Salem Third Quarter Revenues, Income Fall With Sale of Several Stations

Q3 Results

SALEM MEDIA GROUP third quarter 2019 consolidated net revenue fell 2.2% year-to-year to $64.1 million, with net income dropping from a gain of $1.2 million to a loss of $20 million (5 to -75 cents/diluted share) and Adjusted EBITDA off 13% to $9 million.

Net broadcast revenue fell 2.3% to $47.7 million (same station down 1.4%), while digital media revenue fell 12% to $9.1 million and publishing revenue rose 15.3% to $7.3 million.

The 2019 net loss included a $17.5 million net loss on the sale of several radio stations, plus a $1.9 million impairment charge on the broadcast licenses in LOUISVILLE, PHILADELPHIA, PORTLAND, and SAN FRANCISCO.

« see more Net News