In the news release, Saga Communications, Inc. Announces the
Sale of its Television Stations and the Purchase of 5 Radio
Stations Serving the Charleston,
SC Radio Market and 3 Radio Stations Serving the Hilton
Head, Bluffton and Beaufort, SC Radio Market, issued 06-Sep-2017 by Saga Communications, Inc. over PR
Newswire, we are advised by the company that two Selected
Supplemental Financial Data tables were not included, as originally
issued inadvertently. The complete, corrected release follows:
Saga Communications, Inc. Announces the Sale of its Television
Stations and the Purchase of 5 Radio Stations Serving the
Charleston, SC Radio Market and 3 Radio Stations Serving the Hilton
Head, Bluffton and Beaufort, SC Radio Market
GROSSE POINTE FARMS, Mich.,
Sept. 6, 2017 /PRNewswire/
-- Saga Communications, Inc. (NYSE American: SGA) announced
today that on September 1, 2017 it
closed on the previously announced sale of its television stations
to the Evening Telegram Company d/b/a Morgan Murphy Media for an
aggregate purchase price of approximately $66.6 million.
Edward K. Christian, President
and Chief Executive Officer of the Company said, "It's a
bittersweet time as we complete the sale of our Joplin, MO and Victoria, TX television stations. We've
enjoyed owning the stations and they have been great contributors
to our overall performance over the years. With all the
changes taking place in the television industry it became time to
turn them over to a fine company that plans to continue to grow in
the television segment. It has been a great experience for us to
serve both communities with terrific television stations that
focused heavily on the local markets. Ultimately, we made a
very difficult decision that it was time for us to return to our
roots in radio."
The Company also announced that effective September 1, 2017, it completed the previously
reported purchase of the assets of WCKN(FM), WMXZ(FM), WXST(FM),
WAVF(FM), WSPO(AM), W261DG and W257BQ, serving the Charleston, SC radio market, and WVSC(FM),
WLHH(FM), WOEZ(FM), W256CB and W293BZ, serving the Hilton Head,
Bluffton and Beaufort, SC radio market, from Apex Media
Corporation for approximately $23.0
million.
Edward K. Christian, President
and Chief Executive Officer of the Company, said, "We are pleased
to be acquiring radio stations in the Charleston market and the Hilton Head,
Bluffton and Beaufort market. Both of these markets
have recently been recognized as two of the South's best
communities by Southern Living Magazine. There are both
heritage and developmental radio stations included in this
acquisition. We look forward to working with the existing
staff to continue to serve these growing communities with great
radio stations. Saga intends to continue building its
business in radio by continuing to identify and acquire radio
stations in communities that we believe in."
The attached Selected Supplemental Financial Data tables
disclose "actual" and "proforma" information. The "actual" amounts
reflect our historical financial results and include the results of
operations for stations that we owned. The "proforma" amounts
assume all acquisitions and dispositions in 2016 and 2017 occurred
as of January 1, 2016.
Saga is a broadcasting company whose business is devoted to
acquiring, developing and operating broadcast properties.
Saga owns or operates broadcast properties in 26 markets, including
75 FM, 33 AM radio stations and 64 metro signals. For additional
information, contact us at (313) 886-7070 or visit our website at
www.sagacom.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
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
Supplemental Financial Data
|
For the Six Months
Ended
|
June 30,
2017
|
(amounts in 000's
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
Actual
(1)
|
|
Pro Forma
(2)
|
|
|
Six Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
2017
|
|
June 30,
2017
|
Consolidated
|
|
|
|
Net operating
revenue
|
$
56,416
|
|
$
60,641
|
Station operating
expense
|
42,766
|
|
46,311
|
Corporate general and
administrative
|
5,743
|
|
5,743
|
Other operating
expense
|
58
|
|
58
|
Operating
income
|
7,849
|
|
8,529
|
Interest
expense
|
437
|
|
437
|
Income from
continuing operations, before tax
|
7,412
|
|
8,092
|
Income tax
expense
|
2,990
|
|
3,268
|
Income from
continuing operations, net of tax
|
$
4,422
|
|
$
4,824
|
|
|
|
|
|
Earnings per share
from continuing operations
|
|
|
|
Basic
|
$
0.75
|
|
$
0.82
|
Diluted
|
$
0.75
|
|
$
0.81
|
(1)
|
The disposal of the
television stations was reported as discontinued operations at June
30, 2017, however for the purposes of this press release we are
only reporting through Income from continuing
operations.
|
(2)
|
The Pro Forma results
reflect the disposal of the television stations that was previously
reported in discontinued operations and assume the acquisition of
the Apex radio stations occurred as of January 1, 2016.
|
|
|
|
|
|
Saga
Communications, Inc.
|
Selected
Supplemental Financial Data
|
For the Twelve
Months Ended
|
December 31,
2016
|
(amounts in 000's
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
Actual
(1)
|
|
Pro Forma
(2)
|
|
|
Twelve Months
Ended
|
|
Twelve Months
Ended
|
|
|
December 31,
2016
|
|
December 31,
2016
|
Consolidated
|
|
|
|
Net operating
revenue
|
$
142,591
|
|
$
126,789
|
Station operating
expense
|
101,542
|
|
93,805
|
Corporate general and
administrative
|
10,980
|
|
10,980
|
Other operating
(income) expense, net
|
(1,393)
|
|
(1,351)
|
Operating
income
|
31,462
|
|
23,355
|
Interest
expense
|
776
|
|
744
|
Income from
continuing operations, before tax
|
30,686
|
|
22,611
|
Income tax
expense
|
12,500
|
|
9,212
|
Income from
continuing operations, net of tax
|
$
18,186
|
|
$
13,399
|
|
|
|
|
|
Earnings per share
from continuing operations
|
|
|
|
Basic
|
$
3.10
|
|
$
2.28
|
Diluted
|
$
3.09
|
|
$
2.28
|
(1)
|
The disposal of the
television stations was reported in continuing operations at
December 31, 2016.
|
(2)
|
The Pro Forma results
assume that the disposal of the television stations, the
acquisition of the Apex radio stations and WLVQ (FM) as previously
reported occurred as of January 1, 2016.
|
|
|
|
|
|
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SOURCE Saga Communications, Inc.