Salem Reports Broadcast Revenue Increased 2.5 Percent

Salem Media Group, Inc. released its results for the three months ended March 31, 2016.

First Quarter 2016 Results

Consolidated

• Total revenue increased 4.4% to $64.6 million from $61.9 million;
• Total operating expenses increased 4.2% to $58.5 million from $56.2 million;
• Operating expenses, excluding gains or losses on the sale or disposal of assets, stock-based compensation expense, changes in the estimated fair value of contingent earn-out consideration, depreciation expense and amortization expense increased 6.0% to $54.1 million from $51.1 million;
• Operating income increased 6.7% to $6.1 million from $5.7 million;
• Net income increased 19.7% to $0.4 million, or $0.01 net income per diluted share as compared to $0.3 million, or $0.01 net income per diluted share;
• EBITDA (1) increased 0.4% to $10.2 million;

Broadcast

• Net broadcast revenue increased 4.2% to $48.5 million from $46.5 million;
• Station Operating Income decreased 1.1% to $12.5 million as compared to $12.6 million from the same period of the prior year;
• Same station net broadcast revenue increased 2.5% to $47.7 million from $46.5 million