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Saga Communications, Inc.(SGA), a leading media and broadcasti ng company, has released its unaudited condensed consolidated financial statements for the first quarter of 2023. The company reported a net income of $920 thousand for the quarter, showcasing its financial resilience in a dynamic media landscape. Additionally, Saga Communications achieved a revenue of $25.3 million during this period, reflecting its continued commitment to delivering quality content and engaging audiences across its platforms.
Net Income/loss
Saga Communications posted a net income of $920 thousand for the first quarter of 2023. This positive financial result highlights the company's ability to navigate challenges and maintain a strong financial footing.
Revenue
The revenue for Saga Communications during the first quarter of 2023 amounted to $25.3 million. This revenue figure underscores the company's effectiveness in generating value through its diverse portfolio of media and broadcasting offerings.
Condensed Consolidated Balance Sheets
The company's balance sheet as of March 31, 2023, showcased its total assets amounting to $228.5 million. Current assets, including cash and cash equivalents, short-term investments, accounts receivable, and prepaid expenses, totaled $55.8 million. Property and equipment, net of accumulated depreciation, stood at $53.3 million. Saga Communications also held other assets such as broadcast licenses, goodwill, and other intangibles, with a combined value of $119.4 million.
Liabilities and Shareholders' Equity
On the liability side, current liabilities amounted to $17.5 million, including accounts payable, accrued expenses, and dividend payable. Deferred income taxes and other liabilities contributed $32.7 million to the company's obligations. Shareholders' equity, which reflects the residual interest in the company's assets after deducting liabilities, was reported at $178.4 million.
During the first quarter of 2023, Saga Communications generated net operating revenue of $25.3 million, compared to $24.9 million in the same period of the previous year. Station operating expenses were $21.7 million, while corporate general and administrative expenses totaled $2.6 million. Despite these expenses, the company reported an operating income of $905 thousand.
Earnings and Dividends
The net income of $920 thousand resulted in earnings per share (EPS) of $0.15 for both basic and diluted shares outstanding. The company declared dividends of $0.25 per share during the quarter, reflecting its commitment to delivering value to shareholders.
These financial results highlight Saga Communications' ability to effectively manage its operations and finances while delivering content that resonates with its audience. As the media landscape continues to evolve, Saga Communications remains focused on its mission of delivering engaging and informative content to its viewers and listeners.