Salem Media back in black after cost-cutting
Salem Media Group, a Camarillo-based owner of conservative radio stations and other media properties, had net income of 1 cent per share in the third quarter, digging the company out of the hole it was at the same time in 2019.
In the third quarter of 2019, Salem posted a $20.0 million net loss, which translated to 75 cents per share.
Other parts of the company’s finances also improved during that time. While total revenue decreased 5.4% year-over-year, going from $64.1 million to $60.6 million, Salem slashed total operating expenses by almost 30%.
The company also had an operating income of $4.8 million, as opposed to an operating loss of $14.5 million a year prior. Even though revenue from streams like publishing and broadcast decreased, in the third quarter of 2019 the company suffered a $17.5 million net loss on the disposition of several assets, including the sale of many radio stations across the country.
Salem Media also acquired Hyper Pixels Media on Sept. 15, 2020, for $1.1 million in cash.