Camarillo-based Salem Media Group reported on March 15 a big increase in net income for the quarter ended Dec. 31.
The company’s net income grew to $22.4 million, or 85 cents per diluted share, compared to $3 million, or 11 cents per diluted share, for the fourth quarter of 2016. Its total operating expenses dropped 2.8 percent to $53.9 million from $55.5 million.
Operating income increased 31 percent to $4.5 million, up from $3.5 million for the same period last year.
For all of 2017, the company’s revenue decreased 3.9 percent to $263.7 million from $274.3 million the year prior but net income for 2017 increased to $24.6 million, or 94 cents per diluted share, compared to $8.9 million, or 34 cents per diluted share, in 2016.
• Contact Robert Shutt at [email protected]