Salem Q2 Revenues, Income Up
August 7, 2006 at 6:29 AM (PT)
SALEM COMMUNICATIONS CORP. second quarter revenues jumped 8.8% to $58.1 million, with operating income up 130% to $26.1 million, EBITDA up 105.2% to $29.8 million, and net income leaping 225.5% to $11.6 million (47 cents/dilulted share). Net broadcasting revenue was up 5.4% to $53.4 million, with same station revenue up 2.9% to $51.4 million. The income figures include a $15.5 million gain on the sale and swap of stations in CLEVELAND and SACRAMENTO and a $1.3 million non-cash compensation charge ($0.8 million net of tax). The company also added TOWNHALL.COM on APRIL 28 and XULON PRESS and TEACHING MAGAZINE on JUNE 1.
FOr third quarter, SALEM projects revenue up from $53 to $57.9-58.4 million and net income between 1 and 2 cents/diluted share.