Saga Communications Reports 3rd Quarter Net Revenue Increases 43.1% Over 2nd Quarter

3rd Quarter Net Revenue Increases

SAGA COMMUNICATIONS reported today that third quarter revenue and related net income continue to be "materially impacted" by disruptions to businesses and service providers activities due to the COVID-19 pandemic. From the net revenue low point in APRIL, the company's revenue has significantly increased in each of the following months. The company continues to concentrate on new revenue strategies and enhanced engagement with its existing and new advertisers. 

Net revenue increased 43.1% to $24.1 million for the quarter ended SEPTEMBER 30th compared to $16.9 million for the second quarter of 2020. Station operating income was $6.1 million for the quarter. Station operating expense decreased $4.0 million to $19.6 million for the quarter compared to the same period last year.  

Operating income was $247 thousand with a net loss of $950 thousand for the quarter. Diluted loss per share was -$0.16 in the third quarter of 2020. Results for the quarter include a non-cash impairment charge of $1.4 million.  Without the non-cash impairment charge, the company would have had a net income of $38 thousand or $0.01 per share. Free cash flow was $2.8 million for the quarter. 

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