Exhibit 99.1
Saga Communications, Inc.
Reports 4th Quarter and Year End 2005 Results
Contact:
Samuel D. Bush
313/886-7070
Grosse Pointe Farms, MI — February 28, 2006 — Saga Communications, Inc. (NYSE-SGA) today reported net operating revenue for the twelve month period increased 4.6% over the comparable period in 2004 to $140.8 million, operating income decreased 13.9% to $27.0 million and station operating expense increased 10.0% to $104.4 million (station operating expense includes depreciation and amortization attributable to the stations). Net income decreased 33.3% to $10.6 million ($.51 per fully diluted share) for the year ended December 31, 2005 compared to $15.8 million ($.75 per fully diluted share) for 2004. Free cash flow increased 2.7% to $16.6 million for the year. On a same station basis for the year, net operating revenue decreased 0.9% to $129.7 million, operating income decreased 16.9% to $25.3 million and station operating expense increased 3.2% to $95.1 million.
For the quarter ended December 31, 2005, net operating revenue decreased 1.8% over the comparable period in 2004 to $35.5 million, operating income decreased 40.0% to $5.2 million and station operating expense increased 7.8% to $26.9 million (station operating expense includes depreciation and amortization attributable to the stations). Net income decreased 54.3% to $1.9 million ($.09 per fully diluted share) for the quarter ended December 31, 2005 compared to $4.1 million ($.20 per fully diluted share) for 2004. Free cash flow increased 29.4% to $5.2 million for the quarter. On a same station basis for the quarter, net operating revenue decreased 7.2% to $33.5 million, operating income decreased 42.1% to $5.0 million and station operating expense increased 0.7% to $25.2 million.
The Company recorded $3.9 million and $2.2 million in gross political revenue for the twelve and three month periods ended December 31, 2004 compared to $561 thousand and $326 thousand for the comparable periods in 2005. On a same station basis, excluding political, net revenue increased 1.1% for the year and decreased 2.8% for the quarter due to a $1.3 million decrease in automotive and wireless advertising.

 

 

The decrease in net income for the twelve month period reflects a $1.2 million impairment charge related to the goodwill and FCC license values recorded a charge of $2.7 million in losses on the disposal of assets including the disposal of a television tower, and the sale of land in Columbus, and a $3.1 million increase in interest expense. For the quarter ended December 31, 2005 the impairment charge is the same as the full year and the losses incurred on the disposal of assets was $1.2 million and the increase in interest expense was $0.8 million. The sale of the Columbus land resulted in a $0.7 million tax benefit in the 4th quarter as the gain for tax purposes was offset against a capital loss carry forward that was expiring as of the end of the year.
Capital expenditures in the fourth quarter of 2005 were approximately $1.4 million with approximately $0.1 million being spent as a result of acquisitions. For the 2005 fiscal year total capital expenditures were approximately $10.4 million with approximately $2.2 million being spent as a result of acquisitions.
The attached Selected Supplemental Financial Data table discloses “as reported,” “same station” and “pro forma” information by segment. The “as reported” amounts reflect our historical financial results and include the results of operations for stations that we did not own for the entire comparable period. The “same station” amounts reflect only the results of operations for stations that we owned for the entire comparable period. The “pro forma” amounts assume the 2005 and 2004 acquisitions and dispositions occurred as of January 1, 2004.
Saga Communications utilizes certain financial measures that are not calculated in accordance with generally accepted accounting principles (GAAP) to assess its financial performance. Such non-GAAP measures include same station financial information and free cash flow. These non-GAAP measures are generally recognized by the broadcasting industry as measures of performance and are used by Saga to assess its financial performance including but not limited to evaluating individual station and market-level performance, evaluating overall operations and as a primary measure for incentive based compensation of executives and other members of management. Saga’s management believes these non-GAAP measures are used by analysts who report on the industry and by investors to provide meaningful comparisons between broadcasting groups, as well as an indicator of their market value. These measures are not measures of liquidity or of performance in accordance with GAAP, and should be viewed as a supplement to and not as a substitute for the results of operations presented on a GAAP basis including net operating revenue, operating income, and net income. Reconciliations for all of the non-GAAP financial measures to the most directly comparable GAAP measure are attached in the Selected Financial Data Non-GAAP Disclosures tables.
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 26 markets, including 57 FM and 30 AM radio stations, 3 state radio networks, 2 farm radio networks, 5 television stations and 4 low-power television stations. As previously disclosed, Saga has entered into an agreement to acquire an FM station serving the Asheville, NC radio market. The closing of this transaction is subject to receiving FCC approval. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacommunications.com.

