Salem Q3 Revenue Rises
November 6, 2006 at 6:35 AM (PT)
SALEM COMMUNICATIONS total revenue jumped 9.3% for third quarter, credited to the more-than-doubling of the company's Internet and publishing business (up 104.1% to $5.4 million).
Net broadcasting revenue rose 4.3% to $52.5 million (same-staion rose 1.3% to $50.3 million), with the News/Talk stations up 20.1% and Christian Teaching and Talk stations up 11.9%. The company's net income fell 57.6% to $1.5 million (6 cents/diluted share) due to one-time losses of $3.6 million from early redemption of notes and $200,000 on the disposal of assets, with EBITDA off 17% to $12 million and adjusted EBITDA up 5.1% to $15.9 million.
For the fourth quarter, SALEM projects total revenue of $58.5 million-$59 million (up from 2005's $53.9 million), with net income of 2 cents/diluted share. Net broadcast revenue is projected at $51.7 million-$52.2 million.