Saga Communications, Inc. Reports 2nd Quarter 2024 Results
Rhea-AI Summary
Saga Communications (Nasdaq: SGA) reported a 1.5% decrease in net revenue to $28.7 million for Q2 2024, compared to $29.2 million last year. Station operating expenses rose by 5.1% to $23.5 million. Operating income fell to $2.1 million from $4.3 million last year, while station operating income dropped to $6.4 million from $8.0 million. Net income declined to $2.5 million from $3.4 million, with diluted EPS at $0.40. For the first half of 2024, net revenue decreased by 2.0% to $53.4 million, station operating expenses increased by 5.5% to $46.5 million, and operating loss was $0.3 million compared to a $5.2 million profit last year. The company’s net income for the six-month period was $0.9 million, with a diluted EPS of $0.15. Saga acquired five radio stations and one translator in Lafayette, IN. Quarterly dividends of $0.25 per share were paid in June, totaling $1.6 million. The balance sheet shows $24.1 million in cash and short-term investments.
Positive
- Saga acquired five radio stations and one translator in Lafayette, IN.
- Quarterly dividend of $0.25 per share paid, totaling $1.6 million.
- Cash and short-term investments totaled $24.1 million as of June 30, 2024.
Negative
- Net revenue decreased 1.5% to $28.7 million in Q2 2024.
- Operating income fell to $2.1 million from $4.3 million last year.
- Net income declined to $2.5 million from $3.4 million last year.
- Station operating expenses increased by 5.1% to $23.5 million in Q2 2024.
- Operating loss of $0.3 million for the first half of 2024 compared to a $5.2 million profit last year.
News Market Reaction 1 Alert
On the day this news was published, SGA gained 3.23%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
GROSSE POINTE FARMS, Mich., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Saga Communications, Inc. (Nasdaq - SGA) (the “Company” or “Saga”) today reported that net revenue decreased
On a same station basis for the quarter ended June 30, 2024, net revenue decreased
Net revenue decreased
On a same station basis for the six months ended June 30, 2024, net revenue decreased
The Company closed on its acquisition of five radio stations and one translator in Lafayette, IN on May 31, 2024. These stations were operated by the Company for one month during the 2nd quarter of 2024.
The Company paid a quarterly dividend of
The Company’s balance sheet reflects
Saga’s 2024 Second Quarter conference call will be held on Thursday, August 8, 2024 at 11:00 a.m. The dial-in number for the call is (973) 528-0008. Enter conference code 379213. A recording and transcript of the call will be posted to the Company’s website as soon as it is available after the call.
The Company requests that all parties that have a question that they would like to submit to the Company please email the inquiry by 10:00 a.m. on August 8, 2024 to SagaIR@sagacom.com. The Company will discuss, during the limited period of the conference call, those inquiries it deems of general relevance and interest. Only inquiries made in compliance with the foregoing directions will be discussed during the call.
Saga utilizes certain financial measures that are not calculated in accordance with generally accepted accounting principles (GAAP) to assess its financial performance. The attached Selected Supplemental Financial Data tables disclose “actual”, “same station”, and “proforma” financial information as well as the Company’s reconciliation of non-GAAP measures: GAAP operating income to station operating income, GAAP net income to trailing twelve-month consolidated EBITDA and actual operating results to same station operating results as well as other financial data. The actual financial information reflects our historical financial results and include the results of operations for stations that we did not own for the entire comparable period. The same station financial information reflects only the results of operations for stations that we owned for the entire comparable period. The proforma financial information assume all acquisitions in 2024 occurred as of January 1, 2023. Such non-GAAP measures include same station financial information, pro forma financial information, station operating income, trailing 12-month consolidated EBITDA, and leverage ratio. These non-GAAP measures are generally recognized by the broadcasting industry as measures of performance and are used by Saga to assess its financial performance including, but not limited to, evaluating individual station and market-level performance, evaluating overall operations, as a primary measure for incentive-based compensation of executives and other members of management and as a measure of financial position. Saga’s management believes these non-GAAP measures are used by analysts who report on the industry and by investors to provide meaningful comparisons between broadcasting groups, as well as an indicator of their market value. These measures are not measures of liquidity or of performance in accordance with GAAP and should be viewed as a supplement to and not as a substitute for the results of operations presented on a GAAP basis including net operating revenue, operating income, and net income. Reconciliations for all the non-GAAP financial measures to the most directly comparable GAAP measure are attached in the Selected Supplemental Financial Data tables.
