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Salem Communications Beats Profit Forecast

Christian broadcaster and Internet content provider Salem Communications Corp. beat earnings expectations but failed to meet revenue forecasts for the third quarter. The Camarillo company reported net income of $3.4 million (14 cents a share) compared with $1.5 million (7 cents) in the same period a year earlier. Revenue increased 4.1 percent to $56.7 million. Analysts had forecast earnings of 11 cents a share on revenue of $59.5 million, according to Thomson Financial Network. Salem’s broadcast division brought in the most revenue with $45.9 million, a 2.5 percent increase. Internet revenue increased to $7.8 million. Revenue was flat at the company’s publishing arm at $3 million. During the third quarter, Salem acquired SermonSpice.com, an online distributor of worship videos and other church media; and Godvine.com, an online distributor of Christian and family-friendly videos. The earnings report was released after markets closed on Thursday. Shares were unchanged on Friday finishing the day at $5.59 on the Nasdaq.

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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