6-30-14
The Saga Board of Directors has OK'd a regular quarterly cash dividend of $0.20 per share for its Class A and Class B shares. Saga CEO Ed Christian said, "The initiation of our quarterly cash dividend is based on the Board of Directors and management's continuing confidence in the free cash flow that our radio and television stations generate as well as our commitment to return value to our shareholders. Since 2008 we have generated over $132 million of free cash flow."
Christian also said, "The free cash flow has been used to distribute $17 million in special dividends to our shareholders, to repurchase $20 million of our stock, along with our regular funded debt amortization, to reduce our funded debt by $84 million, which has resulted in reducing our leverage ratio to 1.3x and allowed us to maintain cash of $25 million on our balance sheet. We will continue to look for value accretive acquisitions. In addition to the cash on our balance sheet, we have $75 million available under our bank credit facility which could be used for acquisitions."
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