Salem Q3 Revenues Off

Tough Q3

SALEM COMMUNICATIONS third-quarter total revenue decreased 10.2% to $48.9 million, with broadcast revenue off 11.4% to $42 million.  Net loss narrowed from $11 million to $4.6 million, (47 to 19 cents/share). 

The 2009 figures included a $14.1 million impairment of goodwill and indefinite-lived assets ($7.3 million, net of tax, or $0.31 per share) related to the impairment of radio licenses and goodwill in DALLAS, ATLANTA, DETROIT, PORTLAND, and CLEVELAND; a $0.8 million charge ($0.4 million, net of tax, or $0.02 per share) related to the change in fair value of interest rate swaps;a $1.6 million gain of bargain purchase ($0.8 million, net of tax, or $0.04 per diluted share) related to the purchase of WZAB-A/MIAMI; and a $0.1 million non-cash compensation charge related to the expensing of stock options.
   
The 2008 figures included a $0.1 million loss, net of tax, on the disposal of assets; a $20.3 million impairment of long-lived assets ($11.7 million, net of tax, or $0.49 per share) related to the impairment of radio licenses in CLEVELAND; a $0.1 million income, net of tax, from discontinued operations of radio stations in MILWAUKEE and COLUMBUS as well as CCM Magazine; and a $2 million non-cash compensation charge ($1.2 million, net of tax, or $0.05 per share) related to the expensing of stock options.

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