Salem Media: 4Q Broadcast Revenue Increase 6.1 Percent

Salem Media Group, Inc. released its results for the three and twelve months ended December 31, 2021.

Fourth Quarter 2021 Consolidate Results

• Total revenue increased 7.2% to $69.1 million from $64.5 million;
• Total operating expenses decreased 16.2% to $48.7 million from $58.1 million;
• Operating expenses, excluding gains or losses on the disposition of assets, stock-based compensation expense, changes in the estimated fair value of contingent earn-out consideration, impairments, debt modification costs, depreciation expense and amortization expense (1) increased 6.8% to $58.3 million from $54.6 million;
• Operating income increased 220.0% to $20.5 million from $6.4 million;
• The company’s net income increased $13.5 million to $16.8 million, or $0.61 net income per diluted share compared to $3.3 million, or $0.12 net income per diluted share;
• EBITDA (1) increased 131.2% to $22.7 million from $9.8 million;
• Adjusted EBITDA (1) increased 9.3% to $10.8 million from $9.9 million; and
• Net cash provided by operating activities increased to $7.7 million from net cash used for operating activities of $0.3 million.

Broadcast: Net broadcast revenue increased 6.1% to $51.0 million from $48.1 million;
SOI increased 3.6% to $12.3 million from $11.8 million; Same Station net broadcast revenue increased 5.7% to $50.6 million from $47.8 million; and Same Station SOI (increased 0.8% to $12.2 million from $12.1 million.

Digital Media: Digital media revenue increased 2.9% to $11.6 million from $11.2 million; and
Digital Media Operating Income increased 15.5% to $3.0 million from $2.6 million.

Year to Date 2021 Consolidates Results

Broadcast

• Net broadcast revenue increased 7.5% to $191.4 million from $178.1 million;
• SOI increased 23.0% to $45.7 million from $37.2 million;
• Same station net broadcast revenue increased 7.5% to $190.0 million from $176.8 million; and
• Same station SOI increased 19.0% to $45.7 million from $38.4 million.

Digital media

• Digital media revenue increased 6.5% to $42.2 million from $39.6 million; and
• Digital Media Operating Income increased 6.3% to $8.4 million from $7.9 million