Net revenue for the radio holdings of Saga Communications were down (although operating income was up), but its television holdings improved by more than enough to make up the radio net revenue deficit. The ultimate result was an impressive double-digit gain in net income.
Saga highlighted the following results for Q3: “Net income for the quarter ended September 30, 2012 increased 17.2% to $4.3 million ($1.02 per fully diluted share compared to $0.87 per fully diluted share for the same period last year). Free cash flow increased 2.2% to $6.1 million. For the three month period net operating revenue increased 1.2% from the comparable period in 2011 to $32.4 million with operating income from continuing operations of $8.1 million compared to $7.1 million for the same period last year. For the same period, station operating expense decreased 2.4% to $22.4 million (station operating expense includes depreciation and amortization attributable to the stations).”
Net revenue for the radio group fell 1.4% from $27.9M to $27.5M, but operating income was up 3.4% from $7.9M to $8.1M.
On the television side, net revenue increase 15.7% from $4.1M to $4.9M, and operating income was up 35.1% from $1.2M to $1.9M.