StockSelector.com
  Research, Select, & Monitor Wednesday, August 23, 2017 7:57:04 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Saga Communications Inc.$41.05$.501.23%

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Saga Communications, Inc. Reports 4th Quarter and Year End 2014 Results
   Tuesday, March 10, 2015 9:00:00 AM ET

Saga Communications, Inc. (NYSE MKT: SGA) today reported net operating revenue increased 7.7% to $36.4 million for the quarter ended December 31, 2014 compared to $33.8 million for the same period last year. Station operating expense was $25.6 million (station operating expense includes depreciation and amortization attributable to the stations) compared to $23.8 million for the same period last year. The $1.8 million increase was primarily due to the expense attributable to agreements entered into by the Company in the fourth quarter of 2014 to license historic data from Nielson Audio, Inc. in selected markets in order to enhance the benefit of licenses to receive Nielson reports and services during future periods in those markets which were also entered into in the fourth quarter. Operating income from continuing operations was $7.7 million. Net income for the period was $4.4 million ($0.76 per fully diluted share) and free cash flow was $6.7 million compared to $5.6 million for the same period last year.

Net operating revenue for the year ended December 31, 2014 increased 3.5% to $134.0 million compared to $129.5 million for the same period last year. Operating income from continuing operations was $26.0 million. Net income for the period was $14.9 million ($2.55 per fully diluted share) and free cash flow was $21.0 million. Station operating expense was $98.4 million (station operating expense includes depreciation and amortization attributable to the stations).

The Company recognized a $1.9 million impairment charge to intangible assets during the quarter ended December 31, 2014 as a result of our annual impairment testing.

Capital expenditures were $1.7 million in the 4th quarter which was approximately the same as the same period last year. The Company currently expects to spend approximately $4.5 million to $5.0 million for capital expenditures during 2015.

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 free cash flow, trailing 12 month consolidated EBITDA, and 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.

Saga is a broadcasting company whose business is devoted to acquiring, developing and operating broadcast properties. Saga owns or operates broadcast properties in 25 markets, including 62 FM and 30 AM radio stations, 1 state radio network, 4 television stations and 5 low-power television stations. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacom.com.

Saga’s 2014 4th Quarter and Year End conference call will be on Tuesday, March 10, 2015 at 11:00 a.m. EDT. The dial-in number for all calls is (612) 234-9960. A transcript of the call will be posted to the Company’s 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 10:00 a.m. EDT on March 10, 2015 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.

