Salem Media Group (NASDAQ: SALM) reported Q4 EPS of ($0.12), $0.19 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $67.2 million versus the consensus estimate of $66.51 million.

• Total revenue remained consistent at $67.2 million;
• Total operating expenses increased 1.3% to $63.5 million from $62.7 million;
• Operating expenses, excluding gains or losses on the disposition of assets, stock-based compensation expense, changes in the estimated fair value of contingent earn-out consideration, impairment losses, depreciation expense and amortization expense (1) increased 3.1% to $55.6 million from $53.9 million;
• Operating income decreased 18.8% to $3.7 million from $4.5 million;
• The company recognized a net loss of $3.1 million, or $0.12 net loss per share compared to net income of $22.4 million or $0.85 net income per diluted share;
• EBITDA (1) decreased 2.4% to $8.7 million from $8.9 million;
• Adjusted EBITDA (1) decreased 12.8% to $11.6 million from $13.3 million; and
• Net cash provided by operating activities increased 27.8% to $2.8 million from $2.2 million.

First Quarter 2019 Outlook

For the first quarter of 2019, the company is projecting total revenue to decline between 3% and 5% from first quarter 2018 total revenue of $63.8 million. The company is also projecting operating expenses before gains or losses on the disposition of assets, stock-based compensation expense, changes in the estimated fair value of contingent earn-out consideration, impairments, depreciation expense and amortization expense to be between a decline of 1% and an increase of 2% compared to the first quarter of 2018 non-GAAP operating expenses of $53.6 million.

For earnings history and earnings-related data on Salem Media Group (SALM) click here.