Salem Sees Higher Revenues For Q2
August 7, 2007 at 2:23 PM (PT)
SALEM COMMUNICATIONS second-quarter 2007 total revenue rose 3.4% while net income fell 74.7% to $2.9 million (12 cents/diluted share), reflecting a $15.5 million one-time gain for 2006 on sale of assets. Net broadcasting revenue rose 0.5% to $53.7 million, with same station net broadcasting revenue up 1.5% to $52.9 million.
CEO ED ATSINGER said, "Our results for the quarter underscore the stability and resiliency of our business model. While local spot advertising experienced some challenges this quarter and declined 5.1% on a same-station basis, we achieved total revenue growth of 3.4% in the second quarter of 2007. Our programming revenue increased 4.8% and our Internet and publishing businesses grew revenue 36.4% to $6.4 million. We continue to see solid growth in our non-broadcast media as we invest in new media businesses that take advantage of the content and promotional abilities of our radio stations."
For third quarter, total revenue is projected to be between $58 and $58.5 million, up from last year's $57.9 million, with net income at 8 to 9 cents/diluted share.