Salem Revenues Fall In Q1
May 7, 2009 at 3:27 PM (PT)
SALEM COMMUNICATIONS first-quarter total revenue decreased 10.7% to $48.3 million, operating income from continued operations decreased 31.3% to $8.8 million, and net income fell from $5 million to $2.9 million (21 to 12 cents/diluted share). EBITDA decreased 29.3% to $12.8 million, with adjusted EBITDA up 12.5% to $12.9 million.
The company's broadcast division saw net revenue decrease 12.3% to $42 million (same station off 12.5% to $40.3 million), with station operating income off 2.7% to $15.7 million.
Included in the results for the quarter ended MARCH 31ST, 2008 are a $60 million gain ($3.2 million, net of tax, or 14 cents/diluted share) from the sale of KTEK-A/HOUSTON; a $1.4 million income (6 cents/diluted share) consisting of a pretax gain of $2.2 million from the sale of WRRD-A/MILWAUKEE, plus the operating results of WRRD-A and WFZH/MILWAUKEE, WRFD-A/COLUMBUS, and CCM MAGAZINE; and a $0.7 million non-cash compensation charge related to the expensing of stock options.
For the second quarter of 2009, SALEM projects total revenue to decrease 14% to 17% year-to-year from last year's $57.5 million, and operating expenses before gain or loss on disposal of assets and impairments to decline 10% to 13% from last year's $47.1 million.