Attached files
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| 8-K - FORM 8-K - SAGA COMMUNICATIONS INC | tv487831_8k.htm |
Saga Communications, Inc. Reports 4th Quarter and Year End 2017 Results
Net Income increased $9.9 million for the Quarter and $36.5 million for the Year
GROSSE POINTE FARMS, Mich., March 6, 2018 /PRNewswire/ -- Saga Communications, Inc. (NYSE American: SGA) today reported net income increased $9.9 million for the quarter and $36.5 million for the year. The results for the quarter and the year were affected by the previously announced sale of the Company's television stations and purchase of radio stations in Charleston and Hilton Head, SC on September 1, 2017, the effect of the recently enacted Tax Cuts and Jobs Act, the previously reported sale of a tower in Norfolk, VA on July 22, 2016, the charge for impairment of intangible assets taken this quarter and the reduction in political revenue.
Net revenue increased 2.3% to $31.5 million for the quarter ended December 31, 2017. Operating Income decreased $433 thousand to $5.3 million when adjusted for the $1.5 million charge for impairment of intangible assets. Station operating expense increased 5.4% to $23.2 million (station operating expense includes depreciation and amortization attributable to the stations) primarily due to the acquisition of the Charleston and Hilton Head radio stations. Free cash flow was $6.3 million compared to $7.6 million last year. Same station net revenue decreased 4.2% to $29.5 million primarily due to a decrease in gross political revenue of $1.0 million and same station operating expense decreased 2.5% to $21.5 million for the quarter. Net income for the fourth quarter was $14.8 million ($2.51 per fully diluted share compared to $0.84 for the same period last year).
Net Revenue decreased 0.7% to $118.2 million for the twelve months ended December 31, 2017. Operating Income decreased $2.5 million to $18.7 million when adjusted for the $1.5 million charge for impairment of intangible assets in 2017 and the $1.4 million gain on the sale of the Norfolk tower in 2016. Station operating expense increased 1.1% to $87.8 million (station operating expense includes depreciation and amortization attributable to the stations) primarily due to the acquisition of the Charleston and Hilton Head radio stations. Free cash flow was $20.1 million compared to $24.5 million last year. Same station net revenue decreased 3.1% to $115.3 million primarily due to a decrease in gross political revenue of $2.3 million and same station operating expense decreased 1.7% to $85.3 million for the year. Net income for the year was $54.7 million ($9.27 per fully diluted share compared to $3.09 for the same period last year).
The Company had $53.0 million in cash on hand as of December 31, 2017 and $49.4 million as of March 5, 2018. The Company's total long term debt was $25 million as of December 31, 2017. Including the recently announced $0.30 per share dividend to be paid on March 30, 2018 the Company will have paid over $55 million in dividends since December 3, 2012.
Capital expenditures were $1.7 million in the fourth quarter compared to $0.7 million for the same period last year and $6.6 million for the twelve month period compared to $4.9 million last year. The Company expects to spend approximately $5.0 million to $6.0 million for capital expenditures during 2018.
Saga's 2017 4th Quarter and Year End conference call will be on Tuesday, March 6, 2018 at 11:00 a.m. EST. The dial-in number for the call is (612) 234-9959. 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 6, 2018 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 2016 and 2017 occurred as of January 1, 2016.
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 26 markets, including 75 FM and 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.
