# EDGAR Filing Document

**Accession Number:** 0000886136
**File Stem:** 0001558370-25-010663
**Filing Date:** 2025-8
**Character Count:** 32377
**Document Hash:** 58345c3d49ca9bec0589238c39e4a15f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-010663.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001558370-25-010663

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SAGA COMMUNICATIONS INC
- **CENTRAL INDEX KEY:** 0000886136
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO BROADCASTING STATIONS [4832]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 383042953
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11588
- **FILM NUMBER:** 251191976

**BUSINESS ADDRESS:**
- **STREET 1:** 73 KERCHEVAL AVE
- **CITY:** GROSSE POINTE FARMS
- **STATE:** MI
- **ZIP:** 48236
- **BUSINESS PHONE:** 3138867070

**MAIL ADDRESS:**
- **STREET 1:** 73 KERCHEVAL AVE
- **CITY:** GROSSE POINTE FARMS
- **STATE:** MI
- **ZIP:** 48236

?xml version='1.0' encoding='ASCII'?

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **August 7, 2025**

**SAGA COMMUNICATIONS, INC.**

(Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Florida**  | **1-11588** | **38-3042953**  |
| (State or other jurisdiction | (Commission File Number) | (IRS Employer |
| of incorporation) |  | Identification No.) |

---

---

| | |
|:---|:---|
| **73 Kercheval Avenue** |  |
| **Grosse Pointe Farms, MI** | **48236** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(313) 886-7070**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Class A Common Stock, par value $0.01 per share | SGA | NASDAQ Global Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02.** **Results of Operations and Financial Condition.**

On August 7, 2025, Saga Communications, Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2025. The press release, dated August 7, 2025, is attached as Exhibit 99.1 to this Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01.** **Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 [Press Release dated August 7, 2025](sga-20250807xex99d1.htm) .

104 Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

#### INDEX OF EXHIBITS

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release dated August 7, 2025.](sga-20250807xex99d1.htm) |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

#### 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.

---

| | | |
|:---|:---|:---|
| ugust<br>|  |  |
|  | **SAGA COMMUNICATIONS, INC.** | **SAGA COMMUNICATIONS, INC.** |
| Dated: August 7, 2025 | By:  | /s/ Samuel D. Bush |
|  |  | Samuel D. Bush |
|  |  | Executive Vice President and Chief |
|  |  | Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](sga-20250807xex99d1001.jpg)

**Saga Communications, Inc.**

 **Reports 2**<sup>nd</sup> **Quarter 2025 Results**

**Contact:**

Samuel D. Bush

(313) 886-7070

Grosse Pointe Farms, MI – August 7, 2025 – Saga Communications, Inc. (Nasdaq - SGA) (the "Company" or "Saga") today reported that net revenue decreased 5.0% to $28.2 million for the quarter ended June 30, 2025 compared to $29.7 million for the same period last year. Station operating expense decreased 4.6% for the quarter to $22.2 million compared to the same period last year. For the quarter, operating income was $1.4 million compared to $2.1 million for the same quarter last year and station operating income (a non-GAAP financial measure) decreased 6.4% to $6.0 million. Capital expenditures were $1.3 million for the quarter compared to $1.5 million for the same period last year. We had net income of $1.1 million for the quarter compared to net income of $2.5 million for the second quarter last year. Diluted earnings per share were $0.18 in the second quarter of 2025.

On a same station basis for the quarter ended June 30, 2025 net revenue decreased $1.5 million or 6.4% to $27.6 million and station operating expense decreased 6.4% to $21.7 million.

Net revenue decreased 4.7% to $52.4 million for the six-month period ended June 30, 2025 compared to $55.0 million for the same period last year. Station operating expense decreased 3.4% for the six-month period to $44.2 million compared to the same period last year. For the six-month period, we had an operating loss of $889 thousand compared to an operating loss of $274 thousand for the same period last year and station operating income (a non-GAAP financial measure) decreased 10.8% to $8.2 million. Capital expenditures for the six-month period were $2.0 million compared to $2.6 million for the same period last year. We had a net loss of $447 thousand for the six-month period compared to net income of $924 thousand for the same period last year. Diluted loss per share was $0.07 for the six-months of 2025.

On a same station basis for the six months ended June 30, 2025 net revenue decreased $2.6 million or 6.5% to $51.2 million from last year and station operating expense decreased 5.7% to $43.0 million.

