Salem Declares Special Cash Dividend
August 8, 2007 at 4:01 PM (PT)
SALEM COMMUNICATIONS CORP. has declared a special cash dividend of 42 cents/share on class A and B common stock, payable AUGUST 23 to shareholders of record as of AUGUST 20.
CEO ED ATSINGER said, "Last year we paid a special dividend of $15 million, our first ever as a public company. This year, despite challenges facing the broadcast sector, Salem Communications continues to generate free cash flow and bring incremental value to our shareholders. After considering available options, our board of directors determined that this new special dividend of approximately $10 million was the best way to allow our shareholders to benefit from this growth."