Business
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
About this update from Saga Communications, Inc.
[{"type":"text","content":"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. As a result of Ed Christian’s passing, the Company was required to make several payments to his estate as outlined in his employment agreement. Without these expenses operating income would have increased 12.3% to $16.9 million, free cash flow would have been approximately flat with last year at $13.6 million and net income would have increased 16.8% to $13.0 million. Diluted earnings per share would have been $2.15 per share as compared to $1.85 per share for the same period last year. Net revenue increased 3.3% to $30.1 million for the quarter ended December 31, 2022 compared to $29.2 million for the same period last year. Station operating expense increased 5.9% for the quarter to $22.9 million compared to the same period last year. For the quarter, station operating income decreased 4.0% to $8.5 million, and operating income was approximately flat with last year at $4.9 million. Free cash flow was approximately flat with last year at $3.8 million for the quarter. Capital expenditures for the quarter and the same period last ...