Saga Q3 Net Revenues Down 2.8% to $29.2 Million

RADIO ONLINE | Thursday, November 2, 2023

Saga Communications

Saga Communications reported third quarter net revenue decreased 2.8% to $29.2 million from $30 million in 2022. Station operating expense grew 2.1% to $22.8 million, while operating income increased to $3.5 million from $1.1 million and station operating income declined 14.7% to $7.6 million. The company posted a net income of $2.7 million (45 cents per diluted share) as compared to a net loss of $104,000 (1 cent) in the year-ago period.

The company will pay a quarterly dividend of $1.5 million, or $0.25 per share, on November 3, to shareholders of record as of October 11. With this payment Saga will have paid over $111 million in dividends to shareholders since the first special dividend was paid in 2012.