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Tuesday, November 8, 2016

Salem Reports Broadcast Revenue Increased 3.2%

Salem Media Group, Inc.released its results for the three and nine months ended September 30, 2016.

Salem Media Group

Third Quarter 2016 Results For the quarter ended September 30, 2016 compared to the quarter ended September 30, 2015:

Consolidated:
  • Total revenue increased 5.6% to $71.3 million from $67.5 million;
  • Total operating expenses increased 6.4% to $62.4 million from $58.7 million;
  • Operating expenses, excluding gains or losses on the sale or disposal of assets, stock-based compensation expense, changes in the estimated fair value of contingent earn-out consideration, depreciation expense and amortization expense (1) increased 7.3% to $58.6 million from $54.7 million;
  • Operating income was unchanged at $8.8 million;
  • Net income increased to $2.2 million, or $0.08 net income per diluted share from $2.1 million, or $0.08 net income per diluted share;
  • EBITDA (1) increased 19.1% to $14.0 million from $11.8 million;
  • Adjusted EBITDA (1) decreased 1.5% to $12.6 million from $12.8 million;
  • Net cash provided by operating activities decreased 28.4% to $6.8 million from $9.5 million, and
  • Adjusted Free Cash Flow (1) decreased 2.9% to $6.9 million from $7.1 million.
Broadcast
  • Net broadcast revenue increased 3.2% to $51.1 million from $49.5 million;
  • Station Operating Income ("SOI") (1) decreased 2.1% to $13.6 million from $13.9 million;
  • Same Station (1) net broadcast revenue increased 2.1% to $50.5 million from $49.4 million; and
  • Same Station SOI (1) decreased 1.5% to $13.8 million from $14.0 million.

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