Company: SGA
Filing Date: 2025-03-18
Form Type: NT 10-K
Source: 0001558370-25-003214
Chunk: 0

Company: SAGA COMMUNICATIONS INC
Filing Date: 2025-03-18
Form: NT 10-K
Chunk 0
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, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and |
|      | -c | The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.                                                                                                                                                                                                                                                                                                                                                                 |

<div align='center'>PART III – NARRATIVE</div>

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

Saga Communications, Inc. (the “Company,” “we,” or “our”) has determined that it is unable to file, without unreasonable effort or expense, its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “2024 Form 10-K”) by March 17, 2025, the original due date for such filing. Specifically, the Company identified an error during the year-end financial close process with respect to the presentation of certain items of revenue and expense during the fiscal years ending December 31, 2024 and 2023 and interim reporting periods within those years. Based on our preliminary evaluation, net revenue and station operating expense were understated by approximately $2.6 million and $2.7 million, respectively, for the years ended December 31, 2024 and 2023. The error is due to a technical misinterpretation of ASC 606 related to principal versus agency guidance over certain digital revenue streams. The error is expected to result in a change in classification between revenue and expense and to have no impact on measures of profitability, such as operating income, net income, cash flows, or earnings per share. The error is not expected to affect the Company’s compliance with loan covenants or any other contractual requirements. However, we are continuing to evaluate the overall impact of the errors.

The Company needs additional time to complete its assessment of the materiality of correcting this error in its consolidated financial statements for the fiscal years ending December 31, 2024 and 2023, and interim reporting periods within those years, which assessment must be completed prior to the filing of the 2024 Form 10-K