Saga Communications, Inc. Reports 3rd Quarter 2024 Results
Saga Communications reported financial results for Q3 2024, showing a decline in performance. Net revenue decreased 3.5% to $28.1 million, while station operating expense increased 3.1% to $23.5 million. Operating income fell to $1.6 million from $3.5 million year-over-year. The company reported net income of $1.3 million with diluted earnings per share of $0.20.
For the nine-month period, net revenue decreased 2.5% to $81.5 million, with operating income dropping to $1.4 million from $8.7 million. The company maintained strong liquidity with $28.7 million in cash and short-term investments, paying a quarterly dividend of $0.25 per share.
Saga Communications ha riportato i risultati finanziari per il terzo trimestre del 2024, evidenziando un calo delle performance. I ricavi netti sono diminuiti del 3,5% a $28,1 milioni, mentre le spese operative della stazione sono aumentate del 3,1% a $23,5 milioni. Il reddito operativo è sceso a $1,6 milioni rispetto ai $3,5 milioni dell'anno precedente. La società ha riportato un reddito netto di $1,3 milioni con utili per azione diluiti pari a $0,20.
Nel periodo di nove mesi, i ricavi netti sono diminuiti del 2,5% a $81,5 milioni, con il reddito operativo che è sceso a $1,4 milioni dai $8,7 milioni. L'azienda ha mantenuto una forte liquidità con $28,7 milioni in contante e investimenti a breve termine, pagando un dividendo trimestrale di $0,25 per azione.
Saga Communications informó sobre los resultados financieros del tercer trimestre de 2024, mostrando una disminución en el desempeño. Los ingresos netos disminuyeron un 3.5% a $28.1 millones, mientras que los gastos operativos de la estación aumentaron un 3.1% a $23.5 millones. El ingreso operativo cayó a $1.6 millones desde $3.5 millones en comparación con el año anterior. La compañía reportó un ingreso neto de $1.3 millones con ganancias por acción diluidas de $0.20.
En el período de nueve meses, los ingresos netos disminuyeron un 2.5% a $81.5 millones, con el ingreso operativo cayendo a $1.4 millones desde $8.7 millones. La empresa mantuvo una sólida liquidez con $28.7 millones en efectivo e inversiones a corto plazo, pagando un dividendo trimestral de $0.25 por acción.
사가 커뮤니케이션즈는 2024년 3분기 재무 결과를 보고하며 성과가 감소했음을 나타냈습니다. 순수익은 3.5% 감소하여 2810만 달러로, 방송국 운영 비용은 3.1% 증가하여 2350만 달러로 증가했습니다. 운영 소득은 전년 동기 대비 350만 달러에서 160만 달러로 감소했습니다. 회사는 순이익 130만 달러와 희석주당 순이익 0.20달러를 보고했습니다.
9개월 동안의 기간 동안, 순수익은 2.5% 감소하여 8150만 달러로, 운영 소득은 870만 달러에서 140만 달러로 감소했습니다. 회사는 2870만 달러의 현금 및 단기 투자로 강한 유동성을 유지하며, 주당 0.25달러의 분기 배당금을 지급했습니다.
Saga Communications a rapporté les résultats financiers pour le troisième trimestre de 2024, montrant un déclin de performance. Le chiffre d'affaires net a diminué de 3,5 % pour atteindre 28,1 millions de dollars, tandis que les dépenses d'exploitation des stations ont augmenté de 3,1 % pour atteindre 23,5 millions de dollars. Le résultat d'exploitation a chuté à 1,6 million de dollars contre 3,5 millions de dollars d'une année sur l'autre. La société a déclaré un revenu net de 1,3 million de dollars avec un bénéfice par action dilué de 0,20 dollar.
Pour la période de neuf mois, le chiffre d'affaires net a diminué de 2,5 % pour atteindre 81,5 millions de dollars, le résultat d'exploitation tombant à 1,4 million de dollars contre 8,7 millions de dollars. L'entreprise a maintenu une forte liquidité avec 28,7 millions de dollars en espèces et en investissements à court terme, distribuant un dividende trimestriel de 0,25 dollar par action.
