Salem Sees Radio Revenues Up 3.2% For First Quarter
May 9, 2011 at 2:58 PM (PT)
SALEM COMMUNICATIONS CORPORATION first quarter 2011 consolidated revenue increased 7.2% to $51.8 million, with net income up from $0.2 million to $2.6 million (1 to 10 cents/diluted share), boosted by a one-time $4.5 million gain ($2.7 million, net of tax, or 11 cents/diluted share) on the sale of KKMO-A/SEATTLE and KXMX-A/ANAHEIM, offset by losses from various fixed asset and equipment disposals. Net broadcast revenue increased 3.2% to $42.7 million (same station up 3.7% to $41.8 million).
The company issued second-quarter guidance projecting total revenue to increase 5% to 7% over 2010 second quarter's $53.1 million.