Radio broadcasting company Saga Communications, perhaps the lone “pure play” among U.S. station owners with a publicly traded stock, saw its net revenue decline in Q1 as expenses rose. This led to an operating loss for the first three months of 2024.
For the quarter, revenue moved to $24.7 million from $25.30 million, while an increase in station operating expenses and corporate general and administrative expenses each contributed to the Q1 operating loss of $2.42 million, a swing from operating income of $905,000 in the first quarter of 2023. The revenue beat 1 analysts’ forecast of $24.3 million, as provided to Yahoo! Finance.
The net loss for Saga in Q1 was $1.58 million (-$0.25 per share), compared to net income of $920,000 ($0.15) in the year-ago period.
On a non-GAAP basis, Station Operating Income fell to $2.84 million, from $4.8 million.