Saga Communications hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und dabei einen Rückgang der Performance gezeigt. Der Nettoumsatz sank um 3,5 % auf 28,1 Millionen USD, während die Betriebskosten der Station um 3,1 % auf 23,5 Millionen USD anstiegen. Das Betriebsergebnis fiel von 3,5 Millionen USD auf 1,6 Millionen USD im Jahresvergleich. Das Unternehmen meldete einen Nettogewinn von 1,3 Millionen USD mit einem verwässerten Gewinn je Aktie von 0,20 USD.
Für den Neunmonatszeitraum sank der Nettoumsatz um 2,5 % auf 81,5 Millionen USD, während das Betriebsergebnis von 8,7 Millionen USD auf 1,4 Millionen USD zurückging. Das Unternehmen hielt eine starke Liquidität mit 28,7 Millionen USD in Bar und kurzfristigen Investitionen und zahlte eine vierteljährliche Dividende von 0,25 USD pro Aktie.
- Maintained strong liquidity position with $28.7 million in cash and investments
- Continued dividend payments with $0.25 per share quarterly dividend
- Low leverage with only $5.0 million drawn from $50.0 million credit facility
- Q3 net revenue decreased 3.5% to $28.1 million
- Operating income declined 54.3% to $1.6 million in Q3
- Station operating expense increased 3.1% in Q3
- Net income dropped 51.9% to $1.3 million in Q3
- Nine-month operating income decreased 83.9% to $1.4 million
Insights
Saga Communications shows concerning financial performance with
The company maintains a solid balance sheet with
GROSSE POINTE FARMS, Mich., Nov. 07, 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 three months ended September 30, 2024 net revenue decreased
Net revenue decreased
On a same station basis for the nine months ended September 30, 2024 net revenue decreased
The Company paid a quarterly dividend of
The Company’s balance sheet reflects
Saga’s 2024 Third Quarter conference call will be held on Thursday, November 7, 2024 at 11:00 a.m. Eastern time. The dial-in number for the call is (973) 528-0008. Enter conference code 674708. 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. Eastern time on November 7, 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 Nine Months Ended September 30, 2024 and 2023 (amounts in 000’s except per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating Results | ||||||||||||||||
| Net operating revenue | $ | 28,118 | $ | 29,149 | $ | 81,524 | $ | 83,628 | ||||||||
| Station operating expense | 23,458 | 22,760 | 69,983 | 66,870 | ||||||||||||
| Corporate general and administrative | 2,966 | 2,852 | 9,144 | 7,940 | ||||||||||||
| Other operating expense, net | 49 | 45 | 1,026 | 125 | ||||||||||||
| Operating income | 1,645 | 3,492 | 1,371 | 8,693 | ||||||||||||
| Interest expense | 121 | 44 | 235 | 130 | ||||||||||||
| Interest income | (255 | ) | (391 | ) | (809 | ) | (1,027 | ) | ||||||||
| Other income, net | (78 | ) | — | (1,211 | ) | (119 | ) | |||||||||
| Income before income tax expense | 1,857 | 3,839 | 3,156 | 9,709 | ||||||||||||
| Income tax provision | ||||||||||||||||
| Current | 415 | 835 | 715 | 2,020 | ||||||||||||
| Deferred | 175 | 275 | 250 | 690 | ||||||||||||
| 590 | 1,110 | 965 | 2,710 | |||||||||||||
| Net income | $ | 1,267 | $ | 2,729 | $ | 2,191 | $ | 6,999 | ||||||||
| Earnings per share: | ||||||||||||||||
| Basic | $ | 0.20 | $ | 0.45 | $ | 0.35 | $ | 1.15 | ||||||||
