GROSSE POINTE FARMS, Mich., May 09, 2024 (GLOBE NEWSWIRE) -- Saga Communications, Inc. (Nasdaq - SGA) (the "Company" or "Saga") today reported that net revenue decreased 2.5% to $24.7 million for the quarter ended March 31, 2024 compared to $25.3 million for the same period last year. Station operating expense increased 5.9% for the quarter to $23.0 million compared to the same period last year. For the quarter, the operating loss was $2.4 million compared to operating income of $905 thousand for the same period last year and station operating income (a non-GAAP financial measure) decreased 40.9% to $2.8 million. The operating loss for the quarter included a $971 thousand other operating expense which was a non-cash write-off on the sale and abandonment of non-productive broadcast assets/licenses during the quarter. Capital expenditures were $1.1 million for the quarter compared to $1.4 million for the same period last year. We had a net loss of $1.6 million for the quarter compared to net income of $920 thousand for the first quarter last year. Diluted loss per share was $0.25 in the first quarter of 2024. The Company paid a quarterly dividend of $0.25 per share on March 8, 2024. The aggregate amount of the quarterly dividend was approximately $1.6 million. The Company also paid a variable dividend of $0.60 per share on April 5, 2024. The aggregate amount of the variable dividend was approximately $3.8 million. To date Saga has paid over $130 million in total dividends to shareholders since the first special dividend was paid in 2012. The Company intends to pay regular quarterly cash dividends in the future. Consistent with its strategic objective of both maintaining a strong balance sheet and with returning value to our shareholders, the Board of Directors will also continue to consider declaring special cash dividends, variable dividends and stock buybacks in the future. The Company's balance sheet reflects $28.8 million in cash and short-term investments as of March 31, 2024 and $23.7 million as of May 6, 2024. The Company expects to spend approximately $5.0 – $5.5 million for capital expenditures during 2024. Saga's 2024 First Quarter conference call will be held on Thursday, May 9, 2024 at 11:00 a.m. The dial-in number for the call is (973) 528-0008. Enter conference code 690103. 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 9, 2024 to 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, and GAAP net income to trailing twelve-month consolidated EBITDA as well as other financial data. Such non-GAAP measures include same station 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. 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 is devoted to acquiring, developing and operating broadcast properties with a growing focus on 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, 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. Contact:Samuel D. Bush(313) 886-7070 Saga Communications, Inc.Selected Consolidated Financial DataFor the Three Months EndedMarch 31, 2024 and 2023(amounts in 000's except per share data)(Unaudited)                     Three Months Ended       March 31,           2024        2023        Operating Results               Net operating revenue   $ 24,664        $ 25,304      Station operating expense     22,981          21,703      Corporate general and administrative     3,129          2,616      Other operating expense, net     971          80     Operating (loss) income     (2,417 )     905      Interest expense     43          43      Interest income     (303 )        (289 )    Other income, net     —          (119 )   Income (loss) before income tax expense     (2,157 )     1,270      Income tax provision (benefit)               Current     (515 )        280      Deferred (benefit)     (65 )        70            (580 )     350     Net (loss) income   $ (1,577 )   $ 920                       Earnings (loss) per share:                Basic   $ (0.25 )      $ 0.15      Diluted   $ (0.25 )      $ 0.15                       Weighted average common shares     6,063          6,028      Weighted average common and common equivalent shares     6,063          6,028                      March 31,