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Saga Communications, Inc. Reports 4th Quarter And Year End 2009 Results

Saga Communications 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, net income excluding impairment charge, 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 Financial Data Non-GAAP Disclosures tables.

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 26 markets, including 61 FM and 30 AM radio stations, 3 state radio networks, 2 farm radio networks, 5 television stations and 4 low-power television stations.  For additional information, contact us at (313) 886-7070 or visit our website at www.sagacommunications.com.

Saga's 4th Quarter and Year End 2009 conference call will be on Thursday, March 4, 2010 at 2:00 p.m. EST.  The dial-in number for domestic calls is (612) 288-0337.  The call can be replayed for 7 days by calling domestically (800) 475-6701 and referring to access code 143180.  

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 1:00 p.m. EST on March 4, 2010 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 Communications, Inc. 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, 2009 and 2008
                   (amounts in 000's except per share data)
                                  (Unaudited)
    
                              Three Months Ended    Twelve Months  Ended
                                 December 31,           December 31,
                              ------------------    --------------------
                                2009       2008          2009       2008
                              ------------------    --------------------
    Operating Results
    Net operating revenue    $31,784    $34,890      $120,798   $139,956
    Station operating
     expense                  23,856     26,550        94,647    105,805
    Corporate general and
     administrative            1,813      2,368         7,944      9,979
    Gain on asset exchange     (495)         -          (495)      (506)
    Impairment of intangible
     assets                   17,286    116,443        17,286    116,443
                            -------------------        -----------------
    Operating income (loss) (10,676)  (110,471)         1,416   (91,765)
    Interest expense           1,359      1,413         4,948      7,173
    Other expense, net           199         49           210         76
                            -------------------       ------------------
    Loss before income tax  (12,234)  (111,933)       (3,742)   (99,014)
    Income tax benefit       (4,871)   (37,974)       (1,161)   (32,522)
                            -------------------      -------------------
    Net loss                $(7,363)  $(73,959)      $(2,581)  $(66,492)
                            ===================      ===================
    Loss per share
      Basic                  $(1.74)   $(17.41)       $(0.61)   $(14.05)
                             ==================       ==================
      Diluted                $(1.74)   $(17.41)       $(0.61)   $(14.05)
                             ==================       ==================
    Weighted average
     common shares             4,227      4,249         4,207      4,734
    Weighted average
     common shares and
     common shares equivalents 4,227      4,249         4,207      4,734
    
    Free Cash Flow
    Net loss                $(7,363)  $(73,959)      $(2,581)  $(66,492)
    Plus: Depreciation and
     amortization:
        Station                2,057      2,348         8,408      8,739
        Corporate                 55         62           221        222
        Deferred tax
         benefit             (4,711)   (37,445)       (1,145)   (33,879)
        Non-cash
         compensation            348        374         1,366      1,433
        Gain on asset
         exchange              (495)         -          (495)      (506)
        Impairment of 
         intangible assets    17,286    116,443        17,286    116,443
        Other expense, net       199         49           210         76
    Less: Capital 
     expenditures              (804)    (1,993)       (4,041)    (7,127)
                              -----------------       ------------------
    Free cash flow            $6,572     $5,879       $19,229    $18,909
                              =================       ==================
    
    Balance Sheet Data
      Working capital                                  $7,753    $20,438
      Net fixed assets                                 69,216     73,383
      Net intangible Assets
       and other assets                                96,241    113,276
      Total assets                                    202,351    221,460
      Long-term Debt (including
       current portion of 
       $17,078 and $1,061,
       respectively)                                  121,078    135,411
      Stockholders' equity                             64,093     65,097
    
    
    
                           Saga Communications, Inc.
                      Selected Supplemental Financial Data
                           For the Three Months Ended
                           December 31, 2009 and 2008
                    (amounts in 000's except per share data)
                                   (Unaudited)
    
                                    As-Reported               Same Station
                                 Three Months Ended       Three Months Ended
                                    December 31,              December 31,
                                   2009        2008         2009        2008
                                -------------------       ------------------
    Consolidated
    Net operating revenue       $31,784     $34,890      $31,394     $34,883
    Station operating
     expense                     23,856      26,550       23,690      26,527
    Corporate general and
     administrative               1,813       2,368        1,813       2,368
    Gain on asset exchange         (495)          -        (495)           -
    Impairment of intangible
     assets                      17,286     116,443       17,286     116,443
                               --------------------    ---------------------
    Operating loss             (10,676)   (110,471)    $(10,900)  $(110,455)
    Interest expense              1,359       1,413
    Other expense, net              199          49
    Income tax benefit          (4,871)    (37,974)
                               --------------------
    Net loss                   $(7,363)   $(73,959)
                               ====================
    Loss per share:
      Basic                     $(1.74)    $(17.41)
                                ===================
      Diluted                   $(1.74)    $(17.41)
                                ===================
    
