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 27, 2007

SAGA COMMUNICATIONS, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	1-11588	38-3042953
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)

73 Kercheval Avenue
Grosse Pointe Farms, MI	48236
(Address of Principal Executive Offices)	(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

EX-99.1 Press Release dated February 27, 2007

Item 2.02. Results of Operations and Financial Condition.

     On February 27, 2007, Saga Communications, Inc. issued a press release announcing its financial results for the three months and year ended December 31, 2006. The press release, dated February 27, 2007, 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 27, 2007.

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 27, 2007	By:	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 27, 2007.

EX-99.1

Exhibit 99.1

Saga Communications, Inc.
Reports 4^th Quarter and Year End 2006 Results

Contact:
Samuel D. Bush
313/886-7070

Grosse Pointe Farms, MI — February 27, 2007 — Saga Communications, Inc. (NYSE-SGA) today reported net operating revenue for the quarter ended December 31, 2006 increased 7.8% over the comparable period in 2005 to $38.2 million, operating income increased 68.8% to $8.8 million and station operating expense increased 2.3% to $27.6 million (station operating expense includes depreciation and amortization attributable to the stations). Net income increased 94.3% to $3.7 million ($.18 per fully diluted share) for the quarter ended December 31, 2006 compared to $1.9 million ($.09 per fully diluted share) for 2005. Free cash flow decreased 9.9% to $4.8 million for the quarter. On a same station basis for the quarter, net operating revenue increased 7.6% to $38.2 million, operating income increased 70.0% to $8.9 million and station operating expense increased 1.9% to $27.5 million.

For the year ended December 31, 2006 net operating revenue increased 1.5% over the comparable period in 2005 to $143.0 million, operating income increased 10.9% to $30.0 million and station operating expense was approximately even with 2005 at $104.4 million (station operating expense includes depreciation and amortization attributable to the stations). Net income increased 17.8% to $12.5 million ($.61 per fully diluted share) for the year ended December 31, 2006 compared to $10.6 million ($.51 per fully diluted share) for the same period in 2005. Free cash flow decreased 4.7% to $16.1 million for the year. On a same station basis for the year, net operating revenue increased 0.8% to $140.1 million, operating income increased 10.8% to $29.7 million and station operating expense decreased 1.0% to $101.9 million.

The increase in net income for the twelve month period ended December 31, 2006 is partially due to charges recognized for the same period ended December 31, 2005, including a $1.2 million impairment charge related to goodwill and FCC license values. Additionally, in 2005 the Company reported $2.7 million in other losses relating to disposal of assets including the disposal of a television tower in Victoria, TX, and the sale of land in Columbus, OH from which the Company received $1.5 million in cash

proceeds and a $700 thousand tax benefit. In 2006 the Company realized $500 thousand in other income primarily due to income received from altering one of our FM licenses in Keene, NH.

Capital expenditures in the fourth quarter of 2006 were $3.7 million with $1.8 million being spent as a result of acquisitions. For the 2006 fiscal year total capital expenditures were approximately $10.5 million with approximately $3.3 million being spent as a result of acquisitions. Additionally, capital expenditures for the year include $740 thousand relative to rebuilding a tower and transmitter building in Springfield, IL that were destroyed by a tornado. The Company received $370 thousand in funds from insurance reimbursement related to this incident.

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 2006 and 2005 acquisitions and dispositions occurred as of January 1, 2005.

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 59 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, the Company has entered into agreements to acquire an FM station serving the Asheville, NC radio market and an AM station and a FM station serving the Courtland, NY 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 2006 results conference call will be on Tuesday, February 27 at 10:00AM. The dial in number for domestic calls is 888/428-4480. 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 862376. 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, 2006 and 2005
(amounts in 000’s except per share data)

