Saga Communications, Inc. Declares a Quarterly Cash Dividend of $0.25 per Share
November 16 2023 - 4:00PM
Saga Communications, Inc. (Nasdaq - SGA) (the “Company”,
“Saga” or “our”) today announced that its Board of Directors
(“Board”) declared a quarterly cash dividend of $0.25 per share.
The dividend will be paid on December 15, 2023, to shareholders of
record on November 27, 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 $113 million in dividends
to shareholders since the first special dividend was paid in 2012.
The Company currently intends to declare regular quarterly cash
dividends as well as variable dividends in accordance with the
terms of its variable dividend policy. 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. The Company may also
declare special dividends and stock buybacks in future periods. The
declaration and payment of any future dividend, whether fixed,
special, or based on the variable policy, or the implementation of
any stock buyback program will remain at the full discretion of the
Board and will depend on the Company’s financial results, cash
requirements, future expectations, and other pertinent factors.
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,” “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.
Contact:Samuel D. Bush(313)
886-7070
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