Ladies and gentlemen, we thank you for standing by. And welcome you to the Third Quarter Results for Saga Communications. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, with instructions given at that time. I apologize there will be no questions on this conference call. Otherwise, the conference is being recorded. I will now turn the conference over to your host, Ed Christian, President and CEO of Saga Communications. Please go ahead.

Thanks, Amanda, and you don’t have to apologize. We ask people to send our questions in advance but that’s good. Hello. And welcome again to a quarterly conference call. One of the serial conference calls that Sam and I’ve had over the years. And without further ado, we will turn it over to Mr. Bush for his cogent explanation of the last quarter.

Thank you, Mr. Christian. 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 factor section of our most recent Form 10-K. This call will also contain a discussion of certain non-GAAP financial measures. 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 net revenue decreased 1.6% over the same period last year. On a gross revenue basis and net of political the quarter would have been flat to last year. On a same station basis adjusted for the sale of four of our networks last year and the Harrisonburg acquisitions this year, gross revenue would have been up almost 1% for the quarter and up 1.6% for the nine month period. Station operating expenses decreased $2 million. Most of the decrease was related to a change to our historical and ongoing contractual expenses as we discussed in previous quarterly calls. Free cash flow increased $557,000 to $5.5 million. National accounted for approximately 10.9% of gross revenue for the quarter, compared to 13.3% last year. Gross political revenue for the quarter was $129,000, compared to $1.1 million for the same period last year. Radio was the $129,000 this quarter versus $942,000 last year. Television had no political this quarter, compared to $176,000 last year. During the quarter we declared a quarterly cash dividend of $0.20 per share that was paid on October 2nd. We intend to continue to pay regular quarterly cash dividends in the future, as well as considering special cash and stock dividends as declared by our Board of Directors. At the end of the quarter, we had $36.4 million debt outstanding. Cash on hand at the…

Sam, I guess, the new buzz word is constant currency, I was reading it on a couple of things and that’s international money, did we have that when we had -- a decade ago when we had Iceland?

Well, Ed, it was a long time ago and I don’t -- I do hate to remind you that we didn’t have any currency or profits to be constant in Iceland, but I guess, it would have applied in certain circumstance.

That was a great adventure though.

It was a very good adventure.

A very good adventure. All right. So I can’t use the word constant currency right now?

I don’t think so.

Okay. Thanks, Sam. Harrisonburg, we’ll talk about that briefly. Everything is now consolidated in one building, which we’re very pleased about. We have four FMs up and running. We modified the format on two of the FM stations. We -- both of our AMs now have companion metro signals that are really outstanding signals in the marketplace. The last one that went on was for the ESPN affiliate that we have there on the AM and it’s now on FM, so that we can carry a Virginia Tech. We also are the flagship for James Madison University with 24,000 students for the Dukes. So we have that. We have another metro signal going on, which should happen shortly. And we do have -- we’ve actually been launching a number of metro signals. We just put a new one on the air in Des Moines with a format that were called Outlaw -- The Outlaw, which is Legends and Young Guns, basically it’s music for honky-tonks and saloons, kind of an interesting format and we’re going to be launching that and a few other markets with our metro signals. I think we have somewhere to 30 to 40…

We had 43 metro signals with a couple more pending.

That’s it. We have some in the pipeline, right.

Yes. We do.

And anyway, at Columbus, very exciting on that, we’ve been doing business in Columbus prior to Saga. That’s something, I think, we have had for 35 years with Sunny 95 and back then WLVQ was a formidable station in the market as a rock station and we are fortunate that we had the opportunity. This was a transaction that took us several years to accomplish in terms of discussions and there was a lot of moving parts to it. We start an LMA on the station shortly within the next few weeks. It will be moved into our building in that time. We had the staff over yesterday to visit the new facilities from where they currently are. So again, the new WLVQ studio, which will be operational by tomorrow I believe we should have that up and running, and we’re moving in by then but this is really good. In terms of what it does for us in the market, it really helps us. With Sunny having a dominance in women and WLVQ having a wonderful share in men with a tremendous upside potential with using some of the research and information we have from other successful classic rock stations like, WKLH in Milwaukee and Rock 102 in Springfield, Mass. I think we can do some really good things there. The station is profitable now. It has a history of profits. It has a history of just great acceptance in the marketplace and it was a good acquisition. Actually both Harrisonburg fits perfectly with what we try to do, as does the acquisition in Columbus. So stay tuned on that one. I think we’re going to do, in fact I know we’re going to do very well in both markets. We’ll add some very nice cash flow to the…

We have.

Have I missed anything?

I think you’ve got it all covered.

Do you understand the thing about dairy cow and beef cows?

I do. I learned a lot today.

Every day we should learn something.

That we should; I agree with that.

Did you know that 100% of the avocados in the United -- no, I’m sorry. The artichokes in the United States come from California?

That I did not know.

Okay. That’s your learning fact for today. Every day learn something new.

I appreciate it.

All right. Amanda, are you there?

Yes. I’m here.

I thought we scared you away there for a second.

I’m here.

Can you do the wrap up? Thank you, dear.

You’re welcome.

Okay.

Well, ladies and gentlemen that does conclude our conference for today. Thank you for your participation and for using the AT&T Executive Teleconference Service. You may now disconnect.