Salem Q4 Results: Revenue Up, Broadcast Flat, Layoffs In Effect
March 11, 2015 at 3:55 AM (PT)
SALEM MEDIA GROUP, INC. fourth-quarter revenue increased 5.2% to $65.9 million, with net income dropping from $5.3 million to $38,000 (21 to zero cents/diluted share). Adjusted EBITDA was also off 16.7% to $11.9 million. Broadcast revenue was flat at $48.8 million (same station off 1% to $48.3 million. Digital media revenue increased 14.7% to $11.7 million and publishing revenue increased 47% to $5.4 million.
On the company's conference call, CEO ED ATSINGER and CFO EVAN MASYR noted a slowdown in political revenue, which he attributed to greater competition for political dollars from digital media. The company also disclosed layoffs over the past week, across the company's three divisions, and plans for the three AM stations acquired from RADIO DISNEY, with WDWD-A/ATLANTA to air Christian Talk and Teaching (already on WNIV-A but "the new station has far superior coverage," ATSINGER said), WDDZ-A/PITTSBURGH to air News-Talk, and WDYZ-A/ORLANDO to air Spanish Christian Talk and Teaching.