Saga Issues 2024 Year End Earnings Report

Saga Communications, Inc. (Nasdaq – SGA) (the “Company,” “Saga,” “we,” or “our”) today reported that net revenue decreased 1.3% to $28.8 million for the quarter ended December 31, 2024 compared to $29.1 million for the same period last year. Station operating expense increased 4.1% for the quarter to $24.3 million compared to the same period last year. For the quarter, operating income was $984 thousand compared to $2.8 million for the same quarter last year and station operating income (a non-GAAP financial measure) decreased 17.2% to $5.9 million. Capital expenditures were $600 thousand for the quarter compared to $1.0 million for the same period last year. We had net income of $1.3 million for the quarter compared to net income of $2.5 million for the fourth quarter last year. Diluted earnings per share were $0.20 in the fourth quarter of 2024.

On a same station basis for the quarter ended December 31, 2024 net revenue decreased 3.9% to $28.0 million and station operating expense increased 0.7% to $23.5 million. Operating income decreased 63.0% to $1.0 million.

Net revenue decreased 2.2% to $110.3 million for the twelve-month period ended December 31, 2024 compared to $112.8 million for the same period last year. Station operating expense increased 4.5% for the twelve-month period to $94.3 million compared to the same period last year. For the twelve-month period, operating income was $2.4 million compared to $11.5 million and station operating income (a non-GAAP financial measure) decreased 23.1% to $21.1 million. Capital expenditures for the twelve-months were $3.8 million compared to $4.4 million for the same period last year. Net income was $3.5 million for the twelve-month period compared to $9.5 million for the same period last year. Diluted earnings per share were $0.55 in the twelve-months of 2024.

On a same station basis for the year ended December 31, 2024 net revenue decreased 3.7% to $108.6 million from last year and station operating expense increased 2.5% to $92.5 million. Operating income decreased 78.4% to $2.5 million.

The Company paid a quarterly dividend of $0.25 per share on December 13, 2024 and subsequent to the end of the year paid an additional quarterly dividend of $0.25 per share on March 7, 2025. The aggregate amount of each quarterly dividend was approximately $1.6 million. To date Saga has paid over $137 million in dividends to shareholders since the first special dividend was paid in 2012. The Company intends to pay regular quarterly cash dividends in the future.

The Company’s balance sheet reflects $27.8 million in cash and short-term investments as of December 31, 2024 and $27.3 million as of March 10, 2025.   The Company expects to spend approximately $4.0 – $4.5 million for capital expenditures during 2025.

Saga’s 2024 Fourth Quarter and Year-End conference call will be held on Tuesday, March 11, 2025 at 11:00 a.m. The dial-in number for the call is (973) 528-0008. Enter conference code 424193. A recording and transcript of the call will be posted to the Company’s website as soon as it is available after the call.

The Company requests that all parties that have a question that they would like to submit to the Company please email the inquiry by 10:00 a.m. on March 11, 2025 to SagaIR@sagacom.com. The Company will discuss, during the limited period of the conference call, those inquiries it deems of general relevance and interest. Only inquiries made in compliance with the foregoing directions will be discussed during the call.

Saga utilizes certain financial measures that are not calculated in accordance with generally accepted accounting principles (GAAP) to assess its financial performance. The attached Selected Supplemental Financial Data tables disclose “actual”, “same station”, and “proforma” financial information as well as the Company’s reconciliation of non-GAAP measures: GAAP operating income to station operating income, GAAP net income to trailing twelve-month consolidated EBITDA and actual operating results to same station operating results as well as other financial data. The actual financial information reflects our historical financial results and include the results of operations for stations that we did not own for the entire comparable period. The same station financial information reflects only the results of operations for stations that we owned for the entire comparable period. The proforma financial information assume all acquisitions in 2024 occurred as of January 1, 2023. Such non-GAAP measures include same station financial information, pro forma financial information, station operating income, trailing 12-month consolidated EBITDA, and leverage ratio. These non-GAAP measures are generally recognized by the broadcasting industry as measures of performance and are used by Saga to assess its financial performance including, but not limited to, evaluating individual station and market-level performance, evaluating overall operations, as a primary measure for incentive-based compensation of executives and other members of management and as a measure of financial position. Saga’s management believes these non-GAAP measures are used by analysts who report on the industry and by investors to provide meaningful comparisons between broadcasting groups, as well as an indicator of their market value. These measures are not measures of liquidity or of performance in accordance with GAAP and should be viewed as a supplement to and not as a substitute for the results of operations presented on a GAAP basis including net operating revenue, operating income, and net income. Reconciliations for all the non-GAAP financial measures to the most directly comparable GAAP measure are attached in the Selected Supplemental Financial Data tables.