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Wednesday, Apr 24, 2024

Salem Profits Drop in Q4

The sale of radio stations and discontinuation of a magazine contributed to Salem Communications Inc. posting a lower fourth quarter net profit when compared with the previous year. The Camarillo-based broadcaster, publisher and Internet content provider took a $1.9 million charge in connection with stopping in April the publication of music journal CCM Magazine. The company also lost revenue from the sales of stations in Cleveland and Milwaukee. For the fourth quarter ending Dec. 31, Salem reported net profit of $200,000, or $0.01 per diluted share, on revenues of $59.1 million. For the same period in 2006, the company had net income of $3.3 million, or $0.14 per diluted share, on revenues of $59.2 million. Salem shares closed at $3.22.

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