Coronavirus Slams Salem Media Quarterly Results

Salem Media Group Inc. badly missed Wall Street expectations on earnings and revenue for the first quarter as the coronavirus impacted its business, but its shares gained more than 9 percent. The Camarillo-based Christian broadcaster, publisher and online content distributor reported a net loss of $55.2 million (-$2.07 a share) for the quarter ending March 31, compared with net income of $322,000 (1 cent) in the same period a year earlier. Revenue decreased by 4 percent to $58.3 million. A single analyst who follows the company expected earnings of -2 cents on revenue of $59.9 million, according to Thomson Financial Network. Results included a $17.3 million impairment charge due to the coronavirus pandemic, and a $14.8 million increase in operating costs. The quarterly results were released after the market closed. Shares of Salem (SALM) closed up 8 cents, or just more than 9 percent, to 98 cents on the Nasdaq, on a day when that market closed up less than 1 percent.