3-11-14
In Saga Communications' radio division, the company reported Tuesday, net operating revenue came in at $28.6 million in the fourth quarter of 2013, compared to $30.1 million in the same period in 2012. For the full year, radio net operating revenue was $109.8 million, versus $111.8 million in 2012. For Saga as a whole, net operating revenue for 2013 came in at $129.5 million, compared to $130.3 million; excluding political, the company notes, its gross revenue was up 3.3 percent for the year. Saga's political revenue was $800,000 in 2013, down from $6.7 million in 2012.
The company's net income for the year was $15.3 million ($2.64 per fully diluted share) compared to $17.9 million ($3.16) in 2012. (Per-share amounts are adjusted for a 4-for-3 stock split in January of 2013.) Free cash flow was $21.6 million, down from $25.1 million a year before.
For the fourth quarter of 2013, Saga's net operating revenue was $33.8 million, down from $35.5 million in Q4 of 2012. Net income came in at $3.2 million (56 cents per share), compared to $5.8 million ($1.02), and free cash flow in the quarter was $5.6 million, versus $8.2 million in 2012.
On the TV side, Saga's net operating revenue from television came in at $5.2 million in Q4, compared to $5 million in Q4 2012. For the full year, TV net operating revenue was $19.7 million, up from $18.5 million in 2012.
