Saga communications, inc. reports 1st quarter 2024 results

Grosse pointe farms, mich., may 09, 2024 (globe newswire) -- saga communications, inc. (nasdaq - sga) (the “company” or “saga”) today reported that net revenue decreased 2.5% to $24.7 million for the quarter ended march 31, 2024 compared to $25.3 million for the same period last year. station operating expense increased 5.9% for the quarter to $23.0 million compared to the same period last year. for the quarter, the operating loss was $2.4 million compared to operating income of $905 thousand for the same period last year and station operating income (a non-gaap financial measure) decreased 40.9% to $2.8 million. the operating loss for the quarter included a $971 thousand other operating expense which was a non-cash write-off on the sale and abandonment of non-productive broadcast assets/licenses during the quarter. capital expenditures were $1.1 million for the quarter compared to $1.4 million for the same period last year. we had a net loss of $1.6 million for the quarter compared to net income of $920 thousand for the first quarter last year. diluted loss per share was $0.25 in the first quarter of 2024.
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