Saga Communications, Inc. reported today that net revenue increased 6.3% to $29.8 million for the quarter ended June 30, 2022 compared to $28.0 million for the same period last year.
Station operating expense increased 3.7% for the quarter to $21.8 million compared to the same period last year. For the quarter, station operating income increased 10.6% to $9.3 million and operating income was $5.4 million compared to $4.6 million for the same quarter last year. Free cash flow was $3.2 million for the quarter compared to $4.2 million for the same period last year. Capital expenditures for the quarter were $2.6 million compared to $921 thousand for the same period last year. Capital expenditures for the quarter included the $1.1 million purchase of a building in Norfolk, VA that will replace our existing leased studio and office facility. Net income was $3.8 million for the quarter compared to $3.3 million for the second quarter last year. Diluted earnings per share were $0.63 in the second quarter of 2022.
Net revenue increased 8.8% to $54.8 million for the six-month period ended June 30, 2022 compared to $50.3 million for the same period last year. Station operating expense increased 6.0% for the six-months to $42.4 million compared to the same period last year. For the six-month period, station operating income increased 13.2% to $14.8 million and operating income was $7.1 million compared to $5.5 million for the same period last year. Free cash flow was $5.1 million for the six-months compared to $6.0 million for the same period last year. Capital expenditures for the six-months were $3.6 million compared to $1.5 million for the same period last year. Net income was $5.0 million for the six-month period compared to $4.0 million for the same period last year. Diluted earnings per share were $0.83 in the first six-months of 2022.
The Company’s balance sheet reflects $52.3 million in cash and short-term investments as of June 30, 2022 and $54.4 million as of August 1, 2022. The Company expects to spend approximately $5.5 – 6.0 million for capital expenditures during 2022.
Net revenue increased 8.8% to $54.8 million for the six-month period ended June 30, 2022 compared to $50.3 million for the same period last year. Station operating expense increased 6.0% for the six-months to $42.4 million compared to the same period last year. For the six-month period, station operating income increased 13.2% to $14.8 million and operating income was $7.1 million compared to $5.5 million for the same period last year. Free cash flow was $5.1 million for the six-months compared to $6.0 million for the same period last year. Capital expenditures for the six-months were $3.6 million compared to $1.5 million for the same period last year. Net income was $5.0 million for the six-month period compared to $4.0 million for the same period last year. Diluted earnings per share were $0.83 in the first six-months of 2022.
The Company’s balance sheet reflects $52.3 million in cash and short-term investments as of June 30, 2022 and $54.4 million as of August 1, 2022. The Company expects to spend approximately $5.5 – 6.0 million for capital expenditures during 2022.
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