Saga Reports Q1 Financials
May 9, 2012 at 8:04 AM (PT)
SAGA COMMUNICATIONS has reported that for the quarter ended MARCH 31st, free cash flow increased 23.8% to $4 million compared to the $3.2 million for the same period last year. Net operating revenue for the quarter increased 4.3% to $29.9 million from $28.7 million for the comparable period in 2011. Operating income increased 24.4% to $5 million, while station operating expense increased 1.0% to $23 million. Net income for the period was $2.7 million ($0.64 per fully diluted share) compared to net income of $1.7 million ($0.39 per fully diluted share) for the same period last year.
The Company said they continue "to maintain a solid balance sheet with $6.7 million in cash as of MARCH 31st, 2012. As of MARCH 31st, 2012, the Company's outstanding bank debt was $60 million with leverage ratio calculated as a multiple of EBITDA of 1.8 times."
Read the full filing here.