Saga Financials Show Net Income Up In Second Quarter
August 13, 2010 at 11:15 AM (PT)
SAGA COMMUNICATIONS has reported the Company's net income for the second quarter was $3.7 million ($.87 per fully diluted share) compared to $2.7 million ($0.63 per fully diluted share) for the same period last year.
Net operating revenue for the quarter ended JUNE 30, 2010 increased 4.0% to $32.9 million with operating income of $7.8 million compared to $6.2 million for the second quarter of last year.
Free cash flow was $5.7 million for the quarter. Station operating expense decreased 0.6% compared to the same period last year to $23.2 million (station operating expense includes depreciation and amortization attributable to the stations). Operating expenses for the quarter were impacted by increased advertising and promotions expenditures as well as increased sales costs relative to the Company's reported revenue growth.