Salem Revenues Fall In Q4
March 3, 2010 at 2:29 PM (PT)
SALEM COMMUNICATIONS fourth-quarter 2009 consolidated revenue decreased 7.9% to $50.8 million, with net loss narrowing year-to-year from $30.6 million to $1.6 million ($1.29 to 7 cents per share). Adjusted EBITDA decreased 7.9% to $14.7 million. Net broadcast revenue decreased 8.8% to $43.3 million (same station off 8.9% to $42.9 million).
Fourth quarter 2009 revenue figures included $4.5 million in one-time losses, net of tax, related to note repurchasing, interest rate swap fair value changes, the sale of stations in MILWAUKEE, impairment of the value of licenses in DETROIT, and expensing of stock options. 2008's figure included a $52.7 million charge for impairment of licenses and goodwill in several markets, plus $12 million in other charges.
For the first quarter of 2010, SALEM is projecting total revenue to decrease 1% to 3% and operating expenses before gain or loss on disposal of assets, terminated transaction costs and abandoned license upgrades and impairments to increase 1% to 4%.