Saga munications(SGA) - 2024 Q4 - Annual Results

Revenue Performance - Net revenue decreased 1.3% to $28.8 million for Q4 2024 compared to $29.1 million in Q4 2023[1] - For the twelve-month period ended December 31, 2024, net revenue decreased 2.2% to $110.3 million compared to $112.8 million in 2023[3] - Net operating revenue for the three months ended December 31, 2024, was $28,770,000, a decrease of 1.3% compared to $29,145,000 for the same period in 2023[18] - For the twelve months ended December 31, 2024, net operating revenue was $110,294,000, a decrease of 2.2% from $112,773,000 in 2023[22] - The company experienced a decrease in same station net operating revenue of 3.9% for the twelve months ended December 31, 2024, compared to the previous year[30] Operating Income - Operating income for Q4 2024 was $984 thousand, down 64.8% from $2.8 million in Q4 2023[1] - Operating income for the three months ended December 31, 2024, was $984,000, down 64.8% from $2,795,000 in the same period of 2023[18] - Operating income for the twelve months ended December 31, 2024, was $2,355,000, significantly lower than $11,488,000 in 2023[22] - Operating income for the twelve months ended December 31, 2024, was $2,355 million, down 79.5% from $11,488 million for the same period in 2023[30] - The company reported a same station operating income of $1,033 million for the three months ended December 31, 2024, compared to $2,795 million for the same period in 2023, reflecting a decline of 63.1%[30] Net Income - Net income for the twelve-month period was $3.5 million, down from $9.5 million in 2023[3] - Net income for the three months ended December 31, 2024, was $1,269,000, a decline of 49.2% compared to $2,501,000 for the same period in 2023[18] - Net income for the twelve months ended December 31, 2024, was $3,460,000, down from $9,500,000 in 2023, representing a decline of 63.6%[22] Earnings Per Share - Diluted earnings per share were $0.20 for Q4 2024, compared to $0.40 in Q4 2023[1] - Basic and diluted earnings per share for the three months ended December 31, 2024, were both $0.20, down from $0.40 in the same period of 2023[18] - Basic and diluted earnings per share for the twelve months ended December 31, 2024, were both $0.55, compared to $1.55 in 2023[22] Expenses - Station operating expense increased 4.1% to $24.3 million for Q4 2024 compared to the same period last year[1] - Station operating expense for the twelve-month period increased 4.5% to $94.3 million compared to the previous year[3] - Station operating expense for the three months ended December 31, 2024, was $24,297 million, an increase of 4.1% from $23,329 million for the same period in 2023[30] - The total station operating expense for the twelve months ended December 31, 2024, was $94,280 million, an increase of 4.5% from $90,199 million for the same period in 2023[30] - Corporate general and administrative expenses for the twelve months ended December 31, 2024, increased to $12,611 million, up 15% from $10,966 million for the same period in 2023[30] Cash and Investments - As of December 31, 2024, the company had $27.8 million in cash and short-term investments[6] Capital Expenditures - Capital expenditures for 2024 were $3.8 million, down from $4.4 million in 2023[3] Debt and Leverage - Total long-term debt, including current maturities, was $5,000,000, with a leverage ratio of 0.46 based on trailing twelve-month consolidated EBITDA of $10,978,000[27] Depreciation and Amortization - Depreciation and amortization for radio stations for the twelve months ended December 31, 2024, was $5,070,000, an increase from $4,854,000 in 2023[22] Other Income - Other operating income for the twelve months ended December 31, 2024, was $1,048 million, significantly higher than $120 million for the same period in 2023[30] Adjustments - Adjustments for acquisitions and dispositions impacted the same station operating income by $49 million for the three months ended December 31, 2024[30]