Camarillo-based Salem Media Group beats expectations
Camarillo-based Salem Media Group beat analyst expectations when it reported second-quarter earnings of 14 cents per share on Aug. 5.
Analysts predicted Salem Media Group would earn just 4 cents per share. Salem’s revenues declined by 2 percent from $68.6 million during the second quarter of last year to $67.3 million. This still beat analyst expectations of $66.35 million.
Historically, Salem has been a Christian radio company; but recently it’s been expanding more into talk and business radio formats.
Though Salem is in a growth phase, operating expenses still decreased by 5 percent during the quarter from $61.1 million last year to $58 million.
Broadcast revenues were flat at $49.1 million. Advertising revenue declined for Salem by $200,000 during the quarter.