Saga Reports Quarterly Net Revenue Increase

Saga Communications, Inc. today reported net revenue increased 4.6% to $31.7 million for the quarter ended September 30, 2018.

• Income from continuing operations (net of tax) increased $730 thousand to $3.7 million compared to $3.0 million last year.  
• Operating income decreased 3.4% to $5.3 million and station operating expense increased 7.7% to $23.4 million for the quarter.  
• Diluted earnings per share from continuing operations was $0.62/share in the third quarter of 2018 compared to $0.50/share during the same period in 2017.
• Free cash flow from continuing operations was $5.2 million for the quarter ended September 30, 2018 compared to $4.0 million for the same period last year. 
• On a same station basis for the quarter ended September 30, 2018 net revenue was flat with the same quarter last year at $29.6 million.

The Company announced on October 30, 2018 that it has entered into an agreement to purchase the assets of WOGK(FM), WNDT(FM), WNDD(FM) and WNDN(FM), from Ocala Broadcasting Corporation, LLC.  All the stations serve the Gainesville-Ocala, Florida radio market.