    
    
                                     As-Reported             Same Station
                                 Three Months Ended       Three Months Ended
                                    December 31,              December 31,
                                   2009        2008         2009        2008
                                -------------------      -------------------
    Radio Segment
    Net operating revenue       $27,382     $29,756      $26,992     $29,749
    Station operating
     expense                     20,325      22,513       20,159      22,490
    Impairment of intangible
     assets                      16,206     114,979       16,206     114,979
                               --------------------     --------------------
    Operating loss             $(9,149)  $(107,736)     $(9,373)  $(107,720)
                               ====================     ====================
    
    
    
                                    As-Reported               Same Station
                                 Three Months Ended       Three Months Ended
                                     December 31,            December 31,
                                   2009        2008         2009        2008
                                 ------------------       ------------------
    Television Segment
    Net operating revenue        $4,402      $5,134       $4,402      $5,134
    Station operating expense     3,531       4,037        3,531       4,037
    Gain on asset exchange        (495)           -        (495)           -
    Impairment of intangible
     assets                       1,080       1,464        1,080       1,464
                                  -----------------        -----------------
    Operating income (loss)        $286      $(367)         $286      $(367)
                                  =================        =================
    
    
    
                                     As-Reported             Same Station
                                 Three Months Ended       Three Months Ended
                                    December 31,             December 31,
                                   2009        2008         2009        2008
                                 ------------------       ------------------
    Depreciation and
     amortization by segment
    Radio Segment                $1,598      $1,676       $1,598      $1,676
    Television Segment              459         672          459         672
    Corporate and Other              55          62           55          62
                                 ------------------       ------------------
                                 $2,112      $2,410       $2,112      $2,410
                                 ==================       ==================
    
    
    
                            Saga Communications, Inc.
                      Selected Supplemental Financial Data
                           For the Twelve Months Ended
                           December 31, 2009 and 2008
                    (amounts in 000's except per share data)
                                  (Unaudited)
    
                                      As-Reported            Same Station
                                  Twelve Months Ended    Twelve Months Ended
                                      December 31,           December 31,
                                      2009       2008      2009       2008
                                 --------------------    -------------------
    Consolidated
    Net operating revenue         $120,798   $139,956    $119,360   $139,934
    Station operating expense       94,647    105,805      93,950    105,724
    Corporate general and
     administrative                  7,944      9,979       7,944      9,979
    Gain on asset exchange           (495)      (506)       (495)      (506)
    Impairment of intangible
     assets                         17,286    116,443      17,286    116,443
                                  --------------------     -----------------
    Operating income (loss)          1,416   (91,765)        $675  $(91,706)
    Interest expense                 4,948      7,173
    Other expense, net                 210         76
    Income tax benefit             (1,161)   (32,522)
                                   ------------------
    Net loss                      $(2,581)  $(66,492)
                                  ===================
    Loss per share:
      Basic                        $(0.61)   $(14.05)
                                   ==================
      Diluted                      $(0.61)   $(14.05)
                                   ==================
    
    
    
                                      As-Reported            Same Station
                                  Twelve Months Ended    Twelve Months Ended
                                       December 31,           December 31,
                                      2009       2008        2009       2008
                                 --------------------    -------------------
    Radio Segment
    Net operating revenue         $104,601   $121,072    $103,163   $121,050
    Station operating expense       80,382     90,540      79,685     90,459
    Impairment of intangible
     assets                         16,206    114,979      16,206    114,979
                                    -----------------      -----------------
    Operating income (loss)         $8,013  $(84,447)      $7,272  $(84,388)
                                    =================      =================
    
    
    
                                      As-Reported            Same Station
                                  Twelve Months Ended    Twelve Months Ended
                                      December 31,           December 31,
                                      2009       2008        2009       2008
                                  -------------------    -------------------
    Television Segment
    Net operating revenue          $16,197    $18,884     $16,197    $18,884
    Station operating expense       14,265     15,265      14,265     15,265
    Gain on asset exchange           (495)      (506)       (495)      (506)
    Impairment of intangible
     assets                          1,080      1,464       1,080      1,464
                                    -----------------      -----------------
    Operating income                $1,347     $2,661      $1,347     $2,661
                                    =================      =================
    
