Salem Media Group (SALM) Reports Q1 Loss of $2.07, Revenues Miss

Salem Media Group (NASDAQ: SALM) reported Q1 EPS of ($2.07), versus ($0.02) reported last year. Revenue for the quarter came in at $58.3 million versus the consensus estimate of $59.86 million.

Consolidated

• Total revenue decreased 3.7% to $58.3 million from $60.5 million;
• Total operating expenses increased 24.1% to $76.3 million from $61.5 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) increased 3.4% to $54.8 million from $53.0 million;
• Operating loss decreased to $18.0 million from $1.0 million;
• Net (loss) was $55.2 million, or $2.07 net loss per share compared to net income of $0.3 million, or $0.01 net income per diluted share;
• EBITDA (1) decreased to $(14.3) million from $3.7 million;
• Adjusted EBITDA (1) decreased 55.0% to $3.4 million from $7.6 million; and
• Net cash used by operating activities decreased 13.8% to $7.7 million from $9.0 million.

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

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