That’s the world we live in these days, when being down under 30% is a win. Saga is the latest public radio company to confirm that April was the revenue bottom caused by the pandemic. The company was down 55% in April thanks to the government mandated shutdown of the majority of the economy.
Saga reported that from the start of Q2 to the end of the first month of Q3 (July) there was a reduction in the decline in revenue by approximately 50%.
Net revenue was $16.9 million for the quarter ended June 30, 2020. Station operating expense decreased $4.2 million to $18.7 million for the same period. An operating loss of $8.7 million was incurred for the quarter with a net loss of $4.9 million.
For the six months ended June 30, 2020 net revenue was $42.9 million with an operating loss of $6.5 million. Net loss for the six-month period was $3.2 million.
Saga CEO Ed Christian said Saga gave away over $10 million to local advertisers to help them through the pandemic. And, Saga created over 4,000 spec spots in three months, which Christian says, kept the company from being down even further.