Saga Communications, Inc. Reports 2nd Quarter 2024 Results
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.
Saga Communications (Nasdaq: SGA) ha registrato una flessione del 1,5% nei ricavi netti, scendendo a 28,7 milioni di dollari per il secondo trimestre del 2024, rispetto ai 29,2 milioni dello scorso anno. Le spese operative delle stazioni sono aumentate del 5,1%, raggiungendo 23,5 milioni di dollari. Il reddito operativo è sceso a 2,1 milioni di dollari, rispetto ai 4,3 milioni di dollari dell'anno precedente, mentre il reddito operativo delle stazioni è diminuito a 6,4 milioni di dollari, rispetto agli 8,0 milioni di dollari. Il reddito netto è calato a 2,5 milioni di dollari, rispetto ai 3,4 milioni di dollari, con EPS diluiti pari a 0,40 dollari. Nel primo semestre del 2024, i ricavi netti sono diminuiti del 2,0%, attestandosi a 53,4 milioni di dollari; le spese operative delle stazioni sono aumentate del 5,5% a 46,5 milioni di dollari e la perdita operativa è stata di 0,3 milioni di dollari, rispetto a un profitto di 5,2 milioni di dollari dell'anno precedente. Il reddito netto dell'azienda per il periodo di sei mesi è stato di 0,9 milioni di dollari, con un EPS diluito di 0,15 dollari. Saga ha acquisito cinque stazioni radio e un traduttore a Lafayette, IN. I dividendi trimestrali di 0,25 dollari per azione sono stati pagati a giugno, per un totale di 1,6 milioni di dollari. Il bilancio mostra 24,1 milioni di dollari in contanti e investimenti a breve termine.
Saga Communications (Nasdaq: SGA) reportó una disminución del 1.5% en los ingresos netos, alcanzando 28.7 millones de dólares en el segundo trimestre de 2024, en comparación con 29.2 millones del año pasado. Los gastos operativos de las estaciones aumentaron un 5.1% a 23.5 millones de dólares. El ingreso operativo cayó a 2.1 millones de dólares desde 4.3 millones de dólares el año pasado, mientras que el ingreso operativo de las estaciones se redujo a 6.4 millones de dólares desde 8.0 millones de dólares. El ingreso neto disminuyó a 2.5 millones de dólares desde 3.4 millones, con EPS diluidos de 0.40 dólares. En la primera mitad de 2024, los ingresos netos disminuyeron un 2.0%, totalizando 53.4 millones de dólares, los gastos operativos de las estaciones aumentaron un 5.5% a 46.5 millones de dólares y la pérdida operativa fue de 0.3 millones de dólares en comparación con una ganancia de 5.2 millones de dólares del año pasado. El ingreso neto de la compañía durante el período de seis meses fue de 0.9 millones de dólares, con un EPS diluido de 0.15 dólares. Saga adquirió cinco estaciones de radio y un traductor en Lafayette, IN. Se pagaron dividendos trimestrales de 0.25 dólares por acción en junio, totalizando 1.6 millones de dólares. El balance muestra 24.1 millones de dólares en efectivo e inversiones a corto plazo.
Saga Communications (Nasdaq: SGA)는 2024년 2분기 순수익이 1.5% 감소한 2,870만 달러를 기록했다고 보고했습니다. 이는 작년 2,920만 달러와 비교됩니다. 방송국 운영 비용은 5.1% 증가하여 2,350만 달러에 달했습니다. 운영 수익은 작년 430만 달러에서 210만 달러로 감소하였으며, 방송국 운영 수익은 800만 달러에서 640만 달러로 감소하였습니다. 순이익은 340만 달러에서 250만 달러로 줄어들었으며, 희석 EPS는 0.40 달러입니다. 2024년 상반기 동안 순수익은 2.0% 감소하여 5,340만 달러로, 방송국 운영 비용은 5.5% 증가하여 4,650만 달러에 이르렀고, 운영 손실은 작년 520만 달러의 이익에 비해 30만 달러의 손실을 기록했습니다. 6개월 동안 회사의 순이익은 90만 달러이며, 희석 EPS는 0.15 달러입니다. Saga는 인디애나주 라파예트에 있는 5개의 라디오 방송국과 1개의 번역기기를 인수했습니다. 6월에 주당 0.25 달러의 분기 배당금이 지급되어 총 160만 달러에 달했습니다. 재무제표에는 현금과 단기 투자로 2,410만 달러가 나타납니다.
