Salem Media Group Revenue Up, Income Falls In Second Quarter

Results For Q2

SALEM MEDIA GROUP second quarter total revenue increased 0.2% to $66.3 million, but operating income fell 84.4% to $1.3 million and net income plunged from a gain of $1.3 million to a loss of $2.2 million (5 to -8 cents/share).  EBITDA also dropped 40.8% to $6 million, and Adjusted EBITDA fell 9.4% to $11.2 million.

However, net broadcast revenue rose 2.7% to $50.6 million (up 3% on a same station basis) and Station Operating Income held steady at $13.3 million.  The revenue and income decreases came in the digital (down 5.6% to $10.3 million revenue) and publishing (off 9.1% to $5.4 million) divisions. In addition, the 2018 second quarter included a $5.7 million net loss on the sale of stations in OMAHA and land in MUTH VALLEY and COVINA, CA offset by a $200,000 gain on the sale of WBIX-A/BOSTON, a $200,000 gain on early redemption of long-term debt, and a $100,000 charge for the expensing of stock options,  The 2017 figure included a $2.7 million loss on early redemption of long-term debt and a $500,000 gain on the sale of a former DALLAS transmitter site and two magazines.

For third quarter, SALEM projects total revenue to be flat or up 2% from 2017's $65.4 million.

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