Salem Reports Internet Leads 3Q Revenue Increase

Salem Communications Corporation released its results for the three and nine months ended September 30, 2013.

Third Quarter 2013 Highlights

• Total revenue increased 3.1%
• Internet revenue increased 20.4% and Internet operating income increased 39.0%
• Adjusted EBITDA(1) increased 0.7%
• Entered into agreement to acquire KRDY-AM in San Antonio, TX and KDIS-FM in Little Rock, AR for $2.5 million
• Total debt excluding capital leases decreased $3.9 million during the quarter to $294.5 million

Broadcast

• Net broadcast revenue increased 0.3% to $46.0 million from $45.9 million;
• Station operating income ("SOI")(1) decreased 0.6% to $15.2 million from $15.3 million;
• Same station net broadcast revenue decreased 0.7% to $45.6 million from $45.9 million;
• Same station SOI decreased 0.4% to $15.2 million from $15.3 million; and
• Same station SOI margin increased to 33.4% from 33.3%.

Internet

• Internet revenue increased 20.4% to $9.4 million from $7.8 million; and
• Internet operating income(1) increased 39.0% to $2.7 million from $2.0 million.