Saga Communications Q2 Net Revs Flat, Net Income Up 13.5%
|RADIO ONLINE | Wednesday, August 7, 2019|
Saga Communications reported second quarter net revenue was relatively flat over 2018 at $32.2 million. Station operating expense decreased $226,000 to $22.9 million and operating income grew $575,000 to $6.6 million from $6 million. Free cash flow fell $437,000 to $5.6 million, primarily due to a $542,000 increase in capital expenditures associated with recent acquisitions. The company posted a net income of $4.7 million (80 cents per diluted share) as compared to $4.2 million (70 cents) in the year-ago period.
On a same station basis for Q2, operating income increased $383,000 to $6.4 million. Net revenue decreased $1.2 million to $31.1 million and operating expense decreased $1.2 million to $22 million.
The company had $38.5 million in cash on hand as of June 30, $39.3 million as of August 5. Total bank debt was $10 million as of the end of the quarter. Including the recent $0.30 per share dividend which was paid on July 5, 2019, the Saga will have paid almost $66 million in dividends since December 3, 2012.