Saga Communications, Inc. Declares a Quarterly Cash Dividend of $0.25 per Share
May 09 2023 - 4:15PM
Saga Communications, Inc. (Nasdaq - SGA) (the “Company”,
“Saga” or “our”) today announced that its Board of Directors
declared a quarterly cash dividend of $0.25 per share. The dividend
will be paid on June 16, 2023, to shareholders of record on May 22,
2023. The aggregate amount of the payment to be made in connection
with the quarterly dividend will be approximately $1.5 million. The
quarterly dividend will be funded by cash on the Company’s balance
sheet. Including this dividend, the Company will have paid
approximately $110 million in dividends to shareholders since the
first special dividend was paid in 2012.
The Company currently intends to declare regular
quarterly cash dividends, special dividends, variable dividends,
and stock buybacks in the future. The declaration and payment of
any future dividend, whether fixed, special, or based on the
variable policy, will remain at the full discretion of the
Company’s Board of Directors and will depend on the Company’s
financial results, cash requirements, future expectations, and
other factors that the Company’s Board of Directors finds relevant
at the time of any declaration.
As previously reported our Board adopted a
variable dividend policy for the allocation of cash flows aligned
with the goals of maintaining a strong balance sheet, increasing
cash returns to shareholders, and continuing to grow the Company
through strategic acquisitions. Under the new policy in addition to
any quarterly and special dividends paid, the Company may declare
an additional dividend in the Second Quarter of each year of 70% of
the preceding year’s Free Cash Flow as reported in the Company’s
fourth quarter earnings release, net of acquisitions, special,
quarterly and variable dividends, debt paydowns and debt issuance
costs and stock buybacks.
Saga is a broadcasting company whose business is
devoted to acquiring, developing, and operating broadcast
properties. Saga owns or operates broadcast properties in 27
markets, including 79 FM, 33 AM radio stations and 80 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,” “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
Saga Communications (NASDAQ:SGA)
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