Exactly one year ago, the financial impact of the COVID-19 pandemic led Saga Communications to join the list of audio media companies to put its quarterly cash dividend for shareholders in a cryogenic state.
The Saga board has just brought out the EKG machine, breathing new life into a historically robust dividend that will reward SGA shareholders in mid-July.
Saga’s Board of Directors on Monday (6/210 declared a quarterly cash dividend of $0.16 per share.
The dividend will be paid on July 16 to shareholders of record on June 30.
The aggregate amount of the payment to be made in connection with the quarterly dividend will be approximately $960,000, and Saga says the quarterly cash dividend will be funded by cash on the company’s balance sheet.
Including this dividend, Saga will have paid over $72 million in dividends to shareholders since the first special dividend was paid in 2012.
Saga adds that it currently 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 may also consider declaring special cash dividends, stock dividends, and stock buybacks in the future,” the company adds.
Saga owns or operates 79 FM and 35 AM radio stations in small and mid-sized U.S. markets.
As of 12:10pm Eastern, Saga shares were priced at $20.97.
Saga in 2020 suspended its dividend to conserve the company’s cash position. This included reducing planned capital spending and seeking discounts from vendors.