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Wednesday, May 7, 2014

Salem 1Q Earnings: Broadcast Revenue Increases 5.4 Percent

Salem Communications today released its earnings results for 1Q 1014, ending March 31, 2014:

Consolidated
  • Total revenue increased 12.1% to $62.3 million from $55.6 million
  • Total operating expenses increased 16.2% to $57.0 million from $49.0 million'
  • Operating expenses, excluding gains or losses on the sale or disposal of assets, stock-based compensation expense and changes in the estimated fair value of contingent earn-out consideration increased 16.9% to $56.4 million from $48.2 million
  • Operating income decreased 19.0% to $5.3 million from $6.6 million
  • Net income increased to $0.4 million, or $0.02 net income per diluted share, from a net loss of $18.6 million, or $0.75 net loss per share in the prior year
  • EBITDA (1) increased to $10.1 million from a loss of $17.3 million
  • Adjusted EBITDA (1)decreased 4.3% to $10.7 million from $11.2 million.
Broadcast
  • Net broadcast revenue increased 5.4% to $45.6 million from $43.2 million
  • Station operating income ("SOI") (1) increased 5.2% to $14.4 million from $13.7 million
  • Same station net broadcast revenue increased 5.2% to $45.4 million from $43.2 million
  • Same station SOI increased 5.2% to $14.5 million from $13.8 million
  • Same station SOI margin remained consistent at 31.8%

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