Salem Media Q3 Total Revenue Down 5% to $63.5 Million

RADIO ONLINE | Monday, November 13, 2023

Salem Media Group

Salem Media Group reported third quarter total revenue decreased 5% to $63.5 million from $66.9 million in 2022. Total operating expenses increased 31.9% to $99.8 million from $75.6 million, while adjusted EBITDA grew 9.3% to $2.5 million from $2.3 million. Operating loss increased to $36.3 million from $8.8 million. The company posted a net loss of $31.3 million ($1.15 per share) as compared to a net loss of $11.9 million (44 cents) in the year-ago period.

Net broadcast revenue decreased 4.2% to $49 million from $51.1 million, while station operating income (SOI) declined 31.8% to $6.8 million from $10 million. Same Station net broadcast revenue fell 4.9% to $48.6 million from $51.0 million and Same Station SOI was down 28.2% to $7.3 million from $10.1 million.

Digital media revenue decreased 2.2% to $10 million from $10.2 million and Digital Media Operating Income declined 20.9% to $1.5 million from $1.9 million.

Looking ahead for the fourth quarter, the company is projecting total revenue to decline between 6% and 8% from the fourth quarter 2022 total revenue of $68.8 million.