Saga Communications Q2 Net Revs Down 47.3% to $16.9M

RADIO ONLINE | Wednesday, August 5, 2020

Saga Communications

Saga Communications reported second quarter net revenue fell 47.3% to $16.9 million from 32.1 million in 2019. Station operating expense decreased 18.4% to to $18.6 from $22.8 million. Operating income fell to a loss of loss of $8.6 million, down 23.2% from an operating income of $6.6 million. The company reported a net loss of $4.9 million (82 cents per diluted share) as compared to a net income of $4.7 million (80 cents) in the year-ago period.

Results for the quarter include a non-cash impairment charge of $3.8 million. Without the non-cash impairment charge, the company would have had a net loss of $2.2 million (37 cents).

The company's balance sheet reflects $48.9 million in cash on hand as of June 30, 2020 and $47.5 million as of August 3. Total bank debt remained at $10 million as of the end of the quarter. Including the significant impact on its revenue, the company's trailing twelve-month leverage ratio is an extremely conservative 0.65, per its bank covenant calculation, and below zero when cash on hand is included in the calculation.