How did radio industry pure-play Saga Communications perform in the first three months of 2022? Perhaps “superb” is a proper superlative.
Net revenue grew by 12%, as net income chugged upward and surpassed $1 million. Plus, there is $52.1 million in cash on hand as of May 2, putting Saga in a positive position as the second quarter reaches its halfway point.
Ahead of the company’s Q1 2022 earnings call, which will be featured in the May 5 RBR+TVBR InFOCUS Podcast, presented by dot.FM, Saga offered no commentary regarding the fiscal report card it submitted to the SEC.
Perhaps the numbers say it all.
Net operating revenue improved to $24.97 million from $22.3 million as net income grew to $1.2 million ($0.20 per share) from $758,000 ($0.13).
Free Cash Flow improved to $1.92 million from $1.8 million.
Meanwhile, the non-GAAP measure of Station Operating Income (SOI) was favorable for Saga, growing to $5.57 million from $4.73 million.