$SGA
SAGA COMMUNICATIONS INC

2013 Q3 Form 10-Q Financial Statement

#000114420413060473 Filed on November 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q4 2012 Q3
Revenue $32.93M $35.54M $32.41M
YoY Change 1.6% 10.27% 1.18%
Cost Of Revenue $23.60M $23.59M $22.38M
YoY Change 5.45% 3.28% -2.44%
Gross Profit $9.330M $11.95M $10.03M
YoY Change -6.98% 27.26% 10.34%
Gross Profit Margin 28.33% 33.62% 30.95%
Selling, General & Admin $2.050M $2.160M $1.910M
YoY Change 7.33% 24.14% -3.05%
% of Gross Profit 21.97% 18.08% 19.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.860M
YoY Change -3.38%
% of Gross Profit 57.41%
Operating Expenses $2.050M $2.160M $1.910M
YoY Change 7.33% 24.14% -2.55%
Operating Profit $7.280M $9.790M $8.120M
YoY Change -10.34% 27.97% 13.88%
Interest Expense $308.0K $366.0K $381.0K
YoY Change -19.16% -163.1% -158.62%
% of Operating Profit 4.23% 3.74% 4.69%
Other Income/Expense, Net -$144.0K -$144.0K -$145.0K
YoY Change -0.69% -72.31% 383.33%
Pretax Income $7.116M $9.280M $7.594M
YoY Change -6.29% 41.68% 17.74%
Income Tax $2.820M $3.489M $3.227M
% Of Pretax Income 39.63% 37.6% 42.49%
Net Earnings $4.296M $5.760M $4.328M
YoY Change -0.74% 40.15% 17.29%
Net Earnings / Revenue 13.05% 16.21% 13.35%
Basic Earnings Per Share $0.76 $1.02 $0.76
Diluted Earnings Per Share $0.75 $1.01 $0.76
COMMON SHARES
Basic Shares Outstanding 5.686M shares 5.663K shares 5.661K shares
Diluted Shares Outstanding 5.754M shares 5.692K shares 5.670K shares

Balance Sheet

Concept 2013 Q3 2012 Q4 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.50M $15.90M $14.10M
YoY Change 95.04% 127.14% 88.0%
Cash & Equivalents $27.45M $15.92M $14.12M
Short-Term Investments
Other Short-Term Assets $4.800M $4.800M $5.700M
YoY Change -15.79% 6.67% 32.56%
Inventory
Prepaid Expenses
Receivables $19.41M $19.69M $19.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $51.60M $40.43M $39.00M
YoY Change 32.3% 30.43% 24.6%
LONG-TERM ASSETS
Property, Plant & Equipment $56.41M $58.46M $59.40M
YoY Change -5.04% -3.53% -7.48%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.274M $5.286M $8.300M
YoY Change -24.41% -37.07% 36.07%
Total Long-Term Assets $153.2M $156.9M $158.1M
YoY Change -3.12% -1.51% -1.73%
TOTAL ASSETS
Total Short-Term Assets $51.60M $40.43M $39.00M
Total Long-Term Assets $153.2M $156.9M $158.1M
Total Assets $204.8M $197.3M $197.1M
YoY Change 3.88% 3.69% 2.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.600M $2.218M $1.600M
YoY Change 0.0% 30.47% 23.08%
Accrued Expenses $2.499M $3.244M $9.700M
YoY Change -74.24% -60.44% 3.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.078M $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $13.93M $13.37M $13.20M
YoY Change 5.5% -8.44% -20.48%
LONG-TERM LIABILITIES
Long-Term Debt $50.00M $58.83M $58.80M
YoY Change -14.97% -11.0% -18.67%
Other Long-Term Liabilities $3.953M $2.279M $3.400M
YoY Change 16.26% -30.94% 3.03%
Total Long-Term Liabilities $53.95M $61.11M $62.20M
YoY Change -13.26% -11.95% -17.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.93M $13.37M $13.20M
Total Long-Term Liabilities $53.95M $61.11M $62.20M
Total Liabilities $67.88M $93.12M $91.90M
YoY Change -26.14% -4.39% -11.12%
SHAREHOLDERS EQUITY
Retained Earnings $93.79M $81.75M
YoY Change
Common Stock $51.38M $51.13M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $28.52M $28.67M
YoY Change
Treasury Stock Shares 1.491M shares
Shareholders Equity $116.7M $104.2M $105.2M
YoY Change
Total Liabilities & Shareholders Equity $204.8M $197.3M $197.1M
YoY Change 3.89% 3.69% 2.55%

