Salem Reports Broadcast Revenue Was Flat During 1Q

Salem Media Group, Inc. released its results for the three months ended March 31, 2015.

First Quarter 2015 Results ending March 31, 2015 compared to the quarter ended March 31, 2014:

Consolidated

• Total revenue decreased 0.8% to $61.9 million from $62.3 million;
• Total operating expenses decreased 1.5% to $56.2 million from $57.0 million;
• Operating income increased 7.0% to $5.7 million from $5.3 million;
• Net income decreased to $0.3 million, or $0.01 net income per diluted share, from $0.4 million, or $0.02 net income per diluted share, in the prior year;
• Free cash flow (1) increased 17.5% to $5.2 million from $4.5 million.

Broadcast

• Net broadcast revenue decreased 0.5% to $46.5 million from $46.8 million;
• Station Operating Income decreased 6.0% to $12.6 million from $13.4 million;
• Same station net broadcast revenue decreased 1.6% to $46.0 million from $46.7 million;

Digital media

• Digital media revenue decreased 4.6% to $10.8 million from $11.3 million
• Digital media operating income decreased 27.3% to $1.8 million from $2.5 million.