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): November 5, 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 November 5, 2007

Item 2.02. Results of Operations and Financial Condition.

     On November 5, 2007, Saga Communications, Inc. issued a press release announcing its financial results for the three and nine months ended September 30, 2007. The press release, dated November 5, 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 November 5, 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: November 5, 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 November 5, 2007.

EX-99.1

Exhibit 99.1

Saga Communications, Inc.
Reports 3rd Quarter 2007 Results

Contact:
Samuel D. Bush
313/886-7070

Grosse Pointe Farms, MI — November 5, 2007 — Saga Communications, Inc. (NYSE-SGA) today reported that 3^rd quarter 2007 net operating revenue increased 1.2% over the comparable period in 2006 to $36.2 million and operating income increased 2.1% to $8.0 million. Free Cash Flow increased $795 thousand to $5.5 million. Net income was approximately flat at $3.3 million ($.17 per fully diluted share) for the quarter ended September 30, 2007 compared to $3.3 million ($.16 per fully diluted share) for the comparable period in 2006. For the same period, station operating expense increased $214 thousand to $26.0 million (station operating expense includes depreciation and amortization attributable to the stations). On a same station basis for the quarter, net operating revenue was approximately flat at $35.9 million and operating income was approximately flat at $7.9 million.

For the nine month period ended September 30, 2007, net operating revenue increased 1.7% over the comparable period in 2006 to $106.5 million and operating income decreased $847 thousand to $20.3 million. Free Cash Flow increased $660 thousand to $12.0 million. Net income decreased $906 thousand to $7.9 million ($.39 per fully diluted share) compared to $8.8 million ($.43 per fully diluted share) for the comparable period in 2006. For the same period, station operating expense increased 2.8% to approximately $79.0 million (station operating expense includes depreciation and amortization attributable to the stations). On a same station basis for the nine months, net operating revenue increased 1.3% to $106.0 million, operating income decreased $971 thousand to $20.3 million and station operating expense increased 2.3% to $78.5 million.

Capital expenditures in the third quarter of 2007 were $1.6 million of which $357 thousand were as a result of acquisitions and $472 thousand were related to digital radio. For the nine months capital expenditures were $6.2 million of which $1.7 million were as a result of acquisitions and $992 thousand were related to digital radio. Currently we expect capital expenditures for the year to be approximately $10.5 million.

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 2007 and 2006 acquisitions and dispositions occurred as of January 1, 2006.

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 61 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. The closing of these transactions are subject to receiving FCC approvals. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacommunications.com.

Saga’s third quarter 2007 results conference call will be on Monday, November 5 at 11:00 AM EDT. The dial in number for domestic calls is 877/777-1972. For international callers the number is 612/332-0802. The call can be replayed for 7 days by calling domestically 800/475-6701 or internationally 320/365-3844 and referring to access code 890134. 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 Months Ended
September 30, 2007 and 2006
(amounts in 000’s except per share data)
(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Operating Results
Net operating revenue	$	36,218		$	35,791		$	106,522		$	104,727
Station operating expense		25,975			25,761			78,986			76,833
Corporate general and administrative		2,272			2,225			7,194			6,705
Operating income		7,971			7,805			20,342			21,189
Interest expense		2,283			2,375			6,861			7,007
Other expense (income), net		60			(75	)		142			(645	)
Income before income tax		5,628			5,505			13,339			14,827
Income tax expense		2,307			2,241			5,468			6,050
Net income	$	3,321		$	3,264		$	7,871		$	8,777
Earnings per share
Basic	$	0.17		$	0.16		$	0.39		$	0.43
Diluted	$	0.17		$	0.16		$	0.39		$	0.43
Weighted average common shares		20,112			20,488			20,082			20,515
Weighted average common shares and common shares equivalents		20,126			20,502			20,111			20,532
Free Cash Flow
Net income	$	3,321		$	3,264		$	7,871		$	8,777
Plus: Depreciation and amortization:
Station		2,013			1,903			5,847			5,784
Corporate		48			48			146			144
Deferred tax provision		1,334			1,339			3,161			3,110
Non-cash compensation		376			385			991			984
Other expense (income), net		60			(75	)		142			(645	)
Less: Capital expenditures		(1,617	)		(2,124	)		(6,180	)		(6,836	)
Free cash flow	$	5,535		$	4,740		$	11,978		$	11,318
Balance Sheet Data
Working capital							$	22,560		$	21,774
Net fixed assets								74,286			70,542
Net intangible assets and other assets								217,711			211,745
Total assets								330,935			320,148
Long term debt (including current portion of $0 and $0, respectively)								129,911			136,911
Stockholders’ equity								145,543			133,564

