Saga Communications reports its operating results for the fourth quarter of 2023 and for the full year of 2023. The company reports Q4 2023 net revenue of $29.1 million, a decline of 3.3% from the same period in 2022. The company adds that political impacted the quarter’s performance as for the quarter Saga 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. Saga says net income for Q4 of 2023 was $2.5 million, compared to net income of $4.3 million for the fourth quarter last year. For the full year of 2023, net revenue was $112.8 million, a decline of 1.8% from the full year of 2022. Net income rose year-over-year to $9.5 million in 2023 from $9.2 million in 2022. Saga says its balance sheet reflects $40.2 million in cash and short-term investments as of December 31, 2023, and $30.4 million as of March 4, 2024. It expects to spend approximately $5 million to $5.5 million for capital expenditures during 2024. As previously announced, Saga has entered into an agreement to purchase stations serving the Lafayette, Indiana radio market for $5.3 million. This acquisition is expected to close during the second quarter of 2024. Also announced today is Saga’s paying a regular quarterly cash dividend of $0.25 per share on March 8, 2024. The aggregate amount of the quarterly dividend will be approximately $1.6 million.
