Saga Communications, Inc. (NASDAQ:SGA) reported today that net revenue increased 12.0% to $25.0 million for the quarter ended March 31, 2022 compared to $22.3 million for the same period last year.
Station operating expense increased 8.7% for the quarter to $20.6 million compared to the same period last year. For the quarter station operating income increased 17.8% to $5.6 million and operating income was $1.7 million compared to $883,000 for the quarter last year.
Free cash flow was $1.9 million for the quarter compared to $1.8 million for the same period last year. Net income was $1.2 million for the quarter compared to $758,000 for the first quarter last year. Diluted earnings per share were $0.20 in the first quarter of 2022.
The Company paid a quarterly dividend of $0.16 per share on April 8. The aggregate amount of the quarterly dividend was approximately $970 thousand.
Additionally, the Company paid a quarterly dividend of $0.16 per share and a special dividend of $0.50 per share on January 14. The aggregate amount of the January 14, quarterly and special dividend was approximately $4 million. To date, Saga has paid over $78 million in dividends to shareholders since the first special dividend was paid in 2012.
The Company’s balance sheet reflects $55.2 million in cash on hand as of March 31 and $52.1 million as of May 2.
SGA shares began Thursday’s session down eight cents to $22.91.
