Saga Initiates Regular Quarterly Cash Dividend
June 30, 2014 at 6:53 AM (PT)
SAGA COMMUNICATIONS, INC.'s Board of Directors has authorized the initiation of a regular quarterly cash dividend of 20 cents per share for its Class A and Class B shares, to be paid JULY 25th to shareholders of record on JULY 11th, and says it will continue its practice of paying special cash dividends as circumstances permit and will also consider declaring stock dividends in the future.
Chairman/CEO ED CHRISTIAN said, "The initiation of our quarterly cash dividend is based on the Board of Directors and management's continuing confidence in the free cash flow that our radio and television stations generate as well as our commitment to return value to our shareholders. Since 2008 we have generated over $132 million of free cash flow. The free cash flow has been used to distribute $17 million in special dividends to our shareholders, to repurchase $20 million of our stock, along with our regular funded debt amortization, to reduce our funded debt by $84 million, which has resulted in reducing our leverage ratio to 1.3x and allowed us to maintain cash of $25 million on our balance sheet. We will continue to look for value accretive acquisitions. In addition to the cash on our balance sheet, we have $75 million available under our bank credit facility which could be used for acquisitions."