Saga Communications, Inc. Reports 1st Quarter Results and Announces 2001 Expectations

Apr 26, 2001, 01:00 ET from Saga Communications, Inc.

    GROSSE POINTE FARMS, Mich., April 26 /PRNewswire/ -- Saga Communications,
 Inc. (Amex:   SGA) today announced its first quarter operating results.  For the
 quarter ended March 31, 2001, net revenue increased 3.4% over the comparable
 period in 2000 to approximately $22.8 million.  Broadcast cash flow (station
 operating income before depreciation and amortization) increased 2.0% to
 approximately $6.9 million for the quarter.  After tax cash flow (defined as
 net income plus depreciation, amortization (excluding film rights), other
 expense and deferred taxes) for the quarter decreased approximately 3.9% to
 approximately $3.4 million ($.20 per share on a fully diluted basis at
 March 31, 2001 compared to $.21 at March 31, 2000).
     Edward K. Christian, President and Chief Executive Officer, stated,
 "Despite a tough national spot market and challenging economic times we are
 pleased to have held our own.  This was accomplished with aggressive sales
 efforts as well as strict cost containment.  Our continued strength in
 obtaining local advertising dollars has served us well."
     On a same station basis, broadcast cash flow increased by 2.1% to
 approximately $6.9 million compared to $6.7 million for the same period last
 year.  Net revenue decreased 1.1% ($236,000) to $21.8 million from
 $22.0 million for the same period last year on a same station basis.
     Additionally, the company is releasing its financial expectations for the
 year 2001.  With the adoption of Regulation FD by the Securities and Exchange
 Commission, the Company is providing guidance in order to widely disseminate
 the company's outlook for the remainder of 2001.  The guidance being provided
 is based on the economic and market conditions as of April 26, 2001.  The
 company can give no assurances as to how changes in these conditions may
 affect the current expectations.  While Saga may from time to time issue
 updated guidance it is under no obligation to do so.
     For the quarter ending June 30, 2001, the company expects net revenues of
 $27.5 million, broadcast cash flow of $10.7 million and after tax cash flow of
 $5.6 million, or $0.34 per share on a fully diluted basis.  For the year 2001
 the company expects revenues of $106.6 million, broadcast cash flow of
 $41.1 million and after tax cash flow of $21.7 million, or $1.30 per share on
 a fully diluted basis.
     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 18 markets, including 34 FM
 and 21 AM radio stations, 2 state radio networks, 1 farm radio network, 4 TV
 stations and 2 LPTV stations.  As previously announced, Saga has entered into
 an agreement to purchase the stock of Mitchell Broadcasting, LTD, the owners
 of KMIT-FM and KGGK-FM serving the Mitchell, SD market.  This transaction is
 expected to close during the 3rd Quarter of 2001.
     Saga's first quarter results and 2001 guidance conference call will be on
 Friday, April 27 at 10 a.m.  The call will be a listen only call for the
 public.  The dial in number for domestic calls is 800-230-1093.  For
 international callers the number is 612-288-0337.  The call can be replayed
 for 7 days by calling domestically 800-475-6701 or internationally
 320-365-3844 and referring to access code 580440.
     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" and similar
 expressions are intended to identify forward-looking statements.  Key risks
 are described in the reports Saga Communications, Inc. periodically files with
 the U.S. Securities and Exchange Commission.  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 herein.
 
                           Saga Communications, Inc.
                      Selected Consolidated Financial Data
                          For The Three Month Periods
                         Ended March 31, 2001 and 2000
                    (amounts in 000's except per share data)
                                  (Unaudited)
 
                                               Three Months Ended March 31,
                                                2001               2000
     Operating Results
     Net revenue                               $22,793           $22,042
     Station operating expense (excluding
      depreciation, amortization, corporate
      general and administrative)               15,938            15,319
     Broadcast cash flow                         6,855             6,723
 
     Corporate general and administrative        1,356             1,211
     Depreciation and amortization               2,376             2,198
     Operating profit                            3,123             3,314
 
     Interest expense                            1,803             1,570
     Other expense                                 358               425
     Income before income tax                      962             1,319
     Income tax provision                          428               599
     Net income                                   $534              $720
     Earnings per share - basic and diluted       $.03              $.04
     Weighted average common shares             16,354             16,479
     Weighted average common shares and
      common equivalents                        16,655             16,861
     After tax cash flow (*)                    $3,362             $3,497
     After tax cash flow per share:
         Basic                                    $.21               $.21
         Diluted                                  $.20               $.21
 
     Balance Sheet Data
     Working capital                           $17,228            $12,620
     Net fixed assets                           50,571             45,321
     Net intangible assets                     114,230             92,935
     Total assets                              192,631            163,400
     Long term debt
      (including current portion)              105,788             85,648
     Stockholders' equity                       67,055             59,883
 
     (*)  Defined as net income plus depreciation, amortization (excluding film
 rights), other expense and deferred taxes.
 
