Ladies and gentlemen, thank you for standing by. Welcome you to the fourth quarter and year-end results conference call. At this time, all participants are in a listen-only mode. [Operator Instructions]. As a reminder, today's conference is being recorded. I would now like to turn the conference over to our host, President and CEO of Saga Communications, Mr. Ed Christian. Please go ahead.

Thank you and thank you for joining us on today's call as is our history for 60 times now. Is that about right, 60 times we have been doing this?

I actually hadn't thought about that, but it has been a while.

Maybe we will change roles next time in the end.

I can do the start and turn it over to you.

No. I will do yours. It is quite easier just to read through, maybe. Sam Bush, ladies and gentlemen.

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 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 measures are attached in the selected financial data table. During the quarter, gross revenue without political increased 2.1% for the quarter and 0.7% for the year, a little less than 1%. Gross political revenue for the quarter was $927,000 compared to $3 million for the same period last year. All the political revenue for the quarter was in radio this year. Last year we had $2.1 million in radio and $880,000 in television. Gross political revenue for the year was $1.3 million compared to $4.7 million for the same period last year. $1.3 million of the political revenue for the year was in radio this year compared to $3.5 million last year. In television, we had $10,000 compared to $1.2 million last year. National accounted for approximately 11% of gross revenue for the quarter compared to 14% last year. It accounted for 11.5% for the year compared to 13% last year. This was a $2.6 million reduction in national revenue for the year. During the quarter, we entered into an asset purchase agreement to purchase WLVQ-FM in Columbus, Ohio for $13 million. Ed will talk more about this later. We did start operating LVQ under a Local Marketing Agreement on November 16 and subsequent to the end of the year, we closed on the purchase as of February 3. During the quarter, we declared a quarterly cash dividend of $0.25 per share, as well as declaring a special cash…

Thank you, Sam. It does seem to me and I was thinking this as and I don't mean just to say this ingeniously, but my brain sometimes just fogs over. So could you spice it up next time a little bit and do something like --

I will try.

No. Try something bold, like talk about foreign currency transactions or something that would spice it up, okay. And also probably deliver it in a little bit more engaged audience because I think if suddenly they have to, I don't know, wake up for a good time but thus we begin. I am not going to amplify what Sam said in his remarks, but I want to tell you the interesting things that set us apart. Well, the fact that we are up does set us apart from some other companies. First off, Sam mentioned that we acquired WLVQ-FM in Columbus. This iconic rock station has been a factor in the market, literally since the acquisition of WSNY, some 30 plus years ago, when LVQ was just a nonstory in the market and has remained that way. It offers us a male audience to complement and enhance WSNY, Rewind and Mix. Those sectors are tipped towards females and therefore really solidifies our position with adults over 30 in the market. We closed on LVQ, Sam said a little bit, over a month ago and on a forward-looking basis, we believe the station comes in at about seven multiple or even a tad less than that of the cash flow. Programmatically, we have tweaked the station and have added needed salespeople since there were some sales issues with registration which we are in the process of fixing. On balance, it's a wonderful acquisition for us and Columbus has always been a very stable and fine radio market. Also last week, we completed the acquisition, I think you know, of an initial group of five radio stations and one metro signal in Harrisonburg, Virginia. And we added a sixth station, another FM station. So we have four FM and two AM plus…

I don't know exactly and we do have a couple more pending as well, but it will be over 50, I think 52, but in that neighborhood.

Yes. 19 of these are rebroadcast our AM news, talk or sports stations on the FM bands. So that has always been a priority to have an FM companion to our big powerhouse AM radio stations. We also, in n Q4, launched a new format which I am really kind of excited about and really enjoyed. Right now, it's on four metro stations. It's called the outlaw. This is unique blend of music from the 70s on forward. I guess we would best describe it as music heard in honky tonks and saloons. It's on the air in Des Moines, Ashville, Jonesboro and Springfield, Illinois. And we plan on rolling it out to a few other markets. It's a really fun format. If you would like to listen, if you have got a pen right there, I will give you the URL for the website in Des Moines, where all you have to do is click and listen. It's www.937theoutlaw.com. Bob Lawrence and I came up with this format two months ago and knocked it around and polished it up. We have done some clever things to it. I think it will show you how you can use metro. If you listen to it you will see how you can use metro signals to really enhance presence of our other stations in the markets and this is just one example and we have done other metro signals with different formats on it. There are probably only about four or five, maybe six more metro signals that we would like and then I think we will say we have enough. It gets to a point of diminishing returns, Sam would say.

I believe that. I would actually.

No. Seriously, I mean we have three I would like to acquire in Bellingham, two more in Maine and maybe one in Springfield, Mass. We are in the hunt right now for properly priced translators because there has been a silly season out there of late. You have to remember that in the cold light of day, these are still 250 watt translators. However, if you get good height, they are fine and they are equivalent probably in some cases to a three kilowatt Class A station. They work fine for us and they do exactly what they are intended to do. We would certainly like to and some of them, in Des Moines, for instance, we are getting emails on the outlaws saying, gee, we wish you had a larger signal. So that's the downside on that. On the TV side, we are also constrained under SEC mandate from discussing the spectrum auction. But I can assure you that we are monitoring it for its effects to the TV industry. On 2016, Sam told you Q1 is shaping up to be decent, but there is choppiness in March all of a sudden, just out of there, that happened. Visibility is clouded for the near-term. It has been for quite some time. I don't feel about 2016. But on the other hand, we are not going and high-fiving each other and shouting, we are out of the storm, the seas are no longer calm and we are back with full sails. We monitor it and basically it's almost a little scary, say, about a month-to-month basis. What I can tell you about everything that's going on, so I would just put it straight off. We were able to raise our quarterly dividend last year, as Sam mentioned. We have a…

No. Everything we got that came in either in your comments.

We already answered it?

Yes. Either your comments, my comments or the press release already had it answered.

Well, that means good. We did this in 20 minutes today.

Very good timing.

Not bad. All right. Do we have helpers there?

Yes, Tricia. We turn it back over to you to wrap it up.

Okay. Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation and for using AT&T Executive TeleConference service. You may now disconnect.

Thank you, Tricia.