This press release contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that are based upon current expectations and involve certain risks and uncertainties. Words such as “will,” “may,” “believes,” “intends,” “expects,” “anticipates,” “guidance,” and similar expressions are intended to identify forward-looking statements. The material risks facing our business are described in the reports Saga periodically files with the U.S. Securities and Exchange Commission, including, in particular, Item 1A of our Annual Report on Form 10-K. Readers should note that forward-looking statements may be impacted by several factors, including global, national, and local economic changes and changes in the radio broadcast industry in general as well as Saga’s actual performance. Actual results may vary materially from those described herein and Saga undertakes no obligation to update any information contained herein that constitutes a forward-looking statement.
Saga is a media company whose business is devoted to acquiring, developing and operating broadcast properties with a growing focus on opportunities complimentary to our core radio business including digital, e-commerce and non-traditional revenue initiatives. Saga owns or operates broadcast properties in 28 markets, including 82 FM, 32 AM radio stations and 79 metro signals. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacom.com.
Contact:
Samuel D. Bush
(313) 886-7070
Saga Communications, Inc.
Selected Consolidated Financial Data
For the Three and Six Months Ended
June 30, 2024 and 2023
(amounts in 000’s except per share data)
(Unaudited)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating Results | ||||||||||||||||
| Net operating revenue | $ | 28,742 | $ | 29,175 | $ | 53,406 | $ | 54,479 | ||||||||
| Station operating expense | 23,544 | 22,407 | 46,525 | 44,110 | ||||||||||||
| Corporate general and administrative | 3,049 | 2,472 | 6,178 | 5,088 | ||||||||||||
| Other operating expense, net | 6 | — | 977 | 80 | ||||||||||||
| Operating income (loss) | 2,143 | 4,296 | (274 | ) | 5,201 | |||||||||||
| Interest expense | 71 | 43 | 114 | 86 | ||||||||||||
| Interest income | (251 | ) | (347 | ) | (554 | ) | (636 | ) | ||||||||
| Other income, net | (1,133 | ) | — | (1,133 | ) | (119 | ) | |||||||||
| Income before income tax expense | 3,456 | 4,600 | 1,299 | 5,870 | ||||||||||||
| Income tax provision | ||||||||||||||||
| Current | 815 | 905 | 300 | 1,185 | ||||||||||||
| Deferred | 140 | 345 | 75 | 415 | ||||||||||||
| 955 | 1,250 | 375 | 1,600 | |||||||||||||
| Net income | $ | 2,501 | $ | 3,350 | $ | 924 | $ | 4,270 | ||||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 0.40 | $ | 0.55 | $ | 0.15 | $ | 0.70 | ||||||||
| Diluted | $ | 0.40 | $ | 0.55 | $ | 0.15 | $ | 0.70 | ||||||||
| Weighted average common shares | 6,072 | 6,032 | 6,068 | 6,030 | ||||||||||||
| Weighted average common and common equivalent shares | 6,072 | 6,032 | 6,068 | 6,030 | ||||||||||||
| June 30, | |||||
| 2024 | 2023 | ||||
| Balance Sheet Data | |||||
| Working capital | $ | 28,920 | $ | 40,856 | |
| Net fixed assets | $ | 53,251 | $ | 53,372 | |
| Net intangible assets and other assets | $ | 122,321 | $ | 120,411 | |
| Total assets | $ | 221,617 | $ | 229,588 | |
| Long-term debt | $ | 5,000 | $ | — | |
| Stockholders' equity | $ | 165,827 | $ | 180,486 | |
Saga Communications, Inc.
