The results for the quarter were affected by the purchase of the radio stations in the Gainesville – Ocala, FL radio market on December 31, 2018.
On a same station basis for the quarter ended March 31, 2019 net revenue decreased $1.2 million to $26.8 million. Operating income decreased $463 thousand to $1.9 million and station operating expense decreased $1.1 million to $22.3 million.
The Company had $39.2 million in cash on hand as of March 31, 2019 and $40.7 million as of May 6, 2019. The Company's total bank debt was $15 million as of the end of the quarter. Including the recent $0.30 per share dividend which was paid on March 29, 2019, the Company will have paid over $64 million in dividends since December 3, 2012.
Capital expenditures were $1.2 million in the first quarter of 2019 compared to $1.5 million for the same period last year. The Company expects to spend approximately $5.0 to $5.5 million for capital expenditures during 2019.