Saga Communications issues its Q3 2023 operating results and says net revenue for the period was $29.2 million, a decrease 2.8%. Station operating expense increased 2.1% for the quarter to $22.8 million compared to the same period last year. For the quarter, operating income was $3.5 million
compared to $1.1 million for the same quarter last year and station operating income (a non-GAAP financial measure) decreased 14.7% to $7.6 million. Saga reports a net income of $2.7 million for Q3 2023 compared to the net loss of $104,000 it reported a year ago. The company’s balance sheet reflects $41.7 million in cash and short-term investments as of September 30, 2023. Saga also announces that it is paying a quarterly dividend of $0.25 per share on November 3, 2023 to shareholders of record as of October 11, 2023. The aggregate amount of the quarterly dividend will be approximately $1.5 million.