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Saga Q3 Net Revs Increases 19.5% to $28.8 Million
RADIO ONLINE | Thursday, November 4, 2021 |
Saga Communications reported third quarter net revenue grew 19.5% to $28.8 million from $24.1 million in 2020. Station operating expense increased $2.1 million to $21.7 million, while station operating income climbed to $8.5 million from $6.1 million. Free cash flow was $4 million up from $2.8 million. Operating income climbed to $4.6 million from $247,000. The company posted a net income of $3.5 million (58 cents per diluted share) as compared to a net loss of $950,000 (16 cents) in the year-ago period.
The company paid a quarterly dividend of 16 cents per share on October 22. The amount of the quarterly dividend was approximately $960,000. Saga has now paid over $73 million in dividends to shareholders since the first special dividend was paid in 2012.
The company's balance sheet reflects $62.2 million in cash on hand as of September 30, 2021 and $53.5 million as of November 1. Saga paid off the remaining balance of $10 million in bank debt on October 27.
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