Attached files
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| 8-K - FORM 8-K - SAGA COMMUNICATIONS INC | tv506090_8k.htm |
Saga Communications, Inc. Reports 3rd Quarter Results
Net Operating Revenue increased 4.6% for the Quarter
GROSSE POINTE FARMS, Mich., Nov. 2, 2018 /PRNewswire/ -- Saga Communications, Inc. (Nasdaq - SGA) today reported net revenue increased 4.6% to $31.7 million for the quarter ended September 30, 2018. Income from continuing operations (net of tax) increased $730 thousand to $3.7 million compared to $3.0 million last year. Operating income decreased 3.4% to $5.3 million and station operating expense increased 7.7% to $23.4 million for the quarter. Diluted earnings per share from continuing operations was $0.62/share in the third quarter of 2018 compared to $0.50/share during the same period in 2017. Free cash flow from continuing operations was $5.2 million for the quarter ended September 30, 2018 compared to $4.0 million for the same period last year.
On a same station basis for the quarter ended September 30, 2018 net revenue was flat with the same quarter last year at $29.6 million, Operating income decreased $200 thousand to $5.2 million and station operating expense increased 1.8% to $21.6 million.
Net revenue increased 6.0% to $91.9 million for the nine months ended September 30, 2018. Income from continuing operations (net of tax) increased $2.0 million to $9.4 million compared to $7.4 million last year. Operating income increased 2.4% to $13.7 million and station operating expense increased 8.4% to $70.0 million for the nine month period. Diluted earnings per share from continuing operations was $1.58/share for the nine month period in 2018 compared to $1.25/share during the same period in 2017. Free cash flow from continuing operations was $13.5 million for the nine months ended September 30, 2018 compared to $10.8 million for the same period last year.
On a same station basis for the nine months ended September 30, 2018 net revenue was approximately flat with the nine month period last year at $85.7 million, Operating income from continuing operations increased $385 thousand to $13.6 million and station operating expense increased 0.4% at $64.1 million.
The Company had $48.8 million in cash on hand as of September 30, 2018 and $50.5 million as of October 31, 2018. The Company's total long-term debt was $20 million as of September 30, 2018.
The results for the quarter and nine month period 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 third quarter compared to $1.4 million for the same period last year. The Company expects to spend approximately $6.0 million for capital expenditures during 2018.
The Company announced on October 30, 2018 that it has entered into an agreement to purchase the assets of WOGK(FM), WNDT(FM), WNDD(FM) and WNDN(FM), from Ocala Broadcasting Corporation, LLC. All the stations serve the Gainesville-Ocala, Florida radio market.
Saga's 2018 3rd Quarter conference call will be on Friday, November 2, 2018 at 11:00 a.m. EDT. 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 November 2, 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 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 26 markets, including 75 FM and 33 AM radio stations and 75 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 Nine Months Ended | ||||||
September 30, 2018 and 2017 | ||||||
(amounts in 000's except per share data) | ||||||
(Unaudited) | ||||||
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| Three Months Ended | Nine Months Ended | ||
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| September 30, | September 30, | ||
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| 2018 | 2017 | 2018 | 2017 |
Operating Results |
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| |
Net operating revenue |
| $ 31,648 | $ 30,269 | $ 91,891 | $ 86,685 | |
Station operating expense |
| 23,429 | 21,755 | 69,966 | 64,521 | |
Corporate general and administrative |
| 2,813 | 3,132 | 8,205 | 8,875 | |
Other operating expense (income), net |
| 85 | (127) | 47 | (69) | |
Operating income |
| 5,321 | 5,509 | 13,673 | 13,358 | |
Interest expense |
| 243 | 254 | 717 | 691 | |
Interest income |
| (167) | - | (444) | - | |
Other income |
| (25) | - | (25) | - | |
Income from continuing operations, before tax |
| 5,270 | 5,255 | 13,425 | 12,667 | |
Income tax expense |
| 1,575 | 2,290 | 4,030 | 5,280 | |
Income from continuing operations, net of tax |
| 3,695 | 2,965 | 9,395 | 7,387 | |
Income from discontinued operations, net of tax |
| - | 30,451 | - | 32,501 | |
Net income |
| $ 3,695 | $ 33,416 | $ 9,395 | $ 39,888 | |
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Basic Earnings per share: |
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| |
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| From continuing operations |