| Diluted | $ | 0.20 | $ | 0.45 | $ | 0.35 | $ | 1.15 | ||||||||
| Weighted average common shares | 6,075 | 6,032 | 6,070 | 6,031 | ||||||||||||
| Weighted average common and common equivalent shares | 6,075 | 6,032 | 6,070 | 6,031 | ||||||||||||
| September 30, | ||||||||
| 2024 | 2023 | |||||||
| Balance Sheet Data | ||||||||
| Working capital | $ | 30,048 | $ | 43,087 | ||||
| Net fixed assets | $ | 52,721 | $ | 52,855 | ||||
| Net intangible assets and other assets | $ | 122,086 | $ | 120,268 | ||||
| Total assets | $ | 223,210 | $ | 234,367 | ||||
| Long-term debt | $ | 5,000 | $ | — | ||||
| Stockholders' equity | $ | 165,992 | $ | 181,935 | ||||
| Saga Communications, Inc. Selected Consolidated Financial Data For the Nine Months Ended September 30, 2024 and 2023 (amounts in 000’s except per share data) (Unaudited) | ||||||||
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2024 | 2023 | |||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| Statement of Cash Flows | ||||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 2,191 | $ | 6,999 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 3,847 | 3,737 | ||||||
| Deferred income tax expense | 250 | 690 | ||||||
| Amortization of deferred costs | 27 | 27 | ||||||
| Compensation expense related to restricted stock awards | 1,447 | 743 | ||||||
| Loss on sale of assets, net | 1,026 | 125 | ||||||
| (Gain) on insurance claims | (78 | ) | — | |||||
| Other (gain), net | (1,133 | ) | (119 | ) | ||||
| Barter (revenue) expense, net | (20 | ) | 44 | |||||
| Deferred and other compensation | (165 | ) | (239 | ) | ||||
| Changes in assets and liabilities, net of business acquisition: | ||||||||
| Decrease (increase) in receivables and prepaid expenses | 1,848 | (51 | ) | |||||
| Increase in accounts payable, accrued expenses, and other liabilities | 901 | 1,965 | ||||||
| Total adjustments | 7,950 | 6,922 | ||||||
| Net cash provided by operating activities | 10,141 | 13,921 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchase of short-term investments | (12,993 | ) | (14,441 | ) | ||||
| Redemption of short-term investments | 15,104 | 14,437 | ||||||
| Acquisition of property and equipment (Capital Expenditures) | (3,199 | ) | (3,397 | ) | ||||
| Acquisition of broadcast properties | (5,711 | ) | — | |||||
| Proceeds from sale and disposal of assets | 176 | 621 | ||||||
| Proceeds from redemption of investments and other | 1,221 | — | ||||||
| Other investing activities | (2 | ) | 117 | |||||
| Net cash used in investing activities | (5,404 | ) | (2,663 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from long-term debt | 5,000 | — | ||||||
| Cash dividends paid | (19,391 | ) | (16,816 | ) | ||||
| Purchase of treasury shares | (11 | ) | — | |||||
| Net cash used in financing activities | (14,402 | ) | (16,816 | ) | ||||
| Net decrease in cash and cash equivalents | (9,665 | ) | (5,558 | ) | ||||
| Cash and cash equivalents, beginning of period | 29,582 | 36,802 | ||||||
| Cash and cash equivalents, end of period | $ | 19,917 | $ | 31,244 | ||||
| Saga Communications, Inc. Selected Supplemental Financial Data For the Three Months Ended September 30, 2024 and 2023 (amounts in 000’s, except per share data) (Unaudited) | ||||||||||||||||||||||||
