UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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): October 28, 2004
SAGA COMMUNICATIONS, INC.
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) |
Registrants 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
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b)) | |
o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c)) |
Item 2.02. Results of Operations and Financial Condition. | ||||||||
Item 9.01. Financial Statements and Exhibits | ||||||||
SIGNATURES | ||||||||
EXHIBIT INDEX | ||||||||
Ex-99.1 Press Release dated October 28, 2004 |
Item 2.02. Results of Operations and Financial Condition.
Pursuant to Item 2.02 of Form 8-K, Results of Operations and Financial Condition, Saga Communications, Inc., hereby furnishes a press release, issued October 28, 2004, disclosing material non-public information regarding its results of operations for the quarter ended September 30, 2004. The press release is also available on the Companys website, which is www.sagacommunications.com.
Certain statements made in the press release that are not historical facts, including those regarding the Companys future plans, objectives and expected performance, are forward-looking statements within the meaning of the federal securities laws. These forward-looking statements represent our outlook only as of the date of the press release. While we believe any forward-looking statements we have made are reasonable, actual results could differ materially since the statements were based on our current expectations and are subject to risks and uncertainties. These risks and uncertainties are discussed in the Companys reports filed with the Securities and Exchange Commission. You should refer to and consider these factors when relying on such forward-looking information. The Company does not undertake, and expressly disclaims any obligation, to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. | Description | |||
99.1 | Press Release, dated October 28, 2004 |
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. |
||||
Date: October 28, 2004 | By: | /s/ SAMUEL D. BUSH | ||
Samuel D. Bush | ||||
Senior Vice President, Chief Financial Officer and Treasurer |
2
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. Sagas 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.
Sagas 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 Sagas ability to effectively integrate the stations it acquires and the impact of federal regulation on Sagas 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 Sagas 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 000s 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 000s 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 000s 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 000s 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 | |||||||||||