GROSSE POINTE FARMS, Mich.,
March 12, 2019 /PRNewswire/ -- Saga
Communications, Inc. (Nasdaq: SGA) today reported net revenue
increased 4.7% to $32.9 million for
the quarter ended December 31,
2018. Income from continuing operations before tax increased
$2.3 million to $6.0 million compared to $3.7 million last year. Operating income
increased $2.1 million to
$6.0 million and station operating
expense increased $523 thousand to
$23.8 million for the quarter.
Diluted earnings per share from continuing operations was
$0.72/share in the fourth quarter of
2018 compared to $2.52/share during
the same period in 2017. During the 4th quarter of
2017 the Company recognized an income tax benefit of $11.2 million compared to an income tax expense
of $1.7 million for the same period
in 2018. The income tax benefit in 2017 was primarily due to
an $11.5 million reduction in our
deferred tax liability as a result of the Tax Cuts and Jobs
Act. Free cash flow from continuing operations was
$5.9 million for the quarter ended
December 31, 2018 compared to
$6.6 million for the same period in
2017.
Net revenue increased 5.7% to $124.8
million for the twelve months ended December 31, 2018. Income from continuing
operations before tax increased $3.1
million to $19.4 million
compared to $16.3 million last
year. Operating income increased $2.5
million to $19.7 million and
station operating expense increased $6.0
million to $93.7 million for
the twelve month period. Diluted earnings per share from
continuing operations was $2.30/share
for the twelve month period in 2018 compared to $3.77/share during the same period in 2017.
Free cash flow from continuing operations was $19.5 million for the twelve months ended
December 31, 2018 compared to
$17.4 million for the same period in
2017.
On a same station basis for the twelve months ended December 31, 2018 net revenue increased 1.1% to
$116.5 million. Operating
income increased $2.6 million to
$19.4 million and station operating
expense increased $642 thousand to
$86.0 million.
The Company had $44.7 million in
cash on hand as of December 31, 2018
and $40.7 million as of
March 11, 2019. The Company's
total bank debt was $20 million as of
December 31, 2018 and $15 million as of March
11, 2019. Including the recently announced
$0.30 per share dividend which will
be paid on March 29, 2019, the
Company will have paid over $64
million in dividends since December
3, 2012.
The results for the twelve month period ended December 31, 2017 were affected by the sale of
the Company's television stations and purchase of radio stations in
Charleston and Hilton Head, SC on September 1,
2017.
Capital expenditures from continuing operations were
$1.5 million in the fourth quarter of
2018 which was flat with the same period in 2017. For the
total year capital expenditures from continuing operations were
$5.9 million in 2018 compared to
$6.3 million in 2017. The
Company expects to spend approximately $5.0 to 5.5 million for capital expenditures
during 2019.
The Company closed on its purchase of the assets of radio
stations WOGK(FM), WNDT(FM), WNDD(FM) and WNDN(FM), from Ocala
Broadcasting Corporation, LLC on December
31, 2018. All the stations serve the Gainesville-Ocala,
Florida radio market.
Saga's 2018 4th Quarter and Year End conference call will be on
Tuesday, March 12, 2019 at
11:00 a.m. EDT. The dial-in
number for the call is 612/288-0329. A transcript of the call
will be posted to the Company's website as soon as it is available
after the call.
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 10:00 a.m. EDT on
March 12, 2019 to SagaIR@sagacom.com.
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 tables
disclose "actual", "same station", "proforma", and discontinued
operations information as well as the Company's trailing 12 month
consolidated EBITDA. The "actual" 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 "proforma" amounts assume all acquisitions in 2017 and
2018 occurred as of January 1,
2017.
Saga 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, free cash flow,
trailing 12 month consolidated EBITDA, and consolidated net
leverage ratio. 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, as a primary measure
for incentive based compensation of executives and other members of
management and as a measure of financial position. 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 Consolidated and
Supplemental Financial Data tables.
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
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 is a broadcasting company whose business is devoted to
acquiring, developing and operating broadcast properties.
Saga owns or operates broadcast properties in 27 markets, including
79 FM radio stations, 34 AM radio stations and 76 metro signals.
For additional information, contact us at (313) 886-7070 or visit
our website at www.sagacom.com.
