Saga Communications has reported a net revenue increase of 4.7% to $32.9 million for the quarter ended December 31, 2018. Operating income increased $2.1 million to $6 million, and income from continuing operations, before tax, rose to $5.97 million from $3.66 million for the quarter. The company recognized an income tax benefit of $11.2 million compared to an income tax expense of $1.7 million for the same period in 2018.
Net income fell to $4.3 million (72 cents per diluted share) from $14.83 million ($2.51). Free cash flow from continuing operations was $5.9 million for the quarter, compared to $6.6 million for the same period in 2017.
On a same-station basis for the 12 months ended December 31, 2018, net revenue increased 1.1% to $116.5 million. Operating income increased $2.6 million to $19.4 million. On a pro-forma basis, income from continuing operations, before tax, came in at $6.1 million, rising from $3.77 million. Station operating expense increased $642,000, to $86.0 million.
Saga owns or operates broadcast properties in 27 markets, including 79 FM radio stations and 34 AM radio stations.
