|
07.03.2017 15:00:00
|
Saga Communications, Inc. Reports 4th Quarter and Year End 2016 Results
GROSSE POINTE FARMS, Mich., March 7, 2017 /PRNewswire/ -- Saga Communications, Inc. (NYSE MKT: SGA) today reported net revenue increased 4.7% to $37.3 million for the quarter ended December 31, 2016. Operating Income increased 33.0% to $8.4 million. Station operating expense increased 0.4% to $26.0 million (station operating expense includes depreciation and amortization attributable to the stations). Free cash flow increased 12.1% to $7.6 million. Same Station net revenue increased 2.9% to $36.1 million and same station operating expense was flat at $25.4 million. Net income for the fourth quarter was $4.9 million ($0.84 per fully diluted share compared to $0.63 for the same period last year).
Net Revenue increased 7.3% to $142.6 million for the twelve months ended December 31, 2016. Free cash flow increased 13.5% to $24.5 million. Station operating expense increased 4.4% to $101.5 million (station operating expense includes depreciation and amortization attributable to the stations). Operating income increased 30.7% to $31.5 million. Same Station net revenue increased 3.0% to $134.2 million and same station operating expense increased 0.7% to $95.4 million. Net income for the twelve-month period was $18.2 million ($3.09 per fully diluted share compared to $2.29 for the same period last year).
Capital expenditures were $0.7 million in the fourth quarter compared to $1.1 million for the same period last year and $4.9 million for the twelve-month period compared to $5.5 million last year. The Company expects to spend approximately $5.0 million to $6.0 million for capital expenditures during 2017.
Saga's 2016 4th Quarter and Year End conference call will be on Tuesday, March 7, 2017 at 11:00 a.m. EST. The dial-in number for the call is (612) 234-9960. 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. EST on March 7, 2017 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" and "proforma" information by segment 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 2015 and 2016 occurred as of January 1, 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 same station financial information, 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.
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 26 markets, including 68 FM and 32 AM radio stations, 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 Communications, Inc. | ||||||
Selected Consolidated Financial Data | ||||||
For The Three and Twelve Months Ended | ||||||
December 31, 2016 and 2015 | ||||||
(amounts in 000's except per share data) | ||||||
(Unaudited) | ||||||
Three Months Ended | Twelve Months Ended | |||||
December 31, | December 31, | |||||
2016 | 2015 | 2016 | 2015 | |||
Operating Results | ||||||
Net operating revenue | $ 37,289 | $ 35,606 | $ 142,591 | $ 132,856 | ||
Station operating expense | 25,978 | 25,868 | 101,542 | 97,268 | ||
Corporate general and administrative | 2,915 | 2,449 | 10,980 | 10,091 | ||
Other operating (income) expense | (8) | 94 | (1,393) | 541 | ||
Impairment of intangible assets | - | 874 | - | 874 | ||
Operating income | 8,404 | 6,321 | 31,462 | 24,082 | ||
Interest expense | 202 | 174 | 776 | 888 | ||
Write-off of debt issuance costs | - | - | - | 557 | ||
Other income | - | - | - | (417) | ||
Income before income tax expense | 8,202 | 6,147 | 30,686 | 23,054 | ||
Income tax expense | 3,265 | 2,450 | 12,500 | 9,640 | ||
Net income | $ 4,937 | $ 3,697 | $ 18,186 | $ 13,414 | ||
Earnings Per Share | ||||||
Basic | $ 0.84 | $ 0.63 | $ 3.10 | $ 2.31 | ||
Diluted | $ 0.84 | $ 0.63 | $ 3.09 | $ 2.29 | ||
