Saga Communications, Inc. Reports 1st Quarter 2026 Results
Rhea-AI Summary
Saga Communications (Nasdaq: SGA) reported 1Q2026 results: net revenue down 5.6% to $22.9M, operating loss $3.3M, and net loss $2.4M (diluted loss per share $0.38). Station operating income fell 62% to $0.9M. Cash and short-term investments were $30.4M at March 31, 2026 and $27.8M as of May 4, 2026. The company paid and declared a $0.25 quarterly dividend and expects ~ $3.5M in 2026 capital expenditures.
AI-generated analysis. Not financial advice.
Positive
- Maintained dividend at $0.25 per share, showing continued shareholder returns
- Cash & short-term investments of $30.4M at March 31, 2026, supporting liquidity
- Capex plan of approximately $3.5M for 2026, enabling planned investments
Negative
- Station operating income declined 62% to $0.9M for the quarter
- Net loss widened to $2.4M from $1.6M year-ago (diluted loss per share $0.38)
- Operating loss increased to $3.3M from $2.3M year-ago
News Market Reaction – SGA
On the day this news was published, SGA declined 1.70%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Pre-news, SGA was modestly lower while peers showed mixed action: MDIA up 8.1%, SSP down 1.2%, and UONE/UONEK down 6.63%/8.35%, pointing to stock-specific rather than broad sector drivers.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 15 | Earnings call timing | Neutral | -1.5% | Announcement of Q1 2026 earnings release and conference call logistics. |
| Mar 12 | Earnings results | Negative | +0.8% | Q4 and 2025 results with revenue declines and sizeable impairment charges. |
| Mar 03 | Earnings call timing | Neutral | -0.6% | Notice of Q4 and 2025 earnings release date and conference call. |
| Feb 12 | Dividend declaration | Positive | -0.5% | Quarterly $0.25 dividend announcement funded from cash on balance sheet. |
| Dec 15 | Share repurchase | Positive | +0.5% | Privately negotiated repurchase of 2.8% of outstanding shares at $11.50. |
News-related moves have been mixed: dividend and buyback headlines sometimes saw minor gains, while both earnings dates and some capital return news coincided with small declines, indicating no consistent reaction pattern.
Over the last several months, Saga has combined ongoing capital returns with weaker fundamentals. A Dec 2025 buyback and a $0.25 quarterly dividend highlighted shareholder payouts, while the Mar 12, 2026 year-end 2025 results featured revenue declines and a large impairment. Repeated scheduling releases for earnings calls had slight negative impacts. Today’s Q1 2026 report extends the narrative of revenue pressure and losses alongside continued dividends.
Market Pulse Summary
This announcement highlights a softer Q1 2026, with net operating revenue down 5.6% to $22.9 million and a wider net loss of $2.4 million, while reaffirming Saga’s commitment to a $0.25 quarterly dividend. The company still holds $30.4 million in cash and short-term investments and expects $3.5 million of 2026 capital expenditures. Investors may watch future revenue trends, profitability, and sustainability of dividends against ongoing losses.
Key Terms
non-gaap financial
station operating income financial
ebitda financial
consolidated net leverage ratio financial
forward-looking statements regulatory
u.s. private securities litigation reform act of 1995 regulatory
AI-generated analysis. Not financial advice.
GROSSE POINTE FARMS, Mich., May 07, 2026 (GLOBE NEWSWIRE) -- Saga Communications, Inc. (Nasdaq - SGA) (the “Company” or “Saga”) today reported that net revenue decreased
The Company paid a quarterly dividend of
The Company’s balance sheet reflects
Saga’s 2026 First Quarter conference call will be held on Thursday, May 7, 2026 at 11:00 a.m. The dial-in number for the call is (973) 528-0008. Enter conference code 226287. 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 May 7, 2026 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 the Company’s reconciliation of non-GAAP measures: GAAP operating income to station operating income, GAAP net income to trailing twelve-month consolidated EBITDA as well as other financial data. Such non-GAAP measures include station operating income, trailing 12-month consolidated EBITDA, and consolidated net 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.
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.
Saga is a media company whose business provides radio, digital, e-commerce, on-line news and non-traditional revenue initiatives. We provide services to national, regional and local advertisers to help them meet their growing advertising needs. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacom.com.
