The radio-TV operator reported operating revenue of $32.8 million. As of Sept. 30, the company's outstanding bank debt was $105.6 million.
QUARTERLY REPORT
Saga Net Revenue Up 5% In 3Q
Saga Communications Inc. today reported the company’s net operating revenue for the quarter ended Sept. 30 increased 5% to $32.8 million with operating income of $7.4 million compared to $5.8 million for the third quarter of last year.
Net income for the third quarter was $3.6 million ($.84 per fully diluted share) compared to $2.5 million ($0.58 per fully diluted share) for the same period last year an increase of 44%.
Free cash flow was $6 million for the quarter, an increase of 4.5% over the third quarter of last year.
The company said it “continues to maintain a solid balance sheet with $15.5 million in cash and certificate of deposit balances as of Sept. 30, 2010. As of Sept. 30, the company’s outstanding bank debt was $105.6 million with a trailing 12 month leverage ratio calculated as a multiple of EBITDA of 3.1 times. Netting cash and certificate of deposits against outstanding debt, the ratio would be 2.7 times. The company has paid down $20 million of debt since the first of the year including a $4.5 million pay down that occurred subsequent to the end of the third quarter. With this additional pay down considered the ratio would be reduced to 3.0 times. Saga said it intends to continue to use excess cash to pay down debt.
Comments (1)
Colin MacCourtney says:
November 8, 2010 at 10:04 pm
Saga is one of the shining examples of a medium market radio operator that never made the mistake of generating excessive debt during the past 15 years. Well Done!