Salem Media Group Q1 Total Revenue Down 3.7% to $58.3M
| RADIO ONLINE | Monday, June 1, 2020 |
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 Salem Media Group |
Salem Media Group reported first quarter total revenue decreased 3.7% to $58.3 million from $60.5 million in 2019. Total operating expenses grew 24.1% to $76.3 million from $61.5 million, while operating expenses increased 3.4% to $54.8 million from $53.0 million. The company posted a net loss of $55.2 million ($2.07 per share) as compare to compared to a net income of $0.3 million (1 cent) in the year-ago period. Operating loss decreased to $18 million from $1 million.
Net broadcast revenue decreased 2% to $45.2 million from $46.1 million, while Station Operating Income (SOI) declined 18.6% to $7.9 million from $9.6 million. Same Station net broadcast revenue was up 0.6% to $44.3 million from $44.0 million and Same Station SOI fell 18.8% to $8 million from $9.9 million. Digital media revenue decreased 11.1% to $9.1 million from $10.2 million and Digital Media Operating Income fell 64.3% to $0.8 million from $2.2 million.
As of March 31, 2020, the company had $216.3 million outstanding on the 6.75% senior secured notes due 2024 and $14 million outstanding on the Asset Based Revolving Credit Facility. On April 7, 2020 the company amended its asset-based revolver to increase the amount available under the revolver from 85% of eligible receivables to 90%. In addition, the company extended the maturity date to March 1, 2024.
