Saga Communications, Inc. Reports 2nd Quarter 2026 Results
Rhea-AI Summary
Saga Communications (Nasdaq: SGA) reported second quarter 2026 net revenue of $26.4 million, down 6.5% from $28.2 million a year earlier. Station operating expense rose 5.4% to $23.4 million, including $352 thousand of non-cash rent expense linked to a prior tower sale-lease structure.
Operating income for the quarter was $623 thousand versus $1.4 million, while non-GAAP station operating income fell 50.6% to $3.0 million. Net income was $960 thousand with diluted EPS of $0.15. For the first half of 2026, net revenue declined 6.0% to $49.3 million and Saga posted a net loss of $1.4 million, or $0.23 per diluted share.
Saga highlighted a $10.7 million sale of 24 telecommunications towers and related assets, which increased liquidity while introducing ongoing non-cash rent expense and non-cash interest income. The company paid a $0.25 per share dividend in June 2026, holds $27.8 million in cash and short-term investments at June 30, 2026, and expects 2026 capital expenditures of $3.0–$3.5 million.
Positive
- Q2 2026 net income $960 thousand, diluted EPS $0.15
- Gain on sale of assets $1.5 million in Q2 2026
- Cash and short-term investments $27.8 million at June 30, 2026
- Long-term debt $5.0 million outstanding at June 30, 2026
- Quarterly dividend $0.25 per share, ~$1.6 million paid in June 2026
- Corporate G&A expense down to $2.7 million in Q2 2026 from $3.1 million
Negative
- Q2 2026 net revenue down 6.5% year-over-year to $26.4 million
- First-half 2026 net revenue down 6.0% to $49.3 million
- Station operating income down 50.6% in Q2 2026 to $3.0 million
- First-half 2026 operating loss $2.6 million versus $0.9 million loss
- First-half 2026 net loss $1.4 million versus $447 thousand loss
- First-half 2026 operating cash flow used $1.3 million versus $2.1 million provided
News Explained
Through June 30, Saga Communications used
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 23 | Earnings date announcement | Neutral | +1.0% | Announced the date and time for the second-quarter earnings release and conference call. |
| May 07 | Dividend declaration | Positive | -1.7% | Declared a quarterly cash dividend payable to shareholders in June. |
| May 07 | Q1 earnings report | Negative | -1.7% | Reported declining revenue, operating losses, and a wider net loss for the quarter. |
| Apr 15 | Earnings date announcement | Neutral | -1.5% | Scheduled the first-quarter earnings release and conference call for May. |
| Mar 12 | Q4 earnings report | Negative | +0.8% | Reported revenue declines, operating losses, net losses, and a significant impairment. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
SGA historically showed mixed reactions to company news, aligning with weaker quarterly earnings in May but diverging from negative Q4 results and the dividend announcement.
Key Terms
non-gaap financial measure financial
installment sale financial
non-cash rent expense financial
revolving credit facility financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
GROSSE POINTE FARMS, Mich., Aug. 13, 2026 (GLOBE NEWSWIRE) -- Saga Communications, Inc. (Nasdaq - SGA) (the “Company” or “Saga”) today reported that net revenue decreased
Net revenue decreased
As previously reported, the Company sold 24 telecommunications towers, related real property and other assets located at 22 sites on October 17, 2025 and as amended in the quarter ended June 30, 2026 for a total cash purchase price of approximately
The Company paid a quarterly dividend of
The Company’s balance sheet reflected