 

 

Saga’s fourth quarter and year end 2005 results conference call will be on Tuesday, February 28 at 2:00PM. The dial in number for domestic calls is 877/209-0397. For international callers the number is 612/332-1213. The call can be replayed for 7 days by calling domestically 800/475-6701 or internationally 320/365-3844 and referring to access code 818378. Thereafter, a transcript of the call will be available on our website.
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,” “guidance” and similar expressions are intended to identify forward-looking statements. Key risks, including risks associated with Saga’s ability to effectively integrate the stations it acquires and the impact of federal regulation on Saga’s business, 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 here.

 

 

Saga Communications, Inc.
Selected Consolidated Financial Data
For The Three and Twelve Month Periods
Ended December 31, 2005 and 2004
(amounts in 000’s except per share data)
                                 
    Three Months Ended     Twelve Months Ended  
    December 31,     December 31,
    2005     2004     2005     2004  
Operating Results
                                
Net Operating Revenue
   $ 35,445     $ 36,082     $ 140,790     $ 134,644  
Station operating expense
     26,947       24,990       104,411       94,914  
Corporate general and administrative
     2,114       2,405       8,174       8,343  
Impairment of intangible assets
     1,168       —       1,168       —  
 
                        
Operating income
     5,216       8,687       27,037       31,387  
Interest expense
     2,075       1,306       7,586       4,522  
Other (income) expense, net
     1,165       (251 )     2,668       32  
 
                        
Income before income tax
     1,976       7,632       16,783       26,833  
Income tax expense
     87       3,500       6,217       10,991  
 
                        
Net income
   $ 1,889     $ 4,132     $ 10,566     $ 15,842  
 
                        
Earnings per share
                                
Basic
   $ 0.09     $ 0.20     $ 0.52     $ 0.76  
 
                        
Diluted
   $ 0.09     $ 0.20     $ 0.51     $ 0.75  
 
                        
Weighted average common shares
     20,459       20,635       20,482       20,752  
Weighted average common shares and common shares equivalents
     20,546       20,983       20,675       21,167  
 
                                
Free Cash Flow
                                
Net Income
   $ 1,889     $ 4,132     $ 10,566     $ 15,842  
Plus: Depreciation and amortization:
                                
Station
     2,350       1,878       8,841       7,054  
Corporate
     50       50       199       198  
Deferred tax provision
     (45 )     1,063       3,590       4,137  
Impairment of intangible assets
     1,168       —       1,168       —  
Other (income) expense, net
     1,165       (251 )     2,668       32  
Less: Capital expenditures
     (1,372 )     (2,849 )     (10,426 )     (11,098 )
 
                        
Free cash flow
   $ 5,205     $ 4,023     $ 16,606     $ 16,165  
 
                        
 
                                
Balance Sheet Data
                                
Working capital
                   $ 22,618     $ 21,778  
Net fixed assets
                     69,669       66,364  
Net intangible assets and other assets
                     205,434       176,166  
Total assets
                     318,865       280,154  
Long term debt (including current portion of $7,000 and $0, respectively)
                     148,911       121,161  
Stockholders’ equity
                     125,824       117,225  

 

Saga Communications, Inc.
Selected Supplemental Financial Data
For the Three Months Ended
December 31, 2005 and 2004
(amounts in 000’s except per share data)
(Unaudited)
                                                 
    As-Reported   Same Station   Pro Forma (1)
Consolidated   Three Months Ended   Three Months Ended   Three Months Ended
    December 31,   December 31,   December 31,
    2005   2004   2005   2004   2005   2004
 
                                                
Net operating revenue
   $ 35,445     $ 36,082     $ 33,483     $ 36,082     $ 35,445     $ 38,045  
Station operating expense
     26,947       24,990       25,167       24,990       26,947       26,526  
Corporate general and administrative
     2,114       2,405       2,114       2,405       2,114       2,405  
Impairment of intangible assets
     1,168       —       1,168       —       1,168       —  
             
