Salem Media Group (SALM) Misses Q4 EPS by 12c, Revenues Beat; Offers Q1 Revenue Guidance Below Consensus

Salem Media Group (NASDAQ: SALM) reported Q4 EPS of ($0.12), $0.12 worse than the analyst estimate of $0.00. Revenue for the quarter came in at $64.6 million versus the consensus estimate of $63.61 million.

• Total revenue decreased 3.8% to $64.6 million from $67.2 million;
• Total operating expenses decreased 0.9% to $63.0 million from $63.5 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, impairments, depreciation expense and amortization expense (1) decreased 2.2% to $54.4 million from $55.6 million;
• Operating income decreased 54.6% to $1.7 million from $3.7 million;
• Net loss increased 47.5% to $4.5 million, or $0.17 net loss per share from $3.1 million, or $0.12 net loss per share;
• EBITDA (1) decreased 20.6% to $6.9 million from $8.7 million;
• Adjusted EBITDA (1) decreased 11.6% to $10.2 million from $11.6 million; and
• Net cash used by operating activities decreased 8.1% to $2.5 million from $2.8 million.

GUIDANCE:

Salem Media Group sees Q1 2020 revenue of $60.5 million, versus the consensus of $62.28 million.

• For the first quarter of 2020, the company is projecting total revenue to be between flat and a decrease of 2% from first quarter 2019 total revenue of $60.5 million. Excluding the impact of recent acquisitions and dispositions, the company is projecting total revenue to be between flat and an increase of 2%. The company is also projecting operating expenses before gains or losses on 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 flat and an increase of 3% compared to the first quarter of 2019 non-GAAP operating expenses of $53.0 million.

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

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