Saga Q2 Radio Net Revenue Down Over 2016

RADIO ONLINE | Friday, August 4, 2017 | 1:58am CT

Saga Communications reported second quarter net revenue of $30.3 million from continuing operations compared to $30.9 million for the same period last year. Station operating expense decreased to $21.4 million compared to $21.8 million, while station operating income (SOI) was $5.9 million compared to $6.4 million. The company posted a net income of $4.5 million (77 cents per diluted share) as compared to $4.8 million (81 cents) in the year-ago period.

The company's television stations are classified as held for sale and are being reported as discontinued operations due to the pending sale which is expected to close during the third quarter of 2017. Saga agreed last May to sell it's television stations for $66.6 million and to purchase radio stations in Charleston and Hilton Head, SC for $23 million.