Salem Media Group Q1 Net Revenue Down 5.2% to $60.5M
|RADIO ONLINE | Friday, May 10, 2019|
Salem Media Group reported first quarter total revenue decreased 5.2% to $60.5 million from $63.8 million, while net broadcast revenue fell 4.1% to $46.1 million from $48.1 million. Operating income (OI) declined to a $1 million operating loss from $5.7 million operating income. Station operating income (SOI) was down 21.6% to $9.6 million from $12.3 million. Adjusted EBITDA fell 25.4% to $7.6 million from $10.2 million. The Christian radio broadcaster posted a net income of $0.3 million (1 cent per diluted share), dow 61.1% from $0.8 million (3 cents) in the year-ago period.
For the second quarter of 2019, the company is projecting total revenue to be between a decrease of 1% and an increase of 1% from second quarter 2018 total revenue of $66.3 million. Excluding the impact of political revenue and recent acquisitions and dispositions, SRN is projecting total revenue to increase between 1% and 3%.