    
    
                                      As-Reported           Same Station
                                  Twelve Months Ended    Twelve Months Ended
                                       December 31,           December 31,
                                      2009       2008        2009       2008
                                  -------------------    -------------------
    Depreciation and amortization
     by segment
    Radio Segment                   $6,166     $6,446      $6,143     $6,446
    Television Segment               2,242      2,293       2,242      2,293
    Corporate and Other                221        222         221        222
                                    -----------------      -----------------
                                    $8,629     $8,961      $8,606     $8,961
                                    =================      =================
    
    
    
                            Saga Communications, Inc.
                   Selected Financial Data Non-GAAP Disclosures
                           For the Three Months Ended
                           December 31, 2009 and 2008
                               (amounts in 000's)
                                    (Unaudited)
    
    Reconciliation of As-Reported (historical) information to Same
     Station Operating Income (Loss)
    --------------------------------------------------------------
    
                                              Adjustment
                             As-Reported   For Acquisitions     Same Station
                            Three Months   and Dispositions     Three Months
                                Ended       Not Included in        Ended    
                            December 31,   Entire Comparable    December 31,
                                2009            Period              2009    
                            ------------------------------------------------
    Consolidated
    Net operating revenue        $31,784             $(390)          $31,394
    Station operating expense     23,856              (166)           23,690
    Corporate general and
     administrative                1,813                  -            1,813
    Gain on asset exchange         (495)                  -            (495)
    Impairment of intangible
     assets                       17,286                  -           17,286
                               ---------             ------        ---------
    Operating loss             $(10,676)             $(224)        $(10,900)
                               =========             ======        =========
    
    
    
                                              Adjustment      
                             As-Reported   For Acquisitions     Same Station
                            Three Months   and Dispositions     Three Months
                                Ended       Not Included in        Ended 
                            December 31,   Entire Comparable    December 31,
                                 2009          Period               2009    
                            ------------------------------------------------
    Radio Segment
    Net operating revenue        $27,382             $(390)          $26,992
    Station operating expense     20,325              (166)           20,159
    Impairment of intangible
     assets                       16,206                  -           16,206
                                --------             ------         --------
    Operating loss              $(9,149)             $(224)         $(9,373)
                                ========             ======         ========
    
    
    
                                               Adjustment            
                             As-Reported   For Acquisitions     Same Station
                            Three Months   and Dispositions     Three Months
                               Ended        Not Included in        Ended
                            December 31,   Entire Comparable    December 31,
                               2009              Period             2009    
                            ------------------------------------------------
    Television Segment
    Net operating revenue         $4,402                  -           $4,402
    Station operating expense      3,531                  -            3,531
    Gain on asset exchange         (495)                  -            (495)
    Impairment of intangible
     assets                        1,080                  -            1,080
                                   -----                ---            -----
    Operating income (loss)         $286                  -             $286
                                   =====                ===            =====
    
    
    
                                              Adjustment            
                             As-Reported   For Acquisitions     Same Station
                            Three Months   and Dispositions     Three Months
                               Ended       Not Included in          Ended
                            December 31,   Entire Comparable    December 31,
                                2008           Period               2008    
                            ------------------------------------------------
    Consolidated
    Net operating revenue        $34,890               $(7)          $34,883
    Station operating expense     26,550               (23)           26,527
    Corporate general and
     administrative                2,368                  -            2,368
    Gain on asset exchange             -                  -                -
    Impairment of intangible
     assets                      116,443                  -          116,443
                              ----------                ---       ----------
    Operating loss            $(110,471)                $16       $(110,455)
                              ==========                ===       ==========
    
    
    
                                              Adjustment         
                             As-Reported   For Acquisitions     Same Station
                            Three Months   and Dispositions     Three Months
                               Ended       Not Included in          Ended
                            December 31,   Entire Comparable    December 31,
                               2008             Period               2008   
                            ------------------------------------------------
    Radio Segment
    Net operating revenue        $29,756               $(7)          $29,749
    Station operating expense     22,513               (23)           22,490
    Impairment of intangible
     assets                      114,979                  -          114,979
                              ----------                ---       ----------
    Operating loss            $(107,736)                $16       $(107,720)
                              ==========                ===       ==========
    
