GROSSE POINTE FARMS, Mich., Sept. 20, 2022 (GLOBE NEWSWIRE) — Saga Communications, Inc. (Nasdaq – SGA) (the “Company”, “Saga” or “our”) right now introduced that its Board of Directors declared an elevated quarterly money dividend of $0.25 per share and a particular money dividend of $2.00 per share. The dividend can be paid on October 21, 2022, to shareholders of file on October 3, 2022. The mixture quantity of the cost to be made in reference to the quarterly and particular dividends can be roughly $13.6 million. The quarterly and particular money dividends can be funded by money on the Company’s stability sheet. Including this dividend, the Company may have paid over $93.0 million in dividends to shareholders for the reason that first particular dividend was paid in 2012.
“We are very pleased that our strong capital position and operating performance allowed us to declare an increased regular quarterly cash dividend and a special cash dividend, reflecting our continuing commitment to provide a meaningful cash return to our shareholders,” stated Warren Lada, Interim President and Chief Executive Officer of Saga. “Our sustained financial strength has put us in a position to meet operational goals and to support an ongoing cash dividend program. The cash dividends announced today express the confidence of our Board of Directors and executive management team in Saga’s future.”
The Company at present intends to pay common quarterly money dividends sooner or later as declared by the Board of Directors. Consistent with its strategic goal of sustaining a powerful stability sheet and with returning worth to our shareholders, the Board of Directors will even take into account declaring particular money dividends, establishing a variable dividend coverage, and inventory buybacks sooner or later.
Saga is a broadcasting firm whose business is dedicated to buying, creating, and working broadcast properties. Saga owns or operates broadcast properties in 27 markets, together with 79 FM, 35 AM radio stations and 80 metro alerts. For extra data, contact us at (313) 886-7070 or go to our web site at www.sagacom.com.
This press launch incorporates sure forward-looking statements which might be primarily based upon present expectations and contain sure dangers and uncertainties inside the that means of the U.S. Private Securities Litigation Reform Act of 1995. Words similar to “will,” “may,” “believes,” “expects,” “anticipates,” “guidance” and related expressions are meant to establish forward-looking statements. Key dangers, together with dangers related to Saga’s capability to successfully combine the stations it acquires and the affect of federal regulation on Saga’s business, are described within the experiences Saga periodically information with the U.S. Securities and Exchange Commission, together with Item 1A of our Annual Report on Form 10-Okay. Readers ought to word that these statements could also be impacted by a number of components, together with nationwide and native financial modifications, modifications within the radio broadcast business typically, and the consequences of the continuing COVID-19 pandemic, in addition to Saga’s precise efficiency. Results might fluctuate from these said herein and Saga undertakes no obligation to replace the knowledge contained right here.
