Salem Surpasses on Revenue, Misses on Net Income

Salem Media Group missed Wall Street expectations on earnings but surpassed on revenues for the final quarter of 2016. The Camarillo multimedia broadcaster reported adjusted net income of $3 million (11 cents a share) on revenue of $70.7 million for the fourth quarter ended Dec. 31, according to documents filed Thursday with the Securities and Exchange Commission. That’s down from net income of $5.3 million (20 cents) for the same period last year,. Wall Street analysts on average had anticipated earnings of 15 cents a share on revenues of $69 million, according to Thomson Financial Network. For the full year, Salem reported net income of $9 million (34 cents a share), compared to $11 million (43 cents a share) in 2015. Revenue jumped to $274 million from $266 million in the year prior, an increase of about 3 percent. Notably, Salem’s digital media generated revenues of $47 million in 2016, including $13 million in the fourth quarter alone. The company recently has made significant investments in online properties, including the purchase of ChristianConcertAlerts.com, RetirementWatch.com and a suite of digital financial products developed by investment strategist Mike Turner. Salem reported earnings after market close on Thursday. Shares closed Thursday down 5 cents, or a fraction of a percent, at $6,90 on the Nasdaq.