Saga Communications, Inc. today reported that net revenue decreased 2.8% to $29.2 million for the quarter ended September 30, 2023 compared to $30.0 million for the same period last year. Station operating expense increased 2.1% for the quarter to $22.8 million compared to the same period last year.
For the quarter, operating income was $3.5 million compared to $1.1 million for the same quarter last year and station operating income (a non-GAAP financial measure) decreased 14.7% to $7.6 million. Capital expenditures were $760 thousand for the quarter compared to $1.2 million for the same period last year. We had net income of $2.7 million for the quarter compared to a net loss of $104 thousand for the third quarter last year. Diluted earnings per share were $0.45 in the third quarter of 2023.
Net revenue decreased 1.3% to $83.6 million for the nine-month period ended September 30, 2023 compared to $84.8 million for the same period last year. Station operating expense increased 3.4% for the nine-month period to $66.9 million compared to the same period last year. For the nine-month period, operating income was $8.7 million compared to $8.2 million for the same period last year and station operating income (a non-GAAP financial measure) decreased 14.3% to $20.4 million. Capital expenditures for the nine months were $3.4 million compared to $4.7 million for the same period last year. Net income was $7.0 million for the nine-month period compared to $4.9 million for the same period last year. Diluted earnings per share were $1.15 in the first nine months of 2023.
Our results for the quarter and nine months ended September 30, 2022 were impacted by one-time expenses of $3.8 million related to the passing of our founder.
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