Business
Saga Communications, Inc. Reports 2nd Quarter 2024 Results
GROSSE POINTE FARMS, Mich., Aug. 08, 2024 (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, 2024 (GLOBE NEWSWIRE) -- Saga Communications, Inc. (Nasdaq - SGA) (the “Company” or “Saga”) today reported that net revenue decreased 1.5% to $28.7 million for the quarter ended June 30, 2024 compared to $29.2 million for the same period last year. Station operating expense increased 5.1% for the quarter to $23.5 million compared to the same period last year. For the quarter, operating income was $2.1 million compared to $4.3 million for the same quarter last year and station operating income (a non-GAAP financial measure) decreased to $6.4 million from $8.0 million for the same period last year. Capital expenditures were $1.5 million for the quarter compared to $1.3 million for the same period last year. We had net income of $2.5 million for the quarter compared to net income of $3.4 million for the second quarter last year. Diluted earnings per share were $0.40 in the second quarter of 2024. On a same station basis for the quarter ended June 30, 2024, net revenue decreased 2.4% to $28.5 million, station operating expense increased 4.0% to $23.3 million, and operating income was $2.1 million compared to $4.3 million for the same quarter last year. Net revenue decreased 2.0% to $53.4 million for the six-month period ended June 30, 2024 compared to $54.5 million for the same period last year. Station operating expense increased 5.5% for the six-month period to $46.5 million compared to the same period last year. For the six-month period, our operating loss was $0.3 million compared to operating income of $5.2 million and station operating income (a non-GAAP financial measure) decreased to $9.2 million from $12.8 million for the same period last year. Capital expenditures for the six-months were flat at $2.6 million compared with the same period last year. Net income was $0.9 million for the six-month period compared to $4.3 million for the same period last year. Diluted earnings per share were $0.15 in the first six-months of 2023. On a same station basis for the six months ended June 30, 2024, net revenue decreased 2.5% to $53.1 million from last year, station operating expense increased 4.9% to $46.3 million, and we had an operating loss of $0.3 million compared to operating income of $5.2 million for the same period last year. The Company closed on its acquisition of five radio stations and...