Christian broadcaster and Internet content provider Salem Communications Corp. beat earnings expectations but failed to meet revenue forecasts for the third quarter.
The Camarillo company reported net income of $3.4 million (14 cents a share) compared with $1.5 million (7 cents) in the same period a year earlier. Revenue increased 4.1 percent to $56.7 million.
Analysts had forecast earnings of 11 cents a share on revenue of $59.5 million, according to Thomson Financial Network.
Salem’s broadcast division brought in the most revenue with $45.9 million, a 2.5 percent increase. Internet revenue increased to $7.8 million. Revenue was flat at the company’s publishing arm at $3 million.
During the third quarter, Salem acquired SermonSpice.com, an online distributor of worship videos and other church media; and Godvine.com, an online distributor of Christian and family-friendly videos.
The earnings report was released after markets closed on Thursday. Shares were unchanged on Friday finishing the day at $5.59 on the Nasdaq.