Salem Communications Earnings Rise

Salem Communications Corp. had higher net income and revenue for the fourth quarter and full year of 2010 compared to previous losses. For the fourth quarter of 2010, the Camarillo-based radio broadcaster and provider of other media had net income of $700,000, or $0.03 per diluted share, on revenues of $54.1 million. Those figures show improvement from the same period in 2009 when the company had a net loss of $1.6 million, or $0.07 per diluted share, on revenues of $50.8 million. For the fourth quarter, revenue increased by 2.8 percent and non-broadcast revenues increased by 27.3 percent. For the year of 2010, Salem Communications had net income of $1.9 million, or $0.08 per diluted share, on revenues of $206.9 million. For previous year, the company had a net loss of $8.3 million, or $0.35 per diluted share, on revenues of $199.2 million. For the year of 2010, net broadcast revenue increased by 1.7 percent and non-broadcast revenue increased by 17.8 percent. The quarter and year financial results reflect the reclassification of the operations of the company’s Milwaukee, Wis. radio stations to discontinued operations and the reclassification of WRFD-AM, Columbus, Ohio, into operations from discontinued operations.