reported net revenue increased 7.1% to $28 million for the quarter ended March 31, 2018.
Operating income from continuing operations increased 17.5% to $2.3 million and station operating expense increased 9.6% to $23.4 million for the quarter.
Net income decreased to $1.5 million from $1.9 million on a historical basis including the income (net of tax) from the previously owned television stations which is reported as discontinued operations in the first quarter of 2017.
The results for the quarter were affected by the sale of the Company's television stations and purchase of radio stations in Charleston and Hilton Head, SC on September 1, 2017.
On a same station basis for the quarter ended March 31, 2018 net revenue increased 0.3% to $26.2 million, Operating income from continuing operations increased 26.3% to $2.5 million and station operating expense increased 0.5% to $21.4 million.
The Company had $47.8 million in cash on hand as of March 31, 2018 and $49.8 million as of May 1, 2018. The Company's total long-term debt was $25 million as of March 31, 2018. Including the recently announced $0.30 per share dividend which was paid on March 30, 2018, the Company has paid over $55 million in dividends since December 3, 2012.
Capital expenditures from continuing operations were $1.5 million in the first quarter compared to $1.3 million for the same period last year. The Company expects to spend approximately $5.0 million to $6.0 million for capital expenditures during 2018.