Salem Shows Revenue Rise In First Quarter
May 4, 2016 at 1:26 PM (PT)
SALEM MEDIA GROUP first-quarter 2016 total revenue increased 4.4% to $64.6 million, with net broadcast revenue up 4.2% to $48.5 million. Net income increased 19.7% to $0.4 million (1 cent/diluted share). EBITDA increased 0.4% to $10.2 million, but Adjusted EBITDA decreased 3.2% to $10.4 million (excluding start-up losses from stations acquired in 2015 and a $500,000 litigation accrual, Adjusted EBITDA would have increased 3.2%). Free cash flow fell 12% to $4.6 million.
The company issued second-quarter guidance for a 1-3% increase in revenue year-to-year, noting that EASTER fell in first quarter of 2016 but second quarter of 2015, and that last year's strongest book title, ANN COULTER's "Adios AMERICA," was released in second quarter but this year's projected strongest seller, DINESH D'SOUZA's "HILLARY's AMERICA," is being held to release at the time of the Democratic convention in JULY (third quarter).