Saga Communications, Inc. today reported net revenue increased 1.3% to $30.3 million for the three months ended September 30, 2017, because of its sale of TV stations.
Station operating expense was flat with the same period last year at $21.8 million and operating income was $5.5 million compared to $6.8 million for the same period last year with the reduction primarily due to a gain of $1.4 million recognized from the sale of one of the Company's towers in Norfolk, VA during the third quarter last year. Gross political revenue from radio for the quarter was $0.3 million compared to $0.5 million for the same period last year.
On a same station basis net revenue declined 1.1% to $29.6 million. Station operating expense was down 2.8% at $21.2 million and operating income was $5.4 million.
The Company's net revenue for the nine months ended September 30, 2017 was $86.7 million compared to $88.2 million for the same period last year. Station operating expense decreased to $64.5 million for the nine month period compared to $64.8 million last year and operating income was $13.4 million for the nine month period compared to $16.8 million last year. Gross political revenue from radio was $0.6 million for the nine month period this year compared to $1.9 million for the comparable period last year.
On a same station basis net revenue for the nine months was $85.8 million compared to $88.2 million for the same period last year. Station operating expense was $63.8 million and operating income was $13.2 million for the nine months ended September 30, 2017.
Net Income for the quarter was $33.4 million ($5.66 per fully diluted share) compared to $5.4 million ($0.92 per fully diluted share) for the same period last year and $39.9 million ($6.76 per fully diluted share) for the nine months ended September 30, 2017 compared to $13.2 million ($2.25 per fully diluted share) last year. During the quarter the Company realized a gain of $29.9 million net of tax on the sale of its television assets.
Capital expenditures were $1.4 million in the third quarter compared to $1.6 million for the same period last year. The Company expects to spend approximately $6.5 million for capital expenditures during 2017 including approximately $750 thousand relating to recent acquisitions in Charleston and Hilton Head, SC.
On September 1, 2017 the Company closed on the sale of its television stations for approximately $66.6 million and on the purchase of radio stations in Charleston and Hilton Head, SC for approximately $23.0 million.
At the end of the quarter the Company had approximately $81.0 million of cash on its balance sheet.
As of this week Saga approximately $72.0 million of cash with $25.0 million in outstanding debt.
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