Saga Reports Revenue Drops 4Q And Full Year 2024

 
Saga Communications, Inc. released its 2024 Year-End Earnings Report on March 11, 2025, detailing its financial performance for the fourth quarter and the full year ending December 31, 2024. 

Here’s a summary based on the available information:

For the fourth quarter of 2024, Saga reported a net revenue of $28.8 million, marking a 1.3% decrease from $29.1 million in the same period of 2023. Station operating expenses rose by 4.1% to $24.3 million, up from the previous year. This contributed to a significant drop in operating income, which was $984,000 compared to $2.8 million in Q4 2023. Station operating income, a non-GAAP measure, fell by 17.2% to $5.9 million. Net income for the quarter was $1.3 million, down from $2.5 million the year prior, with diluted earnings per share at $0.20.

For the full year of 2024, net revenue on a same-station basis decreased by 3.7% to $108.6 million compared to 2023. Station operating expenses increased by 2.5% to $92.5 million, leading to a sharp decline in operating income, which dropped 78.4% to $2.5 million from $11.5 million in 2023. Net income for the year was $3.5 million, a significant decrease from $9.5 million in 2023, with diluted earnings per share at $0.55. Capital expenditures for the year were $3.8 million, down from $4.4 million in 2023.

Saga maintained its dividend policy, paying a quarterly dividend of $0.25 per share on December 13, 2024, and another on March 7, 2025, each totaling approximately $1.6 million. The company’s cash and short-term investments stood at $27.8 million as of December 31, 2024, slightly decreasing to $27.3 million by March 10, 2025. Looking ahead, Saga anticipates capital expenditures of $4.0 to $4.5 million in 2025.

The report reflects challenges such as declining revenue and rising expenses, impacting profitability. Saga, a media company focused on broadcast properties across 28 markets, continues to emphasize its core radio business while exploring complementary digital and non-traditional revenue opportunities. For further details, Saga held a conference call on March 11, 2025, at 11:00 a.m. EDT to discuss these results.