This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Saga Communications, Inc. Reports Preliminary 4th Quarter And Year-End 2010 Results And Postponement Of Its Final Earnings Release And Conference Call

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.  

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs