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Thursday, May 19, 2022

Salem Ends Year With Profitable Quarter

Salem Media Group Inc. beat Wall Street estimates on revenue and earnings in the fourth quarter.The Camarillo Christian and conservative radio broadcaster, publisher and online content distributor reported on Thursday net income of $3.3 million (12 cents a share) for the quarter ending Dec. 31, compared with a net loss of $4.5 million (-17 cents) in the same period a year earlier. Revenue dropped a fraction of a percent to $64.5 million.Analysts on average expected earning of 3 cents a share on revenue of $62 million, according to Thomson Financial Network.Salem has not completed any transactions since the start of the fourth quarter on Oct. 1, but it does have several pending, including the acquisition of two AM radio stations in San Francisco and the sale of its Miami radio station. Both those deals are awaiting approval from the Federal Communications Commission and are expected to close the first half of this year.Additionally, the company is selling two AM radio stations and one FM station in Louisville, Ky.“Due to changes in debt markets, the transaction was not funded, and it is uncertain when, or if, the transaction will close,” the company said in a release.For the full year, Salem’s revenue decreased 7 percent to $236 million and net loss increased to $54 million.Shares of Salem Media (SALM) closed down 33 cents, or more than 11.7 percent, to $2.48 on the Nasdaq, on a day when that marker closed down 2.1 percent.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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