The last pure-play radio broadcasting company in the U.S. to be publicly traded has chimed in with its second quarter results. And, like its peers, slightly lower net revenue, coupled with slightly higher station operating expenses, led to a profit decline during the period for Saga Communications.
The company led by Chris Forgy saw its net operating revenue fall to $28.74 million from $29.18 million as station operating expenses shifted to $23.54 million from $22.4 million.
This resulted in net income of $2.5 million ($0.40 per share), down from $3.55 million ($0.55) in the year-ago period.
Station Operating Income (SOI), the popular non-GAAP measure used by radio stations for years, declined to $6.41 million from $7.97 million.
While that’s down, one advantage Saga has over its publicly traded peers is its debt. For Saga, it totals $5 million, not billion.
Furthermore, the earnings seen in Q2 was just shy by a few thousand dollars of the estimate offered by 1 analyst to Yahoo! Finance. Better yet, the earnings per share was well ahead of the $0.29 predicted by the analyst.
As of 1:20pm Eastern, Saga shares were trading up by 5% to $16.30. Saga stock is down 28% year-to-date.
