As with other broadcasters, Saga Communications saw net revenues decline in Q4 – off 3.6% to $32.9 million. Even so, some deferred tax benefits and other factors made it possible for the company to increase its free cash flow by 3.6% to $7.4 million.
Net income in Q4 was $4.1 million, or 97 cents per share, compared to $4.6 million, or $1.08 per share, a year earlier.
Radio revenues in Q4 were down 3.7% to $27.9 million. Operating income for the radio division declined 11.5% to $8.1 million.
Television revenues declined 3.2% to $5 million. TV operating income was down 13.7% to $1.3 million.
For all of 2011 Saga’s net revenues were nearly flat (down a half million) to $127.3 million. Net income was $12.6 million, or $2.98 per share, down from $15.1 million, or $3.58 per share, from 2010.