Saga Communications Q4 Net Revenues Increased 4.7%
|RADIO ONLINE | Wednesday, March 13, 2019|
Saga Communications reported fourth quarter net revenues increased 4.7% to $32.9 million from $31.4 million in 2017. Income from continuing operations before tax grew $2.3 million to $6 million compared to $3.7 million the previous year. Operating income was up $2.1 million to $6 million and station operating expense increased $523,000 to $23.8 million. The company posted net earnings of $4.29 million (72 cents per diluted share) as compared to $14.8 million ($2.52) in the year-ago period.
During Q4 the company recognized an income tax benefit of $11.2 million compared to an income tax expense of $1.7 million for the same period in 2017. The income tax benefit in 2017 was primarily due to an $11.5 million reduction in our deferred tax liability. Free cash flow from continuing operations was $5.9 million for the quarter compared to $6.6 million for the same period in 2017.
During the fourth quarter, Saga closed on its purchase of WOGK-FM, WNDT-FM, WNDD-FM and WNDN-FM in Gainesville-Ocala, FL, from Ocala Broadcasting.