Salem Media Group Reports Q3 Revenue of $58.7 Million

RADIO ONLINE | Friday, November 8, 2024

Salem Media Group

Salem Media Group reported third quarter total revenue of $58.7 million, marking a decrease of 7.5% compared to $63.5 million in 2023. This reduction was primarily due to a 6% decline in net broadcast revenue, which fell from $48.9 million to $46 million in the current period. Conversely, the company experienced growth in its digital media segment, where revenue rose by 9.5% to reach $10.9 million, up from $9.9 million.

Salem reported an operating loss of $4.3 million, an improvement compared to the loss of $36.3 million reported in the same quarter of the previous year. The net loss also showed improvement, narrowing to $6.6 million, or $0.24 per share, from a net loss of $31.3 million, or $0.15 per share, year over year.

In terms of liquidity and capital resources, Salem concluded the quarter with $39.6 million in total current assets, while long-term debt was slightly reduced to $166.8 million from $169.8 million at the end of 2023. However, the company's cash flow from operations remained negative, which reflects ongoing investments in the digital media sector and other operational adjustments.

Salem Media Group CEO David Santrella commented on the quarter's results, noting, "This quarter, we've seen the fruits of our stringent cost management and strategic realignment, especially within our digital and publishing segments. Although we faced declines in broadcast and publishing revenues, our digital segment continues to show robust growth and resilience."

Looking ahead, the company provided guidance for the upcoming quarters with cautious optimism. Salem anticipates that the growth in the digital segment may help offset the declines seen in traditional broadcast and publishing revenues.