Saga Communications Reports 3rd Quarter Results
November 5, 2013 at 9:22 AM (PT)
SAGA COMMUNICATIONS reported that gross revenue, excluding political revenue, increased 5.2% for the quarter ended SEPTEMBER 30th, 2013 ($35.8 million during the 3rd quarter 2013 compared to $34.1 million for the same period in 2012). Net operating revenue increased 1.6% for the same comparative period. Gross political revenue decreased 86% for the quarter ended SEPTEMBER 30th, 2013 ($206 thousand during the 3rd quarter of 2013 compared to $1.5 million for the same period in 2012) "due to the local and national election cycle."
Station operating expense was $23.6 million this quarter compared to $22.4 million for the same period last year. Operating income from continuing operations decreased 10.4% to $7.3 million compared to $8.1 million for the same period last year. Net income of $4.3 million for the quarter was approximately equal with last year ($0.75 per fully diluted share for 3rd quarter 2013 compared to $0.76 per fully diluted share for the same period last year).