Business
Saga Communications, Inc. Reports 2nd Quarter 2023 Results
GROSSE POINTE FARMS, Mich., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Saga Communications, Inc. (Nasdaq - SGA) (the “Company” or “Saga”) today reported that net
About this update from Saga Communications, Inc.
[{"type":"text","content":"GROSSE POINTE FARMS, Mich., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Saga Communications, Inc. (Nasdaq - SGA) (the “Company” or “Saga”) today reported that net revenue decreased 2.2% to $29.2 million for the quarter ended June 30, 2023 compared to $29.8 million for the same period last year. Station operating expense increased 2.9% for the quarter to $22.4 million compared to the same period last year. For the quarter, operating income was $4.3 million compared to $5.4 million for the same quarter last year and station operating income (a non-GAAP financial measure) decreased 14.1% to $8.0 million. Capital expenditures were $1.3 million for the quarter compared to $2.6 million for the same period last year. We had net income of $3.4 million for the quarter compared to net income of $3.8 million for the second quarter last year. Diluted earnings per share were $0.55 in the second quarter of 2023. Net revenue decreased 0.6% to $54.5 million for the six-month period ended June 30, 2023 compared to $54.8 million for the same period last year. Station operating expense increased 4.1% for the six-month period to $44.1 million compared to the same period last year. For the six-month period, operating income was $5.2 million compared to $7.1 million for the same period last year and station operating income (a non-GAAP financial measure) decreased 14.0% to $12.8 million. Capital expenditures for the six months were $2.6 million compared to $3.6 million for the same period last year. Net income was $4.3 million for the six-month period compared to $5.0 million for the same period last year. Diluted earnings per share were $0.70 in the first six months of 2023. The Company paid a quarterly dividend of $0.25 per share on June 16, 2023. The aggregate amount of the quarterly dividend was approximately $1.5 million. To date Saga has paid over $109 million in dividends to shareholders since the first special dividend was paid in 2012. The Company intends to pay regular quarterly cash dividends in the future. Consistent with its strategic objectives of maintaining a strong balance sheet and with returning value to our shareholders, the Board of Directors of Saga will also continue to consider declaring special cash dividends, variable dividends and stock buybacks in the future. The Company’s balance sheet reflects $34.4 million in cash and short-term ...