Salem Media Group (SALM) Misses Q2 EPS by 17c; Offers 3Q Revenue Outlook

Salem Media Group (NASDAQ: SALM) reported Q2 EPS of ($0.08), $0.17 worse than the analyst estimate of $0.09. Revenue for the quarter came in at $66.3 million versus the consensus estimate of $66.21 million.

• Total revenue increased 0.2% to $66.3 million from $66.1 million;
• Total operating expenses increased 12.9% to $64.9 million from $57.5 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, depreciation expense and amortization expense (1) increased 2.4% to $55.1 million from $53.8 million;
• Operating income decreased 84.4% to $1.3 million from $8.6 million;
• The company had a net loss of $2.2 million, or $0.08 net loss per share compared to net income of $1.3 million, or $0.05 net income per diluted share;
• EBITDA (1) decreased 40.8% to $6.0 million from $10.1 million;
• Adjusted EBITDA (1) decreased 9.4% to $11.2 million from $12.4 million; and
• Net cash used by operating activities was $2.8 million compared to net cash provided by operating activities of $7.5 million.

GUIDANCE:

Salem Media Group sees Q3 2018 revenue of $65.4 million, versus the consensus of $68.51 million.

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

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