80.3 F
San Fernando
Thursday, Dec 1, 2022
-Advertisement-

Earnings: DTS, Salem Media

DTS Inc. reported quarterly results Monday that missed analyst expectations. The Calabasas audio equipment company reported adjusted net income of $9.7 million (52 cents a share) for the quarter ended Sept. 30, compared to net income of $5.7 million (32 cents) for the same quarter a year ago. Revenue increased 57 percent to $48.7 million. Analysts on average expected net income of 53 cents a share on revenue of $46 million, according to Thomson Financial Network. DTS previously announced it will be acquired by Tessera Technologies in San Jose for $850 million. “We remain excited about the opportunities ahead and expect the transaction with Tessera to close in December subject to DTS stockholder approval,” Chief Executive Jon Kirchner said in a statement. “We believe that the combination of DTS and Tessera will deliver the world’s leading audio and imaging solutions to all of our key markets.” DTS shares closed up 2 cents or a fraction of a percent to $42.44 on the Nasdaq. <hr> Salem Media Group, Inc. on Monday announced quarterly results that missed analysts’ forecasts. The Camarillo broadcaster and publisher of Christian and conservative content reported net income of $2.2 million (8 cents a share) for the quarter ended Sept. 30 compared to net income of $2.1 million (8 cents) for the same quarter a year ago. Revenue increased 5.6 percent to $71.3 million. Analysts on average expected net income of 12 cents a share on revenue of $68.8 million, according to Thomson Financial Network. During the quarter, the company made several radio and print acquisitions. The largest was Hillcrest Media Group Inc. for $3.5 million and the assumption of $1.1 million in liabilities. Hillcrest provides self-publishing services for general market authors. Salem shares closed up 15 cents or 2.7 percent to $5.70 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.
-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-