Business
Saga Communications, Inc. Reports 2nd Quarter 2021 Results Net Revenue Increases 66.3% for the Quarter
GROSSE POINTE FARMS, Mich., Aug. 5, 2021 /PRNewswire/ -- Saga Communications, Inc. (Nasdaq - SGA) reported today that net revenue was $28.0 million for the
About this update from Saga Communications, Inc.
[{"type":"text","content":"GROSSE POINTE FARMS, Mich., Aug. 5, 2021 /PRNewswire/ -- Saga Communications, Inc. (Nasdaq - SGA) reported today that net revenue was $28.0 million for the quarter ended June 30, 2021 compared to $16.9 million for the same period last year. Station operating expense increased $2.4 million to $21.0 million for the quarter compared to the same period last year. Station operating income was $8.4 million for the quarter compared to a loss of $181 thousand for the second quarter last year. Free cash flow was $4.2 million for the quarter compared to a negative $1.8 million for the same period last year. Operating income was $4.6 million for the quarter compared to a loss of $8.7 million for the same period last year. Net income was $3.3 million for the quarter. Diluted earnings per share were $0.54 in the second quarter of 2021. \nNet revenue was $50.3 million for the six-months ended June 30, 2021 compared to $42.9 million for the same period last year. Station operating expense decreased $911 thousand to $39.9 million for the six-month period compared to the same period last year. Station operating income was $13.1 million for the period compared to $5.3 million for the same period last year. Free cash flow was $6.0 million for the six-month period. Operating income was $5.5 million for the period ended June 30, 2021 compared to a loss of $6.5 million for the same period last year. Net income was $4.0 million for the period. Diluted earnings per share were $0.67 for the six-month period. \nThe Company reinstated its quarterly dividend with the declaration of a $0.16 per share dividend which was paid on July 16, 2021. The aggregate amount of the quarterly dividend was approximately $960 thousand. The Company has now paid over $72 million in dividends to shareholders since the first special dividend was paid in 2012. \nThe Company's balance sheet reflects $59.4 million in cash on hand as of June 30, 2021 and $59.6 million as of August 2, 2021. The Company's total bank debt remained at $10 million as of the end of the second quarter 2021. \nCapital expenditures in the second quarter of 2021 were $921 thousand compared to $358 thousand for the quarter ended June 30, 2020 and $1.5 million for the six-month period ended June 30, 2021 versus $1.4 million for the same period last year. The Company expects to spend approximately $4.0 – 4.5 m...