Saga communications, inc. reports 1st quarter 2023 results

Grosse pointe farms, mich., may 03, 2023 (globe newswire) -- saga communications, inc. (nasdaq - sga) (the “company” or “saga”) today reported that net revenue increased 1.3% to $25.3 million for the quarter ended march 31, 2023 compared to $25.0 million for the same period last year. station operating expense increased $1.1 million for the quarter to $21.7 million compared to the same period last year. a significant part of the increase in station operating expense for the quarter was due to a $272 thousand increase in our self-insured health care costs and a $446 thousand increase in employee compensation including payroll taxes at the station level. after a number of years of holding the company's compensation expenses flat, we decided that adjustments in our employee compensation were warranted in consideration of the economic times and inflationary environment. for the quarter, station operating income decreased $770 thousand to $4.8 million, and operating income was $905 thousand compared to $1.7 million for the same quarter last year. free cash flow was $1.1 million for the quarter compared to $1.9 million for the same period last year. capital expenditures were $1.4 million for the quarter compared to $923 thousand for the same period last year. we had net income of $920 thousand for the quarter compared to net income of $1.2 million for the first quarter last year. diluted earnings per share were $0.15 in the first quarter of 2023.
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