Saga
Communications, Inc.
|
Selected
Consolidated Financial Data
|
For The Three and
Twelve Months Ended
|
December 31, 2018
and 2017
|
(amounts in 000's
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Twelve
Months Ended
|
|
|
|
December
31,
|
December
31,
|
|
|
|
2018
|
2017
|
2018
|
2017
|
Operating
Results
|
|
|
|
|
|
Net operating
revenue
|
|
$
32,938
|
$
31,464
|
$
124,829
|
$
118,149
|
Station operating
expense
|
|
23,761
|
23,238
|
93,727
|
87,759
|
Corporate general and
administrative
|
|
3,154
|
2,782
|
11,359
|
11,657
|
Other operating
expense
|
|
14
|
124
|
61
|
55
|
Impairment of
intangible assets
|
|
-
|
1,449
|
-
|
1,449
|
Operating
income
|
|
6,009
|
3,871
|
19,682
|
17,229
|
Interest
expense
|
|
229
|
212
|
946
|
903
|
Interest
income
|
|
(187)
|
-
|
(631)
|
-
|
Other expense
(income), net
|
|
2
|
-
|
(23)
|
-
|
Income from
continuing operations, before tax
|
|
5,965
|
3,659
|
19,390
|
16,326
|
Income tax expense
(benefit)
|
|
1,670
|
(11,200)
|
5,700
|
(5,920)
|
Income from
continuing operations, net of tax
|
|
4,295
|
14,859
|
13,690
|
22,246
|
Income (loss) from
discontinued operations, net of tax
|
|
-
|
(30)
|
-
|
32,471
|
Net income
|
|
$
4,295
|
$
14,829
|
$
13,690
|
$
54,717
|
|
|
|
|
|
|
|
Basic Earnings (loss)
per share:
|
|
|
|
|
|
|
From continuing
operations
|
|
$
0.72
|
$
2.52
|
$
2.30
|
$
3.77
|
|
From discontinued
operations
|
|
-
|
(0.01)
|
-
|
5.50
|
|
Basic earnings per
share
|
|
$
0.72
|
$
2.51
|
$
2.30
|
$
9.27
|
|
|
|
|
|
|
|
Diluted Earnings
(loss) per share:
|
|
|
|
|
|
|
From continuing
operations
|
|
$
0.72
|
$
2.52
|
$
2.30
|
$
3.77
|
|
From discontinued
operations
|
|
-
|
(0.01)
|
-
|
5.50
|
|
Diluted earnings per
share
|
|
$
0.72
|
$
2.51
|
$
2.30
|
$
9.27
|
|
|
|
|
|
|
|
Weighted average
common shares
|
|
5,820
|
5,815
|
5,829
|
5,803
|
Weighted average
common and common
|
|
|
|
|
|
|
equivalent
shares
|
|
5,820
|
5,815
|
5,829
|
5,807
|
|
|
|
|
|
|
|
Free Cash
Flow
|
|
|
|
|
|
Net
income
|
|
$
4,295
|
$
14,829
|
$
13,690
|
$
54,717
|
Plus: Depreciation
and amortization:
|
|
|
|
|
|
|
Station
|
|
1,718
|
1,749
|
6,507
|
5,962
|
|
Corporate
|
|
70
|
75
|
279
|
289
|
|
Discontinued operations
|
|
-
|
-
|
-
|
445
|
Deferred tax provision (benefit)
|
|
780
|
(10,690)
|
2,660
|
(8,670)
|
Non-cash compensation
|
|
526
|
518
|
2,201
|
2,279
|
Other operating expense from continuing operations
|
|
14
|
124
|
61
|
55
|
Other operating expensefrom discontinued operations
|
|
-
|
-
|
-
|
31
|
Gain
on the disposal of discontinued operations, net of tax
|
-
|
-
|
-
|
(29,902)
|
Impairment of intangible assets
|
|
-
|
1,449
|
-
|
1,449
|
Other expense (income), net
|
|
2
|
-
|
(23)
|
-
|
Less: Capital
expenditures from continuing operations
|
|
(1,472)
|
(1,521)
|
(5,922)
|
(6,246)
|
|
Capital expenditures from discontinued operations
|
|
-
|
(210)
|
-
|
(335)
|
Free cash
flow
|
|
$
5,933
|
$
6,323
|
$
19,453
|
$
20,074
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
|
|
|
|
2018
|
2017
|
Balance Sheet
Data
|
|
|
|
|
|
|
Working
capital
|
|
|
|
$
45,430
|
$
55,269
|
|
Net fixed
assets
|
|
|
|
$
59,103
|
$
56,235
|
|
Net intangible assets
and other assets
|
|
|
|
$
120,779
|
$
116,360
|
|
Total
assets
|
|
|
|
$
248,477
|
$
248,769
|
|
Long-term debt
(including current portion
|
|
|
|
|
|
|
of $5,000 and $0,
respectively)
|
|
|
|
$
20,000
|
$
25,000
|
|
Stockholders'
equity
|
|
|
|
$
184,999
|
$
179,465
|
|
Saga
Communications, Inc.
