Saga Communications Q3 Net Revs Up 3.9% to $30 Million

RADIO ONLINE | Friday, November 4, 2022 | 11:50am CT

Saga Communications

Saga Communications reported third quarter net revenue increased 3.9% to $30 million from $28.8 million in 2021. Station operating expense grew 2.8% to $22.3 million, while station operating income was up 4.1% to $8.9 million and operating income was $1.1 million compared to $4.6 million. Free cash flow fell to $1.6 million from $4 million. The company reported a net loss of $104,000 (-1 cent per diluted share) as compared to a net income of $3.5 million (58 cents) in the year-ago period.

As a result of Chairman, President and CEO Ed Christian's death, the company was required to make several payments to his estate as outlined in his employment agreement. These expenses were accrued as of September 30, 2022 increasing the reported corporate general and administrative expense line item by $3.8 million for both the quarter and nine-month period ended September 30. Without these expenses operating income would have increased 5.8% to $4.9 million, free cash flow would have increased 36.5% to $5.4 million and net income would have increased 7.9% to $3.7 million.

The company paid a quarterly dividend of 25 cents per share and a special dividend of $2.00 per share on October 21. The aggregate amount of the quarterly dividend was approximately $13.6 million. To date Saga has paid over $93 million in dividends to shareholders since the first special dividend was paid in 2012.