Salem reports profit in Q2
Salem Media Group saw its net income rise over the last year as revenue and operating expenses both went up for the quarter ended June 30.
The conservative media group has some of its main operations in Camarillo but moved its headquarters earlier this year to Irving, Texas. Its total revenue increased more than 20% over the year, going from $52.9 million in the second quarter of 2020 to $63.8 million in the most recent quarter, according to earnings released Aug. 4. The company’s expenses rose, too, but at a slower rate: Operating expenses increased 8.2%, to $58.1 million in the most recent quarter.
Because of the growth, the company went from a net loss of $2.5 million, or 9 cents per diluted share, in the second quarter of 2020 to net income of $2.3 million, or 8 cents per share, in the second quarter of 2021.
Much of the increase came from broadcast revenue, which increased 18.5%, and digital media revenue, which saw an increase of 9.5%.
Salem shares opened at $2.21 on Aug. 5, up 11% from the closing price the day before.