Saga Grows Revenue, But Profits Slip

Saga Communications, Inc. Tuesday reported that gross revenue, excluding political revenue, increased 5.2% for the quarter ended September 30, 2013 ($35.8 million during the 3rd quarter 2013 compared to $34.1 million for the same period in 2012).

• Net operating revenue increased 1.6% for the same comparative period.
• Gross political revenue decreased 86% for the quarter ended September 30, 2013 ($206 thousand during the 3rd quarter of 2013 compared to $1.5 million for the same period in 2012) due to the local and national election cycle.
• Station operating expense was $23.6 million this quarter compared to $22.4 million for the same period last year.
• Operating income from continuing operations decreased 10.4% to $7.3 million compared to $8.1 million for the same period last year.
• Net income of $4.3 million for the quarter was approximately equal with last year ($0.75 per fully diluted share for 3rd quarter 2013 compared to $0.76 per fully diluted share for the same period last year).

Net operating revenue increased 1.1% for the nine month period ending September 30, 2013 compared to the same period last year.

Station operating expense increased 3.7% to $69.2 million from $66.7 million for the same period last year. Operating income decreased 7.5% to $20.6 million compared to $22.2 million for the same period last year. Net income for the nine month period decreased 1.0% to $12.1 million ($2.10 per fully diluted share compared to $2.15 per fully diluted share for the same period last year).

Saga owns or operates broadcast properties in 25 markets, including 61 FM and 30 AM radio stations, 3 state radio networks, 2 farm radio networks, 4 television stations and 4 low-power television stations.