Salem 4Q Profit Down

Salem Communications said that decreased business across the radio industry and a lack of political advertising throughout the year combined to send its fourth quarter profit down 11 percent. The company reported fourth-quarter earnings of $3.3 million, or $0.13 per share, on revenues of $54.5 million, compared with earnings of $3.7 million, or $0.14 per share, on revenues of $51.7 million in the same period last year. For the full year, income was $12.7 million, or $0.49 per share, on revenues of $201 million, compared with earnings of $7.3 million, or $0.29 per share, on revenues of $196 million in 2004.