| Actual | Same Station (1) | Pro Forma (2) | ||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Operating Results | ||||||||||||||||||||||||
| Net operating revenue | $ | 28,118 | $ | 29,149 | $ | 27,452 | $ | 29,149 | $ | 28,118 | $ | 29,986 | ||||||||||||
| Station operating expense | 23,458 | 22,760 | 22,683 | 22,760 | 23,458 | 23,474 | ||||||||||||||||||
| Corporate general and administrative | 2,966 | 2,852 | 2,966 | 2,852 | 2,966 | 2,852 | ||||||||||||||||||
| Other operating expense, net | 49 | 45 | 46 | 45 | 49 | 45 | ||||||||||||||||||
| Operating income | 1,645 | 3,492 | $ | 1,757 | $ | 3,492 | 1,645 | 3,615 | ||||||||||||||||
| Interest expense | 121 | 44 | 121 | 122 | ||||||||||||||||||||
| Interest income | (255 | ) | (391 | ) | (255 | ) | (391 | ) | ||||||||||||||||
| Other income, net | (78 | ) | — | (78 | ) | — | ||||||||||||||||||
| Income before income tax expense | 1,857 | 3,839 | 1,857 | 3,884 | ||||||||||||||||||||
| Income tax provision | ||||||||||||||||||||||||
| Current | 415 | 835 | 415 | 840 | ||||||||||||||||||||
| Deferred | 175 | 275 | 175 | 281 | ||||||||||||||||||||
| 590 | 1,110 | 590 | 1,121 | |||||||||||||||||||||
| Net income | $ | 1,267 | $ | 2,729 | $ | 1,267 | $ | 2,763 | ||||||||||||||||
| Earnings per share: | ||||||||||||||||||||||||
| Basic | $ | 0.20 | $ | 0.45 | $ | 0.20 | $ | 0.45 | ||||||||||||||||
| Diluted | $ | 0.20 | $ | 0.45 | $ | 0.20 | $ | 0.45 | ||||||||||||||||
| Weighted average common shares | 6,075 | 6,032 | 6,075 | 6,032 | ||||||||||||||||||||
| Weighted average common and common equivalent shares | 6,075 | 6,032 | 6,075 | 6,032 | ||||||||||||||||||||
| Actual | Same Station (1) | Pro Forma (2) | ||||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||
| September 30, | September 30, | September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Depreciation and amortization by segment | ||||||||||||||||||||||||
| Radio Stations | $ | 1,325 | $ | 1,204 | $ | 1,184 | $ | 1,205 | $ | 1,325 | $ | 1,341 | ||||||||||||
| Corporate | 66 | 58 | 66 | 59 | 66 | 58 | ||||||||||||||||||
| $ | 1,391 | $ | 1,262 | $ | 1,250 | $ | 1,264 | $ | 1,391 | $ | 1,399 | |||||||||||||
(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 Nine Months Ended September 30, 2024 and 2023 (amounts in 000’s, except per share data) (Unaudited) | ||||||||||||||||||||||
| Actual | Same Station (1) | Pro Forma (2) | ||||||||||||||||||||
| Nine Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||
| September 30, | September 30, | September 30, | ||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Operating Results | ||||||||||||||||||||||
| Net operating revenue | $ | 81,524 | $ | 83,628 | $ | 80,598 | $ | 83,628 | $ | 82,692 | $ | 85,973 | ||||||||||
| Station operating expense | 69,983 | 66,870 | 68,985 | 66,870 | 71,127 | 68,956 | ||||||||||||||||
| Corporate general and administrative | 9,144 | 7,940 | 9,144 | 7,940 | 9,144 | 7,940 | ||||||||||||||||
| Other operating expense, net | 1,026 | 125 | 1,024 | 125 | 1,026 | 125 | ||||||||||||||||
| Operating income | 1,371 | 8,693 | $ | 1,445 | $ | 8,693 | 1,395 | 8,952 | ||||||||||||||
| Interest expense | 235 | 130 | 366 | 366 | ||||||||||||||||||
| Interest income | (809 | ) | (1,027 | ) | (809 | ) | (1,027 | ) | ||||||||||||||
