Saga Communications reported net revenue increased 12.7% to $32.8 million in the first quarter.
Its free cash flow increased 35.4% to $4.9 million.
Station operating expense increased 8.4% to $24.7 million (station operating expense includes depreciation and amortization attributable to the stations). Same station net revenue increased 7.0% to $31.0 million and same station operating expense increased 3.0% to $23.2 million. Net income for the period was $3 million.
Capital expenditures were $1 million in the 1st quarter which was approximately comparable to the same period last year. Saga expects to spend approximately $5 million to $5.5 million for CapX during 2016.
As far as M&A, Saga closed on WLVQ-FM, Columbus, Ohio for $13 million in the quarter and began operating WLVQ-FM as part of a Local Marketing Agreement dated November 16, 2015.