	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2006			2005			2006			2005
Operating Results
Net Operating Revenue	$	38,219		$	35,445		$	142,946		$	140,790
Station operating expense		27,563			26,947			104,396			104,411
Corporate general and administrative		2,165			2,114			8,870			8,174
Other operating income		(312	)		—			(312	)		—
Impairment of intangible assets		—			1,168			—			1,168
Operating income		8,803			5,216			29,992			27,037
Interest expense		2,372			2,075			9,379			7,586
Other (income) expense, net		145			1,165			(500	)		2,668
Income before income tax		6,286			1,976			21,113			16,783
Income tax expense		2,615			87			8,665			6,217
Net income	$	3,671		$	1,889		$	12,448		$	10,566
Earnings per share
Basic	$	0.18		$	0.09		$	0.61		$	0.52
Diluted	$	0.18		$	0.09		$	0.61		$	0.51
Weighted average common shares		20,227			20,459			20,442			20,482
Weighted average common shares and common shares equivalents		20,241			20,546			20,458			20,675
Free Cash Flow
Net Income	$	3,671		$	1,889		$	12,448		$	10,566
Plus: Depreciation and amortization:
Station		2,177			2,350			7,961			8,841
Corporate		50			50			194			199
Deferred tax provision		2,073			(45	)		5,183			3,590
Non-cash compensation		326			92			1,310			286
Impairment of intangible assets		—			1,168			—			1,168
Other (income) expense, net		145			1,165			(500	)		2,668
Less: Capital expenditures		(3,668	)		(1,372	)		(10,504	)		(10,426	)
Free cash flow	$	4,774		$	5,297		$	16,092		$	16,892
Balance Sheet Data
Working capital							$	21,617		$	22,618
Net fixed assets								73,658			69,669
Net intangible assets and other assets								210,044			205,434
Total assets								322,641			318,865
Long term debt (including current portion of $0 and $7,000, respectively)								133,911			148,911
Stockholders’ equity								136,236			125,824

Saga Communications, Inc.
Selected Supplemental Financial Data
For the Three Months Ended
December 31, 2006 and 2005
(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
Consolidated	December 31,					December 31,					December 31,
	2006			2005		2006			2005		2006			2005
Net operating revenue	$	38,219		$	35,445	$	38,154		$	35,445	$	38,219		$	35,445
Station operating expense		27,563			26,947		27,446			26,947		27,563			26,947
Corporate general and administrative		2,165			2,114		2,165			2,114		2,165			2,114
Other operating income		(312	)		—		(312	)		—		(312	)		—
Impairment of intangible assets		—			1,168		—			1,168					1,168
Operating income		8,803			5,216	$	8,855		$	5,216		8,803			5,216
Interest expense		2,372			2,075							2,372			2,075
Other (income) expense, net		145			1,165							145			1,165
Income tax expense		2,615			87							2,615			87
Net income	$	3,671		$	1,889						$	3,671		$	1,889
Earnings per share:
Basic	$	0.18		$	0.09						$	0.18		$	0.09
Diluted	$	0.18		$	0.09						$	0.18		$	0.09

	As-Reported					Same Station					Pro Forma (1)
	Three Months Ended					Three Months Ended					Three Months Ended
Radio Segment	December 31,					December 31,					December 31,
	2006			2005		2006			2005		2006			2005
Net operating revenue	$	33,174		$	31,357	$	33,109		$	31,357	$	33,174		$	31,357
Station operating expense		23,952			23,514		23,835			23,514		23,952			23,514
Other operating income		(312	)		—		(312	)		—		(312	)		—
Impairment of intangible assets		—			890		—			890		—			890
Operating income	$	9,534		$	6,953	$	9,586		$	6,953	$	9,534		$	6,953

	As-Reported				Same Station				Pro Forma (1)
	Three Months Ended				Three Months Ended				Three Months Ended
Television Segment	December 31,				December 31,				December 31,
	2006		2005		2006		2005		2006		2005
Net operating revenue	$	5,045	$	4,088	$	5,045	$	4,088	$	5,045	$	4,088
Station operating expense		3,611		3,433		3,611		3,433		3,611		3,433
Impairment of intangible assets		—		278		—		278		—		278
Operating income	$	1,434	$	377	$	1,434	$	377	$	1,434	$	377

	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	2006		2005		2006		2005		2006		2005
Radio Segment	$	1,719	$	1,894	$	1,711	$	1,894	$	1,719	$	1,894
Television Segment		458		456		458		456		458		456
Corporate and Other		50		50		50		50		50		50
	$	2,227	$	2,400	$	2,219	$	2,400	$	2,227	$	2,400

(1) Pro Forma results assume all acquisitions and dispositions in 2005 and 2006 occurred as of January 1, 2005.

