Saga Revenues, Income Drop In Q4
February 28, 2006 at 1:40 PM (PT)
SAGA COMMUNICATIONS fourth quarter 2005 overall revenue fell 1.8% to $35.5 million, with operating income off 40% to $5.2 million and net income off 54.3% to $1.9 million (9 cents/fully diluted share) (including a $1.2 million impairment charge for goodwill and FCC license values, a $1.2 million charge for losses incurred on the sale of assets, and an increase of $800,000. in interest expense), but free cash flow rose 29.4% to $5.2 million. Same station revenue fell 7.2% to $33.5 million, but was off only 2.8% when political ads were excluded.
Radio revenue fell from $36.082 million to $35.445 million, with radio net income off from $4.132 to $1.889 million (20 to 9 cents/share).