Gross Revenue excluding political decreased 4.7% for both the quarter and six-month period ending June 30, 2025. Gross political revenue was $51 thousand and $288 thousand respectively for the second quarter in 2025 and 2024. Gross political revenue was $321 thousand for the six-month period ended June 30, 2025 compared to $598 thousand for the comparable period last year.

The Company paid a quarterly dividend of $0.25 per share on June 27, 2025. The aggregate amount of the quarterly dividend was approximately $1.6 million. To date Saga has paid over $138 million in dividends to shareholders since the first special dividend was paid in 2012 as well as has bought back over $58 million in Saga stock. The Company intends to pay regular quarterly cash dividends in the future.

Further as part of its overall capital allocation plan for fiscal year 2025, Saga is in non-binding negotiations to sell some of its tower sites. It is anticipated that these negotiations, if concluded and approved by the Company's Board of Directors, will result in proceeds from the sale in the high 7 figure or low 8 figure range. The Company is also assessing the potential sale of other non-core assets with the intent to use a portion of the proceeds from these sales to fund stock buybacks, which may include open market repurchases, block trades or other forms of buybacks.

------

The Company's balance sheet reflects $24.9 million in cash and short-term investments as of June 30, 2025 and $27.3 million as of August 4, 2025. The Company expects to spend approximately $3.0 – $3.5 million for capital expenditures during 2025.

Saga's 2025 Second Quarter conference call will be held on Thursday, August 7, 2025 at 11:00 a.m. The dial-in number for the call is (973) 528-0008. Enter conference code 739704. A recording and transcript of the call will be posted to the Company's website as soon as it is available after the call.

The Company requests that all parties that have a question that they would like to submit to the Company please email the inquiry by 10:00 a.m. on August 7, 2025 to SagaIR@sagacom.com. The Company will discuss, during the limited period of the conference call, those inquiries it deems of general relevance and interest. Only inquiries made in compliance with the foregoing directions will be discussed during the call.

Saga utilizes certain financial measures that are not calculated in accordance with generally accepted accounting principles (GAAP) to assess its financial performance. The attached Selected Supplemental Financial Data tables disclose "actual", "same station", and "pro forma" financial information as well as the Company's reconciliation of non-GAAP measures: GAAP operating income to station operating income, GAAP net income to trailing twelve-month consolidated EBITDA and actual operating results to same station operating results as well as other financial data. The actual financial information reflects our historical financial results and include the results of operations for stations that we did not own for the entire comparable period. The same station financial information reflects only the results of operations for stations that we owned for the entire comparable period. The pro forma financial information assume all acquisitions in 2024 occurred as of January 1, 2024. Such non-GAAP measures include same station financial information, pro forma financial information, station operating income, trailing 12-month consolidated EBITDA, and leverage ratio. These non-GAAP measures are generally recognized by the broadcasting industry as measures of performance and are used by Saga to assess its financial performance including, but not limited to, evaluating individual station and market-level performance, evaluating overall operations, as a primary measure for incentive-based compensation of executives and other members of management and as a measure of financial position. Saga's management believes these non-GAAP measures are used by analysts who report on the industry and by investors to provide meaningful comparisons between broadcasting groups, as well as an indicator of their market value. These measures are not measures of liquidity or of performance in accordance with GAAP and should be viewed as a supplement to and not as a substitute for the results of operations presented on a GAAP basis including net operating revenue, operating income, and net income. Reconciliations for all the non-GAAP financial measures to the most directly comparable GAAP measure are attached in the Selected Supplemental Financial Data tables.

This press release contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that are based upon current expectations and involve certain risks and uncertainties. Words such as "will," "may," "believes," "intends," "expects," "anticipates," "plans," "projects," "guidance," and similar expressions are intended to identify forward-looking statements. The material risks facing our business are described in the reports Saga periodically files with the U.S. Securities and Exchange Commission, including, in particular, Item 1A of our Annual Report on Form 10-K. Readers should note that forward-looking statements may be impacted by several factors, including global, national, and local economic changes and changes in the radio broadcast industry in general as well as Saga's actual performance. Actual results may vary materially from those described herein and Saga undertakes no obligation to update any information contained herein that constitutes a forward-looking statement.

Saga is a media company whose business is devoted to acquiring, developing and operating broadcast properties with a growing focus on opportunities complimentary to our core radio business including digital, e-commerce, local on-line news services and non-traditional revenue initiatives. Saga owns or operates broadcast properties in 28 markets, including 82 FM, 31 AM radio stations and 79 metro signals. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacom.com.