Selected Consolidated Financial Data
For the Six Months Ended
June 30, 2024 and 2023
(amounts in 000’s except per share data)
(Unaudited)
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2024 | 2023 | |||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| Statement of Cash Flows | ||||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 924 | $ | 4,270 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 2,456 | 2,475 | ||||||
| Deferred income tax expense | 75 | 415 | ||||||
| Amortization of deferred costs | 18 | 18 | ||||||
| Compensation expense related to restricted stock awards | 973 | 493 | ||||||
| Loss on sale of assets, net | 977 | 80 | ||||||
| Other (gain), net | (1,133 | ) | (119 | ) | ||||
| Barter (revenue) expense, net | (32 | ) | (1 | ) | ||||
| Deferred and other compensation | (82 | ) | (242 | ) | ||||
| Changes in assets and liabilities: | ||||||||
| Decrease in receivables and prepaid expenses | (453 | ) | (1,643 | ) | ||||
| Increase in accounts payable, accrued expenses, and other liabilities | 1,324 | 292 | ||||||
| Total adjustments | 4,123 | 1,768 | ||||||
| Net cash provided by operating activities | 5,047 | 6,038 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchase of short-term investments | (10,817 | ) | (10,241 | ) | ||||
| Redemption of short-term investments | 12,928 | 10,237 | ||||||
| Acquisition of property and equipment (Capital Expenditures) | (2,574 | ) | (2,637 | ) | ||||
| Acquisition of broadcast properties | (5,705 | ) | — | |||||
| Proceeds from sale and disposal of assets | 175 | 616 | ||||||
| Proceeds from other gains and losses | 1,143 | — | ||||||
| Other investing activities | 4 | 117 | ||||||
| Net cash used in investing activities | (4,846 | ) | (1,908 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from long-term debt | 5,000 | — | ||||||
| Cash dividends paid | (19,391 | ) | (16,816 | ) | ||||
| Net cash used in financing activities | (14,391 | ) | (16,816 | ) | ||||
| Net decrease in cash and cash equivalents | (14,190 | ) | (12,686 | ) | ||||
| Cash and cash equivalents, beginning of period | 29,582 | 36,802 | ||||||
| Cash and cash equivalents, end of period | $ | 15,392 | $ | 24,116 | ||||
Saga Communications, Inc.
Selected Supplemental Financial Data
For the Three Months Ended
June 30, 2024 and 2023
(amounts in 000’s)
(Unaudited)
| Actual | Same Station (1) | Pro Forma (2) | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||
| June 30, | June 30, | June 30, | ||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Operating Results | ||||||||||||||||||||||
| Net operating revenue | $ | 28,742 | $ | 29,175 | $ | 28,480 | $ | 29,175 | $ | 29,282 | $ | 29,976 | ||||||||||
| Station operating expense | 23,544 | 22,407 | 23,311 | 22,407 | 24,023 | 23,095 | ||||||||||||||||
| Corporate general and administrative | 3,049 | 2,472 | 3,049 | 2,472 | 3,049 | 2,472 | ||||||||||||||||
| Other operating expense, net | 6 | — | 6 | — | 6 | — | ||||||||||||||||
| Operating income | 2,143 | 4,296 | $ | 2,114 | $ | 4,296 | 2,204 | 4,409 | ||||||||||||||
| Interest expense | 71 | 43 | 123 | 122 | ||||||||||||||||||
| Interest income | (251 | ) | (347 | ) | (251 | ) | (347 | ) | ||||||||||||||
| Other income, net | (1,133 | ) | — | (1,133 | ) | — | ||||||||||||||||
| Income before income tax expense | 3,456 | 4,600 | 3,465 | 4,634 | ||||||||||||||||||
| Income tax provision | ||||||||||||||||||||||
| Current | 815 | 905 | 817 | 905 | ||||||||||||||||||
| Deferred | 140 | 345 | 149 | 353 | ||||||||||||||||||
| 955 | 1,250 | 966 | 1,258 | |||||||||||||||||||
| Net income | $ | 2,501 | $ | 3,350 | $ | 2,499 | $ | 3,376 | ||||||||||||||
| Earnings per share: | ||||||||||||||||||||||
