Saga Communications Q1 Net Revs Up 12% to $25 Million

RADIO ONLINE | Thursday, May 5, 2022

Saga Communications

Saga Communications reported first quarter net revenue increased 12% to $25 million from $22.3 million in 2021. Station operating expense grew 8.7% for to $20.6 million from $18.9 million, while station operating income was up 17.8% to $5.6 million and operating income rose to $1.7 million from $883,000. Free cash flow was climbed slightly to $1.9 million from $1.8 million. The company reported a net income of $1.2 million (20 cents per diluted share) as compared to $758,000 (13 cents) in the year-ago period.

The company paid a quarterly dividend of $0.16 per share on April 8. The aggregate amount was approximately $970,000. Additionally, Saga paid a quarterly dividend of $0.16 per share and a special dividend of $0.50 per share on January 14 with an aggregate amount of $4 million. To date Saga has paid over $78 million in dividends to shareholders since the first special dividend was paid in 2012.