Salem Income Up In Q2

Net income jumped by 20 percent in the second quarter for Christian media company Salem Communications Corp. when compared with the prior year. The Camarillo-based broadcaster, internet and publishing company had a drop in broadcasting revenues for the quarter while revenues from the non-broadcasting businesses went up. For the quarter ending June 30, the company reported a net income of $3.5 million, or $0.15 per diluted share, on revenues of $57.5 million. For the same period a year ago, the company had a net income of $2.9 million, or $0.12 per diluted share, on revenues of 58.8 million. For the third quarter, Salem projects a drop in revenue in the low-single digit range over third quarter 2007 total revenue of $56.9 million. Shares in Salem closed down at $1.65.