Saga Communications, which owns 113 radio stations and 80 translators reported Q1 earnings of $25 million Thursday, an increase over Q1 of 2021 of 12%. Local radio revenue was $12.4 million, making up 50% of the total revenue for the company.
Saga pulled in $121,000 in political ad revenue in the first quarter but CFO Sam Bush expects that to increase significantly i the 3rd and 4th quarters.
Free cash flow was $1.9 million for the quarter compared to $1.8 million for the same period last year. Net income was $1.2 million for the quarter compared to $758 thousand for the first quarter last year.
The Company paid a quarterly dividend of $0.16 per share on April 8, 2022. The aggregate amount of the quarterly dividend was approximately $970 thousand. Additionally, the Company paid a quarterly dividend of $0.16 per share and a special dividend of $0.50 per share on January 14, 2022. The aggregate amount of the January 14, 2022 quarterly and special dividend was approximately $4 million. To date Saga has paid over $78 million in dividends to shareholders since the first special dividend was paid in 2012.
The Company’s balance sheet reflects $55.2 million in cash on hand as of March 31, 2022 and $52.1 million as of May 2, 2022.
