The non-broadcast businesses at Salem Communications had a better Q3 than the radio station group, but since radio is the far larger segment, the company booked a down quarter. Total revenues were down 10.2% to $48.9 million, but adjusted EBITDA declined only 2.3% to $12.5 million.
Broadcast revenues fell 11.4% to $42 million, while same station revenues were down 12.2%. Station operating income (SOI) was off 8.2% to $15.1 million, with same station SOI down 9.9%.
Non-broadcast revenues decreased 2.8% to $6.9 million. Operating income was up modestly, to $700K from $600K a year earlier.
Salem did not conduct a conference call with analysts, but did provide some Q4 guidance.
“For the fourth quarter of 2009, Salem is projecting total revenue to decrease 8% to 10% over fourth quarter 2008 total revenue of $54.8 million. Salem is also projecting operating expenses before gain or loss on disposal of assets, terminated transaction costs and abandoned license upgrades and impairments to decline 5% to 8% as compared to the fourth quarter of 2008 operating expenses of $43.0 million,” the company said.