Saga Communications: 4Q Net Revenue Rose 4.7 Percent

Saga Communications, Inc. (SGA) today reported 4Q and yearly earnings:

• Net revenue increased 4.7% to $32.9 million for the quarter ended December 31, 2018.  
• Income from continuing operations before tax increased $2.3 million to $6.0 million compared to $3.7 million last year.
• Operating income increased $2.1 million to $6.0 million and station operating expense increased $523 thousand to $23.8 million for the quarter.  
• Diluted earnings per share from continuing operations was $0.72/share in the fourth quarter of 2018 compared to $2.52/share during the same period in 2017.
• Free cash flow from continuing operations was $5.9 million for the quarter ended December 31, 2018 compared to $6.6 million for the same period in 2017. 

For the year ending December 31, 2018:

• Net revenue increased 5.7% to $124.8 million
• Income from continuing operations before tax increased $3.1 million to $19.4 million compared to $16.3 million last year.
• Operating income increased $2.5 million to $19.7 million and station operating expense increased $6.0 million to $93.7 million for the twelve month period.
• Diluted earnings per share from continuing operations was $2.30/share for the twelve month period in 2018 compared to $3.77/share during the same period in 2017.  
• Free cash flow from continuing operations was $19.5 million for the twelve months ended December 31, 2018 compared to $17.4 million for the same period in 2017.
• On a same station basis for the twelve months ended December 31, 2018 net revenue increased 1.1% to $116.5 million.
• Operating income increased $2.6 million to $19.4 million and station operating expense increased $642 thousand to $86.0 million. 

The results for the twelve month period ended December 31, 2017 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.   

The Company closed on its purchase of the assets of radio stations WOGK(FM), WNDT(FM), WNDD(FM) and WNDN(FM), from Ocala Broadcasting Corporation, LLC on December 31, 2018.  All the stations serve the Gainesville-Ocala, Florida radio market.