| Other income, net | (1,211 | ) | (119 | ) | (1,211 | ) | (119 | ) | ||||||||||||||
| Income before income tax expense | 3,156 | 9,709 | 3,049 | 9,732 | ||||||||||||||||||
| Income tax provision | ||||||||||||||||||||||
| Current | 715 | 2,020 | 690 | 2,025 | ||||||||||||||||||
| Deferred | 250 | 690 | 246 | 691 | ||||||||||||||||||
| 965 | 2,710 | 936 | 2,716 | |||||||||||||||||||
| Net income | $ | 2,191 | $ | 6,999 | $ | 2,113 | $ | 7,016 | ||||||||||||||
| Earnings per share: | ||||||||||||||||||||||
| Basic | $ | 0.35 | $ | 1.15 | $ | 0.34 | $ | 1.15 | ||||||||||||||
| Diluted | $ | 0.35 | $ | 1.15 | $ | 0.34 | $ | 1.15 | ||||||||||||||
| Weighted average common shares | 6,070 | 6,031 | 6,070 | 6,031 | ||||||||||||||||||
| Weighted average common and common equivalent shares | 6,070 | 6,031 | 6,070 | 6,031 | ||||||||||||||||||
| Actual | Same Station (1) | Pro Forma (2) | ||||||||||||||||||||
| Nine Months Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||||||
| September 30, | September 30, | September 30, | ||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| Depreciation and amortization by segment | ||||||||||||||||||||||
| Radio Stations | $ | 3,690 | $ | 3,599 | $ | 3,504 | $ | 3,599 | $ | 3,919 | $ | 4,011 | ||||||||||
| Corporate | 157 | 138 | 157 | 138 | 157 | 138 | ||||||||||||||||
| $ | 3,847 | $ | 3,737 | $ | 3,661 | $ | 3,737 | $ | 4,076 | $ | 4,149 | |||||||||||
(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 Nine Months Ended September 30, 2024 and 2023 (amounts in 000’s) (Unaudited) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Reconciliation of GAAP operating income to station operating income (a non-GAAP financial measure) | ||||||||||||||||
| Operating income | $ | 1,645 | $ | 3,492 | $ | 1,371 | $ | 8,693 | ||||||||
| Plus: | ||||||||||||||||
| Corporate general and administrative | 2,966 | 2,852 | 9,144 | 7,940 | ||||||||||||
| Other operating expense, net | 49 | 45 | 1,026 | 125 | ||||||||||||
| Station depreciation and amortization | 1,325 | 1,204 | 3,690 | 3,599 | ||||||||||||
| Station operating income | $ | 5,985 | $ | 7,593 | $ | 15,231 | $ | 20,357 | ||||||||
| Other financial data | ||||||||||||||||
| Depreciation and amortization: | ||||||||||||||||
| Radio Stations | $ | 1,325 | $ | 1,204 | $ | 3,690 | $ | 3,599 | ||||||||
| Corporate | $ | 66 | $ | 58 | $ | 157 | $ | 138 | ||||||||
| Compensation expense related to restricted stock awards | $ | 474 | $ | 250 | $ | 1,447 | (1) | $ | 743 | (1) | ||||||
| Other operating expense, net (2) | $ | 49 | $ | 45 | $ | 1,026 | $ | 125 | ||||||||
| Other income, net (2) | $ | (78 | ) | $ | - | $ | (1,211 | ) | $ | (119 | ) | |||||
| Deferred income tax expense (2) | $ | 175 | $ | 275 | $ | 250 | $ | 690 | ||||||||
| Acquisition of property and equipment (Capital Expenditures) | $ | 625 | $ | 760 | $ | 3,199 | (1) | $ | 3,397 | (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 September 30, 2024 (amounts in 000's) (Unaudited) | ||||||||||||||||||||
| Less: | Plus: | Trailing | ||||||||||||||||||
| 12 Months Ended | 9 Months Ended | 9 Months Ended | Add: | 12 Months Ended | ||||||||||||||||
| December 31, | September 30, | September 30, | Pro Forma | September 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 | $ | 6,999 | $ | 2,191 | $ | 63 | $ | 4,755 | ||||||||||