Contact:
Samuel D. Bush
(313) 886-7070
| Saga Communications, Inc. Selected Consolidated Financial Data For the Three Months Ended March 31, 2026 and 2025 (amounts in 000’s except per share data) (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Operating Results | ||||||||
| Net operating revenue | $ | 22,867 | $ | 24,212 | ||||
| Station operating expense | 22,012 | 21,963 | ||||||
| Corporate general and administrative | 2,976 | 3,167 | ||||||
| Depreciation and amortization | 1,174 | 1,326 | ||||||
| Other operating (income) expense, net | (33 | ) | 54 | |||||
| Operating loss | (3,262 | ) | (2,298 | ) | ||||
| Interest expense | 91 | 107 | ||||||
| Interest income | (234 | ) | (222 | ) | ||||
| Other income | (55 | ) | (23 | ) | ||||
| Loss before income tax expense | (3,064 | ) | (2,160 | ) | ||||
| Income tax (benefit) expense | ||||||||
| Current | 75 | (670 | ) | |||||
| Deferred | (745 | ) | 85 | |||||
| (670 | ) | (585 | ) | |||||
| Net loss | $ | (2,394 | ) | $ | (1,575 | ) | ||
| Loss per share: | ||||||||
| Basic | $ | (0.38 | ) | $ | (0.25 | ) | ||
| Diluted | $ | (0.38 | ) | $ | (0.25 | ) | ||
| Weighted average common shares | 6,074 | 6,123 | ||||||
| Weighted average common and common equivalent shares | 6,074 | 6,123 | ||||||
| March 31, | |||||
| 2026 | 2025 | ||||
| Balance Sheet Data | |||||
| Working capital | $ | 30,742 | $ | 28,838 | |
| Net fixed assets | $ | 44,813 | $ | 51,337 | |
| Net intangible assets and other assets | $ | 105,463 | $ | 122,362 | |
| Total assets | $ | 198,030 | $ | 219,305 | |
| Long-term debt | $ | 5,000 | $ | 5,000 | |
| Stockholders' equity | $ | 148,312 | $ | 163,560 | |
| Saga Communications, Inc. Selected Consolidated Financial Data Statement of Cash Flows For the Three Months Ended March 31, 2026 and 2025 (amounts in 000’s except per share data) (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (2,394 | ) | $ | (1,575 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 1,174 | 1,326 | ||||||
| Deferred income tax (benefit) expense | (745 | ) | 85 | |||||
| Amortization of deferred costs | 8 | 8 | ||||||
| Compensation expense related to restricted stock awards | 518 | 527 | ||||||
| Provision for credit losses | 154 | 174 | ||||||
| (Gain) Loss on sale of assets, net | (33 | ) | 54 | |||||
| Gain on insurance claims | (55 | ) | (23 | ) | ||||
| Non-cash rent expense | 55 | — | ||||||
| Barter revenue (net) | (7 | ) | (64 | ) | ||||
| Deferred and other compensation | (18 | ) | (17 | ) | ||||
| Changes in operating lease assets and liabilities (net) | (18 | ) | (68 | ) | ||||
| Changes in assets and liabilities: | ||||||||
| (Increase) decrease in current assets | 944 | 546 | ||||||
| (Decrease) increase in accounts payable, accrued expenses, and other liabilities | 824 | 391 | ||||||
| Total adjustments | 2,801 | 2,939 | ||||||
| Net cash provided by operating activities | 407 | 1,364 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchase of short-term investments | (4,677 | ) | (4,498 | ) | ||||
| Redemption of short-term investments | 4,677 | 4,498 | ||||||
| Acquisition of property and equipment (Capital Expenditures) | (779 | ) | (696 | ) | ||||
| Proceeds from sale and disposal of assets | 463 | — | ||||||
| Proceeds from insurance claims, redemption of investments and other | 55 | 23 | ||||||
| Net cash used in investing activities | (261 | ) | (673 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Cash dividends paid | (1,585 | ) | (1,604 | ) | ||||
| Purchase of treasury shares | (13 | ) | — | |||||
| Net cash used in financing activities | (1,598 | ) | (1,604 | ) | ||||
