Thursday, May 6, 2021

Saga Reports 1Q Y2Y Revenue Drop


Saga Communications, Inc. reported today that first quarter 2021 revenue and the related net income continue to be impacted by the ongoing uncertainties in the marketplace. 
  • Net revenue was $22.3 million for the quarter ended March 31, 2021 compared to $26.1 million for the same period last year. 
  • Station operating expense decreased $3.3 million to $18.9 million for the quarter compared to the same period last year.  
  • Station operating income was $4.7 million for the quarter compared to $5.5 million for the first quarter last year. 
  • Free cash flow increased 21.4% to $1.8 million for the quarter.
  • Operating income was $883 thousand for the quarter compared to $2.2 million for the same period last year. Operating income in the first quarter of 2020 included $1.3 million in other operating income which was primarily due to the sale of land and a building that were no longer necessary for our operations. Without this sale, operating income would have been $837 thousand in the first quarter of 2020 compared to the $883 thousand reported for the quarter ending March 31, 2021. Net income was $758 thousand for the quarter. 
  • Diluted earnings per share were $0.13 in the first quarter of 2021.
  • The Company's balance sheet reflects $56.3 million in cash on hand as of March 31, 2021 and $57.4 million as of May 3, 2021. The Company's total bank debt remained at $10 million as of the end of the first quarter 2021.
  • Capital expenditures in the first quarter were $534 thousand compared to $1.0 million for the same period last year. The Company expects to spend approximately $4.5 – 5.5 million for capital expenditures during 2021.

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