Saga Communications, Inc. Declares a Quarterly Cash Dividend of $0.25 per Share
February 07 2024 - 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 March 8, 2024, to shareholders of
record on February 20, 2024. The aggregate amount of the payment to
be made in connection with the quarterly dividend will be
approximately $1.6 million. The quarterly dividend will be funded
by cash on the Company’s balance sheet. Including this dividend,
the Company will have paid approximately $127 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 media company whose business is devoted
to acquiring, developing and operating broadcast properties
including 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 and 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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