Saga posts gimpy Q1


Saga Communications, Inc.Most financial figures for Saga Communications came in on the wrong side of flat during the first quarter of 2013. However, it did manage to break out the black ink for at least one key metric.

The positive number in the report was a 9% share iin net income to $3M, or 51 cents per fully-diluted share, up from $2.7M/48 cents respectively.

Net operating revenue was down 1.3% to $29M, a loss of $300K from Q1 2012; and operating income from continuing operations was down 1.9% to $4.9M, and $100K decrease.

One decrease was beneficial – operating expenses were down 1.2% to $22.1M.

Marci Ryvicker of Wells Fargo noted that results were a bit lower than expected, and noted that the company’s smaller TV unit performed a bit better than the core radio unit.

Ryvicker said nothing was surprising, and that the company is expected to market perform going forward.