Saga Communications has unveiled its fourth quarter and 2024 total financial results, and the numbers weren’t what the company was hoping for.
For 2024, the company saw a 2.2% revenue decline. During the calendar year, revenue reached $110.3 million, compared to $112.8 million the prior year.
Operating expenses rose 4.5% during the year, up to $94.3 million, according to figures released on Tuesday morning.
During the fourth quarter, revenue dropped slightly, down 1.3% to $28.8 million. Saga Communications earned $29.1 million during the same quarter in 2023.
Ahead of the earnings report, the company shared an update to its strategic plan after pushback from shareholder Gate City Capital Management. That firm has shared concerns that it does not support the “digital transformation” that Saga Communications has undergone and that it was having an “adverse impact on the company’s financial results.”
In turn, the firm nominated four candidates for election to Saga’s Board of Directors at the upcoming annual meeting. A meeting between representatives for each side took place, with Gate City sharing its concern. After the discussions, the firm reiterated its intention to present four candidates for election at the annual shareholder meeting.
“Saga has attempted to engage constructively with Gate City and will continue to do so,” a statement from the radio company said. “Regrettably, Gate City appears to misunderstand Saga’s business, the changing landscape in which the company operates, and the strategy Saga is pursuing. Gate City’s filings with the Securities and Exchange Commission regarding Saga are based on faulty assumptions and contain numerous unfounded assertions that could mislead the company’s shareholders.”
Barrett Media produces daily content on the music, news, and sports media industries. To stay updated, sign up for our newsletters and get the latest information delivered straight to your inbox.