Operating income
     5,216       8,687     $ 5,034     $ 8,687       5,216       9,114  
                                     
Interest expense
     2,075       1,306                       2,075       1,639  
Other (income) expense, net
     1,165       (251 )                     1,165       (259 )
Income tax expense
     87       3,500                       87       3,539  
                         
Net income
   $ 1,889     $ 4,132                     $ 1,889     $ 4,195  
                         
Earnings per share:
                                                
Basic
   $ 0.09     $ 0.20                     $ 0.09     $ 0.20  
                         
Diluted
   $ 0.09     $ 0.20                     $ 0.09     $ 0.20  
                         
                                                 
    As-Reported   Same Station   Pro Forma (1)
Radio Segment   Three Months Ended   Three Months Ended   Three Months Ended
    December 31,   December 31,   December 31,
    2005   2004   2005   2004   2005   2004
 
                                                
Net operating revenue
   $ 31,357     $ 32,194     $ 29,395     $ 32,194     $ 31,357     $ 34,157  
Station operating expense
     23,514       21,654       21,734       21,654       23,514       23,190  
Impairment of intangible assets
     890       —       890       —       890       —  
             
Operating income
   $ 6,953     $ 10,540     $ 6,771     $ 10,540     $ 6,953     $ 10,967  
             
                                                 
    As-Reported   Same Station   Pro Forma (1)
Television Segment   Three Months Ended   Three Months Ended   Three Months Ended
    December 31,   December 31,   December 31,
    2005   2004   2005   2004   2005   2004
 
                                                
Net operating revenue
   $ 4,088     $ 3,888     $ 4,088     $ 3,888     $ 4,088     $ 3,888  
Station operating expense
     3,433       3,336       3,433       3,336       3,433       3,336  
Impairment of intangible assets
     278       —       278       —       278       —  
             
Operating income
   $ 377     $ 552     $ 377     $ 552     $ 377     $ 552  
             
                                                 
    As-Reported   Same Station   Pro Forma (1)
    Three Months Ended   Three Months Ended   Three Months Ended
Depreciation and amortization   December 31,   December 31,   December 31,
     by segment   2005   2004   2005   2004   2005   2004
 
                                                
Radio Segment
   $ 1,894     $ 1,424     $ 1,468     $ 1,424     $ 1,894     $ 1,837  
Television Segment
     456       454       456       454       456       454  
Corporate and Other
     50       50       50       50       50       50  
             
 
   $ 2,400     $ 1,928     $ 1,974     $ 1,928     $ 2,400     $ 2,341  
             
(1)   Pro Forma results assume all acquisitions and dispositions in 2004 and 2005 occurred as of January 1, 2004.

 

 

Saga Communications, Inc.
Selected Supplemental Financial Data
For the Twelve Months Ended
December 31, 2005 and 2004
(amounts in 000’s except per share data)
(Unaudited)
                                                 
    As-Reported   Same Station   Pro Forma (1)
Consolidated   Twelve Months Ended   Twelve Months Ended   Twelve Months Ended
    December 31,   December 31,   December 31,
    2005   2004   2005   2004   2005   2004
 
                                                
Net operating revenue
   $ 140,790     $ 134,644     $ 129,696     $ 130,880     $ 141,803     $ 142,743  
Station operating expense
     104,411       94,914       95,076       92,127       105,368       101,741  
Corporate general and administrative
     8,174       8,343       8,174       8,343       8,174       8,343  
Impairment of intangible assets
     1,168       —       1,168       —       1,168       —  
             
Operating income
     27,037       31,387     $ 25,278     $ 30,410       27,093       32,659  
                                     
Interest expense
     7,586       4,522                       7,806       5,854  
Other expense, net
     2,668       32                       2,653       (1 )
Income tax expense
     6,217       10,991                       6,160       10,988  
                         
Net income
   $ 10,566     $ 15,842                     $ 10,474     $ 15,818  
                         
Earnings per share:
                                                
Basic
   $ 0.52     $ 0.76                     $ 0.51     $ 0.75  
                         
Diluted
   $ 0.51     $ 0.75                     $ 0.50     $ 0.74  
                         
                                                 
    As-Reported   Same Station   Pro Forma (1)
Radio Segment   Twelve Months Ended   Twelve Months Ended   Twelve Months Ended
    December 31,   December 31,   December 31,
    2005   2004   2005   2004   2005   2004
 
