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Salem Media Q2 Total Revs Fall 2.5%, Earnings Down
RADIO ONLINE | Monday, August 7, 2017 |
Salem Media Group reported second quarter total revenue decreased 2.5% to $66.1 million from $67.8 million in 2016. Net broadcast revenue fell 1.4% to $49.3 million from $50 million, while station operating income (SOI) declined 5.5% to $13.3 million from $14.1 million. Operating expenses were down 2.1% to $53.8 million from $54.9 million. Operating income fell 11.2% to $8.6 million from $9.7 million. The company reported a net income of $1.3 million (5 cents per diluted share) down from $3.4 million (13 cents) in the year-ago period.
Looking ahead to the third quarter, Salem is projecting total revenue to decline 6% to 8% from Q3 2016 total revenue of $71.3 million. Much of this revenue decline is due to the lack of political revenue and the elimination of four loss-making magazines, continued softness in Dallas and a reduced book release schedule in the third quarter of 2017. Excluding the impact of these items, the company would be projecting revenue declines of 1% to 3%.
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