Net income dropped by 35 percent in the fourth quarter for broadcasting company Salem Communications when compared to the same period from a year ago.
The Camarillo-based Christian and conservative media company reported net income of $446,000, or $0.02 per diluted share, on revenues of $57 million for the quarter ending Dec. 31. For the same period in the prior year the company had net income of $687,000, or $0.03 per diluted share, on revenues of $53.7 million.
The fourth quarter revenue performed higher than the company’s guidance of $55.2 million to $56.3 million.
For the full 2011 fiscal year Salem reported net income of $5.6 million, or $0.23 per diluted share, on revenues of $218.2 million. For the previous fiscal year the company reported net income of $1.9 million, or $0.08 per diluted share, on revenues of $206.5 million.
Mark R. Madler