| $ 0.62 | $ 0.50 | $ 1.58 | $ 1.25 |
|
| From discontinued operations |
| - | 5.16 | - | 5.51 |
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| Basic earnings per share |
| $ 0.62 | $ 5.66 | $ 1.58 | $ 6.76 |
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Diluted Earnings per share: |
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| |
|
| From continuing operations |
| $ 0.62 | $ 0.50 | $ 1.58 | $ 1.25 |
|
| From discontinued operations |
| - | 5.16 | - | 5.51 |
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| Diluted earnings per share |
| $ 0.62 | $ 5.66 | $ 1.58 | $ 6.76 |
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Weighted average common shares |
| 5,822 | 5,807 | 5,833 | 5,800 | |
Weighted average common and common |
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| equivalent shares |
| 5,822 | 5,807 | 5,833 | 5,804 |
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Free Cash Flow |
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Net income |
| $ 3,695 | $ 33,416 | $ 9,395 | $ 39,888 | |
Plus: Depreciation and amortization: |
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| |
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| Station |
| 1,603 | 1,483 | 4,789 | 4,213 |
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| Corporate |
| 71 | 71 | 209 | 214 |
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| Discontinued operations |
| - | - | - | 445 |
Deferred tax provision |
| 785 | 340 | 1,880 | 2,020 | |
Non-cash compensation |
| 570 | 629 | 1,675 | 1,761 | |
Other operating expense (income) from continuing operations | 85 | (127) | 47 | (69) | ||
Other operating expense from discontinued operations |
| - | - | - | 31 | |
Other income from continuing operations |
| (25) | - | (25) | - | |
Less: Gain on the disposal of discontinued operations, net of tax | - | (29,902) | - | (29,902) | ||
Capital expenditures from continuing operations |
| (1,544) | (1,410) | (4,450) | (4,725) | |
|
| Capital expenditures from discontinued operations |
| - | (15) | - | (125) |
Free cash flow |
| $ 5,240 | $ 4,485 | $ 13,520 | $ 13,751 | |
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| September 30, | |
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| 2018 | 2017 |
Balance Sheet Data |
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| Working capital |
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| $ 57,828 | $ 56,294 |
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| Net fixed assets |
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| 56,152 | 56,345 |
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| Net intangible assets and other assets |
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| 114,848 | 117,947 |
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| Total assets |
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| 242,561 | 277,954 |
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| Long-term debt including $0 and $10,287 of current liabilities, respectively |
| 20,000 | 35,287 | ||
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| Stockholders' equity |
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| 184,158 | 171,555 |
Saga Communications, Inc. | |||||
Selected Supplemental Financial Data | |||||
For The Three and Nine Months Ended | |||||
September 30, 2018 and 2017 | |||||
(amounts in 000's except per share data) | |||||
(Unaudited) | |||||
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| Three Months Ended | Nine Months Ended | ||
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| September 30, | September 30, | ||
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| 2018 | 2017 | 2018 | 2017 |
Results of Discontinued Operations |
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Net operating revenue |
| $ - | $ 3,296 | $ - | $ 14,238 |
Station operating expense |
| - | 2,372 | - | 9,727 |
Other operating expense |
| - | - | - | 31 |
Operating income |
| - | 924 | - | 4,480 |
Interest expense |
| - | 5 | - | 21 |
Income before income taxes |
| - | 919 | - | 4,459 |
Pretax gain on the disposal of discontinued operations |
| - | 50,842 | - | 50,842 |
Total pretax income from discontinued operations |
| - | 51,761 | - | 55,301 |
Income tax expense |
| - | 21,310 | - | 22,800 |
Income from discontinued operations, net of tax |
| $ - | $ 30,451 | $ - | $ 32,501 |
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Free Cash Flow from Discontinued Operations |
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Income from discontinued operations, net of tax |
| $ - | $ 30,451 | $ - | $ 32,501 |
Plus: Depreciation and amortization: |
| - | - | - | 445 |
Other operating expense from discontinued operations |
| - | - | - | 31 |
Less: Gain on the disposal of discontinued operations, net of tax |
| - | (29,902) | - | (29,902) |
