Saga Communications profit falls on discontinued operations

GROSSE POINTE FARMS — Saga Communications Inc. (NYSE: SGA), the radio broadcaster, reported net income of $1.5 million or 26 cents a share in the first quarter, vs. $1.9 million or 33 cents a share a year earlier. Last year’s net income included $891,000 from television station operations that have since been discontinued.

Revenue was $28 million, up from $26.2 million a year earlier.

Saga owns broadcast properties in 26 markets, including 75 FM and 33 AM radio stations.

On a same station basis for the quarter ended March 31, net revenue increased 0.3 percent to $26.2 million, Operating income from continuing operations increased 26.3 percent to $2.5 million and station operating expense increased 0.5 percent to $21.4 million.

To view a transcript of the conference call discussing the company’s performance, visit www.sagacom.com.

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