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Salem Q4 Revenues Up 2.2%, Dividend Announced
RADIO ONLINE | Thursday, March 9, 2017 |
Salem Media Group reported fourth quarter total revenue increased 2.2% to $70.7 million from $69.1 million in 2015. Net broadcast revenue grew 1.3% to $52.2 million from $51.6 million, while station operating income (SOI) decreased 1.9% to $15.4 million from $15.7 million. Same station net broadcast revenue was up 0.3% to $51.7 million from $51.5 million. The company's Q4 net income fell to $3 million (11 cents per diluted share) from $5.3 million (20 cents) in the year-ago period.
Additionally, Salem Media Group announced that its board of directors has declared a cash distribution for the first quarter of 2017 in the amount of $0.0650 per share. The cash distribution will be paid on March 31, 2017 to all class A and class B common stockholders of record as of March 20.
For the first quarter of 2017, the company is projecting total revenue to be between flat and an increase of 2% over first quarter 2016 total revenue of $64.6 million.
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