Saga Communications, Inc. reported today that net revenue increased 13.1% to $108.3 million for the twelve-months ended December 31, 2021 compared to $95.8 million for the same period last year.
Without political revenue, gross revenue increased 18.4% year over year. Station operating expense increased 2.0% to $83.2 million for the year. Station operating income was $30.5 million for the year compared to $20.4 million for the same period last year. Free cash flow was $13.8 million for the twelve-month period compared to $7.6 million for the same period last year. Operating income was $15.1 million for the period ended December 31, 2021 compared to $3.9 million for the same period last year when non cash impairment charges are excluded. Net income was $11.2 million for the period. Diluted earnings per share were $1.85 for the twelve-month period.
Net revenue was $29.2 million for the quarter ended December 31, 2021 compared to $28.8 million for the same period last year. Without political revenue, gross revenue increased 10.6% compared to the fourth quarter of 2020. Station operating expense increased 2.3% for the quarter to $21.6 million. Station operating income was $8.9 million for the quarter compared to $9.1 million for the fourth quarter last year. Free cash flow was $3.9 million for the quarter compared to $5.1 million for the same period last year. Operating income was $4.9 million for the quarter compared to $5.0 million for the same period last year. Net income was $3.7 million for the quarter compared to $2.3 million for the fourth quarter last year. Diluted earnings per share were $0.60 in the fourth quarter of 2021.
The Company paid a quarterly dividend of $0.16 per share and a special dividend of $0.50 per share on January 14, 2022. The aggregate amount of the quarterly and special dividend was approximately $4 million. Additionally, the Company declared a quarterly dividend of $0.16 per share on March 1, 2022. The dividend of approximately $970 thousand will be paid on April 8, 2022 to shareholders of record on March 21, 2022. After the recently declared dividend the Company will have paid over $78 million in dividends to shareholders since the first special dividend was paid in 2012.
The Company’s balance sheet reflects $54.8 million in cash on hand as of December 31, 2021 and $56.2 million as of March 7, 2022.
Capital expenditures in the fourth quarter of 2021 were $1.3 million compared to $434 thousand for the quarter ended December 31, 2020 and $4.0 million for the twelve-month period ended December 31, 2021 versus $2.3 million for the same period last year. The Company expects to spend approximately $5.5 – 6.0 million for capital expenditures during 2022.
Net revenue was $29.2 million for the quarter ended December 31, 2021 compared to $28.8 million for the same period last year. Without political revenue, gross revenue increased 10.6% compared to the fourth quarter of 2020. Station operating expense increased 2.3% for the quarter to $21.6 million. Station operating income was $8.9 million for the quarter compared to $9.1 million for the fourth quarter last year. Free cash flow was $3.9 million for the quarter compared to $5.1 million for the same period last year. Operating income was $4.9 million for the quarter compared to $5.0 million for the same period last year. Net income was $3.7 million for the quarter compared to $2.3 million for the fourth quarter last year. Diluted earnings per share were $0.60 in the fourth quarter of 2021.
The Company paid a quarterly dividend of $0.16 per share and a special dividend of $0.50 per share on January 14, 2022. The aggregate amount of the quarterly and special dividend was approximately $4 million. Additionally, the Company declared a quarterly dividend of $0.16 per share on March 1, 2022. The dividend of approximately $970 thousand will be paid on April 8, 2022 to shareholders of record on March 21, 2022. After the recently declared dividend the Company will have paid over $78 million in dividends to shareholders since the first special dividend was paid in 2012.
The Company’s balance sheet reflects $54.8 million in cash on hand as of December 31, 2021 and $56.2 million as of March 7, 2022.
Capital expenditures in the fourth quarter of 2021 were $1.3 million compared to $434 thousand for the quarter ended December 31, 2020 and $4.0 million for the twelve-month period ended December 31, 2021 versus $2.3 million for the same period last year. The Company expects to spend approximately $5.5 – 6.0 million for capital expenditures during 2022.
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