GROSSE POINTE FARMS, Mich., May 7 /PRNewswire-FirstCall/ -- Saga
Communications, Inc. (NYSE Amex: SGA) today reported net operating
revenue for the quarter ended March 31, 2009 decreased 17.2% to
$26.1 million. Station operating expense (station operating expense
includes depreciation and amortization attributable to the
stations) decreased 5.8% to $23.9 million for the same period. Free
cash flow decreased to $939 thousand for the quarter and the net
loss for the quarter was $362 thousand ($.09 per fully diluted
share). On a same station basis for the year, net operating revenue
decreased 17.7% to $25.9 million and station operating expense
decreased 6.4% to $23.8 million. Gross political revenue was $38
thousand for the quarter ended March 31, 2009 compared to $651
thousand for the same period last year. Capital expenditures in the
first quarter of 2009 were $1.1 million compared to $2.1 million
for the first quarter of 2008. For the 2008 fiscal year, total
capital expenditures were $7.1 million. The Company currently
expects to spend approximately $3.5 million for capital
expenditures during 2009. All share and per share information has
been adjusted for the Company's January 28, 2009 1-for-4 reverse
stock split. Saga's first quarter 2009 results conference call will
be on Thursday, May 7, 2009 at 2:00PM EDT. The dial in number for
domestic calls is 800/762-6568. For international callers the
number is 480/248-5088. The call can be replayed for 7 days by
calling domestically 800/475-6701 or internationally 320/365-3844
and referring to access code 996702. Thereafter, a transcript of
the call will be available on our website. The Company requests
that all parties that have a question that they would like to
submit to the Company to please email the inquiry by 1:00 PM EDT on
May 7, 2009 to . The Company will discuss, during the limited
period of the conference call, those inquiries it deems of general
relevance and interest. Only inquiries made in compliance with the
foregoing will be discussed during the call. The attached Selected
Supplemental Financial Data table discloses "as reported" and "same
station" 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. 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. For
additional information, contact us at (313) 886-7070 or visit our
website at http://www.sagacommunications.com/. 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, including
Item 1A of our annual report on form 10-K. 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 Months Ended March 31, 2009 and 2008 (amounts in 000's
except per share data) (Unaudited) Three Months Ended March 31,
----------- 2009 2008 ---- ---- Operating Results Net operating
revenue $26,124 $31,532 Station operating expense 23,940 25,421
Corporate general and administrative 2,067 2,552 ------ ------
Operating income 117 3,559 Interest expense 773 1,995 Other expense
(income), net (4) 20 -- -- Income (loss) before income tax (652)
1,544 Income tax expense (benefit) (290) 634 ---- --- Net income
(loss) $(362) $910 ===== ==== Earnings (loss) per share Basic
$(0.09) $0.18 ====== ===== Diluted $(0.09) $0.18 ====== =====
Weighted average common shares 4,161 5,020 Weighted average common
shares and common shares equivalents 4,161 5,022 Free Cash Flow Net
income (loss) $(362) $910 Plus: Depreciation and amortization:
Station 2,197 1,957 Corporate 61 53 Deferred tax provision
(benefit) (215) 402 Non-cash compensation 327 366 Other expense
(income), net (4) 20 Less: Capital expenditures (1,065) (2,046)
------ ------ Free cash flow $939 $1,662 ==== ====== Balance Sheet
Data Working capital $16,304 $18,838 Net fixed assets 72,210 76,358
Net intangible assets and other assets 113,915 228,981 Total assets
216,847 338,455 Long term debt (including current portion of $2,350
and $1,061, respectively) 133,411 134,411 Stockholders' equity
65,233 149,168 Saga Communications, Inc. Selected Supplemental
Financial Data For the Three Months Ended March 31, 2009 and 2008
(amounts in 000's except per share data) (Unaudited) As-Reported
Same Station Three Months Three Months Ended Ended March 31, March
31, 2009 2008 2009 2008 ---- ---- ---- ---- Consolidated Net
operating revenue $26,124 $31,532 $25,940 $31,532 Station operating
expense 23,940 25,421 23,795 25,421 Corporate general and