------

**Saga Communications, Inc.**

**Selected Consolidated Financial Data**

**For the Three and Six Months Ended**

**June 30, 2025 and 2024**

**(amounts in 000's except per share data)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operating Results** |  |  |  |  |
| Net operating revenue | $**28229** | $29716 | $**52441** | $55010 |
| Station operating expense | **22226** | 23305 | **44189** | 45764 |
| Corporate general and administrative | **3074** | 3004 | **6241** | 6087 |
| Depreciation and amortization | **1267** | 1258 | **2593** | 2456 |
| Other operating expense, net | **253** | 6 | **307** | 977 |
| Operating income (loss) | **1409** | 2143 | **(889)** | (274) |
| Interest expense | **107** | 71 | **214** | 114 |
| Interest income | **(210)** | (251) | **(432)** | (554) |
| Other income, net | **(1)** | (1133) | **(24)** | (1133) |
| Income (loss) before income tax expense  | **1513** | 3456 | **(647)** | 1299 |
| Income tax (benefit) expense  |  |  |  |  |
| &nbsp;&nbsp;Current | **510** | 815 | **(160)** | 300 |
| &nbsp;&nbsp;Deferred  | **(125)** | 140 | **(40)** | 75 |
|  | **385** | 955 | **(200)** | 375 |
| Net income (loss) | $**1128** | $2501 | $**(447)** | $924 |
| Income (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;Basic | $**0.18** | $0.40 | $**(0.07)** | $0.15 |
| &nbsp;&nbsp;Diluted | $**0.18** | $0.40 | $**(0.07)** | $0.15 |
| Weighted average common shares | **6176** | 6072 | **6138** | 6068 |
| Weighted average common and common equivalent shares | **6176** | 6072 | **6138** | 6068 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
| **Balance Sheet Data** |  |  |
| &nbsp;&nbsp;Working capital | $**29054** | $28920 |
| &nbsp;&nbsp;Net fixed assets | $**51219** | $53251 |
| &nbsp;&nbsp;Net intangible assets and other assets | $**122118** | $122321 |
| &nbsp;&nbsp;Total assets | $**218873** | $221617 |
| &nbsp;&nbsp;Long-term debt  | $**5000** | $5000 |
| &nbsp;&nbsp;Stockholders' equity | $**163680** | $165827 |

---

------

**Saga Communications, Inc.**

**Selected Consolidated Financial Data**

**For the Six Months Ended**

**June 30, 2025 and 2024**

**(amounts in 000's except per share data)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**  | **Six Months Ended**  |
|  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
|  | **(In thousands)** | **(In thousands)** |
| **Statement of Cash Flows** |  |  |
| **Cash flows from operating activities:** |  |  |
| Net (loss) income | $(447) | $924 |
| &nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 2593 | 2456 |
| &nbsp;&nbsp;Deferred income tax (benefit) expense  | (40) | 75 |
| &nbsp;&nbsp;Amortization of deferred costs | 16 | 18 |
| &nbsp;&nbsp;Compensation expense related to restricted stock awards | 1130 | 973 |
| &nbsp;&nbsp;Provision for credit losses | 225 | 579 |
| &nbsp;&nbsp;Loss on sale of assets, net | 307 | 977 |
| &nbsp;&nbsp;Other gain, net | (27) | (1133) |
| &nbsp;&nbsp;Barter (revenue) expense, net | (163) | (32) |
| &nbsp;&nbsp;Deferred and other compensation | (98) | (82) |
| &nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in receivables and prepaid expenses | (802) | (1032) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable, accrued expenses, and other liabilities | (575) | 1324 |
| &nbsp;&nbsp;Total adjustments | 2566 | 4123 |
| Net cash provided by operating activities | 2119 | 5047 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;Purchase of short-term investments | (9031) | (10817) |
| &nbsp;&nbsp;Redemption of short-term investments | 9031 | 12928 |
| &nbsp;&nbsp;Acquisition of property and equipment (Capital Expenditures) | (2010) | (2574) |
| &nbsp;&nbsp;Acquisition of broadcast properties |  | (5705) |
| &nbsp;&nbsp;Proceeds from sale and disposal of assets | 10 | 175 |
| &nbsp;&nbsp;Proceeds from insurance claims and other  | 27 | 1143 |
| &nbsp;&nbsp;Other investing activities |  | 4 |
| Net cash used in investing activities | (1973) | (4846) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Proceeds from long-term debt |  | 5000 |
| &nbsp;&nbsp;Cash dividends paid | (3215) | (19391) |
| Net cash used in financing activities | (3215) | (14391) |
| Net decrease in cash and cash equivalents | (3069) | (14190) |
| Cash and cash equivalents, beginning of period | 18860 | 29582 |
| Cash and cash equivalents, end of period | $15791 | $15392 |

