Ladies and gentlemen, thank you very much for standing by. Welcome to the Third Quarter Earnings Call. [Operator Instructions] I'd like to turn the call over to Mr. Samuel Busch. Please go ahead.

Okay. Well, actually. Hi, everybody, this is Ed. And we're sorry we're late. It's not our fault, we say it politely. In the last days, I've had to deal with Frontier, Verizon, Comcast and AT&T on issues. So on the length over to your radio signals, probably landlines are having a little bit of a problem. But welcome to our call and I'd like to introduce -- is that proper, Sam, to do that?

That works.

Thank you. Thank you for being on hold. It was not the fault of Saga Communications. Saga, who runs radio stations very well, is very good at hitting the post and starting at 11:00 when we're supposed to. With that, here is Sam and we do not have call in questions. We will use our regular format. Sam?

Thanks, 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 measures are attached in the selected financial data table. First, it's great to be doing this call only a few days after we announced we are entering into an agreement to buy 4 FM radio stations in the Gainesville-Ocala radio market. As Ed has been working to buy these stations for quite a few years, we see a lot of opportunity with these stations in this market. It is a great opportunity and we are pleased that the Dicks family has seen fit to entrust Saga with the ongoing stewardship of these stations. As you look at this quarter, and this was the case for the first and second quarters, keep in mind for the comparable periods in 2017, we reported the financial performance of the television stations that we sold on September 1, 2017, as income from discontinued operations, net of tax. This is important to note when you compare the net income, free cash flow and diluted earnings per share information. We also acquired the stations in Charleston and Hilton Head South Carolina as of the same date. For the quarter, our net revenue increased 4.6% on an as-reported basis and was flat on a same-station basis. Free cash flow from continuing operations increased $1.2 million to $5.2 million for the quarter. Operating income was down $188,000 on an as-reported basis and $200,000 on a same-station basis. However, income from continuing operations, net of tax, increased $730,000 for…

Sam, you mentioned to me that this is -- no, it couldn't be, that Beasley's conference call started at 11 also. You don't think that they took line cuts in kind of like AT&T?

You never know.

Slowed down and let's have a jump here so that we get 10 minutes before. Caroline would never do that. Shout out to Beasley if they did get on at 11:00 and I'm just...

You never know.

Absolutely not. They have been too good a company. I've known George and the family for all these years. It's -- nobody's has done that. I can think of a couple of companies that would, but that's certainly not one. Let me add a little bit of a counterbalance to the political. October, we had the -- Sam mentioned, $400,000. But actually we were up -- we're talking about fourth quarter now, or at the end of the third quarter, we were up. But in line with that, we were also getting new money coming in October, and actually the amount of new money or new businesses and existing businesses was more than the political spend. So we had a really good month there and I think that was just a good thing for us that -- certainly, whatever happened, the fish had returned to our nets. And we're very thankful for this. We also do consider ourselves skilled fisherman and we do know the spots to fish and the spots to stay away from, mostly. And by the way, I learned this, Sam, from watching [ Getaway Cats ] in case you're curious. And be that as it may, we are buoyed -- notice the play on words there, I just want to keep a nautical theme today. By the list of -- perhaps, it will silence some of the naysayers in the country that when they talk about radio as an industry itself, that the last couple of months. And it looks that the trend for November is very good. And it's a little early even for December by the looks of it, as Sam said, quite good in that respect there. But I'd also like to talk to you about one thing that happened in September, and…

Yes. I remember, you're right, it's not a swamp, but it's the [ moth care ] in the marshland area.

It's a marshland area. It really changes and the nature of the look of the land and everything changes from when you get down to Ocala. Gainesville itself, 0.25 million people up there, plus 40-some-odd-thousand students, University of Florida, 2000-acre campus. They also have a huge hospital, so it's a regional medical center. Good town. And then Ocala is really kind of like the Lexington, Kentucky of the South that it's far as country, it's beautiful. But when we went there, the growth is just spectacular in terms of growing like crazy. I mean it's just -- with new build, new construction, new homes. It's in Marion County, which is 330,000 people. Marion County is as large as Rhode Island, which gives you an idea of where Ocala is. And then right below it is Sumter and Lake. And 10 miles below Ocala is the villages, which I think kind of -- it's close to 100,000 people now. Correct me if I'm wrong on that, but the average household income in retirement, if it is retirement, I mean if you call it that, that's really quite spectacular, is $91,000. And they're starting to build new housing to accommodate another 30,000 people. So that's -- and there's no radio down there in that area. No FM radio to really compete, because Orlando is 87 miles away from Ocala, and so you don't have those stations really coming in and affecting it. So these are tremendous areas and if you look at K Country, WOGK, which is -- has just this beautiful signal. I mean it's 100,000 watts at 1,321 feet, it's magnificent, kind of has like this you blue mist of a signal overall of Northwest central -- Northern or Central, Western Florida, all the way up to the -- literally…

No, Ed. We've been doing this long enough. It appears that the questions that came in, we already had in our comments, either yours or mine covered. So I think we're good.

Okay, and again, we apologize -- well, actually AT&T should apologize. Maybe Colin will apologize when he signs up to call in a few minutes for the delay. But I think that's it. Sam and I are available if any of you have any questions whatsoever on either Gainesville-Ocala or future acquisitions or other plans we might have or anything like that. Feel free to call us, we're here all day. And we won't put you on hold because our answering message is pretty repetitive after about the first 30 seconds. So with that, Sam, Colin, we have no other issues and we don't take questions. So if you want to wrap it up, you can go for it.

Yes, sir. And I would like to very much apologize for the delay in getting this morning's call started. That does conclude the conference call for today, and you may now disconnect.

Thank you, Colin.

Thank you.