Saga Communications, Inc. | ||||||
Selected Consolidated Financial Data | ||||||
For The Three and Twelve Months Ended | ||||||
December 31, 2017 and 2016 | ||||||
(amounts in 000's except per share data) | ||||||
(Unaudited) | ||||||
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| Three Months Ended | Twelve Months Ended | ||
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| December 31, | December 31, | ||
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| 2017 | 2016 | 2017 | 2016 |
Operating Results |
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Net operating revenue |
| $ 31,464 | $ 30,747 | $ 118,149 | $ 118,955 | |
Station operating expense |
| 23,238 | 22,042 | 87,759 | 86,799 | |
Corporate general and administrative |
| 2,782 | 2,915 | 11,657 | 10,980 | |
Other operating expense (income), net |
| 124 | 37 | 55 | (1,351) | |
Impairment of intangible assets |
| 1,449 | - | 1,449 | - | |
Operating income |
| 3,871 | 5,753 | 17,229 | 22,527 | |
Interest expense |
| 212 | 196 | 903 | 744 | |
Income from continuing operations, before tax |
| 3,659 | 5,557 | 16,326 | 21,783 | |
Income tax expense (benefit) |
| (11,200) | 2,208 | (5,920) | 8,873 | |
Income from continuing operations, net of tax |
| 14,859 | 3,349 | 22,246 | 12,910 | |
Income (loss) from discontinued operations, net of tax |
| (30) | 1,588 | 32,471 | 5,276 | |
Net income |
| $ 14,829 | $ 4,937 | $ 54,717 | $ 18,186 | |
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Basic Earnings per share: |
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| From continuing operations |
| $ 2.52 | $ 0.57 | $ 3.77 | $ 2.20 |
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| From discontinued operations |
| (0.01) | 0.27 | $ 5.50 | $ 0.90 |
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| Basic earnings per share |
| $ 2.51 | $ 0.84 | $ 9.27 | $ 3.10 |
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Diluted Earnings per share: |
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| |
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| From continuing operations |
| $ 2.52 | $ 0.57 | $ 3.77 | $ 2.19 |
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| From discontinued operations |
| (0.01) | 0.27 | $ 5.50 | $ 0.90 |
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| Diluted earnings per share |
| $ 2.51 | $ 0.84 | $ 9.27 | $ 3.09 |
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Weighted average common shares |
| 5,815 | 5,785 | 5,803 | 5,761 | |
Weighted average common and common |
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| equivalent shares |
| 5,815 | 5,797 | 5,807 | 5,771 |
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Free Cash Flow |
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Net income |
| $ 14,829 | $ 4,937 | $ 54,717 | $ 18,186 | |
Plus: Depreciation and amortization: |
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| Station |
| 1,749 | 1,440 | 5,962 | 5,555 |
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| Corporate |
| 75 | 114 | 289 | 321 |
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| Discontinued operations |
| - | 364 | 445 | 1,387 |
Deferred tax provision |
| (10,690) | 995 | (8,670) | 3,160 | |
Non-cash compensation |
| 518 | 507 | 2,279 | 2,101 | |
Other operating expense (income) from continuing operations | 124 | 37 | 55 | (1,351) | ||
Other operating expense (income) from discontinued operations | - | (45) | 31 | (42) | ||
Gain on the disposal of discontinued operations, net of tax | - | - | (29,902) | - | ||
Impairment of intangible assets |
| 1,449 | - | 1,449 | - | |
Less: Capital expenditures from continuing operations |
| (1,521) | (535) | (6,246) | (3,967) | |
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| Capital expenditures from discontinued operations |
| (210) | (177) | (335) | (894) |
Free cash flow |
| $ 6,323 | $ 7,637 | $ 20,074 | $ 24,456 | |
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| December 31, | |
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| 2017 | 2016 |
Balance Sheet Data |
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| Working capital |
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| $ 55,269 | $ 36,727 |
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| Net fixed assets |
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| $ 56,235 | $ 49,174 |
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| Net intangible assets and other assets |
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| $ 116,360 | $ 118,052 |
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| Total assets |
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| $ 248,769 | $ 219,998 |
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| Long-term debt |
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| $ 25,000 | $ 35,287 |
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| Stockholders' equity |
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| $ 179,465 | $ 134,982 |
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Saga Communications, Inc. | ||||||
Selected Supplemental Financial Data | ||||||
For The Three and Twelve Months Ended | ||||||
December 31, 2017 and 2016 | ||||||
(amounts in 000's except per share data) | ||||||
(Unaudited) | ||||||
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| Three Months Ended | Twelve Months Ended | ||
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| December 31, | December 31, | ||
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| 2017 (1) | 2016 | 2017(1) | 2016 |
Results of Discontinued Operations |
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Net operating revenue |
| $ - | $ 6,542 | $ 14,238 | $ 23,636 | |
Station operating expense |
| 30 | 3,936 | 9,757 | 14,743 | |
