Saga communications, inc. reports 2nd quarter 2023 results

Grosse pointe farms, mich., aug. 08, 2023 (globe newswire) -- saga communications, inc. (nasdaq - sga) (the “company” or “saga”) today reported that net revenue decreased 2.2% to $29.2 million for the quarter ended june 30, 2023 compared to $29.8 million for the same period last year. station operating expense increased 2.9% for the quarter to $22.4 million compared to the same period last year. for the quarter, operating income was $4.3 million compared to $5.4 million for the same quarter last year and station operating income (a non-gaap financial measure) decreased 14.1% to $8.0 million. capital expenditures were $1.3 million for the quarter compared to $2.6 million for the same period last year. we had net income of $3.4 million for the quarter compared to net income of $3.8 million for the second quarter last year. diluted earnings per share were $0.55 in the second quarter of 2023.
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