Salem Revenues Up Overall In First Quarter, But Broadcast Revenues Slip

Q1 Results

SALEM MEDIA GROUP first quarter 2017 total revenue rose 0.6% to $65 million, with net income almost tripling from $400,000 to $1.1 million (1 to 4 cents/diluted share) and EBITDA up 9.5% to $9.3 million but down 0.9% on an adjusted basis to $10.3 million.  Net broadcast revenue fell 1.9% to $47.8 million (same station down 1.6% to $47.6 million) and digital media slipped 2.9% to $10.7 million but publishing jumped 346% to $6.5 million.

SALEM also announced a proposed offering of $255 million in senior notes due 2024 to raise funds to refinance its debt.

SALEM's guidance for second quarter is for total revenue to decline 1% to 3% year-to-year due to lack of political revenue, elimination of four loss-making magazines, and not having a comparable book release to last year's "HILLARY'S AMERICA" by DINESH D'SOUZA, which topped the best-seller list.  Without those items in consideration, the company would project a 0.5% to 2.5% increase in revenues.

« see more Net News