Salem Media Group Q2 Revenues Decline 2.4%, Loss Widens
|RADIO ONLINE | Thursday, August 8, 2019|
Salem Media Group reported second quarter consolidated total revenue declined 2.4% to $64.7 million from $66.3 million. Net broadcast revenue fell 2.9% to $49.1 million from $50.6 million, while station operating income (SOI) was down 14.6% to $11.4 million from $13.3 million. Total operating expenses decreased 9% to $59.1 million, while operating income (OI) grew to $5.6 million from $1.3 million. The company posted a wider net loss of $3.6 million (14 cents) as compared to $2.2 million (8 cents) in the year-ago period.
Looking ahead to the third quarter, SMG is projecting total revenue to decrease between 4% and 6% from third quarter 2018 total revenue of $65.5 million. Excluding the impact of political revenue and recent acquisitions and dispositions, the company is projecting total revenue to decrease between 2% and 4%.