Saga Communications Reports 1st Quarter 2011 Free Cash Flow Increased 42%
May 10, 2011 at 9:21 AM (PT)
SAGA COMMUNICATIONS has reported operating income increased 13.7% to $4 million for the quarter ended MARCH 31st, 2011. Free cash flow increased 42% to $3.2 million compared to $2.3 million for the same period in 2010.
The Company's net operating revenue increased 2.6% to $28.7 million while station operating expense increased 0.8% compared to the same period last year to $22.7 million (station operating expense includes depreciation and amortization attributable to the stations). The Company's net income for the period was $0.39 per fully diluted share compared to $0.78 per fully diluted share for the same period last year. For comparison purposes the company's net income for the period ended MARCH 31st, 2010 included $3.6 million in other income that was primarily due to the one-time payment for a frequency coordination of one of its licensed facilities.
The Company also reported they "continue to maintain a solid balance sheet with $13.8 million in cash and certificate of deposit balances as of MARCH 31st, 2011. As of MARCH 31st, 2011, the Company's outstanding bank debt was $92.1 million. The trailing 12-month leverage ratio calculated as a multiple of EBITDA was 2.5 times."