5-8-2012
Saga reported radio revenue of $25.2 million for the three months ending March 31, up from $24.5 million a year earlier. Saga owns or operates 61 FM and 30 AM radio stations, three state radio networks, two farm radio networks, five television stations and four low-power television stations. Overall net operating revenue increased 4.3 percent to $29.9 million from $28.7 million. Like the majority of other reporting radio companies, CEO Ed Christian said national advertising was down. "We don't control that. We are focused on our own destiny."
Saga had $6.7 million in cash as of March 31, 2012. As of the same date, the company's outstanding bank debt was $60.0 million with a leverage ratio calculated as a multiple of EBITDA of 1.8 times. Capital expenditures in the 1st quarter of 2012 were $1.2 million compared to $1.1 million for the same period last year. The company currently expects to spend approximately $4 ? 4.5 million for capital expenditures during 2012.
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