Saga Communications, Inc. reported today that first quarter 2021 revenue and the related net income continue to be impacted by the ongoing uncertainties in the marketplace.
- Net revenue was $22.3 million for the quarter ended March 31, 2021 compared to $26.1 million for the same period last year.
- Station operating expense decreased $3.3 million to $18.9 million for the quarter compared to the same period last year.
- Station operating income was $4.7 million for the quarter compared to $5.5 million for the first quarter last year.
- Free cash flow increased 21.4% to $1.8 million for the quarter.
- Operating income was $883 thousand for the quarter compared to $2.2 million for the same period last year. Operating income in the first quarter of 2020 included $1.3 million in other operating income which was primarily due to the sale of land and a building that were no longer necessary for our operations. Without this sale, operating income would have been $837 thousand in the first quarter of 2020 compared to the $883 thousand reported for the quarter ending March 31, 2021. Net income was $758 thousand for the quarter.
- Diluted earnings per share were $0.13 in the first quarter of 2021.
- The Company's balance sheet reflects $56.3 million in cash on hand as of March 31, 2021 and $57.4 million as of May 3, 2021. The Company's total bank debt remained at $10 million as of the end of the first quarter 2021.
- Capital expenditures in the first quarter were $534 thousand compared to $1.0 million for the same period last year. The Company expects to spend approximately $4.5 – 5.5 million for capital expenditures during 2021.
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