Saga’s 2026 Second Quarter conference call will be held on Thursday, August 13, 2026 at 11:00 a.m. The dial-in number for the call is (973) 528-0008. Enter conference code 778793. 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 August 13, 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 and trailing 12-month consolidated EBITDA. 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, evaluating the Company’s financial position, and as a primary but not exclusive measure for incentive-based compensation of executives and other members of management. 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 and subsequent Quarterly Reports on Form 10Q. 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 is devoted to acquiring, developing and operating broadcast properties with a focus on providing opportunities complimentary to our core radio business including digital, e-commerce, local on-line news services and non-traditional revenue initiatives. Saga owns or operates broadcast properties in 28 markets, including 82 FM and 28 AM radio stations and 78 metro signals. 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 and Six Months Ended June 30, 2026 and 2025 (amounts in 000’s except per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating Results | ||||||||||||||||
| Net operating revenue | $ | 26,402 | $ | 28,229 | $ | 49,269 | $ | 52,441 | ||||||||
| Station operating expense | 23,436 | 22,226 | 45,448 | 44,189 | ||||||||||||
| Corporate general and administrative | 2,676 | 3,074 | 5,652 | 6,241 | ||||||||||||
| Depreciation and amortization | 1,184 | 1,267 | 2,358 | 2,593 | ||||||||||||
| (Gain) loss on sale of assets, net | (1,517 | ) | 253 | (1,550 | ) | 307 | ||||||||||
| Operating income (loss) | 623 | 1,409 | (2,639 | ) | (889 | ) | ||||||||||
| Interest expense | 92 | 107 | 183 | 214 | ||||||||||||
| Interest income | (578 | ) | (210 | ) | (812 | ) | (432 | ) | ||||||||
| Other income | (1 | ) | (1 | ) | (56 | ) | (24 | ) | ||||||||
| Income (loss) before income tax expense | 1,110 | 1,513 | (1,954 | ) | (647 | ) | ||||||||||
| Income tax (benefit) expense | ||||||||||||||||
| Current | — | 510 | 75 | (160 | ) | |||||||||||
| Deferred | 150 | (125 | ) | (595 | ) | (40 | ) | |||||||||
| 150 | 385 | (520 | ) | (200 | ) | |||||||||||
| Net income (loss) | $ | 960 | $ | 1,128 | $ | (1,434 | ) | $ | (447 | ) | ||||||
| Income (loss) per share: | ||||||||||||||||
| Basic | $ | 0.15 | $ | 0.18 | $ | (0.23 | ) | $ | (0.07 | ) | ||||||
| Diluted | $ | 0.15 | $ | 0.18 | $ | (0.23 | ) | $ | (0.07 | ) | ||||||
| Weighted average common shares | 6,095 | 6,176 | 6,084 | 6,138 | ||||||||||||
| Weighted average common and common equivalent shares | 6,095 | 6,176 | 6,084 | 6,138 | ||||||||||||
| June 30, | |||||
| 2026 | 2025 | ||||
| Balance Sheet Data | |||||
| Working capital | $ | 25,592 | $ | 29,054 | |
| Net fixed assets | $ | 44,642 | $ | 51,219 | |
| Net intangible assets and other assets | $ | 105,930 | $ | 122,118 | |
| Total assets | $ | 196,807 | $ | 218,873 | |
| Long-term debt (including current portion of | $ | 5,000 | $ | 5,000 | |
| Stockholders' equity | $ | 148,229 | $ | 163,680 | |
| Saga Communications, Inc. Selected Consolidated Financial Data Statement of Cash Flows For the Six Months Ended June 30, 2026 and 2025 (amounts in 000’s except per share data) (Unaudited) | ||||||||
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2026 | 2025 | |||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (1,434 | ) | $ | (447 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 2,358 | 2,593 | ||||||
| Deferred income tax benefit | (595 | ) | (40 | ) | ||||
| Amortization of deferred costs | 13 | 16 | ||||||
| Compensation expense related to restricted stock awards | 1,066 | 1,130 | ||||||
| Provision for credit losses | 196 | 225 | ||||||
| (Gain) Loss on sale of assets, net | (1,550 | ) | 307 | |||||
| Other gains | — | (27 | ) | |||||
| Gain on insurance claim | (56 | ) | — | |||||
| Non-cash rent expense | 407 | — | ||||||
| Non-cash interest income | (381 | ) | — | |||||
| Barter revenue (net) | (73 | ) | (163 | ) | ||||
| Deferred and other compensation | (128 | ) | (98 | ) | ||||
| Changes in operating lease assets and liabilities (net) | (32 | ) | 705 | |||||
| Changes in assets and liabilities: | ||||||||
| (Increase) decrease in current assets | (439 | ) | (1,501 | ) | ||||
| (Decrease) increase in accounts payable, accrued expenses, and other liabilities | (629 | ) | (581 | ) | ||||
| Total adjustments | 157 | 2,566 | ||||||
| Net cash (used in) provided by operating activities | (1,277 | ) | 2,119 | |||||
| Cash flows from investing activities: | ||||||||
