Saga Communications 2021 First Quarter Net Revenue Down 15.5%. The 2021 first quarter financial report from Saga Communications reveals net revenue for the period was $22.3 million, a decrease of 15.5% from the same period in 2020. Net income was $758,000, a decline of 75% from the net income of $1.68 million posted in Q1 of 2020 (although Saga was one of the few audio companies to post income and not a loss). Station operating expense decreased $3.3 million to $18.9 million for the quarter compared to the same period in 2020. Station operating income was $4.7 million for the quarter compared to $5.5 million for the first quarter last year. Free cash flow increased 21.4% to $1.8 million for the quarter. Saga Communicationâs balance sheet reflects $56.3 million in cash on hand as of March 31, 2021 and $57.4 million as of May 3, 2021. The companyâs total bank debt remained at $10 million as of the end of the first quarter 2021.