The radio and TV station group posts $25.9 million in revenue with much lower political ad money compared to the same period a year ago.
Saga Communications Inc. reported net operating revenue Thursday for the quarter ended March 31 decreased 17.2% to $26.1 million. On a same station basis for the year, net operating revenue decreased 17.7% to $25.9 million and station operating expense decreased 6.4% to $23.8 million.
Saga owns or operates 61 FM and 30 AM radio stations, three state radio networks, two farm radio networks, five television stations and four low-power television stations. It doesn’t break out TV revenues and earnings.
Station operating expense (station operating expense includes depreciation and amortization attributable to the stations) decreased 5.8% to $23.9 million for the same period.
Free cash flow decreased to $939 thousand for the quarter and the net loss for the quarter was $362 thousand ($.09 per fully diluted share).
Gross political revenue was $38 thousand for the quarter compared to $651 thousand for the same period last year.
Capital expenditures in the first quarter of 2009 were $1.1 million compared to $2.1 million for the first quarter of 2008. For the 2008 fiscal year, total capital expenditures were $7.1 million. The company currently expects to spend approximately $3.5 million for capital expenditures during 2009.