Saga Communications Reports Double-Digit 4Q Revenue Jump

Saga Communications, Inc. (SGA) reported today that net revenue was $28.0 million for the quarter ended June 30, 2021 compared to $16.9 million for the same period last year.  

• Station operating expense increased $2.4 million to $21.0 million for the quarter compared to the same period last year.  
• Station operating income Free cash flow was $4.2 million for the quarter compared to a negative $1.8 million for the same period last year.  
• Operating income was $4.6 million for the quarter compared to a loss of $8.7 million for the same period last year.  
• Net income was $3.3 million for the quarter.  Diluted earnings per share were $0.54 in the second quarter of 2021.      

Net revenue was $50.3 million for the six-months ended June 30, 2021 compared to $42.9 million for the same period last year.  Station operating expense decreased $911 thousand to $39.9 million for the six-month period compared to the same period last year.  Station operating income was $13.1 million for the period compared to $5.3 million for the same period last year.  Free cash flow was $6.0 million for the six-month period.  Operating income was $5.5 million for the period ended June 30, 2021 compared to a loss of $6.5 million for the same period last year.  Net income was $4.0 million for the period.  Diluted earnings per share were $0.67 for the six-month period.     

The Company reinstated its quarterly dividend with the declaration of a $0.16 per share dividend which was paid on July 16, 2021.  The aggregate amount of the quarterly dividend was approximately $960 thousand.  The Company has now paid over $72 million in dividends to shareholders since the first special dividend was paid in 2012. 

The Company's balance sheet reflects $59.4 million in cash on hand as of June 30, 2021 and $59.6 million as of August 2, 2021.  The Company's total bank debt remained at $10 million as of the end of the second quarter 2021. 

Capital expenditures in the second quarter of 2021 were $921 thousand compared to $358 thousand for the quarter ended June 30, 2020 and $1.5 million for the six-month period ended June 30, 2021 versus $1.4 million for the same period last year.  The Company expects to spend approximately $4.0 – 4.5 million for capital expenditures during 2021.