Weighted average common shares | 5,785 | 5,732 | 5,761 | 5,706 | ||
Weighted average common and common | ||||||
equivalent shares | 5,797 | 5,741 | 5,771 | 5,740 | ||
Free Cash Flow | ||||||
Net income | $ 4,937 | $ 3,697 | $ 18,186 | $ 13,414 | ||
Plus: Depreciation and amortization: | ||||||
Station | 1,804 | 1,842 | 6,942 | 6,534 | ||
Corporate | 114 | 56 | 321 | 290 | ||
Write-off of debt issuance costs | - | - | - | 557 | ||
Deferred tax provision | 995 | 910 | 3,160 | 3,640 | ||
Non-cash compensation | 507 | 455 | 2,101 | 1,655 | ||
Other operating (income) expense | (8) | 94 | (1,393) | 541 | ||
Impairment of intangible assets | - | 874 | - | 874 | ||
Other income | - | - | - | (417) | ||
Less: Capital expenditures | (712) | (1,116) | (4,861) | (5,543) | ||
Free cash flow | $ 7,637 | $ 6,812 | $ 24,456 | $ 21,545 | ||
December 31, | ||||||
2016 | 2015 | |||||
Balance Sheet Data | ||||||
Working capital | $ 37,749 | $ 33,557 | ||||
Net fixed assets | $ 56,562 | $ 58,131 | ||||
Net intangible assets and other assets | $ 110,664 | $ 98,545 | ||||
Total assets | $ 221,020 | $ 204,571 | ||||
Long-term debt (including current | ||||||
portion of $1,078 and $0, respectively) | $ 36,365 | $ 36,365 | ||||
Stockholders' equity | $ 134,982 | $ 122,816 | ||||
Saga Communications, Inc. | |||||||||
Selected Supplemental Financial Data | |||||||||
For the Three Months Ended | |||||||||
December 31, 2016 and 2015 | |||||||||
(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, | |||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||
Consolidated | |||||||||
Net operating revenue | $ 37,289 | $ 35,606 | $ 36,134 | $ 35,118 | $ 37,289 | $ 36,187 | |||
Station operating expense | 25,978 | 25,868 | 25,378 | 25,376 | 25,978 | 26,369 | |||
Corporate general and administrative | 2,915 | 2,449 | 2,915 | 2,449 | 2,915 | 2,449 | |||
Other operating (income) expense | (8) | 94 | (14) | 24 | (8) | 94 | |||
Impairment of intangible assets | - | 874 | - | 874 | - | 874 | |||
Operating income | 8,404 | 6,321 | $ 7,855 | $ 6,395 | 8,404 | 6,401 | |||
Interest expense | 202 | 174 | 202 | 174 | |||||
Write-off of debt issuance costs | - | - | - | - | |||||
Other income | - | - | - | - | |||||
Income before income tax expense | 8,202 | 6,147 | 8,202 | 6,227 | |||||
Income tax expense | 3,265 | 2,450 | 3,265 | 2,483 | |||||
Net income | $ 4,937 | $ 3,697 | $ 4,937 | $ 3,744 | |||||
Earnings per share: | |||||||||
Basic | $ 0.84 | $ 0.63 | $ 0.84 | $ 0.64 | |||||
Diluted | $ 0.84 | $ 0.63 | $ 0.84 | $ 0.64 | |||||
Actual | Same Station (1) | Pro Forma (2) | |||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||
December 31, | December 31, | December 31, | |||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||
Radio Segment | |||||||||
Net operating revenue | $ 30,747 | $ 29,963 | $ 29,592 | $ 29,475 | $ 30,747 | $ 30,544 | |||
Station operating expense | 22,042 | 22,122 | 21,442 | 21,630 | 22,042 | 22,623 | |||
Other operating (income) expense | 37 | 85 | 31 | 15 | 37 | 85 | |||
Impairment of intangible assets | - | 874 | - | 874 | - | 874 | |||
Operating income | $ 8,668 | $ 6,882 | $ 8,119 | $ 6,956 | $ 8,668 | $ 6,962 | |||
Actual | Same Station (1) | Pro Forma (2) | |||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||
December 31, | December 31, | December 31, | |||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||
Television Segment | |||||||||
Net operating revenue | $ 6,542 | $ 5,643 | $ 6,542 | $ 5,643 | $ 6,542 | $ 5,643 | |||
Station operating expense | 3,936 | 3,746 | 3,936 | 3,746 | 3,936 | 3,746 | |||
Other operating (income) expense | (45) | (1) | (45) | (1) | (45) | (1) | |||
