Saga Communications Q2 Net Revs Up 6.3% to $29.8 Million

RADIO ONLINE | Friday, August 5, 2022 | 11:51am CT

Saga Communications

Saga Communications reported second quarter net revenue increased 6.3% to $29.8 million from $28 million in 2021. Station operating expense grew 3.7% to $21.8 million from $21 million. Station operating income (SOI) climbed 10.6% to $9.3 million and operating income was $5.4 million compared to $4.6 million. Free cash flow fell to $3.2 million from $4.2 million. The company posted a net income of $3.8 million (63 cents per diluted share) as compared to $3.3 million (54 cents) in the year-ago period.

The company paid a quarterly dividend of 20 cents per share on July 1. The aggregate amount of the quarterly dividend was $1.2 million. To date Saga has paid over $79 million in dividends to shareholders since the first special dividend was paid in 2012.