Salem Communications Corp. swung to a loss in the fourth quarter, sending shares down.
The Camarillo Christian and politically conservative media company reported a net loss of $3.1 million for the quarter, compared to a net income of $22.4 million in the same period the previous year. The company attributed the losses to the sale of two radio stations in Omaha, Neb.; the website HumanEvents.com; and Mike Turner’s line of investment products, including TurnerTrends.com.
Adjusted, the company reported a loss of 1 cent per share for the quarter. Analysts expected income of 7 cents.
Fourth quarter revenue for the firm remained consistent at $67.2 million.
The company announced results on Tuesday. Shares of Salem Communications (SALM) closed Wednesday down 28 cents, or nearly 9 percent, to $2.85 on the Nasdaq.