Radio revenues were down slightly in Q2 for Salem Communications, but Internet revenues soared, so total revenues were up 5.7% to $56.1 million. The company says it expects Q3 to be up as well.
Broadcasting net revenue was down 0.1% to $45.4 million, with same station revenues down 0.7%. Station operating income (SOI) decreased 0.8% to $16.4 million – a drop of 0.2% on a same station basis.
Meanwhile, Internet revenues shot up 60.9% to $7.6 million. Internet operating income gained 85.9% to $1.4 million.
Salem’s smallest division, publishing, saw Q2 revenues increase 6.9% to $3.1 million. Publishing operating income more than doubled (up 140.6%) to $400K.
“For the second quarter of 2011, Salem is projecting total revenue to increase 4% to 6% over third quarter 2010 total revenue of $51.4 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 increase 3% to 6% as compared to the third quarter of 2010 operating expenses of $43.2 million,” the company said in its guidance to Wall Street.