Salem Q1 Revenues Off
May 8, 2008 at 1:29 PM (PT)
SALEM COMMUNICATIONS first-quarter 2008 revenue fell 1.3% to $54.5 million, with net oncome up from $3 million to $5 million (12 to 21 cents/diluted share). EBITDA rose 16% to $18.2 million, but Adjusted EBITDA fell 11.8% to $11.5 million. 2008's numbers include a one-time $6 million gain on the sale of KTEK-A/HOUSTON, a $1.4 million gain from discontinued operations including WRRD-A/MILWAUKEE, and a $0.7 million non-cash compensation charge involving stock options.
The broadcasting division's revenue fell 3.2% to $48.4 million (same station off 3.9%).
For the second quarter of 2008, SALEM is projecting total revenue to decrease in the low-single-digit range and operating expenses before gain or loss on disposal of assets to increase in the low-single-digit range. Broadcasting operating expenses are projected to be flat.