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Salem
Communications Corporation
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Nasdaq:
SALM
Salem
Communications Corporation, headquartered in Camarillo, California, is
the leading U.S. radio broadcaster focused on religious and family themes
programming. Upon the close of all announced transactions, the company
will own and operate 91 radio stations, including 58 stations in the top
25 markets. In addition to its radio properties, Salem owns Salem Radio
Network, which syndicates talk, news and music programming to over 1,500
affiliated radio stations; Salem Radio Representatives, a national sales
force; Salem Web Network, the leading Internet provider of Christian content
and online streaming; and Salem Publishing, a leading publisher of contemporary
Christian music trade and consumer magazines.
Salem
Communications Announces First Quarter 2008 Total Revenue of $54.5 Million
CAMARILLO,
Calif.--(BUSINESS WIRE)--May 8, 2008--Salem Communications Corporation
(Nasdaq:SALM), a leading U.S. radio broadcaster, Internet content provider,
and magazine and book publisher targeting audiences interested in Christian
and family-themed content and conservative values, today announced results
for the three months ended March 31, 2008.
First
Quarter 2008 Results
For
the quarter ended March 31, 2008 compared to the quarter ended March 31,
2007:
-- Total revenue decreased 1.3% to $54.5 million from $55.2
million;
-- Operating income increased 9.9% to $12.9 million from $11.8
million;
-- Net income increased to $5.0 million, or $0.21 net income per
diluted share, from $3.0 million, or $0.12 net income per diluted
share;
-- EBITDA increased 16.0% to $18.2 million from $15.7 million;
-- Adjusted EBITDA decreased 11.8% to $11.5 million from $13.1 million;
Broadcasting
-- Net broadcasting revenue decreased 3.2% to $48.4 million from
$49.9 million;
-- Station operating income ("SOI") decreased 9.1% to $16.2
million from $17.9 million;
-- Same station net broadcasting revenue decreased 3.9% to $46.5
million from $48.4 million;
-- Same station SOI decreased 7.6% to $16.2 million from $17.5
million;
-- Same station SOI margin decreased to 34.7% from 36.1%;
Non-broadcast Media
-- Non-broadcast revenue increased 16.0% to $6.1 million from
$5.3 million; and
-- Non-broadcast operating income decreased to a loss of $0.1
million from income of $0.3 million.
Included in the results for the quarter ended March 31, 2008 are:
-- A $6.0 million gain primarily from the disposal of the assets
of KTEK-AM in Houston, Texas ($3.2 million gain, net of tax, or $0.14 per
diluted share)
-- A $1.4 million income ($0.06 gain per diluted share), net of
tax, from discontinued operations consisting of:
-- A pretax gain of $2.2 million from the sale of WRRD-AM in
Milwaukee, Wisconsin;
-- The operating results of both WRRD-AM and WFZH-FM in Milwaukee,
Wisconsin; and
-- The operating results of CCM Magazine;
-- A $0.7 million non-cash compensation charge ($0.4 million, net
of tax, or $0.02 per share) related to the expensing of stock
options consisting of:
-- $0.6 million non-cash compensation included in corporate
expenses; and
-- $0.1 million non-cash compensation included in broadcasting
operating expenses.
Included in the results for the quarter ended March 31, 2007 are:
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A $3.3 million gain primarily from the disposal of the assets of WKNR-AM
in Cleveland, Ohio ($1.8 million gain, net of tax, or $0.07 per diluted
share);
-- A $0.1 million income, net of tax, from discontinued
operations includes the operating results of WRRD-AM and
WFZH-FM in Milwaukee, Wisconsin and CCM Magazine; and
-- A $0.8 million non-cash compensation charge ($0.4 million, net
of tax, or $0.02 per share) related to the expensing of stock options
consisting of
-- $0.5 million non-cash compensation included in corporate
expenses; and
-- $0.2 million non-cash compensation included in broadcasting
operating expenses.
These
results reflect the reclassification of the operations of our Milwaukee
stations to discontinued operations for all periods presented. These stations
had net broadcasting revenue of approximately $0.5 million and generated
a profit of $0.1 million for the quarter ended March 31, 2007 and net broadcasting
revenue of approximately $0.3 million and generated a loss of $0.1 million
for the quarter ended March 31, 2008.
Salem
Communications Announces a 0.3% Increase in Third Quarter 2007 Total Revenue
CAMARILLO,
Calif.--(BUSINESS WIRE)--Nov. 7, 2007--Salem Communications Corporation
(Nasdaq:SALM), a leading U.S. radio broadcaster, Internet content provider,
magazine and book publisher targeting audiences interested in content related
to faith, family and conservative values, today announced results for the
three month period ended September 30, 2007.
Commenting
on the company's results, Edward G. Atsinger III, Chief Executive Officer
of Salem, said, "The radio market continues to prove challenging for all
broadcasters. While our net broadcasting revenue was down 1.2%, we did
have some positive indications during the quarter. On a same station basis,
advertising revenue on our Contemporary Christian music stations grew 3.1%,
our block programming revenue increased 3.6% and our non-broadcast businesses
grew revenue 14.9% to $6.2 million. We remain confident about the stability
of our business model as we continue to invest in new media businesses
that give us the ability to repurpose content and leverage the promotional
abilities of our radio stations."
Third
Quarter 2007 Results
For
the quarter ended September 30, 2007 compared to the quarter ended September
30, 2006
-- Total revenue increased 0.3% to $58.1 million from $57.9 million
-- Operating income decreased 8.3% to $10.1 million from $11.0 million
-- Net income increased 44.4% to $2.1 million, or $0.09 per diluted share,
from $1.5 million, or $0.06 per diluted share
-- EBITDA increased 15.6% to $13.9 million from $12.0 million
-- Adjusted EBITDA decreased 5.3% to $15.1 million from $15.9 million
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