Saga Communications, Inc. Reports 2nd Quarter 2024 Results

Saga Communications, Inc.
Saga Communications, Inc.

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GROSSE POINTE FARMS, Mich., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Saga Communications, Inc. (Nasdaq - SGA) (the “Company” or “Saga”) today reported that net revenue decreased 1.5% to $28.7 million for the quarter ended June 30, 2024 compared to $29.2 million for the same period last year. Station operating expense increased 5.1% for the quarter to $23.5 million compared to the same period last year. For the quarter, operating income was $2.1 million compared to $4.3 million for the same quarter last year and station operating income (a non-GAAP financial measure) decreased to $6.4 million from $8.0 million for the same period last year. Capital expenditures were $1.5 million for the quarter compared to $1.3 million for the same period last year. We had net income of $2.5 million for the quarter compared to net income of $3.4 million for the second quarter last year. Diluted earnings per share were $0.40 in the second quarter of 2024.

On a same station basis for the quarter ended June 30, 2024, net revenue decreased 2.4% to $28.5 million, station operating expense increased 4.0% to $23.3 million, and operating income was $2.1 million compared to $4.3 million for the same quarter last year.

Net revenue decreased 2.0% to $53.4 million for the six-month period ended June 30, 2024 compared to $54.5 million for the same period last year. Station operating expense increased 5.5% for the six-month period to $46.5 million compared to the same period last year. For the six-month period, our operating loss was $0.3 million compared to operating income of $5.2 million and station operating income (a non-GAAP financial measure) decreased to $9.2 million from $12.8 million for the same period last year. Capital expenditures for the six-months were flat at $2.6 million compared with the same period last year. Net income was $0.9 million for the six-month period compared to $4.3 million for the same period last year. Diluted earnings per share were $0.15 in the first six-months of 2023.

On a same station basis for the six months ended June 30, 2024, net revenue decreased 2.5% to $53.1 million from last year, station operating expense increased 4.9% to $46.3 million, and we had an operating loss of $0.3 million compared to operating income of $5.2 million for the same period last year.

The Company closed on its acquisition of five radio stations and one translator in Lafayette, IN on May 31, 2024. These stations were operated by the Company for one month during the 2nd quarter of 2024.

The Company paid a quarterly dividend of $0.25 per share on June 28, 2024. The aggregate amount of the quarterly dividend was approximately $1.6 million. To date, Saga has paid over $132 million in dividends to shareholders since the first special dividend was paid in 2012. The Company intends to pay regular quarterly cash dividends in the future. Consistent with its strategic objective of maintaining a strong balance sheet and with returning value to our shareholders, the Board of Directors will also continue to consider declaring special cash dividends, variable dividends and stock buybacks in the future.