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Saga Communications reported weaker results for the first half of 2026. Net operating revenue was $49.3 million, down 6.0% from 2025, with Q2 revenue of $26.4 million, down 6.5%. Growth in digital advertising partly offset declines in local and national broadcast revenue.
Station operating expenses rose to $45.4 million for the six months, contributing to an operating loss of $2.6 million and a net loss of $1.4 million (vs. a $0.4 million loss a year earlier). Q2 itself remained profitable with net income of $0.96 million, helped by $1.55 million of gains on non-core asset sales.
Cash from operations was negative $1.3 million for the six months, but Saga ended June 30, 2026 with $18.4 million in cash and $196.8 million in total assets. The company had $5.0 million of debt reclassified as current after a covenant breach; this debt was repaid and the credit agreement terminated in August 2026. The board maintained its capital return policy, paying $0.50 per share in dividends in the first half. Saga is also reshaping its portfolio through tower and property sales and signed a seven-year joint sales agreement to sell advertising for University of Florida stations starting September 1, 2026.
Saga Communications, Inc. reported softer results for the quarter and six months ended June 30, 2026. For the quarter, net revenue fell 6.5% to $26.4 million and station operating expense rose 5.4% to $23.4 million, leading to operating income of $623 thousand versus $1.4 million a year earlier. Net income was $960 thousand, or $0.15 diluted EPS.
For the first half of 2026, net revenue declined 6.0% to $49.3 million and the company recorded an operating loss of $2.6 million and a net loss of $1.4 million, or $0.23 diluted loss per share. Station operating income, a non-GAAP metric, dropped to $3.8 million from $8.3 million. Trailing twelve month consolidated EBITDA was $1.7 million.
Liquidity remains a focus: Saga completed a $10.7 million tower sale in 2025 and, reflecting related amendments, recorded $352 thousand in non-cash rent expense and $381 thousand in non-cash interest income in the quarter. Cash and short-term investments totaled $27.8 million at June 30, 2026, and $22.9 million as of August 10, 2026 after repaying in full $5.0 million under the revolving credit facility. The company paid a $0.25 quarterly dividend (about $1.6 million) and expects $3.0–$3.5 million of 2026 capital expenditures.
Saga Communications, Inc. reported the results of its Annual Meeting of Shareholders held on June 1, 2026. Shareholders elected seven directors for one-year terms, with individual nominees receiving between 2,871,665 and 3,696,203 votes for and between 1,097,273 and 1,921,811 votes withheld, plus 863,982 broker non-votes for each.
Shareholders also ratified the appointment of Crowe LLP as independent auditors for the fiscal year ending December 31, 2026, with 5,571,362 votes for, 24,494 against and 61,602 abstentions. In a non-binding advisory vote, shareholders approved the compensation of named executive officers, with 3,020,736 votes for, 1,760,704 against, 12,036 abstentions and 863,982 broker non-votes.
Saga Communications, Inc. ownership disclosure: a joint filing reports that the Edward K. Christian Trust beneficially holds 881,044 shares of Class A Common Stock (13.8%). The filing shows related parties — Michael L. Dallaire (shared control over 881,044 shares), Judith A. Christian (total 884,585 shares, 13.9%) and a Judith A. Christian IRA (3,541 shares, 0.1%). The percentages are calculated using 6,363,968 shares outstanding as of May 6, 2026 per the issuer's Form 10-Q referenced in the filing.
Saga Communications reported a larger net loss for the quarter ended March 31, 2026 as revenue declined and it breached a key debt covenant. Net operating revenue fell to $22.9 million from $24.2 million, mainly from weaker local, national and other revenue, partly offset by strong digital growth.
Station operating expenses were steady at $22.0 million, while corporate costs and depreciation declined, leading to an operating loss of $3.3 million. Net loss widened to $2.4 million or $(0.38) per share. Digital advertising revenue rose to $4.4 million, about 19% of total revenue, reflecting the company’s blended radio‑and‑digital strategy.
Saga ended the quarter with cash and cash equivalents of $21.1 million and long‑term debt of $5.0 million. Its fixed charge coverage ratio was 0.92 to 1.00 versus the 1.15 to 1.00 minimum under its Credit Agreement; lenders granted a waiver for this March 31, 2026 covenant noncompliance.
Saga Communications, Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.25 per share on its Class A common stock. The dividend will be paid on June 12, 2026 to shareholders of record on May 22, 2026.
The company expects the aggregate dividend payment to be approximately $1.6 million, funded from cash on its balance sheet. Including this dividend, Saga states it has paid over $145 million in dividends to shareholders since its first special dividend in 2012 and notes that any future dividends or buybacks will remain at the Board’s full discretion.
Saga Communications, Inc. reported weaker results for the quarter ended March 31, 2026. Net operating revenue fell 5.6% to $22.9 million from $24.2 million, while station operating income dropped 62.0% to $0.9 million. The company posted an operating loss of $3.3 million and a net loss of $2.4 million, compared with losses of $2.3 million and $1.6 million a year earlier. Diluted loss per share widened to $0.38 from $0.25. Saga paid a quarterly dividend of $0.25 per share in March 2026 (about $1.6 million) and declared another $0.25 dividend with a record date of May 22, 2026 and payable June 12, 2026. Cash and short-term investments were $30.4 million as of March 31, 2026 and $27.8 million as of May 4, 2026. Trailing twelve month consolidated EBITDA, a non-GAAP measure, was $4.0 million, and the consolidated net leverage ratio was reported at (1.51), reflecting net cash.
Saga Communications is asking shareholders to vote at its fully virtual 2026 annual meeting on June 1, 2026. Shareholders will elect seven directors, ratify Crowe LLP as independent auditor for 2026, and cast an advisory vote on named executive officer pay.
The board remains majority independent and has formal committees for audit, compensation, nominating/governance, and a Cybersecurity Subcommittee formed in 2023. As of April 6, 2026, 6,363,968 Class A shares were outstanding, with TowerView LLC and the Edward K. Christian Trust among the largest holders.
In 2025, the CEO earned total compensation of $1.43 million, primarily salary, bonus, and restricted stock, while other named executives received mix of salary, smaller bonuses, and equity. Non‑employee directors received annual cash retainers of $72,000 plus stock awards of about $53,000, and Crowe LLP billed $470,500 in 2025 audit and related fees.
Saga Communications, Inc. reported that Chief Executive Officer Christopher S. Forgy has resumed all regular duties and responsibilities after a temporary medical leave. The company previously disclosed on February 13, 2026 that he began an indefinite medical leave to recover from open heart surgery.
During his recovery, Mr. Forgy remained available for consultation on significant matters, returned initially on a part-time basis, and led the company’s 4th Quarter and Year-End 2025 conference call on March 12, 2026. While he was away, the executive team, led by Chief Operating Officer Wayne Leland and Chief Financial Officer Samuel D. Bush, maintained continuity of operations.