Saga Communications, Inc. Declares a Quarterly Cash Dividend of $0.25 per Share

Rhea-AI Summary

Saga Communications (Nasdaq - SGA) announced a quarterly cash dividend of $0.25 per share, payable on June 28, 2024, to shareholders of record as of June 3, 2024. The total payment will be approximately $1.6 million, funded by existing cash reserves. Since 2012, Saga has distributed around $132 million in dividends. The company adheres to a variable dividend policy aimed at maintaining a robust balance sheet, rewarding shareholders, and facilitating growth through strategic acquisitions. Future dividends and potential stock buybacks will be decided by the Board based on financial performance, cash needs, and other factors. Saga operates in 27 markets, managing 79 FM and 31 AM radio stations along with 78 metro signals.

Positive

• Quarterly cash dividend of $0.25 per share declared.
• Total dividend payment of approximately $1.6 million.
• Dividend funded by cash reserves, indicating strong liquidity.
• Approximately $132 million paid in dividends since 2012.
• Commitment to regular and variable dividends.
• Strategy includes maintaining strong balance sheet, rewarding shareholders, and growth through acquisitions.
• Potential for future special dividends and stock buybacks.

Negative

• The dividend payment is relatively modest at $0.25 per share.
• Future dividends and stock buybacks contingent on financial performance and other factors, introducing uncertainty.
• No new strategic acquisitions or growth initiatives announced in this PR.

GROSSE POINTE FARMS, Mich., May 22, 2024 (GLOBE NEWSWIRE) -- Saga Communications, Inc. (Nasdaq - SGA) (the “Company”, “Saga” or “our”) today announced that its Board of Directors (“Board”) declared a quarterly cash dividend of $0.25 per share. The dividend will be paid on June 28, 2024, to shareholders of record on June 3, 2024. The aggregate amount of the payment to be made in connection with the quarterly dividend will be approximately $1.6 million. The quarterly dividend will be funded by cash on the Company’s balance sheet. Including this dividend, the Company will have paid approximately $132 million in dividends to shareholders since the first special dividend was paid in 2012.

The Company currently intends to declare regular quarterly cash dividends as well as variable dividends in accordance with the terms of its variable dividend policy. As previously reported, our Board adopted a variable dividend policy for the allocation of available cash aligned with the goals of maintaining a strong balance sheet, increasing cash returns to shareholders, and continuing to grow the Company through strategic acquisitions. The Company may also declare special dividends and implementation of stock buybacks in future periods. The declaration and payment of any future dividend, whether fixed, special, or based on the variable policy, or the implementation of any stock buyback program will remain at the full discretion of the Board and will depend on the Company’s financial results, cash requirements, future expectations, and other pertinent factors.

Saga is a media company whose business is devoted to acquiring, developing and operating broadcast properties including opportunities complimentary to our core radio business including digital, e-commerce and non-traditional revenue initiatives. Saga owns or operates broadcast properties in 27 markets, including 79 FM and 31 AM radio stations and 78 metro signals. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacom.com.

This press release contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that are based upon current expectations and involve certain risks and uncertainties. Words such as “will,” “may,” “believes,” “intends,” “expects,” “anticipates,” “guidance,” and similar expressions are intended to identify forward-looking statements. The material risks facing our business are described in the reports Saga periodically files with the U.S. Securities and Exchange Commission, including, in particular, Item 1A of our Annual Report on Form 10-K. Readers should note that forward-looking statements may be impacted by several factors, including global, national, and local economic changes and changes in the radio broadcast industry in general as well as Saga’s actual performance. Actual results may vary materially from those described herein and Saga undertakes no obligation to update any information contained herein that constitutes a forward-looking statement.

Contact:
Samuel D. Bush
(313) 886-7070

FAQ

When will Saga Communications pay its next dividend?

The next dividend will be paid on June 28, 2024, to shareholders of record as of June 3, 2024.

How much is the quarterly cash dividend for Saga Communications?

The quarterly cash dividend is $0.25 per share.

What is the total amount Saga Communications will pay in dividends?

Saga Communications will pay approximately $1.6 million in total for the quarterly dividend.

What is the stock symbol for Saga Communications?

The stock symbol for Saga Communications is SGA.

How much has Saga Communications paid in dividends since 2012?

Saga Communications has paid approximately $132 million in dividends since 2012.

What is Saga Communications' variable dividend policy?

Saga Communications' variable dividend policy aims to allocate available cash while maintaining a strong balance sheet, increasing shareholder returns, and supporting growth through acquisitions.