Salem Revenue Up For Third Quarter
November 3, 2011 at 6:09 PM (PT)
SALEM COMMUNICATIONS CORP. third-quarter overall revenue increased 6.8% to $54.9 million, with net income up from $300,000 to $1.5 million (1 to 6 cents/diluted share). EBITDA increased 4.8% to $12.5 million.
Net broadcast revenue increased 3.0% to $44.8 million (same station up 4.2%); Station operating income was flat at $15.6 million. Internet revenue rose 40.1% to $7.1 million, while publishing revenue increased 6.8% to $3 million.
For the fourth quarter of 2011, the company is projecting total revenue to increase 2% to 4%. The company is also reporting that it is close to a resolution of a lawsuit by ASIA VISION challenging SALEM's reacquisition of KTEK-A/HOUSTON from embattled BIZ RADIO, from which ASIA VISION had been brokering time.