Total revenue was down -10.7% to $48.3M at religious specialist Salem Communications for Q1 2009. The drag on the total was its core broadcast operation, which suffered a -12.3% drop in net revenue to $42M and a -2.7% drop in station operating income. On a same station basis, the revenue percentage adjusted to -12.5% and SOI to -0.9%. Nonbroadcast revenue was up modestly +2.1% to 6.3M.
RBR/TVBR observation: Salem’s rental business to local clergy has usually been enough for it to surf right over advertising downturns that drag others into the red. The fact that it is struggling along with everyone else is a sign of how tough things really are.
