Salem Income, B'cast Revenue Up In Q1
May 9, 2007 at 2:19 PM (PT)
SALEM COMMUNICATIONS' first-quarter net broadcasting revenue increased 3.4% to $50.4 million, while station operating income (SOI) rose 5.1% to $18 million. On a same-station basis, net broadcasting revenue was up 3.6% to $49.4 million and SOI grew 2.9% to $17.9 million. Overall, the company's net income climbed from $2.7 million (11 cents/share) to $3 million (12 cents).
President/CEO EDWARD ATSINGER III pointed out, "Within the radio business, block programming revenue increased 8.8% and advertising revenue decreased 1.6%. This advertising decline is principally attributable to high sales staff vacancies, which we are working to fill, and the continued softness of the radio advertising market."