Industry News

Saga Communications Revenue Dips 2.2% in Second Quarter

Net revenue for the second quarter of 2023 for Saga Communications, Inc was $29.2 million, a decrease of 2.2% over the same period in 2022. Operating income for the quarter was $4.3 million compared to $5.4 million for the same quarter last year – a decline of 20.1%. Saga posted a net income of $3.4 million for the quarterim compared to net income of $3.8 million for the second quarter last year – a decline of 12.3% – although it should be noted that Saga is the only radio company thus far to report net income – as opposed to a net loss – during the second quarter. Saga Communications stock pays dividends and during Q2 of 2023 it paid a quarterly dividend of $0.25 per share on June 16, 2023. The aggregate amount of the quarterly dividend was approximately $1.5 million. To date Saga has paid over $109 million in dividends to shareholders since the first special dividend was paid in 2012. Saga’s balance sheet reflects $34.4 million in cash and short-term investments as of June 30, 2023. The company carries no long-term debt.