Saga Communications Inc. (SGA, Financial) filed Quarterly Report for the period ended 2009-03-31.
Saga Communications Inc. is a broadcasting company whose business is devoted to acquiring developing and operating broadcast properties. The company owns or operates broadcast properties in markets including FM and AM radio stations state radio networks farm radio network TV stations and an equity interest in FM radio stations serving Reykjavik Iceland. Additionally Saga has entered into an Asset Purchase Agreement with Clear Channel Communications to purchase the assets of WHMP-AM/FM Northampton Massachusetts. (PRESS RELEASE) Saga Communications Inc. has a market cap of $30.6 million; its shares were traded at around $7.17 with a P/E ratio of 4.4 and P/S ratio of 0.2.
Station operating expense was $23,940,000 for the three months ended March 31, 2009, compared with $25,421,000 for the three months ended March 31, 2008, a decrease of $1,481,000 or 6%. Same station operating expense decreased $1,626,000 from the prior year quarter. The decrease in same station operating expense was a result of the decline in net operating revenue as well as expense reductions implemented in the quarter. These reductions were partially offset by increased depreciation expense as a result of a change in estimated useful lives of television analog equipment. Station operating expense increased approximately $145,000 from stations that we did not own or operate for the comparable period in 2008.
Operating income for the three months ended March 31, 2009 was $117,000 compared to $3,559,000 for the three months ended March 31, 2008, a decrease of approximately $3,442,000. The decrease was the result of the significant decline in net operating revenue described in detail above, partially offset by a $485,000 or 19% decrease in corporate general and administrative charges. The decrease in corporate general and administrative charges was primarily attributable to reductions in compensation related costs of $253,000 and overall expense reductions, including a decline in audit fees, interactive fees, and travel expenses.
We reported a net loss of approximately $362,000 ($.09 per share on a fully diluted basis) during t
Read the The complete ReportSGA is in the portfolios of Tweedy Browne of Tweedy Browne CO LLC.
Saga Communications Inc. is a broadcasting company whose business is devoted to acquiring developing and operating broadcast properties. The company owns or operates broadcast properties in markets including FM and AM radio stations state radio networks farm radio network TV stations and an equity interest in FM radio stations serving Reykjavik Iceland. Additionally Saga has entered into an Asset Purchase Agreement with Clear Channel Communications to purchase the assets of WHMP-AM/FM Northampton Massachusetts. (PRESS RELEASE) Saga Communications Inc. has a market cap of $30.6 million; its shares were traded at around $7.17 with a P/E ratio of 4.4 and P/S ratio of 0.2.
Highlight of Business Operations:
For the three months ended March 31, 2009, consolidated net operating revenue was $26,124,000 compared with $31,532,000 for the three months ended March 31, 2008, a decline of approximately $5,408,000 or 17%. We had a decrease of approximately $5,592,000 in net operating revenue generated by stations that we owned or operated for the comparable period in 2008 (same station), and an increase in net operating revenue of approximately $184,000 attributable to stations we did not own and operate for the entire comparable period. Same station gross national revenue and same station gross local revenue decreased approximately $1,398,000 and $4,408,000, respectively. Same station gross political revenue decreased approximately $613,000. The decrease in both gross local and national revenue was primarily the result of revenue downturns in all of our markets. The most considerable declines were in our Des Moines, IA (21%), Manchester, NH (37%), Milwaukee, WI (20%), Norfolk, VA (37%), and Victoria, TX (24%) markets. Our revenue has been directly affected by the recent and ongoing economic conditions. There has been an overall decline in advertising revenue as a result of the slowdown in the economy and advertising spending in general. We expect this trend will continue throughout 2009. The decrease in gross political revenue was directly attributable to advertising in the prior year for the 2008 presidential, congressional, senatorial and local races.Station operating expense was $23,940,000 for the three months ended March 31, 2009, compared with $25,421,000 for the three months ended March 31, 2008, a decrease of $1,481,000 or 6%. Same station operating expense decreased $1,626,000 from the prior year quarter. The decrease in same station operating expense was a result of the decline in net operating revenue as well as expense reductions implemented in the quarter. These reductions were partially offset by increased depreciation expense as a result of a change in estimated useful lives of television analog equipment. Station operating expense increased approximately $145,000 from stations that we did not own or operate for the comparable period in 2008.
Operating income for the three months ended March 31, 2009 was $117,000 compared to $3,559,000 for the three months ended March 31, 2008, a decrease of approximately $3,442,000. The decrease was the result of the significant decline in net operating revenue described in detail above, partially offset by a $485,000 or 19% decrease in corporate general and administrative charges. The decrease in corporate general and administrative charges was primarily attributable to reductions in compensation related costs of $253,000 and overall expense reductions, including a decline in audit fees, interactive fees, and travel expenses.
We reported a net loss of approximately $362,000 ($.09 per share on a fully diluted basis) during t
Read the The complete ReportSGA is in the portfolios of Tweedy Browne of Tweedy Browne CO LLC.
