Salem Q3 Radio Revs Off, Net Income Up
November 7, 2007 at 3:45 PM (PT)
SALEM COMMUNICATIONS third-quarter total revenue rose 0.3% to $58.1 million, with net income up 44.4% to $2.1 million (9 cents/diluted share). Broadcasting revenue fell 1.2% to $51.9 million (same-station down 0.7%).
CEO ED ATSINGER said, "The radio market continues to prove challenging for all broadcasters. While our net broadcasting revenue was down 1.2%, we did have some positive indications during the quarter. On a same-station basis, advertising revenue on our Contemporary Christian music stations grew 3.1%, our block programming revenue increased 3.6% and our non-broadcast businesses grew revenue 14.9% to $6.2 million. We remain confident about the stability of our business model as we continue to invest in new media businesses that give us the ability to repurpose content and leverage the promotional abilities of our radio stations."
SALEM is projecting fourth-quarter revenue to be between $57.9 million and $58.4 million compared to fourth-quarter 2006 total revenue of $59.8 million, with net income at between 4 and 5 cents/share.