|
|
Selected
Supplemental Financial Data
|
|
For The Three and
Twelve Months Ended
|
|
December 31, 2018
and 2017
|
|
(amounts in 000's
except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Twelve
Months Ended
|
|
|
|
December
31,
|
December
31,
|
|
|
|
2018
(1)
|
2017(1)
|
2018
(1)
|
2017(1)
|
Results of
Discontinued Operations
|
|
|
|
|
|
Net operating
revenue
|
|
$
-
|
$
-
|
$
-
|
$
14,238
|
Station operating
expense
|
|
-
|
30
|
-
|
9,757
|
Other operating
expense
|
|
-
|
-
|
-
|
31
|
Operating income
(loss)
|
|
-
|
(30)
|
-
|
4,450
|
Interest
expense
|
|
-
|
-
|
-
|
21
|
Income (loss) before
income taxes
|
|
-
|
(30)
|
-
|
4,429
|
Gain on the disposal
of discontinued operations, before tax
|
|
-
|
-
|
-
|
50,842
|
Income (loss) from
discontinued operations, before tax
|
|
-
|
(30)
|
-
|
55,271
|
Income tax
expense
|
|
-
|
-
|
-
|
22,800
|
Income (loss) from
discontinued operations, net of tax
|
|
$
-
|
$
(30)
|
$
-
|
$
32,471
|
|
|
|
|
|
|
|
Free Cash Flow
from Discontinued Operations
|
|
|
|
|
|
Income (loss) from
discontinued operations, net of tax
|
|
$
-
|
$
(30)
|
$
-
|
$
32,471
|
Plus: Depreciation
and amortization
|
|
-
|
-
|
-
|
445
|
Other operating expense (income) from discontinued
operations
|
-
|
-
|
-
|
31
|
Less: Gain on the
disposal of discontinued operations, net of tax
|
|
-
|
-
|
-
|
(29,902)
|
Capital expenditures from discontinued operations
|
|
-
|
(210)
|
-
|
(335)
|
Free cash flow from
discontinued operations
|
|
$
-
|
$
(240)
|
$
-
|
$
2,710
|
(1)
|
Results of operations
for the Television stations are reflected through August 31,
2017. The effective date of the sale was September 1,
2017. The three months ended December 31, 2017 activity was a
result of additional expenses incurred after the sale of the
television stations was completed.
|
Saga
Communications, Inc.
