Salem Q4 Revenues Rise
Oil Discovered On Company Land
February 28, 2014 at 3:59 AM (PT)
SALEM COMMUNICATIONS fourth quarter total revenue increased 3.5% to $62.7 million, with net income up from $2 million to $5.3 million (8 to 21 cents per diluted share). Net broadcast revenue increased 1% to $47.4 million (same station up 0.2% to $47 million).
On the company's conference call, CEO ED ATSINGER noted that if political revenue had been excluded, revenue would have risen 7.6%, marking "real progress made in our core businesses, which we think bodes quite well for 2014."
EVP/CFO EVAN MASYR added that the company's Christian Teaching and Talk stations contributed 44% of the broadcast revenue but were flat for the quarter, block programming was up by 2.9%, and News-Talk stations were down 4% (entirely from the loss of political revenue) and represented 15% of the base, while Contemporary Christian kicked in 24% of the total and were up 5%. Business Talk represented 3% of the total and increased 15%, and Spanish Religion, up 11%, is now 2% of total broadcast revenue. Network revenue increased 1% and is 9% of the total.
And ATSINGER added in a response to an analyst's question that one of the company's assets has been land with oil discoveries on them, "at least three of them over the years. They're not really big gushers but interesting." He said that the company might spin off some additional land from its CLEVELAND transmitter site and land acquired for a LOS ANGELES transmitter site that it no longer needs.