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 Consolidated Financial Data
For The Three and Twelve Months Ended
December 31, 2014 and 2013
(amounts in 000’s except per share data)
(Unaudited)
                                                                      Three Months Ended  Twelve Months Ended
                                                                      December, 31        December, 31
                                                                      2014      2013      2014      2013
Operating Results
Net operating revenue                                                 $36,371   $33,760   $133,998  $129,478
Station operating expense                                             25,612    23,798    98,424    92,977
Corporate general and administrative                                  2,321     2,191     8,901     8,172
Other operating (income) expense                                      (1,210)   -         (1,210)   -
Impairment of intangible assets                                       1,936     2,033     1,936     2,033
Operating income from continuing operations                           7,712     5,738     25,947    26,296
Interest expense                                                      252       282       1,064     1,305
Other (income) expense, net                                           (33)      2         (71)      (51)
Income from continuing operations before income tax                   7,493     5,454     24,954    25,042
Income tax expense                                                    3,050     2,230     10,050    9,992
Income from continuing operations, net of income taxes                4,443     3,224     14,904    15,050
Income from discontinued operations, net of income taxes              -         -         -         223
Net income                                                            $4,443    $3,224    $14,904   $15,273
Basic earnings per share:
                             From continuing operations               $0.77     $0.56     $2.57     $2.62
                             From discontinued operations             -         -         -         0.04
                             Earnings per share                       $0.77     $0.56     $2.57     $2.66
Diluted earnings per share:
                             From continuing operations               $0.76     $0.56     $2.55     $2.60
                             From discontinued operations             -         -         -         0.04
                             Earnings per share                       $0.76     $0.56     $2.55     $2.64
Weighted average common shares                                        5,709     5,686     5,700     5,681
Weighted average common and common
                             equivalent shares                        5,757     5,751     5,753     5,745
Free Cash Flow
Net income                                                            $4,443    $3,224    $14,904   $15,273
Plus:  Depreciation and amortization:
                             Station                                  1,682     1,725     6,434     6,540
                             Corporate                                63        58        268       228
Deferred tax provision                                                1,255     140       3,385     2,805
Non-cash compensation                                                 254       119       826       135
Gain on disposal of television station                                -         -         -         (223)
Other operating (income) expense                                      (1,210)   -         (1,210)   -
Impairment of intangible assets                                       1,936     2,033     1,936     2,033
Other (income) expense, net                                           (33)      2         (71)      (51)
Less: Capital expenditures                                            (1,723)   (1,680)   (5,524)   (5,152)
Free cash flow                                                        $6,667    $5,621    $20,948   $21,588
Balance Sheet Data
                             Working capital                                              $30,554   $28,079
                             Net fixed assets                                             $55,187   $56,337
                             Net intangible assets and other assets                       $93,270   $94,806
                             Total assets                                                 $192,044  $193,224
                             Long-term debt (including current
                             portion of $0 and $1,078, respectively)                      $36,078   $46,078
                             Stockholders’ equity                                         $115,245  $109,701
Saga Communications, Inc.
Selected Supplemental Financial Data
For the Three and Twelve Months Ended
December 31, 2014 and 2013
(amounts in 000’s)
(Unaudited)
                                                                         Corporate
                                                   Radio     Television  and Other           Consolidated
Three Months Ended December 31, 2014:
Net operating revenue                              $30,451   $5,920      $                -  $36,371
Station operating expense                          22,146    3,466       -                   25,612
Corporate general and administrative               -         -           2,321               2,321
Other operating (income) expense                   (1,210)   -           -                   (1,210)
Impairment of intangible assets                    1,936     -           -                   1,936
Operating income (loss) from continuing operations $7,579    $2,454      ($2,321)            $7,712
Depreciation and amortization                      $1,312    $370        $63                 $1,745
                                                                         Corporate
                                                   Radio     Television  and Other           Consolidated
Three Months Ended December 31, 2013:
Net operating revenue                              $28,578   $5,182      $                -  $33,760
Station operating expense                          20,372    3,426       -                   23,798
Corporate general and administrative               -         -           2,191               2,191
Other operating (income) expense                   -         -           -                   -
Impairment of intangible assets                    2,033     -           -                   2,033
Operating income (loss) from continuing operations $6,173    $1,756      ($2,191)            $5,738
Depreciation and amortization                      $1,358    $367        $58                 $1,783
                                                                         Corporate
                                                   Radio     Television  and Other           Consolidated
Twelve Months Ended December 31, 2014:
Net operating revenue                              $113,627  $20,371     $                -  $133,998
Station operating expense                          85,167    13,257      -                   98,424
Corporate general and administrative               -         -           8,901               8,901
Other operating (income) expense                   (1,210)   -           -                   (1,210)
Impairment of intangible assets                    1,936     -           -                   1,936
Operating income (loss) from continuing operations $27,734   $7,114      ($8,901)            $25,947
Depreciation and amortization                      $5,023    $1,411      $268                $6,702
                                                                         Corporate
                                                   Radio     Television  and Other           Consolidated
Twelve Months Ended December 31, 2013:
Net operating revenue                              $109,818  $19,660     $                -  $129,478
Station operating expense                          79,933    13,044      -                   92,977
Corporate general and administrative               -         -           8,172               8,172
Other operating (income) expense                   -         -           -                   -
Impairment of intangible assets                    2,033     -           -                   2,033
Operating income (loss) from continuing operations $27,852   $6,616      ($8,172)            $26,296
Depreciation and amortization                      $5,119    $1,421      $228                $6,768
Saga Communications, Inc.
Selected Supplemental Financial Data
December 31, 2014
(amounts in 000’s except ratios)
(Unaudited)
                                                                                         Trailing
                                                                                         Twelve Months Ended
                                                                                         December 31,
                                                                                         2014     2013
Trailing 12 Month Consolidated Earnings Before Interest
Taxes, Depreciation and Amortization ("EBITDA") (1)
Net income                                                                               $14,904  $15,273
Exclusions:
                             Gain on sale of assets                                      1,281    126
                             Impairment of intangible assets                             (1,936)  (2,033)
                             Gain on sale of television station                          -        223
                             Other                                                       213      (39)
Total exclusions                                                                         (442)    (1,723)
Consolidated adjusted net income (1)                                                     15,346   16,996
Plus:                        Interest expense                                            1,064    1,305
                             Income tax expense                                          10,050   9,992
                             Depreciation & amortization expense                         6,702    6,768
                             Amortization of television syndicated programming contracts 637      637
                             Non-cash stock based compensation expense                   826      135
Less: Cash television programming payments                                               (627)    (628)
Trailing twelve month consolidated EBITDA (1)                                            $33,998  $35,205
Total long-term debt, including current maturities                                       $36,078  $46,078
Divided by trailing twelve month consolidated EBITDA (1)                                 33,998   35,205
Leverage ratio                                                                           1.1      1.3
(1)                          As defined in the Company’s credit facility.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/saga-communications-inc-reports-4th-quarter-and-year-end-2014-results-300047683.html

SOURCE Saga Communications, Inc.

http://rt.prnewswire.com/rt.gif?NewsItemId=DE50709&Transmission_Id=201503100900PR_NEWS_USPR_____DE50709&DateId=20150310



Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2017 StockSelector.com. All rights reserved.