Business
Saga Communications, Inc. Reports 3rd Quarter and Year-To-Date 2019 Results Net Income for the Nine-Month Period Ended September 30, 2019 is Flat with the Same Period in 2018
GROSSE POINTE FARMS, Mich., Nov. 7, 2019 /PRNewswire/ -- Saga Communications, Inc. (Nasdaq: SGA) today reported net revenue of $31.3 million for the quarter
About this update from Saga Communications, Inc.
[{"type":"text","content":" GROSSE POINTE FARMS, Mich., Nov. 7, 2019 /PRNewswire/ -- Saga Communications, Inc. (Nasdaq: SGA) today reported net revenue of $31.3 million for the quarter compared to $31.7 million for the same quarter last year. Gross Revenue was flat with last year for the quarter net of $96 thousand of political revenue this quarter and $486 thousand of political revenue for the same period last year. Station operating expense increased $171 thousand to $23.6 million and operating income decreased $520 thousand to $4.8 million compared to $5.3 million for the same period last year. Net Income decreased $361 thousand to $3.3 million for the quarter. Diluted earnings per share were $0.56/share in the third quarter of 2019 compared to $0.62/share during the same period in 2018. Free cash flow decreased $697 thousand to $4.5 million for the quarter ended September 30, 2019, with $385 thousand of the decrease due to a reduction in the Company's deferred tax provision. \nOn a same station basis for the quarter ended September 30, 2019 net revenue decreased $1.4 million to $30.3 million. Operating expense decreased $779 thousand to $22.7 million while operating income decreased $593 thousand to $4.7 million.\nNet income for the nine-month period ended September 30, 2019 was flat with the same period last year at $9.4 million. Net revenue decreased $610 thousand to $91.3 million. Gross Revenue was flat with last year for the nine-month period net of $351 thousand of political revenue this year and $1.3 million of political revenue for the same period last year. Station operating expense decreased $324 thousand to $69.6 million and operating income decreased $299 thousand to $13.4 million compared to $13.7 million for the same period last year. Diluted earnings per share were $1.59/share for the nine-month period in 2019 compared to $1.58/share during the same period in 2018. Free cash flow decreased $810 thousand to $12.7 million for the nine-month period ended September 30, 2019, with $780 thousand of the decrease due to a reduction in the Company's deferred tax provision. \nOn a same station basis for the nine-month period ended September 30, 2019 net revenue decreased $3.8 million to $88.1 million. Operating expense decreased $3.0 million to $66.9 million while operating income decreased $717 thousand to $13.0 million.\nThe Company had $41.1 mi...