|
Selected
Supplemental Financial Data
|
For the Three
Months Ended
|
December 31, 2018
and 2017
|
(amounts in 000's
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Same Station
(1)
|
|
Pro Forma
(2)
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2018
|
2017
|
|
2018
|
2017
|
|
2018
|
2017
|
Consolidated
|
|
|
|
|
|
|
|
|
Net operating
revenue
|
$
32,938
|
$
31,464
|
|
$
32,938
|
$
31,464
|
|
$
34,008
|
$
32,447
|
Station operating
expense
|
23,761
|
23,238
|
|
23,761
|
23,238
|
|
24,697
|
24,106
|
Corporate general and
administrative
|
3,154
|
2,782
|
|
3,154
|
2,782
|
|
3,154
|
2,782
|
Other operating
expense
|
14
|
124
|
|
14
|
124
|
|
14
|
124
|
Impairment of
intangible assets
|
-
|
1,449
|
|
-
|
1,449
|
|
-
|
1,449
|
Operating
income
|
6,009
|
3,871
|
|
$
6,009
|
$
3,871
|
|
6,143
|
3,986
|
Interest
expense
|
229
|
212
|
|
|
|
|
229
|
212
|
Interest
income
|
(187)
|
-
|
|
|
|
|
(187)
|
-
|
Other expense
(income), net
|
2
|
-
|
|
|
|
|
2
|
-
|
Income from
continuing operations, before tax
|
5,965
|
3,659
|
|
|
|
|
6,099
|
3,774
|
Income tax expense
(benefit)
|
1,670
|
(11,200)
|
|
|
|
|
1,711
|
(11,153)
|
Income from
continuing operations, net of tax
|
4,295
|
14,859
|
|
|
|
|
4,388
|
14,927
|
Income (loss) from
discontinued operations, net of tax
|
-
|
(30)
|
|
|
|
|
-
|
(30)
|
Net
income
|
$
4,295
|
$
14,829
|
|
|
|
|
$
4,388
|
$
14,897
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
From continuing
operations
|
$
0.72
|
$
2.52
|
|
|
|
|
$
0.74
|
$
2.52
|
|
From discontinued
operations
|
-
|
(0.01)
|
|
|
|
|
-
|
(0.01)
|
|
Basic earnings per
share
|
$
0.72
|
$
2.51
|
|
|
|
|
$
0.74
|
$
2.51
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings
(loss) per share:
|
|
|
|
|
|
|
|
|
|
From continuing
operations
|
$
0.72
|
$
2.52
|
|
|
|
|
$
0.74
|
$
2.52
|
|
From discontinued
operations
|
-
|
(0.01)
|
|
|
|
|
-
|
(0.01)
|
|
Diluted earnings per
share
|
$
0.72
|
$
2.51
|
|
|
|
|
$
0.74
|
$
2.51
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Same Station
(1)
|
|
Pro Forma
(2)
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2018
|
2017
|
|
2018
|
2017
|
|
2018
|
2017
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
|
by
segment
|
|
|
|
|
|
|
|
|
Radio
Stations
|
$
1,718
|
$
1,749
|
|
$
1,718
|
$
1,749
|
|
$
1,851
|
$
1,882
|
Corporate and
Other
|
70
|
75
|
|
70
|
75
|
|
70
|
75
|
|
|
$
1,788
|
$
1,824
|
|
$
1,788
|
$
1,824
|
|
$
1,921
|
$
1,957
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Same station includes
only the results of stations we owned and operated for the entire
comparable period.
|
|
|
(2)
|
Pro Forma results
assume all acquisitions in 2017 and 2018 occurred as of January 1,
2017.
|
|
|
|
|
Saga
Communications, Inc.
|
Selected
Supplemental Financial Data
|
For the Twelve
Months Ended
|
December 31, 2018
and 2017
|
(amounts in 000's
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Same Station
(1)
|
|
Pro Forma
(2)
|
|
|
Twelve Months
Ended
|
|
Twelve Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2018
|
2017
|
|
2018
|
2017
|
|
2018
|
2017
|
Consolidated
|
|
|
|
|
|
|
|
|
Net operating
revenue
|
$
124,829
|
$
118,149
|
|
$
116,504
|
$
115,264
|
|
$
129,228
|
$
128,180
|
Station operating
expense
|
93,727
|
87,759
|
|
85,959
|
85,317
|
|
97,314
|
96,218
|
Corporate general and
administrative
|
11,359
|
11,657
|
|
11,359
|
11,657
|
|
11,359
|
11,657
|
Other operating
expense (income), net
|
61
|
55
|
|
(191)
|
53
|
|
61
|
55
|
Impairment of
intangible assets
|
-
|
1,449
|
|
-
|
1,449
|
|
