8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 28, 2006

SAGA COMMUNICATIONS, INC.

(Exact Name of Registrant as Specified in its Charter)

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)

Registrant’s telephone number, including area code: (313) 886-7070

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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))

TABLE OF CONTENTS

	Item 2.02.     Results of Operations and Financial Condition.
	Item 9.01.     Financial Statements and Exhibits.
SIGNATURES
INDEX OF EXHIBITS
Ex-99.1 Press Release dated February 28, 2006

Item 2.02.     Results of Operations and Financial Condition.

     On February 28, 2006, Saga Communications, Inc. issued a press release announcing its financial results for the three months and year ended December 31, 2005. The press release, dated February 28, 2006, is attached as Exhibit 99.1 to this Form 8-K.

Item 9.01.     Financial Statements and Exhibits.

     (c)     Exhibits.

               99.1     Press Release dated February 28, 2006.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SAGA COMMUNICATIONS, INC.
Dated: February 28, 2006	By:	/s/ Samuel D. Bush
		Samuel D. Bush
		Senior Vice President, Chief Financial Officer and Treasurer

INDEX OF EXHIBITS

Exhibit No.	Description
99.1	Press Release dated February 28, 2006.

EX-99.1

Exhibit 99.1

Saga Communications, Inc.
Reports 4^th Quarter and Year End 2005 Results

Contact:
Samuel D. Bush
313/886-7070

Grosse Pointe Farms, MI — February 28, 2006 — Saga Communications, Inc. (NYSE-SGA) today reported net operating revenue for the twelve month period increased 4.6% over the comparable period in 2004 to $140.8 million, operating income decreased 13.9% to $27.0 million and station operating expense increased 10.0% to $104.4 million (station operating expense includes depreciation and amortization attributable to the stations). Net income decreased 33.3% to $10.6 million ($.51 per fully diluted share) for the year ended December 31, 2005 compared to $15.8 million ($.75 per fully diluted share) for 2004. Free cash flow increased 2.7% to $16.6 million for the year. On a same station basis for the year, net operating revenue decreased 0.9% to $129.7 million, operating income decreased 16.9% to $25.3 million and station operating expense increased 3.2% to $95.1 million.

For the quarter ended December 31, 2005, net operating revenue decreased 1.8% over the comparable period in 2004 to $35.5 million, operating income decreased 40.0% to $5.2 million and station operating expense increased 7.8% to $26.9 million (station operating expense includes depreciation and amortization attributable to the stations). Net income decreased 54.3% to $1.9 million ($.09 per fully diluted share) for the quarter ended December 31, 2005 compared to $4.1 million ($.20 per fully diluted share) for 2004. Free cash flow increased 29.4% to $5.2 million for the quarter. On a same station basis for the quarter, net operating revenue decreased 7.2% to $33.5 million, operating income decreased 42.1% to $5.0 million and station operating expense increased 0.7% to $25.2 million.

The Company recorded $3.9 million and $2.2 million in gross political revenue for the twelve and three month periods ended December 31, 2004 compared to $561 thousand and $326 thousand for the comparable periods in 2005. On a same station basis, excluding political, net revenue increased 1.1% for the year and decreased 2.8% for the quarter due to a $1.3 million decrease in automotive and wireless advertising.

The decrease in net income for the twelve month period reflects a $1.2 million impairment charge related to the goodwill and FCC license values recorded a charge of $2.7 million in losses on the disposal of assets including the disposal of a television tower, and the sale of land in Columbus, and a $3.1 million increase in interest expense. For the quarter ended December 31, 2005 the impairment charge is the same as the full year and the losses incurred on the disposal of assets was $1.2 million and the increase in interest expense was $0.8 million. The sale of the Columbus land resulted in a $0.7 million tax benefit in the 4^th quarter as the gain for tax purposes was offset against a capital loss carry forward that was expiring as of the end of the year.

Capital expenditures in the fourth quarter of 2005 were approximately $1.4 million with approximately $0.1 million being spent as a result of acquisitions. For the 2005 fiscal year total capital expenditures were approximately $10.4 million with approximately $2.2 million being spent as a result of acquisitions.

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 2005 and 2004 acquisitions and dispositions occurred as of January 1, 2004.

