Saga Communications, Inc. (NYSE Amex: SGA) recently reported that 3rd quarter 2009 free cash flow increased 5.1% to $5.8 million compared to $5.5 million for the same period last year. Net operating revenue decreased 13.7% from the comparable period in 2008 to $31.3 million. Operating income was $5.8 million. Net income was $2.5 million ($.58 per fully diluted share) for the quarter ended September 30, 2009 compared to $3.1 million ($.65 per fully diluted share) for the comparable period in 2008. For the same period, station operating expense decreased $3.0 million to $23.6 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 14.7% to $30.9 million, operating income was $5.6 million and station operating expense decreased $3.2 million to $23.4 million.
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All share and per share information has been adjusted for the Company's January 28, 2009 1-for-4 reverse stock split. Saga has maintained a solid balance sheet even given the current economic volatility with $16.7 million in cash balances as of September 30, 2009. Bank debt outstanding was $130.6 million. Subsequent to the end of the quarter the Company paid down $5.0 million of the outstanding bank debt. Adjusted for this pay down the companies trailing 12 month leverage ratio calculated as a multiple of EBITDA and based on actual debt outstanding was 4.6 times. Netting cash against outstanding debt the ratio would be 4.0 times.
Saga Communications, Inc. is a broadcasting company whose business is devoted to acquiring, developing and operating broadcast properties. The Company owns or operates broadcast properties in 26 markets, including 61 FM and 30 AM radio stations, 3 state radio networks, 2 farm radio networks, 5 television stations and 4 low-power television stations. Saga's third quarter 2009 results conference call will be on Monday, November 9, 2009 at 2:00 PM EST. The dial in number for domestic and international calls is 612/234-9960.
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