---

------

**Saga Communications, Inc.**

**Selected Supplemental Financial Data**

**For the Three Months Ended**

**June 30, 2025 and 2024**

**(amounts in 000's, except per share data)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Same Station (1)** | **Same Station (1)** | **Pro Forma (2)** | **Pro Forma (2)** |
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Operating Results** |  |  |  |  |  |  |
| Net operating revenue | $**28229** | $29716 | $**27575**  | $29458 | $**28229**  | $30256  |
| Station operating expense | **22226** | 23305 | **21656**  | 23125 | **22226**  | 23692 |
| Corporate general and administrative | **3074** | 3004 | **3074**  | 3003 | **3074**  | 3004 |
| Depreciation and amortization | **1267** | 1258 | **1158**  | 1210  | **1267**  | 1350 |
| Other operating expense, net | **253** | 6 | **253**  | 6 | **253**  | 6 |
| Operating income | **1409** | 2143 | $**1434** | $2114 | **1409** | 2204 |
| Interest expense | **107** | 71 |  |  | **107** | 123 |
| Interest income | **(210)** | (251) |  |  | **(210)** | (251) |
| Other income, net | **(1)** | (1133) |  |  | **(1)** | (1133) |
| Income (loss) before income tax expense  | **1513** | 3456 |  |  | **1513** | 3465 |
| Income tax (benefit) expense  |  |  |  |  |  |  |
| Current | **510** | 815 |  |  | **510** | 816 |
| Deferred  | **(125)** | 140 |  |  | **(125)** | 149 |
|  | **385** | 955 |  |  | **385** | 965 |
| Net income  | $**1128** | $2501 |  |  | $**1128** | $2500 |
| Income per share: |  |  |  |  |  |  |
| Basic | $**0.18** | $0.40 |  |  | $**0.18** | $0.40 |
| Diluted | $**0.18** | $0.40 |  |  | $**0.18** | $0.40 |
| Weighted average common shares | **6176** | 6072 |  |  | **6176** | 6072 |
| Weighted average common and common equivalent shares | **6176** | 6072 |  |  | **6176** | 6072 |
|  | **Actual** | **Actual** | **Same Station (1)** | **Same Station (1)** | **Pro Forma (2)** | **Pro Forma (2)** |
|  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  | **Three Months Ended**  |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Depreciation and amortization by segment** |  |  |  |  |  |  |
| Radio Stations | $**1224** | $1213 | $**1115** | $1165 | $**1224** | $1305 |
| Corporate | **43** | 45 | **43** | 45 | **43** | 45 |
|  | $**1267** | $1258 | $**1158** | $1210 | $**1267** | $1350 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Same station includes only the results of stations we owned and operated for the entire comparable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Pro Forma results assume all acquisitions in 2024 occurred as of January 1, 2024.

