Saga munications(SGA) - 2025 Q1 - Quarterly Results

Financial Performance - Net revenue decreased 4.3% to $24.2 million for the quarter ended March 31, 2025, compared to $25.3 million for the same period last year[1]. - Operating loss was $2.3 million, slightly improved from an operating loss of $2.4 million for the same quarter last year[1]. - Net loss for the quarter was $1.6 million, consistent with the same period last year, with a diluted loss per share of $0.25[1]. - On a same-station basis, net revenue decreased 6.6% to $23.6 million, with an operating loss of $2.1 million[2]. - Net operating revenue for Q1 2025 was $24,212,000, a decrease of 4.3% from $25,294,000 in Q1 2024[18]. - The operating loss for Q1 2025 was $2,298,000, an improvement compared to the loss of $2,417,000 in Q1 2024[21]. - Net loss for Q1 2025 was $1,575,000, slightly better than the net loss of $1,577,000 in Q1 2024[18]. - Basic and diluted loss per share remained at $0.25 for Q1 2025, unchanged from Q1 2024[18]. - Station operating income for Q1 2025 was $2,249,000, down from $2,835,000 in Q1 2024, a decline of 20.6%[21]. Expenses and Cost Management - Station operating expense decreased 2.2% to $22.0 million for the quarter compared to the same period last year[1]. - Station operating expense decreased to $21,963,000 in Q1 2025 from $22,459,000 in Q1 2024, reflecting a reduction of 2.2%[18]. - Corporate general and administrative expenses increased to $3,167,000 in Q1 2025 from $3,083,000 in Q1 2024, a rise of 2.7%[21]. - Capital expenditures for Q1 2025 were $696,000, compared to $1,050,000 in Q1 2024, indicating a decrease of 33.8%[21]. Cash Flow and Investments - As of March 31, 2025, the company had $27.0 million in cash and short-term investments, which increased to $27.2 million by May 5, 2025[6]. - The company expects to spend approximately $4.0 – $4.5 million for capital expenditures during 2025[6]. - Saga intends to use a portion of proceeds from the potential sale of non-core assets to fund stock buybacks[5]. Revenue Trends - Revenue pacing for the second quarter is currently down mid single digits, with April down high single digits, May improving to low single digits, and June approximately flat[3]. EBITDA and Financial Ratios - The trailing twelve-month consolidated EBITDA was $10,725,000, compared to $218,000 in the previous period, showing significant growth[23]. - The leverage ratio as of March 31, 2025, was 0.49, indicating a stable financial position[23].