Saga-Communications 2022 375

Saga Communications' net revenue increased 6.3% to $29.8 million for the quarter ended June 30, compared to $28.0 million for the same period last year.

In a release detailing its Q2 earnings, the medium-sized radio broadcaster noted that station operating expenses 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 net income rose to $3.8 million compared to $3.3 million for the second quarter last year.

Saga says free cash flow was $3.2 million for the quarter compared to $4.2 million for the same period last year. Diluted earnings per share were 63 cents in the second quarter of 2022.

Capital expenditures for the quarter were $2.6 million compared to $921,000 for the same period last year, which included the $1.1 million purchase of a building in Norfolk, VA that will replace the company’s existing leased studio and office facility.

Saga paid a quarterly dividend of 20 cents per share on July 1 for a total payout of approximately $1.2 million. Saga says it has paid over $79 million in dividends to shareholders since the first special dividend was paid in 2012.

Looking at the first half of the year, the Ed Christian-led radio group posted a net revenue increase of 8.8% to $54.8 million for the six-month period ended June 30, compared to $50.3 million for the same period last year.

The company ended the quarter with $52.3 million in cash and short-term investments on its books.