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 same station financial information 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 26 markets, including 57 FM and 30 AM radio stations, 3 state radio networks, 2 farm radio networks, 5 television stations and 4 low-power television stations. As previously disclosed, Saga has entered into an agreement to acquire an FM station serving the Asheville, NC radio market. The closing of this transaction is subject to receiving FCC approval. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacommunications.com.

Saga’s fourth quarter and year end 2005 results conference call will be on Tuesday, February 28 at 2:00PM. The dial in number for domestic calls is 877/209-0397. For international callers the number is 612/332-1213. The call can be replayed for 7 days by calling domestically 800/475-6701 or internationally 320/365-3844 and referring to access code 818378. 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 Twelve Month Periods
Ended December 31, 2005 and 2004
(amounts in 000’s except per share data)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2005			2004			2005			2004
Operating Results
Net Operating Revenue	$	35,445		$	36,082		$	140,790		$	134,644
Station operating expense		26,947			24,990			104,411			94,914
Corporate general and administrative		2,114			2,405			8,174			8,343
Impairment of intangible assets		1,168			—			1,168			—
Operating income		5,216			8,687			27,037			31,387
Interest expense		2,075			1,306			7,586			4,522
Other (income) expense, net		1,165			(251	)		2,668			32
Income before income tax		1,976			7,632			16,783			26,833
Income tax expense		87			3,500			6,217			10,991
Net income	$	1,889		$	4,132		$	10,566		$	15,842
Earnings per share
Basic	$	0.09		$	0.20		$	0.52		$	0.76
Diluted	$	0.09		$	0.20		$	0.51		$	0.75
Weighted average common shares		20,459			20,635			20,482			20,752
Weighted average common shares and common shares equivalents		20,546			20,983			20,675			21,167
Free Cash Flow
Net Income	$	1,889		$	4,132		$	10,566		$	15,842
Plus: Depreciation and amortization:
Station		2,350			1,878			8,841			7,054
Corporate		50			50			199			198
Deferred tax provision		(45	)		1,063			3,590			4,137
Impairment of intangible assets		1,168			—			1,168			—
Other (income) expense, net		1,165			(251	)		2,668			32
Less: Capital expenditures		(1,372	)		(2,849	)		(10,426	)		(11,098	)
Free cash flow	$	5,205		$	4,023		$	16,606		$	16,165
Balance Sheet Data
Working capital							$	22,618		$	21,778
Net fixed assets								69,669			66,364
Net intangible assets and other assets								205,434			176,166
Total assets								318,865			280,154
Long term debt (including current portion of $7,000 and $0, respectively)								148,911			121,161
Stockholders’ equity								125,824			117,225

Saga Communications, Inc.
Selected Supplemental Financial Data
For the Three Months Ended
December 31, 2005 and 2004
(amounts in 000’s except per share data)
(Unaudited)

	As-Reported					Same Station				Pro Forma (1)
Consolidated	Three Months Ended					Three Months Ended				Three Months Ended
	December 31,					December 31,				December 31,
	2005		2004			2005		2004		2005		2004
Net operating revenue	$	35,445	$	36,082		$	33,483	$	36,082	$	35,445	$	38,045
Station operating expense		26,947		24,990			25,167		24,990		26,947		26,526
Corporate general and administrative		2,114		2,405			2,114		2,405		2,114		2,405
Impairment of intangible assets		1,168		—			1,168		—		1,168		—
Operating income		5,216		8,687		$	5,034	$	8,687		5,216		9,114
Interest expense		2,075		1,306							2,075		1,639
Other (income) expense, net		1,165		(251	)						1,165		(259	)
Income tax expense		87		3,500							87		3,539
Net income	$	1,889	$	4,132						$	1,889	$	4,195
Earnings per share:
Basic	$	0.09	$	0.20						$	0.09	$	0.20
Diluted	$	0.09	$	0.20						$	0.09	$	0.20

	As-Reported				Same Station				Pro Forma (1)
Radio Segment	Three Months Ended				Three Months Ended				Three Months Ended
	December 31,				December 31,				December 31,
	2005		2004		2005		2004		2005		2004
Net operating revenue	$	31,357	$	32,194	$	29,395	$	32,194	$	31,357	$	34,157
Station operating expense		23,514		21,654		21,734		21,654		23,514		23,190
Impairment of intangible assets		890		—		890		—		890		—
Operating income	$	6,953	$	10,540	$	6,771	$	10,540	$	6,953	$	10,967