Impairment of intangible assets | - | - | - | - | - | - | |||
Operating income | $ 2,651 | $ 1,898 | $ 2,651 | $ 1,898 | $ 2,651 | $ 1,898 | |||
Actual | Same Station (1) | Pro Forma (2) | |||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||
December 31, | December 31, | December 31, | |||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||
Depreciation and amortization | |||||||||
by segment | |||||||||
Radio Segment | $ 1,440 | $ 1,459 | $ 1,388 | $ 1,459 | $ 1,440 | $ 1,503 | |||
Television Segment | 364 | 383 | 364 | 383 | 364 | 383 | |||
Corporate and Other | 114 | 56 | 114 | 56 | 114 | 56 | |||
$ 1,918 | $ 1,898 | $ 1,866 | $ 1,898 | $ 1,918 | $ 1,942 | ||||
(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 2015 and 2016 occurred as of January 1, 2015. | ||||||||
Saga Communications, Inc. | |||||||||
Selected Supplemental Financial Data | |||||||||
For the Twelve Months Ended | |||||||||
December 31, 2016 and 2015 | |||||||||
(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, | |||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||
Consolidated | |||||||||
Net operating revenue | $ 142,591 | $ 132,856 | $ 134,206 | $ 130,287 | $ 142,591 | $ 139,458 | |||
Station operating expense | 101,542 | 97,268 | 95,389 | 94,726 | 101,557 | 102,401 | |||
Corporate general and administrative | 10,980 | 10,091 | 10,980 | 10,091 | 10,980 | 10,091 | |||
Other operating (income) expense | (1,393) | 541 | (1,410) | 65 | (1,393) | 541 | |||
Impairment of intangible assets | - | 874 | - | 874 | - | 874 | |||
Operating income | 31,462 | 24,082 | $ 29,247 | $ 24,531 | 31,447 | 25,551 | |||
Interest expense | 776 | 888 | 776 | 888 | |||||
Write-off of debt issuance costs | - | 557 | - | 557 | |||||
Other income | - | (417) | - | (417) | |||||
Income before income tax expense | 30,686 | 23,054 | 30,671 | 24,523 | |||||
Income tax expense | 12,500 | 9,640 | 12,494 | 10,242 | |||||
Net income | $ 18,186 | $ 13,414 | $ 18,177 | $ 14,281 | |||||
Earnings per share: | |||||||||
Basic | $ 3.10 | $ 2.31 | $ 3.10 | $ 2.46 | |||||
Diluted | $ 3.09 | $ 2.29 | $ 3.09 | $ 2.44 | |||||
Actual | Same Station (1) | Pro Forma (2) | |||||||
Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | |||||||
December 31, | December 31, | December 31, | |||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||
Radio Segment | |||||||||
Net operating revenue | $ 118,955 | $ 111,792 | $ 110,570 | $ 109,223 | 118,955 | 118,394 | |||
Station operating expense | 86,799 | 83,188 | 80,646 | 80,646 | 86,814 | 88,321 | |||
Other operating (income) expense | (1,351) | 499 | (1,368) | 23 | (1,351) | 499 | |||
Impairment of intangible assets | - | 874 | - | 874 | - | 874 | |||
Operating income | $ 33,507 | $ 27,231 | $ 31,292 | $ 27,680 | $ 33,492 | $ 28,700 | |||
Actual | Same Station (1) | Pro Forma (2) | |||||||
Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | |||||||
December 31, | December 31, | December 31, | |||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||
Television Segment | |||||||||
Net operating revenue | $ 23,636 | $ 21,064 | $ 23,636 | $ 21,064 | 23,636 | 21,064 | |||
Station operating expense | 14,743 | 14,080 | 14,743 | 14,080 | 14,743 | 14,080 | |||
Other operating (income) expense | (42) | 32 | (42) | 32 | (42) | 32 | |||
Impairment of intangible assets | - | - | - | - | - | - | |||
Operating income | $ 8,935 | $ 6,952 | $ 8,935 | $ 6,952 | $ 8,935 | $ 6,952 | |||
Actual | Same Station (1) | Pro Forma (2) | |||||||
Twelve Months Ended | Twelve Months Ended | Twelve Months Ended | |||||||
December 31, | December 31, | December 31, | |||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||
