Saga Cuts Losses In Q4 And 2009
March 4, 2010 at 10:33 AM (PT)
SAGA COMMUNICATIONS, INC. reported that net operating revenue for 2009 decreased 13.7% over the comparable period in 2008 to $120.8 million. While free cash flow increased 1.7% to $19.2 million, station operating expenses decreased 10.6% to $94.7 million , which was attributed to cost-reduction initiatives. SAGA's net loss was $2.6 million (-$.61 per fully diluted share) for the year ended DECEMBER 31st, 2009 compared to a net loss of $66.5 million (-$14.05 per fully diluted share) for the same period last year.
For Q4, free cash flow increased 11.8% to $6.6 million, net operating revenue decreased 8.9% to $31.8 million, and station operating expense decreased 10.2% to $23.9 million. The Company's net loss was $7.4 million for the quarter compared to a net loss of $74.0 million for the same period last year.