Salem Media Reports Flat Q2 Broadcast Revenue

Salem Media Group, Inc. released its results for the three and six months ended June 30, 2015.

Second Quarter 2015 Highlights

• Free cash flow increased 14.9%
• Recurring operating expenses decreased 3.2%
• Adjusted EBITDA (1) increased 3.0%
• The company acquired WPGP-AM (formerly WDDZ-AM) in Pittsburgh, Pennsylvania, WDWD-AM in Atlanta, Georgia, and the Daily Bible Devotion mobile applications

Second Quarter 2015 Results For the quarter ended June 30, 2015 compared to the quarter ended June 30, 2014:

Consolidated

• Total revenue decreased 2.0% to $67.3M from $68.6M
• Total operating expenses decreased 5.1% to $58.0M from $61.1M
• Recurring operating expenses, or expenses excluding gains or losses on the sale or disposal of assets, stock-based compensation expense, depreciation expense, amortization expense and change in the estimated fair value of contingent earn-out consideration decreased 3.2% to $53.8M from $55.5M
• Operating income increased 23.5% to $9.3M from $7.5M
• Net income increased to $3.5M, or $0.14 net income per diluted share, from $1.3M, or $0.05 net income per diluted share, in the prior year

Broadcast

• Net broadcast revenue was flat at $49.1M
• Station Operating Income increased 4.2% to $13.9M from $13.3M
• Same station net broadcast revenue decreased 1.2% to $48.4M from $49.0M
• Same station SOI increased 3.9% to $13.8M from $13.3M
• Same station SOI margin increased to 28.6% from 27.2%