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Salem Revenues Fall 10% In Q3

November 5, 2009: Salem Communications' third-quarter revenues came in at $48.8 million, down 10.2 percent from $54.4 million in the same period a year ago. Operating expenses were down 20.8 percent, to $54.4 million from $68.7 million in Q3 2008.

Net broadcast revenue was down 11.4 percent in the quarter, to $42 million form $47.5 million, with station operating income down 8.2 percent, to $15.1 million from $16.4 million. Same-station, net broadcast revenue fell 12.2 percent, to $40.9 million from $46.6 million, and SOI was down 9.9 percent, to $15 million from $16.7 million.

Salem's non-broadcast revenue was off 2.8 percent, to $6.8 million from $7.1 million.

Salem saw a net loss in the quarter of $4.6 million (19 cents per share), compared to a loss of $11 million (47 cents), with adjusted EBITDA at $12.5 million, down 2.3 percent from $12.7 million.



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