| Net decrease in cash and cash equivalents | (1,452 | ) | (913 | ) | ||||
| Cash and cash equivalents, beginning of period | 22,506 | 18,860 | ||||||
| Cash and cash equivalents, end of period | $ | 21,054 | $ | 17,947 | ||||
| Saga Communications, Inc. Selected Supplemental Financial Data Reconciliation of GAAP Operating Loss to Station Operating Income (a non-GAAP financial measure) For the Three Months Ended March 31, 2026 and 2025 (amounts in 000’s) (Unaudited) | ||||||||
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Operating loss | $ | (3,262 | ) | $ | (2,298 | ) | ||
| Plus: | ||||||||
| Corporate general and administrative | 2,976 | 3,167 | ||||||
| Other operating (income) expense, net | (33 | ) | 54 | |||||
| Depreciation and amortization | 1,174 | 1,326 | ||||||
| Station operating income | $ | 855 | $ | 2,249 | ||||
| Other financial data | ||||||||
| Depreciation and amortization: | ||||||||
| Radio Stations | $ | 1,131 | $ | 1,283 | ||||
| Corporate | $ | 43 | $ | 43 | ||||
| Compensation expense related to restricted stock awards(1) | $ | 518 | $ | 527 | ||||
| Other operating (income) expense, net(2) | $ | (33 | ) | $ | 54 | |||
| Other income, net(2) | $ | (55 | ) | $ | (23 | ) | ||
| Deferred income tax (benefit) expense(2) | $ | (745 | ) | $ | 85 | |||
| Non-cash rent expense(1) | $ | 55 | $ | — | ||||
| Acquisition of property and equipment (Capital Expenditures)(1) | $ | 779 | $ | 696 | ||||
(1) As presented in the Statement of Cash Flows in the Selected Consolidated Financial Data tables
(2) As presented in the Operating Results in the Selected Consolidated Financial Data tables
| Saga Communications, Inc. Selected Supplemental Financial Data Reconciliation of GAAP Net Loss to Trailing 12 Month Consolidated Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Consolidated Net Leverage Ratio (non-GAAP financial measures) March 31, 2026 (amounts in 000's) (Unaudited) | ||||||||||||||||
| Less: | Plus: | Trailing | ||||||||||||||
| 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
| December 31, | March 31, | March 31, | March 31, | |||||||||||||
| 2025 | 2025 | 2026 | 2026 | |||||||||||||
| Net loss | $ | (7,899 | ) | $ | (1,575 | ) | $ | (2,394 | ) | $ | (8,718 | ) | ||||
| Exclusions: | ||||||||||||||||
| Gain (loss) on sale of assets, net | 11,522 | (54 | ) | 33 | 11,609 | |||||||||||
| Impairment of goodwill | (19,229 | ) | — | — | (19,229 | ) | ||||||||||
| Impairment of intangible assets | (1,168 | ) | — | — | (1,168 | ) | ||||||||||
| Other income, net | 1,088 | 309 | 296 | 1,075 | ||||||||||||
| Total exclusions | (7,787 | ) | 255 | 329 | (7,713 | ) | ||||||||||
| Consolidated adjusted net loss(1) | (112 | ) | (1,830 | ) | (2,723 | ) | (1,005 | ) | ||||||||
| Plus: | ||||||||||||||||
| Interest expense | 420 | 107 | 91 | 404 | ||||||||||||
| Income tax (benefit) expense | (2,570 | ) | (585 | ) | (670 | ) | (2,655 | ) | ||||||||
| Non-cash lease charges | 54 | — | 55 | 109 | ||||||||||||
| Depreciation & amortization expense | 5,178 | 1,326 | 1,174 | 5,026 | ||||||||||||
| Non-cash compensation | 2,132 | 527 | 518 | 2,123 | ||||||||||||
| Trailing twelve month consolidated EBITDA(1) | $ | 5,102 | $ | (455 | ) | $ | (1,555 | ) | $ | 4,002 | ||||||
| Total long-term debt, including current maturities | $ | 5,000 | ||||||||||||||
| Less: Unrestricted cash in excess of | (11,054 | ) | ||||||||||||||
| Debt net of unrestricted cash(1) | $ | (6,054 | ) | |||||||||||||
| Divided by trailing twelve month consolidated EBITDA(1) | $ | 4,002 | ||||||||||||||
| Consolidated net leverage ratio(1) | (1.51 | ) | ||||||||||||||
(1) As defined in the Company's credit facility.
