Revenue up slightly for KOAM owner

Second quarter revenue for Saga Communications, Inc. owner of the KOAM and KFJX television stations in the Joplin/Pittsburg market, was up slightly during the second quarter, according to a news release filed Thursday with the Securities and Exchange Commission.

Saga Communications, Inc. (NYSE-SGA) today reported that 2nd quarter 2007 net operating revenue increased 1.8% over the comparable period in 2006 to $38.4 million and operating income was approximately flat at $8.8 million. Net income decreased $178 thousand to $3.8 million ($.19 per fully diluted share) for the quarter ended June 30, 2007 compared to $4.0 million ($.19 per fully diluted share) for the comparable period in 2006. Free Cash Flow increased $878 thousand to $5.6 million. For the same period, station operating expense increased $647 thousand to $27.0 million (station operating expense includes depreciation and amortization attributable to the stations). On a same station basis for the quarter, net operating revenue increased 1.5% to $38.3 million, operating income was approximately flat at $8.8 million and station operating expense increased $486 thousand to $26.9 million.
For the six month period ended June 30, 2007, net operating revenue increased 2.0% over the comparable period in 2006 to $70.3 million, operating income decreased $1.0 million to $12.4 million and net income decreased $963 thousand to $4.6 million ($.23 per fully diluted share) compared to $5.5 million ($.27 per fully diluted share) for the comparable period in 2006. Free Cash Flow decreased $135 thousand. For the same period, station operating expense increased $1.9 million to approximately $53.0 million (station operating expense includes depreciation and amortization attributable to the stations). On a same station basis for the six months, net operating revenue increased 1.7% to $70.1 million, operating income decreased $942 thousand to $12.4 million and station operating expense increased $1.7 million to $52.8 million.
Capital expenditures in the second quarter of 2007 were $2.2 million of which $420 thousand were as a result of acquisitions and $360 thousand were related to digital radio. For the six months capital expenditures were $4.6 million of which $1.3 million were as a result of acquisitions and $520 thousand were related to digital radio. Currently we expect capital expenditures for the year to be approximately $10.5 million.