Tuesday, March 7, 2017

Saga Communications Reports 4.7 Percent Revenue Increase

Saga Communications, Inc. today reported net revenue increased 4.7% to $37.3 million for the quarter ended December 31, 2016.

Operating Income increased 33.0% to $8.4 million.  Station operating expense increased 0.4% to $26.0 million (station operating expense includes depreciation and amortization attributable to the stations).  Free cash flow increased 12.1% to $7.6 million.  Same Station net revenue increased 2.9% to $36.1 million and same station operating expense was flat at $25.4 million.  Net income for the fourth quarter was $4.9 million ($0.84 per fully diluted share compared to $0.63 for the same period last year).

Net Revenue increased 7.3% to $142.6 million for the twelve months ended December 31, 2016.  Free cash flow increased 13.5% to $24.5 million.  Station operating expense increased 4.4% to $101.5 million (station operating expense includes depreciation and amortization attributable to the stations).  Operating income increased 30.7% to $31.5 million.  Same Station net revenue increased 3.0% to $134.2 million and same station operating expense increased 0.7% to $95.4 million.  Net income for the twelve-month period was $18.2 million ($3.09 per fully diluted share compared to $2.29 for the same period last year).

Capital expenditures were $0.7 million in the fourth quarter compared to $1.1 million for the same period last year and $4.9 million for the twelve-month period compared to $5.5 million last year.  The Company expects to spend approximately $5.0 million to $6.0 million for capital expenditures during 2017.

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