UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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Item 8.01.Other Events.
On December 14, 2021, Saga Communications, Inc. announced that its Board of Directors declared a quarterly cash dividend of $0.16 per share and a special cash dividend of $0.50 per share on its Classes A and B Common Stock to be paid on January 14, 2022 to shareholders of record on December 27, 2021, as set forth in the press release included as Exhibit 99.1 hereto.
Item 9.01.Financial Statements and Exhibits.
(d) | Exhibits. |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
INDEX OF EXHIBITS
Exhibit No. | Description |
99.1 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: December 14, 2021 | By: | /s/ Samuel D. Bush |
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| Samuel D. Bush |
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| Senior Vice President and Chief |
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Exhibit 99.1
Saga Communications, Inc.
Declares a Quarterly Cash Dividend of $0.16 per Share
and a Special Cash Dividend of $0.50 per share
Contact:
Samuel D. Bush
(313) 886-7070
Grosse Pointe Farms, MI – December 14, 2021 – Saga Communications, Inc. (Nasdaq - SGA) today announced that its Board of Directors declared a quarterly cash dividend of $0.16 per share and a special cash dividend of $0.50 per share. The dividend will be paid on January 14, 2022, to shareholders of record on December 27, 2021. The aggregate amount of the payment to be made in connection with the quarterly and special dividends will be approximately $4.0 million. The quarterly and special cash dividends will be funded by cash on the Company’s balance sheet. Including this dividend, the Company will have paid over $77 million in dividends to shareholders since the first special dividend was paid in 2012.
The Company currently intends to pay regular quarterly cash dividends in the future as declared by the Board of Directors. Consistent with its strategic objective of maintaining a strong balance sheet and with returning value to our shareholders, the Board of Directors will also consider declaring special cash dividends, and stock buybacks in the future.
Saga is a broadcasting company whose business is devoted to acquiring, developing, and operating broadcast properties. Saga owns or operates broadcast properties in 27 markets, including 79 FM, 34 AM radio stations and 79 metro signals. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacom.com.
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “will,” “may,” “believes,” “expects,” “anticipates,” “guidance” and similar expressions are intended to identify forward-looking statements. Key risks, including risks associated with Saga’s ability to effectively integrate the stations it acquires and the impact of federal regulation on Saga’s business, are described in the reports Saga periodically files with the U.S. Securities and Exchange Commission, including Item 1A of our Annual Report on Form 10-K. Readers should note that these statements may be impacted by several factors, including national and local economic changes, changes in the radio broadcast industry in general, and the effects of the ongoing COVID-19 pandemic, as well as Saga’s actual performance. Results may vary from those stated herein and Saga undertakes no obligation to update the information contained here.