Salem Q1 Revenues Up 3.8%
May 8, 2006 at 5:05 PM (PT)
SALEM COMMUNICATIONS first quarter 2006 revenues rose 3.8% to $49.3 million, paced by the company's secular Talk stations, which showed a 7% revenue increase, block programming, also up 7%, and Internet business, which jumped 30%. EBITDA increased 15.6% to $14.2 million , and net income rose 13.5% to $2.7 million (11 cents/diluted share). However, 2006's numbers include one-time gains from sale of assets ($2.1 million), discontinued operations ($400,000.), and non-cash compensation charges related to stock options ($1.3 million); 2005's numbers include a $100,000. loss from discontinued operations.
The company expects second quarter net broadcasting revenue of between $54.2 and $54.7 million, with net income of 10-12 cents/share.