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%