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Saga Communications Q3 Net Revs Rise 4.6%, Earnings Down
RADIO ONLINE | Friday, November 2, 2018 |
Saga Communications reported third quarter net revenue increased 4.6% to $31.7 million from $30.2 million in 2017. Income from continuing operations (net of tax) increased $730,000 to $3.7 million from $3 million, while operating income (OI) fell 3.4% to $5.3 million and station operating expense grew 7.7% to $23.4 million. Free cash flow from continuing operations climbed to $5.2 million from $4 million. The company posted a net income of $3.6 million (62 cents per diluted share) as compared to $33.4 million (50 cents) in the year-ago period.
On a same station basis for the quarter, net revenue was flat over the same quarter last year at $29.6 million. Operating income decreased $200,000 to $5.2 million and station operating expense grew 1.8% to $21.6 million.
Earlier this week, Saga announced it would purchase the assets of WOGK-FM, WNDT-FM, WNDD-FM and WNDN-FM from Ocala Broadcasting Corporation LLC. All the stations serve the Gainesville-Ocala, Florida radio market.
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