GROSSE POINTE FARMS, Mich., Sept. 20, 2022 (GLOBE NEWSWIRE) — Saga Communications, Inc. (Nasdaq – SGA) (the “Company”, “Saga” or “our”) announced today that its board of directors has declared has an increased quarterly cash dividend of $0.25 per share and a special cash dividend of $2.00 per share. The dividend will be paid on October 21, 2022 to shareholders of record on October 3, 2022. The total amount to be paid in connection with the quarterly and special dividends will be approximately $13.6 million. Quarterly and special cash dividends are funded from cash on the Company’s balance sheet. Including this dividend, the Company will have paid more than $93.0 million in dividends to shareholders since paying its first special dividend in 2012.
“We are very pleased that our strong capitalization and operating performance have enabled us to declare an increased regular quarterly cash dividend and a special cash dividend, reflecting our continued commitment to provide significant cash return to our shareholders,” said Warren Lada, Interim President and Chief Executive Officer of Saga. “Our sustained financial strength has positioned us to meet our operational goals and support an ongoing cash dividend program. The cash dividends announced today demonstrate the confidence of our board and leadership team in the future of Saga.”
The Company currently intends to pay regular quarterly cash dividends in the future as stated by the Board of Directors. Consistent with its strategic objective of maintaining a strong balance sheet and returning value to our shareholders, the Board of Directors will also consider paying special cash dividends, implementing a variable dividend policy and future share repurchases.
Saga is a broadcast company whose business is dedicated to the acquisition, development and operation of broadcast real estate. Saga owns or operates transmitters in 27 markets, including 79 FM, 35 AM radio stations…