Capital expenditures from discontinued operations |
| - | (15) | - | (125) |
Free cash flow from discontinued operations |
| $ - | $ 534 | $ - | $ 2,950 |
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(1) Results of operations for the Television stations are reflected through August 31, 2017. The effective date of the sale was September 1, 2017. | |||||
Saga Communications, Inc. | |||||||||
Selected Supplemental Financial Data | |||||||||
For the Three Months Ended | |||||||||
September 30, 2018 and 2017 | |||||||||
(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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| September 30, |
| September 30, |
| September 30, | |||
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| 2018 | 2017 |
| 2018 | 2017 |
| 2018 | 2017 |
Consolidated |
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Net operating revenue | $ 31,648 | $ 30,269 |
| $ 29,627 | $ 29,653 |
| $ 31,648 | $ 31,546 | |
Station operating expense | 23,429 | 21,755 |
| 21,587 | 21,213 |
| 23,429 | 23,000 | |
Corporate general and administrative | 2,813 | 3,132 |
| 2,813 | 3,132 |
| 2,813 | 3,132 | |
Other operating expense (income), net | 85 | (127) |
| (8) | (127) |
| 85 | (127) | |
Operating income | 5,321 | 5,509 |
| $ 5,235 | $ 5,435 |
| 5,321 | 5,541 | |
Interest expense | 243 | 254 |
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| 243 | 254 | |
Interest income | (167) | - |
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| (167) | - | |
Other income | (25) | - |
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| (25) | - | |
Income from continuing operations, before tax | 5,270 | 5,255 |
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| 5,270 | 5,287 | |
Income tax expense | 1,575 | 2,290 |
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| 1,575 | 2,303 | |
Income from continuing operations, net of tax | 3,695 | 2,965 |
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| 3,695 | 2,984 | |
Income from discontinued operations, net of tax | - | 30,451 |
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| - | 30,451 | |
Net income | $ 3,695 | $ 33,416 |
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| $ 3,695 | $ 33,435 | |
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Basic Earnings per share: |
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| From continuing operations | $ 0.62 | $ 0.50 |
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| $ 0.62 | $ 0.51 |
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| From discontinued operations | - | 5.16 |
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| - | 5.15 |
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| Basic earnings per share | $ 0.62 | $ 5.66 |
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| $ 0.62 | $ 5.66 |
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Diluted Earnings per share: |
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| From continuing operations | $ 0.62 | $ 0.50 |
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| $ 0.62 | $ 0.51 |
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| From discontinued operations | - | 5.16 |
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| - | 5.15 |
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| Diluted earnings per share | $ 0.62 | $ 5.66 |
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| $ 0.62 | $ 5.66 |
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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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| September 30, |
| September 30, |
| September 30, | |||
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| 2018 | 2017 |
| 2018 | 2017 |
| 2018 | 2017 |
Depreciation and amortization |
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| by segment |
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Radio Stations | $ 1,603 | $ 1,483 |
| $ 1,344 | $ 1,399 |
| $ 1,603 | $ 1,647 | |
Corporate and Other | 71 | 71 |
| 71 | 71 |
| 71 | 71 | |
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| $ 1,674 | $ 1,554 |
| $ 1,415 | $ 1,470 |
| $ 1,674 | $ 1,718 |
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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 2018 and 2017 occurred as of January 1, 2017. |
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Saga Communications, Inc. | |||||||||
Selected Supplemental Financial Data | |||||||||
For the Nine Months Ended | |||||||||
September 30, 2018 and 2017 | |||||||||
(amounts in 000's except per share data) | |||||||||
(Unaudited) | |||||||||
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| Actual |
| Same Station (1) |
| Pro Forma (2) | |||
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| Nine Months Ended |
| Nine Months Ended |
| Nine Months Ended | |||