	As-Reported				Same Station				Pro Forma (1)
Television Segment	Three Months Ended				Three Months Ended				Three Months Ended
	December 31,				December 31,				December 31,
	2005		2004		2005		2004		2005		2004
Net operating revenue	$	4,088	$	3,888	$	4,088	$	3,888	$	4,088	$	3,888
Station operating expense		3,433		3,336		3,433		3,336		3,433		3,336
Impairment of intangible assets		278		—		278		—		278		—
Operating income	$	377	$	552	$	377	$	552	$	377	$	552

	As-Reported				Same Station				Pro Forma (1)
	Three Months Ended				Three Months Ended				Three Months Ended
Depreciation and amortization	December 31,				December 31,				December 31,
by segment	2005		2004		2005		2004		2005		2004
Radio Segment	$	1,894	$	1,424	$	1,468	$	1,424	$	1,894	$	1,837
Television Segment		456		454		456		454		456		454
Corporate and Other		50		50		50		50		50		50
	$	2,400	$	1,928	$	1,974	$	1,928	$	2,400	$	2,341

(1) Pro Forma results assume all acquisitions and dispositions in 2004 and 2005 occurred as of January 1, 2004.

Saga Communications, Inc.
Selected Supplemental Financial Data
For the Twelve Months Ended
December 31, 2005 and 2004
(amounts in 000’s except per share data)
(Unaudited)

	As-Reported				Same Station				Pro Forma (1)
Consolidated	Twelve Months Ended				Twelve Months Ended				Twelve Months Ended
	December 31,				December 31,				December 31,
	2005		2004		2005		2004		2005		2004
Net operating revenue	$	140,790	$	134,644	$	129,696	$	130,880	$	141,803	$	142,743
Station operating expense		104,411		94,914		95,076		92,127		105,368		101,741
Corporate general and administrative		8,174		8,343		8,174		8,343		8,174		8,343
Impairment of intangible assets		1,168		—		1,168		—		1,168		—
Operating income		27,037		31,387	$	25,278	$	30,410		27,093		32,659
Interest expense		7,586		4,522						7,806		5,854
Other expense, net		2,668		32						2,653		(1	)
Income tax expense		6,217		10,991						6,160		10,988
Net income	$	10,566	$	15,842					$	10,474	$	15,818
Earnings per share:
Basic	$	0.52	$	0.76					$	0.51	$	0.75
Diluted	$	0.51	$	0.75					$	0.50	$	0.74

	As-Reported				Same Station				Pro Forma (1)
Radio Segment	Twelve Months Ended				Twelve Months Ended				Twelve Months Ended
	December 31,				December 31,				December 31,
	2005		2004		2005		2004		2005		2004
Net operating revenue	$	125,597	$	120,191	$	114,503	$	116,427	$	126,610	$	128,290
Station operating expense		90,967		82,053		81,632		79,266		91,924		88,880
Impairment of intangible assets		890		—		890		—		890		—
Operating income	$	33,740	$	38,138	$	31,981	$	37,161	$	33,796	$	39,410

	As-Reported				Same Station				Pro Forma (1)
Television Segment	Twelve Months Ended				Twelve Months Ended				Twelve Months Ended
	December 31,				December 31,				December 31,
	2005		2004		2005		2004		2005		2004
Net operating revenue	$	15,193	$	14,453	$	15,193	$	14,453	$	15,193	$	14,453
Station operating expense		13,444		12,861		13,444		12,861		13,444		12,861
Impairment of intangible assets		278		—		278		—		278		—
Operating income	$	1,471	$	1,592	$	1,471	$	1,592	$	1,471	$	1,592

	As-Reported				Same Station				Pro Forma (1)
	Twelve Months Ended				Twelve Months Ended				Twelve Months Ended
Depreciation and amortization	December 31,				December 31,				December 31,
by segment	2005		2004		2005		2004		2005		2004
Radio Segment	$	7,075	$	5,337	$	5,448	$	5,142	$	7,305	$	7,152
Television Segment		1,766		1,717		1,766		1,717		1,766		1,717
Corporate and Other		199		198		199		198		199		198
	$	9,040	$	7,252	$	7,413	$	7,057	$	9,270	$	9,067

(1) Pro Forma results assume all acquisitions and dispositions in 2004 and 2005 occurred as of January 1, 2004.

