Salem Q1 Revenue Flat, Broadcast Down 2.3%

RADIO ONLINE | , , | :am CT

Salem Communications posted first quarter consolidated revenue of $48.3 million, essentially flat over 2009. Operating income from continued operations fell 9.2% to $8.1 million from $8.9 million. The Christian radio broadcaster reported a decline in net earnings to $0.2 million (1 cent per diluted share) as compared with $2.9 million (12 cents) in the prior year.

The company's broadcast division saw revenue fall 2.3% to $41.4 million from $42.4 million. SOI decreased 2.3% to $15.4 million from $15.8 million and same station net broadcast revenue was down 2.5% to $41.3 million from $42.3 million. Same station SOI decreased 2.5% to $15.4 million from $15.8 million.

For the second quarter, Salem is projecting total revenue to increase 3% to 5% over Q2 2009 total revenue of $50.5 million.