GROSSE POINTE FARMS, Mich. - Saga Communications, Inc. (NASDAQ:SGA), a media company with operations in 28 markets, announced today the promotion of two key executives within its leadership team. Samuel D. Bush steps up as the Executive Vice President while maintaining his roles as Chief Financial Officer and Treasurer, a testament to his longstanding service since joining the company in 1997. Wayne Leland, with the company since 2011, has been promoted to Chief Operating Officer after a series of advancements, most recently as Senior Vice President/Operations.
The company's decision to promote Bush and Leland reflects their significant contributions to Saga over the years. The executives expressed enthusiasm for their new roles, emphasizing their commitment to the company's growth and success. Chris Forgy, speaking on behalf of Saga, praised the leadership and staff, recognizing the promotions as acknowledgment of past achievements and future potential.
Bush articulated his eagerness to build on Saga's current success and to address the challenges ahead, while Leland highlighted the privilege of working with a dedicated team and his optimism for reaching new milestones.
Saga Communications specializes in the acquisition, development, and operation of broadcast properties, which include 82 FM and 32 AM radio stations along with 79 metro signals. The company has recently been focusing on diversifying its interests to complement its core radio business, exploring digital, e-commerce, and non-traditional revenue initiatives.
The press release also contained forward-looking statements, cautioning that these are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The company, which regularly files reports with the U.S. Securities and Exchange Commission, pointed out that these forward-looking statements are influenced by various factors, including economic changes and the overall performance of the radio broadcast industry.
This announcement is based on a press release statement from Saga Communications, Inc. and contains no endorsements or subjective claims. The information provided is intended to inform stakeholders and the public of the latest developments within the company's leadership structure.
In other recent news, Saga Communications has reported some noteworthy developments. The radio broadcasting company has appointed Crowe LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2024. This decision was made by the Audit Committee of the Board of Directors and reported in a recent Form 8-K filing with the Securities and Exchange Commission.
The transition to Crowe LLP follows the dismissal of UHY LLP, Saga Communications' previous accounting firm. Notably, the reports from UHY on the company's financial statements for the years ended December 31, 2023, and 2022, were free of any adverse opinions or disclaimers. The filing also indicated no disagreements between Saga Communications and UHY on any accounting principles, financial statement disclosure, auditing scope, or procedure during the years mentioned.
Additionally, there were no "reportable events," such as issues that could materially impact the financial statements or the auditor's ability to perform an audit. Lastly, there were no consultations between Saga Communications and Crowe LLP during the past fiscal years on any matters requiring disclosure under the SEC's regulations.
InvestingPro Insights
As Saga Communications, Inc. (NASDAQ:SGA) reinforces its leadership team with key executive promotions, the company's financial health and market performance provide a broader context for these strategic decisions. With a market capitalization of $90.35 million, Saga's valuation reflects its position within the media industry. The company's commitment to shareholder returns is evident through its significant dividend yield of 24.81%, a figure that stands out in today's market, coupled with a history of maintaining dividend payments for 13 consecutive years. This practice signals a stable return for investors, even amidst economic fluctuations.
Despite a slight decrease in revenue growth over the last twelve months, with a -2.52% change, Saga's ability to manage its finances effectively is notable. The company's liquid assets surpass its short-term obligations, indicating a strong liquidity position that can support its operations and potential investments in new initiatives. Additionally, Saga's adjusted P/E ratio of 13.46 suggests that the stock is reasonably valued relative to its earnings, which could attract investors looking for stable long-term opportunities.
InvestingPro Tips reveal that Saga's cash flows can sufficiently cover interest payments, a reassuring sign of financial prudence. Furthermore, with analysts predicting profitability for the current year and the company having been profitable over the last twelve months, Saga appears to be on a solid footing for future growth. For a comprehensive analysis and additional InvestingPro Tips, be sure to visit https://www.investing.com/pro/SGA, where 9 more tips are available to help investors make informed decisions.
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