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Saga munications(SGA) - 2024 Q2 - Quarterly Results
SGASaga munications(SGA)2024-08-08 13:10

Financial Performance - Net revenue decreased 1.5% to 28.7millionforQ22024comparedto28.7 million for Q2 2024 compared to 29.2 million in Q2 2023[1] - Operating income for Q2 2024 was 2.1million,downfrom2.1 million, down from 4.3 million in Q2 2023[1] - Net income for Q2 2024 was 2.5million,comparedto2.5 million, compared to 3.4 million in Q2 2023[1] - For the six-month period ended June 30, 2024, net revenue decreased 2.0% to 53.4millioncomparedto53.4 million compared to 54.5 million in the same period last year[3] - Net operating revenue for the six months ended June 30, 2024, was 53,406,000,adecreaseof1.9853,406,000, a decrease of 1.98% from 54,479,000 in the same period of 2023[15] - Net income for the three months ended June 30, 2024, was 2,501,000,down25.42,501,000, down 25.4% from 3,350,000 in the same period of 2023[14] - Operating income for the three months ended June 30, 2024, was 2,143,000,adeclineof502,143,000, a decline of 50% compared to 4,296,000 in the same period of 2023[14] - Basic earnings per share for the three months ended June 30, 2024, were 0.40,downfrom0.40, down from 0.55 in the same period of 2023[14] - Basic and diluted earnings per share for Q2 2024 were 0.15,comparedto0.15, compared to 0.70 in Q2 2023, reflecting a decrease of approximately 78.6%[18] - The adjusted net income for the six months ended June 30, 2024, was 4.793million,downfrom4.793 million, down from 8.110 million in the same period of 2023[20] Operating Expenses - Station operating expense increased 5.1% to 23.5millionforQ22024comparedtothesameperiodlastyear[1]−Stationoperatingexpenseforthesix−monthperiodincreased5.523.5 million for Q2 2024 compared to the same period last year[1] - Station operating expense for the six-month period increased 5.5% to 46.5 million compared to the same period last year[3] - Station operating income for Q2 2024 was 6.411million,comparedto6.411 million, compared to 7.966 million in Q2 2023, representing a decrease of approximately 19.5%[19] - Corporate general and administrative expenses for Q2 2024 were 3.049million,anincreasefrom3.049 million, an increase from 2.472 million in Q2 2023, marking a rise of approximately 23.3%[21] - Station depreciation and amortization for the six months ended June 30, 2024, was 2.365million,slightlydownfrom2.365 million, slightly down from 2.395 million in the same period of 2023[19] Cash Flow and Investments - Cash flows from operating activities for the six months ended June 30, 2024, were 5,047,000,downfrom5,047,000, down from 6,038,000 in the same period of 2023[13] - Total adjustments in cash flows from operating activities for the six months ended June 30, 2024, were 4,123,000,comparedto4,123,000, compared to 1,768,000 in the same period of 2023[13] - Cash and cash equivalents at the end of the period on June 30, 2024, were 15,392,000,adecreasefrom15,392,000, a decrease from 24,116,000 at the end of June 30, 2023[13] - The company reported a net decrease in cash and cash equivalents of 14,190,000forthesixmonthsendedJune30,2024[13]CapitalExpendituresandAcquisitions−Thecompanyexpectstospendapproximately14,190,000 for the six months ended June 30, 2024[13] Capital Expenditures and Acquisitions - The company expects to spend approximately 5.0 – 5.5millionforcapitalexpendituresduring2024[6]−CapitalexpendituresforthesixmonthsendedJune30,2024,totaled5.5 million for capital expenditures during 2024[6] - Capital expenditures for the six months ended June 30, 2024, totaled 2.574 million, compared to 2.637millioninthesameperiodof2023[20]−ThecompanyclosedontheacquisitionoffiveradiostationsandonetranslatorinLafayette,INonMay31,2024[4]DebtandFinancialRatios−Totallong−termdebt,includingcurrentmaturities,stoodat2.637 million in the same period of 2023[20] - The company closed on the acquisition of five radio stations and one translator in Lafayette, IN on May 31, 2024[4] Debt and Financial Ratios - Total long-term debt, including current maturities, stood at 5 million as of June 30, 2024[20] - Trailing twelve-month consolidated EBITDA for the period ended June 30, 2024, was $14.497 million, reflecting a leverage ratio of 0.34[20]