Other operating (income) expense, net |
| - | (45) | 31 | (42) | |
Operating income (loss) |
| (30) | 2,651 | 4,450 | 8,935 | |
Interest expense |
| - | 6 | 21 | 32 | |
Income (loss) before income taxes |
| (30) | 2,645 | 4,429 | 8,903 | |
Pretax gain on the disposal of discontinued operations |
| - | - | 50,842 | - | |
Total pretax gain (loss) on discontinued operations |
| (30) | 2,645 | 55,271 | 8,903 | |
Income tax expense |
| - | 1,057 | 22,800 | 3,627 | |
Income (loss) from discontinued operations, net of tax |
| $ (30) | $ 1,588 | $ 32,471 | $ 5,276 | |
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(1) | Results of operations for the Television stations are reflected through August 31, 2017. The effective date of the sale
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Saga Communications, Inc. | |||||||||
Selected Supplemental Financial Data | |||||||||
For the Three Months Ended | |||||||||
December 31, 2017 and 2016 | |||||||||
(amounts in 000's except per share data) | |||||||||
(Unaudited) | |||||||||
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| Actual |
| Same Station (1) |
| Pro Forma (2) | |||
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| Three Months Ended |
| Three Months Ended |
| Three Months Ended | |||
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| December 31, |
| December 31, |
| December 31, | |||
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| 2017 | 2016 |
| 2017 | 2016 |
| 2017 | 2016 |
Consolidated |
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Net operating revenue | $ 31,464 | $ 30,747 |
| $ 29,451 | $ 30,747 |
| $ 31,464 | $ 32,796 | |
Station operating expense | 23,238 | 22,042 |
| 21,486 | 22,042 |
| 23,238 | 23,944 | |
Corporate general and administrative | 2,782 | 2,915 |
| 2,782 | 2,915 |
| 2,782 | 2,915 | |
Other operating expense | 124 | 37 |
| 124 | 37 |
| 124 | 37 | |
Impairment of intangible assets | 1,449 | - |
| 1,449 | - |
| 1,449 | - | |
Operating income | 3,871 | 5,753 |
| $ 3,610 | $ 5,753 |
| 3,871 | 5,900 | |
Interest expense | 212 | 196 |
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| 212 | 196 | |
Income from continuing operations, before tax | 3,659 | 5,557 |
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| 3,659 | 5,704 | |
Income tax expense (benefit) | (11,200) | 2,208 |
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| (11,200) | 2,268 | |
Income from continuing operations, net of tax | 14,859 | 3,349 |
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| 14,859 | 3,436 | |
Income (loss) from discontinued operations, net of tax | (30) | 1,588 |
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| (30) | 1,588 | |
Net income | $ 14,829 | $ 4,937 |
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| $ 14,829 | $ 5,024 | |
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Basic Earnings per share: |
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| From continuing operations | $ 2.52 | $ 0.57 |
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| $ 2.52 | $ 0.58 |
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| From discontinued operations | (0.01) | 0.27 |
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| (0.01) | 0.27 |
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| Basic earnings per share | $ 2.51 | $ 0.84 |
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| $ 2.51 | $ 0.85 |
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Diluted Earnings per share: |
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| From continuing operations | $ 2.52 | $ 0.57 |
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| $ 2.52 | $ 0.58 |
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| From discontinued operations | (0.01) | 0.27 |
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| (0.01) | 0.27 |
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| Diluted earnings per share | $ 2.51 | $ 0.84 |
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| $ 2.51 | $ 0.85 |
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| Actual |
| Same Station (1) |
| Pro Forma (2) | |||
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| Three Months Ended |
| Three Months Ended |
| Three Months Ended | |||
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| December 31, |
| December 31, |
| December 31, | |||
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| 2017 | 2016 |
| 2017 | 2016 |
| 2017 | 2016 |
Depreciation and amortization |
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| by segment |
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Radio Stations | $ 1,749 | $ 1,440 |
| $ 1,495 | $ 1,440 |
| $ 1,749 | $ 1,676 | |
Discontinued Operations | - | 364 |
| - | - |
| - | 364 | |
Corporate and Other | 75 | 114 |
| 75 | 114 |
| 75 | 114 | |
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| $ 1,824 | $ 1,918 |
| $ 1,570 | $ 1,554 |
| $ 1,824 | $ 2,154 |
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(1) | Same station includes only the results of stations we owned and operated for the entire comparable period. |
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(2) | Pro Forma results assume all acquisitions in 2016 and 2017 occurred as of January 1, 2016. |
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Saga Communications, Inc. | |||||||||
Selected Supplemental Financial Data | |||||||||
For the Twelve Months Ended | |||||||||
December 31, 2017 and 2016 | |||||||||
(amounts in 000's except per share data) | |||||||||
(Unaudited) | |||||||||
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| Actual |
| Same Station (1) |
| Pro Forma (2) | |||
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| Twelve Months Ended |
| Twelve Months Ended |
| Twelve Months Ended | |||
