GROSSE POINTE FARMS, Mich., March 4, 2011 /PRNewswire/ -- Saga Communications, Inc. (NYSE Amex: SGA) today announced that it will postpone the release of its 4th quarter and year-end 2010 earnings release and conference call due to health related issues of a family member of one of the key members of its accounting department that resulted in delays in the finalization of certain of the Company's year-end analysis.
The Company reported preliminary results including an increase in net revenue of 7.4% for the quarter ended December 31, 2010 to $34.1 million. For the same period, operating income increased 35.7% to $9.0 million (excluding any charge for impairment of intangible assets) and free cash flow increased 8.7% to $7.2 million.
For the year ended December 31, 2010, preliminary results include an increase in net revenue of 5.8% to $127.8 million. Operating income increased 48.6% to $27.8 million (excluding any charge for impairment of intangible assets). Free cash flow increased 10.0% to $21.1 million.
The Company continues to maintain a solid balance sheet with $13.2 million in cash and certificate of deposit balances as of December 31, 2010. As of December 31, 2010, the Company's outstanding bank debt was $96.1 million with a trailing 12 month leverage ratio calculated as a multiple of EBITDA of 2.6 times.Capital expenditures in the 4th quarter of 2010 were $1.1 million compared to $0.8 million for the same period last year. For the 12 months ended December 31, 2010, capital expenditures were $4.4 million compared to $4.0 million for the comparable period last year. For the reasons stated above, the Company has not finalized the annual non-cash impairment test and its tax provision and today, therefore, is only releasing preliminary 4th quarter and year-end 2010 results. The Company is finalizing its required annual impairment test to determine the amount, if any, of the non-cash impairment charge.