Saga Reports Losses For 4Q And 2008
March 31, 2009 at 2:29 PM (PT)
A non-cash impairment charge of $116.4 million aggravated the full-year and fourth-quarter earnings losses reported by SAGA COMMUNICATIONS earlier today. SAGA reported a net loss of $74 million or $17.01 a share on revenue of $35 million during the quarter ending DEC. 31st, compared with net income of $3.1 million or 62 cents on revenue of $37.5 million during the same quarter last year.
For the year, SAGA reported net losses of $66.4 million or $14.05 on revenue of $140 million, compared with net income of $11 million or $2.19 on revenue of $144 million during the same period last year. Without the impairment charge, the company would have seen $9.9 million in net income for 2008, down from $11 million in 2007.
"The impairment charge was the result of a decrease in estimated advertising revenue growth, a decrease in station transaction multiples, and the decline in the company’s market capitalization value" SAGA said in its SEC filing.