The lack of political income took a bite out of Saga’s Q3 2013 comps, but the radio-leaning multimedia group still managed to post a positive net revenue number. However, expenses were also up, punching a hole in operating income.
Excluding political, Saga said its net revenue gain was 5.2% to $35.8M. However, political income fell from $1.5M in Q3 2012 to $206K, an 86% decrease.
Still, revenues were up 1.6% even with political factored in.
There was a $1.2M increase in operating expenses; and the group reported a 10.4% loss in operating income to $7.3M, down from $8.1M. Net income was listed as $4.3M, which was flat compared to Q3 2012.
Marci Ryvicker of Wells Fargo noted that EBITDA as down 9%.
On the radio side, Saga’s current portfolio consists of 30 AM and 61 FM stations, along with three state radio networks and two farm networks. I’s television portfolio consists of four full- and four low-power stations. It has a presence in 25 markets.