Saga Reports Financials For Q2
August 6, 2009 at 9:25 AM (PT)
SAGA COMMUNICATIONS has reported that Q2 free cash flow increased 1.2% to $6.0 million compared to $5.9 million for the same period last year.
Net operating revenue decreased 15.3% from the comparable period in 2008 to $31.6 million and operating income decreased to $6.2 million.
Net income was $2.7 million ($.63 per fully diluted share) for the quarter ended JUNE 30th, 2009 compared to $3.5 million ($.70 per fully diluted share) for the comparable period in 2008.
For the same period, station operating expense decreased $4.0 million to $23.3 million (station operating expense includes depreciation and amortization attributable to the stations). A large part of the decrease in station operating expense was a result of "our cost reduction initiatives. This helped to reduce the impact that the decline in net operating revenue had on our operating results," wrote SAGA. On a same-station basis for the quarter, net operating revenue decreased 16.3% to $31.3 million, operating income was $6.0 million and station operating expense decreased $4.1 million to $23.1 million.