(By Adam Jacobson) The last pure-play radio broadcasting company in the U.S. to be publicly traded has chimed in with its second-quarter results. And, like its peers, slightly lower net revenue, coupled with slightly higher station operating expenses, led to a profit decline during the period for Saga Communications.
The company led by Chris Forgy saw its net operating revenue fall to $28.74 million from $29.18 million as station operating expenses shifted to $23.54 million from $22.4 million.
This resulted in net income of $2.5 million ($0.40 per share), down from $3.55 million ($0.55) in the year-ago period.
Station Operating Income (SOI), the popular non-GAAP measure used by radio stations for years, declined to $6.41 million from $7.97 million.
While that’s down, one advantage Saga has over its publicly traded peers is its debt. For Saga, it totals $5 million, not billion.
Furthermore, the earnings seen in Q2 was just shy by a few thousand dollars of the estimate offered by 1 analyst to Yahoo! Finance. Better yet, the earnings per share was well ahead of the $0.29 predicted by the analyst.