| Purchase of short-term investments | (11,758 | ) | (9,031 | ) | ||||
| Redemption of short-term investments | 11,758 | 9,031 | ||||||
| Acquisition of property and equipment (Capital Expenditures) | (2,041 | ) | (2,010 | ) | ||||
| Proceeds from sale and disposal of assets | 2,323 | 10 | ||||||
| Proceeds from insurance claims, redemption of investments and other | 56 | 27 | ||||||
| Net cash provided by (used in) investing activities | 338 | (1,973 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Cash dividends paid | (3,176 | ) | (3,215 | ) | ||||
| Purchase of treasury shares | (13 | ) | — | |||||
| Net cash used in financing activities | (3,189 | ) | (3,215 | ) | ||||
| Net decrease in cash and cash equivalents | (4,128 | ) | (3,069 | ) | ||||
| Cash and cash equivalents, beginning of period | 22,506 | 18,860 | ||||||
| Cash and cash equivalents, end of period | $ | 18,378 | $ | 15,791 | ||||
| Saga Communications, Inc. Selected Supplemental Financial Data Reconciliation of GAAP Operating Loss to Station Operating Income (a non-GAAP financial measure) For the Three and Six Months Ended June 30, 2026 and 2025 (amounts in 000’s) (Unaudited) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | ||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| Operating income (loss) | $ | 623 | $ | 1,409 | $ | (2,639 | ) | $ | (889 | ) | |||||||
| Plus: | |||||||||||||||||
| Corporate general and administrative | 2,676 | 3,074 | 5,652 | 6,241 | |||||||||||||
| (Gain) loss on sale of assets, net | (1,517 | ) | 253 | (1,550 | ) | 307 | |||||||||||
| Depreciation and amortization | 1,184 | 1,267 | 2,358 | 2,593 | |||||||||||||
| Station operating income | $ | 2,966 | $ | 6,003 | $ | 3,821 | $ | 8,252 | |||||||||
| Other financial data | |||||||||||||||||
| Depreciation and amortization: | |||||||||||||||||
| Radio Stations | $ | 1,141 | $ | 1,224 | $ | 2,272 | $ | 2,507 | |||||||||
| Corporate | $ | 43 | $ | 43 | $ | 86 | $ | 86 | |||||||||
| Compensation expense related to restricted stock awards | $ | 548 | $ | 603 | $ | 1,066 | (1) | $ | 1,130 | (1) | |||||||
| (Gain) loss on sale of assets, net(2) | $ | (1,517 | ) | $ | 253 | $ | (1,550 | ) | $ | 307 | |||||||
| Other income, net(2) | $ | (1 | ) | $ | (1 | ) | $ | (56 | ) | $ | (24 | ) | |||||
| Deferred income tax (benefit) expense(2) | $ | 150 | $ | (125 | ) | $ | (595 | ) | $ | (40 | ) | ||||||
| Non-cash rent expense | $ | 352 | $ | — | $ | 407 | (1) | $ | — | (1) | |||||||
| Non-cash interest income | $ | (381 | ) | $ | — | $ | (381 | ) | (1) | $ | — | (1) | |||||
| Acquisition of property and equipment (Capital Expenditures) | $ | 1,262 | $ | 1,314 | $ | 2,041 | (1) | $ | 2,010 | (1) | |||||||
| (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”) (a non-GAAP financial measure) June 30, 2026 (amounts in 000's) (Unaudited) | ||||||||||||||||
| Less: | Plus: | Trailing | ||||||||||||||
| 12 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||
| December 31, | June 30, | June 30, | June 30, | |||||||||||||
| 2025 | 2025 | 2026 | 2026 | |||||||||||||
| Net loss | $ | (7,899 | ) | $ | (447 | ) | $ | (1,434 | ) | $ | (8,886 | ) | ||||
| Exclusions: | ||||||||||||||||
| Gain (loss) on sale of assets, net | 11,522 | (307 | ) | 1,550 | 13,379 | |||||||||||
| Impairment of goodwill | (19,229 | ) | — | — | (19,229 | ) | ||||||||||
| Impairment of intangible assets | (1,168 | ) | — | — | (1,168 | ) | ||||||||||
| Other income, net | 1,088 | 622 | 941 | 1,407 | ||||||||||||
| Total exclusions | (7,787 | ) | 315 | 2,491 | (5,611 | ) | ||||||||||
| Consolidated adjusted net loss | (112 | ) | (762 | ) | (3,925 | ) | (3,275 | ) | ||||||||
| Plus: | ||||||||||||||||
| Interest expense | 420 | 214 | 183 | 389 | ||||||||||||
| Income tax benefit | (2,570 | ) | (200 | ) | (520 | ) | (2,890 | ) | ||||||||
| Non-cash rent expense | 54 | — | 407 | 461 | ||||||||||||
| Depreciation & amortization expense | 5,178 | 2,593 | 2,358 | 4,943 | ||||||||||||
| Non-cash compensation | 2,132 | 1,130 | 1,066 | 2,068 | ||||||||||||
| Trailing twelve month consolidated EBITDA | $ | 5,102 | $ | 2,975 | $ | (431 | ) | $ | 1,696 | |||||||