-
|
1,449
|
Operating
income
|
19,682
|
17,229
|
|
$
19,377
|
$
16,788
|
|
20,494
|
18,801
|
Interest
expense
|
946
|
903
|
|
|
|
|
946
|
903
|
Interest
income
|
(631)
|
-
|
|
|
|
|
(631)
|
-
|
Other expense
(income), net
|
(23)
|
-
|
|
|
|
|
(23)
|
-
|
Income from
continuing operations, before tax
|
19,390
|
16,326
|
|
|
|
|
20,202
|
17,898
|
Income tax expense
(benefit)
|
5,700
|
(5,920)
|
|
|
|
|
5,944
|
(5,276)
|
Income from
continuing operations, net of tax
|
13,690
|
22,246
|
|
|
|
|
14,258
|
23,174
|
Income from
discontinued operations, net of tax
|
-
|
32,471
|
|
|
|
|
-
|
32,471
|
Net
income
|
$
13,690
|
$
54,717
|
|
|
|
|
$
14,258
|
$
55,645
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
From continuing
operations
|
$
2.30
|
$
3.77
|
|
|
|
|
$
2.40
|
$
3.93
|
|
From discontinued
operations
|
-
|
5.50
|
|
|
|
|
-
|
5.50
|
|
Basic earnings per
share
|
$
2.30
|
$
9.27
|
|
|
|
|
$
2.40
|
$
9.43
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings
(loss) per share:
|
|
|
|
|
|
|
|
|
|
From continuing
operations
|
$
2.30
|
$
3.77
|
|
|
|
|
$
2.40
|
$
3.93
|
|
From discontinued
operations
|
-
|
5.50
|
|
|
|
|
-
|
5.50
|
|
Diluted earnings per
share
|
$
2.30
|
$
9.27
|
|
|
|
|
$
2.40
|
$
9.43
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
|
|
Same Station
(1)
|
|
Pro Forma
(2)
|
|
|
Twelve Months
Ended
|
|
Twelve Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2018
|
2017
|
|
2018
|
2017
|
|
2018
|
2017
|
Depreciation and
amortization
|
|
|
|
|
|
|
|
|
by
segment
|
|
|
|
|
|
|
|
|
|
Radio
Stations
|
$
6,507
|
$
5,962
|
|
$
5,475
|
$
5,629
|
|
$
7,039
|
$
7,148
|
Discontinued
Operations
|
|
-
|
445
|
|
-
|
-
|
|
-
|
445
|
Corporate and
Other
|
279
|
289
|
|
279
|
289
|
|
279
|
289
|
|
|
$
6,786
|
$
6,696
|
|
$
5,754
|
$
5,918
|
|
$
7,318
|
$
7,882
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Same station includes
only the results of stations we owned and operated for the entire
comparable period.
|
|
|
(2)
|
Pro Forma results
assume all acquisitions in 2017 and 2018 occurred as of January 1,
2017.
|
|
|
|
|
Saga
Communications, Inc.
|
Selected
Supplemental Financial Data
|
December 31,
2018
|
(amounts in 000's
except ratios)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Months
Ended
|
|
Add:
|
|
12 Months
Ended
|
|
|
December
31,
|
|
Proforma
|
|
December
31,
|
|
|
2018
|
|
Acquisitions
|
|
2018
|
Trailing 12 Month
Consolidated Earnings Before Interest,
|
|
|
|
|
|
Taxes,
Depreciation and Amortization ("EBITDA") (1)
|
|
|
|
|
|
Net income
|
$
13,690
|
|
$
568
|
|
$
14,258
|
Exclusions:
|
|
|
|
|
|
|
Gain (loss) on sale
of assets from continuing operations
|
(61)
|
|
-
|
|
(61)
|
|
Gain on insurance
proceeds
|
23
|
|
-
|
|
23
|
|
Interest or other
non-operating income
|
631
|
|
-
|
|
631
|
|
Other
|
(107)
|
|
-
|
|
(107)
|
Total
exclusions
|
486
|
|
-
|
|
486
|
Consolidated adjusted
net income (1)
|
13,204
|
|
568
|
|
13,772
|
Plus: Interest
expense
|
946
|
|
-
|
|
946
|
|
Income tax
expense
|
5,700
|
|
244
|
|
5,944
|
|
Depreciation &
amortization expense
|
6,786
|
|
532
|
|
7,318
|
|
Non-cash stock based
compensation expense
|
2,201
|
|
-
|
|
2,201
|
Trailing twelve month
consolidated EBITDA (1)
|
$
28,837
|
|
$
1,344
|
|
$
30,181
|
|
|
|
|
|
|
|
Total long-term debt,
including current maturities
|
|
|
|
|
$
20,000
|
Divided by trailing
twelve month consolidated EBITDA (1)
|
|
|
|
|
30,181
|
Leverage
ratio
|
|
|
|
|
0.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
As defined in the
Company's credit facility.