Saga Communications, Inc.
Selected Supplemental Financial Data
For the Three Months Ended
September 30, 2007 and 2006
(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,
	2007		2006			2007		2006		2007		2006
Consolidated
Net operating revenue	$	36,218	$	35,791		$	35,903	$	35,778	$	36,392	$	36,082
Station operating expense		25,975		25,761			25,766		25,658		26,226		25,960
Corporate general and administrative		2,272		2,225			2,272		2,225		2,272		2,225
Operating income		7,971		7,805		$	7,865	$	7,895		7,894		7,897
Interest expense		2,283		2,375							2,283		2,375
Other expense (income), net		60		(75	)						60		(75	)
Income tax expense		2,307		2,241							2,297		2,278
Net income	$	3,321	$	3,264						$	3,254	$	3,319
Earnings per share:
Basic	$	0.17	$	0.16						$	0.16	$	0.16
Diluted	$	0.17	$	0.16						$	0.16	$	0.16

	As-Reported				Same Station				Pro Forma (1)
	Three Months Ended				Three Months Ended				Three Months Ended
	September 30,				September 30,				September 30,
	2007		2006		2007		2006		2007		2006
Radio Segment
Net operating revenue	$	31,904	$	31,402	$	31,589	$	31,389	$	32,078	$	31,693
Station operating expense		22,492		22,300		22,283		22,197		22,743		22,499
Operating income	$	9,412	$	9,102	$	9,306	$	9,192	$	9,335	$	9,194

	As-Reported				Same Station				Pro Forma (1)
	Three Months Ended				Three Months Ended				Three Months Ended
	September 30,				September 30,				September 30,
	2007		2006		2007		2006		2007		2006
Television Segment
Net operating revenue	$	4,314	$	4,389	$	4,314	$	4,389	$	4,314	$	4,389
Station operating expense		3,483		3,461		3,483		3,461		3,483		3,461
Operating income	$	831	$	928	$	831	$	928	$	831	$	928

	As-Reported				Same Station				Pro Forma (1)
	Three Months Ended				Three Months Ended				Three Months Ended
	September 30,				September 30,				September 30,
	2007		2006		2007		2006		2007		2006
Depreciation and amortization by segment
Radio Segment	$	1,608	$	1,494	$	1,567	$	1,494	$	1,623	$	1,517
Television Segment		405		409		405		409		405		409
Corporate and Other		48		48		48		48		48		48
	$	2,061	$	1,951	$	2,020	$	1,951	$	2,076	$	1,974

(1) Pro Forma results assume all acquisitions and dispositions in 2006 and 2007 occurred as of January 1, 2006.

Saga Communications, Inc.
Selected Supplemental Financial Data
For the Nine Months Ended
September 30, 2007 and 2006
(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,
	2007		2006			2007		2006		2007		2006
Consolidated
Net operating revenue	$	106,522	$	104,727		$	106,018	$	104,714	$	107,121	$	105,540
Station operating expense		78,986		76,833			78,516		76,730		79,578		77,438
Corporate general and administrative		7,194		6,705			7,194		6,705		7,194		6,705
Operating income		20,342		21,189		$	20,308	$	21,279		20,349		21,397
Interest expense		6,861		7,007							6,861		7,007
Other expense (income), net		142		(645	)						142		(645	)
Income tax expense		5,468		6,050							5,492		6,135
Net income	$	7,871	$	8,777						$	7,854	$	8,900
Earnings per share:
Basic	$	0.39	$	0.43						$	0.39	$	0.43
Diluted	$	0.39	$	0.43						$	0.39	$	0.43

	As-Reported				Same Station				Pro Forma (1)
	Nine Months Ended				Nine Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,
	2007		2006		2007		2006		2007		2006
Radio Segment
Net operating revenue	$	93,640	$	92,100	$	93,136	$	92,087	$	94,239	$	92,913
Station operating expense		68,460		66,675		67,990		66,572		69,052		67,280
Operating income	$	25,180	$	25,425	$	25,146	$	25,515	$	25,187	$	25,633

	As-Reported				Same Station				Pro Forma (1)
	Nine Months Ended				Nine Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,
	2007		2006		2007		2006		2007		2006
Television Segment
Net operating revenue	$	12,882	$	12,627	$	12,882	$	12,627	$	12,882	$	12,627
Station operating expense		10,526		10,158		10,526		10,158		10,526		10,158
Operating income	$	2,356	$	2,469	$	2,356	$	2,469	$	2,356	$	2,469

	As-Reported				Same Station				Pro Forma (1)
	Nine Months Ended				Nine Months Ended				Nine Months Ended
	September 30,				September 30,				September 30,
	2007		2006		2007		2006		2007		2006
Depreciation and amortization by segment
Radio Segment	$	4,653	$	4,569	$	4,547	$	4,569	$	4,713	$	4,637
Television Segment		1,194		1,215		1,194		1,215		1,194		1,215
Corporate and Other		146		144		146		144		146		144
	$	5,993	$	5,928	$	5,887	$	5,928	$	6,053	$	5,996

(1) Pro Forma results assume all acquisitions and dispositions in 2006 and 2007 occurred as of January 1, 2006.

Saga Communications, Inc.

