Salem Revenues Flat, Income Falls In Fourth Quarter 2018

Q4 Revenues Flat

SALEM MEDIA GROUP fourth quarter 2018 consolidated net revenue remained roughly flat at $67.2 million, with net income falling from a gain of $22.4 million to a loss of $3.1 million (85 to -12 cents/diluted share).  The 2018 number included a $2.9 million impairment, mostly of broadcast licenses, while the 2017 figure included a $4.3 million net loss on asset sales and a $23 million income tax benefit.  EBITDA fell 2.4% to $8.7 million, and Adjusted EBITDA dropped 12.8% to $11.6 million.

On the broadcast side, net revenue increased 0.7% to $51.1 million (same station up 1.9% to $50.3 million), with Station Operating Income off 10.1% to $12.6 million (same station off 9.1% to $13 million).  Digital revenue increased 4% to $11.5 million, with Digital Media Operating Income up 14.1% to $3 million Publishing revenue fell 15.3% to $4.6 million, with the division's loss widening 36% to $500,000.

SALEM projects first quarter total revenue to fall 3-5% from last year's $63.8 million.

« see more Net News