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Thursday, August 6, 2015

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%

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