Salem Misses on Earnings

Salem Media Group Inc. on Wednesday reported quarterly earnings that fell short of Wall Street expectations even though the company had a sizable increase in revenues due to the political season. The conservative and Christian media company in Camarillo reported net income of $400,000 (1 cent a share) for the fiscal fourth quarter ending March 31, compared to net income of $300,000 (1 cent) for the same quarter a year ago. Revenue increased 4.4 percent to $64.6 million, compared to $61.9 million in the year-ago quarter. Analysts on average expected net income of 3 cents on revenue of $63.4 million, according to Thomson Financial Network. The company reported a 6.5 percent increase to $4.8 million in its publishing business, and a 4.6 percent rise in its digital media segment to $11.3 million. In its broadcast segment, Salem reported a 4.2 percent revenue increase to $48.5 million. Shares closed down 9 cents or 1.2 percent to $7.40 on the Nasdaq.