Thursday, May 4, 2017

Saga Reports 4.1 Percent Revenue Drop

Saga Communications, Inc. today announced that its Board of Directors declared a quarterly cash dividend of $0.30 per share.  The dividend will be paid on June 9, 2017 to shareholders of record on May 22, 2017.  The aggregate amount of the payment to be made in connection with the quarterly dividend will be approximately $1.8 million.  The quarterly cash dividend will be funded by cash on the Company's balance sheet.

The Company also reported that primarily due to a reduction in political revenue of $1.3 million from the same period last year net revenue decreased 4.1% ($1.3 million) to $31.4 million for the quarter ended March 31, 2017.  Station operating expense increased 1.5% to $25.1 million (station operating expense includes depreciation and amortization attributable to the stations).  Operating Income decreased $1.9 million to $3.5 million.  Free cash flow for the quarter was $3.2 million.

Capital expenditures were $1.4 million in the first quarter compared to $1.0 million for the same period last year. The Company expects to spend approximately $5.0 million to $5.5 million for capital expenditures during 2017.

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