Saga Communications, Inc.
Selected Supplemental Financial Data
For the Twelve Months Ended
December 31, 2006 and 2005
(amounts in 000’s except per share data)
(Unaudited)

	As-Reported					Same Station					Pro Forma (1)
	Twelve Months Ended					Twelve Months Ended					Twelve Months Ended
Consolidated	December 31,					December 31,					December 31,
	2006			2005		2006			2005		2006			2005
Net operating revenue	$	142,946		$	140,790	$	140,128		$	139,022	$	142,946		$	141,803
Station operating expense		104,396			104,411		101,902			102,898		104,396			105,368
Corporate general and administrative		8,870			8,174		8,870			8,174		8,870			8,174
Other operating income		(312	)		—		(312	)		—		(312	)		—
Impairment of intangible assets		—			1,168		—			1,168		—			1,168
Operating income		29,992			27,037	$	29,668		$	26,782		29,992			27,093
Interest expense		9,379			7,586							9,379			7,806
Other (income) expense, net		(500	)		2,668							(500	)		2,653
Income tax expense		8,665			6,217							8,665			6,160
Net income	$	12,448		$	10,566						$	12,448		$	10,474
Earnings per share:
Basic	$	0.61		$	0.52						$	0.61		$	0.51
Diluted	$	0.61		$	0.51						$	0.61		$	0.50

	As-Reported					Same Station					Pro Forma (1)
	Twelve Months Ended					Twelve Months Ended					Twelve Months Ended
Radio Segment	December 31,					December 31,					December 31,
	2006			2005		2006			2005		2006			2005
Net operating revenue	$	125,274		$	125,597	$	122,456		$	123,829	$	125,274		$	126,610
Station operating expense		90,627			90,967		88,133			89,454		90,627			91,924
Other operating income		(312	)		—		(312	)		—		(312	)		—
Impairment of intangible assets		—			890		—			890		—			890
Operating income	$	34,959		$	33,740	$	34,635		$	33,485	$	34,959		$	33,796

	As-Reported				Same Station				Pro Forma (1)
	Twelve Months Ended				Twelve Months Ended				Twelve Months Ended
Television Segment	December 31,				December 31,				December 31,
	2006		2005		2006		2005		2006		2005
Net operating revenue	$	17,672	$	15,193	$	17,672	$	15,193	$	17,672	$	15,193
Station operating expense		13,769		13,444		13,769		13,444		13,769		13,444
Impairment of intangible assets		—		278		—		278		—		278
Operating income	$	3,903	$	1,471	$	3,903	$	1,471	$	3,903	$	1,471

	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	2006		2005		2006		2005		2006		2005
Radio Segment	$	6,288	$	7,075	$	5,934	$	6,748	$	6,288	$	7,305
Television Segment		1,673		1,766		1,673		1,766		1,673		1,766
Corporate and Other		194		199		194		199		194		199
	$	8,155	$	9,040	$	7,801	$	8,713	$	8,155	$	9,270

(1) Pro Forma results assume all acquisitions and dispositions in 2005 and 2006 occurred as of January 1, 2005.

Saga Communications, Inc.
Selected Supplemental Financial Data
Quarterly Proforma Information
As of December 31, 2006
(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
Consolidated	March 31,					June 30,					September 30,						December 31,
	2006			2005		2006			2005		2006			2005			2006			2005
Net operating revenue	$	31,191		$	32,397	$	37,745		$	38,000	$	35,791		$	35,961		$	38,219		$	35,445
Station operating expense		24,703			25,281		26,369			27,030		25,761			26,110			27,563			26,947
Corporate general and administrative		1,981			1,778		2,499			2,348		2,225			1,934			2,165			2,114
Other operating income		—			—		—			—		—			—			(312	)		—
Impairment of intangible assets		—			—		—			—		—			—			—			1,168
Operating income		4,507			5,338		8,877			8,622		7,805			7,917			8,803			5,216
Interest expense		2,277			1,755		2,355			1,894		2,375			2,082			2,372			2,075
Other (income) expense, net		(355	)		57		(215	)		1,466		(75	)		(35	)		145			1,165
Income tax expense		1,060			1,447		2,749			2,196		2,241			2,430			2,615			87
Net income	$	1,525		$	2,079	$	3,988		$	3,066	$	3,264		$	3,440		$	3,671		$	1,889
Earnings per share:
Basic	$	0.07		$	0.10	$	0.19		$	0.15	$	0.16		$	0.17		$	0.18		$	0.09
Diluted	$	0.07		$	0.10	$	0.19		$	0.15	$	0.16		$	0.17		$	0.18		$	0.09

	Pro Forma (1)				Pro Forma (1)				Pro Forma (1)				Pro Forma (1)
	Three Months Ended				Three Months Ended				Three Months Ended				Three Months Ended
Radio Segment	March 31,				June 30,				September 30,				December 31,
	2006		2005		2006		2005		2006		2005		2006			2005
Net operating revenue	$	27,280	$	28,939	$	33,418	$	34,051	$	31,402	$	32,263	$	33,174		$	31,357
Station operating expense		21,415		21,992		22,960		23,690		22,300		22,728		23,952			23,514
Other operating income		—		—		—		—		—		—		(312	)		—
Impairment of intangible assets		—		—		—		—		—		—		—			890
Operating income	$	5,865	$	6,947	$	10,458	$	10,361	$	9,102	$	9,535	$	9,534		$	6,953

