Saga Communications, Inc announces the declaration of a quarterly and special cash dividend and a new variable dividend policy. The company’s board of directors declares a quarterly cash dividend of $0.25 per share and a special cash dividend of $2.00 per share on its Class A common stock. The aggregate amount of the payment to be made in connection with the combined quarterly and special dividends will be approximately $13.6 million. The quarterly and special cash dividends will be funded by cash on the company’s balance sheet. Including this dividend, the company will have paid over $106.6 million in dividends to shareholders
since the first special dividend was paid in 2012. The board also adopts a new variable dividend policy for the allocation of cash flows aligned with the company’s goals of maintaining a strong balance sheet, increasing cash returns to shareholders, and continuing to grow the company through strategic acquisitions. Under the new policy, in addition to any quarterly and special dividends paid, the company will declare an additional dividend in the second quarter of each year of 70% of the preceding year’s annual Free 
Cash Flow, as reported in the company’s fourth quarter earnings release, net of acquisitions, special and quarterly dividends, debt paydowns and debt issuance costs, and stock buybacks. Saga president and CEO Christopher Forgy states, “We are very pleased that our strong capital position and operating performance allowed us to declare another regular quarterly cash dividend and a special cash dividend. We are excited to continue our commitment to provide a meaningful cash return to our shareholders through the declarations of these dividends. In addition, we have made tremendous progress during what has been a period of transition for our board of directors and executive management team. Our sustained financial strength has put us in a position to meet operational goals and to support efforts to return value to our shareholders. The cash dividends announced today, along with the new variable dividend policy, express the confidence of our board of directors and executive management team in Saga’s future.”
