Saga Communications, Inc. reports that net operating revenue
increased 2.6% for the period ending June 30, 2013.
- Station operating expense was $23.5 million this quarter compared to $22.0 million for the same period last year. $851 thousand of the increase was the result of the credits received for music licensing fees during the 2nd quarter of 2012 that are not recurring in 2013.
- Station operating expense increased 7.0% compared to the same period last year, but only 3.0% when adjusted for such credits.
- Operating income decreased 8.0% to $8.4 million compared to $9.1 million for the same period last year. Adjusted for the music licensing fee credits, operating income would have increased 1.5%. Net income for the quarter decreased 6.4% to $4.8 million ($0.84 per fully diluted share) compared to net income of $5.1 million ($0.91 per fully diluted share) for the same period last year.
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