Salem Media Group (NASDAQ: SALM) reported Q3 EPS of ($0.75), $0.74 worse than the analyst estimate of ($0.01). Revenue for the quarter came in at $60.3 million versus the consensus estimate of $59.66 million.

Third Quarter 2020 Results

For the quarter ended September 30, 2020 compared to the quarter ended September 30, 2019:

Consolidated

• Total revenue decreased 5.4% to $60.6 million from $64.1 million;
• Total operating expenses decreased 28.9% to $55.9 million from $78.6 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, impairments, depreciation expense and amortization expense (1) decreased 7.4% to $51.0 million from $55.1 million;
• The company had operating income of $4.8 million compared to an operating loss of $14.5 million;
• The company’s net income increased $20.3 million to $0.3 million, or $0.01 net income per diluted share compared to a net loss of $20.0 million, or $0.75 net loss per share;
• EBITDA (1) was $8.2 million compared to negative EBITDA of $10.6 million;
• Adjusted EBITDA (1) increased 6.9% to $9.6 million from $9.0 million; and
• Net cash provided by operating activities decreased 37.7% to $4.2 million from $6.7 million.

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