Saga Communications ended 2022 with “a cord of electricity” in the company, according to CEO Chris Forgy, as the group experienced 15% fourth quarter growth. Station operating expenses raised $1 million, but net operating revenue rose to match, leading to a net quarter income of $4.2 million.
Forgy praised the “new look Saga,” as digital revenue continues to boost the company. There was a 25% increase on digital spending from 2021, up to $7.9 million. Streaming audio accounted for around $3 million of that revenue.
As we’re seeing in an industry trend, political spending was a massive boon for Saga’s OTA products in Q4, with a 3.3% increase.
Free Cash Flow for the quarter stayed almost flat year-to-year at $3.8 million.
2023 projections are more mild, with projections calling for a flat Q1.
