Salem Media Group Inc. reported quarterly earnings that exceeded Wall Street expectations on Wednesday, noting a sizable increase in its broadcast and publishing business.
The conservative Christian media company in Camarillo reported net income of $5.3 million (20 cents a share) for the fourth quarter ending Dec. 31, compared to net income of $38,000 (0 cents) for the same quarter a year ago. Revenue increased 4.9 percent to $69.1 million.
Analysts on average expected net income of less than half a cent on revenue of $66.9 million, according to Thomson Financial Network.
The company reported a 5.2 percent revenue increase to $51.3 million in its broadcasting segment and a 4.2 percent increase to $5.7 million in its publishing business. Salem’s digital media business rose by 3.8 percent to $12.2 million.
Shares closed up 10 cents or 2 percent to $4.95 on the Nasdaq.