Saga Communications Q4 Net Revs Up 3.3% to $30.1 Million

RADIO ONLINE | Friday, March 10, 2023 | 3:52pm CT

Saga Communications

Saga Communications reported fourth quarter net revenue increased 3.3% to $30.1 million from $29.2 million in 2021. Station operating expense grew 5.9% to $22.9 million, while station operating income (SOI) declined 4% to $8.5 million, and operating income was flat at $4.9 million. Free cash flow was also flat at $3.8 million. The company posted a net income of $4.3 million (70 cents per diluted share) as compared to a net income of $3.7 million in the year-ago period.

As a result of Ed Christian's death, the company was required to make several payments to his estate as outlined in his employment agreement. Without these expenses operating income would have increased 12.3% to $16.9 million, free cash flow would have flat with last year at $13.6 million and net income would have increased 16.8% to $13 million. Diluted earnings per share would have been $2.15 per share as compared to $1.85 per share.

The company declared a $0.25 per share quarterly cash dividend on March 1 to be paid on April 7 to shareholders of record on March 20. The amount of the quarterly dividend will be approximately $1.5 million. The company paid a quarterly dividend of $0.25 per share and a special dividend of $2.00 per share on January 13.