Saga Communications Q2 net income falls 26% to $2.5M; revenue down 1.5% to $28.7M

SAGA COMMUNICATIONS INC

2024-Q2 EPS reported $0.15 revenue$55,010,000

Q2 operating income halved to $2.1M from $4.3M; station operating income (non-GAAP) fell to $6.4M from $8.0M.
Six-month net income $0.9M vs $4.3M; operating loss $0.3M vs income of $5.2M; diluted EPS $0.15.
Acquired five radio stations and one translator in Lafayette, IN on May 31, 2024; operated one month in Q2.
Paid quarterly dividend $0.25/share on June 28; aggregate $1.6M. Cash plus short-term investments $24.1M at June 30; $5.0M drawn on revolver.
Full-year capex guidance maintained at $5.0–$5.5M; YTD capex flat at $2.6M.

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