11-21-13
The Saga Communications Board of Directors has declared a special cash dividend of $1.80 per share. The dividend is a 47 percent increase over last year's special dividend. Wells Fargo analyst Marci Ryvicker says, "Saga will retain a very strong balance sheet, in our view. As of September 30, Saga had $27.5M of cash on hand and net leverage of 0.6x. Post the dividend payment, we estimate SGA's leverage ratio will remain a strong 0.9x. We believe SGA's increasing return of capital is appropriate given its robust cash position and low leverage."