	Pro Forma (1)				Pro Forma (1)				Pro Forma (1)				Pro Forma (1)
	Three Months Ended				Three Months Ended				Three Months Ended				Three Months Ended
Television Segment	March 31,				June 30,				September 30,				December 31,
	2006		2005		2006		2005		2006		2005		2006		2005
Net operating revenue	$	3,911	$	3,458	$	4,327	$	3,949	$	4,389	$	3,698	$	5,045	$	4,088
Station operating expense		3,288		3,289		3,409		3,340		3,461		3,382		3,611		3,433
Impairment of intangible assets		—		—		—		—		—		—		—		278
Operating income	$	623	$	169	$	918	$	609	$	928	$	316	$	1,434	$	377

	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	2006		2005		2006		2005		2006		2005		2006		2005
Radio Segment	$	1,539	$	1,791	$	1,536	$	1,808	$	1,494	$	1,812	$	1,719	$	1,894
Television Segment		392		442		414		422		409		446		458		456
Corporate and Other		48		50		48		49		48		50		50		50
	$	1,979	$	2,283	$	1,998	$	2,279	$	1,951	$	2,308	$	2,227	$	2,400

(1) Pro Forma results assume all acquisitions and dispositions in 2005 and 2006 occurred as of January 1, 2005.

Saga Communications, Inc.
Selected Financial Data Non-GAAP Disclosures
For the Three Months Ended
December 31, 2006 and 2005
(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,
	2006			Period			2006			2005		Period		2005
Net operating revenue	$	38,219		$	(65	)	$	38,154		$	35,445		—	$	35,445
Station operating expense		27,563			(117	)		27,446			26,947		—		26,947
Corporate general and administrative		2,165			—			2,165			2,114		—		2,114
Other operating income		(312	)		—			(312	)		—		—		—
Impairment of intangible assets		0			—			—			1,168		—		1,168
Operating income	$	8,803		$	52		$	8,855		$	5,216	$	0	$	5,216

				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,
	2006			Period			2006			2005		Period		2005
Net operating revenue	$	33,174		$	(65	)	$	33,109		$	31,357		—	$	31,357
Station operating expense		23,952			(117	)		23,835			23,514		—		23,514
Other operating income		(312	)		—			(312	)		—		—		—
Impairment of intangible assets		—			—			—			890		—		890
Operating income	$	9,534		$	52		$	9,586		$	6,953	$	0	$	6,953

			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,
	2006		Period		2006		2005		Period		2005
Net operating revenue	$	5,045		—	$	5,045	$	4,088		—	$	4,088
Station operating expense		3,611		—		3,611		3,433		—		3,433
Impairment of intangible assets		—		—		—		278		—		278
Operating income	$	1,434		—	$	1,434	$	377		—	$	377

Saga Communications, Inc.
Selected Financial Data Non-GAAP Disclosures
For the Twelve Months Ended
December 31, 2006 and 2005
(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,
	2006			Period			2006			2005		Period			2005
Net operating revenue	$	142,946		$	(2,818	)	$	140,128		$	140,790	$	(1,768	)	$	139,022
Station operating expense		104,396			(2,494	)		101,902			104,411		(1,513	)		102,898
Corporate general and administrative		8,870			—			8,870			8,174		—			8,174
Other operating income		(312	)		—			(312	)		—		—			—
Impairment of intangible assets		—			—			—			1,168		—			1,168
Operating income	$	29,992		$	(324	)	$	29,668		$	27,037	$	(255	)	$	26,782

				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,
	2006			Period			2006			2005		Period			2005
Net operating revenue	$	125,274		$	(2,818	)	$	122,456		$	125,597	$	(1,768	)	$	123,829
Station operating expense		90,627			(2,494	)		88,133			90,967		(1,513	)		89,454
Other operating income		(312	)		—			(312	)		—		—			—
Impairment of intangible assets		—			—			—			890		—			890
Operating income	$	34,959		$	(324	)	$	34,635		$	33,740	$	(255	)	$	33,485

			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,
	2006		Period		2006		2005		Period		2005
Net operating revenue	$	17,672		—	$	17,672	$	15,193		—	$	15,193
Station operating expense		13,769		—		13,769		13,444		—		13,444
Impairment of intangible assets		—		—		—		278		—		278
Operating income	$	3,903		—	$	3,903	$	1,471		—	$	1,471