Saga Communications Inc. on Tuesday reported second-quarter net income of $4.2 million.
The Grosse Pointe Farms, Michigan-based company said it had net income of 70 cents per share.
The broadcasting company posted revenue of $32.2 million in the period. Saga shares have declined 13 percent since the beginning of the year. The stock has dropped 14 percent in the last 12 months.
- Net revenue increased 6.5% to $32.2 million for the quarter ended June 30, 2018.
- Operating income increased 2.7% to $6.0 million and station operating expense increased 8.0% to $23.1 million for the quarter
- Income from continuing operations (net of tax) increased $800 thousand to $4.2 million compared to $3.4 million last year
- Diluted earnings per share from continuing operations was $0.70/share in the second quarter of 2018 compared to $0.57/share during the same period in 2017. Including discontinued operations diluted earnings per share for the quarter were $0.70/share compared to $0.77/share last year. Free cash flow from continuing operations was $6.0 million for the quarter ended June 30, 2018 compared to $4.8 million for the same period last year
- On a same station basis for the six months ended June 30, 2018 net revenue was flat at $56.1 million, Operating income from continuing operations increased 7.3% to $8.4 million and station operating expense was flat at $42.6 million.
Capital expenditures from continuing operations were $1.4 million in the second quarter compared to $2.0 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.