Saga munications(SGA) - 2024 Q3 - Quarterly Results

Financial Performance - Net revenue decreased 3.5% to $28.1 million for Q3 2024 compared to$29.1 million in Q3 2023[1] - Operating income for Q3 2024 was $1.6 million, down 54.3$3.5 million in Q3 2023[1] - Net income for Q3 2024 was $1.3 million, a decrease of 52.0$2.7 million in Q3 2023[1] - For the nine-month period ended September 30, 2024, net revenue decreased 2.5% to $81.5 million compared to$83.6 million in the same period last year[3] - Operating income for the nine months ended September 30, 2024, was $1,371,000, a significant drop from$8,693,000 in the prior year[19] - Net income for the nine months ended September 30, 2024, was $2,191,000, down from$6,999,000 in the same period of 2023[19] Earnings Per Share - Diluted earnings per share were $0.20 in Q3 2024, down from$0.45 in Q3 2023[15] - Basic and diluted earnings per share for the three months ended September 30, 2024, were both $0.20, down from$0.45 in the same period last year[18] - Basic and diluted earnings per share for the nine months ended September 30, 2024, were both $0.35, compared to$1.15 in the same period last year[19] Operating Expenses - Station operating expense increased 3.1% to $23.5 million for Q3 2024 compared to the same period last year[1] - Station operating expense for the nine-month period increased 4.7$70.0 million compared to the same period last year[3] - Corporate general and administrative expenses for the nine months ended September 30, 2024, were $9,144,000, up from$7,940,000 in the same period last year[19] - Corporate general and administrative expenses for the three months ended September 30, 2024, were $2,966,000, slightly higher than$2,852,000 in the same period of 2023, an increase of 4%[20] Capital Expenditures - Capital expenditures for Q3 2024 were $625 thousand, down from$760 thousand in Q3 2023[1] - The company incurred capital expenditures of $625,000 for the three months ended September 30, 2024, down from$760,000 in the same period of 2023, a decrease of 17.7%[20] Cash and Investments - As of September 30, 2024, the company had $28.7 million in cash and short-term investments[6] Debt and Leverage - Total long-term debt as of September 30, 2024, was$5,000,000, resulting in a leverage ratio of 0.39 based on trailing twelve-month consolidated EBITDA of $12,714,000[21] Depreciation and Amortization - Depreciation and amortization for radio stations for the nine months ended September 30, 2024, was$3,690,000, an increase from $3,599,000 in the same period of 2023[19] - Depreciation and amortization expense for the nine months ended September 30, 2024, totaled$3,690,000, compared to $3,599,000 in the same period of 2023, an increase of 2.5$49,000, compared to $45,000 in the same period of 2023, a slight increase of 8.9$474,000, up from $250,000 in the same period of 2023, an increase of 89.6%[20]