Ladies and gentlemen, thank you for standing-by. Welcome to the Fourth Quarter 2013 and Year End Results for Saga Communications. At this time, all participants are in a listen-only mode. (Operator Instructions) I would now like to turn the conference over to our host, Mr. Ed Christian, President and CEO. Please go ahead.

Thank you, Anna and good afternoon everybody and as usual we will kick things off with Sam Bush with the disclaimer and results.

Thank you, Ed. This call will contain forward-looking statements about our future performance and results of operations that involve risks and uncertainties that are described in the Risk Factors section of our most recent Form 10-K. Actual results may differ materially from those expressed in this conference call. This call will also contain a discussion of certain non-GAAP financial measures within the meaning of Item 10 of Reg S-K. Reconciliation for all the non-GAAP financial measures to the most directly comparable GAAP measure, are attached in the selected financial data table. During the quarter, we had $345,000 in gross political revenue compared to $4 million during the fourth quarter of 2012. Excluding political revenue, our gross revenues increased 3.8% for the fourth quarter. Net revenues decreased 5% this quarter. We experienced nice growth in both national and local again this quarter as gross national was up 9.1% and gross local revenue was up 3.5%. Station operating expenses were only up 1% for the quarter as we continue to watch what we spend, while also continuing to invest for the future. National accounted for approximately 14.5% of gross revenue for the quarter compared to 12.5% for the same period last year. For the year we had 785,000 in gross political revenue compared to 6.7 million in 2012. Excluding political revenue, our gross revenues increased 3.3%. Our stations did a great job of making up most of the decline in political revenue, as for the year net revenues only declined 0.006. This was a decline of only 781,000 pretty good given the 6.7 million of political we had to make up. Station operating expense increased 2.8 million for the year with almost half of this increase being due to an 800,000 in increase music licensing fees and a 500,000 increase in healthcare…

Julian thank you, that’s too formal. I was just thinking while we’re doing this, we’ve done this for so long, but I always say and we’ll have the summary and then the results. And I just thought for a second while you were doing that, I am sure glad that I won’t have to -- have you do the, well I’ll say I am going to say -- we’re going to have the results then the disclaimer then we would be starting to sound like a couple other broadest companies, so we don’t want to go there. I was hoping for a little better in quarter four, we can always do a little more, we can always do a little better but with that I think that I’m not disappointed, we’re just pleased with the results. But we as I said we always look for just a little bit more. One thing that I can say that we learned from the quarter is in set of sequential orders which is polar vortex. Saga operates in a lot of Mid America markets and a lot in New England and I really don’t have to tell you what the last four months have been like or so in those markets it’s just outright miserable. For those of you who live in that area know exactly what I’m talking about. I was talking with one of our managers the other day and he said people were irritable and it’s glooming and people were lethargic. You can almost hear the outcry, I mean enough of this, I’m just tired of this, this has got to stop and because of this mindset when people I don’t want to go out, I just want to stay in my house I want to keep warm. If somebody…

I think so too, I was being conservative by all counts.

Okay but that’s more than I’m planning on spending so…

You’re going to know more than I do on that.

Anyway cutting and pruning and squeezing, it always reminds me of the consumer products inventory but they take the same package, but they shrink the size of it, or they make the products larger and less content in it whatever it might be. And it seems to work for them where to get increases and profitability, as less products in a bigger box or the same sized box with less product in it. You can’t do that in broadcasting because shrinkage shows your quality let it hang out every day what you hear on the air is our product and after a while you might start saying well does it sound good or does it sound the same and that’s something that we as an industry have to be very, very watchful on. Is to keep the quality there because it’s only the quality that we have that encourages the listeners and it’s only the localness that we have that encourages the listeners. And without that we’re no better than a streaming signal on radio and that’s something we really have to look at. So I think that’s about it. We do some questions I think don’t we Sam?

and:

Yes, we have a number of questions from John and Marcie at Wells Fargo, only one of which I think we really did not address already and it really was, I did talk about our free cash flow and that we’ve done the two special dividends one in 2012 and one in 2013. But the question is it seems like M&A was your biggest free cash flow priority from the last call, do you have anything in the pipeline?

Sure, we always do, the question is whether it’s the signs of what we have in the pipeline, there’s no questions that we’re seeing some more acquisition opportunities come in the marketplace we’re really very disciplined when it comes to that and it has to make a lot of strategic sense. I think everybody saw in the last downturn those companies that went out and assembled for the sake of being a broadcast company and bought anything that literally moved or though they could radio. Are no longer part of the industry and that’s a problem is that you have to assemble them easily and quickly. I mean if some of the great mistakes in corporations in America happened, made by too much planned extension and too far flung enterprises or factories, so we’re very cautious of that and it has to fit a certain criteria before we do it. With that said we do have a couple of things that we’re looking at now that do fit the criteria and they’re really not at this point on the market there is standard allocations and we can do something but it takes a while to do it.

Very good, I think that’s it with the questions because as I said I think we’ve addressed most of the rest in either your or my comments already.

As usual Sam and I are ready for any questions that you want to have offline and we will be glad to talk to you about anything that you will as you know we love to chat and we’re available. And with that operator we’ll turn it back to you for a closure on this.

Well ladies and gentlemen. We thank you for your participation and for using the AT&T Executive Teleconference Services. You may now all disconnect.

Thank you very much for your help.

You’re welcome.

Alright. Bye, bye.