Saga Q4 net revenue down 3.3% to $29.1M; declares $0.60 variable dividend

SAGA COMMUNICATIONS INC

Q4 net revenue $29.1M (-3.3% YoY); net income $2.5M ($0.37 diluted EPS) vs $4.3M last year.
Full year net revenue $112.8M (-1.8%); net income $9.5M ($1.52 EPS) vs $9.2M.
Operating income declined: Q4 $2.8M vs $4.9M; full year $11.5M vs $13.1M.
Variable dividend of $0.60/share ($3.8M total) declared, payable April 5 to holders of record March 18.
Agreement to buy Lafayette, IN radio stations for $5.3M; expected close Q2 2024.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SAGA COMMUNICATIONS INC reported the three months ended December 31, 2023 results: revenue $29.1 million, net income $2.5 million, EPS $0.37.

Period: the three months ended December 31, 2023
Revenue: $29.1 million
Net income: $2.5 million
EPS: $0.37
Result: reported results

Exact text from the filing

The Company also reported that net revenue decreased 3.3% to $29.1 million for the quarter ended December 31, 2023 compared to $30.1 million for the same period last year. Political impacted the quarter’s performance as for the quarter the Company had $407 thousand in gross political revenue this year compared to $1.9 million for the same period last year. Without political revenue the Company’s gross revenue for the quarter would have increased approximately 1% compared to last year. Station operating expense increased 1.9% for the quarter to $23.3 million compared to the same period last year. For the quarter, operating income was $2.8 million compared to $4.9 million for the same quarter last year and station operating income (a non-GAAP financial measure) decreased 17.2% to $7.1 million. Capital expenditures were $1.0 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 $4.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SAGA COMMUNICATIONS INC reported the twelve months ended December 31, 2023 results: revenue $112.8 million, net income $9.5 million, EPS $1.52.

Period: the twelve months ended December 31, 2023
Revenue: $112.8 million
Net income: $9.5 million
EPS: $1.52
Result: reported results

Exact text from the filing

Net revenue decreased 1.8% to $112.8 million for the twelve-month period ended December 31, 2023 compared to $114.9 million for the same period last year. Political impacted the year’s performance as for the year the Company had $944 thousand in gross political revenue this year compared to $3.6 million for the same period last year. Without political revenue the Company’s gross revenue for the year would have been approximately flat compared to last year. Station operating expense increased 3.0% for the twelve-month period to $90.2 million compared to the same period last year. For the twelve-month period, operating income was $11.5 million compared to $13.1 million for the same period last year and station operating income (a non-GAAP financial measure) decreased 15.0% to $27.4 million. Capital expenditures for the twelve months were $4.4 million compared to $6.0 million for the same period last year. Net income was $9.5 million for the twelve-month period compared to $9.2 mil

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Source: SEC EDGAR

accession 0001558370-24-002674

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