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| December 31, |
| December 31, |
| December 31, | |||
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| 2017 | 2016 |
| 2017 | 2016 |
| 2017 | 2016 |
Consolidated |
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Net operating revenue | $ 118,149 | $ 118,955 |
| $ 115,264 | $ 118,955 |
| $ 123,651 | $ 126,789 | |
Station operating expense | 87,759 | 86,799 |
| 85,317 | 86,799 |
| 92,563 | 93,818 | |
Corporate general and administrative | 11,657 | 10,980 |
| 11,657 | 10,980 |
| 11,657 | 10,980 | |
Other operating expense (income), net | 55 | (1,351) |
| 55 | (1,351) |
| 55 | (1,351) | |
Impairment of intangible assets | 1,449 | - |
| 1,449 | - |
| 1,449 | - | |
Operating income | 17,229 | 22,527 |
| $ 16,786 | $ 22,527 |
| 17,927 | 23,342 | |
Interest expense | 903 | 744 |
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| 903 | 744 | |
Income from continuing operations, before tax | 16,326 | 21,783 |
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| 17,024 | 22,598 | |
Income tax expense (benefit) | (5,920) | 8,873 |
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| (5,634) | 9,207 | |
Income from continuing operations, net of tax | 22,246 | 12,910 |
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| 22,658 | 13,391 | |
Income (loss) from discontinued operations, net of tax | 32,471 | 5,276 |
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| 32,471 | 3,688 | |
Net income | $ 54,717 | $ 18,186 |
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| $ 55,129 | $ 17,079 | |
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Basic Earnings per share: |
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| From continuing operations | $ 3.77 | $ 2.20 |
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| $ 3.84 | $ 2.28 |
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| From discontinued operations | 5.50 | 0.90 |
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| 5.50 | 0.90 |
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| Basic earnings per share | $ 9.27 | $ 3.10 |
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| $ 9.34 | $ 3.18 |
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Diluted Earnings per share: |
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| From continuing operations | $ 3.77 | $ 2.19 |
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| $ 3.84 | $ 2.28 |
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| From discontinued operations | 5.50 | 0.90 |
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| 5.50 | 0.90 |
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| Diluted earnings per share | $ 9.27 | $ 3.09 |
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| $ 9.34 | $ 3.18 |
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| Actual |
| Same Station (1) |
| Pro Forma (2) | |||
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| Twelve Months Ended |
| Twelve Months Ended |
| Twelve Months Ended | |||
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| December 31, |
| December 31, |
| December 31, | |||
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| 2017 | 2016 |
| 2017 | 2016 |
| 2017 | 2016 |
Depreciation and amortization |
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| by segment |
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Radio Stations | $ 5,962 | $ 5,555 |
| $ 5,629 | $ 5,555 |
| $ 6,616 | $ 6,527 | |
Discontinued Operations | 445 | 1,387 |
| - | - |
| 445 | 1,387 | |
Corporate and Other | 289 | 321 |
| 289 | 321 |
| 289 | 321 | |
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| $ 6,696 | $ 7,263 |
| $ 5,918 | $ 5,876 |
| $ 7,350 | $ 8,235 |
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(1) | Same station includes only the results of stations we owned and operated for the entire comparable period. |
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(2) | Pro Forma results assume all acquisitions in 2016 and 2017 occurred as of January 1, 2016. |
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Saga Communications, Inc. | ||||||||
Selected Supplemental Financial Data | ||||||||
December 31, 2017 | ||||||||
(amounts in 000's except ratios) | ||||||||
(Unaudited) | ||||||||
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| 12 Months Ended |
| Add: |
| Less: |
| 12 Months Ended |
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| December 31, |
| Proforma |
| Discontinued |
| December 31, |
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| 2017 |
| Acquisitions |
| Operations |
| 2017 |
Trailing 12 Month Consolidated Earnings Before Interest, |
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Taxes, Depreciation and Amortization ("EBITDA") (1) |
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Net income | $ 54,717 |
| $ 412 |
| $ 32,471 |
| $ 22,658 | |
Exclusions: |
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| Gain (loss) on sale of assets from continuing operations | (55) |
| - |
| - |
| (55) |
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| Gain (loss) on sale of assets from discontinued operations | (31) |
| - |
| (31) |
| - |
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| Gain (loss) on sale of television stations | 50,842 |
| - |
| 50,842 |
| - |
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| Impairment of Intangibles | (1,449) |
| - |
| - |
| (1,449) |
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| Other | 289 |
| - |
| (18) |
| 307 |
Total exclusions | 49,596 |
| - |
| 50,793 |
| (1,197) | |
Consolidated adjusted net income (1) | 5,121 |
| 412 |
| (18,322) |
| 23,855 | |
Plus: Interest expense | 925 |
| - |
| 22 |
| 903 | |
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| Income tax expense | 16,880 |
