Salem Communications Corp. Ups Quarterly Cash Distribution
March 18, 2013 at 7:35 AM (PT)
SALEM COMMUNICATIONS CORPORATION's Board of Directors has increased the company's quarterly cash distribution from $0.035 per share to $0.05 per share, payable APRIL 1st to all Class A and Class B common stockholders of record as of MARCH 25th.
CEO ED ATSINGER said, "The decision of our board to increase our cash distribution will be welcome news to shareholders and other stakeholders. The 2013 distribution represents less than 20% of our expected free cash flow for the year. This meaningful increase is due to the growth in free cash flow that we expect in 2013 as a result of our stable business performance and substantial reduction in interest expense from our recently completed refinancing."