Saga Communications, Inc. (NASDAQ:SGA) Q2 2022 Earnings Conference Call August 5, 2022 11:00 AM ET
Company Participants
Ed Christian - President & Chief Executive Officer
Sam Bush - Chief Financial Officer
Conference Call Participants
Operator
Good morning, ladies and gentlemen, and welcome to the Saga Communications Inc. Q2 Earnings Conference Call. At this time, all participants are placed on a listen-only mode.
It is now my pleasure to turn the floor over to your host President and CEO of Saga Communications, Ed Christian. Sir, the floor is yours.
Ed Christian
What a delightful introduction. And hello, everybody, and welcome to another in our long chain of conference calls. And we'll kind of get right to it. And with that, let me introduce Sam Bush, our CFO for many, many, many decades. Sam, it's yours.
Sam Bush
Thank you, Ed. This call will contain forward-looking statements about our future performance and results of operations that involve risks and uncertainties that are described in the Risk Factors section of our most recent Form 10-K. This call will also contain a discussion of certain non-GAAP financial measures. Reconciliation for all the non-GAAP financial measures to the most directly comparable GAAP measure are attached in the selected financial data tables.
For the quarter ended June 30, 2022, net revenue increased 6.3% to $29.8 million compared to $28 million last year. Political didn't factor much into the comparison of revenue, as gross political revenue for the second quarter of 2022 was $787,000 compared to $430,000 in the quarter last year. We still are expecting fairly robust political to pick up significantly as we continue through the year.
Station operating expenses increased 3.7% to $21.8 million for the three-month period. Station operating income increased 10.6% to $9.3 million, while operating income was $5.4 million, compared to $4.6 million for the same period last year.
Free cash flow was $3.2 million for the quarter, compared to $4.2 million for the same period in 2021, and I'll talk about that more in just a minute. Net income for the second quarter was $3.8 million, or $0.63 per fully diluted share. Overall, a very good performance in the second quarter.
For the six-month period ended June 30, 2022 net revenue increased 8.8% to $54.8 million, compared to $50.3 million for the same period last year. Again, political didn't factor much in the comparison, as gross political revenue for the first six months was $907,000 compared to $640,000 last year.