Saga Q1 Revenues Down 17%, Profit Swing to Loss

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Saga Communications' net operating revenues for the first quarter fell 17.2% to $26.1 million from $31.5 million. On a same station basis, net operating revenue decreased 17.7% to $25.9 million. Station operating expense was down 5.8% to $23.9 million, while free cash flow declined to $939,000. The company posted a net loss for the quarter of $362,000 (9 cents per diluted share) from earnings of $910,000 (18 cents).