Selected Supplemental Financial Data

Quarterly Proforma Information

September 30, 2007 and 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
	March 31,					June 30,					September 30,					December 31,
	2007		2006			2007		2006			2007		2006			2006
Consolidated
Net operating revenue	$	32,085	$	31,435		$	38,644	$	38,023		$	36,392	$	36,082		$	38,474
Station operating expense		26,176		24,912			27,176		26,566			26,226		25,960			27,756
Corporate general and administrative		2,316		1,981			2,606		2,499			2,272		2,225			2,165
Other operating income		—		—			—		—			—		—			(312	)
Operating income		3,593		4,542			8,862		8,958			7,894		7,897			8,865
Interest expense		2,297		2,277			2,281		2,355			2,283		2,375			2,372
Other expense (income), net		35		(355	)		47		(215	)		60		(75	)		145
Income tax expense		509		1,074			2,686		2,783			2,297		2,278			2,641
Net income	$	752	$	1,546		$	3,848	$	4,035		$	3,254	$	3,319		$	3,707
Earnings per share:
Basic	$	0.04	$	0.08		$	0.19	$	0.20		$	0.16	$	0.16		$	0.18
Diluted	$	0.04	$	0.08		$	0.19	$	0.20		$	0.16	$	0.16		$	0.18

	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,
	2007		2006		2007		2006		2007		2006		2006
Radio Segment
Net operating revenue	$	28,095	$	27,524	$	34,066	$	33,696	$	32,078	$	31,693	$	33,429
Station operating expense		22,694		21,624		23,615		23,157		22,743		22,499		24,145
Other operating income		—		—		—		—		—		—		(312	)
Operating income	$	5,401	$	5,900	$	10,451	$	10,539	$	9,335	$	9,194	$	9,596

	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,
	2007		2006		2007		2006		2007		2006		2006
Television Segment
Net operating revenue	$	3,990	$	3,911	$	4,578	$	4,327	$	4,314	$	4,389	$	5,045
Station operating expense		3,482		3,288		3,561		3,409		3,483		3,461		3,611
Operating income	$	508	$	623	$	1,017	$	918	$	831	$	928	$	1,434

	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,
	2007		2006		2007		2006		2007		2006		2006
Depreciation and amortization by segment
Radio Segment	$	1,529	$	1,562	$	1,561	$	1,558	$	1,623	$	1,517	$	1,732
Television Segment		389		392		400		414		405		409		458
Corporate and Other		47		48		51		48		48		48		50
	$	1,965	$	2,002	$	2,012	$	2,020	$	2,076	$	1,974	$	2,240

(1) Pro Forma results assume all acquisitions and dispositions in 2006 and 2007 occurred as of January 1, 2006.

Saga Communications, Inc.
Selected Financial Data Non-GAAP Disclosures
For the Three Months Ended
September 30, 2007 and 2006
(amounts in 000’s)
(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,
	2007		Period			2007		2006		Period			2006
Consolidated
Net operating revenue	$	36,218	$	(315	)	$	35,903	$	35,791	$	(13	)	$	35,778
Station operating expense		25,975		(209	)		25,766		25,761		(103	)		25,658
Corporate general and administrative		2,272		—			2,272		2,225		—			2,225
Operating income	$	7,971	$	(106	)	$	7,865	$	7,805	$	90		$	7,895

			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,
	2007		Period			2007		2006		Period			2006
Radio Segment
Net operating revenue	$	31,904	$	(315	)	$	31,589	$	31,402	$	(13	)	$	31,389
Station operating expense		22,492		(209	)		22,283		22,300		(103	)		22,197
Operating income	$	9,412	$	(106	)	$	9,306	$	9,102	$	90		$	9,192

			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,
	2007		Period		2007		2006		Period		2006
Television Segment
Net operating revenue	$	4,314		—	$	4,314	$	4,389		—	$	4,389
Station operating expense		3,483		—		3,483		3,461		—		3,461
Operating income	$	831		—	$	831	$	928		—	$	928

Saga Communications, Inc.
Selected Financial Data Non-GAAP Disclosures
For the Nine Months Ended
September 30, 2007 and 2006
(amounts in 000’s)
(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,
	2007		Period			2007		2006		Period			2006
Consolidated
Net operating revenue	$	106,522	$	(504	)	$	106,018	$	104,727	$	(13	)	$	104,714
Station operating expense		78,986		(470	)		78,516		76,833		(103	)		76,730
Corporate general and administrative		7,194		—			7,194		6,705		—			6,705
Operating income	$	20,342	$	(34	)	$	20,308	$	21,189	$	90		$	21,279

			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,
	2007		Period			2007		2006		Period			2006
Radio Segment
Net operating revenue	$	93,640	$	(504	)	$	93,136	$	92,100	$	(13	)	$	92,087
Station operating expense		68,460		(470	)		67,990		66,675		(103	)		66,572
Operating income	$	25,180	$	(34	)	$	25,146	$	25,425	$	90		$	25,515

			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,
	2007		Period		2007		2006		Period		2006
Television Segment
Net operating revenue	$	12,882		—	$	12,882	$	12,627		—	$	12,627
Station operating expense		10,526		—		10,526		10,158		—		10,158
Operating income	$	2,356		—	$	2,356	$	2,469		—	$	2,469