$SGA
SAGA COMMUNICATIONS INC

2014 Q2 Form 10-Q Financial Statement

#000114420414048518 Filed on August 11, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $33.83M $33.83M
YoY Change 0.0% 2.56%
Cost Of Revenue $23.50M $23.49M
YoY Change 0.04% 6.97%
Gross Profit $10.33M $10.34M
YoY Change -0.1% -6.26%
Gross Profit Margin 30.53% 30.56%
Selling, General & Admin $2.120M $1.980M
YoY Change 7.07% 2.06%
% of Gross Profit 20.52% 19.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.120M $1.990M
YoY Change 6.53% 2.58%
Operating Profit $8.212M $8.357M
YoY Change -1.74% -8.03%
Interest Expense $272.0K $357.0K
YoY Change -23.81% -22.05%
% of Operating Profit 3.31% 4.27%
Other Income/Expense, Net $30.00K $66.00K
YoY Change -54.55% 725.0%
Pretax Income $7.970M $7.934M
YoY Change 0.45% -8.14%
Income Tax $3.193M $3.130M
% Of Pretax Income 40.06% 39.45%
Net Earnings $4.777M $4.804M
YoY Change -0.56% -6.39%
Net Earnings / Revenue 14.12% 14.2%
Basic Earnings Per Share $0.83 $0.85
Diluted Earnings Per Share $0.82 $0.84
COMMON SHARES
Basic Shares Outstanding 5.699M shares 5.683M shares
Diluted Shares Outstanding 5.754M shares 5.745M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.90M $19.30M
YoY Change 34.2% 119.32%
Cash & Equivalents $25.92M $19.30M
Short-Term Investments
Other Short-Term Assets $4.900M $5.300M
YoY Change -7.55% -1.85%
Inventory
Prepaid Expenses
Receivables $19.60M $19.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $50.50M $44.40M
YoY Change 13.74% 31.75%
LONG-TERM ASSETS
Property, Plant & Equipment $56.30M $57.70M
YoY Change -2.42% -3.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.535M $5.600M
YoY Change 16.7% -30.86%
Total Long-Term Assets $151.5M $153.6M
YoY Change -1.36% -2.88%
TOTAL ASSETS
Total Short-Term Assets $50.50M $44.40M
Total Long-Term Assets $151.5M $153.6M
Total Assets $202.0M $198.0M
YoY Change 2.02% 3.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.600M $1.800M
YoY Change -11.11% 28.57%
Accrued Expenses $9.000M $8.700M
YoY Change 3.45% -17.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $1.078M
YoY Change 363.82%
Total Short-Term Liabilities $17.30M $13.41M
YoY Change 29.01% -3.53%
LONG-TERM LIABILITIES
Long-Term Debt $41.10M $50.00M
YoY Change -17.8% -14.97%
Other Long-Term Liabilities $3.800M $3.092M
YoY Change 22.9% -0.26%
Total Long-Term Liabilities $44.90M $53.09M
YoY Change -15.43% -14.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.30M $13.41M
Total Long-Term Liabilities $44.90M $53.09M
Total Liabilities $84.21M $85.71M
YoY Change -1.76% -5.81%
SHAREHOLDERS EQUITY
Retained Earnings $93.91M $89.50M
YoY Change 4.93%
Common Stock $52.12M $51.29M
YoY Change 1.61%
Preferred Stock
YoY Change
Treasury Stock (at cost) $28.25M $28.52M
YoY Change -0.96%
Treasury Stock Shares
Shareholders Equity $117.8M $112.3M
YoY Change
Total Liabilities & Shareholders Equity $202.0M $198.0M
YoY Change 2.02% 3.22%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $4.777M $4.804M
YoY Change -0.56% -6.39%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $3.970M $3.320M
YoY Change 19.58% -44.3%
INVESTING ACTIVITIES
Capital Expenditures -$1.450M -$1.290M
YoY Change 12.4% -1.53%
Acquisitions
YoY Change
Other Investing Activities -$170.0K -$40.00K
YoY Change 325.0% -500.0%
Cash From Investing Activities -$1.630M -$1.330M
YoY Change 22.56% 0.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 240.0K -7.980M
YoY Change -103.01% 219.2%
NET CHANGE
Cash From Operating Activities 3.970M 3.320M
Cash From Investing Activities -1.630M -1.330M
Cash From Financing Activities 240.0K -7.980M
Net Change In Cash 2.580M -5.990M
YoY Change -143.07% -379.91%
FREE CASH FLOW
Cash From Operating Activities $3.970M $3.320M
Capital Expenditures -$1.450M -$1.290M
Free Cash Flow $5.420M $4.610M
YoY Change 17.57% -36.59%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Net Income Loss
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CY2013Q2 us-gaap Net Income Loss
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CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2014Q2 us-gaap Liabilities
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CY2014Q2 us-gaap Commitments And Contingencies
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CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2014Q2 us-gaap Treasury Stock Value
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CY2014Q2 us-gaap Stockholders Equity
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CY2014Q2 us-gaap Liabilities And Stockholders Equity
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us-gaap Net Income Loss
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CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q2 us-gaap Secured Debt
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us-gaap Debt Instrument Maturity Date
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sga Term Loan Maturity Period
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P3Y
us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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CY2013Q2 us-gaap Sales Revenue Net
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us-gaap Direct Operating Costs
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us-gaap Direct Operating Costs
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CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Stockholders Equity Note Stock Split
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The stock split increased the Company’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. All share and per share information in the accompanying financial statements have been restated retroactively to reflect the stock split.
CY2012Q2 sga Discontinued Operation Selling Price
DiscontinuedOperationSellingPrice
3000000 USD
CY2013Q1 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
