Saga Communications ( (SGA) ) has released a notification of late filing.
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Saga Communications has announced a delay in filing its Form 10-K (Yearly Report) for the financial period ending December 31, 2024. The delay is primarily due to an error identified in the year-end financial close process, specifically related to the presentation of certain revenue and expense items. This error stems from a technical misinterpretation of ASC 606 guidance over certain digital revenue streams, resulting in understated net revenue and station operating expenses. Despite this, the company assures that the error will not impact profitability measures or compliance with loan covenants. Saga Communications expects to file the report within the 15-day extension period allowed under Rule 12b-25. The company is actively working on assessing the materiality of the error and evaluating its internal control effectiveness. The notification was signed by Samuel D. Bush, Executive Vice President, Chief Financial Officer, and Treasurer.
More about Saga Communications
YTD Price Performance: 10.82%
Average Trading Volume: 24,329
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $75.89M
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