administrative 2,067 2,552 2,067 2,552 ----- ----- ----- -----
Operating income 117 3,559 $78 $3,559 Interest expense 773 1,995
Other expense (income), net (4) 20 Income tax expense (benefit)
(290) 634 ---- --- Net income (loss) $(362) $910 ===== ====
Earnings (loss) per share: Basic $(0.09) $0.18 ====== ===== Diluted
$(0.09) $0.18 ====== ===== As-Reported Same Station Three Months
Three Months Ended Ended March 31, March 31, 2009 2008 2009 2008
---- ---- ---- ---- Radio Segment Net operating revenue $22,697
$27,381 $22,513 $27,381 Station operating expense 20,317 21,913
20,172 21,913 ------ ------ ------ ------ Operating income $2,380
$5,468 $2,341 $5,468 ====== ====== ====== ====== As-Reported Same
Station Three Months Three Months Ended Ended March 31, March 31,
2009 2008 2009 2008 ---- ---- ---- ---- Television Segment Net
operating revenue $3,427 $4,151 $3,427 $4,151 Station operating
expense 3,623 3,508 3,623 3,508 ----- ----- ----- ----- Operating
income (loss) $(196) $643 $(196) $643 ===== ==== ===== ====
As-Reported Same Station Three Months Three Months Ended Ended
March 31, March 31, 2009 2008 2009 2008 ---- ---- ---- ----
Depreciation and amortization by segment Radio Segment $1,531
$1,562 $1,525 $1,562 Television Segment 666 395 666 395 Corporate
and Other 61 53 61 53 -- -- -- -- $2,258 $2,010 $2,252 $2,010
====== ====== ====== ====== Saga Communications, Inc. Selected
Financial Data Non-GAAP Disclosures For the Three Months Ended
March 31, 2009 and 2008 (amounts in 000's) (Unaudited)
Reconciliation of As-Reported (historical) information to Same
Station Operating Income (Loss)
--------------------------------------------------------------------
Adjustment As-Reported For Acquisitions Same Station Three Months
and Dispositions Three Months Ended Not Included in Ended March 31,
Entire Comparable March 31, 2009 Period 2009
---------------------------------------------- Consolidated Net
operating revenue $26,124 $(184) $25,940 Station operating expense
23,940 (145) 23,795 Corporate general and administrative 2,067 -
2,067 ------ ------ ------ Operating income $117 $(39) $78 ======
====== ====== Adjustment As-Reported For Acquisitions Same Station
Three Months and Dispositions Three Months Ended Not Included in
Ended March 31, Entire Comparable March 31, 2008 Period 2008
---------------------------------------------- Consolidated Net
operating revenue $31,532 - $31,532 Station operating expense
25,421 - 25,421 Corporate general and administrative 2,552 - 2,552
------ ------ ------ Operating income $3,559 - $3,559 ====== ======
====== Adjustment As-Reported For Acquisitions Same Station Three
Months and Dispositions Three Months Ended Not Included in Ended
March 31, Entire Comparable March 31, 2009 Period 2009
---------------------------------------------- Radio Segment Net
operating revenue $22,697 $(184) $22,513 Station operating expense
20,317 (145) 20,172 ------ ---- ------ Operating income $2,380
$(39) $2,341 ====== ==== ====== Adjustment As-Reported For
Acquisitions Same Station Three Months and Dispositions Three
Months Ended Not Included in Ended March 31, Entire Comparable
March 31, 2008 Period 2008
---------------------------------------------- Radio Segment Net
operating revenue $27,381 - $27,381 Station operating expense
21,913 - 21,913 ------ --- ------ Operating income $5,468 - $5,468
====== === ====== Adjustment As-Reported For Acquisitions Same
Station Three Months and Dispositions Three Months Ended Not
Included in Ended March 31, Entire Comparable March 31, 2009 Period
2009 ---------------------------------------------- Television
Segment Net operating revenue $3,427 - $3,427 Station operating
expense 3,623 - 3,623 ------ --- ------ Operating income (loss)
$(196) - $(196) ====== === ====== Adjustment As-Reported For
Acquisitions Same Station Three Months and Dispositions Three
Months Ended Not Included in Ended March 31, Entire Comparable
March 31, 2008 Period 2008
---------------------------------------------- Television Segment
Net operating revenue $4,151 - $4,151 Station operating expense
3,508 - 3,508 ------ --- ------ Operating income (loss) $643 - $643
====== === ====== DATASOURCE: Saga Communications, Inc. CONTACT:
Samuel D. Bush, Saga Communications, Inc., +1-313-886-7070
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