Saga Communications, Inc. today reported net income of $4.7 million for the quarter compared to $4.2 million for the same quarter last year.
Net revenue was relatively flat when compared to the same period last year at $32.2 million. Station operating expense decreased $261 thousand to $22.9 million and operating income increased $575 thousand to $6.6 million compared to $6.0 million for the same period last year. Diluted earnings per share were $0.80/share in the second quarter of 2019 compared to $0.70/share during the same period in 2018. Free cash flow decreased $437 thousand to $5.6 million for the quarter ended June 30, 2019 primarily due to a $542 thousand increase in capital expenditures including capital costs associated with the Company's recent acquisitions.
On a same station basis for the quarter ended June 30, 2019 operating income increased $383 thousand to $6.4 million. Net revenue decreased $1.2 million to $31.1 million and operating expense decreased $1.2 million to $22.0 million.
Net income for the six-month period ended June 30, 2019 was $6.1 million compared to $5.7 million for the same period last year. Net revenue decreased $236 thousand to $60 million. Station operating expense decreased $495 thousand to $46.0 million and operating income increased $221 thousand to $8.6 million compared to $8.4 million for the same period last year. Diluted earnings per share were $1.03/share for the six-month period in 2019 compared to $0.96/share during the same period in 2018. Free cash flow decreased $113 thousand to $8.2 million for the six-month period ended June 30, 2019.
On a same station basis for the six-month period ended June 30, 2019 operating income was relatively flat when compared to the same period last year at 8.3 million. Net revenue was $58.0 million compared to $60.2 million last year. Operating expense decreased $2.3 million to $44.3 million.
The Company had $38.5 million in cash on hand as of June 30, 2019 and $39.3 million as of August 5, 2019. The Company's total bank debt was $10 million as of the end of the quarter. Including the recent $0.30 per share dividend which was paid on July 5, 2019, the Company will have paid almost $66 million in dividends since December 3, 2012.
Capital expenditures were $2.0 million in the second quarter compared to $1.4 million for the same period last year. For the six-month period capital expenditures were $3.2 million compared to $2.9 million last year. The Company expects to spend approximately $5.0 to $5.5 million for capital expenditures during 2019.
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