Saga Reports 4Q Net Revenue Jumped 19.1 Percent

Saga Communications, Inc. reported today that fourth quarter and year end 2020 revenue and the related net income continue to be impacted by the COVID-19 pandemic.  

• Net Revenue was $28.8 million for the fourth quarter ended December 31, 2020 which was a 19.1% increase over net revenue for the third quarter ended September 30, 2020.  Net Revenue for the fourth quarter in 2019 was $31.8 million.
• Station operating expense decreased $1.9 million to $21.1 million for the quarter compared to the same period last year.  
• Station operating income was $9.1 million for the quarter compared to $10.5 million for the fourth quarter last year and operating income was $5.0 million for the quarter compared to $5.4 million for the same period last year.
• Net income was $2.3 million and diluted earnings per share were $0.38 in the fourth quarter of 2020.  
• Free cash flow was $5.1 million for the quarter compared to $5.4 million for the same period last year.  

For the twelve months ended December 31, 2020 net revenue was $95.8 million. Revenue of $28.75M (-9.6% Y/Y) Station operating expense decreased $11.1 million to $81.6 million compared to the same period last year.  Station operating income was $20.4 million for the year ended December 31, 2020 compared to $37.0 million for year-end 2019 and an operating loss of -$1.3 million for the year compared to operating income of $18.8 million for 2019.  Net loss for the twelve-month period was $1.9 million which includes a non-cash impairment charge of $5.2 million.  Without the impairment charge the company would have reported Net income of $1.7 million for the period.  Diluted loss per share was -$0.32 and free cash flow was $7.6 million for the year.

The Company's balance sheet reflects $51.4 million in cash on hand as of December 31, 2020 and $56.0 million as of March 8, 2021.  The Company's total bank debt remained at $10 million as of year-end 2020. 

Capital expenditures in the fourth quarter were $434 thousand compared to $1.1 million for the same period last year.  For the twelve-month period capital expenditures were $2.3 million compared to $5.7 million for the same period last year.  The Company expects to spend approximately $4.5 – 5.5 million for capital expenditures during 2021.