The first quarter of 2010 was good to Saga Communications, which brought in more cash, cut expenses and enjoyed a large surge in profitability. In fact, free cash flow was up 140%, rising from $939K in Q1 2009 to $2.3M this time around.
Operating revenue was up 7.1% to $28M, while operating expense decreased 5.8% to $22.6M. Saga also reported net income of $3.3M, a far cry from Q1 2009 when it suffered a $362K deficit in that column.
Saga said it spent about $4M on capital expenditures in 2009, and expects to up that total by anywhere from $500K-$1M in 2010. It’s already spent $845K in Q1.
