Saga Reports Q2 Financials
August 5, 2008 at 12:38 PM (PT)
SAGA COMMUNICATIONS, INC. TODAY reported that 2nd quarter 2008 free cash flow increased 5.5% to $5.9 million compared to $5.6 million for the same period last year. Net operating revenue decreased 2.8% from the comparable period in 2007 to $37.3 million and operating income decreased 12% to $7.8 million.
Net income decreased $350 thousand to $3.5 million ($.17 per fully diluted share) for the quarter ended JUNE 30th, 2008 compared to $3.8 million ($.19 per fully diluted share) for the comparable period in 2007. For the same period, station operating expense increased $230,000 to $27.3 million (station operating expense includes depreciation and amortization attributable to the stations).
On a same-station basis for the quarter, net operating revenue decreased 3.8% to $37.0 million, operating income decreased 13.3% to $7.6 million and station operating expense was approximately flat with last year at $27.0 million.
Is Saga Interested In Buying Any CBS Stations For Sale?
Could SAGA could be among the groups taking a look at acquiring CBS RADIO stations that CEO LES MOONVIES said the company would put on the market? During their conference call to discuss Q2 financial results TODAY (8/5), SAGA CEO ED CHRISTIAN said SAGA would be interested.
"There is some tremendous inventory going on the market," said CHRISTIAN. He would not specift which markets SAGA would be interested.