Rochester,NY 9/2/2009 9:43:09 PM
Saga Communications Inc. SGA, Reports 2nd Quarter 2009 Results
Saga Communications Inc.
Saga Communications, Inc. reported that 2nd quarter 2009 free cash flow increased 1.2% to $6.0 million compared to $5.9 million for the same period last year.
Net operating revenue decreased 15.3% from the comparable period in 2008 to $31.6 million and operating income decreased to $6.2 million. Net income was $2.7 million ($.63 per fully diluted share) for the quarter ended June 30, 2009 compared to $3.5 million ($.70 per fully diluted share) for the comparable period in 2008. For the same period, station operating expense decreased $4.0 million to $23.3 million (station operating expense includes depreciation and amortization attributable to the stations).
A large part of the decrease in station operating expense was a result of our cost reduction initiatives. This helped to reduce the impact that the decline in net operating revenue had on our operating results. On a same station basis for the quarter, net operating revenue decreased 16.3% to $31.3 million, operating income was $6.0 million and station operating expense decreased $4.1 million to $23.1 million.
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