82.6 F
San Fernando
Thursday, Dec 1, 2022
-Advertisement-
Array

Salem Communications Increases Dividend

Salem Communications Inc. announced a 5 percent increase in its quarterly dividend on Friday. The Christian broadcaster and publisher, based in Camarillo, said the dividend will increase from 5 cents a share to 5.25 cents. The first distribution of the new dividend will occur Oct. 4 for shareholders of record on Sept. 26. “This increase in our cash distribution is in response to our growing free cash-flow stemming from both our refinancing that was completed in March and from our operations, particularly the growth in our Internet division,” said Chief Executive Edward Atsinger III, in a statement. Salem owns nearly 100 radio stations, in addition to a radio network and a group of Christian websites. Shares lost 1 cent, or a fraction of 1 percent, to close at $8.16 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-