Salem Media Group (SALM) Tops Q2 EPS by 9c, Revenues Beat

Salem Media Group (NASDAQ: SALM) reported Q2 EPS of ($0.09), $0.09 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $52.9 million versus the consensus estimate of $51.16 million.

Consolidated

• Total revenue decreased 18.3% to $52.9 million from $64.7 million;
• Total operating expenses decreased 9.0% to $53.8 million from $59.1 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) decreased 8.2% to $50.1 million from $54.5 million;
• The company had an operating loss of $0.9 million compared to operating income $5.6 million;
• The company’s net loss decreased $1.1 million to $2.5 million, or $0.09 net loss per share compared to $3.6 million, or $0.14 net loss per share;
• EBITDA (1) decreased 72.1% to $2.7 million from $9.6 million;
• Adjusted EBITDA (1) decreased 72.4% to $2.8 million from $10.2 million; and
• Net cash provided by operating activities increased to $11.2 million from net cash used in operating activities of $1.2 million.

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

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