Saga Prelim Q4 Figures Show Revenue Down 7%
March 10, 2009 at 11:46 AM (PT)
SAGA COMMUNICATIONS has issued preliminary results for fourth quarter that show net operating revenue down 7% (same station off 7.2%) to $35 million. Operating income, excluding a non-cash impairment charge, fell 21.2% to $6 million.
The final figures will be filed late due to the company not having finalized the fourth quarter non-cash impairment charge and its related tax impact, which it says "could be significant." SAGA says that it "has concluded that it is likely that the value of certain intangible assets will be reduced below their current carrying value."