Saga Communications had an up quarter to start 2010, with Q1 revenues up 2.6% to $28.7 million. Operating income increased 13.7% to $4 million and free cash flow shot up 42% to $3.2 million.
Saga’s radio division, which accounts for most of the company, grew Q1 revenues by 1.5% to $24.5 million. Broadcast cash flow (BCF) rose 6.2% to $5.2 million.
TV revenues were up 9.3% to $4.2 million. Television BCF ballooned 47% to $744K.
In announcing its results (with a Wall Street conference call later in the day), Saga management pointed with pride to the company’s balance sheet, with $13.8 million of cash on hand and outstanding bank debt on March 31 of $92.1 million. Saga’s trailing 12 month leverage ratio was only 2.5 times EBITDA.