Ladies and gentlemen, thank you for standing by. And welcome to the Fourth Quarter and Year Ending Earnings Call. During the call all lines will be in a listen-only mode. [Operator Instructions] And today’s call is being recorded. I’d now like to turn the conference over to Ed Christian, President and CEO of Saga Communications. Please go ahead.

Yeah. As we have some open lines, sounds like we have some open lines.

We’ll get those closed for you.

Thank you. Still some.

Yeah. I’ve set off sir.

Thank you. Hello and welcome. It’s 11 o’clock. Sam Bush is ready to start. I am Ed Christian and I will be back after Mr. Bush’s marvelous presentation.

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. 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 fourth quarter 2016, historical net revenue increased 4.7%. Adjusting for same station, net revenue increased 2.9%. Gross political revenue for the quarter was $3.3 million compared to $929,000 for the fourth quarter in 2015. All $929,000 for the quarter in 2015 was radio. For the 2016 quarter, radio was $1.9 million, while television was $1.4 million. For the year ended December 31, 2016, historical net revenue increased 7.3%. Adjusting for same station, net revenue increased 3%. Gross political revenue for the year was $6.7 million compared to $1.3 million for the same period in 2015. All the $10,000 of 2015 political revenue was radio. For the full year 2016, radio was $3.8 million and television was $2.9 million. I should remind you that when you are comparing 2016 to 2015 year-end numbers, we reported $1.4 million of other operating income in the third quarter of 2016 as a result of our selling a tower in the Norfolk, Virginia market, SBA towers for $1.6 million. We also entered into an extremely favorable long-term lease on the tower. Keep in mind that relative to the same station and historical comparison, we closed on the bulk of our Harrisonburg acquisition on August 1, 2015, with the final piece closing on September 1, 2015. So Harrisonburg was fully reported in our historical numbers with the fourth quarter. We started operating our acquisition…

Sam, thank you very much. And I really only have one request right now. Maybe you can be Mr. Peabody and I will be Sherman and we can step into the way back machine and we can make those 2016 again.

I always like this, Ed, and if I could I would definitely do that.

I think, yeah, it was really a great job and we won’t go into the greater and everything else that happen, but it was one of my favorite shows, being a revision as to history it was always fun. It was very nice year and I am thankful to everything that happened. Business was good. Political was appreciated. And by the way, I was thinking about that, I mean, number that when several years ago, number of years ago, when I was said that they are going to have a caucus ahead of New Hampshire. I said, I just got out, because it actually kind of it is like the golden egg for political money and but I want to thank all the candidates for stopping by the caucus in Iowa, because it was very helpful for Iowa and very helpful in New Hampshire we tried to have to them, maybe good for us for the year. As I said, business was good and Sam told you, Sam said that Harrisonburg and Columbus are up and running, excellent radio stations and very good markets. Can we do this again in 2017 we don’t have any political, so that does make a difference. Sam did a very good summary on last quarter. So let’s take quite moment. Thank you for the quite moment. And let’s talk about 2017 and our future. Sam touched on it, but candidly Q1, especially January was a cold weather wake up call, it wasn’t just for us, but for business in general and it was painful for broadcasters. Our business wasn’t there or broke late and I will tell you very late, it was just, I mean, like stereo late at time. Certain sectors pulled back in January such as automotives, big chunks from car stores…

I think, most of them we have already answered as we typically, but the one that did come was from one of our shareholders. Given the nature of some of the transactions we are seeing specifically referring to the Intercom, CBS and the Beasley deals. How do you think -- how does that think about transformative deals both for the industry and for Saga?

Well, I think, certainly we are -- it’s going to because we went through this dry power so long where there were really needing acquisitions done and I think that’s changing up. It’s also interesting to note that couple of weeks ago and it wasn't really need a big deal, but I think, it’s a something it should be watch and observe and that is the commission first time approved 100% ownership, foreign ownership of radio stations. I have to do recently it’s been limited to 25% or so. But several weeks ago they approved a couple of who owned minority interest in stations in Alaska and also in Texas, and allowed -- and they are Australian, so allowed them to increase to 100% ownership. Now that's presidential in terms of what it might be. So we could be looking at a lot of intrusion foreign money into broadcasting in U.S., because now we have a President who established on that. That’s something to park on the side and think about it. It don’t happen substantially. Also there’s been a lot of conversation since the new chairman got into the SEC. We are leasing broadcast holdings. The – I am really going to start new business if there was, you look at 7 AMs and several FMs and that was them, then we have the 14 radio stations and then we came into a number of years ago just opening the market up to, we could have up to six and seven stations in the marketplace. No more than five in one service in a very large markets. And now, there is very serious talk about removing the market caps and really changing things about. Well, where that will be, I don’t know, and I don’t know, how long it…

I think that was a good answer Ed.

Okay. Just checking. And with that we showed you 15 minutes, by the way 20 minutes, so we actually run over probably with that answer.

I think we can turn back over to Art. Art, if you wrap up the call for us.

Well, I can do at the end of Art, if not available.

Probably sir, I will be delighted. Gentlemen, that’s concludes the conference for today.

Okay. I can do it too. We could sing along if you want, go ahead.

Yeah. Thank you for using AT&T executive teleconference service. You may now disconnect.

Thanks.