Internet revenues led the way as Salem’s consolidate revenues rose to $54.3 million. But operating expenses were up 18.1% to $46.4 million, so operating income decreased 33.5% to $7.9 million. However, adjusted EBITDA increased 2.9% to $11.7 million.
Internet revenue increased 32.9% to $7.4 million; and Internet operating income increased 99.7% to $1.5 million.
The larger radio operation saw net revenues rise 2.9% to $44.0 million. Station operating income (SOI) decreased 0.8% to $14.8 million from $14.9 million. On a same stations basis, broadcast revenues rose 3.0% and SOI gained 0.7%.
Publishing revenue increased 1.8% to $2.9 million from $2.8 million; and publishing operating loss doubled to $80,000.
What about the future?
“For the second quarter of 2012, Salem is projecting total revenue to increase 1% to 3% over second quarter 2011 total revenue of $55.4 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 2% to 5% as compared to the second quarter of 2011 operating expenses of $45.4 million,” the company told Wall Street.