Salem Fourth-Quarter Revenue Rises
March 8, 2012 at 5:13 PM (PT)
SALEM COMMUNICATIONS CORP. fourth-quarter 2011 consolidated total revenue increased 6.2% to $57.1 million, with operating income up 6% to $10.9 million and net income decreasing from $700,000 to $400,000 (3 to 2 cents/diluted share). Net broadcast revenue increased 2.8% to $45.8 million (same station up 3.4% to $45.2 million); Internet revenue increased 37.1% to $8.1 million; and publishing revenue decreased 3.1% to $3.1 million.
For the first quarter of 2012, SALEM projects total revenue to increase 4% to 6% over first quarter 2011 total revenue of $51.2 million.
In addition, SALEM's Board of Directors has authorized and declared a quarterly dividend in the amount of 3.5 cents/share of its Class A and Class B common stock, payable MARCH 30th to shareholders of record as of MARCH 23rd. The company anticipates paying quarterly dividends in MARCH, JUNE, SEPTEMBER and DECEMBER of each year and expects to pay a total annual dividend of $3.4 million.
CEO ED ATSINGER said, "We are pleased to be in a position where we can begin to return a portion of our free cash flow to our shareholders on a regular basis while continuing to systematically reduce our debt. This recurring dividend demonstrates our confidence in our resilient business model and our ability to maintain strong free cash flow."