Business
Saga Communications, Inc. Reports 3rd Quarter 2021 Results
Net Revenue Increases 19.5% for the Quarter GROSSE POINTE FARMS, Mich., Nov. 4, 2021 /PRNewswire/ -- Saga Communications, Inc. (Nasdaq - SGA) reported today
About this update from Saga Communications, Inc.
[{"type":"text","content":"Net Revenue Increases 19.5% for the Quarter\n\n\nGROSSE POINTE FARMS, Mich., Nov. 4, 2021 /PRNewswire/ -- Saga Communications, Inc. (Nasdaq - SGA) reported today that net revenue was $28.8 million for the quarter ended September 30, 2021 compared to $24.1 million for the same period last year. Station operating expense increased $2.1 million to $21.7 million for the quarter compared to the same period last year. Station operating income was $8.5 million for the quarter compared to $6.1 million for the third quarter last year. Free cash flow was $4.0 million for the quarter compared to $2.8 million for the same period last year. Operating income was $4.6 million for the quarter compared to $247 thousand for the same period last year. Net income was $3.5 million for the quarter. Diluted earnings per share were $0.58 in the third quarter of 2021. \nNet revenue was $79.2 million for the nine-months ended September 30, 2021 compared to $67.1 million for the same period last year. Station operating expense increased $1.2 million to $61.6 million for the nine-month period compared to the same period last year. Station operating income was $21.7 million for the period compared to $11.4 million for the same period last year. Free cash flow was $9.9 million for the nine-month period compared to $2.5 million for the same period last year. Operating income was $10.1 million for the period ended September 30, 2021 compared to a loss of $6.2 million for the same period last year. Net income was $7.5 million for the period. Diluted earnings per share were $1.25 for the nine-month period. \nThe Company paid a quarterly dividend of $0.16 per share on October 22, 2021. The aggregate amount of the quarterly dividend was approximately $960 thousand. The Company has now paid over $73 million in dividends to shareholders since the first special dividend was paid in 2012. \nThe Company's balance sheet reflects $62.2 million in cash on hand as of September 30, 2021 and $53.5 million as of November 1, 2021. The Company paid off the remaining balance of $10 million in bank debt on October 27, 2021. \nCapital expenditures in the third quarter of 2021 were $1.2 million compared to $501 thousand for the quarter ended September 30, 2020 and $2.7 million for the nine-month period ended September 30, 2021 versus $1.9 million for the same period last year. The ...