The Ed Christian run company reported on Friday that net revenue increased 6.3% to $29.8 million for Q2, compared to $28.0 million for the same period last year.
Christiansaid 24 of Saga’s 27 markets were up in the quarter with 2 slightly down and 1 flat. He said local direct advertising was the highlight. “Local is what we do.”
Digital was up 36% for Saga in the quarter. NTR revenue was up 51%. Christian said national advertising was weak because the bigger radio companies are sell it in bulk and rates continue to be lowered.
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.
The company paid a quarterly dividend of $0.20 per share on July 1, 2022. The aggregate amount of the quarterly dividend was approximately $1.2 million. To date Saga has paid over $79 million in dividends to shareholders since the first special dividend was paid in 2012.