| 286 |
| 22,800 |
| (5,634) |
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| Depreciation & amortization expense | 6,696 |
| 654 |
| 445 |
| 6,905 |
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| Amortization of television syndicated programming contracts | 418 |
| - |
| 418 |
| - |
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| Non-cash stock based compensation expense | 2,279 |
| - |
| - |
| 2,279 |
Less: Cash television programming payments | (418) |
| - |
| (418) |
| - | |
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Trailing twelve month consolidated EBITDA (1) | $ 31,901 |
| 1,352 |
| 4,945 |
| $ 28,308 | |
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Total long-term debt, including current maturities |
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| $ 25,000 | |
Divided by trailing twelve month consolidated EBITDA (1) |
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| 28,308 | |
Leverage ratio |
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| 0.88 | |
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(1) | As defined in the Company's credit facility. |
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| Saga Communications, Inc. | ||||||||||||
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| Selected Financial Data Non-GAAP Disclosures | ||||||||||||
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| For the Three and Twelve Months Ended | ||||||||||||
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| December 31, 2017 and 2016 | ||||||||||||
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| (amounts in 000's) | ||||||||||||
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| (Unaudited) | ||||||||||||
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Reconciliation of Actual Information to Same Station Operating Income | |||||||||||||
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| Adjustment |
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| Adjustment |
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| Actual |
| For Acquisitions |
| Same Station |
| Actual |
| For Acquisitions |
| Same Station |
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| Three Months |
| and Dispositions |
| Three Months |
| Three Months |
| and Dispositions |
| Three Months |
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| Ended |
| Not Included in |
| Ended |
| Ended |
| Not Included in |
| Ended |
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| December 31, |
| Entire Comparable |
| December 31, |
| December 31, |
| Entire Comparable |
| December 31, |
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| 2017 |
| Period |
| 2017 |
| 2016 |
| Period |
| 2016 |
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Consolidated |
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Net operating revenue | $ 31,464 |
| $ (2,013) |
| $ 29,451 |
| $ 30,747 |
| $ - |
| $ 30,747 |
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Station operating expense | 23,238 |
| (1,752) |
| 21,486 |
| 22,042 |
| - |
| 22,042 |
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Corporate general and administrative | 2,782 |
| - |
| 2,782 |
| 2,915 |
| - |
| 2,915 |
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Other operating expense | 124 |
| - |
| 124 |
| 37 |
| - |
| 37 |
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Impairment of intangible assets | 1,449 |
| - |
| 1,449 |
| - |
| - |
| - |
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Operating income | $ 3,871 |
| $ (261) |
| $ 3,610 |
| $ 5,753 |
| $ - |
| $ 5,753 |
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Depreciation and amortization | $ 1,824 |
| $ (254) |
| $ 1,570 |
| $ 1,918 |
| $ (364) |
| $ 1,554 |
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| Adjustment |
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| Adjustment |
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| Actual |
| For Acquisitions |
| Same Station |
| Actual |
| For Acquisitions |
| Same Station |
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| Twelve Months |
| and Dispositions |
| Twelve Months |
| Twelve Months |
| and Dispositions |
| Twelve Months |
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| Ended |
| Not Included in |
| Ended |
| Ended |
| Not Included in |
| Ended |
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| December 31, |
| Entire Comparable |
| December 31, |
| December 31, |
| Entire Comparable |
| December 31, |
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| 2017 |
| Period |
| 2017 |
| 2016 |
| Period |
| 2016 |
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Consolidated |
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Net operating revenue | $ 118,149 |
| $ (2,885) |
| $ 115,264 |
| $ 118,955 |
| $ - |
| $ 118,955 |
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Station operating expense | 87,759 |
| (2,442) |
| 85,317 |
| 86,799 |
| - |
| 86,799 |
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Corporate general and administrative | 11,657 |
| - |
| 11,657 |
| 10,980 |
| - |
| 10,980 |
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Other operating (income) expense | 55 |
| - |
| 55 |
| (1,351) |
| - |
| (1,351) |
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Impairment of intangible assets | 1,449 |
| - |
| 1,449 |
| - |
| - |
| - |
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Operating income | $ 17,229 |
| $ (443) |
| $ 16,786 |
| $ 22,527 |
| $ - |
| $ 22,527 |
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Depreciation and amortization | $ 6,696 |
| $ (778) |
| $ 5,918 |
| $ 7,263 |
| $ (1,387) |
| $ 5,876 |
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CONTACT: Samuel D. Bush, 313/886-7070