    
    
                                           
                                              Adjustment             
                             As-Reported   For Acquisitions     Same Station
                            Three Months   and Dispositions     Three Months
                               Ended        Not Included in        Ended
                            December 31,   Entire Comparable    December 31,
                               2008             Period              2008    
                            ------------------------------------------------
    Television Segment
    Net operating revenue         $5,134                  -           $5,134
    Station operating expense      4,037                  -            4,037
    Gain on asset exchange             -                  -                -
    Impairment of intangible
     assets                        1,464                  -            1,464
                                  ------                ---           ------
    Operating income (loss)       $(367)                  -           $(367)
                                  ======                ===           ======
    
    
    
                                Saga Communications, Inc.
                       Selected Financial Data Non-GAAP Disclosures
                               For the Twelve Months Ended
                                December 31, 2009 and 2008
                                   (amounts in 000's)
                                       (Unaudited)
    
    Reconciliation of As-Reported (historical) information to Same
     Station Operating Income (Loss)
    --------------------------------------------------------------
                                               
                                               Adjustment   
                            As-Reported    For Acquisitions     Same Station
                           Twelve Months   and Dispositions    Twelve Months
                               Ended        Not Included in        Ended    
                            December 31,   Entire Comparable    December 31,
                                2009            Period              2009
                            ------------------------------------------------
    Consolidated
    Net operating revenue       $120,798           $(1,438)         $119,360
    Station operating expense     94,647              (697)           93,950
    Corporate general and
     administrative                7,944                  -            7,944
    Gain on asset exchange         (495)                  -            (495)
    Impairment of intangible
     assets                       17,286                  -           17,286
                                  ------             ------           ------
    Operating income (loss)       $1,416             $(741)             $675
                                  ======             ======             ====
    
    
         
                                          
                                              Adjustment  
                            As-Reported    For Acquisitions     Same Station
                           Twelve Months   and Dispositions    Twelve Months
                               Ended       Not Included in         Ended 
                            December 31,   Entire Comparable    December 31,
                                2009            Period              2009    
                           -------------------------------------------------
    Radio Segment
    Net operating revenue       $104,601           $(1,438)         $103,163
    Station operating expense     80,382              (697)           79,685
    Impairment of intangible
     assets                       16,206                  -           16,206
                                  ------                ---           ------
    Operating income (loss)       $8,013             $(741)           $7,272
                                  ======             ======           ======
    
    
    
                                               
                                              Adjustment  
                            As-Reported    For Acquisitions     Same Station
                           Twelve Months   and Dispositions    Twelve Months
                               Ended       Not Included in         Ended    
                            December 31,   Entire Comparable    December 31,
                                2009            Period             2009     
                           -------------------------------------------------
    Television Segment
    Net operating revenue        $16,197                  -          $16,197
    Station operating expense     14,265                  -           14,265
    Gain on asset exchange         (495)                  -            (495)
    Impairment of intangible
     assets                        1,080                  -            1,080
                                  ------                ---           ------
    Operating income              $1,347                  -           $1,347
                                  ======                ===           ======
    
    
    
                                              Adjustment  
                            As-Reported    For Acquisitions     Same Station
                           Twelve Months   and Dispositions    Twelve Months
                               Ended        Not Included in        Ended
                            December 31,   Entire Comparable    December 31,
                                2008            Period              2008    
                           -------------------------------------------------
    Consolidated
    Net operating revenue       $139,956              $(22)         $139,934
    Station operating expense    105,805               (81)          105,724
    Corporate general and
     administrative                9,979                  -            9,979
    Gain on asset exchange         (506)                  -            (506)
    Impairment of intangible
     assets                      116,443                  -          116,443
                               ---------                ---        ---------
    Operating income (loss)    $(91,765)                $59        $(91,706)
                               =========                ===        =========
    
    
    
                                             Adjustment
                            As-Reported   For Acquisitions      Same Station
                           Twelve Months  and Dispositions     Twelve Months
                               Ended       Not Included in         Ended
                            December 31,  Entire Comparable     December 31,
                               2008           Period                2008    
                           -------------------------------------------------
    Radio Segment
    Net operating revenue       $121,072              $(22)         $121,050
    Station operating expense     90,540               (81)           90,459
    Impairment of intangible
     assets                      114,979                  -          114,979
                               ---------                ---        ---------
    Operating income (loss)    $(84,447)                $59        $(84,388)
                               =========                ===        =========
    
