Saga Communications, Inc. Reports 4th Quarter and Year-End 2024 Results

Core Points - Saga Communications, Inc. reported a net revenue decrease of 1.3% to $28.8 million for Q4 2024 compared to$29.1 million in Q4 2023 [1] - Operating income for Q4 2024 was $984 thousand, down from$2.8 million in the same quarter last year, representing a decline of 63% [2][1] - For the full year 2024, net revenue decreased by 2.2% to $110.3 million compared to$112.8 million in 2023 [3] - The company experienced a significant drop in net income for the year, reporting $3.5 million compared to$9.5 million in 2023 [3][4] Financial Performance - Station operating expenses increased by 4.1% to $24.3 million in Q4 2024, while for the full year, they rose by 4.5$94.3 million [1][3] - Diluted earnings per share for Q4 2024 were $0.20, down from$0.40 in Q4 2023 [1][15] - Capital expenditures for Q4 2024 were $600 thousand, a decrease from$1.0 million in the same period last year, and total capital expenditures for the year were $3.8 million compared to$4.4 million in 2023 [1][3] Dividends and Cash Position - The company paid a quarterly dividend of $0.25 per share on December 13, 2024, and another on March 7, 2025, totaling approximately$1.6 million for each payment [5] - As of December 31, 2024, Saga had $27.8 million in cash and short-term investments, which slightly decreased to$27.3 million by March 10, 2025 [6] Market Position and Strategy - Saga Communications operates in 28 markets with a focus on radio broadcasting, owning 82 FM and 31 AM stations [12] - The company aims to expand its business model to include digital, e-commerce, and local online news services, complementing its core radio operations [12]