Saga communications, inc. reports 2nd quarter 2022 results

Grosse pointe farms, mich., aug. 05, 2022 (globe newswire) -- saga communications, inc. (nasdaq - sga) reported today that net revenue increased 6.3% to $29.8 million for the quarter ended june 30, 2022 compared to $28.0 million for the same period last year. station operating expense 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 operating income was $5.4 million compared to $4.6 million for the same quarter last year. free cash flow was $3.2 million for the quarter compared to $4.2 million for the same period last year. capital expenditures for the quarter were $2.6 million compared to $921 thousand for the same period last year. capital expenditures for the quarter included the $1.1 million purchase of a building in norfolk, va that will replace our existing leased studio and office facility. net income was $3.8 million for the quarter compared to $3.3 million for the second quarter last year. diluted earnings per share were $0.63 in the second quarter of 2022.
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