Public radio companies have almost unanimously reported tough sledding during the first quarter of 2015 and Saga Communications is no exception. However, it did find occasion to use the black ink well.
Further, its miss, which was in net revenue, was not severe.
The word on net revenue as a $300K decrease to $29.1M, representing a loss of 1.2%.
However, broadcast cash flow was up a reasonably robust 5.2% to $3.6M. It’s the kind of thing that can happen when expenses are reduced.
Station operating expense was down 0.8% to $22.8M.
Net income was $2.1M, or $0.36 per diluted share.
The company made a major investment during the quarter, picking up the Verstandig radio station cluster in Harrisonburg VA.
Saga’s four station television group was a plus, adding $287K to $4.785M in net revenue.
