Saga's Q1 Revenues Down Slightly
May 7, 2014 at 3:55 AM (PT)
SAGA COMMUNICATIONS has reported net operating revenue for the quarter ended MARCH 31, 2014 of $29.4 million compared to $29.0 million for the same period last year. Operating income from continuing operations was $4.3 million. Net income for the period was down to $2.4 million ($0.42 per fully diluted share) from $2.9 million in Q1 of last year. Free cash flow was $3.4 million.
Station operating expense increased $0.9 million (3.9%) to $23.0 million (station operating expense includes depreciation and amortization attributable to the stations). The company noted over half the increase in station operating expense was due to a $0.5 million increase in health insurance costs.
Capital expenditures in the 1st quarter of 2014 were $1.5 million compared to $1.2 million for the same period last year. The Company currently expects to spend approximately $5.5 million for capital expenditures during 2014.
On the company's conference call, discussing the company's use of FM translators as "metro signals," ED CHRISTIAN said that News-Talk WGAN-A/PORTLAND, ME would soon get an FM signal; the company recently bought W288CU/PORTLAND from BIBLE BROADCASTING NETWORK, INC.