Saga communications, inc. reports 4th quarter and year end 2022 results

Grosse pointe farms, mich., march 09, 2023 (globe newswire) -- saga communications, inc. (nasdaq - sga) (the “company” or “saga”) reported today that net revenue increased 6.0% to $114.9 million for the twelve-month period ended december 31, 2022 compared to $108.3 million for the same period last year. despite strong underlying performance the results were impacted by one-time payments during the 3rd quarter related to the passing in august of our founder ed christian. the actual results as well as the results adjusted for the impact of his passing are reported in this financial results release. station operating expense increased 5.2% for the twelve-month period to $87.5 million compared to the same period last year. for the twelve-month period, station operating income increased 5.7% to $32.3 million and operating income was $13.1 million compared to $15.1 million for the same period last year. free cash flow was $10.5 million for the twelve-month period compared to $13.8 million for the same period last year. capital expenditures for the twelve months were $6.0 million compared to $4.0 million for the same period last year. net income was $9.2 million for the twelve-month period compared to $11.2 million for the same period last year. diluted earnings per share were $1.52 for the twelve month period.
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