                                                
Net operating revenue
   $ 125,597     $ 120,191     $ 114,503     $ 116,427     $ 126,610     $ 128,290  
Station operating expense
     90,967       82,053       81,632       79,266       91,924       88,880  
Impairment of intangible assets
     890       —       890       —       890       —  
             
Operating income
   $ 33,740     $ 38,138     $ 31,981     $ 37,161     $ 33,796     $ 39,410  
 
                                                
                                                 
    As-Reported   Same Station   Pro Forma (1)
Television Segment   Twelve Months Ended   Twelve Months Ended   Twelve Months Ended
    December 31,   December 31,   December 31,
    2005   2004   2005   2004   2005   2004
 
                                                
Net operating revenue
   $ 15,193     $ 14,453     $ 15,193     $ 14,453     $ 15,193     $ 14,453  
Station operating expense
     13,444       12,861       13,444       12,861       13,444       12,861  
Impairment of intangible assets
     278       —       278       —       278       —  
             
Operating income
   $ 1,471     $ 1,592     $ 1,471     $ 1,592     $ 1,471     $ 1,592  
 
                                                
                                                 
    As-Reported   Same Station   Pro Forma (1)
    Twelve Months Ended   Twelve Months Ended   Twelve Months Ended
Depreciation and amortization   December 31,   December 31,   December 31,
    by segment   2005   2004   2005   2004   2005   2004
 
                                                
Radio Segment
   $ 7,075     $ 5,337     $ 5,448     $ 5,142     $ 7,305     $ 7,152  
Television Segment
     1,766       1,717       1,766       1,717       1,766       1,717  
Corporate and Other
     199       198       199       198       199       198  
             
 
   $ 9,040     $ 7,252     $ 7,413     $ 7,057     $ 9,270     $ 9,067  
 
                                                
(1)   Pro Forma results assume all acquisitions and dispositions in 2004 and 2005 occurred as of January 1, 2004.

 

 

Saga Communications, Inc.
Selected Supplemental Financial Data
Quarterly Proforma Information
As of December 31, 2005
(amounts in 000’s except per share data)
(Unaudited)
                                                                 
    Pro Forma (1)   Pro Forma (1)   Pro Forma (1)   Pro Forma (1)
Consolidated   Three Months Ended   Three Months Ended   Three Months Ended   Three Months Ended
    March 31,   June 30,   September 30,   December 31,
    2005   2004   2005   2004   2005   2004   2005   2004
 
                                                                
Net operating revenue
   $ 32,397     $ 31,605     $ 38,000     $ 37,022     $ 35,961     $ 36,071     $ 35,445     $ 38,045  
Station operating expense
     25,281       24,308       27,030       25,401       26,110       25,506       26,947       26,526  
Corporate general and administrative
     1,778       1,732       2,348       2,279       1,934       1,927       2,114       2,405  
Impairment of intangible assets
     —       —       —       —       —       —       1,168       —  
                 
Operating income
     5,338       5,565       8,622       9,342       7,917       8,638       5,216       9,114  
Interest expense
     1,755       1,428       1,894       1,418       2,082       1,369       2,075       1,639  
Other (income) expense, net
     57       (1 )     1,466       57       (35 )     202       1,165       (259 )
Income tax expense
     1,447       1,623       2,196       3,067       2,430       2,759       87       3,539  
                 
Net income
   $ 2,079     $ 2,515     $ 3,066     $ 4,800     $ 3,440     $ 4,308     $ 1,889     $ 4,195  
                 
Earnings per share:
                                                                
Basic
   $ 0.10     $ 0.12     $ 0.15     $ 0.23     $ 0.17     $ 0.20     $ 0.09     $ 0.20  
                 
Diluted
   $ 0.10     $ 0.12     $ 0.15     $ 0.22     $ 0.17     $ 0.20     $ 0.09     $ 0.20  
                 
                                                                 
    Pro Forma (1)   Pro Forma (1)   Pro Forma (1)   Pro Forma (1)
Radio Segment   Three Months Ended   Three Months Ended   Three Months Ended   Three Months Ended
    March 31,   June 30,   September 30,   December 31,
    2005   2004   2005   2004   2005   2004   2005   2004
 
