Analyst Summary:
Saga Communications Inc. reported net revenue increased to $114.3 million in the 12-month period, which is a 6.1% increase from the same period last year. The results were negatively impacted by one-time payments related to the passing of the founder, Ed Christian. Without these expenses, operating income would have increased by 12.1%. The company intends to pay regular quarterly cash dividends, special dividends, variable dividends, and stock buybacks in the future. The company has paid dividends of $108.3 million to shareholders since the first special dividend was paid in 2012.
According to Samuel D., Saga Communications President, “We continue to resume regular quarterly cash dividends as well as our variable-rate monthly income dividend. The boards of directors of both companies believe the payment of regular quarterly cash dividends of $2.00 per share reflects our commitment to rewarding shareholders for investing in Saga Communications.”
This press release contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Actual results may vary materially from those described herein, and Saga undertakes no obligation to update any information contained herein that constitutes a forward-looking statement. The company intends to hold its 2022 Fourth Quarter and Year End conference call on March 9, 2023, at 11 a.m.
Saga Communications is a broadcasting company that owns or operates broadcast properties in 27 markets, including 79 FM radio stations, 34 AM radio stations, and 80 metro signals.