| Basic | $ | 0.40 | $ | 0.55 | $ | 0.40 | $ | 0.55 | ||||||||||||||
| Diluted | $ | 0.40 | $ | 0.55 | $ | 0.40 | $ | 0.55 | ||||||||||||||
| Weighted average common shares | 6,072 | 6,032 | 6,072 | 6,032 | ||||||||||||||||||
| Weighted average common and common equivalent shares | 6,072 | 6,032 | 6,072 | 6,032 | ||||||||||||||||||
| Actual | Same Station (1) | Pro Forma (2) | ||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||
| June 30, | June 30, | June 30, | ||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Depreciation and amortization by segment | ||||||||||||||||||||||
| Radio Stations | $ | 1,213 | $ | 1,198 | $ | 1,164 | $ | 1,198 | $ | 1,305 | $ | 1,336 | ||||||||||
| Corporate | 45 | 40 | 45 | 40 | 45 | 40 | ||||||||||||||||
| $ | 1,258 | $ | 1,238 | $ | 1,209 | $ | 1,238 | $ | 1,350 | $ | 1,376 | |||||||||||
______________________________
(1) Same station includes only the results of stations we owned and operated for the entire comparable period.
(2) Pro Forma results assume all acquisitions in 2024 occurred as of January 1, 2023.
Saga Communications, Inc.
Selected Supplemental Financial Data
For the Six Months Ended
June 30, 2024 and 2023
(amounts in 000’s)
(Unaudited)
| Actual | Same Station (1) | Pro Forma (2) | |||||||||||||||||||||
| Six Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||||||||
| June 30, | June 30, | June 30, | |||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Operating Results | |||||||||||||||||||||||
| Net operating revenue | $ | 53,406 | $ | 54,479 | $ | 53,144 | $ | 54,479 | $ | 54,574 | $ | 55,987 | |||||||||||
| Station operating expense | 46,525 | 44,110 | 46,292 | 44,110 | 47,669 | 45,482 | |||||||||||||||||
| Corporate general and administrative | 6,178 | 5,088 | 6,178 | 5,088 | 6,178 | 5,088 | |||||||||||||||||
| Other operating expense, net | 977 | 80 | 977 | 80 | 977 | 80 | |||||||||||||||||
| Operating (loss) income | (274 | ) | 5,201 | $ | (303 | ) | $ | 5,201 | (250 | ) | 5,337 | ||||||||||||
| Interest expense | 114 | 86 | 245 | 244 | |||||||||||||||||||
| Interest income | (554 | ) | (636 | ) | (554 | ) | (636 | ) | |||||||||||||||
| Other income, net | (1,133 | ) | (119 | ) | (1,133 | ) | (119 | ) | |||||||||||||||
| Income before income tax expense | 1,299 | 5,870 | 1,192 | 5,848 | |||||||||||||||||||
| Income tax provision | |||||||||||||||||||||||
| Current | 300 | 1,185 | 276 | 1,185 | |||||||||||||||||||
| Deferred | 75 | 415 | 71 | 410 | |||||||||||||||||||
| 375 | 1,600 | 347 | 1,595 | ||||||||||||||||||||
| Net income | $ | 924 | $ | 4,270 | $ | 845 | $ | 4,253 | |||||||||||||||
| Earnings per share: | |||||||||||||||||||||||
| Basic | $ | 0.15 | $ | 0.70 | $ | 0.13 | $ | 0.69 | |||||||||||||||
| Diluted | $ | 0.15 | $ | 0.70 | $ | 0.13 | $ | 0.69 | |||||||||||||||
| Weighted average common shares | 6,068 | 6,030 | 6,068 | 6,030 | |||||||||||||||||||
| Weighted average common and common equivalent shares | 6,068 | 6,030 | 6,068 | 6,030 | |||||||||||||||||||
| Actual | Same Station (1) | Pro Forma (2) | |||||||||||||||||||||
| Six Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||||||||
| June 30, | June 30, | June 30, | |||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| Depreciation and amortization by segment | |||||||||||||||||||||||
| Radio Stations | $ | 2,365 | $ | 2,395 | $ | 2,317 | $ | 2,395 | $ | 2,594 | $ | 2,670 | |||||||||||
| Corporate | 91 | 80 | 91 | 80 | 91 | 80 | |||||||||||||||||
| $ | 2,456 | $ | 2,475 | $ | 2,408 | $ | 2,475 | $ | 2,685 | $ | 2,750 | ||||||||||||
______________________________
(1) Same station includes only the results of stations we owned and operated for the entire comparable period.
