Saga Continues To Shine
Ed Christian and company turned in another impressive quarter reporting a net revenue increase of 10.3 percent and a free cash flow increase of 11.2 percent for the three months ending December 31, 2012. For 2012, Saga's net revenue increased 4 percent to $130.3 million and free cash flow increased 9.5 percent to $25.1 million for the year. Saga CEO Ed Christian said 2012 was a flat year made into a good year by political, and there's nothing wrong with that. Saga took in $4 million in political revenue in the fourth quarter of 2012 and $6.7 million for the year. Here's more from the always entertaining Ed Christian.
On his quarterly conference call Christian told analysts and investors that 2013 was off to a slow start and that factors contributing to that include uncertainty due to the fiscal cliff and sequestration. "2013 will be a decent year, not great, but not bad." Christian said January was tough, February was better but also down and March is flat.
For Saga, where Christian says they are beating the Miller-Kaplan numbers, Norfolk, Columbus and Springfield were the strongest markets while Portland (Maine) and Milwaukee are weak. Christian also said the network business is having some sales issues with more competition and too much inventory. Saga owns three state radio networks and two farm networks.
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