Salem Media Q2 Total Revenue Down 4.2% to $65.8 Million
| RADIO ONLINE | Tuesday, August 8, 2023 | 4:00pm CT |
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 Salem Media Group |
Salem Media Group reported second quarter total revenue decreased 4.2% to $65.8 million from $68.7 million. Total operating expenses increased 13.9% to $69.9 million from $61.4 million. Adjusted EBITDA fell 77.2% to $2.7 million from $11.7 million. The company posted a net loss of $7.1 million (26 cents per share) as compared to net income of $9.1 million (33 cents) in the year-ago period. Operating loss was $4.1 million down from an operating income of $7.3 million.
Net broadcast revenue decreased 5.3% to $49.7 million from $52.5 million, Station Operating Income (SOI) fell 43.5% to $6.2 million from $10.9 million, while Same Station net broadcast revenue declined 5.8% to $49.4 million from $52.4 million. Same Station SOI fell 37.7% to $6.8 million from $10.9 million.
Digital media revenue increased 0.5% to $10.9 million from $10.8 million and Digital Media Operating Income declined 27.5% to $1.8 million from $2.5 million.
For the third quarter, the company is projecting total revenue to decline between 3% and 5% from Q3 2022 total revenue of $66.9 million. Excluding the impact of the 2022 political revenue, the company would project total revenue to decline between 1% and 3%.