(2) Pro Forma results assume all acquisitions in 2024 occurred as of January 1, 2023.
Saga Communications, Inc.
Selected Supplemental Financial Data
For the Three and Six Months Ended
June 30, 2024 and 2023
(amounts in 000’s)
(Unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Reconciliation of GAAP operating income to station operating income (a non-GAAP financial measure) | |||||||||||||||||
| Operating income (loss) | $ | 2,143 | $ | 4,296 | $ | (274 | ) | $ | 5,201 | ||||||||
| Plus: | |||||||||||||||||
| Corporate general and administrative | 3,049 | 2,472 | 6,178 | 5,088 | |||||||||||||
| Other operating expense, net | 6 | — | 977 | 80 | |||||||||||||
| Station depreciation and amortization | 1,213 | 1,198 | 2,365 | 2,395 | |||||||||||||
| Station operating income | $ | 6,411 | $ | 7,966 | $ | 9,246 | $ | 12,764 | |||||||||
| Other financial data | |||||||||||||||||
| Depreciation and amortization: | |||||||||||||||||
| Radio Stations | $ | 1,213 | $ | 1,198 | $ | 2,365 | $ | 2,395 | |||||||||
| Corporate | $ | 45 | $ | 40 | $ | 91 | $ | 80 | |||||||||
| Compensation expense related to restricted stock awards | $ | 520 | $ | 248 | $ | 973 | (1) | $ | 493 | (1) | |||||||
| Other operating expense, net (2) | $ | 6 | $ | - | $ | 977 | $ | 80 | |||||||||
| Other income, net (2) | $ | (1,133 | ) | $ | - | $ | (1,133 | ) | $ | (119 | ) | ||||||
| Deferred income tax expense (2) | $ | 140 | $ | 345 | $ | 75 | $ | 415 | |||||||||
| Acquisition of property and equipment (Capital Expenditures) | $ | 1,524 | $ | 1,275 | $ | 2,574 | (1) | $ | 2,637 | (1) | |||||||
______________________________
(1) As presented in the Statement of Cash Flows in the Selected Consolidated Financial Data tables
(2) As presented in the Operating Results in the Selected Consolidated Financial Data tables
Saga Communications, Inc.
Selected Supplemental Financial Data
June 30, 2024
(amounts in 000's)
(Unaudited)
| Less: | Plus: | Trailing | |||||||||||||||||
| 12 Months Ended | 6 Months Ended | 6 Months Ended | Add: | 12 Months Ended | |||||||||||||||
| December 31, | June 30, | June 30, | Pro Forma | June 30, | |||||||||||||||
| 2023 | 2023 | 2024 | Acquisitions (2) | 2024 | |||||||||||||||
| Reconciliation of GAAP Net Income to trailing 12 Month Consolidated Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") (a non-GAAP financial measure) (1) | |||||||||||||||||||
| Net income | $ | 9,500 | $ | 4,270 | $ | 924 | $ | 95 | $ | 6,249 | |||||||||
| Exclusions: | |||||||||||||||||||
| Gain (loss) on sale of assets, net | (120 | ) | (80 | ) | (977 | ) | — | (1,017 | ) | ||||||||||
| Other income, net | 1,510 | 756 | 1,719 | — | 2,473 | ||||||||||||||
| Total exclusions | 1,390 | 676 | 742 | — | 1,456 | ||||||||||||||
| Consolidated adjusted net income (1) | 8,110 | 3,594 | 182 | 95 | 4,793 | ||||||||||||||
| Plus: | |||||||||||||||||||
| Interest expense | 173 | 86 | 114 | 288 | 489 | ||||||||||||||
| Income tax provision | 3,375 | 1,600 | 375 | 7 | 2,157 | ||||||||||||||
| Depreciation & amortization expense | 5,055 | 2,475 | 2,456 | 426 | 5,462 | ||||||||||||||
| Non-cash compensation | 1,116 | 493 | 973 | — | 1,596 | ||||||||||||||
| Trailing twelve month consolidated EBITDA (1) | $ | 17,829 | $ | 8,248 | $ | 4,100 | $ | 816 | $ | 14,497 | |||||||||
| Total long-term debt, including current maturities | $ | 5,000 | |||||||||||||||||
| Divided by trailing twelve month consolidated EBITDA (1) | 14,497 | ||||||||||||||||||
| Leverage ratio | 0.34 | ||||||||||||||||||
______________________________
(1) As defined in the Company's credit facility.
