Salem Posts Loss for Q4
March 13, 2009 at 5:26 AM (PT)
An impairment charge of $52 million on a number of its radio stations contributed to SALEM COMMUNICATIONS INC. to post a net loss for the fourth quarter.
The CAMARILLO-based media company reported a loss of $30.6 million, or $1.29 net loss per share, on revenues of $54.8 million for the quarter ending DECEMBER 31st. For the same period in 2007, the company had net income of $200,000, or $0.01 per diluted share, on revenues of $58.5 million.
For the full year, SALEM reported a net loss of $33.1 million, or $1.40 net loss per share, on revenues of $220.7 million. For 2007, the company reported net income of $8.2 million, or $0.34 net income per diluted share, on revenues of $228.9 million.
The quarter results included a 52.7 million impairment of goodwill related to the impairment of radio broadcasting licenses and goodwill in their BOSTON, DETROIT, CLEVELAND, LOUISVILLE, NASHVILLE, TAMPA, MIAMI, ORLANDO, SACRAMENTO and OMAHA markets.