Salem Media Group missed Wall Street expectations on earnings but surpassed on revenues for the final quarter of 2016.
The Camarillo multimedia broadcaster reported adjusted net income of $3 million (11 cents a share) on revenue of $70.7 million for the fourth quarter ended Dec. 31, according to documents filed Thursday with the Securities and Exchange Commission. That’s down from net income of $5.3 million (20 cents) for the same period last year,.
Wall Street analysts on average had anticipated earnings of 15 cents a share on revenues of $69 million, according to Thomson Financial Network.
For the full year, Salem reported net income of $9 million (34 cents a share), compared to $11 million (43 cents a share) in 2015. Revenue jumped to $274 million from $266 million in the year prior, an increase of about 3 percent.
Notably, Salem’s digital media generated revenues of $47 million in 2016, including $13 million in the fourth quarter alone. The company recently has made significant investments in online properties, including the purchase of ChristianConcertAlerts.com, RetirementWatch.com and a suite of digital financial products developed by investment strategist Mike Turner.
Salem reported earnings after market close on Thursday. Shares closed Thursday down 5 cents, or a fraction of a percent, at $6,90 on the Nasdaq.