(2) Trailing Twelve Month Adjustment.
Saga Communications, Inc.
Selected Supplemental Financial Data
For the Three and Six Months Ended
June 30, 2024 and 2023
(amounts in 000’s)
(Unaudited)
| Reconciliation of Actual Information to Same Station Operating Income | |||||||||||||||||||||
| Adjustments | Adjustments | ||||||||||||||||||||
| Actual | For Acquisitions | Same Station | Actual | For Acquisitions | Same Station | ||||||||||||||||
| Three Months | and Dispositions | Three Months | Three Months | and Dispositions | Three Months | ||||||||||||||||
| Ended | Not Included in | Ended | Ended | Not Included in | Ended | ||||||||||||||||
| June 30, | Entire Comparable | June 30, | June 30, | Entire Comparable | June 30, | ||||||||||||||||
| 2024 | Period | 2024 | 2023 | Period | 2023 | ||||||||||||||||
| Net operating revenue | $ | 28,742 | $ | (262 | ) | $ | 28,480 | $ | 29,175 | $ | - | $ | 29,175 | ||||||||
| Station operating expense | 23,544 | (233 | ) | 23,311 | 22,407 | - | 22,407 | ||||||||||||||
| Corporate general and administrative | 3,049 | - | 3,049 | 2,472 | - | 2,472 | |||||||||||||||
| Other operating expense, net | 6 | - | 6 | - | - | - | |||||||||||||||
| Operating income | $ | 2,143 | $ | (29 | ) | $ | 2,114 | $ | 4,296 | $ | - | $ | 4,296 | ||||||||
| Adjustments | Adjustments | ||||||||||||||||||||
| Actual | For Acquisitions | Same Station | Actual | For Acquisitions | Same Station | ||||||||||||||||
| Six Months | and Dispositions | Six Months | Six Months | and Dispositions | Six Months | ||||||||||||||||
| Ended | Not Included in | Ended | Ended | Not Included in | Ended | ||||||||||||||||
| June 30, | Entire Comparable | June 30, | June 30, | Entire Comparable | June 30, | ||||||||||||||||
| 2024 | Period | 2024 | 2023 | Period | 2023 | ||||||||||||||||
| Net operating revenue | $ | 53,406 | $ | (262 | ) | $ | 53,144 | $ | 54,479 | $ | - | $ | 54,479 | ||||||||
| Station operating expense | 46,525 | (233 | ) | 46,292 | 44,110 | - | 44,110 | ||||||||||||||
| Corporate general and administrative | 6,178 | - | 6,178 | 5,088 | - | 5,088 | |||||||||||||||
| Other operating expense, net | 977 | - | 977 | 80 | - | 80 | |||||||||||||||
| Operating (loss) income | $ | (274 | ) | $ | (29 | ) | $ | (303 | ) | $ | 5,201 | $ | - | $ | 5,201 | ||||||
FAQ
What was Saga Communications' net revenue in Q2 2024?
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