Saga Earnings: Radio Revenue Slight Uptick

Saga Communications, Inc. Tuesday reported net operating revenue for the quarter ended March 31, 2014 of $29.4 million compared to $29.0 million for the same period last year.

• Operating income from continuing operations was $4.3 million
• Radio revenue $24.9 million in Q1 of 2014 compared to $24.46 million in Q1 of 2013. 
• Net income for the period was $2.4 million ($0.42 per fully diluted share)
• Free cash flow was $3.4 million  
• Station operating expense increased $0.9 million (3.9%) to $23.0 million (station operating expense includes depreciation and amortization attributable to the stations) 
• Over half the increase in station operating expense was due to a $0.5 million increase in health insurance costs

Capital expenditures in the 1st quarter of 2014 were $1.5 million compared to $1.2 million for the same period last year.  The Company currently expects to spend approximately $5.5 million for capital expenditures during 2014.

Saga is a broadcasting company whose business is devoted to acquiring, developing and operating broadcast properties.  Saga owns or operates broadcast properties in 25 markets, including 62 FM and 30 AM radio stations, 3 state radio networks, 2 farm radio networks, 4 television stations and 4 low-power television stations.