Salem Reports Revenue Down 4.2 Percent During 2Q

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.