Salem Media Group (SALM) Misses Q3 EPS by 9c

Salem Media Group (NASDAQ: SALM) reported Q3 EPS of $0.00, $0.09 worse than the analyst estimate of $0.09. Revenue for the quarter came in at $65.4 million versus the consensus estimate of $67.37 million.

• Total revenue decreased 8.2% to $65.4 million from $71.3 million;
• Total operating expenses decreased 3.2% to $60.4 million from $62.4 million;
• Operating expenses, excluding gains or losses on the sale or disposal of assets, stock-based compensation expense, changes in the estimated fair value of contingent earn-out consideration, depreciation expense and amortization expense (1) decreased 4.7% to $55.9 million from $58.6 million;
• Operating income decreased 43.4% to $5.0 million from $8.8 million;
• The company had a net loss of $46,000 or $0.00 loss per diluted share, as compared to net income of $2.2 million, or $0.08 net income per diluted share;
• EBITDA (1) decreased 34.7% to $9.1 million from $14.0 million;
• Adjusted EBITDA (1) decreased 24.2% to $9.6 million from $12.6 million; and
• Net cash provided by operating activities increased to $8.6 million from $6.8 million

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

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