Saga Communications Q1 2025 Net Revenue Down 4.3%

RADIO ONLINE | Thursday, May 8, 2025 | 4:49pm CT

Saga Communications

Saga Communications reported a 4.3% decrease in net revenue for the first quarter of 2025, totaling $24.2 million, compared to $25.3 million in the same period last year. The company posted a net loss of $1.6 million for the quarter, matching its Q1 2024 loss, with a diluted loss per share of $0.25.

Station operating income, a non-GAAP measure used by the company, declined to $2.2 million from $2.8 million a year ago, while station operating expenses decreased 2.2% to $22.0 million. Capital expenditures were trimmed to $700,000 from $1.1 million in Q1 2024.

On a same-station basis, revenue dropped 6.6% to $23.6 million, and operating loss narrowed slightly to $2.1 million from $2.4 million.

Saga noted that second-quarter revenue pacing is uncertain but showing improvement. April was down high single digits year-over-year, May is pacing down low single digits, and June is approximately flat.

The company incurred $110,000 in corporate expenses during the quarter related to a potential proxy contest initiated by a shareholder, with more legal and consulting costs expected in Q2.

Saga paid a $0.25 per share quarterly dividend on March 7, amounting to roughly $1.6 million. Since initiating dividends in 2012, the company has returned more than $137 million to shareholders and repurchased over $58 million in stock. It also plans to use proceeds from potential non-core asset sales to fund additional stock buybacks.

As of March 31, 2025, Saga reported $27.0 million in cash and short-term investments, increasing slightly to $27.2 million as of May 5. The company expects to spend $4.0 to $4.5 million on capital expenditures this year.