Salem Media Group announced growing revenue, declining costs and a reversal of last year’s losses when it released its first quarter financial earnings on May 6.
The Irving, Texas-based conservative media company, which retains significant operations at its former headquarters in Camarillo, had $300,000 in net income for the quarter, or 1 cent per diluted share. In the first quarter of 2020, the company had a net loss of $55.2 million, or $2.07 share.
Total revenue increased 1.9%, to $59.4 million, and total operating expenses decreased almost 28%, to $55 million.
Salem saw its biggest revenue jump from its publishing arm, where revenue increased more than 40%, to $5.7 million. The company also saw an increase in digital media revenue, which grew 5.7% to $9.6 million, while broadcast revenue declined, from $45.2 million to $44 million.
The company also acquired the Centerline New Media domain for $1.3 million during the first quarter, sold WKAT-AM and an FM translator in Miami for $3.5 million in cash, and acquired the Triple Threat Tracer newsletter for no cash, but assumed deferred subscription liabilities of $100,000.
Salem shares closed at $1.92 on May 6, more than double their price from a year earlier. The share price dropped around 18 cents in after-hours trading, after the first-quarter earnings announcement.