Saga Communications’ Board of Directors is giving shareholders a little extra cash come January 2018.
The radio broadcasting company on Thursday (12/7) declared a quarterly cash dividend of $0.30 per share, and a special cash dividend of $0.80 per share, for its Class A and Class B shares.
The dividends will be paid on January 5, 2018 to shareholders of record on Monday, Dec. 18.
The aggregate amount of the payments made in connection with the quarterly and special dividends paid for 2017 will be approximately $11.8 million.
The yield considering the total $2.00 quarterly and special cash dividends for 2017 is 4.5%.
The quarterly and special cash dividends will be funded by cash on the Company’s balance sheet.
This brings the aggregate amount of payments made in quarterly and special dividends since Saga initiated paying dividends in 2012 to approximately $53.6 million.
Saga reiterated that it intends to pay regular quarterly cash dividends in the future as declared by the Board of Directors. “Consistent with returning value to our shareholders, the Board of Directors will also consider declaring special cash dividends, stock dividends, and stock buybacks in the future,” the company said.
Saga owns or operates 75 FM and 33 AM radio stations.