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Saga Communications Inc. (SGA-0.62%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net operating revenue of $112.9 million for 2024, a decrease from $115.5 million in 2023. The decrease was attributed to a drop in local advertising revenue, partially offset by increases in political and digital advertising revenues.
Station operating expenses rose to $96.9 million in 2024 from $92.9 million in 2023. The increase was due to higher compensation-related expenses, bad debt expenses, and interactive fulfillment costs.
Operating income for 2024 was $2.4 million, down from $11.5 million in 2023. The decrease was primarily due to lower revenue and higher operating expenses.
Net income for 2024 was $3.5 million, compared to $9.5 million in 2023. The decrease in net income was due to lower operating income and a reduction in interest income.
Saga Communications completed an acquisition of radio stations in the Greater Lafayette, Indiana market for $5.3 million in 2024. The acquisition was financed through operations and credit borrowings.
The company declared and paid dividends totaling $1.60 per share in 2024, amounting to approximately $10 million.
Saga Communications identified a material weakness in its internal controls over financial reporting related to revenue reconciliations and plans to implement remediation measures.
The company reported $5 million in long-term debt as of December 31, 2024, with $45 million in unused borrowing capacity under its credit facility.
Saga Communications continues to focus on expanding its digital advertising initiatives and maintaining a strong presence in its existing markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Saga Communications Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.