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| September 30, |
| September 30, |
| September 30, | |||
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| 2018 | 2017 |
| 2018 | 2017 |
| 2018 | 2017 |
Consolidated |
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Net operating revenue | $ 91,891 | $ 86,685 |
| $ 85,660 | $ 85,811 |
| $ 91,891 | $ 92,187 | |
Station operating expense | 69,966 | 64,521 |
| 64,096 | 63,825 |
| 69,966 | 69,325 | |
Corporate general and administrative | 8,205 | 8,875 |
| 8,205 | 8,875 |
| 8,205 | 8,875 | |
Other operating (income) expense, net | 47 | (69) |
| (206) | (69) |
| 47 | (69) | |
Operating income | 13,673 | 13,358 |
| $ 13,565 | $ 13,180 |
| 13,673 | 14,056 | |
Interest expense | 717 | 691 |
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| 717 | 691 | |
Interest income | (444) | - |
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| (444) | - | |
Other income | (25) | - |
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| (25) | - | |
Income from continuing operations, before tax | 13,425 | 12,667 |
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| 13,425 | 13,365 | |
Income tax expense | 4,030 | 5,280 |
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| 4,030 | 5,566 | |
Income from continuing operations, net of tax | 9,395 | 7,387 |
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| 9,395 | 7,799 | |
Income from discontinued operations, net of tax | - | 32,501 |
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| - | 32,501 | |
Net income | $ 9,395 | $ 39,888 |
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| $ 9,395 | $ 40,300 | |
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Basic Earnings per share: |
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| From continuing operations | $ 1.58 | $ 1.25 |
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| $ 1.58 | $ 1.32 |
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| From discontinued operations | - | 5.51 |
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| - | 5.51 |
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| Basic earnings per share | $ 1.58 | $ 6.76 |
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| $ 1.58 | $ 6.83 |
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Diluted Earnings per share: |
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| From continuing operations | $ 1.58 | $ 1.25 |
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| $ 1.58 | $ 1.32 |
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| From discontinued operations | - | 5.51 |
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| - | 5.51 |
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| Diluted earnings per share | $ 1.58 | $ 6.76 |
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| $ 1.58 | $ 6.83 |
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| Actual |
| Same Station (1) |
| Pro Forma (2) | |||
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| Nine Months Ended |
| Nine Months Ended |
| Nine Months Ended | |||
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| September 30, |
| September 30, |
| September 30, | |||
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| 2018 | 2017 |
| 2018 | 2017 |
| 2018 | 2017 |
Depreciation and amortization |
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| by segment |
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Radio Stations | $ 4,789 | $ 4,213 |
| $ 4,010 | $ 4,125 |
| $ 4,789 | $ 4,867 | |
Discontinued Operations | - | 445 |
| - | - |
| - | 445 | |
Corporate and Other | 209 | 214 |
| 209 | 214 |
| 209 | 214 | |
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| $ 4,998 | $ 4,872 |
| $ 4,219 | $ 4,339 |
| $ 4,998 | $ 5,526 |
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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 2018 and 2017 occurred as of January 1, 2017. |
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Saga Communications, Inc. | ||||||||||
Selected Supplemental Financial Data | ||||||||||
September 30, 2018 | ||||||||||
(amounts in 000's except ratios) | ||||||||||
(Unaudited) | ||||||||||
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| Less: |
| Plus: |
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| Trailing |
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| 12 Mos Ended |
| 9 Mos Ended |
| 9 Mos Ended |
| Less: |
| 12 Mos Ended |
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| December 31, |
| September 30, |
| September 30, |
| Discontinued |
| September 30, |
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| 2017 |
| 2017 |
| 2018 |
| Operations (2) |
| 2018 |
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 |
| $ 39,888 |
| $ 9,395 |
| $ (30) |
| $ 24,254 | |
Exclusions: |
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| Gain (loss) on sale of assets from continuing operations | (55) |