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CY2013Q4 sga Percentage To Retain Annual Restricted Stock Awards
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sga Share Based Compensation Arrangement By Share Based Payment Award Options Exercise Price Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisePriceDescription
may not be exercised at a price which is less than 100% of the fair market value of shares at the date of grant.
sga Share Based Compensation Arrangement By Share Based Payment Award Options Granted Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm
P10Y
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us-gaap Line Of Credit Facility Expiration Date1
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CY2014Q2 sga Term Loan Principal Amortization Payment Required
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us-gaap General And Administrative Expense
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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CY2013Q2 us-gaap Assets
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us-gaap Interest Expense
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us-gaap Interest Expense
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CY2014Q2 us-gaap Interest Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Loss From Continuing Operations
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CY2014Q2 us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2014Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2013Q2 us-gaap Earnings Per Share Basic
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2013Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2014Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2013Q2 us-gaap Earnings Per Share Diluted
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CY2014Q2 us-gaap Earnings Per Share Diluted
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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sga Proceeds From Sale Of Television Station
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Payments For Other Financing Activities
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CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; font-size-adjust: none; font-stretch: normal" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: left; WIDTH: 0.3%; VERTICAL-ALIGN: top" align="left"> <div><b>2.&#160;</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b>Recent Accounting Pronouncements</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 18.7pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 20.15pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> In February 2013, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2013-04, <i>Obligations Resulting from Joint and Several Liability Arrangements Which the Total Amount of the Obligation is Fixed at the Reporting Date</i>, an amendment to FASB ASC Topic 405, Liabilities. This update provides guidance on the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements, including debt arrangements, other contractual obligations, and settled litigation and judicial rulings, for which the total amount of the obligation is fixed at the reporting date. This amendment was adopted on January 1, 2014 and did not have a material impact on our consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 20.15pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 20.15pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> In July 2013, the FASB issued ASU No. 2013-11, <i>Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exits</i>, an amendment to FASB ASC Topic 740, <i>Income Taxes</i>. This amendment requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward that would apply in the settlement of uncertain tax positions. This amendment was adopted on January 1, 2014 and did not have a material impact on our consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 20.15pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 20.15pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> In May 2014, the FASB issued ASU No. 2014-09, <i>Revenue from Contracts with Customers</i>. This new standard provides guidance for the recognition, measurement and disclosure of revenue resulting from contracts with customers and will supersede virtually all of the current revenue recognition guidance under GAAP. The standard is effective for the first interim period within annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of the provisions of this new standard on our consolidated financial statements.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
62000 USD
CY2013Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0 USD
CY2014Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
41000 USD
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
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
dei Trading Symbol
TradingSymbol
SGA
us-gaap Repayments Of Long Term Debt
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7750000 USD
us-gaap Repayments Of Long Term Debt
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0 USD
us-gaap Payments Of Debt Issuance Costs
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289000 USD
us-gaap Payments Of Debt Issuance Costs
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0 USD
us-gaap Common Stock Dividends Per Share Declared
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0
us-gaap Common Stock Dividends Per Share Declared
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CY2013Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
63000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
60000 shares
CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
62000 shares
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
55000 shares
us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
150000 USD

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