Saga Communications Q1 Net Revenue, Earnings Down Slightly
|RADIO ONLINE | Monday, May 13, 2019|
Saga Communications reported first quarter net revenue fell to $27.8 million from $28 million in 2018. Free cash flow grew $324,000 to $2.6 million. Station operating expense decreased $234,000 to $23.2 million and operating income declined $354,000 to $2 million. The company posted a net income of $1.4 million (23 cents per diluted share) as compared to $1.5 million (26 cents) in the year-ago period.
The company says that quarterly results were affected by the purchase of the radio stations in the Gainesville-Ocala, FL on December 31, 2018.
On a same station basis, net revenue decreased $1.2 million to $26.8 million. Operating income fell $463.000 to $1.9 million and station operating expense was down $1.1 million to $22.3 million.
The company had $39.2 million in cash on hand as of March 31, 2019 and $40.7 million as of May 6. Including the recent $0.30 per share dividend which was paid on March 29, 2019, the company will have paid over $64 million in dividends since December 3, 2012.