Saga Q2 Revenues Down 15.3%, Earnings Narrow

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Saga Communications reported second quarter free cash flow grew 1.2% to $6 million from $5.9 million last year. Net operating revenue fell 15.3% to $31.6 million and operating income declined to $6.2 million. The company posted a net income of $2.7 million (63 per diluted share) as compared to $3.5 million (70 cents) in 2008.

On a same station basis, net operating revenue decreased 16.3% to $31.3 million, operating income was $6 million and station operating expense fell $4.1 million to $23.1 million.