Salem Revenue Rises For First Quarter
May 7, 2014 at 3:55 AM (PT)
SALEM COMMUNICATIONS first quarter total revenue increased 12.1% to $62.3 million, with net income up from a loss of $18.6 million (including a $27.7 million loss ($16.6 million, net of tax) on early retirement of long-term debt) to a gain of $0.4 million (2 cents/share). Net broadcast revenue increased 5.4% to $45.6 million (same station up 5.2% to $45.4 million). Internet and e-commerce revenue increased 32.9% to $12.9 million, while publishing revenue increased 44.4% to $3.8 million.
The company projects second quarter total revenue to increase 13% to 15% over last year's $60.1 million and operating expenses to increase 16% to 19%. Without the acquisition of EAGLE PUBLISHING, the company would be projecting revenue to increase 5% to 7% and expenses to increase 6% to 9%.