Depreciation and amortization | |||||||||
by segment | |||||||||
Radio Segment | $ 5,555 | $ 5,135 | $ 4,663 | $ 4,844 | $ 5,570 | $ 5,705 | |||
Television Segment | 1,387 | 1,399 | 1,387 | 1,399 | 1,387 | 1,399 | |||
Corporate and Other | 321 | 290 | 321 | 290 | 321 | 290 | |||
$ 7,263 | $ 6,824 | $ 6,371 | $ 6,533 | $ 7,278 | $ 7,394 | ||||
(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 2015 and 2016 occurred as of January 1, 2015. | ||||||||
Saga Communications, Inc. | ||||||||
Selected Supplemental Financial Data | ||||||||
December 31, 2016 | ||||||||
(amounts in 000's except ratios) | ||||||||
(Unaudited) | ||||||||
Trailing | ||||||||
Twelve Months Ended | Add: | Twelve Months Ended | ||||||
December 31, | Proforma | December 31, | ||||||
2016 | Acquisitions | 2016 | 2015 | |||||
Trailing 12 Month Consolidated Earnings Before Interest, | ||||||||
Taxes, Depreciation and Amortization ("EBITDA") (1) | ||||||||
Net income | $ 18,186 | $ (9) | $ 18,177 | $ 14,384 | ||||
Exclusions: | ||||||||
Gain (loss) on sale of assets | 1,393 | - | 1,393 | (541) | ||||
Gain on insurance claim | - | - | - | 417 | ||||
Impairment of intangible assets | - | - | - | (874) | ||||
Write-off of debt issuance costs | - | - | - | (557) | ||||
Other | 298 | - | 298 | 119 | ||||
Total exclusions | 1,691 | - | 1,691 | (1,436) | ||||
Consolidated adjusted net income (1) | 16,495 | (9) | 16,486 | 15,820 | ||||
Plus: Interest expense | 776 | - | 776 | 888 | ||||
Income tax expense | 12,500 | (6) | 12,494 | 10,314 | ||||
Depreciation & amortization expense | 7,263 | 15 | 7,278 | 7,219 | ||||
Amortization of television syndicated programming contracts | 628 | - | 628 | 637 | ||||
Non-cash stock based compensation expense | 2,101 | - | 2,101 | 1,655 | ||||
Less: Cash television programming payments | (625) | - | (625) | (635) | ||||
Trailing twelve month consolidated EBITDA (1) | $ 39,138 | $ - | $ 39,138 | $ 35,898 | ||||
Total long-term debt, including current maturities | $ 36,365 | $ 36,365 | ||||||
Divided by trailing twelve month consolidated EBITDA (1) | 39,138 | 35,898 | ||||||
Leverage ratio (1) | 0.9 | 1.0 | ||||||
(1) | As defined in the Company's credit facility. | |||||||
Saga Communications, Inc. | |||||||||||||
Selected Financial Data Non-GAAP Disclosures | |||||||||||||
For the Three Months Ended | |||||||||||||
December 31, 2016 and 2015 | |||||||||||||
(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, | ||||||||
2016 | Period | 2016 | 2015 | Period | 2015 | ||||||||
Consolidated | |||||||||||||
Net operating revenue | $ 37,289 | $ (1,155) | $ 36,134 | $ 35,606 | $ (488) | $ 35,118 | |||||||
Station operating expense | 25,978 | (600) | 25,378 | 25,868 | (492) | 25,376 | |||||||
Corporate general and administrative | 2,915 | - | 2,915 | 2,449 | - | 2,449 | |||||||
Other operating (income) expense | (8) | (6) | (14) | 94 | (70) | 24 | |||||||
Impairment of intangible assets | - | - | - | 874 | - | 874 | |||||||
Operating income | $ 8,404 | $ (549) | $ 7,855 | $ 6,321 | $ 74 | $ 6,395 | |||||||
Depreciation and amortization | $ 1,918 | $ (52) | $ 1,866 | $ 1,898 | $ - | $ 1,898 | |||||||
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, | ||||||||
2016 | Period | 2016 | 2015 | Period | 2015 | ||||||||
Radio Segment | |||||||||||||
Net operating revenue | $ 30,747 | $ (1,155) | $ 29,592 | $ 29,963 | $ (488) | $ 29,475 | |||||||
Station operating expense | 22,042 | (600) | 21,442 | 22,122 | (492) | 21,630 | |||||||
Other operating (income) expense | 37 | (6) | 31 | 85 | (70) | 15 | |||||||
Impairment of intangible assets | - | - | - | 874 | - | 874 | |||||||
Operating income | $ 8,668 | $ (549) | $ 8,119 | $ 6,882 | $ 74 | $ 6,956 | |||||||
