Including Saga’s TV division, it reports same-station operating revenue down about 16% compared to the second quarter of 2008. But free cash flow actually grew about 1%, and net income per share was close to last year’s – 63 cents, down from 70 cents in 2008. Like other broadcasters, Saga has engaged in serious cost-cutting. But CEO Ed Christian tells his conference call that they could improve their current 26-27% margins – “but not on my watch”, because he doesn’t want to endanger the “long-term health and profitability” of Saga. He says “some companies are perilously close to eating their seed corn” by cutting costs and weakening their programming. Christian says it’s important for salespeople to continue finding new business – and to “have the gumption to say, this is what my product is worth.” Christian will be receiving this year’s NAB National Radio Award at the NAB Radio Show in Philadelphia, September 23-25.