  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating income
   $ 421     $ 0     $ 421     $ 389     $ 0     $ 389  
 
    
 		      
 		      
 		      
 		      
 		      
 		  

 

 

Saga Communications, Inc.
Selected Financial Data Non-GAAP Disclosures
For the Nine Months Ended
September 30, 2004 and 2003
(Unaudited)

Reconciliation of As Reported (historical) information to Same Station Operating Income

                                                 
            Adjustment                   Adjustment    
    As-Reported   For Acquisitions   Same Station   As-Reported   For Acquisitions   Same Station
    Nine Months   and Dispositions   Nine Months   Nine Months   and Dispositions   Nine Months
    Ended   Not Included in   Ended   Ended   Not Included in   Ended
    September 30,   Entire Comparable   September 30,   September 30,   Entire Comparable   September 30,
Consolidated
   2004
   Period
   2004
   2003
   Period
   2003
Net operating revenue
   $ 98,562     $ (4,866 )   $ 93,696     $ 88,364     $ (40 )   $ 88,324  
Station operating expense
     69,924       (4,329 )     65,595       63,281       (93 )     63,188  
Corporate general and administrative
     5,938       —       5,938       5,084       —       5,084  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating income
   $ 22,700     $ (537 )   $ 22,163     $ 19,999     $ 53     $ 20,052  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
                                                 
            Adjustment                   Adjustment    
    As-Reported   For Acquisitions   Same Station   As-Reported   For Acquisitions   Same Station
    Nine Months   and Dispositions   Nine Months   Nine Months   and Dispositions   Nine Months
    Ended   Not Included in   Ended   Ended   Not Included in   Ended
    September 30,   Entire Comparable   September 30,   September 30,   Entire Comparable   September 30,
Radio Segment
   2004
   Period
   2004
   2003
   Period
   2003
Net operating revenue
   $ 87,997     $ (4,131 )   $ 83,866     $ 79,570     $ (40 )   $ 79,530  
Station operating expense
     60,399       (4,172 )     56,227       55,120       (93 )     55,027  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating income
   $ 27,598     $ 41     $ 27,639     $ 24,450     $ 53     $ 24,503  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
                                                 
            Adjustment                   Adjustment    
    As-Reported   For Acquisitions   Same Station   As-Reported   For Acquisitions   Same Station
    Nine Months   and Dispositions   Nine Months   Nine Months   and Dispositions   Nine Months
    Ended   Not Included in   Ended   Ended   Not Included in   Ended
    September 30,   Entire Comparable   September 30,   September 30,   Entire Comparable   September 30,
Television Segment
   2004
   Period
   2004
   2003
   Period
   2003
Net operating revenue
   $ 10,565     $ (735 )   $ 9,830     $ 8,794     $ 0     $ 8,794  
Station operating expense
     9,525       (157 )     9,368       8,161       0       8,161  
 
    
 		      
 		      
 		      
 		      
 		      
 		  
Operating income
   $ 1,040     $ (578 )   $ 462     $ 633     $ 0     $ 633