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Saga Q1 Net Revenue Declines 4.1%, Earnings Down
RADIO ONLINE | Thursday, May 4, 2017 |12:40pm CT

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Saga Communications reported first quarter net revenue decreased 4.1% to $31.4 million from $32.7 million in 2016. The decline was mainly due to a reduction in political revenue of $1.3 million. Station operating expense increased 1.5% to $25.1 million from $24.6 million, while operating income (OI) fell decreased $1.9 million to $3.5 million. The company posted a net income of $1.93 million (32 cents per diluted share) as compared to $3 million (52 cents) in the year-ago period.

Additionally, Saga's board of directors declared a quarterly cash dividend of $0.30 per share. The dividend will be paid on June 9, 2017 to shareholders of record on May 22. The amount of the payment to be made in connection with the quarterly dividend will be approximately $1.8 million. The quarterly cash dividend will be funded by cash on the company's balance sheet.

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