Salem Fourth-Quarter Revenue Falls, Income Up With Tax Cut

Q4 Results

SALEM MEDIA GROUP total revenue decreased 4.9% year-to-year to $67.2 million for fourth quarter 2017, but net income increased from $3 million to $22.4 million (11 to 85 cents/diluted share), with the 2017 figure reflecting an income tax benefit of $23 million from the federal tax cut, offset by a $4.3 million loss on the sale of assets including the sale of Haitian WQVN-A (formerly Spanish Religion WKAT-A (RADIO LUZ))/MIAMI BEACH.  2016's income included a $6.5 million impairment charge related to writedowns of broadcast licenses and various smaller charges.

Net broadcast revenue fell 2.9% to $50.7 million, with same station net broadcast revenue off 2.4% to $50.6 million; digital media revenue dropped 12.8% to $11.1 million; and publishing revenue was off 5.8% to $5.4 million.

For the first quarter of 2018, the company projects total revenue to fall between 1% and 3% and operating expenses to fall between a 1% decline and a 2% increase.

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