Saga Communications Says Revenue Increased 12.7 Percent

Saga Communications, Inc. today reported free cash flow increased 35.4% to $4.9 million for the quarter ended March 31, 2016.

• Net revenue increased 12.7% to $32.8 million. 
• Operating Income increased 40.1% to $5.3 million. 
• Station operating expense increased 8.4% to $24.7 million (station operating expense includes depreciation and amortization attributable to the stations) 
• Same Station net revenue increased 7.0% to $31.0 million
• Same Station operating expense increased 3.0% to $23.2 million.  
• Net income for the period was $3.0 million ($0.52 per fully diluted share compared to $0.36 for the same period last year). 

Capital expenditures were $1 million in the 1st quarter which was approximately comparable to the same period last year.  The Company currently expects to spend approximately $5.0 million to $5.5 million for capital expenditures during 2016.

During the 1st Quarter the Company closed on its purchase of WLVQ-FM in Columbus, OH for $13 million. The Company began operating WLVQ – FM pursuant to a Local Marketing Agreement as of November 16, 2015.