Revenue up but net income down at Salem Media Group
Story updated at 10:40 a.m. March 10:
Salem Media Group, a Christian and conservative media company based in Camarillo, announced a decline in fourth quarter and full year net income, despite revenue increases.
Revenues for the quarter ended Dec. 31 came to $70.7 million, up from $69.1 million for the fourth quarter of 2015. Full year revenues rose 3.2 percent to $274.3 million but net income still decreased from $11.2 million last year to $8.9 million this year, or 34 cents per diluted share.
Operating income decreased 15 percent to $28.1 million and expenses for the year increased 3.6 percent to $223.2 million, compared to $215.3 million in 2015.
As of Dec. 31, Salem had $98,000 in cash and $44.8 million in current liabilities. The company projected revenues for the current quarter would be in the range of flat to a 2 percent increase compared to the same period last year. Expenses were also expected to stay flat or increase up to 3 percent higher than the $54.1 million in the first quarter of 2016.
Salem’s board of directors declared a cash dividend for Class A and B common stockholders of record March 20. Shareholders will receive 6.5 cents per share on March 31.
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