Saga Q1 Net Revenue Down 2.5% to $24.7 Million

RADIO ONLINE | Thursday, May 9, 2024

Saga Communications

Saga Communications reported first quarter net revenue decreased 2.5% to $24.7 million from $25.3 million in 2023. Station operating expense grew 5.9% to $23 million from $21.7 million. Operating loss was $2.4 million down from an operating income of $905,000, while station operating income decreased 40.9% to $2.8 million. Operating loss included a $971,000 other operating expense which was a non-cash write-off. The company posted a net loss of $1.6 million (25 cents per diluted share) as compared to a net income of $920,000 in the year-ago period.

Saga paid a quarterly dividend of 25 cents per share on March 8, 2024. The aggregate amount of the quarterly dividend was approximately $1.6 million. The company also paid a variable dividend of 60 cents per share on April 5, 2024. The aggregate amount of the variable dividend was approximately $3.8 million. To date Saga has paid over $130 million in total dividends to shareholders since the first special dividend was paid in 2012.