Q4 revenues decreased 7% to $35 million for Saga Communications, with TV up and radio down. Operating income declined 21.2% to $6 million. But the company held the line on costs and managed to increase free cash flow by 42% to $5.9 million. Saga is still calculating its non-cash impairment charge, so it has called off today’s conference call with analysts and says it will file its annual 10-K with the SEC by March 31st.
Television, of course, got a boost from political. Q4 TV revenues rose 13% to $5.1 million. Operating income for the television division rose 17.8% to $1.1 million.
The larger radio group saw Q4 revenues decline 9.7% to $29.8 million. Operating income declined 21.7% to $7.2 million. On a same station basis, radio revenues were down 10% and operating income 21.5%. (TV actual numbers were the same as same station.)
For all of 2008, Saga reported that net revenues were down 2.8% to $140 million. Operating income was down 11.6% to $24.7 million.
Full year television revenues rose 8.4% to $18.9 million and operating income gained 25.5% to $4.1 million.
Radio revenues for all of 2008 were down 4.4% to $121.1 million. Operating income declined 11.3% to $30.5 million. On a same station basis, radio revenues were dwon 5.2% and operating income 12.1%.