Cashflow Statement

Concept 2013 Q3 2012 Q4 2012 Q3
OPERATING ACTIVITIES
Net Income $4.296M $5.760M $4.328M
YoY Change -0.74% 40.15% 17.29%
Depreciation, Depletion And Amortization $6.860M
YoY Change -3.38%
Cash From Operating Activities $8.420M $9.440M $6.760M
YoY Change 24.56% 21.65% -13.99%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$910.0K -$1.400M
YoY Change -28.57% -28.35% -13.58%
Acquisitions
YoY Change
Other Investing Activities $650.0K $0.00 -$80.00K
YoY Change -912.5% -100.0% -106.72%
Cash From Investing Activities -$350.0K -$900.0K -$1.480M
YoY Change -76.35% -15.09% 244.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K -6.740M 0.000
YoY Change -7.03% -100.0%
NET CHANGE
Cash From Operating Activities 8.420M 9.440M 6.760M
Cash From Investing Activities -350.0K -900.0K -1.480M
Cash From Financing Activities 80.00K -6.740M 0.000
Net Change In Cash 8.150M 1.800M 5.280M
YoY Change 54.36% -427.27% -199.06%
FREE CASH FLOW
Cash From Operating Activities $8.420M $9.440M $6.760M
Capital Expenditures -$1.000M -$910.0K -$1.400M
Free Cash Flow $9.420M $10.35M $8.160M
YoY Change 15.44% 14.62% -13.92%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="clear:both;FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman,serif; MARGIN: 0in 0in 0pt"> <div style="clear:both;FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman,serif; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt; COLOR: black"><b><font style="FONT-SIZE: 10pt; COLOR: black">2. Recent Accounting Pronouncements</font></b></font></div> </div> <div style="clear:both;FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman,serif; MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <div style="clear:both;FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman,serif; MARGIN: 0in 0in 0pt; TEXT-INDENT: 18.7pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> </div> <font style="FONT-SIZE: 10pt; COLOR: black"></font> <div style="clear:both;FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman,serif; MARGIN: 0in 0in 0pt; TEXT-INDENT: 13.5pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt; COLOR: black"><font style="FONT-SIZE: 10pt; COLOR: black">In July 2012, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2012-02, <i>Testing Indefinite-Lived Intangible Assets for Impairment</i>. The guidance gives companies the option to first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If the qualitative assessment supports that it is more likely than not that the fair value of the asset exceeds its carrying amount, then the company would not be required to perform a quantitative impairment test. If the qualitative assessment does not support the fair value of the asset, then a quantitative assessment is performed. This update was adopted on January 1, 2013 and did not have any material effect on our consolidated financial statements.</font></font></div> </div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
sga Additional Business Acquisitions Cost
AdditionalBusinessAcquisitionsCost
35000000 USD
CY2013Q3 us-gaap Long Term Debt
LongTermDebt
51078000 USD
CY2013Q3 sga Term Loan Principal Amortization Payment Required
TermLoanPrincipalAmortizationPaymentRequired
0 USD
CY2012Q3 us-gaap Assets Held For Sale At Carrying Value
AssetsHeldForSaleAtCarryingValue
2942000 USD
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Trading Symbol
TradingSymbol
SGA
dei Entity Registrant Name
EntityRegistrantName
SAGA COMMUNICATIONS INC
dei Entity Central Index Key
EntityCentralIndexKey
0000886136
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2013Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1689000 USD
CY2012Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1699000 USD
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
68000 shares
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
65000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9000 shares
us-gaap Depreciation And Amortization
DepreciationAndAmortization
4985000 USD
us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
The stock split increased the Company&#8217;s issued and outstanding shares of common stock from 3,659,753 shares of Class A Common Stock and 597,504 shares of Class B Common Stock to 4,879,186 and 796,672 shares, respectively.
CY2013Q4 sga Increase In Number Of Common Stock Shares Authorized
IncreaseInNumberOfCommonStockSharesAuthorized
233334 shares
CY2013Q4 sga Percentage To Retain Annual Restricted Stock Awards
PercentageToRetainAnnualRestrictedStockAwards
0.5 pure
CY2013Q2 sga Excluded Distributions Under Credit Facility
ExcludedDistributionsUnderCreditFacility
20000000 USD

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