Saga Communications Q1 Net Revenues Up 7.1%

RADIO ONLINE | Friday, May 11, 2018

Saga Communications

Saga Communications reported first quarter net revenue increased 7.1% to $28 million from $26.1 million in 2017. Operating income from continuing operations rose 17.5% to $2.3 million, while station operating expense grew 9.6% to $23.4 million. The company posted a net income of $1.5 million (26 cents per diluted share) as compared to $1.9 million (33 cents) in the year-ago period.

Saga's previously owned television stations were reported as discontinued operations in the first quarter of 2017. Without the income from discontinued operations (net of tax) net income would have increased $482,000 over 2017. Diluted earnings per share from continuing operations was 26 cents per share in Q1 2018 compared to 18 cents per share during the same period in 2017.

Results for Q1 were affected by the sale of the company's television stations and purchase of radio stations in Charleston and Hilton Head, SC in September, 2017. On a same station basis, Q1 net revenue increased 0.3% to $26.2 million, OI 26.3% to $2.5 million and station operating expense rose 0.5% to $21.4 million.