Station operating expense was $25.6 million (station operating expense includes depreciation and amortization attributable to the stations) compared to $23.8 million for the same period last year. The $1.8 million increase was primarily due to the expense attributable to agreements entered into by the Company in the fourth quarter of 2014 to license historic data from Nielson Audio, Inc. in selected markets in order to enhance the benefit of licenses to receive Nielson reports and services during future periods in those markets which were also entered into in the fourth quarter.
Operating income from continuing operations was $7.7 million. Net income for the period was $4.4 million ($0.76 per fully diluted share) and free cash flow was $6.7 million compared to $5.6 million for the same period last year.
Net operating revenue for the year ended December 31, 2014 increased 3.5% to $134.0 million compared to $129.5 million for the same period last year. Operating income from continuing operations was $26.0 million. Net income for the period was $14.9 million ($2.55 per fully diluted share) and free cash flow was $21.0 million. Station operating expense was $98.4 million (station operating expense includes depreciation and amortization attributable to the stations).
Capital expenditures were $1.7 million in the 4th quarter which was approximately the same as the same period last year. The Company currently expects to spend approximately $4.5 million to $5.0 million for capital expenditures during 2015.
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