Salem Q4 Revenues Rise
February 25, 2013 at 3:15 PM (PT)
SALEM COMMUNICATIONS CORP. fourth-quarter revenue rose 6.1% to $60.6 million, and Internet revenue increased 25.4% with the acquisition of GODVINE.COM in OCTOBER. Internet revenue represented 17% of fourth quarter total revenue. Net income increased 350.4% to $2 million, or 8 cents per diluted share; EBITDA increased 5% to $13.9 million and Adjusted EBITDA increased 1.1% to $15.2 million.
On the broadcast side, net revenue increased 2.5% to $47 million (same station up 2.2% to $46.7 million).
SALEM is projecting a 1-3% increase in total revenue for first quarter 2013.
Salem Launches Note Buyback
The company has also launched a cash tender offer and consent solicitation for any and all of its $213.5 million aggregate principal amount of 9.625% Senior Secured Second Lien Notes due 2016. SALEM is looking to get new senior credit financing including a revolving credit facility of up to $25 million and a term loan facility of up to $300 million, with proceeds from the term loan facility being used to fund the Offer. The offer expires at midnight ET on MARCH 22nd; those tendering and consenting as of 5p (ET) MARCH 8th will get $1,106.54 per $1,000 principal amount of the Notes, inclufdng a consent payment of $30 per $1,000 principal amount of the Notes, plus any accrued and unpaid interest on the Notes up to, but not including, the payment date for such Notes. Tenders after MARCH 8th but before the expiration will get $1,076.54 per $1,000 principal amount of the Notes, plus any accrued and unpaid interest on the Notes up to, but not including, the payment date for such Notes. The latter tenders will not receive a consent payment.