|
|
|
|
|
|
Saga
Communications, Inc.
|
Selected Financial
Data Non-GAAP Disclosures
|
For the Three and
Twelve Months Ended
|
December 31, 2018
and 2017
|
(amounts in
000's)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Actual Information to Same Station Operating
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
|
|
|
|
|
|
Adjustment
|
|
|
|
|
|
Actual
|
|
For
Acquisitions
|
|
Same
Station
|
|
Actual
|
|
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
|
|
|
|
December
31,
|
|
Entire
Comparable
|
|
December
31,
|
|
December
31,
|
|
Entire
Comparable
|
|
December
31,
|
|
|
|
2018
|
|
Period
|
|
2018
|
|
2017
|
|
Period
|
|
2017
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
revenue
|
$
32,938
|
|
$
-
|
|
$
32,938
|
|
$
31,464
|
|
$
-
|
|
$
31,464
|
|
Station operating
expense
|
23,761
|
|
-
|
|
23,761
|
|
23,238
|
|
-
|
|
23,238
|
|
Corporate general and
administrative
|
3,154
|
|
-
|
|
3,154
|
|
2,782
|
|
-
|
|
2,782
|
|
Other operating
expense
|
14
|
|
-
|
|
14
|
|
124
|
|
-
|
|
124
|
|
Impairment of
intangible assets
|
-
|
|
-
|
|
-
|
|
1,449
|
|
-
|
|
1,449
|
|
Operating
income
|
$
6,009
|
|
$
-
|
|
$
6,009
|
|
$
3,871
|
|
$
-
|
|
$
3,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
1,788
|
|
$
-
|
|
$
1,788
|
|
$
1,824
|
|
$
-
|
|
$
1,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment
|
|
|
|
|
|
Adjustment
|
|
|
|
|
|
Actual
|
|
For
Acquisitions
|
|
Same
Station
|
|
Actual
|
|
For
Acquisitions
|
|
Same
Station
|
|
|
|
Twelve
Months
|
|
and
Dispositions
|
|
Twelve
Months
|
|
Twelve
Months
|
|
and
Dispositions
|
|
Twelve
Months
|
|
|
|
Ended
|
|
Not Included
in
|
|
Ended
|
|
Ended
|
|
Not Included
in
|
|
Ended
|
|
|
|
December
31,
|
|
Entire
Comparable
|
|
December
31,
|
|
December
31,
|
|
Entire
Comparable
|
|
December
31,
|
|
|
|
2018
|
|
Period
|
|
2018
|
|
2017
|
|
Period
|
|
2017
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
revenue
|
$
124,829
|
|
$
(8,325)
|
|
$
116,504
|
|
$
118,149
|
|
$
(2,885)
|
|
$
115,264
|
|
Station operating
expense
|
93,727
|
|
(7,768)
|
|
85,959
|
|
87,759
|
|
(2,442)
|
|
85,317
|
|
Corporate general and
administrative
|
11,359
|
|
-
|
|
11,359
|
|
11,657
|
|
-
|
|
11,657
|
|
Other operating
(income) expense
|
61
|
|
(252)
|
|
(191)
|
|
55
|
|
(2)
|
|
53
|
|
Impairment of
intangible assets
|
-
|
|
-
|
|
-
|
|
1,449
|
|
-
|
|
1,449
|
|
Operating
income
|
$
19,682
|
|
$
(305)
|
|
$
19,377
|
|
$
17,229
|
|
$
(441)
|
|
$
16,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
$
6,786
|
|
$
(1,032)
|
|
$
5,754
|
|
$
6,696
|
|
$
(778)
|
|
$
5,918
|
|
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SOURCE Saga Communications, Inc.