Salem Communications Q2 revenues up 5.2%


Non-broadcast revenue growth outpaced broadcast at Salem Communications in Q2. Radio revenues rose 3.5% to $45.5 million, while non-broadcast revenues (primarily from Internet businesses) gained 16.9% to $7.7 million. That brought total company revenues in at $53.1 million, up 5.2%.

Adjusted EBITDA for the entire company improved 2.1% to $14.1 million for the quarter.

For radio, station operating income (SOI) increased 4% to $16.5 million. On a same station basis, radio revenues were up 3.3% and SOI 4.1%.

CEO Ed Atsinger noted that Q2 revenues were up 7% for Salem Radio Networks and national spot for the stations was up 17%, while local was up only 2%.

Looking ahead, CFO Evan Masyr said in the company’s quarterly conference call that Q3 is pacing up 1-3% over revenues of $49.2 million in Q3 of 2009.

“Despite the encouraging second quarter growth in the economy and improvement in our numbers, we have seen a pause in third quarter. It appears there is some deceleration in the overall growth in the early part of the third quarter. July, for example, was flat, but I can say it looks like there will be continued growth in both August and September, given the current trends. If those trends hold we would expect to see some growth in both of those months,” Atsinger told analysts.