Salem Q2 Revs Drops 12.8%, Earnings Swing to Loss

RADIO ONLINE | , , | :am CT

Christian radio broadcaster Salem Communications posted a 12.8% drop in second quarter total revenue to $50.1 million from $57.5 million in 2008. Operating loss from continued operations was $6.5 million as compared to operating income of $10.3 million. Salem reported a net loss of $5 million (21 cents) from net earnings of $3.5 million (15 cents) in the year-ago period.

Net broadcast revenue decreased 12.8% to $43.6 million from $49.9 million while station operating income (SOI) fell 12.6% to $15.8 million from $18 million. Same station net broadcast revenue decreased 13.2% to $42.2 million from $48.7 million and same station SOI declined 12% to $15.6 million from $17.7 million.

Looking ahead to the third quarter, Salem is projecting total revenue to decrease 12% to 15% over Q3 2008 total revenue of $54.4 million.