Saga Communications, Inc. Reports Financial Results for Third Quarter 2024

Saga Communications, Inc., a Florida-based media company focusing on acquiring, developing, and operating broadcast properties, released its financial results for the three and nine months ending September 30, 2024. The company reported a decrease in net revenue by 3.5% to $28.1 million for the quarter compared to $29.1 million in the same period last year. Operating income for the quarter was $1.6 million, a decrease from $3.5 million in the previous year.

On a same-station basis, net revenue decreased by 5.8% to $27.5 million, with station operating expenses decreasing by 0.3% to $22.7 million. Operating income saw a significant decrease of 49.7% to $1.8 million for the three-month period.

For the nine-month period, net revenue dropped by 2.5% to $81.5 million compared to $83.6 million in the prior year. Operating income for the nine months was $1.4 million, a stark decline from $8.7 million, with station operating income decreasing 25.2% to $15.2 million. The company registered a net income of $2.2 million for the nine months, down from $7.0 million in the previous year.

Saga Communications also announced a quarterly dividend payment of $0.25 per share, totaling approximately $1.6 million. The company has paid over $133 million in dividends to shareholders since initiating dividends in 2012.

As of September 30, 2024, the company holds $28.7 million in cash and short-term investments. It has drawn $5.0 million against its $50.0 million revolving credit facility and expects to spend around $4.0 – $4.5 million on capital expenditures in 2024.

Moving forward, Saga Communications plans to maintain a strong balance sheet while continuing to return value to shareholders through regular quarterly cash dividends. The Board of Directors will also consider declaring special cash dividends, variable dividends, and stock buybacks in the future.

The company’s 2024 Third Quarter conference call is scheduled for November 7, 2024, at 11:00 a.m. Eastern time. Participants can join the call using the dial-in number (973) 528-0008, with conference code 674708.

Saga Communications utilizes various financial measures such as station operating income and trailing twelve-month consolidated EBITDA to assess its performance. These non-GAAP measures are used to evaluate financial position and performance but are not substitutes for GAAP measures.

Please note that this press release contains forward-looking statements and certain risks and uncertainties that could impact the company’s performance. Saga Communications encourages interested parties to reach out for further information or visit their website for additional details.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Saga Communications’s 8K filing here.

Saga Communications Company Profile

Saga Communications, Inc, a media company, engages in acquiring, developing, and operating broadcast properties in the United States. The company's radio stations employ various programming formats, including classic hits, country, classic country, hot/soft/urban adult contemporary, oldies, classic rock, rock, and news/talk.