Salem Enjoys First Quarter Growth

It’s a good time to be in contemporary Christian music radio. Investors in Salem Communications should have reason to be happy, as the broadcaster reported same-station revenue and operating income for the first quarter up 10% and 27.3% respectively compared to last year.
Salem foresees second-quarter growth in the high single digits. President/CEO Edward G. Atsinger III said Q1 figures were better than expected and that his company is expecting more growth.
“For example, we improved our presence in the nation’s largest markets, strengthening our presence in Atlanta and Honolulu, while entering the Detroit market. As a result, we have a presence in 23 of the top 25 markets, including all of the top 10.”
Salem has rolled out news/talk stations in Dallas, Philadelphia and Baltimore and begun a national morning program, Bill Bennett’s “Morning in America.”
Overall, net broadcasting revenue was up 11.5% to $43.2 million in the quarter; net income was $1.2 million, or 5 cents per diluted share, compared with a net loss of $6.1 million, or 26 cents loss per share, in the same quarter last year.
The company has 95 radio stations, a radio network and several related media arms.