Saga Communications, Inc. Reports 1st Q 2008 Results
Grosse Pointe Farms,
MI - May 8, 2008 - Saga Communications, Inc. (NYSE-SGA) today reported net
income increased 23.0% to $910 thousand ($.05 per fully diluted share) for the
quarter ended March 31, 2008 compared to $740 thousand ($.04 per fully diluted
share) for the same period in 2007. Net operating revenue for the quarter
decreased $351 thousand over the comparable period in 2007 to $31.5 million.
Station operating expense decreased $574 thousand to $25.4 million (station
operating expense includes depreciation and amortization attributable to the
stations) and operating income was approximately even with 1st quarter 2007 at
$3.6 million. Gross political revenue for the quarter was $651 thousand
compared to $59 thousand for the same period last year. Free cash flow
increased 93.5% to $1.7 million for the quarter. On a same station basis for
the year, net operating revenue decreased 2.0% to $31.2 million, operating
income decreased 2.4% to $3.5 million and station
operating expense decreased
3.1% to $25.2 million.
Capital expenditures in the first quarter of 2008
were $2.0 million compared to $2.4 million for the comparable period in 2007.
The Company expects capital expenditures to total $9.0 million for 2008.
During the quarter ended March 31, 2008, the Company bought back 239,113
shares of stock for a total purchase price of $1.4 million. Since inception of
the program and through May 6, 2008, the Company has bought back 2,267,063
shares of stock.