Salem Revenues Up 4.4% In Q3

Up

SALEM COMMUNICATIONS CORP. third-quarter total revenue increased 4.4% to $51.4 million, with net income increasing from a loss of $4.6 million in third quarter 2009 (which included a $14.1 million impairment of indefinite-lived assets including the radio licenses and goodwill in the DALLAS, ATLANTA, DETROIT, PORTLAND, and CLEVELAND markets, an $800,000 charge related to the change in fair value of interest rate swaps, a $100,000 non-cash compensation charge for stock option expensing, and a $1.6 million gain of bargain purchase for the acquisition of WZAB-A/MIAMI) to a gain of $0.3 million (including $0.4 million in expensing of stock options) (loss of 19 cents/share to gain of 1 cent/share).

For the fourth quarter of 2010, SALEM projects a rise in total revenue of 3% to 5% over fourth quarter 2009 total revenue of $50.8 million, and operating expenses before gain or loss on disposal of assets and impairments to rise 5% to 8% compared to the fourth quarter of 2009 operating expenses of $40.1 million.

« see more Net News