Financials Off A Bit For Saga Communications

Saga Communications, Inc. (SGA) today reported net revenue decreased $193 thousand to $27.8 million and free cash flow increased $324 thousand to $2.6 million for the quarter ended March 31, 2019.  Station operating expense decreased $234 thousand to $23.2 million and operating income decreased $354 thousand to $2.0 million for the same period.  Net income decreased $159 thousand to $1.4 million for the quarter ended March 31, 2019.  Diluted earnings per share were $0.23/share in the first quarter of 2019 compared to $0.26/share during the same period in 2018.

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.