Salem Reports Total Revenue Jumped 7.7 Percent

Salem Media Group, Inc. released its results for the three and six months ended June 30, 2022.

For the quarter ended June 30, 2022 compared to the quarter ended June 30, 2021:

• ConsolidatedTotal revenue increased 7.7% to $68.7 million from $63.8 million;
• Total operating expenses increased 5.5% to $61.4 million from $58.1 million;
• Operating expenses, excluding gains or losses on the disposition of assets, stock-based compensation expense, debt modification costs, impairments, depreciation expense and amortization expense (1) increased 10.7% to $60.9 million from $55.0 million;
• The company’s operating income increased 29.9% to $7.3 million from $5.6 million;
• The company recognized $3.9 million in film distribution income from an unconsolidated equity investment;
• The company’s net income increased 303.9% to $9.1 million, or $0.33 net income per diluted share from $2.3 million, or $0.08 net income per diluted share;
• EBITDA (1) increased 60.9% to $14.5 million from $9.0 million; and
• Adjusted EBITDA (1) increased 33.6% to $11.7 million from $8.7 million.

BroadcastNet broadcast revenue increased 12.1% to $52.5 million from $46.8 million;
Station Operating Income (“SOI”) (1) decreased 6.2% to $10.0 million from $10.6 million;
Same Station (1) net broadcast revenue increased 12.2% to $52.4 million from $46.7 million; and
Same Station SOI (1) decreased 5.9% to $10.0 million from $10.6 million.

Digital MediaDigital media revenue increased 4.5% to $10.8 million from $10.3 million; and
Digital Media Operating Income (1) increased 26.5% to $2.5 million from $2.0 million.

PublishingPublishing revenue decreased 18.5% to $5.4 million from $6.7 million; and
Publishing Operating Loss (1) was $6,000 as compared to publishing operating income of $0.2 million.

For the six months ended June 30, 2022 compared to the six months ended June 30, 2021:

ConsolidatedTotal revenue increased 6.6% to $131.3 million from $123.1 million;

• Total operating expenses increased 5.2% to $119.0 million from $113.1 million;
• Operating expenses, excluding gains or losses on the disposition of assets, stock-based compensation expense, debt modification costs, changes in the estimated fair value of contingent earn-out consideration, impairments, depreciation expense and amortization expense (1) increased 9.6% to $116.7 million from $106.5 million;
• The company’s operating income increased 23.1% to $12.3 million from $10.0 million;
• The company recognized $3.9 million in film distribution income from an unconsolidated equity investment;
• The company’s net income increased 320.8% to $10.9 million, or $0.39 net income per diluted share from $2.6 million, or $0.10 net income per diluted share;
• EBITDA (1) increased 37.0% to $22.7 million from $16.5 million; and
• Adjusted EBITDA (1) increased 11.2% to $18.5 million from $16.7 million.

BroadcastNet broadcast revenue increased 11.1% to $100.9 million from $90.8 million.  Digital mediaDigital media revenue increased 5.7% to $21.1 million from $20.0 million; and
Digital media operating income (1) increased 47.9% to $4.4 million from $2.9 million.