 
                           Saga Communications, Inc.
                            2001 Financial Guidance
                  (amounts in millions except per share data)
 
 
                              Q1      Q2        Q3        Q4         2001
                            Actual Estimated Estimated  Estimated  Estimated
     Operating Results
     Net revenue            $22.8    $27.5     $27.0     $29.3       $106.6
     Station operating
      expense (excluding
      depreciation,
      amortization,
      corporate
      general and
      administrative)       15.9      16.8      15.6      17.2        65.5
     Broadcast cash flow     6.9      10.7      11.4      12.1        41.1
 
     Corporate general and
      administrative        1.4        1.4       1.2       1.2         5.2
     Depreciation and
      amortization          2.4        2.5       2.5       2.4         9.8
     Operating profit       3.1        6.8       7.7       8.5        26.1
 
     Interest expense       1.8        2.0       2.1       2.0         7.9
     Other expense           .4          -         -         -          .4
     Income before income
      tax                     .9       4.8       5.6       6.5        17.8
     Income tax provision     .4       2.1       2.4       2.8         7.7
     Net income              $.5      $2.7      $3.2      $3.7       $10.1
     Earnings per share:
      diluted              $ .03      $.16      $.19      $.22        $.61
     Weighted average common
      shares and common
      equivalents           16.7      16.7      16.7      16.7        16.7
     After tax cash flow *  $3.4      $5.6      $6.1      $6.6       $21.7
     After tax cash flow
      per share: diluted    $.20      $.34      $.37      $.40       $1.30
 
     *  Defined as net income plus depreciation, amortization (excluding film
 rights), other expense, and deferred taxes
 
     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.  The guidance being provided is based on the economic and market
 conditions as of April 26, 2001.  The company can give no assurances as to how
 changes in these conditions may affect the current expectations.  While Saga
 may from time to time issue updated guidance it is under no obligation to do
 so.
     See Saga's SEC filings for additional information.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X68123250
 
 

SOURCE Saga Communications, Inc.
    GROSSE POINTE FARMS, Mich., April 26 /PRNewswire/ -- Saga Communications,
 Inc. (Amex:   SGA) today announced its first quarter operating results.  For the
 quarter ended March 31, 2001, net revenue increased 3.4% over the comparable
 period in 2000 to approximately $22.8 million.  Broadcast cash flow (station
 operating income before depreciation and amortization) increased 2.0% to
 approximately $6.9 million for the quarter.  After tax cash flow (defined as
 net income plus depreciation, amortization (excluding film rights), other
 expense and deferred taxes) for the quarter decreased approximately 3.9% to
 approximately $3.4 million ($.20 per share on a fully diluted basis at
 March 31, 2001 compared to $.21 at March 31, 2000).
     Edward K. Christian, President and Chief Executive Officer, stated,
 "Despite a tough national spot market and challenging economic times we are
 pleased to have held our own.  This was accomplished with aggressive sales
 efforts as well as strict cost containment.  Our continued strength in
 obtaining local advertising dollars has served us well."
     On a same station basis, broadcast cash flow increased by 2.1% to
 approximately $6.9 million compared to $6.7 million for the same period last
 year.  Net revenue decreased 1.1% ($236,000) to $21.8 million from
 $22.0 million for the same period last year on a same station basis.
     Additionally, the company is releasing its financial expectations for the
 year 2001.  With the adoption of Regulation FD by the Securities and Exchange
 Commission, the Company is providing guidance in order to widely disseminate
 the company's outlook for the remainder of 2001.  The guidance being provided
 is based on the economic and market conditions as of April 26, 2001.  The
 company can give no assurances as to how changes in these conditions may
 affect the current expectations.  While Saga may from time to time issue
 updated guidance it is under no obligation to do so.
     For the quarter ending June 30, 2001, the company expects net revenues of
 $27.5 million, broadcast cash flow of $10.7 million and after tax cash flow of
 $5.6 million, or $0.34 per share on a fully diluted basis.  For the year 2001
 the company expects revenues of $106.6 million, broadcast cash flow of
 $41.1 million and after tax cash flow of $21.7 million, or $1.30 per share on
 a fully diluted basis.
     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 18 markets, including 34 FM
 and 21 AM radio stations, 2 state radio networks, 1 farm radio network, 4 TV
 stations and 2 LPTV stations.  As previously announced, Saga has entered into
 an agreement to purchase the stock of Mitchell Broadcasting, LTD, the owners
 of KMIT-FM and KGGK-FM serving the Mitchell, SD market.  This transaction is
 expected to close during the 3rd Quarter of 2001.
     Saga's first quarter results and 2001 guidance conference call will be on
 Friday, April 27 at 10 a.m.  The call will be a listen only call for the
 public.  The dial in number for domestic calls is 800-230-1093.  For
 international callers the number is 612-288-0337.  The call can be replayed
 for 7 days by calling domestically 800-475-6701 or internationally
 320-365-3844 and referring to access code 580440.
     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" and similar
 expressions are intended to identify forward-looking statements.  Key risks
 are described in the reports Saga Communications, Inc. periodically files with
 the U.S. Securities and Exchange Commission.  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 herein.
 
