Saga Communications reported a $532,000 net loss (8 cents per share) for Q3 2025, compared to a $1.3 million profit a year earlier, with net revenue down 1.8% to $28.2 million from $28.7 million.
The decline was driven by a $2.1 million retroactive settlement with music licensing organizations ASCAP and BMI, covering January 2022 to September 2025. Excluding the settlement, revenue would have fallen just 0.5% ($120,000), and the company would have posted $1.1 million in net income.
On a same station basis for the nine months ended September 30, 2025 net revenue decreased 4.8% to $78.8 million from last year and station operating expense decreased 0.8% to $67.1 million. Without the music licensing settlement station operating expense would have decreased 3.9% or $2.6 million for the nine-month period.
Station operating income (non-GAAP) dropped to $3.5 million from $6.0 million; adjusted for the settlement, it would have been $5.6 million, down modestly from $6.0 million. The company reported an operating loss of $626,000, versus $1.6 million in operating income last year—without the settlement, operating income would have been $1.5 million.
Gross political revenue plunged to $73,000 from $677,000 a year ago. For the first nine months of 2025, political revenue was $395,000, down from $1.3 million. Excluding political, Q3 gross revenue was flat year-over-year, while nine-month revenue fell 3.2%.Capital expenditures remained steady at $600,000.