Mixed Earnings Results For Salem Media

Salem Media Group released its results for the three and nine months ended September 30, 2015.

• Net broadcast revenue increased 1.9%
• Recurring operating expenses decreased 1.0%
• Acquired WBIX-AM (formerly WMKI-AM) in Boston, Massachusetts and KEXB-AM (formerly KMKI-AM) in Dallas, Texas
• Acquired DividendInvestor.com, the DailyBible app and a Spanish Bible app

Third Quarter 2015 Results

For the quarter ended September 30, 2015 compared to the quarter ended September 30, 2014:

Consolidated

• Total revenue decreased 3.0% to $67.5 million from $69.6 million;
• Total operating expenses decreased 3.4% to $58.7 million from $60.8 million;
• Operating expenses, excluding gains or losses on the sale or disposal of assets, stock-based compensation expense, depreciation expense and amortization expense decreased 1.0% to $54.7 million from $55.2 million;
• Operating income remained consistent at $8.8 million;

Broadcast

• Net broadcast revenue increased 1.9% to $49.2 million from $48.2 million;
• Station Operating Income remained consistent at $13.8 million;
• Same station net broadcast revenue increased 1.0% to $48.7 million from $48.2 million;
• Same station SOI remained consistent at $13.8 million; and
• Same station SOI margin decreased to 28.4% from 28.7%.

Digital media

• Digital media revenue decreased 1.0% to $11.4 million from $11.5 million; and
• Digital media operating income (1) increased 5.9% to $2.6 million from $2.5 million.

Publishing

• Publishing revenue decreased 29.9% to $6.9 million from $9.9 million; and
• Publishing operating income (1) decreased to a loss of $0.1 million from net income of $1.6 million.