Saga Communications (Nasdaq: SGA) a rapporté une diminution de 1,5% des revenus nets, portant ceux-ci à 28,7 millions de dollars pour le deuxième trimestre 2024, contre 29,2 millions de dollars l'année dernière. Les charges d'exploitation des stations ont augmenté de 5,1% pour atteindre 23,5 millions de dollars. Le bénéfice d'exploitation est tombé à 2,1 millions de dollars contre 4,3 millions de dollars l'année précédente, tandis que le bénéfice d'exploitation des stations a chuté à 6,4 millions de dollars contre 8,0 millions de dollars. Le bénéfice net a diminué à 2,5 millions de dollars contre 3,4 millions de dollars, avec un EPS dilué à 0,40 dollar. Pour le premier semestre 2024, les revenus nets ont diminué de 2,0% à 53,4 millions de dollars, les charges d'exploitation des stations ont augmenté de 5,5% à 46,5 millions de dollars et la perte d'exploitation a été de 0,3 million de dollars par rapport aux 5,2 millions de dollars de bénéfice de l'année précédente. Le bénéfice net de l'entreprise pour la période de six mois s'élevait à 0,9 million de dollars, avec un EPS dilué de 0,15 dollar. Saga a acquis cinq stations de radio et un traducteur à Lafayette, IN. Des dividendes trimestriels de 0,25 dollar par action ont été versés en juin, totalisant 1,6 million de dollars. Le bilan montre 24,1 millions de dollars en liquidités et investissements à court terme.
Saga Communications (Nasdaq: SGA) berichtete von einem Rückgang der Nettoumsätze um 1,5% auf 28,7 Millionen US-Dollar für das zweite Quartal 2024, verglichen mit 29,2 Millionen US-Dollar im Vorjahr. Die Betriebskosten der Stationen stiegen um 5,1% auf 23,5 Millionen US-Dollar. Der Betriebsgewinn fiel auf 2,1 Millionen US-Dollar, verglichen mit 4,3 Millionen US-Dollar im Vorjahr, während der Betriebsgewinn der Stationen auf 6,4 Millionen US-Dollar von 8,0 Millionen US-Dollar fiel. Der Nettogewinn sank auf 2,5 Millionen US-Dollar von 3,4 Millionen US-Dollar, mit einem verwässerten EPS von 0,40 US-Dollar. Für die erste Hälfte von 2024 sanken die Nettoumsätze um 2,0% auf 53,4 Millionen US-Dollar, die Betriebskosten der Stationen stiegen um 5,5% auf 46,5 Millionen US-Dollar und der Betriebsverlust betrug 0,3 Millionen US-Dollar im Vergleich zu einem Gewinn von 5,2 Millionen US-Dollar im Vorjahr. Der Nettogewinn des Unternehmens für den sechsmonatigen Zeitraum betrug 0,9 Millionen US-Dollar mit einem verwässerten EPS von 0,15 US-Dollar. Saga erwarb fünf Radiostationen und einen Übersetzer in Lafayette, IN. Die vierteljährlichen Dividenden von 0,25 US-Dollar pro Aktie wurden im Juni ausgezahlt, insgesamt 1,6 Millionen US-Dollar. Die Bilanz weist 24,1 Millionen US-Dollar an Bargeld und kurzfristigen Investitionen aus.
- 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.
- 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.
Insights
Saga Communications' Q2 2024 results reveal concerning trends. Net revenue decreased by
The company's acquisition of five radio stations in Lafayette, IN, while potentially strategic, hasn't yet contributed positively to financials. The drawn
The radio broadcasting industry faces headwinds, as evidenced by Saga's results. The
Saga's strategic focus on maintaining a strong balance sheet and returning value to shareholders through dividends (
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?
How much did Saga Communications' operating income decrease in Q2 2024?
What was the diluted EPS for Saga Communications in Q2 2024?
What were the station operating expenses for Saga Communications in Q2 2024?
How much did Saga Communications pay in dividends per share in June 2024?
What was Saga Communications' net income for the first half of 2024?