| Exclusions: | ||||||||||||||||||||
| Gain (loss) on sale of assets, net | (120 | ) | (125 | ) | (1,026 | ) | — | (1,021 | ) | |||||||||||
| Other income, net | 1,510 | 1,102 | 2,040 | — | 2,448 | |||||||||||||||
| Total exclusions | 1,390 | 977 | 1,014 | — | 1,427 | |||||||||||||||
| Consolidated adjusted net income (1) | 8,110 | 6,022 | 1,177 | 63 | 3,328 | |||||||||||||||
| Plus: | ||||||||||||||||||||
| Interest expense | 173 | 130 | 235 | 210 | 488 | |||||||||||||||
| Income tax provision | 3,375 | 2,710 | 965 | (6 | ) | 1,624 | ||||||||||||||
| Depreciation & amortization expense | 5,055 | 3,737 | 3,847 | 289 | 5,454 | |||||||||||||||
| Non-cash compensation | 1,116 | 743 | 1,447 | — | 1,820 | |||||||||||||||
| Trailing twelve month consolidated EBITDA (1) | $ | 17,829 | $ | 13,342 | $ | 7,671 | $ | 556 | $ | 12,714 | ||||||||||
| Total long-term debt, including current maturities | $ | 5,000 | ||||||||||||||||||
| Divided by trailing twelve month consolidated EBITDA (1) | 12,714 | |||||||||||||||||||
| Leverage ratio | 0.39 | |||||||||||||||||||
(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 Nine Months Ended September 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 | |||||||||||||||||||
| September 30, | Entire Comparable | September 30, | September 30, | Entire Comparable | September 30, | |||||||||||||||||||
| 2024 | Period | 2024 | 2023 | Period | 2023 | |||||||||||||||||||
| Net operating revenue | $ | 28,118 | $ | (666 | ) | $ | 27,452 | $ | 29,149 | $ | - | $ | 29,149 | |||||||||||
| Station operating expense | 23,458 | (775 | ) | 22,683 | 22,760 | - | 22,760 | |||||||||||||||||
| Corporate general and administrative | 2,966 | - | 2,966 | 2,852 | - | 2,852 | ||||||||||||||||||
| Other operating expense, net | 49 | (3 | ) | 46 | 45 | - | 45 | |||||||||||||||||
| Operating income | $ | 1,645 | $ | 112 | $ | 1,757 | $ | 3,492 | $ | - | $ | 3,492 | ||||||||||||
| Adjustments | Adjustments | |||||||||||||||||||||||
| Actual | For Acquisitions | Same Station | Actual | For Acquisitions | Same Station | |||||||||||||||||||
| Nine Months | and Dispositions | Nine Months | Nine Months | and Dispositions | Nine Months | |||||||||||||||||||
| Ended | Not Included in | Ended | Ended | Not Included in | Ended | |||||||||||||||||||
| September 30, | Entire Comparable | September 30, | September 30, | Entire Comparable | September 30, | |||||||||||||||||||
| 2024 | Period | 2024 | 2023 | Period | 2023 | |||||||||||||||||||
| Net operating revenue | $ | 81,524 | $ | (926 | ) | $ | 80,598 | $ | 83,628 | $ | - | $ | 83,628 | |||||||||||
| Station operating expense | 69,983 | (998 | ) | 68,985 | 66,870 | - | 66,870 | |||||||||||||||||
| Corporate general and administrative | 9,144 | - | 9,144 | 7,940 | - | 7,940 | ||||||||||||||||||
| Other operating expense, net | 1,026 | (2 | ) | 1,024 | 125 | - | 125 | |||||||||||||||||
| Operating income | $ | 1,371 | $ | 74 | $ | 1,445 | $ | 8,693 | $ | - | $ | 8,693 | ||||||||||||
FAQ
What was Saga Communications (SGA) revenue in Q3 2024?
How much dividend did Saga Communications (SGA) pay in October 2024?
What was Saga Communications (SGA) net income for Q3 2024?
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