Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Saga Communications Second Quarter Earnings Conference Call. [Operator Instructions] And as a reminder, today's conference call is being recorded. I would now like to turn the conference call over to your first speaker, President and CEO, Ed Christian. Please go ahead.

Allen, thank you so much. Good morning, everybody, and thank you for joining us on our Q2 earnings call. I do need to send you a regulatory thing, okay.

You can do so.

Usually you've got the big regulatory thing lined up, I'm going to be sure. Should I use my radio voice or not now?

Use your radio voice. That would be good.

Okay. Please be advised that Mr. Samuel Bush will be using lots of the words. Not to take words, but lots of words, in fact, too many words. So a warning, this conversation is not for small children. Go ahead.

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. And as Ed said, this call is going to differ a little bit from our historical calls because this was noted in the press release are reporting this quarter changed from our historical earnings reports due to the pending sale of our television station. Our television stations are now classified as held-for-sale and as such are being reported as discontinued operations. Thus the sum total of their operations data for the quarter and for the 6-month period ending June 30, 2017, is reported on the selected consolidated financial data as one line, income from discontinued operations. We did include additional financial data on the operations of the television stations including net operating revenue, station operating expense, operating income, et cetera, and in the supplemental schedule that was included with our full press release. So when you're looking at the press release, keep in mind that to do a full comparison with previous releases, you will need to refer not only to the selected consolidated financial data schedule, but also to the included supplemental schedules. We expect the television station sale to close on September 1, 2017. At the closing, part of the proceeds from the sale will be deposited into a Section 1031 like-kind exchange ESCROW account. We will then use $23 million from this account to purchase the radio stations in Charleston and Hilton Head, allowing us to defer…

Yes, okay, I winked out there for a second. Do you think there is anything left on the call? I mean -- nothing, nothing.

Always there left to hear your...

Really, I've been gotten waiting for my just edification of where we're going and where we're coming from. Thanks, Sam. Let me start by saying that even though we did tell we arrived in advance that the Q2 would be choppy, it's still very painful for me personally, to see a down quarter, it's just -- it's not in my DNA. Even though it was not as severe as other companies are reporting. I showed this to Sam before that, that's probably a -- there's still small amount of shot in Florida on my part. But, nevertheless, the good news is, there is good news and that we continue to add many businesses to our advertiser list. And this, to me is, really encouraging because when I talk to the managers, they'll say we ended up boarding new businesses this month. We ended up with 20 new businesses this month that we've added, going out to your prospecting. I haven't tallied it up, but I know it's 100s, which is really very good of new companies, new companies who advertise on this section. But the ticket is less. So when we experience an eruptions in, like cards for advertising, it takes a lot of smaller advertisers to equal one good car store. With that said, we're also not seeing attrition with new account. And as the old bromide goes, "mighty oaks from little acorns grow". I know that sounds a little corny, but this is a curious factor for those who are -- the line initially comes from Chaucer back in 1374 in Troilus and Criseyde, and Sam, this is for you. My medieval English is a little sloppy, but as an oak cometh up a little spire.

Very nicely done.

Yes, Spear is a sapling. That's our history lesson for today. Now we do seek to build new foundations -- to short-existing foundations, of course, of radio. This is a -- counsel him to try and reinvent yourself. Really have to look for all the other angles to build your market position and your business. Sam has told you the numbers, and we were soft in automotive. If you worked at the last seven months in car sales they have been going down. There is a little bit of a panic and little bit of a crisis in there. Companies are doing well to try to stimulate this. The Southern California Broadcasters Association, led by Thom Callahan, did a wonderful research piece on this, who showed the effectiveness of where you are advertising for car stores to -- even during tough times like this. And we're using that and we thank the SCBA for letting us have a copy of the research that's really excellent, showing the power of radio. National is down 1%, that's okay because, well, it's not okay, I shouldn't say that. But National either is or is not, as I said before many times in the call, there's precious little that we can do to influence if it's there, we will gladly accept, but if it's not, and that's something that we have to build our other foundations to compensate for the diminution of our national revenue. We can stabilize our business like I would and enhance focus on new business. Sam told you, and we've announced that we elected to exit the Television sector. We will cover on that. Our stations have been very good to us and they're really wonderful stations, and well run and very well respected in the communities and we'll miss…

That's pretty incredible.

Yes, I know that is. That's -- so that kind of gives you an idea. And I think that's where I am. I don't believe we have an any questions...

The only questions we really got that we've addressed as best as we can at this point, it really has to do with what we're going to do with acquisitions from the TV proceeds and so on and so forth. But at this point, given it's a 1031 like-kind exchange, it's really a pretty good time even after the September 1, before that'll all be clear as we work through additional acquisitions, as I said, we've got six months after the closing to still defer taxes and so that there'll be more information on that as we go forward.

I do think I want to mention one other thing, and that is that the corporate expenses were up because of legal and other things associated to the -- on the disposition of the TV stations and the acquisition of Charleston and Hilton Head -- and I've been spending a great deal of time on the acquisition front to try to find things, that are proper. And remember, we are a company that doesn't buy huge quantities or baskets full of radio station. We are kind of an -- where we select, individually markets and add one by one to the mix because I have to ted it so that we're not left with things in the basket that we didn't order or want. And so, like having little children in the supermarket who are constantly sweeping things into your basket and find out when you were at the checkout line. We don't want that experience with us. I think, that's it. You -- anything else that you want to add?

No. I think that's good. Allen, I think you can wrap it up for us.

If you would, Allen would be so kind and go for it.