Salem Media Group, Inc. has released its results for the three and six months ended June 30, 2023.
Second Quarter 2023 Consolidated Results
- Total revenue decreased 4.2% to $65.8 million from $68.7 million;
- Total operating expenses increased 13.9% to $69.9 million from $61.4 million;
- Operating expenses, excluding stock-based compensation expense, debt modification costs, gains and losses on the sale or disposition of assets, impairments, depreciation expense and amortization expense (1) increased 5.2% to $63.1 million from $60.0 million;
- The company had an operating loss of $4.1 million as compared to operating income of $7.3 million;
- The company had a net loss of $7.1 million, or $0.26 net loss per share, compared to net income of $9.1 million, or $0.33 net income per diluted share;
- EBITDA (1) decreased to $(0.6) million from $14.5 million; and
- Adjusted EBITDA (1) decreased 77.2% to $2.7 million from $11.7 million.
Broadcast
- Net broadcast revenue decreased 5.3% to $49.7 million from $52.5 million;
- Station Operating Income (“SOI”) (1) decreased 43.5% to $6.2 million from $10.9 million;
- Same Station (1) net broadcast revenue decreased 5.8% to $49.4 million from $52.4 million; and
- Same Station SOI (1) decreased 37.7% to $6.8 million from $10.9 million.
Digital Media
- Digital media revenue increased 0.5% to $10.9 million from $10.8 million; and
- Digital Media Operating Income (1) decreased 27.5% to $1.8 million from $2.5 million.
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