Christian and conservative radio and publishing company Salem Media Group, based in Camarillo, reported a decline in second quarter revenues to $66.1 million and net income down more than 60 percent to $1.3 million.
Digital media, broadcast, and publishing revenues all saw slight declines. Operating expenses also decreased for the quarter ended June 30, compared to the previous second quarter, and the drop in net income came primarily from a $2.7 million loss on early retirement of long-term debt. Net income for the first half of the year fell 37 percent from that of the first half of 2016, to $2.3 million.
On May 19, 2017, the company closed on a private offering of $255 million in senior secured notes and a $30 million asset-based revolving credit facility due May 19, 2022, that it used to repay outstanding borrowings. As of June 30, the company had $130,000 in cash on hand, and $39.14 million in current liabilities.
In its earnings statement Aug. 7, it said it expected third quarter revenues to be down 6-8 percent compared to the third quarter of 2016. Shares for Salem ended the day down 5 cents at $7 even, but remained up 12 percent year-to-date.
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