                                                                
Net operating revenue
   $ 28,939     $ 28,451     $ 34,051     $ 33,257     $ 32,263     $ 32,425     $ 31,357     $ 34,157  
Station operating expense
     21,992       21,272       23,690       22,137       22,728       22,281       23,514       23,190  
Impairment of intangible assets
     —       —       —       —       —       —       890       —  
                 
Operating income
   $ 6,947     $ 7,179     $ 10,361     $ 11,120     $ 9,535     $ 10,144     $ 6,953     $ 10,967  
                 
                                                                 
    Pro Forma (1)   Pro Forma (1)   Pro Forma (1)   Pro Forma (1)
    Three Months Ended   Three Months Ended   Three Months Ended   Three Months Ended
    March 31,   June 30,   September 30,   December 31,
Television Segment   2005   2004   2005   2004   2005   2004   2005   2004
 
                                                                
Net operating revenue
   $ 3,458     $ 3,154     $ 3,949     $ 3,765     $ 3,698     $ 3,646     $ 4,088     $ 3,888  
Station operating expense
     3,289       3,036       3,340       3,264       3,382       3,225       3,433       3,336  
Impairment of intangible assets
     —       —       —       —       —       —       278       —  
                 
Operating income
   $ 169     $ 118     $ 609     $ 501     $ 316     $ 421     $ 377     $ 552  
                 
                                                                 
    Pro Forma (1)   Pro Forma (1)   Pro Forma (1)   Pro Forma (1)
    Three Months Ended   Three Months Ended   Three Months Ended   Three Months Ended
Depreciation and amortization   March 31,   June 30,   September 30,   December 31,
    by segment   2005   2004   2005   2004   2005   2004   2005   2004
 
                                                                
Radio Segment
   $ 1,791     $ 1,749     $ 1,808     $ 1,781     $ 1,812     $ 1,785     $ 1,894     $ 1,837  
Television Segment
     442       415       422       426       446       422       456       454  
Corporate and Other
     50       49       49       50       50       49       50       50  
                 
 
   $ 2,283     $ 2,213     $ 2,279     $ 2,257     $ 2,308     $ 2,256     $ 2,400     $ 2,341  
                 
(1)   Pro Forma results assume all acquisitions and dispositions in 2004 and 2005 occurred as of January 1, 2004.

 

 

Saga Communications, Inc.
Selected Financial Data Non-GAAP Disclosures
For the Three Months Ended
December 31, 2005 and 2004
(amounts in 000’s except per share data)
(Unaudited)
Reconciliation of As-Reported (historical) information to Same Station Operating Income
                                                 
            Adjustment                     Adjustment        
    As-Reported     For Acquisitions     Same Station     As-Reported     For Acquisitions     Same Station  
    Three Months     and Dispositions     Three Months     Three Months     and Dispositions     Three Months  
Consolidated   Ended     Not Included in     Ended     Ended     Not Included in     Ended  
    December 31,     Entire Comparable     December 31,     December 31,     Entire Comparable     December 31,  
    2005     Period     2005     2004     Period     2004  
 
                                                
Net operating revenue
   $ 35,445       ($1,962 )   $ 33,483     $ 36,082       —     $ 36,082  
Station operating expense
     26,947       (1,780 )     25,167       24,990       —       24,990  
Corporate general and administrative
     2,114       —       2,114       2,405       —       2,405  
Impairment of intangible assets
     1,168       —       1,168       —       —       —  
                                     
Operating income
   $ 5,216       ($182 )   $ 5,034     $ 8,687       —     $ 8,687  
 
                                    
                                                 
            Adjustment                     Adjustment        
    As-Reported     For Acquisitions     Same Station     As-Reported     For Acquisitions     Same Station  
    Three Months     and Dispositions     Three Months     Three Months     and Dispositions     Three Months  
Radio Segment   Ended     Not Included in     Ended     Ended     Not Included in     Ended  
    December 31,     Entire Comparable     December 31,     December 31,     Entire Comparable     December 31,  
    2005     Period     2005     2004     Period     2004  
 
                                                
Net operating revenue
   $ 31,357       ($1,962 )   $ 29,395     $ 32,194       —     $ 32,194  
Station operating expense
     23,514       (1,780 )     21,734       21,654       —       21,654  
Impairment of intangible assets
     890       —       890       —       —       —  
                                     
