Wednesday, November 6, 2013

Salem Reports Internet Leads 3Q Revenue Increase

Salem Communications Corporation released its results for the three and nine months ended September 30, 2013.

Third Quarter 2013 Highlights
  • Total revenue increased 3.1%
  • Internet revenue increased 20.4% and Internet operating income increased 39.0%
  • Adjusted EBITDA(1) increased 0.7%
  • Entered into agreement to acquire KRDY-AM in San Antonio, TX and KDIS-FM in Little Rock, AR for $2.5 million
  • Total debt excluding capital leases decreased $3.9 million during the quarter to $294.5 million
Broadcast
  • Net broadcast revenue increased 0.3% to $46.0 million from $45.9 million;
  • Station operating income ("SOI")(1) decreased 0.6% to $15.2 million from $15.3 million;
  • Same station net broadcast revenue decreased 0.7% to $45.6 million from $45.9 million;
  • Same station SOI decreased 0.4% to $15.2 million from $15.3 million; and
  • Same station SOI margin increased to 33.4% from 33.3%.
Internet
  • Internet revenue increased 20.4% to $9.4 million from $7.8 million; and
  • Internet operating income(1) increased 39.0% to $2.7 million from $2.0 million.

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