Saga Communications, Inc.
Selected Supplemental Financial Data
Quarterly Proforma Information
As of December 31, 2005
(amounts in 000’s except per share data)
(Unaudited)

	Pro Forma (1)					Pro Forma (1)				Pro Forma (1)					Pro Forma (1)
Consolidated	Three Months Ended					Three Months Ended				Three Months Ended					Three Months Ended
	March 31,					June 30,				September 30,					December 31,
	2005		2004			2005		2004		2005			2004		2005		2004
Net operating revenue	$	32,397	$	31,605		$	38,000	$	37,022	$	35,961		$	36,071	$	35,445	$	38,045
Station operating expense		25,281		24,308			27,030		25,401		26,110			25,506		26,947		26,526
Corporate general and administrative		1,778		1,732			2,348		2,279		1,934			1,927		2,114		2,405
Impairment of intangible assets		—		—			—		—		—			—		1,168		—
Operating income		5,338		5,565			8,622		9,342		7,917			8,638		5,216		9,114
Interest expense		1,755		1,428			1,894		1,418		2,082			1,369		2,075		1,639
Other (income) expense, net		57		(1	)		1,466		57		(35	)		202		1,165		(259	)
Income tax expense		1,447		1,623			2,196		3,067		2,430			2,759		87		3,539
Net income	$	2,079	$	2,515		$	3,066	$	4,800	$	3,440		$	4,308	$	1,889	$	4,195
Earnings per share:
Basic	$	0.10	$	0.12		$	0.15	$	0.23	$	0.17		$	0.20	$	0.09	$	0.20
Diluted	$	0.10	$	0.12		$	0.15	$	0.22	$	0.17		$	0.20	$	0.09	$	0.20

	Pro Forma (1)				Pro Forma (1)				Pro Forma (1)				Pro Forma (1)
Radio Segment	Three Months Ended				Three Months Ended				Three Months Ended				Three Months Ended
	March 31,				June 30,				September 30,				December 31,
	2005		2004		2005		2004		2005		2004		2005		2004
Net operating revenue	$	28,939	$	28,451	$	34,051	$	33,257	$	32,263	$	32,425	$	31,357	$	34,157
Station operating expense		21,992		21,272		23,690		22,137		22,728		22,281		23,514		23,190
Impairment of intangible assets		—		—		—		—		—		—		890		—
Operating income	$	6,947	$	7,179	$	10,361	$	11,120	$	9,535	$	10,144	$	6,953	$	10,967

	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	2005		2004		2005		2004		2005		2004		2005		2004
Net operating revenue	$	3,458	$	3,154	$	3,949	$	3,765	$	3,698	$	3,646	$	4,088	$	3,888
Station operating expense		3,289		3,036		3,340		3,264		3,382		3,225		3,433		3,336
Impairment of intangible assets		—		—		—		—		—		—		278		—
Operating income	$	169	$	118	$	609	$	501	$	316	$	421	$	377	$	552

	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	2005		2004		2005		2004		2005		2004		2005		2004
Radio Segment	$	1,791	$	1,749	$	1,808	$	1,781	$	1,812	$	1,785	$	1,894	$	1,837
Television Segment		442		415		422		426		446		422		456		454
Corporate and Other		50		49		49		50		50		49		50		50
	$	2,283	$	2,213	$	2,279	$	2,257	$	2,308	$	2,256	$	2,400	$	2,341

(1) Pro Forma results assume all acquisitions and dispositions in 2004 and 2005 occurred as of January 1, 2004.