| 69 |
| (47) |
| - |
| (171) |
|
| 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 |
| - |
| - |
| - |
|
| Impairment of intangibles | (1,449) |
| - |
| - |
| - |
| (1,449) |
|
| Other | 289 |
| 332 |
| 527 |
| (36) |
| 520 |
Total exclusions | 49,596 |
| 51,212 |
| 480 |
| (36) |
| (1,100) | |
Consolidated adjusted net income (1) | 5,121 |
| (11,324) |
| 8,915 |
| 6 |
| 25,354 | |
Plus: Interest expense | 925 |
| 712 |
| 717 |
| - |
| 930 | |
|
| Income tax expense | 16,880 |
| 28,080 |
| 4,030 |
| - |
| (7,170) |
|
| Depreciation & amortization expense | 6,696 |
| 4,872 |
| 4,998 |
| - |
| 6,822 |
|
| Amortization of television syndicated programming contracts | 418 |
| 418 |
| - |
| - |
| - |
|
| Non-cash stock based compensation expense | 2,279 |
| 1,761 |
| 1,675 |
| - |
| 2,193 |
Less: Cash television programming payments | (418) |
| (418) |
| - |
| - |
| - | |
Trailing twelve month consolidated EBITDA (1) | $ 31,901 |
| $ 24,101 |
| $ 20,335 |
| $ 6 |
| $ 28,129 | |
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Total long-term debt, including current maturities |
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| $ 20,000 | |
Divided by trailing twelve month consolidated EBITDA (1) |
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| 28,129 | |
Leverage ratio |
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| 0.71 | |
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(1) | As defined in the Company's credit facility. |
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(2) | Trailing 12 Month Adjustment |
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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 Nine Months Ended | ||||||||||||
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| September 30, 2018 and 2017 | ||||||||||||
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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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| September 30, |
| Entire Comparable |
| September 30, |
| September 30, |
| Entire Comparable |
| September 30, |
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| 2018 |
| Period |
| 2018 |
| 2017 |
| Period |
| 2017 |
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Consolidated |
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Net operating revenue | $ 31,648 |
| $ (2,021) |
| $ 29,627 |
| $ 30,269 |
| $ (616) |
| $ 29,653 |
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Station operating expense | 23,429 |
| (1,842) |
| 21,587 |
| 21,755 |
| (542) |
| 21,213 |
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Corporate general and administrative | 2,813 |
| - |
| 2,813 |
| 3,132 |
| - |
| 3,132 |
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Other operating expense (income), net | 85 |
| (93) |
| (8) |
| (127) |
| - |
| (127) |
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Operating income | $ 5,321 |
| $ (86) |
| $ 5,235 |
| $ 5,509 |
| $ (74) |
| $ 5,435 |
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Depreciation and amortization | $ 1,674 |
| $ (259) |
| $ 1,415 |
| $ 1,554 |
| $ (84) |
| $ 1,470 |
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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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| Nine Months |
| and Dispositions |
| Nine Months |
| Nine Months |
| and Dispositions |
| Nine Months |
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| Ended |
| Not Included in |
| Ended |
| Ended |
| Not Included in |
| Ended |
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| September 30, |
| Entire Comparable |
| September 30, |
| September 30, |
| Entire Comparable |
| September 30, |
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| 2018 |
| Period |
| 2018 |
| 2017 |
| Period |
| 2017 |
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Consolidated |
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Net operating revenue | $ 91,891 |
| $ (6,231) |
| $ 85,660 |
| $ 86,685 |
| $ (874) |
| $ 85,811 |
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Station operating expense | 69,966 |
| (5,870) |
| 64,096 |
| 64,521 |
| (696) |
| 63,825 |
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Corporate general and administrative | 8,205 |
| - |
| 8,205 |
| 8,875 |
| - |
| 8,875 |
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Other operating (income) expense | 47 |
| (253) |
| (206) |
| (69) |
| - |
| (69) |
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Operating income | $ 13,673 |
| $ (108) |
| $ 13,565 |
| $ 13,358 |
| $ (178) |
| $ 13,180 |
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Depreciation and amortization | $ 4,998 |
| $ (779) |
| $ 4,219 |
| $ 4,872 |
| $ (533) |
| $ 4,339 |
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CONTACT: Samuel D. Bush, 313/886-7070