Even with operating expenses reduced by $247,000, net revenue falls from $4.7 million to $4.1 million.
Saga Communications Inc. today reported that second quarter net operating revenue for its television segment fell 12.9%, to $4.1 million from $4.7 million in the same quarter a year ago.
TV operating income came in at $506,000, down from $1,089,000, a decrease of 53.6%
For the company as a whole, net operating revenue decreased 15.3% from $37.3 million in the comparable period in 2008 to $31.6 million and operating income decreased to $6.2 million.
Net income was $2.7 million ($.63 per fully diluted share) for the quarter ended June 30, 2009 compared to $3.5 million ($.70 per fully diluted share) for the comparable period in 2008.
Saga said that a large part of the decrease in station operating expense was a result of cost reduction initiatives. This helped to reduce the impact that the decline in net operating revenue had on operating results.