Salem Profits Slide in Q2

Net income dropped by 75 percent in the second quarter for Salem Communications Corp. when compared with the same period a year ago. The Camarillo-based broadcaster, publisher, and online content provider reported an income of $2.9 million, or $0.12 per diluted share, on revenues of $60 million for the quarter ending June 30. That is a significant drop from the net income of $11.6 million, or $0.48 per diluted share, on revenues of $58 million for the same period in 2006. The company experienced challenges with local spot advertising but saw an overall revenue growth of 3.4 percent in the second quarter, said Salem CEO Edward G. Atsinger III. “We continue to see solid growth in our non-broadcast media as we invest in new media businesses that take advantage of the content and promotional abilities of our radio stations,” Atsinger said.