Salem Q1 Revenues Down 10.7%, Earnings Decline

RADIO ONLINE | , , | :am CT

Salem Communications posted a first quarter revenue decline of 10.7% to $48.3 million from $54.1 million. Operating income (OI) from continued operations decreased 31.3% to $8.8 million from $12.8 million. The Christian radio broadcaster reported a net income of $2.9 million (12 cents per diluted share) as compared to $5 million (21 cents).

Net broadcast revenue decreased 12.3% to $42 million from $47.9 million, while station operating income (SOI) fell 2.7% to $15.7 million from $16.1 million. Same station net broadcast revenue was down 12.5% to $40.3 million from $46 million and same station SOI decreased 0.9% to $15.4 million from $15.6 million.