    
    
                                                
                                              Adjustment
                           As-Reported     For Acquisitions     Same Station
                          Twelve Months    and Dispositions    Twelve Months
                              Ended         Not Included in        Ended
                           December 31,    Entire Comparable    December 31,
                              2008              Period              2008  
                          --------------------------------------------------
    Television Segment
    Net operating revenue       $18,884                   -          $18,884
    Station operating expense    15,265                   -           15,265
    Gain on asset exchange        (506)                   -            (506)
    Impairment of intangible
     assets                       1,464                   -            1,464
                                 ------                 ---           ------
    Operating income             $2,661                   -           $2,661
                                 ======                 ===           ======
    
    
    
                           Saga Communications, Inc.
                 Selected Financial Data Non-GAAP Disclosures
                     For the Three and Twelve Months Ended
                         December 31, 2009 and 2008
                  (amounts in 000's except per share data)
                                 (Unaudited)
    
    Reconciliation of As-Reported Net Loss to Net Income Excluding
     Impairment Charge
    --------------------------------------------------------------
    
                                 Three Months Ended   Twelve Months Ended
                                     December 31,         December 31,
                                 ------------------   -------------------
                                     2009       2008     2009       2008
                                 -------------------  -------------------
    
     Net loss                     $(7,363)  $(73,959) $(2,581)  $(66,492)
       Impairment of intangible
        assets                      17,286    116,443   17,286    116,443
                                  ------------------- -------------------
     Operating income, Excluding
      impairment charge              9,923     42,484   14,705     49,951
       Income tax benefit          (4,871)   (37,974)  (1,161)   (32,522)
                                   ------------------  ------------------
     Income before income tax,
      excluding impairment charge    5,052      4,510   13,544     17,429
       Income tax expense            1,913      2,114    5,623      7,566
                                     ----------------   -----------------
     Net income, excluding
      impairment charge             $3,139     $2,396   $7,921     $9,863
                                    =================   =================
    
     Weighted average common
      shares and common shares       
      equivalent, diluted            4,227      4,249    4,207      4,734
       Dilutive securities: Stock
        options                          -          -        1          3
                                     ----------------    ----------------
     Weighted average common
      shares and common shares
      equivalent, diluted            4,227      4,249    4,208      4,737
                                     ================    ================
    
     Earnings per share:
      Diluted                        $0.74      $0.56    $1.88      $2.08
                                     ================    ================
    
    
    
                         Saga Communications, Inc.
                   Selected Supplemental Financial Data
      Trailing Twelve Month Consolidated EBITDA and Leverage Ratio
                          As of December 31, 2009
                   (amounts in 000's, except ratios)
                               (Unaudited)
                                                           Trailing 
                                                        Twelve Months
                                                            Ended
                                                         December 31,
                                                             2009
                                                         ------------
    Trailing Twelve Month Consolidated EBITDA   
    Net income                                               $(2,581)
    Less: Loss on sale of assets                                (210)
      Gain on exchange of assets                                  495
      Impairment of intangible assets                        (17,286)
      Interest income                                               9
      Net barter transactions                                     187
                                                             --------
    Total exclusions                                         (16,805)
                                                             --------
    Consolidated Adjusted Net Income                           14,224
    Plus: Interest expense                                      4,948
      Income tax benefit                                      (1,161)
      Depreciation & amortization expense                       8,629
      Amortization of television syndicated
       programming contracts                                      706
      Non-cash stock based compensation expense                 1,366
    Less: Cash television programming payments                  (725)
    
                                                              -------
    Trailing twelve month consolidated EBITDA                 $27,987
                                                              =======
    
    
                                                         December 31,
                                                             2009
                                                         ------------
    
    Total long-term debt, including current maturities       $121,078
    Divided by trailing twelve month consolidated EBITDA       27,987
                                                             --------
    Leverage ratio                                                4.3
                                                             ========
    
    Total long-term debt, including current maturities       $121,078
    Less: Cash and cash equivalents as of
     December 31, 2009                                       (12,899)
                                                             --------
    Long-term debt, including current maturities
     less cash and cash equivalents as of
     December 31, 2009                                        108,179
    Divided by trailing twelve month consolidated EBITDA       27,987
                                                              -------
    Leverage ratio                                                3.9
                                                              =======

SOURCE Saga Communications, Inc.

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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