Salem Revenue Down Year-To-Year For Third Quarter But Up From Second Quarter

Q3 Results

SALEM MEDIA GROUP, INC. joined the parade of media companies reporting third quarter revenue down year-to-year but up sequentially since second quarter, reporting a 5.4% decline year-to-year to $60.6 million, with net broadcast revenue off 4.8% to $45.4 million, digital up 7.2% to $9.8 million, and publishing falling 25.3% to $5.4 million. Net broadcast revenue was up 15% from second quarter, however, while same station net revenue fell 2.4% to $44.6 million..

Net income increased from a loss of $20 million to a gain of $300,000 (-75 to +1 cent/diluted share); 2020's figure included a $1.4 million write-off of the sold-off MIAMI stations and $100,000 in non-cash compensation charges, while 2019's number included a $17.5 million net loss on disposition of assets, plus a $1.9 million impairment charge for the value of the LOUISVILLE, PHILADELPHIA, PORTLAND, and SAN FRANCISCO stations, and $400,000 in additional non-cash compensation charges. Adjusted EBITDA rose 6.9% year-to-year and 243.4% from second quarter 2020 to $9.6 million.

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