------

**Saga Communications, Inc.**

**Selected Supplemental Financial Data**

**For the Six Months Ended**

**June 30, 2025 and 2024**

**(amounts in 000's, except per share data)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Same Station (1)** | **Same Station (1)** | **Pro Forma (2)** | **Pro Forma (2)** |
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Operating Results** |  |  |  |  |  |  |
| Net operating revenue | $**52441** | $55010 | $**51194**  | $54742  | $**52441**  | $56178  |
| Station operating expense | **44189** | 45764 | **42998**  | 45580  | **44189**  | 46679 |
| Corporate general and administrative | **6241** | 6087 | **6241**  | 6087  | **6241**  | 6087 |
| Depreciation and amortization | **2593** | 2456 | **2341**  | 2408  | **2593**  | 2685 |
| Other operating expense, net | **307** | 977 | **307**  | 977  | **307**  | 977 |
| Operating loss | **(889)** | (274) | $**(693)** | $(310) | **(889)** | (250) |
| Interest expense | **214** | 114 |  |  | **214** | 245 |
| Interest income | **(432)** | (554) |  |  | **(432)** | (554) |
| Other income, net | **(24)** | (1133) |  |  | **(24)** | (1133) |
| Income (loss) before income tax expense  | **(647)** | 1299 |  |  | **(647)** | 1192 |
| Income tax (benefit) expense  |  |  |  |  |  |  |
| Current | **(160)** | 300 |  |  | **(160)** | 275 |
| Deferred  | **(40)** | 75 |  |  | **(40)** | 71 |
|  | **(200)** | 375 |  |  | **(200)** | 346 |
| Net income (loss) | $**(447)** | $924 |  |  | $**(447)** | $846 |
| Income (loss) per share: |  |  |  |  |  |  |
| Basic | $**(0.07)** | $0.15 |  |  | $**(0.07)** | $0.13 |
| Diluted | $**(0.07)** | $0.15 |  |  | $**(0.07)** | $0.13 |
| Weighted average common shares | **6138** | 6068 |  |  | **6138** | 6068 |
| Weighted average common and common equivalent shares | **6138** | 6068 |  |  | **6138** | 6068 |
|  | **Actual** | **Actual** | **Same Station (1)** | **Same Station (1)** | **Pro Forma (2)** | **Pro Forma (2)** |
|  | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Depreciation and amortization by segment** |  |  |  |  |  |  |
| Radio Stations | $**2507** | $2365 | $**2255**  | $2317  | $**2507** | $2594 |
| Corporate | **86** | 91 | **86** | 91 | **86** | 91 |
|  | $**2593** | $2456 | $**2341** | $2408 | $**2593** | $2685 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Same station includes only the results of stations we owned and operated for the entire comparable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Pro Forma results assume all acquisitions in 2024 occurred as of January 1, 2024.

------

**Saga Communications, Inc.**

**Selected Supplemental Financial Data**

**For the Three and Six Months Ended**

**June 30, 2025 and 2024**

**(amounts in 000's)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,**  | **June 30,**  | **June 30,**  | **June 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Reconciliation of GAAP operating income to station operating income (a non-GAAP financial measure)** |  |  |  |  |
| Operating income (loss) | $**1409** | $2143 | $**(889)** | $(274) |
| Plus: |  |  |  |  |
| &nbsp;&nbsp;Corporate general and administrative | **3074** | 3004 | **6241** | 6087 |
| &nbsp;&nbsp;Other operating expense, net | **253** | 6 | **307** | 977 |
| &nbsp;&nbsp;Depreciation and amortization | **1267** | 1258 | **2507** | 2365 |
| **Station operating income** | $**6003** | $6411 | $**8166** | $9155 |
| **Other financial data** |  |  |  |  |
| Depreciation and amortization: |  |  |  |  |
| &nbsp;&nbsp;Radio Stations | $**1224** | $1213 | $**2507** | $2365 |
| &nbsp;&nbsp;Corporate | $**43** | $45 | $**86** | $91 |
| Compensation expense related to restricted stock awards | $**603**<br><sup>(1)</sup> | $520<br><sup>(1)</sup> | $**1130**<br><sup>(1)</sup> | $973<br><sup>(1)</sup> |
| Other operating expense, net <sup>(2)</sup> | $**253** | $6 | $**307** | $977 |
| Other income, net <sup>(2)</sup> | $**(1)** | $(1133) | $**(24)** | $(1133) |
| Deferred income tax expense (benefit) <sup>(2)</sup> | $**(125)** | $140 | $**(40)** | $75 |
| Acquisition of property and equipment (Capital Expenditures) | $**1314**<br><sup>(1)</sup> | $1524<br><sup>(1)</sup> | $**2010**<br><sup>(1)</sup> | $2574<br><sup>(1)</sup> |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As presented in the Statement of Cash Flows in the Selected Consolidated Financial Data tables

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) As presented in the Operating Results in the Selected Consolidated Financial Data tables

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**Saga Communications, Inc.**

