Salem Revenue, Income Down For Fourth Quarter 2022

Q4 Slippage

SALEM MEDIA GROUP total revenue fell 0.5% year-over-year to $68.8 million for fourth quarter 2022, leading to a decline in net income from a gain of $16.8 million (including a one0-time $13 million gain from a real estate sale in TAMPA) to a loss of $2.2 million (including a $2.3 million impairment charge for a write-down of the value of licenses in COLUMBUS, PORTLAND, and SAN FRANCISCO) (8 to -61 cents/diluted share) and a 33% decrease in Adjusted EBITDA to $7.3 million.

Decreased revenue in digital (off 10.3% to $10.4 million) and publishing (down 21.3% to $5.2 million) offset gains in net broadcast revenue (up 4.5% to $53.3 million).

Guidance for first quarter is for revenue to be flat-to-down-2%.

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