Salem ended 2011 with up quarter


Salem Communications outperformed the radio business in Q4, with radio revenues up 2.8%. Internet revenues shot up 37.1%, so total revenue was up 6.2% and operating income was up 6%. The Christian media specialist is projecting more growth in the current quarter.

As Salem reported the Q4 results it also had good news for its shareholders. The company announced that it will begin paying a quarterly cash dividend of three and a half cents per share to its shareholders.

Net broadcast revenue was up 2.8% to $45.8 million and same station revenues rose 3.4%. Station operating income (SOI), however, was down 3.9% to $16.4 million, with same station SOI down 3.4%.

Internet revenue increased 37.1% to $8.1 million and Internet operating income shot up 96.8% to $2.7 million.

Publishing revenues declined 3.1% to $3.1 million and operating income dropped 29.5% to $200K.

For all of Salem Communications Q4 revenue was up 6.2% to $57.1 million. Adjusted EBITDA was up 3.7% to $15.1 million. Net income was $400K, or two cents per share, down from $700K, or three cents per share.

For Q1 Salem is telling Wall Street to expect revenues to be up 4-6% over year-ago revenues of $51.2 million.