**Selected Supplemental Financial Data**

**June 30, 2025**

**(amounts in 000's)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**12 Months Ended**<br>**December 31,** <br>**2024** | **Less:**<br>**6 Months Ended**<br>**June 30,** <br>**2024** | **Plus:**<br>**6 Months Ended**<br>**June 30,** <br>**2025** | <br>**Add:**<br>**Pro Forma**<br>**Acquisitions** <sup>(2)</sup> | **Trailing**<br>**12 Months Ended**<br>**June 30,** <br>**2025** |
| **Reconciliation of GAAP Net Income to trailing 12 Month Consolidated Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") (a non-GAAP financial measure) (1)**  |  |  |  |  |  |
| Net income (loss) | $3460 | $924 | $(447) | $— | $2089 |
| Exclusions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on sale of assets, net | (1048) | (977) | (307) |  | (378) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 2474 | 1719 | 622 |  | 1377 |
| Total exclusions | 1426 | 742 | 315 |  | 999 |
| Consolidated adjusted net income (loss) <sup>(1)</sup> | 2034 | 182 | (762) |  | 1090 |
| Plus: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 348 | 114 | 214 |  | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) expense  | 1110 | 375 | (200) |  | 535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation & amortization expense | 5283 | 2456 | 2593 |  | 5420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash compensation | 1950 | 973 | 1130 |  | 2107 |
| Trailing twelve month consolidated EBITDA <sup>(1)</sup> | $10725 | $4100 | $2975 | $— | $9600 |
| Total long-term debt, including current maturities |  |  |  |  | $5000 |
| Divided by trailing twelve month consolidated EBITDA <sup>(1)</sup> |  |  |  |  | 9600 |
| Leverage ratio |  |  |  |  | 0.52 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As defined in the Company's credit facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Trailing Twelve Month Adjustment.

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**Saga Communications, Inc.**

**Selected Supplemental Financial Data**

**For the Three and Six Months Ended**

**June 30, 2025 and 2024**

**(amounts in 000's)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reconciliation of Actual Information to Same Station Operating Income** | **Reconciliation of Actual Information to Same Station Operating Income** | **Reconciliation of Actual Information to Same Station Operating Income** | **Reconciliation of Actual Information to Same Station Operating Income** | **Reconciliation of Actual Information to Same Station Operating Income** | **Reconciliation of Actual Information to Same Station Operating Income** | **Reconciliation of Actual Information to Same Station Operating Income** |
|  |  | **Adjustments**  |  |  | **Adjustments**  |  |
|  | **Actual** | **For Acquisitions** | **Same Station** | **Actual** | **For Acquisitions** | **Same Station** |
|  | **Three Months** | **and Dispositions** | **Three Months** | **Three Months** | **and Dispositions** | **Three Months** |
|  | **Ended** | **Not Included in** | **Ended** | **Ended** | **Not Included in** | **Ended** |
|  | **June 30,**  | **Entire Comparable**  | **June 30,**  | **June 30,**  | **Entire Comparable**  | **June 30,**  |
|  | **2025** | **Period** | **2025** | **2024** | **Period** | **2024** |
| Net operating revenue | $28229 | $(654) | $27575 | $29716 | $(258) | $29458 |
| Station operating expense | 22226 | (570) | 21656 | 23305 | (180) | 23125 |
| Corporate general and administrative | 3074 | - | 3074 | 3004 | (1) | 3003 |
| Depreciation and amortization | 1267 | (109) | 1158 | 1258 | (48) | 1210 |
| Other operating expense, net | 253 | - | 253 | 6 | - | 6 |
| Operating income | $1409 | $25 | $1434 | $2143 | $(29) | $2114 |
|  |  | **Adjustments** |  |  | **Adjustments**  |  |
|  | **Actual** | **For Acquisitions** | **Same Station** | **Actual** | **For Acquisitions** | **Same Station** |
|  | **Six Months** | **and Dispositions** | **Six Months** | **Six Months** | **and Dispositions** | **Six Months** |
|  | **Ended** | **Not Included in** | **Ended** | **Ended** | **Not Included in** | **Ended** |
|  | **June 30,**  | **Entire Comparable** | **June 30,**  | **June 30,**  | **Entire Comparable**  | **June 30,**  |
|  | **2025** | **Period** | **2025** | **2024** | **Period** | **2024** |
| Net operating revenue | $52441 | $(1247) | $51194 | $55010 | $(268) | $54742 |
| Station operating expense | 44189 | (1191) | 42998 | 45764 | (184) | 45580 |
| Corporate general and administrative | 6241 | - | 6241 | 6087 | - | 6087 |
| Depreciation and amortization | 2593 | (252) | 2341 | 2456 | (48) | 2408 |
| Other operating expense, net | 307 | - | 307 | 977 | - | 977 |
| Operating loss | $(889) | $196 | $(693) | $(274) | $(36) | $(310) |

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