Salem Media Q2 revenue $63.8M (+20.6%); net income $2.3M vs loss; Q3 guidance up 2-4%

SALEM MEDIA GROUP, INC. /DE/

2021-Q2 EPS reported $0.10 revenue$123,135,000

Net income of $2.3M ($0.08 diluted EPS) vs net loss of $2.5M ($0.09 loss) in Q2 2020.
Broadcast SOI up 66.6% to $10.6M; digital media operating income up 11.8% to $2.0M.
Q3 2021 total revenue projected up 2-4% YoY; ex-political & film revenue up 9-11%.
Sold 34 acres in Lewisville, TX for $12.1M cash; acquired KDIA-AM/KDYA-AM for $0.6M.
PPP loans of $11.2M forgiven except $20k during July 2021.

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