                           Saga Communications, Inc.
                      Selected Consolidated Financial Data
                          For The Three Month Periods
                         Ended March 31, 2001 and 2000
                    (amounts in 000's except per share data)
                                  (Unaudited)
 
                                               Three Months Ended March 31,
                                                2001               2000
     Operating Results
     Net revenue                               $22,793           $22,042
     Station operating expense (excluding
      depreciation, amortization, corporate
      general and administrative)               15,938            15,319
     Broadcast cash flow                         6,855             6,723
 
     Corporate general and administrative        1,356             1,211
     Depreciation and amortization               2,376             2,198
     Operating profit                            3,123             3,314
 
     Interest expense                            1,803             1,570
     Other expense                                 358               425
     Income before income tax                      962             1,319
     Income tax provision                          428               599
     Net income                                   $534              $720
     Earnings per share - basic and diluted       $.03              $.04
     Weighted average common shares             16,354             16,479
     Weighted average common shares and
      common equivalents                        16,655             16,861
     After tax cash flow (*)                    $3,362             $3,497
     After tax cash flow per share:
         Basic                                    $.21               $.21
         Diluted                                  $.20               $.21
 
     Balance Sheet Data
     Working capital                           $17,228            $12,620
     Net fixed assets                           50,571             45,321
     Net intangible assets                     114,230             92,935
     Total assets                              192,631            163,400
     Long term debt
      (including current portion)              105,788             85,648
     Stockholders' equity                       67,055             59,883
 
     (*)  Defined as net income plus depreciation, amortization (excluding film
 rights), other expense and deferred taxes.
 
 
                           Saga Communications, Inc.
                            2001 Financial Guidance
                  (amounts in millions except per share data)
 
 
                              Q1      Q2        Q3        Q4         2001
                            Actual Estimated Estimated  Estimated  Estimated
     Operating Results
     Net revenue            $22.8    $27.5     $27.0     $29.3       $106.6
     Station operating
      expense (excluding
      depreciation,
      amortization,
      corporate
      general and
      administrative)       15.9      16.8      15.6      17.2        65.5
     Broadcast cash flow     6.9      10.7      11.4      12.1        41.1
 
     Corporate general and
      administrative        1.4        1.4       1.2       1.2         5.2
     Depreciation and
      amortization          2.4        2.5       2.5       2.4         9.8
     Operating profit       3.1        6.8       7.7       8.5        26.1
 
     Interest expense       1.8        2.0       2.1       2.0         7.9
     Other expense           .4          -         -         -          .4
     Income before income
      tax                     .9       4.8       5.6       6.5        17.8
     Income tax provision     .4       2.1       2.4       2.8         7.7
     Net income              $.5      $2.7      $3.2      $3.7       $10.1
     Earnings per share:
      diluted              $ .03      $.16      $.19      $.22        $.61
     Weighted average common
      shares and common
      equivalents           16.7      16.7      16.7      16.7        16.7
     After tax cash flow *  $3.4      $5.6      $6.1      $6.6       $21.7
     After tax cash flow
      per share: diluted    $.20      $.34      $.37      $.40       $1.30
 
     *  Defined as net income plus depreciation, amortization (excluding film
 rights), other expense, and deferred taxes
 
     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.  The guidance being provided is based on the economic and market
 conditions as of April 26, 2001.  The company can give no assurances as to how
 changes in these conditions may affect the current expectations.  While Saga
 may from time to time issue updated guidance it is under no obligation to do
 so.
     See Saga's SEC filings for additional information.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X68123250
 
 SOURCE  Saga Communications, Inc.