Salem Revenue, Net Income Fall In Q1 2015
May 7, 2015 at 4:00 AM (PT)
SALEM MEDIA GROUP, INC. first-quarter 2015 total revenue fell 0.8% to $61.9 million, with net broadcast revenue off 0.5% to $46.5 million (same station down 1.6%). Publishing revenues rose 6.2% to $4.5 million, and digital revenue fell 4.6% to $10.8 million.
Net income dropped from $400,000 to $300,000 (2 cents to 1 cent/diluted share). Free cash flow increased 17.5% to $5.2 million.
For second quarter, SALEM is projecting total revenue to decrease 2% to 4%, based on 2014 having the benefit of political revenue and the sales of two bestselling books. Excluding those items, SALEM says that total revenue would be flat to down 2%.