Depreciation and amortization | $ 1,440 | $ (52) | $ 1,388 | $ 1,459 | $ - | $ 1,459 | |||||||
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, | ||||||||
2016 | Period | 2016 | 2015 | Period | 2015 | ||||||||
Television Segment | |||||||||||||
Net operating revenue | $ 6,542 | $ - | $ 6,542 | $ 5,643 | $ - | $ 5,643 | |||||||
Station operating expense | 3,936 | - | 3,936 | 3,746 | - | 3,746 | |||||||
Other operating (income) expense | (45) | - | (45) | (1) | - | (1) | |||||||
Impairment of intangible assets | - | - | - | - | - | - | |||||||
Operating income | $ 2,651 | $ - | $ 2,651 | $ 1,898 | $ - | $ 1,898 | |||||||
Depreciation and amortization | $ 364 | $ - | $ 364 | $ 383 | $ - | $ 383 | |||||||
Saga Communications, Inc. | |||||||||||||
Selected Financial Data Non-GAAP Disclosures | |||||||||||||
For the Twelve Months Ended | |||||||||||||
December 31, 2016 and 2015 | |||||||||||||
(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 | ||||||||
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, | ||||||||
2016 | Period | 2016 | 2015 | Period | 2015 | ||||||||
Consolidated | |||||||||||||
Net operating revenue | $ 142,591 | $ (8,385) | $ 134,206 | $ 132,856 | $ (2,569) | $ 130,287 | |||||||
Station operating expense | 101,542 | (6,153) | 95,389 | 97,268 | (2,542) | 94,726 | |||||||
Corporate general and administrative | 10,980 | - | 10,980 | 10,091 | - | 10,091 | |||||||
Other operating (income) expense | (1,393) | (17) | (1,410) | 541 | (476) | 65 | |||||||
Impairment of intangible assets | - | - | - | 874 | - | 874 | |||||||
Operating income | $ 31,462 | $ (2,215) | $ 29,247 | $ 24,082 | $ 449 | $ 24,531 | |||||||
Depreciation and amortization | $ 7,263 | $ (892) | $ 6,371 | $ 6,824 | $ (291) | $ 6,533 | |||||||
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, | ||||||||
2016 | Period | 2016 | 2015 | Period | 2015 | ||||||||
Radio Segment | |||||||||||||
Net operating revenue | $ 118,955 | $ (8,385) | $ 110,570 | $ 111,792 | $ (2,569) | $ 109,223 | |||||||
Station operating expense | 86,799 | (6,153) | 80,646 | 83,188 | (2,542) | 80,646 | |||||||
Other operating (income) expense | (1,351) | (17) | (1,368) | 499 | (476) | 23 | |||||||
Impairment of intangible assets | - | - | - | 874 | - | 874 | |||||||
Operating income | $ 33,507 | $ (2,215) | $ 31,292 | $ 27,231 | $ 449 | $ 27,680 | |||||||
Depreciation and amortization | $ 5,555 | $ (892) | $ 4,663 | $ 5,135 | $ (291) | $ 4,844 | |||||||
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, | ||||||||
2016 | Period | 2016 | 2015 | Period | 2015 | ||||||||
Television Segment | |||||||||||||
Net operating revenue | $ 23,636 | $ - | $ 23,636 | $ 21,064 | $ - | $ 21,064 | |||||||
Station operating expense | 14,743 | - | 14,743 | 14,080 | - | 14,080 | |||||||
Other operating (income) expense | (42) | - | (42) | 32 | - | 32 | |||||||
Impairment of intangible assets | - | - | - | - | - | - | |||||||
Operating income | $ 8,935 | $ - | $ 8,935 | $ 6,952 | $ - | $ 6,952 | |||||||
Depreciation and amortization | $ 1,387 | $ - | $ 1,387 | $ 1,399 | $ - | $ 1,399 | |||||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/saga-communications-inc-reports-4th-quarter-and-year-end-2016-results-300419136.html
SOURCE Saga Communications, Inc.
Der finanzen.at Ratgeber für Aktien!
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!
Nachrichten zu Samco Gold Ltd.mehr Nachrichten
| Keine Nachrichten verfügbar. |
Analysen zu Samco Gold Ltd.mehr Analysen
Nachrichten
ETF-Sparplan
Oskar ist der einfache und intelligente ETF-Sparplan. Er übernimmt die ETF-Auswahl, ist steuersmart, transparent und kostengünstig.