Compared to many other broadcasters, that’s a good number. Q2 revenues were down 12.8% and Salem Communications is projecting that it will do about the same in Q3.
Salem management no longer conducts quarterly conference calls, but issued its Q2 results after the market closed on Thursday.
Revenues for the quarter fell 12.8% to $50.1 million. Adjusted EBITDA was down 6.9% to $13.7 million. The company reported a net loss of $5 million, including a lot of one-time charges for financial maneuvers, unsuccessful tower relocation efforts, a write-off from a station sale and $13.7 million of impairment for the value of some of its assets.
Net broadcast revenues were down 12.8% to $43.6 million. Station operating income declined 12.6% to $15.8 million.
Non-broadcast revenues were down 13% to $6.5 million, but operating income increased to $1.1 million from $700K.
“For the third quarter of 2009, Salem is projecting total revenue to decrease 12% to 15% over third quarter 2008 total revenue of $54.4 million. Salem is also projecting operating expenses before gain or loss on disposal of assets and impairments to decline 12% to 15% as compared to the third quarter of 2008 operating expenses of $48.2 million,” the company said.