Operating income
   $ 6,953       ($182 )   $ 6,771     $ 10,540       —     $ 10,540  
 
                                    
                                                 
            Adjustment                     Adjustment        
    As-Reported     For Acquisitions     Same Station     As-Reported     For Acquisitions     Same Station  
    Three Months     and Dispositions     Three Months     Three Months     and Dispositions     Three Months  
Television Segment   Ended     Not Included in     Ended     Ended     Not Included in     Ended  
    December 31,     Entire Comparable     December 31,     December 31,     Entire Comparable     December 31,  
    2005     Period     2005     2004     Period     2004  
 
                                                
Net operating revenue
   $ 4,088       —     $ 4,088     $ 3,888       —     $ 3,888  
Station operating expense
   $ 3,433       —     $ 3,433     $ 3,336       —     $ 3,336  
Impairment of intangible assets
   $ 278       —     $ 278       —       —       —  
                                     
Operating income
   $ 377       —     $ 377     $ 552       —     $ 552  
 
                                    

 

Saga Communications, Inc.
Selected Financial Data Non-GAAP Disclosures
For the Twelve Months Ended
December 31, 2005 and 2004
(amounts in 000’s except per share data)
(Unaudited)
Reconciliation of As-Reported (historical) information to Same Station Operating Income
                                                 
            Adjustment                     Adjustment        
    As-Reported     For Acquisitions     Same Station     As-Reported     For Acquisitions     Same Station  
    Twelve Months     and Dispositions     Twelve Months     Twelve Months     and Dispositions     Twelve Months  
Consolidated   Ended     Not Included in     Ended     Ended     Not Included in     Ended  
    December 31,     Entire Comparable     December 31,     December 31,     Entire Comparable     December 31,  
    2005     Period     2005     2004     Period     2004  
 
                                                
Net operating revenue
   $ 140,790       ($11,094 )   $ 129,696     $ 134,644       ($3,764 )   $ 130,880  
Station operating expense
     104,411       (9,335 )     95,076       94,914       (2,787 )     92,127  
Corporate general and administrative
     8,174       —       8,174       8,343       —       8,343  
Impairment of intangible assets
     1,168       —       1,168       —       —       —  
                                     
Operating income
   $ 27,037       ($1,759 )   $ 25,278     $ 31,387       ($977 )   $ 30,410  
 
                                    
                                                 
            Adjustment                     Adjustment        
    As-Reported     For Acquisitions     Same Station     As-Reported     For Acquisitions     Same Station  
    Twelve Months     and Dispositions     Twelve Months     Twelve Months     and Dispositions     Twelve Months  
Radio Segment   Ended     Not Included in     Ended     Ended     Not Included in     Ended  
    December 31,     Entire Comparable     December 31,     December 31,     Entire Comparable     December 31,  
    2005     Period     2005     2004     Period     2004  
 
                                                
Net operating revenue
   $ 125,597       ($11,094 )   $ 114,503     $ 120,191       ($3,764 )   $ 116,427  
Station operating expense
     90,967       (9,335 )     81,632       82,053       (2,787 )     79,266  
Impairment of intangible assets
     890       —       890       —       —       —  
                                     
Operating income
   $ 33,740       ($1,759 )   $ 31,981     $ 38,138       ($977 )   $ 37,161  
 
                                    
                                                 
            Adjustment                     Adjustment        
    As-Reported     For Acquisitions     Same Station     As-Reported     For Acquisitions     Same Station  
    Twelve Months     and Dispositions     Twelve Months     Twelve Months     and Dispositions     Twelve Months  
Television Segment   Ended     Not Included in     Ended     Ended     Not Included in     Ended  
    December 31,     Entire Comparable     December 31,     December 31,     Entire Comparable     December 31,  
    2005     Period     2005     2004     Period     2004  
 
                                                
Net operating revenue
   $ 15,193       —     $ 15,193     $ 14,453       —     $ 14,453  
Station operating expense
     13,444       —       13,444       12,861       —       12,861  
Impairment of intangible assets
     278       —       278       —       —       —  
                                     
Operating income
   $ 1,471       —     $ 1,471     $ 1,592       —     $ 1,592