Saga Communications, Inc.
Selected Financial Data Non-GAAP Disclosures
For the Three Months Ended
December 31, 2005 and 2004
(amounts in 000’s except per share data)
(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
Consolidated	Ended		Not Included in			Ended		Ended		Not Included in		Ended
	December 31,		Entire Comparable			December 31,		December 31,		Entire Comparable		December 31,
	2005		Period			2005		2004		Period		2004
Net operating revenue	$	35,445		($1,962	)	$	33,483	$	36,082		—	$	36,082
Station operating expense		26,947		(1,780	)		25,167		24,990		—		24,990
Corporate general and administrative		2,114		—			2,114		2,405		—		2,405
Impairment of intangible assets		1,168		—			1,168		—		—		—
Operating income	$	5,216		($182	)	$	5,034	$	8,687		—	$	8,687

			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
Radio Segment	Ended		Not Included in			Ended		Ended		Not Included in		Ended
	December 31,		Entire Comparable			December 31,		December 31,		Entire Comparable		December 31,
	2005		Period			2005		2004		Period		2004
Net operating revenue	$	31,357		($1,962	)	$	29,395	$	32,194		—	$	32,194
Station operating expense		23,514		(1,780	)		21,734		21,654		—		21,654
Impairment of intangible assets		890		—			890		—		—		—
Operating income	$	6,953		($182	)	$	6,771	$	10,540		—	$	10,540

			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
Television Segment	Ended		Not Included in		Ended		Ended		Not Included in		Ended
	December 31,		Entire Comparable		December 31,		December 31,		Entire Comparable		December 31,
	2005		Period		2005		2004		Period		2004
Net operating revenue	$	4,088		—	$	4,088	$	3,888		—	$	3,888
Station operating expense	$	3,433		—	$	3,433	$	3,336		—	$	3,336
Impairment of intangible assets	$	278		—	$	278		—		—		—
Operating income	$	377		—	$	377	$	552		—	$	552

Saga Communications, Inc.
Selected Financial Data Non-GAAP Disclosures
For the Twelve Months Ended
December 31, 2005 and 2004
(amounts in 000’s except per share data)
(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
	Twelve Months		and Dispositions			Twelve Months		Twelve Months		and Dispositions			Twelve Months
Consolidated	Ended		Not Included in			Ended		Ended		Not Included in			Ended
	December 31,		Entire Comparable			December 31,		December 31,		Entire Comparable			December 31,
	2005		Period			2005		2004		Period			2004
Net operating revenue	$	140,790		($11,094	)	$	129,696	$	134,644		($3,764	)	$	130,880
Station operating expense		104,411		(9,335	)		95,076		94,914		(2,787	)		92,127
Corporate general and administrative		8,174		—			8,174		8,343		—			8,343
Impairment of intangible assets		1,168		—			1,168		—		—			—
Operating income	$	27,037		($1,759	)	$	25,278	$	31,387		($977	)	$	30,410

			Adjustment							Adjustment
	As-Reported		For Acquisitions			Same Station		As-Reported		For Acquisitions			Same Station
	Twelve Months		and Dispositions			Twelve Months		Twelve Months		and Dispositions			Twelve Months
Radio Segment	Ended		Not Included in			Ended		Ended		Not Included in			Ended
	December 31,		Entire Comparable			December 31,		December 31,		Entire Comparable			December 31,
	2005		Period			2005		2004		Period			2004
Net operating revenue	$	125,597		($11,094	)	$	114,503	$	120,191		($3,764	)	$	116,427
Station operating expense		90,967		(9,335	)		81,632		82,053		(2,787	)		79,266
Impairment of intangible assets		890		—			890		—		—			—
Operating income	$	33,740		($1,759	)	$	31,981	$	38,138		($977	)	$	37,161

			Adjustment						Adjustment
	As-Reported		For Acquisitions		Same Station		As-Reported		For Acquisitions		Same Station
	Twelve Months		and Dispositions		Twelve Months		Twelve Months		and Dispositions		Twelve Months
Television Segment	Ended		Not Included in		Ended		Ended		Not Included in		Ended
	December 31,		Entire Comparable		December 31,		December 31,		Entire Comparable		December 31,
	2005		Period		2005		2004		Period		2004
Net operating revenue	$	15,193		—	$	15,193	$	14,453		—	$	14,453
Station operating expense		13,444		—		13,444		12,861		—		12,861
Impairment of intangible assets		278		—		278		—		—		—
Operating income	$	1,471		—	$	1,471	$	1,592		—	$	1,592