Saga Communications Declines on Q2 Numbers

Saga Communications, Inc. (NASDAQ: SGA) 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.

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.

SGA shares dipped 20 cents to $24.45.