Saga Reports Net Revenue Increased $2.0M For The Quarter

Saga Communications Inc. on Tuesday reported second-quarter net income of $4.2 million.
The Grosse Pointe Farms, Michigan-based company said it had net income of 70 cents per share.

The broadcasting company posted revenue of $32.2 million in the period. Saga shares have declined 13 percent since the beginning of the year. The stock has dropped 14 percent in the last 12 months.

Highlights:

• Net revenue increased 6.5% to $32.2 million for the quarter ended June 30, 2018.
• Operating income increased 2.7% to $6.0 million and station operating expense increased 8.0% to $23.1 million for the quarter
• Income from continuing operations (net of tax) increased $800 thousand to $4.2 million compared to $3.4 million last year
• Diluted earnings per share from continuing operations was $0.70/share in the second quarter of 2018 compared to $0.57/share during the same period in 2017.  Including discontinued operations diluted earnings per share for the quarter were $0.70/share compared to $0.77/share last year.  Free cash flow from continuing operations was $6.0 million for the quarter ended June 30, 2018 compared to $4.8 million for the same period last year 
• On a same station basis for the six months ended June 30, 2018 net revenue was flat at $56.1 million, Operating income from continuing operations increased 7.3% to $8.4 million and station operating expense was flat at $42.6 million. 

The results for the quarter and six-month period were affected by the sale of the Company's television stations and purchase of radio stations in Charleston and Hilton Head, SC on September 1, 2017.   

Capital expenditures from continuing operations were $1.4 million in the second quarter compared to $2.0 million for the same period last year.  The Company expects to spend approximately $5.0 million to $6.0 million for capital expenditures during 2018.