Saga Communications Reports Solid Q2 Financials
August 4, 2011 at 6:48 AM (PT)
SAGA COMMUNICATIONS TODAY (8/4) reported free cash flow increased 10.2% to $6.3 million for the quarter ended JUNE 30, 2011 compared to $5.7 million for the same period in 2010. The Company's net operating revenue increased 0.9% to $33.2 million while station operating expense increased 2.0% compared to the same period last year to $23.6 million. Operating income was $7.6 million compared to $7.8 million for the same period last year and net income for the period was $3.2 million.
The increase in station operating expense for the quarter "is primarily attributable to an increase in the company's health insurance expense of $285 thousand and $775 thousand respectively. During the 2nd Quarter of 2011 the Company incurred $1.2 million in other expense which was primarily due to the write off of our previously unamortized bank fees due to the closing of our new credit facility."